Not exact matches
Investors should have some of the portfolio
hedged — a
hedge on half could make sense,
as that would essentially be a neutral call on
currency, he says — but whether an entire basket of bonds is
hedged is up to the manager.
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost of accommodating, announced increases in the build rates of certain aircraft; 6) the effect on aircraft demand and build rates of changing customer preferences for business aircraft, including the effect of global economic conditions on the business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals
as a result of global economic uncertainty or otherwise; 8) the effect of economic conditions in the industries and markets in which we operate in the U.S. and globally and any changes therein, including fluctuations in foreign
currency exchange rates; 9) the success and timely execution of key milestones such
as the receipt of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation of our announced acquisition of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability of all parties to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the impact of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect of governmental laws, such
as U.S. export control laws and U.S. and foreign anti-bribery laws such
as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect of changes in tax law, such
as the effect of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers,
as well
as the cost and availability of raw materials and purchased components; 23) our ability to recruit and retain a critical mass of highly - skilled employees and our relationships with the unions representing many of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment of interest on, and principal of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness of any interest rate
hedging programs; 28) the effectiveness of our internal control over financial reporting; 29) the outcome or impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco
as a result of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks of doing business internationally, including fluctuations in foreign current exchange rates, impositions of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
However, about 10 banks have improved their
hedging products, adding more derivative products, such
as forex call spread options, interest rate swaps and cross
currency swaps, he said.
Tosi was apparently a financial wiz internally, creating a
hedge - fund style investment fund for Airbnb with stocks,
currencies, and other investments that contributed
as much
as 30 % of the company's cash flow, Bloomberg reports.
That helps take care of a long - standing problem, and the only way it could be managed was if we
hedged the
currency as a global company.
While dozens of
hedge funds have sprung up this year to invest in the white - hot digital
currency market, this one, known
as Arrington XRP Capital, is the first to be denominated in a crypto -
currency rather than dollars or euros.
The four conglomerates originated in different sectors, but their underlying business model is the same: cultivate powerful allies in the Communist Party; use those relationships to win regulatory and property concessions; gather investment from friends, family and other proxies of party elites into a murky, unregulated private holding company; borrow heavily from state - owed banks and other sources to finance prodigious growth plans; invest
as aggressively
as possible in stock and property overseas
as a
hedge against slower growth in China and the risk of a weaker Chinese
currency.
For simplicity's sake, and so the company doesn't have to deal with
currency hedging, they decided to sell the scanner through the website at a single retail price of US$ 579, even though,
as Cox observes, they're over-pricing in some markets and underpricing in others.
The uptrend in US interest rates, wide swings in global
currency markets and greater price dispersion across individual securities and asset classes could serve
as powerful tailwinds for
hedge - fund strategy managers looking to capture alpha.
A number of factors — such
as rising US interest rates, the recurrence of big fluctuations in global
currencies, and the widening dispersion of equity returns across sectors and regions — may have helped to create an increasingly conducive environment for
hedge - fund strategies, which have seen a positive turnaround in performance in recent quarters.
This discussion also does not consider any specific facts or circumstances that may be relevant to holders subject to special rules under the U.S. federal income tax laws, including, without limitation, certain former citizens or long - term residents of the United States, partnerships or other pass - through entities, real estate investment trusts, regulated investment companies, «controlled foreign corporations,» «passive foreign investment companies,» corporations that accumulate earnings to avoid U.S. federal income tax, banks, financial institutions, investment funds, insurance companies, brokers, dealers or traders in securities, commodities or
currencies, tax - exempt organizations, tax - qualified retirement plans, persons subject to the alternative minimum tax, persons that own, or have owned, actually or constructively, more than 5 % of our common stock and persons holding our common stock
as part of a
hedging or conversion transaction or straddle, or a constructive sale, or other risk reduction strategy.
«NASDAQ ®, NASDAQ OMX ®, NASDAQ - 100 ®, NASDAQ - 100
Currency Hedged CAD IndexSM are trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates is referred to
as «NASDAQ OMX») and have been licensed for use by BlackRock Institutional Trust Company, N.A. BlackRock Institutional Trust Company, N.A. has sublicensed the use of the trademark to BlackRock Asset Management Canada Limited.
[10] The survey separately identifies OTC derivatives that can be used to
hedge FX risk (such
as forwards, swaps and options) and OTC derivatives that can be used to
hedge interest rate risk (such
as single -
currency fixed for floating rate swaps).
As at the end of March 2013, international investment position (IIP) data indicated that Australian entities overall had a net foreign
currency asset position equivalent to 27 per cent of GDP before taking into account the use of derivatives for
hedging purposes (ABS 2013a).
To some extent, these concerns are allayed by the existence of natural
hedges, such
as foreign
currency export income, although rising US dollar - denominated debt servicing costs at a time of falling US dollar - denominated commodity revenues would obviously be problematic.
And
as they do, U.S. investors should preferably gain that exposure via instruments that seek to
hedge the foreign
currency impact,
as dollar strength means equity gains in local
currency terms will be muted when translated back into U.S. dollars.
The general government sector — which consists of national, state and local governments — had a net foreign
currency asset position equivalent to around 3 per cent of GDP
as at the end of March 2013, before taking into account the use of derivatives for
hedging purposes (Table 2).
Prior to joining the GEBS team, Mr. Schneider worked
as a portfolio manager in SSGA's
Currency Management Group, managing both active currency selection and traditional passive hedging overlay por
Currency Management Group, managing both active
currency selection and traditional passive hedging overlay por
currency selection and traditional passive
hedging overlay portfolios.
Adjusted EPS is defined
as diluted earnings per share excluding, when they occur, the impacts of integration and restructuring expenses, merger costs, unrealized losses / (gains) on commodity
hedges, impairment losses, losses / (gains) on the sale of a business, nonmonetary
currency devaluation and timing impacts of preferred stock dividends.
But since bitcoin has become a store of value
as a
hedge against a falling yuan, the «digital gold»
currency could continue on its upwards trajectory.
We do, however, anticipate entering into foreign
currency exchange contracts for purposes of
hedging foreign exchange rate fluctuations on our business operations in future operating periods
as our exposures are deemed to be material.
As we enter another year of volatility and a strong dollar, we explore a new way to
hedge for
currency risk in your international investments.
We see a strong case for Japanese stocks on a
currency -
hedged basis,
as this week's chart helps explain.
Adjusted EBITDA is defined
as net income / (loss) from continuing operations before interest expense, other expense / (income), net, provision for / (benefit from) income taxes; in addition to these adjustments, the Company excludes, when they occur, the impacts of depreciation and amortization (excluding integration and restructuring expenses)(including amortization of postretirement benefit plans prior service credits), integration and restructuring expenses, merger costs, unrealized losses / (gains) on commodity
hedges, impairment losses, losses / (gains) on the sale of a business, nonmonetary
currency devaluation (e.g., remeasurement gains and losses), and equity award compensation expense (excluding integration and restructuring expenses).
Adjusted EPS is defined
as diluted earnings per share excluding, when they occur, the impacts of integration and restructuring expenses, merger costs, unrealized losses / (gains) on commodity
hedges, impairment losses, losses / (gains) on the sale of a business, and nonmonetary
currency devaluation (e.g., remeasurement gains and losses), and including when they occur, adjustments to reflect preferred stock dividend payments on an accrual basis.
You might consider a global bond fund that
hedges currency risk and decreases volatility, such
as the PIMCO Global Bond USD -
Hedged (PAIIX) and the $ 5 billion Vanguard Total International Bond (VTIBX).
Adjusted EPS is defined
as diluted earnings per share excluding, when they occur, the impacts of integration and restructuring expenses, merger costs, unrealized losses / (gains) on commodity
hedges, impairment losses, losses / (gains) on the sale of a business, nonmonetary
currency devaluation (e.g., remeasurement gains and losses), and U.S. Tax Reform, and including when they occur, adjustments to reflect preferred stock dividend payments on an accrual basis.
Currently, we're invested in
currency -
hedged ETFs
as a way to
hedge some of our emerging market exposure, and we've used them in the past
as a way to
hedge our European equity exposure from a falling euro.
As a result, we defensively
hedge a portion of the Fund's
currency exposure.
They consider a range of arguments for owning gold, such
as: (1) gold
hedges inflation; (2) gold
hedges currency decline; (3) gold is attractive when other assets are not; (4) gold is a safe haven in times of crisis; (5) gold is a de facto world
currency; and, (6) central banks and investors in aggregate are still underweighting gold.
Not to oversimplify
as these are complex subjects, but I say yes to international stock ETFs, such
as the Vanguard Total International Stock ETF (VXUS A-97) and the iShares Core MSCI Total International Stock ETF (IXUS A-97), and no to
currency hedging those stock
I believe in
currency hedging, but only
as an insurance policy against the underlying exposure.
He has previously worked for Overlay Asset Management, ABN Amro Asset Management and Fortis Investments
as a senior
currency manager for a broad range of absolute return,
hedge fund and
currency overlay mandates.
Dave Nadig, CEO of ETF.com and a well - known ETF expert, recently suggested
as much, noting that «Duration
hedging hasn't yet had its «
hedge the yen» moment when investors discovered the power of
currency hedging en masse, but like
currency -
hedged ETFs, duration -
hedged ETFs may start finding a place not necessarily
as core holdings, but
as finely honed tools for tweaking duration exposure in a broader bond - portfolio context.»
As usual, most offshore issuance was denominated in foreign
currencies, with companies typically using swap markets to
hedge the proceeds back to Australian dollars.
Presumably with the way in which the Abra smart contracts work mean that in future you might be able to transfer to other stores of value (thinking specifically of precious metals such
as gold or silver) in order to
hedge both crypto and fiat
currency risk?
These include
currency risks — in the form of company - level mismatches
as EM issuers generally do not fully
hedge hard
currency borrowings — and insolvency risks such
as more uncertainty in financial restructuring because of inconsistent priorities and a lack of focus across jurisdictions.
We continue to believe these
currencies are overvalued and
as a result defensively
hedge a portion of the Fund's
currency exposure.
U.S. Treasuries are becoming less attractive to non-U.S. investors,
as the increased cost of
currency hedging is wiping out the extra yield Treasuries offer.
As a result, while we decreased our exposures as these currencies weakened, the currencies for which the Fund has hedged were the same as the previous quarte
As a result, while we decreased our exposures
as these currencies weakened, the currencies for which the Fund has hedged were the same as the previous quarte
as these
currencies weakened, the
currencies for which the Fund has
hedged were the same
as the previous quarte
as the previous quarter.
You'll remember that
hedge fund «rockstar» John Paulson has designed a fund to bet against the US dollar
as he clearly feels the
currency is in trouble.
In theory the performance of the
hedge class NAV will track the
currency of the base class NAV, in practice they will differ slightly due to factors such
as the timing (the FX
currency contracts used to provide the
hedge will generally be executed using the NAV of the on the previous day) and costs of the
hedging.
As of the recent quarter end, the Fund's Australian dollar and Norwegian krone
hedges decreased to 23 % and 10 %, respectively, and with the
currency movement due to the unpegging of the Swiss franc to the euro in January 2015, our Swiss franc exposure increased slightly to 29 %.
Exchange traded funds, such
as the iShares
Currency Hedged MSCI EMU ETF (HEZU) and the iShares
Currency Hedged MSCI Germany ETF (HEWG), can provide access to the eurozone market and Germany, respectively, while potentially mitigating exposure to fluctuations between the value of the euro and the U.S. dollar.
Such a devastating experience has led both old and young traders to seek out crypto
as hedges against another failed
currency episode,» the statement read.
It was perhaps only a matter of time for Bitcoin to be endorsed at such an event
as major
hedge fund investors have already begun divulging capital into digital
currency assets.
And although fixed - income ETFs are not always
currency hedged, both IFIX and IGVT do offer that feature
as well, which Noack describes
as «critical.»
Bitcoin is being helped by growing institutional demand for the digital
currency,
as hedge funds, day traders and other mainstream investment outfits look to access this burgeoning asset class.
For purposes of the category definition, up to 30 % of a Fund's assets may be held in Foreign Fixed Income products which will be treated
as Canadian content provided that the
currency exposure on those holdings is
hedged into Canadian Dollars.
Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse general economic and related factors, such
as fluctuating or increasing levels of unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; adverse events impacting the security of travel, such
as terrorist acts, armed conflict and threats thereof, acts of piracy, and other international events; the risks and increased costs associated with operating internationally; our expansion into and investments in new markets; breaches in data security or other disturbances to our information technology and other networks; the spread of epidemics and viral outbreaks; adverse incidents involving cruise ships; changes in fuel prices and / or other cruise operating costs; any impairment of our tradenames or goodwill; our
hedging strategies; our inability to obtain adequate insurance coverage; our substantial indebtedness, including the ability to raise additional capital to fund our operations, and to generate the necessary amount of cash to service our existing debt; restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the significant portion of our assets pledged
as collateral under our existing debt agreements and the ability of our creditors to accelerate the repayment of our indebtedness; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; fluctuations in foreign
currency exchange rates; overcapacity in key markets or globally; our inability to recruit or retain qualified personnel or the loss of key personnel; future changes relating to how external distribution channels sell and market our cruises; our reliance on third parties to provide hotel management services to certain ships and certain other services; delays in our shipbuilding program and ship repairs, maintenance and refurbishments; future increases in the price of, or major changes or reduction in, commercial airline services; seasonal variations in passenger fare rates and occupancy levels at different times of the year; our ability to keep pace with developments in technology; amendments to our collective bargaining agreements for crew members and other employee relation issues; the continued availability of attractive port destinations; pending or threatened litigation, investigations and enforcement actions; changes involving the tax and environmental regulatory regimes in which we operate; and other factors set forth under «Risk Factors» in our most recently filed Annual Report on Form 10 - K and subsequent filings by the Company with the Securities and Exchange Commission.