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).

Revisiting Swiss temperature trends 1959-2008

Temperature is a key variable for monitoring global climate change. Here we perform a trend analysis of Swiss temperatures from 1959 to 2008, using a new 2 × 2 km gridded data-set based on carefully homogenised ground observations from MeteoSwiss. The aim of this study is twofold: first, to discuss the spatial and altitudinal temperature trend characteristics in detail, and second, to quantify the contribution of changes in atmospheric circulation and local effects to these trends. The seasonal trends are all positive and mostly significant with an annual average warming rate of 0.35 °C/decade (∼1.6 times the northern hemispheric warming rate), ranging from 0.17 in autumn to 0.48 °C/decade in summer. Altitude-dependent trends are found in autumn and early winter where the trends are stronger at low altitudes (<800 m asl), and in spring where slightly stronger trends are found at altitudes close to the snow line. Part of the trends can be explained by changes in atmospheric circulation, but with substantial differences from season to season. In winter, circulation effects account for more than half the trends, while this contribution is much smaller in other seasons. After removing the effect of circulation, the trends still show seasonal variations with higher values in spring and summer. The circulation-corrected trends are closer to the values simulated by a set of ENSEMBLES regional climate models, with the models still tending towards a trend underestimation in spring and summer. Our results suggest that both circulation changes and more local effects are important to explain part of recent warming in spring, summer, and autumn. Snow-albedo feedback effects could be responsible for the stronger spring trends at altitudes close to the snow line, but the overall effect is small. In autumn, the observed decrease in fog frequency might be a key process in explaining the stronger temperature trends at low altitudes.

Snow-albedo feedback and Swiss spring temperature trends

We quantify the effect of the snow-albedo feedback on Swiss spring temperature trends using daily temperature and snow depth measurements from six station pairs for the period 1961–2011. We show that the daily mean 2-m temperature of a spring day without snow cover is on average 0.4 °C warmer than one with snow cover at the same location. This estimate is comparable with estimates from climate modelling studies. Caused by the decreases in snow pack, the snow-albedo feedback amplifies observed temperature trends in spring. The influence is small and confined to areas around the upward-moving snow line in spring and early summer. For the 1961–2011 period, the related temperature trend increases are in the order of 3–7 % of the total observed trend.

Contrastive analysis of keywords in discourses: intégration and integration in French and German discourses about migration

This article suggests a theoretical and methodological framework for a systematic contrastive discourse analysis across languages and discourse communities through keywords, constituting a lexical approach to discourse analysis which is considered to be particularly fruitful for comparative analysis. We use a corpus assisted methodology, presuming meaning to be constituted, revealed and constrained by collocation environment. We compare the use of the keyword intégration and Integration in French and German public discourses about migration on the basis of newspaper corpora built from two French and German newspapers from 1998 to 2011. We look at the frequency of these keywords over the given time span, group collocates into thematic categories and discuss indicators of discursive salience by comparing the development of collocation profiles over time in both corpora as well as the occurrence of neologisms and compounds based on intégration/Integration.

Ultimate attainment in the use of lexical collocations among heritage speakers of Turkish in Germany and Turkish-German returnees

In this paper we show that heritage speakers and returnees are fundamentally different from the majority of adult second language learners with respect to their use of collocations (Laufer & Waldman, 2011). We compare the use of lexical collocations involving yap- “do” and et- “do” among heritage speakers of Turkish in Germany (n=45) with those found among Turkish returnees (n=65) and Turkish monolinguals (n=69). Language use by returnees is an understudied resource although this group can provide crucial insights into the specific language ability of heritage speakers. Results show that returnees who had been back for one year avoid collocations with yap- and use some hypercorrect forms in et-, whilst returnees who had been back for seven years upon recording produce collocations that are quantitatively and qualitatively similar to those of monolingual speakers of Turkish. We discuss implications for theories of ultimate attainment and incomplete acquisition in heritage speakers.

The fractured lives of German Bohemian children, born 1933-40 in the area known as Sudetenland: a memory study, Nablonz-Neugablonz

At the Paris Peace Conferences of 1918-1919, new states aspiring to be nation-states were created for 60 million people, but at the same time 25 million people found themselves as ethnic minorities. This change of the old order in Europe had a considerable impact on one such group, more than 3 million Bohemian German-speakers, later referred to as Sudeten Germans. After the demise of the Habsburg Empire In 1918, they became part of the new state of Czechoslovakia. In 1938, the Munich Agreement – prelude to the Second World War – integrated them into Hitler’s Reich; in 1945-1946 they were expelled from the reconstituted state of Czechoslovakia. At the centre of this War Child case study are German children from the Northern Bohemian town and district, formerly known as Gablonz an der Neisse, famous for exquisite glass art, now Jablonec nad Nisou in the Czech Republic. After their expulsion they found new homes in the post-war Federal Republic of Germany. In addition, testimonies have been drawn upon of some Czech eyewitnesses from the same area, who provided their perspective from the other side, as it were. It turned out to be an insightful case study of the fate of these communities, previously studied mainly within the context of the national struggle between Germans and Czechs. The inter-disciplinary research methodology adopted here combines history and sociological research to demonstrate the effect of larger political and social developments on human lives, not shying away from addressing sensitive political and historical issues, as far as these are relevant within the context of the study. The expellees started new lives in what became Neugablonz in post-war Bavaria where they successfully re-established the industries they had had to leave behind in 1945-1946. Part 1 of the study sheds light on the complex Czech-German relationship of this important Central European region, addressing issues of democracy, ethnicity, race, nationalism, geopolitics, economics, human geography and ethnography. It also charts the developments leading to the expulsion of the Sudeten Germans from Czechoslovakia after 1945. What is important in this War Child study is how the expellees remember their history while living as children in Sudetenland and later. The testimony data gained indicate that certain stereotypes often repeated within the context of Sudeten issues such as the confrontational nature of inter-ethnic relations are not reflected in the testimonies of the respondents from Gablonz. In Part 2 the War Child Study explores the memories of the former Sudeten war children using sociological research methods. It focuses on how they remember life in their Bohemian homeland and coped with the life-long effects of displacement after their expulsion. The study maps how they turned adversity into success by showing a remarkable degree of resilience and ingenuity in the face of testing circumstances due to the abrupt break in their lives. The thesis examines the reasons for the relatively positive outcome to respondents’ lives and what transferable lessons can be deduced from the results of this study.

The Rilke of Ruth Speirs: new poems, Duino Elegies, Sonnets to Orpheus & others

Rainer Maria Rilke (1875-1926) is universally recognized as among the most important twentieth-century German-language poets. Here, for the first time, are all the surviving translations of his poetry made by Ruth Speirs (1916-2000), a Latvian exile who joined the British literary community in Cairo during World War Two, becoming a close friend of Lawrence Durrell and Bernard Spencer. Though described as ‘excellent’ and ‘the best’ by J. M. Cohen on the basis of magazine and anthology appearances, copyright restrictions meant that during her lifetime, with the exception of a Cairo-published Selected Poems (1942), Speirs was never to see her work gathered between covers and in print. This volume, edited by John Pilling and Peter Robinson, brings Speirs’ translations the belated recognition they deserve. Her much-revised and considered versions are a key document in the history of Rilke’s Anglophone dissemination. Rhythmically alive and carefully faithful, they give a uniquely mid-century English accent to the poet’s extraordinary German, and continue to bear comparison with current efforts to render his tenderly taxing voice.

Muriel Rukeyser: poetry and the body

The human body occupies a central place in Rukeyser’s poetry. Her characters’ physical experiences inspire their search for an artistic form and a holistic vision that reconciles the corporeal and conceptual aspects of their life. My thesis deals with Rukeyser’s reconciliation of disparate aspects of existence through the image of the human body and the practical experiences she underwent in her personal life and incorporated in her poetry. I discuss her poetry of the 1940s, where a tension is observed between the artist’s personal life and her art, which she attempts to resolve by adopting an artistic form that accommodates her quotidian experiences. I study, mainly through her poetry of the 1950s, Rukeyser’s poetic technique in the light of her organicist poetics and the combination of tendencies to coercion and suggestiveness distinguishing her style. I examine her portrayal of the suffering body in her poetry of the 1960s and 1970s. By means of their physical experiences, the ill, her despised and the imprisoned protagonists undergo a process of development whereby they perceive the different aspects of their identity and attempt to broaden perspectives on their situation by reconciling them. I argue that Rukeyser’s engagement with physical encounters and with the poem as an inclusive, organic body enables her to reconcile disparate elements in her poetry, such as her personal life and her art, her individual existence and the public world, as well as the distinct aspects of her characters’ identity. Her vatic outlook, which integrates distinct aspects of experience, is consistent with Merleau-Ponty’s idea of human perception as characterised by the two interdependent positions of immanence and transcendence. Rukeyser’s poetry depicts her physical engagement with quotidian events of her life as a factor of artistic inspiration. These situations constitute shared human experiences that enable her to imagine the links binding her to other people and the world at large. The poet’s personal experiences inspire her search for an artistic form that accommodates them. Her perception of the concrete aspect of her individual existence gains significance when it is linked to social and political issues. Both the private and public are thus seen as interconnected, and they affect the existence of each other while retaining their distinctness.