Developed Countries. In terms of stock selection a value approach is used Value screens give simplicity, consistency and discipline to our work. Each stock is ranked relative to the others within its own market on each of six variables: PE ratio ] Price to cash flow ratio ] Value Screens Price to book value ] Dividend yield ] Cash flow to total liabilities ratio and ] Fundamental Screens EPS growth Each variable except book value and total liabilities is based on prospective numbers. We use consensus forecasts. The six factors are then combined into one composite relative value ranking (RVR). The current RVR is compared to its historic range and an extreme RVR triggers the active part of the process. Having used the value screens to determined our interest in a given stock, fundamental research focuses on the reasons why the stock may now be trading cheaply or expensively. Our fundamental work thus focuses on key issues rather than a mass of detail. We investigate company strategy, industry competition, management changes and financial data. If we can find no justification for the RVR we have ascribed, the stock becomes a candidate for purchase or sale. The third stage of the value active process uses sentiment indicators to assist with the timing of buy/sell decisions. One of the side effects of value screening is that it gives no indication of the timing involved before the market recognizes the value signaled by the screen. Sentiment indicators have been tailored for each market; they are a mixture of moving average and momentum indicators. Importantly, the value screening creates equally strong sell signals and our sell disciplines are rigorous. Any stock which has an RVR which indicates it should be sold can only then be held after a process of per review in which the portfolio manager justifies the fundamentals. The head of international makes the ultimate decision. Sector weightings in each country portfolio vary from index as a result of the stock ranking process, but are reviewed as part of overall portfolio tracking error.
Developed Countries. The top group in the comprehensive but mutually exclusive hierarchy of developed countries, Developing countries and Least developed countries. It includes the market- oriented economies of the mainly democratic nations in the OECD, Bermuda, Israel, South Africa, and the European mini-states. This group is also known as the First World, high-income countries, the North, industrial countries. As of 2000, 1.2 billion people lived in developed countries. DDA - Doha Development Agenda: On 14 November 2001 the 142 members (at that time) of the WTO agreed at a meeting in Doha (Qatar) to launch a new round of world trade talks. This is the ninth round of world trade negotiations. Like previous rounds this one seeks to further liberalise trade. This round will also review trade rules and make sure that its conclusion strengthens the capacity of developing countries to benefit fully from the resulting boost in international trade. For this reason it has been called the Doha Development Agenda (DDA). The negotiations are scheduled to last three years - until January 2005. DDR – Differentiated Discount Rate is a discount rate based on the Commercial Interest Reference Rate (CIRR) and used to determine the concessionality level of a loan.
Developed Countries. The Commission shall assess the operations supported by the EFSD guarantee against the eligibility criteria established in Article 8(1) and 8(2), where possible drawing on eligible counterparts’ existing result measurement systems. It shall publish the result of its assessment for each investment window on an annual basis.
