A review of Islamic mutual funds’ financial performance and investment style in Muslim and non-Muslim countries

Islamic finance has grown beyond its reputation of providing small-scale banking options and now provides investment and financing options for complex large-scale commercial transactions. Islamic investments are one area that has attracted the attention of investors due to its performance, especially during the economic downturn. The Shari’ah compliance nature of Islamic funds provides an opportunity for those Muslim investors to be part of the global investment sector who have previously been reluctant to invest in conventional mutual funds. The fact that the funds’ managers are prohibited from investing in activities such as weapons production, alcohol production and interest-bearing finance operations, makes Islamic mutual funds also attractive for those Non-Muslim investors who wish to invest ethically. Today there are hundreds of Islamic equity indices offered by Dow Jones, FTSE, MSCI and S&P. Despite the growing importance of Islamic funds, there have been limited studies exploring the performance of Islamic funds worldwide. Due to very limited data sets and not too rigorous analytical methods, these existent studies have neither investigated Islamic funds’ financial performance in noticeable detail nor analysed the investment style of more than six funds. For instance, relevant questions such as the financial performance of Islamic mutual funds’ beyond their investment styles or a difference in performance between funds from Muslim and non-Muslim countries have nearly not been investigated at all. Very recently, a study by Hoepner, Rammal and Rezec (2011) analysed the financial performance and investment style of 262 Islamic equity funds from 20 countries in five regions (Africa, Asia-Pacific, Europe, Gulf Cooperative Council-GCC, and North America). As comparison, previous studies did not even analyse 60 funds. Hoepner et al.’s study sampled a period of two decades and was therefore able to test the performance of the funds during economic booms as well as economic downturns. The findings of the study provide new insights into the performance of Islamic mutual funds in Muslim and Western markets and during financial crisis.

Can agroforest woodlots work as stepping stones for birds in the Atlantic forest region?

In fragmented landscapes, agroforest woodlots can potentially act as stepping stones facilitating movement between forest fragments. We assessed the influence of agroforest woodlots on bird distribution and diversity in the Atlantic forest region (SE Brazil), and also tested which categories of species can use different types of connection elements, and whether this use is influenced by the distance to large forest patches. We studied two fragmented landscapes, with and without stepping stones linking large fragments, and one forested landscape. Using a point count, a bird survey was undertaken in the fragmented landscapes in five different elements: large remnants (> 400 ha), agroforest woodlots (0.4-1.1 ha), small patches (0.5-7 ha), riparian corridor, and pasture areas (the main matrix). Generalist and open-area species were commonly observed in the agroforest system or other connection elements, whereas only a few forest species were present in these connections. For the latter species, the distance of woodlots to large patches was essential to determine their richness and abundance. Based on our results and data from literature, we suggest that there is an optimal relationship between the permeability of the matrix and the efficiency of stepping stones, which occurs at intermediate degrees of matrix resistance, and is species-dependent. Because the presence of agroforest system favors a higher richness of generalist species, they appeared to be more advantageous for conservation than the monoculture system; for this reason, they should be considered as a management alternative, particularly when the matrix permeability requirement is met.

CONTRA: Improving the performance of dynamic investigations in natural abundance organic solids by mirror-symmetric constant-time CODEX

We present a minor but essential modification to the CODEX 1D-MAS exchange experiment. The new CONTRA method, which requires minor changes of the original sequence only, has advantages over the previously introduced S-CODEX, since it is less sensitive to artefacts caused by finite pulse lengths. The performance of this variant, including the finite pulse effect, was confirmed by SIMPSON calculations and demonstrated on a number of dynamic systems. (C) 2007 Elsevier Inc. All rights reserved.

MATERIALS EDUCATION AND INNOVATION: GLOBALIZATION OPENS NEW FRONTIERS, OPPORTUNITIES AND CHALLENGES

In this paper we consider evolutionary pressures that will influence materials education and its role in the present scenario of Globalization: Challenges, Opportunities and needs. The main evolutionary pressures are related to some major control variables: increase of global population, new emerging technologies such as nanotechnology, alternative energies related to climate change, multimedia convergence in global communications, health, hunger, economic asymmetries and violence. Of course, many other factors could be identified, but this paper considers these as an adequate minimum basis for strategic considerations related to current materials education planning for the 21st century. In conclusion, we propose an International Network Program for Materials Education Strategy, thinking globally but acting regionally.

Performance of incentive contracts in highway PPP projects in Brazil

Private-Public Partnerships (P.P.P.) is a new contractual model institutionalized in 2004 that could be used to remedy to the infrastructure deficit in Brazil. In a context of a principal and agent relation, the public partner goal is to give incentives to the private partner in the contract so that their interests are aligned. This qualitative research presents the findings of an empirical study examining the performance of incentive PPP contracts in Brazil in the highway sector. The goal is to explain how the contracting parties can align their interests in an environment of asymmetric information. Literature identified the factors that can influence PPP design and efficient incentive contracts. The study assesses the contribution of these factors in the building of PPP contracts by focusing on the case of the first and only PPP signed in the highway sector in Brazil which is the MG-050. The first step is to describe the condition of the highway network and the level of compliance of the private partner with the contract PPP MG-050. The second step is to explain the performance of the private partner and conclude if the interests of both partners were aligned in contractual aspects. On the basis of these findings and the analysis of the contract, the study formulates suggestions to improve the draft of PPP contracts from the perspective of the incentive theory of contracts.

Performance and hormonal profile in broiler chickens fed with different energy levels during post restriction period

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Analytical Validation of Quantitative High-Performance Liquid Chromatographic Methods in Pharmaceutical Analysis: A Practical Approach

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Mapping QTLs on chicken chromosome 1 for performance and carcass traits in a broiler x layer cross

With the objective of mapping quantitative trait loci (QTLs) for performance and carcass traits, an F-2 chicken population was developed by crossing broiler and layer lines. A total of 2063 F-2 chicks in 21 full-sib families were reared as broilers and slaughtered at 42 days of age. Seventeen performance and carcass traits were measured. Parental (F-0) and F-1 individuals were genotyped with 80 microsatellites from chicken chromosome 1 to select informative markers. Thirty-three informative markers were used for selective genotyping of F-2 individuals with extreme phenotypes for body weight at 42 days of age (BW42). Based on the regions identified by selective genotyping, seven full-sib families (649 F-2 chicks) were genotyped with 26 markers. Quantitative trait loci affecting body weight, feed intake, carcass weight, drums and thighs weight and abdominal fat weight were mapped to regions already identified in other populations. Quantitative trait loci for weights of gizzard, liver, lungs, heart and feet, as well as length of intestine, not previously described in the literature were mapped on chromosome 1. This F-2 population can be used to identify novel QTLs and constitutes a new resource for studies of genes related to growth and carcass traits in poultry.

An essential need: creating opportunities for veterinary students and graduates to gain an appreciation of responsibilities and opportunities in global veterinary issues

Globalisation trends and biorterrorism issues have led to new concerns relating to public health, animal health, international trade and food security. There is an imperative to internationalise and strengthen global public health capacity by renewed emphasis on veterinary public health in veterinary education and increasing opportunities for elective experiential learning in public practice programmes for veterinary students. Recent experience with a US-Brazil Higher Education Consortia Program is used as an example of potential ways in which veterinary students can gain an appreciation for global veterinary issues.

Effects of timing of induced luteolysis in embryo donor mares on reproductive performance and pregnancy rate in recipient mares

The objective was to evaluate the effects of giving prostaglandin F(2 alpha) (PGF) to donor mares 48 h prior to embryo collection. Non-lactating donor mares (n = 20 estrous cycles in 10 mares), ranging from 2.5 to 10 y of age and 400 to 500 kg of body weight were used from September 2004 to February 2005 in the southern hemisphere (Brazil). Donor mares were randomly assigned in a cross-over design study. During a Treated cycle, 7.5 mg PGF was given 48 h prior to embryo collection, whereas in the Control cycle, 7.5 mg PGF was given at embryo collection. In Treated Cycles, serum progesterone concentrations decreased between the day of PGF treatment and the day of embryo collection (13.9 +/- 5.4 and 0.5 +/- 0.3 ng/mL, respectively; P < 0.05). In Treated versus Control cycles, the interovulatory interval was shorter (14.9 +/- 0.9 vs 17.5 +/- 1.1 d, P < 0.05). However, there was no significant difference between these groups for the interval from PGF to ovulation (average, 9.8 d), embryo recovery rate (average, 75%), embryo quality, uterine protein concentration, and pregnancy rate in recipient mares (average, 87% at 15 d after ovulation, with no pregnancy loss detected by 60 d). In conclusion, giving donor mares PGF 48 h prior to embryo collection reduced the average interovulatory interval by approximately 2.5 d, thereby potentially increasing the numbers of embryos that could be collected during a breeding season, with no deleterious effects on embryo recovery rate, embryo quality, or pregnancy rate in recipient mares. (c) 2011 Elsevier B.V. All rights reserved.

Escherichia coli phylogenetic group determination and its application in the identification of the major animal source of fecal contamination

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

The Bauru Group: A continental Cretaceous unit in Brazil - Concepts based on micropaleontological, oxygen isotope and stratigraphical data

The integration of outcrop and subsurface information, including micropaleontological data, facies and sequence stratigraphic studies, and oxygen isotope analysis, allow us to present a new stratigraphic model for the Cretaceous continental deposits of the Bauru Group, Brazil. Thirty-eight fossil taxa were recovered from these deposits, including 29 species of ostracodes and 9 species of charophytes. Seven of these ostracode species and three subspecies are new and formally described here. The associations of Chara barbosai - Ilyocypris cf. riograndensis, found in the Adamantina Formation, and Amblyochara sp. - Neuquenocypris minor mineira nov. subsp., found in the Marília Formation. Ponte Alta Member, represent two distinct groups that are respectively Turonian-Santonian and Maastrichtian (probably Late Maastrichtian) in age. Therefore, a hiatus, encompassing more than 11 Ma, separates those two formations. From bottom to top, four depositional cycles were recognized in the Bauru Group in western São Paulo: cycles 1 and 2 belong to Caiuá Formation (fluvio-lacustrine and lacustrine deposits in the Presidente Prudente region), cycle 3 to the Santo Anastácio and lower Adamantina Formation (respectively fluvial and lacustrine deposits), and cycle 4 to the upper Adamantina Formation (fluvio-lacustrine facies). An erosional unconformity separates the Caiuá and Santo Anastácio Formations (between cycles 2 and 3). The Marília Formation is a distinct unit from the underlying succession; it does not occur in western São Paulo, but is found in restricted areas of São Paulo, Minas Gerais, Mato Grosso do Sul and Goiás States. During the deposition of the Bauru Group (Aptian? to Maastrichtian) the climate was hot and arid-semiarid. Shallow lakes underwent fluctuations in expansion (wet phases) and contraction (dry phases), as well as variations in salinity. During the deposition of the Adamantina Formation (Turonian-Santonian) there were long, dry periods that caused segmentation of large lakes (due to topographic irregularities in the basaltic substrate) and sometimes exposures of the lake floors; when flooded these lake floors were colonized by extensive meadows of single species of charophytes. Small ephemeral ponds, that were hydrochemically unstable and colonized by multiple species of charophytes, were the depositional sites for the marls and mudstones of Ponte Alta Member (Maastrichtian, Late Maastrichtian?). Our micropaleontological age control, combined with the Late Cretaceous ages of volcanic ashes found in the southeastern Brazil coastal basins, and the stratigraphic position of analcimites from the Jaboticabal-SP region, suggest a Late Coniacian-Santonian age for important magmatic events occurred in the interior of Brazil (north-central São Paulo State, Triângulo Mineiro, and southwestern Goiás State).

Description of a new reproductive mode in Leptodactylus (Anura, Leptodactylidae), with a review of the reproductive specialization toward terrestriality in the genus

The genus Leptodactylus provides an example among anurans in which there is an evident tendency toward terrestrial reproduction. Herein we describe a new reproductive mode for the frog Leptodactylus podicipinus, a member of the melanonotus group. This new reproductive mode represents one of the intermediate steps from the most aquatic to the most terrestrial modes reported in the genus. Three reproductive modes were previously recognized for the genus Leptodactylus. However, based on our data, and on several studies on Leptodactylus species that have been published since the last reviews, we propose a new classification, with the addition of two modes for the genus.

Long-term creatine supplementation improves muscular performance during resistance training in older women

This study examined the effects of long-term creatine supplementation combined with resistance training (RT) on the one-repetition maximum (1RM) strength, motor functional performance (e.g., 30-s chair stand, arm curl, and getting up from lying on the floor tests) and body composition (e.g., fat-free mass, muscle mass, and % body fat using DEXA scans) in older women. Eighteen healthy women (64.9 ± 5.0 years) were randomly assigned in a double-blind fashion to either a creatine (CR, N = 9) or placebo (PL, N = 9) group. Both groups underwent a 12-week RT program (3 days week-1), consuming an equivalent amount of either creatine (5.0 g day-1) or placebo (maltodextrin). After 12 week, the CR group experienced a greater (P < 0.05) increase (Δ%) in training volume (+164.2), and 1RM bench press (+5.1), knee extension (+3.9) and biceps curl (+8.8) performance than the PL group. Furthermore, CR group gained significantly more fat-free mass (+3.2) and muscle mass (+2.8) and were more efficient in performing submaximal-strength functional tests than the PL group. No changes (P > 0.05) in body mass or % body fat were observed from pre- to post-test in either group. These results indicate that long-term creatine supplementation combined with RT improves the ability to perform submaximal-strength functional tasks and promotes a greater increase in maximal strength, fat-free mass and muscle mass in older women. © 2012 Springer-Verlag Berlin Heidelberg.

Effects of a homeopathic complex on the performance and cortisol levels in Nile tilapia (Oreochromis niloticus)

Background: Intensive fish farming results in stress adversely effecting the performance of farmed fish. Plasma cortisol is a validated measure of stress in fish. We evaluated the effect of a homeopathic complex on the cortisol level of Nile tilapias (Oreochromis niloticus). Method: 60 animals with approximate average weight of 100 g each at the start of experiment were randomly distributed in six glass fiber water tanks, capacity 1000 liters, with a daily water renewal rate of 20%. They received one of two treatments: 30 animals in control treatment and 30 animals receiving the homeopathic complex Homeopatila 100. On days 1, 30 and 60, all fish were anesthetized and blood was collected by puncture on the caudal vein, to determine the levels of circulating cortisol. Results: At the end of the experiment the fish receiving a homeopathic complex, had significantly lower circulating cortisol level (17.96 ng/mL ± 0.95) than the control group (38.68 ng/mL ± 1.21) (p < 0.05). Conclusions: Cortisol levels were significantly lower in the treated group than control, and the fish were larger in the treated group. © 2013 The Faculty of Homeopathy.