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).

Estudo da farmacocinética da talidomida em pacientes com tumores sólidos refratários

O objetivo deste estudo foi avaliar os parâmetros farmacocinéticos da talidomida em pacientes com tumores sólidos refratários incluídos em estudo de fase II em nossa Instituição. Foram incluídos 14 pacientes, sendo 5 com diagnóstico de adenocarcinoma de reto, 4 com adenocarcinoma de cólon, 4 com melanoma e 1 com adenocarcinoma de pâncreas. Todos os pacientes foram previamente tratados, 14 com cirurgia, 11 com quimioterapia, 5 com radioterapia e 1 com imunoterapia. Os pacientes foram inicialmente tratados com talidomida 200 mg/dia, com um aumento de dose de 200mg a cada duas semanas, até atingir a dose máxima de 800 mg/dia. Treze pacientes atingiram o nível de 400mg/dia, 9 pacientes os níveis de 600mg/dia e apenas 5 pacientes atingiram 800mg/dia. A farmacocinética foi caracterizada em oito pacientes no nível de dose de 200 mg/dia. Todos os 14 pacientes incluídos foram avaliados quanto ao perfil de toxicidade e resposta antitumoral. A talidomida foi bem tolerada, sendo os principais efeitos colaterais a sonolência, a tontura, a xerostomia e a constipação. Não foram observadas respostas tumorais objetivas. Para avaliar os parâmetros farmacocinéticos da talidomida foram coletadas amostras de sangue imediatamente antes da administração da droga, 1h, 2h, 2,5h, 3h, 3,5h, 4h, 5h, 7h e 24h após a administração da primeira dose de talidomida de 200mg. A determinação das concentrações e parâmetros farmacocinéticos da talidomida nestas amostras foi realizada por cromatografia líquida de alta performance. A curva de decaimento das concentrações plasmáticas obedeceu a um modelo farmacocinético monocompartimental. A média dos principais parâmetros farmacocinéticos estudados foi: Cmax 1,48 ± 0,56μg/ml, Tmax 4,4± 0,5h, ASC 17,7±8,4μg x h/mL e t½ 6,5±3,0 hs. O autor pode concluir que os parâmetros farmacocinéticos da talidomida estudados nestes pacientes foram semelhantes àqueles descritos anteriormente em voluntários sadios, pacientes com HIV, hanseníase ou adenocarcinoma de próstata.

Estimativa do Consumo Voluntário do Capim-Tanzânia (Panicum maximum, Jacq. cv. Tanzânia) por Vacas em Lactação sob Pastejo Rotacionado

O estudo foi conduzido numa área de capim-Tanzânia (Panicum maximum), manejada em pastejo rotacionado para estimar o consumo de matéria seca de vacas em lactação. Os três tratamentos foram: vacas mestiças alimentadas com 3 kg de concentrado e vacas mestiças e Zebu (Gir) sem suplementação com concentrado. Observou-se uma quantidade de 7340,2 kg de matéria seca (MS) /ha de forragem disponível antes da ocupação e de 5.639,5 após o 3° dia de ocupação. O consumo de MS de capim-Tanzânia foi 8,26 ± 5,66, 11,01 ± 5,37 e 9,55 ± 2,31 kg de MS/vaca/dia ou 2,15%, 2,37% e 2,34% do peso vivo, respectivamente para as vacas suplementadas, cruzadas não suplementadas e vacas Zebu . A média da produção de leite foi maior para o grupo suplementado (11,98 kg/vaca/dia). A produção de leite observada para as vacas não suplementadas foi similar. Produção de leite de 6,53 foi obtida pelas vacas cruzadas não suplementadas e 5,46 por vaca/dia foi produzida pelas vacas Zebu.

Desenvolvimento de sorvete probiótico a base de leite de cabra: estudo da formulação, características físico químicas, sensoriais e viabilidade das bactérias probióticas

This work targetet the caprine ice cream production added with probiotic bacteria Bifidobacterium animalis subsp. lactis. It is divided into two parts. In the first one, four caprine ice cream formulations were evaluated, in which it was used hydrogenated fat (F1 and F3) or fat substitute (F2 and F4) in two different flavors (F1 and F2, passion fruit, F3 and F4, guava). Statistical differences (p<0.05) were detected for their physical-chemical properties, mainly for total solids and fat, but no differences were observed for melting test results. When it went to sensory acceptance, all four ice cream formulations reached high acceptance indexes, mostly formulation F4, which was selected for further studies. In the second part, F4 formulation was prepared with the addition of probiotic bacteria Bifidobacterium animalis subsp. lactis. The growth kinetics was studied and it was observed that the cellular concentration peak was reached after four fermentation hours (10.14 log UFC/g). This time was selected for pre-fermentation procedure and posterior addition at ice cream syrup. In this part of the study, two experimental groups were evaluated: group G1, in which the probiotic addition occurred before the maturation step and group G2, which included a pre-fermentation step and probiotic addition after ice cream maturation. The physical-chemical properties of these two ice cream groups were similar, except for pH, which was higher for group G2 (p<0.05). G1 samples had superior melting rate (3.566 mL/min) and both groups presented microbiological and sanitary results in accordance to current Brazilian legislation. Also, G1 and G2 were considered sensory accepted due to their acceptance indexes higher than 70%. G1 and G2 sensory profiles were similar (p>0.05), and both ice cream samples exhibited high creaminess (6.76 to 6.91) and mouth melting sensation (6.53 to 6.67) scores, while low sandiness scores (0.85 to 0.86) were observed, positive characteristics for this kind of food product. During the first 24 hours after ice cream production, the population of B. animalis subsp. lactis decreased, reaching 7.15 e 6.92 log CFU/g for G1 and G2, respectively. Probiotic bacteria counts fluctuated in ice cream samples during the first 108 days at frozen storage, especially for G2 group. Decreased probiotic viability was observed for G1 samples during the first 35 days of frozen storage, mild variation between 35 and 63 days and stabilized counts were observed after this time. After 21 days at frozen storage, ice cream samples of G1 and G2 groups reached 1.2 x 109 and 1.3 x 109 CFU/portion, respectively. After 108 days under these storage conditions, the survival rate of B. animalis subsp. lactis was 94.26% and 81.10% for G1 and G2 samples, respectively. After simulation of gastroenteric conditions, G2 group reached 9.72 x 105 CFU/portion. Considering the current requirements of Brazilian legislation, which stipulates that functional foods must have minimum probiotic count between 108 and 109 CFU/portion and detectable probiotic bacteria after being submitted to gastroenteric conditions, it is concluded that the ice cream with the addition of Bifidobacterium animalis subsp. lactis made as shown in this work, can be considered as a dairy functional food

Lipid peroxidation and generation of hydrogen peroxide in frozen-thawed ram semen cryopreserved in extenders with antioxidants

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

Same-sized fish groups increase aggressive interaction of sex-reversed males Nile tilapia GIFT strain

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Metabolismo glicídico em ratos submetidos a desnervação do músculo esquelético e ao exercício de natação

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

Consumo, digestibilidade dos nutrientes e parâmetros ruminais em bovinos alimentados com silagem de capim-mombaça

Avaliaram-se o consumo, a digestibilidade aparente total e parcial dos nutrientes, o pH e a concentração de amônia ruminal em bovinos alimentados com silagem de capim-mombaça e concentrado nas seguintes proporções: 80:20, 65:35, 50:50 e 35:65, com base na matéria seca. Foram utilizados quatro animais Holandês x Zebu, com peso corporal médio inicial de 229kg, canulados no rúmen e abomaso, e distribuídos em quadrado latino 4x4. Os consumos de matéria seca (MS), matéria orgânica (MO), proteína bruta (PB), extrato etéreo (EE) e carboidratos totais (CHOT), expressos em kg/dia, e a digestibilidade parcial dos carboidratos não fibrosos (CNF) apresentaram comportamento linear crescente, com resposta platô nos níveis de concentrado de 54,1; 54,8; 52,9; 62,2; 55,2 e 52,7%. O consumo dos demais nutrientes, exceto da fibra em detergente neutro (FDN), e as digestibilidades aparente total de MS, MO e CNF e a parcial de MO aumentaram linearmente com o incremento do concentrado nas dietas. Não foram encontradas diferenças no consumo e nas digestibilidades aparente total e parcial da FDN. Para concentração de amônia e pH ruminal, observou-se efeito quadrático de tempo de amostragem, com valores máximos de 24,76mg/dL e 6,53 em 2,8 e 3,5 horas após a alimentação, respectivamente.

Voluntary intake of Tanzania grass (Panicum maximum) under rotational grazing by lactating cows

The study was conducted at Nucleo de Pesquisas Zootecnicas Nordeste of the Instituto de Zootecnia, Ribeirao Preto, SP, in a rotational grazing area of Tanzania grass (Panicum maximum), to estimate the dry matter intake by lactanting cows. The estimation of dry matter intake was calculated from the feces production estimated using extrusa Chromium-mordent and the in vitro digestibility of diet. The three treatments were crossbreed cows fed 3 kg.day(-1) of concentrate, crossbred cows without concentrate suplementation and pure Gir cows also without concentrate supplementation. The milk production was 11.98, 6.53 and 5.46 kg per cow per day, the grass intake was 8.26 +/- 5.66, 11.01 +/- 5.37 and 9.55 +/- 2.31 kg of dry matter per day or 2.15%, 2.37% and 2.34% of live weight for the three experimental groups respectively. The milk production was higher (P<0.01) for cows fed with concentrate. No difference was found for dry matter intake.

Biologia populacional de Pareiorhina rudolphi (Loricariidae, Hypostominae) na microbacia do Ribeirão Grande, serra da Mantiqueira oriental, Estado de São Paulo

Pareiorhina rudolphi was sampled in streams of the Ribeirao Grande system, eastern Serra da Mantiqueira (22[degree]47[minute]08[second]S, 45[degree]28[minute]17[second] W). Samplings were carried out using an electrofishing device, during the months of July/2001, October/2001, February/2002 and April/2002. Sex-ratio diverged significantly from the expected 1: 1 ratio([chi]2 = 6.53; p < 0.05), standing at 1.6:1 (female: male). The spawning period for Pareiorhina rudolphi lasts from spring to summer, with, the highest observed, in October and February by the gonadosomantic index and the relative condition factor coincided with the spawning period. The length at sexual maturity of P. rudolphi is about 4.45 cm for both sexes. The absolute fecundity was low, and ranged from 4 to 11 oocytes. The periphyton was used as a direct food source by the species, which remain attached to the substrate with their large circular lips, and use their conspicuous Slightly Yellowish teeth to graze the periphyton. The growth parameters, natural mortality rate and survival rate for P, rudolphi were respectively: K = 0.35 year-1, L[infinity] = 7.2 cm, tmax = 8.6 years, M = 1.1 year-1, S = 33%. The characteristics presented by P. rudolphi occur in the environment function of a population adjustment, and not of species abundance.

Distribution of extrafloral nectaries in different vegetation types of Amazonian Brazil

Surveys were carried out in terra firme' forest, successional forest, buritirana' (palm vegetation) and shrub canga' (savanna). Extrafloral nectaries (EFNs) were present in 30 plant species belonging to 22 genera and 14 families. Nectary species represented 17.6-53.3% of the species samples in different areas, with local abundances varying from 19.1-50.0%. The percentage of species with EFNs was greater in the flora of the shrub canga than in the terra firme and successional forests. Nectary plants were more abundant in the shrub canga and successional forest. The high abundance of EFNs may be the result of intense foraging activity by ants on plants, leading to the formation of facultative mutualism. -from Authors

Estádio de desenvolvimento do milho. 3. Avaliação de silagens por intermédio de parâmetros de fermentação ruminal

The objective of this experiment was to analyze the rumen fermentation of silages made from corn harvested at milk stage (MS), milk early dough stage (MEDS), medium dough stage (MDS) and semi-hard dough stage (SHDS). Rumen fluid was collected from sheep by esophageal tube at 0, 1, 3 and 6 hours after feeding. There were no differences among silages for ammonia nitrogen (NH3-N) and methylene blue reduction time (MBRT). Only the MS and SHDS silages differed in rumen pH (6.82 and 6.53, respectively). Differences in total rumen VFA and acetic acid concentrations (mmoles/L) were observed among stages, but not between MS (36.40 and 22.13) and MEDS (42.49 and 25.73), nor between MDS (64.52 and 40.34 respectively) and SHDS (64.09 and 43.61, respectively). The periods of 1 and 3 hours after feeding showed the smallest pH values (6.47 and 6.63), the highest NH3-N concentrations (9.75 and 10.56 mg/dL) and the highest concentrations of total VFA, and acetic and propionic acids (60.33, 37.05 and 16.73; 59.40, 35.28 and 16.84 mmoles/L, respectively). On the whole, the MDS and SHDS silages showed the best rumen fermentation patterns based on pH and total and individual VFA values.

Propriedades funcionais da carne de ratitas: ema (Rhea americana) e avestruz (Struthio camellus) comparadas com a carne de frango (Gallus domesticus)

Pós-graduação em Engenharia e Ciência de Alimentos - IBILCE

Ação de diferentes fotossensibilizadores na terapia fotodinâmica antimicrobiana

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Caracterização do soro de leite de búfala: identificação das proteínas e produção de hidrolisados com médio e alto grau de hidrólise

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)