You are on page 1of 10

(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH




(IIHFWRI4XHUFHWLQRQ([FHVVLYH'HUPDO6FDUULQJ

0DKD)(O*RZHLQL0' 1DJZD01RXU(O'LQ0' 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO  -XQH

'HSDUWPHQWRI'HUPDWRORJ\DQG$QGURORJ\ 'HSDUWPHQWRI
3KDUPDFRORJ\ )DFXOW\RI0HGLFLQH$OH[DQGULD8QLYHUVLW\
$OH[DQGULD(J\SW




$EVWUDFW

2EMHFWLYH4XHUFHWLQLVDELRIODYRQRLGQRWHGIRULWVDQWLKLVWDPLQH
UHOHDVHDQGDQWLSUROLIHUDWLYHHIIHFWV7KHVHSURSHUWLHVFRXOG
WKHRUHWLFDOO\SURYHEHQHILFLDOLQUHYHUVLQJWKHLQIODPPDWRU\DQG
SUROLIHUDWLYHUHVSRQVHVLQK\SHUWURSKLFVFDUV7KHDLPRIWKLVVWXG\
ZDVWRHYDOXDWHERWKSUHYHQWLYHDQGFXUDWLYHHIIHFWRITXHUFHWLQRQ
DQLPDOPRGHORIK\SHUWURSKLFVFDUV

0DWHULDOVDQG0HWKRGV)XOOWKLFNQHVVIRXUFLUFXODUH[FLVLRQDO
ZRXQGVZHUHSHUIRUPHGRQHDFKHDURIWHQUDEELWV4XHUFHWLQFUHDP
ZDVDSSOLHGLPPHGLDWHO\RQRQHZRXQGIRUIRXUZHHNVDVD
SUHYHQWLYHWUHDWPHQWDQGIRUHLJKWZHHNVRQRQHK\SHUWURSKLFVFDU
DVDFXUDWLYHWUHDWPHQW3ODFHERFUHDPZDVXVHGIRUWKHRWKHUWZR
ZRXQGV

5HVXOWV&OLQLFDOO\DIWHUIRXUZHHNVK\SHUWURSKLFVFDUVZHUH
GHYHORSHGLQDOOQRQWUHDWHGDQGSODFHERWUHDWHGZRXQGV2QWKH
RWKHUKDQGRQO\RITXHUFHWLQWUHDWHGZRXQGVKHDOHGZLWK
K\SHUWURSKLFVFDUV7KHOHYHORIKLVWDPLQHDQGK\GUR[\SUROLQHZDV
VLJQLILFDQWO\LQFUHDVHGLQSODFHERWUHDWHGZRXQGVLQWKHSUHYHQWLYH
JURXS+RZHYHUWKHLUOHYHOVLQTXHUFHWLQWUHDWHGZRXQGVZHUH
VLJQLILFDQWO\GHFUHDVHG,QWKHFXUDWLYHJURXSDIWHUHLJKWZHHNV
WUHDWPHQWZLWKTXHUFHWLQRQO\RIK\SHUWURSKLFVFDUVZHUH
IODWWHQHG:KLOHKLVWDPLQHOHYHOZDVVLJQLILFDQWO\GHFUHDVHGLQ
TXHUFHWLQWUHDWHGVFDUVK\GUR[\SUROLQHOHYHOZDVLQVLJQLILFDQWO\
GHFUHDVHGDVFRPSDUHGWRSODFHERWUHDWHGVFDUV

&RQFOXVLRQ'XHWRLWVDQWLKLVWDPLQHHIIHFWEHVLGHLWVDQWLILEURWLF
HIIHFWTXHUFHWLQFRXOGEHDQHIIHFWLYHSUHYHQWLYHDQGWROHVVHU
H[WHQWDQDGMXYDQWFXUDWLYHWUHDWPHQWIRUK\SHUWURSKLFVFDUV

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH



,QWURGXFWLRQ

([FHVVLYHGHUPDOVFDUULQJLQWKHIRUPRIK\SHUWURSKLFVFDUVDQG
NHORLGVFRQWLQXHVWREHDFOLQLFDOSUREOHP>@

0RUHRYHUWKHIXQFWLRQDODQGDHVWKHWLFGHIRUPLWLHVDVVRFLDWHGZLWK
WKHPUHPDLQDVLJQLILFDQWFRQFHUQ>@

%HFDXVHOLWWOHLVNQRZQDERXWWKHSDWKRSK\VLRORJ\RIK\SHUWURSKLF
VFDUULQJDQDQLPDOPRGHOLVRIJUHDWLPSRUWDQFHDVDPHDQIRU
VWXG\LQJWKHHYROXWLRQRIDK\SHUWURSKLFVFDUIURPHDUO\KHDOLQJDQG
IRUHYDOXDWLQJWKHUDSHXWLFPRGDOLWLHV>@

7KHUHLVJURZLQJHYLGHQFHWKDWPDVWFHOOVSOD\DIXQGDPHQWDOUROH
LQWLVVXHKRPHRVWDVLVUHPRGHOLQJDQGUHSDLU0DVWFHOOVVWRUHDQG
UHOHDVHYDULRXVSRWHQWPHGLDWRUVLQSDUWLFXODUKLVWDPLQHSURWHDVHV
OLSLGPHGLDWRUVDQGF\WRNLQHVWKURXJKZKLFKWKH\FDQLQIOXHQFH
GLIIHUHQWVWDJHVRIFXWDQHRXVZRXQGKHDOLQJ>@

:RXQGLQJUHVXOWVLQDGDSWLYHFKDQJHVLQKLVWLGLQHGHFDUER[\ODVH
HQ]\PHDFWLYLW\DQGLQFUHDVHVKLVWDPLQHIRUPLQJFDSDFLW\>@
,QFUHDVHGKLVWDPLQHV\QWKHVLVZDVUHSRUWHGLQPDQ\WLVVXHV
XQGHUJRLQJUDSLGJURZWKRUUHSDLU>@+\GUR[\SUROLQHLVDQDPLQR
DFLGIRUPHGIURPSUROLQHLQFRUSRUDWHGLQWRFROODJHQDQGLWLVD
VXESURGXFWRIFROODJHQV\QWKHVLV7LVVXHK\GUR[\SUROLQHDVVD\
SUHVHQWVDSDUDOOHOLQFUHDVHZLWKWLVVXHFROODJHQOHYHODQGLWLVWKH
EHVWLQGLFDWRURIFROODJHQV\QWKHVLVDQGZRXQGKHDOLQJ>@

4XHUFHWLQDELRIODYRQRLGQRWHGIRULWVDQWLSUROLIHUDWLYHHIIHFWVRQ
ERWKQRUPDODQGPDOLJQDQWFHOOVDQGLWVDQWLKLVWDPLQHUHOHDVH
HIIHFWV7KHVHSURSHUWLHVFRXOGWKHRUHWLFDOO\SURYHEHQHILFLDOLQ
UHYHUVLQJWKHSUROLIHUDWLYHDQGLQIODPPDWRU\UHVSRQVHVLQ
K\SHUWURSKLFVFDUV>@

7KHDLPRIWKLVVWXG\ZDVWRDVVHVVERWKSUHYHQWLYHDQGFXUDWLYH
HIIHFWRITXHUFHWLQRQDQLPDOPRGHORIK\SHUWURSKLFVFDUV

0DWHULDOVDQGPHWKRGV

7KHVWXG\ZDVFDUULHGRXWRQWHQDJHPDWFKHGKHDOWK\ZKLWHPDOH
UDEELWVZHLJKLQJDSSUR[LPDWHO\.JHDFK$QLPDOVZHUHKRXVHG
XQGHUWKHVDPHFRQWUROOHGHQYLURQPHQWDOFRQGLWLRQVDWWKHDQLPDO
KRXVHRIWKHSKDUPDFRORJ\GHSDUWPHQW$OH[DQGULDIDFXOW\RI
PHGLFLQHIHGQRUPDOODERUDWRU\GLHWDQGWKH\KDGIUHHDFFHVVWRWDS
ZDWHU

$QLPDOVZHUHDQHVWKHWL]HGZLWKWKLRSHQWDOVRGLXP PJNJ,9 
)XOOWKLFNQHVVIRXUFLUFXODUH[FLVLRQDOZRXQGVZHUHSHUIRUPHG

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH

GRZQWREDUHFDUWLODJHRQWKHYHQWUDOVXUIDFHRIHDFKHDUE\XVLQJD
PPSXQFKELRSV\$PDJQLI\LQJELQRFXODUORXSH&[PP
+HLQH86$ ZDVXVHG+HPRVWDVLVZDVWKHQREWDLQHGE\DSSO\LQJ
SUHVVXUH$OOZRXQGVZHUHFRYHUHGXVLQJDQRFFOXVLYHSRO\XUHWKDQH
GUHVVLQJ 7HJDGHUP00LQQHDSROLV0LQQ XQWLOWKHHQWLUH
ZRXQGDSSHDUHGUHHSLWKHOLDOL]HGRQJURVVH[DPLQDWLRQ

3KRWRJUDSKVZHUHREWDLQHGDQGWUHDWPHQWRIRQHRIIRXUZRXQGVSHU
HDUZDVEHJXQLPPHGLDWHO\ZLWKTXHUFHWLQFUHDPWKUHHWLPHVGDLO\
IRUIRXUZHHNV7KHVHFRQGZRXQGZDVWUHDWHGZLWKSODFHERFUHDP
DWWKHVDPHWLPHWRVHUYHDVFRQWUROIRUWKHSUHYHQWLYHJURXS Q  
7KHUHPDLQLQJWZRZRXQGVSHUHDUUHPDLQHGXQWUHDWHGGXULQJWKLV
SHULRGWLOODK\SHUWURSKLFVFDUZDVHVWDEOLVKHG$IWHUIRXUZHHNV
WUHDWPHQWRIWKHWKLUGZRXQGWKDWGHYHORSHGHOHYDWHGVFDUZDV
EHJXQWKUHHWLPHVSHUGD\IRUHLJKWPRUHZHHNV7KHIRXUWKZRXQG
ZDVWUHDWHGZLWKSODFHERFUHDPWRVHUYHDVFRQWUROJURXSIRUWKH
FXUDWLYHJURXS Q  


7KHLQJUHGLHQWVLQWKHFUHDPZHUHPRGLILHGIURPWKHIRUPXOD
DFFRUGLQJWR.DWVDURXHWDO>@(DFKJPFUHDPFRQWDLQ
TXHUFHWLQ &DUO5RWK*PE+FR.DUOVUXKH*HUPDQ\ 
JPZKLWHVRIWSDUDIILQJPOLTXLGSDUDIILQJPDFHW\O
DOFRKROJPJO\FHU\OPRQRVWHDUDWHJPFUHPRSKRU5+
JPPHWK\OSDUDEHQJPSURS\OSDUDEHQJPSURS\OHQH
JO\FROJPDQGZDWHUWRJP7KHSODFHERFRQWUROZDV
LGHQWLFDOLQFRPSRVLWLRQH[FHSWIRUTXHUFHWLQ

:LWKWKHDQLPDOVXQGHUDQHVWKHVLDVHULDOSKRWRJUDSKVZHUHWDNHQ
7KHVFDUVRQWKHOHIWHDUZHUHFDUHIXOO\H[FLVHGDQGVWRUHGDWƒ&
IRUXVHLQWKHELRFKHPLFDOPHDVXUHPHQWVRI+\GUR[\SUROLQH
FRQFHQWUDWLRQZKLFKLVFRQVLGHUHGDUHIOHFWLRQRIFROODJHQFRQWHQW
DVLWFRPSULVHVDSSUR[LPDWHO\WHQSHUFHQWRIFROODJHQ>@
+LVWDPLQHFRQFHQWUDWLRQZDVFDUULHGRXWDFFRUGLQJWRWKHPHWKRG
RI6KRUHHWDO  

6WDWLVWLFDODQDO\VLV>@$OOGDWDZHUHH[SUHVVHGDVPHDQ
VWDQGDUGGHYLDWLRQ 6' 2QHZD\DQDO\VLVRIYDULDQFH $129$ 
WHFKQLTXHVZHUHXVHGWRH[DPLQHWKHVWXGLHGSDUDPHWHUV)RU
SDLUZLVHFRPSDULVRQVDPRQJJURXSVWKHOHDVWVLJQLILFDQFH
GLIIHUHQFHWHVW /6' ZDVXVHG3YDOXHZDVFDOFXODWHGDQG
VWDWLVWLFDOVLJQLILFDQFHZDVVHWDW 3 

5HVXOWV

&OLQLFDOO\DIWHUIRXUZHHNVK\SHUWURSKLFVFDUVZHUHGHYHORSHGLQ
DOOQRQWUHDWHGDQGSODFHERWUHDWHGZRXQGV2QWKHRWKHUKDQGRQO\
RITXHUFHWLQWUHDWHGZRXQGVKHDOHGZLWKK\SHUWURSKLFVFDUV,Q
WKHFXUDWLYHJURXSDIWHUHLJKWZHHNVWUHDWPHQWZLWKTXHUFHWLQ
RIK\SHUWURSKLFVFDUVZHUHIODWWHQHG$WWKHVDPHWLPH

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH

VLPXOWDQHRXVUHGXFWLRQLQWKHSURPLQHQFHRIWKHSODFHERWUHDWHG
VFDUVRFFXUUHGLQRIWKHVFDUV )LJXUH 

7KHFRQFHQWUDWLRQRIK\GUR[\SUROLQHLQSODFHERWUHDWHGVFDUVZDV
VLJQLILFDQWO\KLJKDWIRXUZHHNVDVFRPSDUHGWRXQZRXQGHGVNLQ
YVPJPJWLVVXH3 7KHTXHUFHWLQ
WUHDWHGZRXQGVKDGVLJQLILFDQWO\GHFUHDVHGK\GUR[\SUROLQHOHYHO
WKDQSODFHERWUHDWHGZRXQGVDWIRXUZHHNV SUHYHQWLYHJURXS  
YVPJPJWLVVXH3 ,QWKHFXUDWLYHJURXS
WKHFRQFHQWUDWLRQRIK\GUR[\SUROLQHGHFUHDVHGLQTXHUFHWLQWUHDWHG
VFDUV1HYHUWKHOHVVWKHUHZDVQRVLJQLILFDQWGLIIHUHQFHLQWKHVFDUV
WUHDWHGE\TXHUFHWLQFRPSDUHGWRWKRVHWUHDWHGE\SODFHER 
YVPJPJWLVVXH3!  7DEOH 
$WIRXUZHHNVFRPSDUHGWRXQZRXQGHGVNLQWKHSODFHERWUHDWHG
VFDUVLQWKHSUHYHQWLYHJURXSFRQWDLQHGWULSOHWKHOHYHORIKLVWDPLQH
YVPJJWLVVXH3 0RUHRYHUKLVWDPLQH
FRQWLQXHGWRLQFUHDVHDIWHUHLJKWPRUHZHHNV PJJ
WLVVXH +RZHYHULWZDVVLJQLILFDQWO\OHVVLQTXHUFHWLQWUHDWHGVFDUV
WKDQSODFHERWUHDWHGVFDUVLQERWKSUHYHQWLYHJURXS YV
PJWLVVXH3 DQGFXUDWLYHJURXS YV
PJJWLVVXH3  7DEOH 


   
)LJXUHD7ZRZHHNVSKRWRVKRZLQJKHDOLQJZLWKIODWVFDU
RQO\LQTXHUFHWLQWUHDWHGZRXQG SUHYHQWLYHJURXS E)RXU
ZHHNVSKRWRVKRZLQJIODWVFDULQTXHUFHWLQWUHDWHGZRXQG
DQGK\SHUWURSKLFVFDULQWKHUHVW SUHYHQWLYHJURXS F
7ZHOYHZHHNVSKRWRVKRZLQJIODWWHQLQJRIWKHK\SHUWURSKLF
TXHUFHWLQWUHDWHGVFDUDQGWKHFRQWUROVFDU HQFLUFOHG LVVWLOO
K\SHUWURSKLF FXUDWLYHJURXS 





 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH

7DEOH(IIHFWRITXHUFHWLQRQK\GUR[\SUROLQHDQGKLVWDPLQH
FRQFHQWUDWLRQLQUDEELW¶VHDUZRXQGHGVNLQ PHDQ6' 
3UHYHQWLYH &XUDWLYHJURXS
8QZRXQGHG JURXS Q   QR  

VNLQ Q   4XHUFHWLQ3ODFHER4XHUFHWLQ3ODFHER
WUHDWHG WUHDWHG WUHDWHG WUHDWHG
   
+\GUR[\SUROLQH

PJPJWLVVXH      
   
+LVWDPLQH

PPJWLVVXH       
6LJQLILFDQWDVFRPSDUHGWRSODFHERWUHDWHGJURXS6LJQLILFDQWDV
FRPSDUHGWRXQZRXQGHGVNLQ



'LVFXVVLRQ

+\SHUWURSKLFVFDUVDUHDEQRUPDOKHDOLQJUHVSRQVHVWKDWGHYHORSDV
DUHVXOWRIDQH[DJJHUDWHGSUROLIHUDWLRQRIGHUPDOILEUREODVWVDIWHU
VNLQLQMXU\DQGDUHFKDUDFWHUL]HGE\H[FHVVDFFXPXODWLRQRI
FROODJHQLQWKHZRXQG>@7KHGHYHORSPHQWRIWKLVDEQRUPDO
SDWWHUQRIKHDOLQJKDVEHHQDVVRFLDWHGZLWKDQH[WHQGHGSHULRG
EHWZHHQZRXQGLQJDQGUHHSLWKHOLDOL]DWLRQRIWKHZRXQGUHVXOWLQJ
LQDSURORQJHGLQIODPPDWRU\SKDVH7KLVPD\RFFXUDVDUHVXOWRI
FRPSOLFDWLRQVVXFKDVDQLQIHFWLRQDIRUHLJQERG\ZLWKLQWKH
ZRXQGH[FHVVLYHWHQVLRQRQWKHZRXQGRUSHUVLVWHQWPRELOL]DWLRQ
RIWKHZRXQGHGJHV>@+RZHYHULQVRPHFDVHVWKHSDWKRJHQHVLV
RIK\SHUWURSKLFVFDUULQJLVXQNQRZQ>@

+\SHUWURSKLFVFDUVJHQHUDOO\DSSHDUZLWKLQIRXUZHHNVDIWHUWUDXPD
HQODUJHIRUWKUHHWRVL[PRQWKVUHPDLQVWDWLFIRUVHYHUDOPRQWKVDQG
JUDGXDOO\UHJUHVVLQWHUPVRIHU\WKHPDVL]HDQGLUULWDELOLW\RYHU
DSSUR[LPDWHO\RQH\HDU>@$SHDNLQFROODJHQV\QWKHVLVDWVL[
PRQWKVLVIROORZHGE\DGHFUHDVHLQV\QWKHVLVDQGSDUDOOHOVWKH
FOLQLFDOFKDQJHV>@,QWKHSUHVHQWZRUNVLPLODUWR6DXOLV>@
JURXSFOLQLFDOO\DWIRXUZHHNVK\SHUWURSKLFVFDUVZHUHGHYHORSHG
LQDOOQRQWUHDWHGDQGSODFHERWUHDWHGZRXQGV0RUULVHWDO>@LQWKH
HDUO\PRGHORIVFDUULQJLQUDEELWVIRXQGWKDWWKHVHVFDUVWHQGHGWR
GHFUHDVHLQSURPLQHQFHVXEVHTXHQWWRGD\DOWKRXJKLWKDV
SUHYLRXVO\EHHQREVHUYHGLQWKHODERUDWRU\WKDWVRPHUHPDLQ
HOHYDWHGIRUPRQWKV5HGXFWLRQLQWKHSURPLQHQFHRIVFDUVLQWKLV
VWXG\RFFXUUHGLQRISODFHERWUHDWHGVFDUVDWWZHOYHZHHNV

'XULQJWKHSUHVHQWVWXG\WKHUHZDVDFRQWLQXRXVLQFUHDVHLQWKH
DPRXQWRIFROODJHQPHDVXUHGDVK\GUR[\SUROLQH7KLVUHVXOW

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH

VXSSRUWVWKHFRQFOXVLRQWKDWWKHSURFHVVRIVFDUUHPRGHOLQJ
LQFOXGLQJFROODJHQFURVVOLQNLQJDQGDFWLYHFROODJHQWXUQRYHURFFXUV
IURPRQHPRQWKDQGFRQWLQXHVWRRQH\HDU>@0RUHRYHUILEURWLF
FRQGLWLRQVVXFKDVNHORLGVDQGK\SHUWURSKLFVFDUVKDYHH[FHVV
FRQQHFWLYHWLVVXHZLWKWKHFROODJHQEHLQJWKHPDMRUFRQWULEXWRU>@
0DVWFHOOVDUHLGHQWLILHGLQERWKRIWKHVHILEURWLFFRQGLWLRQVDQGDUH
LPSOLFDWHGDVDSRVVLEOHFRQWULEXWRUWRWKHLUGHYHORSPHQWDQG
SRVVLEO\LQYROYHGLQWKHFROODJHQVFDUOLNHRUJDQL]DWLRQ7KH\
VSHFLILFDOO\LQIOXHQFHJUDQXODWLRQWLVVXHRUJDQL]DWLRQGXULQJZRXQG
UHSDLU>@5RWKHHWDO>@UHSRUWHGWKDWSURGXFWVRIPDVWFHOO
GHJUDQXODWLRQ LQYLWUR DUHFRQVSLFXRXVO\LPSOLFDWHGLQWKHVH
SLYRWDOHYHQWV2QHVXFKPDVWFHOOSURGXFWKLVWDPLQHVLJQLILFDQWO\
LQFUHDVHGILEUREODVWSUROLIHUDWLRQDQGFROODJHQV\QWKHVLV>@

5HLFKHWDO>@REVHUYHGWKDWLPPHGLDWHO\DIWHULQFLVLRQDOZRXQGLQJ
LQDGRPHVWLFSLJPRGHOPDVWFHOOQXPEHUVLQFUHDVHGUDSLGO\DQG
VXEVHTXHQWO\SHDNHGWZRGD\VDIWHUZRXQGLQJGHFOLQHGDWD
UHODWLYHO\FRQVWDQWUDWHIURPGD\WZRWRIRXUDQGWKHQUHWXUQHG
JUDGXDOO\WRQRUPDOOHYHOVDWGD\IRXUWHHQ7KLVIOXFWXDWLRQRIPDVW
FHOOQXPEHUVDQGKLVWDPLQHUHOHDVHFRUUHODWHVZHOOZLWKWKH
FRQFRPLWDQWIRUPDWLRQRIJUDQXODWLRQWLVVXHWKHKDOOPDUNRIHDUO\
ZRXQGKHDOLQJ>@7KLVGHFOLQHLQPDVWFHOOQXPEHULVLQFRQWUDVW
WRWKHFHOOXODUHYHQWVVHHQLQK\SHUWURSKLFVFDUVLQZKLFKLQFUHDVHG
QXPEHUVRIPDVWFHOOVSHUVLVWLQGHILQLWHO\ZLWKDQDVVRFLDWHG
HOHYDWLRQRIWLVVXHKLVWDPLQH>@7KHVHILEURWLFOHVLRQVUHSRUWHGO\
H[KLELWDVPXFKDVWRWLPHVPRUHPDVWFHOOVWKDQQRUPDO
KXPDQVNLQ>@7KHUHVXOWVRIWKHSUHVHQWZRUNVKRZHGWKDWDIWHU
IRXUZHHNVWKHOHYHORIKLVWDPLQHLQSODFHERWUHDWHGZRXQGVZDV
WULSOHWKHQRUPDOOHYHOLQWKHSUHYHQWLYHJURXS0RUHRYHULW
FRQWLQXHGWRLQFUHDVHDIWHUHLJKWPRUHZHHNV

$OWKRXJKPDQ\DUWLFOHVKDYHEHHQSXEOLVKHGRQWKHPDQDJHPHQWRI
K\SHUWURSKLFVFDUVDQGNHORLGVWKHUHLVQRXQLYHUVDOO\DFFHSWHG
WUHDWPHQWSURWRFRO3UHYHQWLRQRIWKHPUHPDLQVWKHEHVW
VWUDWHJ\>@4XHUFHWLQLVDELRIODYRQRLGNQRZQWRLQKLELWIUHH
UDGLFDOSURFHVVHVLQFHOOV>@,WLVDEOHWRSURWHFWFXWDQHRXVWLVVXH
W\SHFHOOSRSXODWLRQVILEUREODVWVNHUDWLQRF\WHVDQGHQGRWKHOLDOFHOOV
RIKXPDQRULJLQIURPF\WRWR[LFR[LGDWLYHVWUHVVLQGXFHGE\
SURWUDFWHGGHSOHWLRQRIFHOOXODUJOXWDWKLRQH>@,QDGGLWLRQ
TXHUFHWLQKDVEHHQVKRZQWRKDYHDQDQWLLQIODPPDWRU\HIIHFWE\
VWDELOL]LQJPDVWFHOOPHPEUDQHVDQGLQKLELWKLVWDPLQHUHOHDVHIURP
EDVRSKLOVDQGPDVWFHOOVDVZHOODVDQDQWLSUROLIHUDWLYHHIIHFWLQERWK
QRUPDODQGPDOLJQDQWFHOOVRIYDULRXVW\SHV>@,WFDXVHVFHOO
F\FOHDUUHVWDQGDSRSWRVLV>@

/LPLWLQJLQIODPPDWLRQLVSDUDPRXQWLQWKHFRQWURORIVFDUJURZWK
DQGVFDUDVVRFLDWHGV\PSWRPV>@7KHDQWLLQIODPPDWRU\HIIHFWRI
TXHUFHWLQWKDWZDVSUHYLRXVO\UHSRUWHG>@PD\EHDUHDVRQDEOH
H[SODQDWLRQRILWVDQWLILEURWLFHIIHFW,QWKHFXUUHQWVWXG\
K\SHUWURSKLFVFDUVGHYHORSHGLQOHVVWKDQKDOIRITXHUFHWLQWUHDWHG

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH

ZRXQGV,QKLELWLRQRIH[FHVVFROODJHQIRUPDWLRQFRXOGEHD
FRQVHTXHQFHRIHDUO\FRQWURORIKLVWDPLQHUHOHDVHDVDVLJQLILFDQW
GHFUHDVHLQWKHOHYHORIKLVWDPLQHDQGK\GUR[\SUROLQHZDVSURYHG
LQWKHSUHYHQWLYHJURXSRIWKLVVWXG\7KHGHFUHDVHLQKLVWDPLQHDV
VXJJHVWHGE\/HHHWDO>@ZDVGXHWRLQKLELWLRQRIPDVWFHOO
GHJUDQXODWLRQ7KHDQWLR[LGDQWHIIHFWRITXHUFHWLQPLJKWEHDQRWKHU
H[SODQDWLRQIRULWVDQWLILEURWLFDFWLRQ)UHHUDGLFDOVDUHOLNHO\WR
FRQWULEXWHWRSURJUHVVLYHILEURVLVDQGH[FHVVLYHVFDUIRUPDWLRQLQ
DEQRUPDOZRXQGKHDOLQJ>@7KHVHVXEVWDQFHVDOWKRXJKLPSRUWDQW
IRUHOLPLQDWLQJLQIHFWLRQFDQGDPDJHVXUURXQGLQJWLVVXHDQGKRVW
FHOOVDQGLQLWLDWHIXUWKHULQIODPPDWLRQDQGSURLQIODPPDWRU\
PHGLDWRUSURGXFWLRQ7KHLPSRUWDQFHRIUHDFWLYHR[\JHQVSHFLHV
526 LQWKHGHYHORSPHQWRIILEURVLVLVVXSSRUWHGE\WKHIDFWWKDW
DQWLR[LGDQWVKDYHEHHQVKRZQWREHDQWLILEURJHQLF>@
+RZHYHUWKHUROHRI526LQFXWDQHRXVVFDUULQJUHPDLQVXQGHU
LQYHVWLJDWLRQ$QRWKHUSRVVLEOHPHFKDQLVPIRUWKHDQWLILEURWLF
DFWLRQRITXHUFHWLQLVLWVDSRSWRWLFHIIHFW,WLQKLELWVLQVXOLQOLNH
JURZWKIDFWRU,DSRWHQWPLWRJHQDQGLQKLELWRURIDSRSWRVLVIRUFHOO
W\SHV>@,*),KDVEHHQVKRZQWRVWLPXODWHILEUREODVW
SUROLIHUDWLRQDQGHQKDQFHVFROODJHQV\QWKHVLV>@

,QDQRWKHUVWXG\>@DVLJQLILFDQWLPSURYHPHQWLQGHUPDOFROODJHQ
RUJDQL]DWLRQZDVQRWHGRQFRPSDULQJPHGHUPDWUHDWHGZLWK
XQWUHDWHGVFDUVRQUDEELW¶VHDUK\SHUWURSKLFVFDU+RZHYHUWKHUH
ZDVQRGHFUHDVHLQVFDUKHLJKW7KH\VXJJHVWHGWZRSRVVLELOLWLHV
HLWKHUWKHFRQYHUVLRQRILPPDWXUHWRPDWXUHFROODJHQLVDFFHOHUDWHG
LQVRPHIDVKLRQZLWKQRQHWGHFUHDVHLQRYHUDOOFROODJHQSURGXFWLRQ
E\ILEUREODVWVRUWKHWUHDWPHQWSHULRGRIIRXUZHHNVZDVWRREULHIWR
GHWHFWDVLJQLILFDQWGHFUHDVHLQVFDUK\SHUWURSK\$OWKRXJKWKH
WUHDWPHQWSHULRGZDVH[WHQGHGWRHLJKWZHHNVLQWKHSUHVHQWVWXG\
ZLWKVLJQLILFDQWUHGXFWLRQLQKLVWDPLQHOHYHOIODWWHQLQJRFFXUUHG
RQO\LQRIK\SHUWURSKLFVFDUVZLWKLQVLJQLILFDQWGHFUHDVHLQ
K\GUR[\SUROLQHOHYHO,WVHHPVWKDWHDUO\FRQWURORILQIODPPDWRU\
VWDJHE\VWDUWLQJWUHDWPHQWFRQFRPLWDQWO\ZLWKVNLQLQFLVLRQPD\
GHFUHDVHRUEORFNKLVWDPLQHUHOHDVHDQGLWVVXEVHTXHQWVWLPXODWLRQ
RIILEUREODVWSUROLIHUDWLRQDQGH[FHVVLYHFROODJHQV\QWKHVLV
+RZHYHULWPD\QRWDIIHFWFROODJHQEUHDNGRZQDQGGHJUDGDWLRQLQ
PDWXUHK\SHUWURSKLFVFDUV)XUWKHUPRUHTXHUFHWLQFRQFHQWUDWLRQ
PD\KDYHDUROH/LPHWDO>@IRXQGWKDWWUHDWPHQWRIILEUREODVWV
GHULYHGZLWKTXHUFHWLQLQDGRVHGHSHQGDQWPDQQHUOHGWRD
VLJQLILFDQWLQKLELWLRQRIILEUREODVWSUROLIHUDWLRQ
,QFRQFOXVLRQGXHWRLWVDQWLKLVWDPLQHHIIHFWEHVLGHLWVDQWLILEURWLF
HIIHFWTXHUFHWLQFRXOGEHDQHIIHFWLYHSUHYHQWLYHDQGWROHVVHU
H[WHQWDGMXYDQWFXUDWLYHWUHDWPHQWIRUK\SHUWURSKLFVFDUV


$FNQRZOHGJPHQW
7KHDXWKRUVZRXOGOLNHWRWKDQN3URIHVVRU2VDPD$EGDODSURIHVVRU
RISKDUPDFHXWLFV$OH[DQGULDIDFXOW\RISKDUPDF\IRUKLVDVVLVWDQFH
LQSUHSDULQJWKHTXHUFHWLQFUHDP

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH



5HIHUHQFHV

0RUULV':X/=KDR/%ROWRQ/5RWK6/DGLQ'0XVWRH7
$FXWHDQGFKURQLFDQLPDOPRGHOVIRUH[FHVVLYHGHUPDOVFDUULQJ
4XDQWLWDWLYHVWXGLHV3ODVW5HFRQVWU6XUJ

1LHVVHQ)6SDXZHQ36FKDONZLMN-.RQ02QWKHQDWXUHRI
K\SHUWURSKLFVFDUVDQGNHORLGV$UHYLHZ3ODVW5HFRQVWU6XUJ
 0HG/LQH 

8SSDO5.KDQ8.DNDU67DODV*0F*URXWKHU$7KHHIIHFWV
RIDVLQJOHGRVHRIIOXRURXUDFLORQNHORLGVFDUV$FOLQLFDOWULDORI
WLPHGZRXQGLUULJDWLRQDIWHUH[WUDOHVLRQDOH[FLVLRQ3ODV5HFRQVW
6XUJ

$UWXF06WHFNHOLQJV0+HQ]%0DVWFHOOILEUREODVW
LQWHUDFWLRQV+XPDQPDVWFHOOVDVVRXUFHDQGLQGXFHUVRIILEUREODVW
DQGHSLWKHOLDOJURZWKIDFWRUV-,QYHVW'HUPDWRO

)LW]SDWULFN')LVKHU++LVWDPLQHV\QWKHVLVLPLGD]ROH
GLSHSWLGHVDQGZRXQGKHDOLQJ6XUJHU\

6LQJHU$&ODUN5&XWDQHRXVZRXQGKHDOLQJ1(QJO-0HG


.DKOVRQ*1LOVVRQ.5RVHQJUHQ(=HQGHUIHOGW%:RXQG
KHDOLQJDVGHSHQGHQWRQWKHUDWHRIKLVWDPLQHIRUPDWLRQ/DQFHW


6DXOLV$OH[DQGULQD60RJIRUG-RQ+0XVWRH7KRPDV$
(IIHFWRI0HGHUPDRQK\SHUWURSKLFVFDUULQJLQWKHUDEELWHDUPRGHO
3ODVW5HFRQVWU6XUJ

.DWVDURX$'DYR\(;HQRV.$UPHQDND07KHRKDULGHV7
(IIHFWRIDQDQWLR[LGDQW TXHUFHWLQ RQVRGLXPODXU\OVXOIDWH
LQGXFHGVNLQLUULWDWLRQ&RQWDFW'HUPDWLWLV±

&KHQJ3$QLPSURYHGPHWKRGIRUWKHGHWHUPLQDWLRQRI
K\GUR[\SUROLQHLQUDWVNLQ-,QYHVW'HUPDWRO

6KRUH3%XUNKDOWHU$&RKQ9$PHWKRGIRUIOXRURPHWULF
DVVD\RIKLVWDPLQHLQWLVVXHV-3KDUPFRO([S7KHU


+LOO%3ULQFLSOHVRIPHGLFDOVWDWLVWLFVWKHG/RQGRQ/DQFHW
OLPLWHGSXEOLFDWLRQ

6DUD\<*OHo$7UHDWPHQWRINHORLGVDQGK\SHUWURSKLFVFDUV

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH

ZLWKGHUPRMHWLQMHFWLRQVRIEOHRP\FLQ-(XURSHDQ$FDG'HUPDWRO
9HQHUHRO

&ODUN5%DVLFVRIFXWDQHRXVZRXQGUHSDLU-'HUPDWRO6XUJ
2QFRO

0XLU,2QWKHQDWXUHRINHORLGDQGK\SHUWURSKLFVFDUV%U-
3ODVW6XUJ

6DKO:&OHYHU+&XWDQHRXVVFDUV3DUW,,QW-'HUPDWRO


$OVWHU77DQ]L(+\SHUWURSKLFVFDUVDQGNHORLGVHWLRORJ\DQG
PDQDJHPHQW$P-&OLQ'HUPDWRO

5DKEDQ6*DUQHU:)LEURSUROLIHUDWLYHVFDUV&OLQ3ODVW6XUJ


0R\HU.6DJJHUV*(KUOLFK30DVWFHOOVSURPRWHILEUREODVW
SRSXODWHGFROODJHQODWWLFHFRQWUDFWLRQWKURXJKJDSMXQFWLRQ
LQWHUFHOOXODUFRPPXQLFDWLRQ:RXQG5HSDLU5HJHQ


5RWKH01RZDON0.HUGHO)7KHPDVWFHOOLQKHDOWKDQG
GLVHDVH$JUHDWHUUROH-$P$FDG'HUPDWRO

*DUEX]HQNR(1DJOHU$3LFNKROW]'*LOOHU\35HLFK5
0DTXDUW)/HYL6FKDIIHU)+XPDQPDVWFHOOVVWLPXODWHILEUREODVW
SUROLIHUDWLRQFROODJHQV\QWKHVLVDQGODWWLFHFRQWUDFWLRQ$GLUHFW
UROHIRUPDVWFHOOVLQVNLQILEURVLV&OLQ([S$OOHUJ\


5HLFK-&D]]DQLJD$0HUW]3.HUGHO)(DJOVWHLQ:7KH
HIIHFWRIHOHFWULFDOVWLPXODWLRQRQWKHQXPEHURIPDVWFHOOVLQ
KHDOLQJZRXQGV-$P$FDG'HUPDWRO

6DVDNL$0XHOOHU5;L*6LSH5%XFN'+ROOLQJHU-0DVW
FHOOV$QXQH[SHFWHGILQGLQJLQWKHPRGXODWLRQRIFXWDQHRXVZRXQG
UHSDLUE\FKDUJHGEHDGV3ODVW5HFRQVWU6XUJ

+HUPHV%)HOGPDQQ%"GGHNHU,:HONHU3$OJHUPLVVHQ%
6WHFNHOLQJV0*UDEEH-+HQ]%$OWHUHGH[SUHVVLRQRIPDVWFHOO
FK\PDVHDQGWU\SWDVHDQGRIFNLWLQKXPDQFXWDQHRXVVFDUWLVVXH-
,QYHVW'HUPDWRO

7KDUS07KHPDVWFHOODQGLWVUROHLQKXPDQFXWDQHRXV
GLVHDVHV3URJ'HUPDWRO

6NDSHU6)DEULV0)HUUDUL9&DUERQDUH0/HRQ$4XHUFHWLQ
SURWHFWVFXWDQHRXVWLVVXHDVVRFLDWHGFHOOW\SHVLQFOXGLQJVHQVRU\

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH

QHXURQVIURPR[LGDWLYHVWUHVVLQGXFHGE\JOXWDWKLRQHGHSOHWLRQ
&RRSHUDWLYHHIIHFWVRIDVFRUELFDFLG)UHH5DGLFDO%LRO0HG


$OH[DQGUDNLV06LQJK/%RXFKHU:/HWRXUQHDX5
7KHRILORSRXORV37KHRKDULGHV7&'LIIHUHQWLDOHIIHFWRI
IODYRQRLGVRQLQKLELWLRQRIVHFUHWLRQDQGDFFXPXODWLRQRIVHFUHWRU\
JUDQXOHVLQUDWEDVRSKLOLFOHXNHPLDFHOOV,QW-,PPXQRSKDUPDFRO


<RVKLGD0<DPDPRWR01LNDLGR74XHUFHWLQDUUHVWVKXPDQ
OHXNHPLF7FHOOVLQODWH*SKDVHRIWKHFHOOF\FOH&DQFHU5HV
±

:HL<=KDR;.DUL\D<,QGXFWLRQRIDSRSWRVLVE\TXHUFHWLQ
LQYROYHPHQWRIKHDWVKRFNSURWHLQ&DQFHU5HV±

'DQLHOVRQ-:DOWHU56DOLF\OLFDFLGPD\EHXVHIXOLQOLPLWLQJ
VFDUIRUPDWLRQ3ODVW5HFRQVWU6XUJ

7DJXFKL.+DJLZDUD<.DML\DPD.6X]XNL<
3KDUPDFRORJLFDOVWXGLHVRI+RXWWX\QLDHKHUED7KHDQWL
LQIODPPDWRU\HIIHFWRITXHUFHWLQ<DNXJDNX=DVVKL


/HH(&KRL(&KHRQJ+.LP<5\X6.LP.$QWLDOOHUJLF
DFWLRQVRIWKHOHDYHVRI&DVWDQHDFUHQDWDDQGLVRODWLRQRIDQDFWLYH
FRPSRQHQWUHVSRQVLEOHIRUWKHLQKLELWLRQRIPDVWFHOOGHJUDQXODWLRQ
$UFK3KDUP5HV

3KDQ76XQ/%D\%&KDQ6/HH6'LHWDU\FRPSRXQGV
LQKLELWSUROLIHUDWLRQDQGFRQWUDFWLRQRINHORLGDQGK\SHUWURSKLF
VFDUGHULYHGILEUREODVWVLQYLWUR7KHUDSHXWLFLPSOLFDWLRQIRU
H[FHVVLYHVFDUULQJ-WUDXPD

3KDQ76HH37UDQ(1JX\HQ7&KDQ6/HH66XSSUHVVLRQ
RINHORLGGHULYHGILEUREODVWVE\TXHUFHWLQLWVWKHUDSHXWLFSRWHQWLDO
XVHLQWKHSDWKZD\DQGFROODJHQLQVXOLQOLNHJURZWKIDFWRUVLJQDOLQJ
H[SUHVVLRQLQWUHDWPHQWDQGRUSUHYHQWLRQRINHORLGV%U-'HUPDWRO
±

/LP,3KDQ7/HH6+X\QK7/RQJDNHU04XHUFHWLQLQKLELWV
NHORLGDQGK\SHUWURSKLFVFDUILEUREODVWSUROLIHUDWLRQDQGFROODJHQ
SURGXFWLRQ$1=-6XUJ

‹(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO


 

You might also like