The blended approach to real estate allocations: performance implications of combining an exposure to German Spezialfonds with Global Listed Real Estate Securities

This paper seeks to increase the understanding of the performance implications for investors who choose to combine an unlisted real estate portfolio (in this case German Spezialfonds) with a (global) listed real estate element. We call this a “blended” approach to real estate allocations. For the avoidance of doubt, in this paper we are dealing purely with real estate equity (listed and unlisted) allocations, and do not incorporate real estate debt (listed or unlisted) or direct property into the process. A previous paper (Moss and Farrelly 2014) showed the benefits of the blended approach as it applied to UK Defined Contribution Pension Schemes. The catalyst for this paper has been the recent attention focused on German pension fund allocations, which have a relatively low (real estate) equity content, and a high bond content. We have used the MSCI Spezialfonds Index as a proxy for domestic German institutional real estate allocations, and the EPRA Global Developed Index as a proxy for a global listed real estate allocation. We also examine whether a rules based trading strategy, in this case Trend Following, can improve the risk adjusted returns above those of a simple buy and hold strategy for our sample period 2004-2015. Our findings are that by blending a 30% global listed portfolio with a 70% allocation (as opposed to a typical 100% weighting) to Spezialfonds, the real estate allocation returns increase from 2.88% p.a. to 5.42% pa. Volatility increases, but only to 6.53%., but there is a noticeable impact on maximum drawdown which increases to 19.4%. By using a Trend Following strategy raw returns are improved from 2.88% to 6.94% p.a. , The Sharpe Ratio increases from 1.05 to 1.49 and the Maximum Drawdown ratio is now only 1.83% compared to 19.4% using a buy and hold strategy . Finally, adding this (9%) real estate allocation to a mixed asset portfolio allocation typical for German pension funds there is an improvement in both the raw return (from 7.66% to 8.28%) and the Sharpe Ratio (from 0.91 to 0.98).

Role of ligands in catalytic water oxidation by mononuclear ruthenium complexes

Since first reported in 2005, mononuclear ruthenium water oxidation catalysts have attracted a great deal of attention due to their catalytic performance and synthetic flexibility. In particular, ligands coordinated to a Ru metal centre play an important role in the catalytic mechanisms, exhibiting significant impact on catalyst efficiency, stability and activity towards water oxidation. This review focuses on finding possible correlations between the ligand effects and activity of mononuclear Ru aqua and non-aqua complexes as water oxidation catalysts. The ligand effects highlighted in the text include the electronic nature of core ligands and their substituents, the trans–cis effect, steric hindrance and the strain effect, the net charge effect, the geometric arrangement of the aqua ligand and the supramolecular effects, e.g., hydrogen bonding and influence of a pendant base. The outcome is not always obvious at the present knowledge level. Deeper understanding of the ligand effects, based on new input data, is mandatory for further progress towards a rational development of novel catalysts featuring enhanced activity in water oxidation.

The atomic structure of low-index surfaces of the intermetallic compound InPd

The intermetallic compound InPd (CsCl type of crystal structure with a broad compositional range) is considered as a candidate catalyst for the steam reforming of methanol. Single crystals of this phase have been grown to study the structure of its three low-index surfaces under ultra-high vacuum conditions, using low energy electron diffraction (LEED), X-ray photoemission spectroscopy (XPS), and scanning tunneling microscopy (STM). During surface preparation, preferential sputtering leads to a depletion of In within the top few layers for all three surfaces. The near-surface regions remain slightly Pd-rich until annealing to ∼580 K. A transition occurs between 580 and 660 K where In segregates towards the surface and the near-surface regions become slightly In-rich above ∼660 K. This transition is accompanied by a sharpening of LEED patterns and formation of flat step-terrace morphology, as observed by STM. Several superstructures have been identified for the different surfaces associated with this process. Annealing to higher temperatures (≥750 K) leads to faceting via thermal etching as shown for the (110) surface, with a bulk In composition close to the In-rich limit of the existence domain of the cubic phase. The Pd-rich InPd(111) is found to be consistent with a Pd-terminated bulk truncation model as shown by dynamical LEED analysis while, after annealing at higher temperature, the In-rich InPd(111) is consistent with an In-terminated bulk truncation, in agreement with density functional theory (DFT) calculations of the relative surface energies. More complex surface structures are observed for the (100) surface. Additionally, individual grains of a polycrystalline sample are characterized by micro-spot XPS and LEED as well as low-energy electron microscopy. Results from both individual grains and “global” measurements are interpreted based on comparison to our single crystals findings, DFT calculations and previous literature.

The king's champion: re-enacting Arthurian romance at the English coronation banquet

Recent scholarship has emphasised the extent to which historical events are reflected in medieval romance. This paper seeks to draw attention to an instance where that relationship appears to have been inverted and a romance motif was carefully recreated at a particularly important event in the historical world. From the fourteenth century onwards, a mounted knight ceremonially rode into the English coronation banquet and issued a challenge to all assembled. The visual detail of the ritual strikingly echoes that of the romance motif of the “intruder at the feast”. This motif crops up in numerous romances, and is particularly associated with Arthurian narratives where it usually serves as a catalyst for adventure, providing the court and the king with an opportunity to justify their authority and reputation. This paper analyses the precise nature of the historical ritual and explores how the romance resonances of the ceremony at the coronation feast could be used to underpin political authority and courtly identity. In doing so, it seeks to underscore the centrality of Arthurian romance to English monarchical self-imagining and the symbolic power which could be ascribed to the genre's themes and conventions.

Cupreines and cupreidines: an established class of bifunctional cinchona organocatalysts

Cinchona alkaloids with a free 6'-OH functionality are being increasingly used within asymmetric organocatalysis. This fascinating class of bifunctional catalyst offers a genuine alternative to the more commonly used thiourea systems and because of the different spacing between the functional groups, can control enantioselectivity where other organocatalysts have failed. In the main, this review covers the highlights from the last five years and attempts to show the diversity of reactions that these systems can control. It is hoped that chemists developing asymmetric methodologies will see the value in adding these easily accessible, but underused organocatalysts to their screens.