The conditional performance of UK property funds

The evaluation of investment fund performance has been one of the main developments of modern portfolio theory. Most studies employ the technique developed by Jensen (1968) that compares a particular fund's returns to a benchmark portfolio of equal risk. However, the standard measures of fund manager performance are known to suffer from a number of problems in practice. In particular previous studies implicitly assume that the risk level of the portfolio is stationary through the evaluation period. That is unconditional measures of performance do not account for the fact that risk and expected returns may vary with the state of the economy. Therefore many of the problems encountered in previous performance studies reflect the inability of traditional measures to handle the dynamic behaviour of returns. As a consequence Ferson and Schadt (1996) suggest an approach to performance evaluation called conditional performance evaluation which is designed to address this problem. This paper utilises such a conditional measure of performance on a sample of 27 UK property funds, over the period 1987-1998. The results of which suggest that once the time varying nature of the funds beta is corrected for, by the addition of the market indicators, the average fund performance show an improvement over that of the traditional methods of analysis.

Chaos in high performance digital robot controllers

Active robot force control requires some form of dynamic inner loop control for stability. The author considers the implementation of position-based inner loop control on an industrial robot fitted with encoders only. It is shown that high gain velocity feedback for such a robot, which is effectively stationary when in contact with a stiff environment, involves problems beyond the usual caveats on the effects of unknown environment stiffness. It is shown that it is possible for the controlled joint to become chaotic at very low velocities if encoder edge timing data are used for velocity measurement. The results obtained indicate that there is a lower limit on controlled velocity when encoders are the only means of joint measurement. This lower limit to speed is determined by the desired amount of loop gain, which is itself determined by the severity of the nonlinearities present in the drive system.

Simulated anthropogenic changes in the Brewer–Dobson circulation, including its extension to high latitudes

Recent studies using comprehensive middle atmosphere models predict a strengthening of the Brewer-Dobson circulation in response to climate change. To gain confidence in the realism of this result it is important to quantify and understand the contributions from the different components of stratospheric wave drag that cause this increase. Such an analysis is performed here using three 150-yr transient simulations from the Canadian Middle Atmosphere Model (CMAM), a Chemistry-Climate Model that simulates climate change and ozone depletion and recovery. Resolved wave drag and parameterized orographic gravity wave drag account for 60% and 40%, respectively, of the long-term trend in annual mean net upward mass flux at 70 hPa, with planetary waves accounting for 60% of the resolved wave drag trend. Synoptic wave drag has the strongest impact in northern winter, where it accounts for nearly as much of the upward mass flux trend as planetary wave drag. Owing to differences in the latitudinal structure of the wave drag changes, the relative contribution of resolved and parameterized wave drag to the tropical upward mass flux trend over any particular latitude range is highly sensitive to the range of latitudes considered. An examination of the spatial structure of the climate change response reveals no straightforward connection between the low-latitude and high-latitude changes: while the model results show an increase in Arctic downwelling in winter, they also show a decrease in Antarctic downwelling in spring. Both changes are attributed to changes in the flux of stationary planetary wave activity into the stratosphere.

Identification of components of the Sigma B Regulon in Listeria monocytogenes that contribute to acid and salt tolerance

Sigma B (σB) is an alternative sigma factor that controls the transcriptional response to stress in Listeria monocytogenes and is also known to play a role in the virulence of this human pathogen. In the present study we investigated the impact of a sigB deletion on the proteome of L. monocytogenes grown in a chemically defined medium both in the presence and in the absence of osmotic stress (0.5 M NaCl). Two new phenotypes associated with the sigB deletion were identified using this medium. (i) Unexpectedly, the strain with the ΔsigB deletion was found to grow faster than the parent strain in the growth medium, but only when 0.5 M NaCl was present. This phenomenon was independent of the carbon source provided in the medium. (ii) The ΔsigB mutant was found to have unusual Gram staining properties compared to the parent, suggesting that σB contributes to the maintenance of an intact cell wall. A proteomic analysis was performed by two-dimensional gel electrophoresis, using cells growing in the exponential and stationary phases. Overall, 11 proteins were found to be differentially expressed in the wild type and the ΔsigB mutant; 10 of these proteins were expressed at lower levels in the mutant, and 1 was overexpressed in the mutant. All 11 proteins were identified by tandem mass spectrometry, and putative functions were assigned based on homology to proteins from other bacteria. Five proteins had putative functions related to carbon utilization (Lmo0539, Lmo0783, Lmo0913, Lmo1830, and Lmo2696), while three proteins were similar to proteins whose functions are unknown but that are known to be stress inducible (Lmo0796, Lmo2391, and Lmo2748). To gain further insight into the role of σB in L. monocytogenes, we deleted the genes encoding four of the proteins, lmo0796, lmo0913, lmo2391, and lmo2748. Phenotypic characterization of the mutants revealed that Lmo2748 plays a role in osmotolerance, while Lmo0796, Lmo0913, and Lmo2391 were all implicated in acid stress tolerance to various degrees. Invasion assays performed with Caco-2 cells indicated that none of the four genes was required for mammalian cell invasion. Microscopic analysis suggested that loss of Lmo2748 might contribute to the cell wall defect observed in the ΔsigB mutant. Overall, this study highlighted two new phenotypes associated with the loss of σB. It also demonstrated clear roles for σB in both osmotic and low-pH stress tolerance and identified specific components of the σB regulon that contribute to the responses observed.

Proteomic analyses of a Listeria monocytogenes mutant lacking σB identify new components of the σB regulon and highlight a role for σB in the utilization of glycerol

In Listeria monocytogenes the alternative sigma factor σB plays important roles in both virulence and stress tolerance. In this study a proteomic approach was used to define components of the σB regulon in L. monocytogenes 10403S (serotype 1/2a). Using two-dimensional gel electrophoresis and the recently developed isobaric tags for relative and absolute quantitation technique, the protein expression profiles of the wild type and an isogenic ΔsigB deletion strain were compared. Overall, this study identified 38 proteins whose expression was σB dependent; 17 of these proteins were found to require the presence of σB for full expression, while 21 were expressed at a higher level in the ΔsigB mutant background. The data obtained with the two proteomic approaches showed limited overlap (four proteins were identified by both methods), a finding that highlights the complementarity of the two technologies. Overall, the proteomic data reaffirmed a role for σB in the general stress response and highlighted a probable role for σB in metabolism, especially in the utilization of alternative carbon sources. Proteomic and physiological data revealed the involvement of σB in glycerol metabolism. Five newly identified members of the σB regulon were shown to be under direct regulation of σB using reverse transcription-PCR (RT-PCR), while random amplification of cDNA ends-PCR was used to map four σB-dependent promoters upstream from lmo0796, lmo1830, lmo2391, and lmo2695. Using RT-PCR analysis of known and newly identified σB-dependent genes, as well as proteomic analyses, σB was shown to play a major role in the stationary phase of growth in complex media.

Effects of repeated cycles of acid challenge and growth on the phenotype and virulence of Salmonella enterica

Aims: The aim of the study was to investigate how stresses like low pH, which may be encountered in farms or food preparation premises, shape populations of Salmonella enterica by the selection of stress-resistant variants. Methods and Results: Stationary-phase cultures of S. enterica serovar Enteritidis and serovar Typhimurium (one strain of each) were exposed to pH 2Æ5 for up to 4 h, followed by growth at pH 7 for 48 h. This process was repeated 15 times in two separate experiments, which increased the acid resistance of the three out of four populations we obtained, by three- to fourfold. Sustainable variants derived from the populations showed changes in colony morphology, expression of SEF17 fimbriae, growth, increased heat resistance and reduced virulence. Conclusions: The study demonstrates that low pH environments can select for populations of S. enterica with persistent phenotypic changes such as increased acid resistance and occasionally increased SEF17 expression and lower virulence. Significance and Impact of the Study: There is a common belief that increased acid resistance coincides with increased virulence. This study demonstrates for the first time that increased acid resistance often impairs virulence and affects the general phenotype of S. enterica.

Hcp2, a secreted protein of the phytopathogen Pseudomonas syringae pv. tomato DC3000, is required for competitive fitness against bacteria and yeasts

When analysing the secretome of the plant pathogen Pseudomonas syringae pv. tomato (Pst) DC3000, we identified hemolysin co-regulated protein (Hcp) as one of the secreted proteins. Hcp is assumed to be an extracellular component of the type VI secretion system (T6SS). Two copies of hcp genes are present in the Pst DC3000 genome, hcp1 (PSPTO_2539) and hcp2 (PSPTO_5435). We studied the expression patterns of hcp genes and tested the fitness of hcp knock-out mutants in host plant colonization and in inter-microbial competition. We found that the hcp2 gene is expressed, most actively at the stationary growth phase, and that the Hcp2 protein is secreted via T6SS and appears in the culture medium as covalently linked dimers. Expression of hcp2 is not induced in planta and it does not contribute to virulence or colonisation in tomato or Arabidopsis plants. Instead, hcp2 is required for survival in competition with enterobacteria and yeasts, and its function is associated with suppression of the growth of these competitors. This is the first report on bacterial T6SS-associated genes functioning in competition against yeast. Our results suggest that the T6SS of P. syringae may play an important role in bacterial fitness, allowing this plant pathogen to survive in conditions where it has to compete with other micro-organisms for resources.

Characterization of a Listeria monocytogenes Scott A isolate with high tolerance towards high hydrostatic pressure

An isolate of L. monocytogenes Scott A that is tolerant to high hydrostatic pressure (HHP), named AK01, was isolated upon a single pressurization treatment of 400 MPa for 20 min and was further characterized. The survival of exponential- and stationary-phase cells of AK01 in ACES [N-(2-acetamido)-2-aminoethanesulfonic acid] buffer was at least 2 log units higher than that of the wild type over a broad range of pressures (150 to 500 MPa), while both strains showed higher HHP tolerance (piezotolerance) in the stationary than in the exponential phase of growth. In semiskim milk, exponential-phase cells of both strains showed lower reductions upon pressurization than in buffer, but again, AK01 was more piezotolerant than the wild type. The piezotolerance of AK01 was retained for at least 40 generations in rich medium, suggesting a stable phenotype. Interestingly, cells of AK01 lacked flagella, were elongated, and showed slightly lower maximum specific growth rates than the wild type at 8, 22, and 30°C. Moreover, the piezotolerant strain AK01 showed increased resistance to heat, acid, and H2O2 compared with the wild type. The difference in HHP tolerance between the piezotolerant strain and the wild-type strain could not be attributed to differences in membrane fluidity, since strain AK01 and the wild type had identical in situ lipid melting curves as determined by Fourier transform infrared spectroscopy. The demonstrated occurrence of a piezotolerant isolate of L. monocytogenes underscores the need to further investigate the mechanisms underlying HHP resistance of food-borne microorganisms, which in turn will contribute to the appropriate design of safe, accurate, and feasible HHP treatments.

On the entrainment assumption in Schatzmann's integral plume model

The behaviour of stationary, non-passive plumes can be simulated in a reasonably simple and accurate way by integral models. One of the key requirements of these models, but also one of their less well-founded aspects, is the entrainment assumption, which parameterizes turbulent mixing between the plume and the environment. The entrainment assumption developed by Schatzmann and adjusted to a set of experimental results requires four constants and an ad hoc hypothesis to eliminate undesirable terms. With this assumption, Schatzmann’s model exhibits numerical instability for certain cases of plumes with small velocity excesses, due to very fast radius growth. The purpose of this paper is to present an alternative entrainment assumption based on a first-order turbulence closure, which only requires two adjustable constants and seems to solve this problem. The asymptotic behaviour of the new formulation is studied and compared to previous ones. The validation tests presented by Schatzmann are repeated and it is found that the new formulation not only eliminates numerical instability but also predicts more plausible growth rates for jets in co-flowing streams.

A study on orthogonality sampling.

The goal of this paper is to study and further develop the orthogonality sampling or stationary waves algorithm for the detection of the location and shape of objects from the far field pattern of scattered waves in electromagnetics or acoustics. Orthogonality sampling can be seen as a special beam forming algorithm with some links to the point source method and to the linear sampling method. The basic idea of orthogonality sampling is to sample the space under consideration by calculating scalar products of the measured far field pattern , with a test function for all y in a subset Q of the space , m = 2, 3. The way in which this is carried out is important to extract the information which the scattered fields contain. The theoretical foundation of orthogonality sampling is only partly resolved, and the goal of this work is to initiate further research by numerical demonstration of the high potential of the approach. We implement the method for a two-dimensional setting for the Helmholtz equation, which represents electromagnetic scattering when the setup is independent of the third coordinate. We show reconstructions of the location and shape of objects from measurements of the scattered field for one or several directions of incidence and one or many frequencies or wave numbers, respectively. In particular, we visualize the indicator function both with the Dirichlet and Neumann boundary condition and for complicated inhomogeneous media.

Resolution of sharp fronts in the presence of model error in variational data assimilation

We show that the four-dimensional variational data assimilation method (4DVar) can be interpreted as a form of Tikhonov regularization, a very familiar method for solving ill-posed inverse problems. It is known from image restoration problems that L1-norm penalty regularization recovers sharp edges in the image more accurately than Tikhonov, or L2-norm, penalty regularization. We apply this idea from stationary inverse problems to 4DVar, a dynamical inverse problem, and give examples for an L1-norm penalty approach and a mixed total variation (TV) L1–L2-norm penalty approach. For problems with model error where sharp fronts are present and the background and observation error covariances are known, the mixed TV L1–L2-norm penalty performs better than either the L1-norm method or the strong constraint 4DVar (L2-norm)method. A strength of the mixed TV L1–L2-norm regularization is that in the case where a simplified form of the background error covariance matrix is used it produces a much more accurate analysis than 4DVar. The method thus has the potential in numerical weather prediction to overcome operational problems with poorly tuned background error covariance matrices.

Simulation of the future performance of low-energy evaporative cooling systems using UKCP09 climate projections

Recent activity in the development of future weather data for building performance simulation follows recognition of the limitations of traditional methods, which have been based on a stationary (observed) climate. In the UK, such developments have followed on from the availability of regional climate models as delivered in UKCIP02 and recently the probabilistic projections released under UKCP09. One major area of concern is the future performance and adaptability of buildings which employ exclusively passive or low-energy cooling systems. One such method which can be employed in an integral or retrofit situation is direct or indirect evaporative cooling. The effectiveness of evaporative cooling is most strongly influenced by the wet-bulb depression of the ambient air, hence is generally regarded as most suited to hot, dry climates. However, this technology has been shown to be effective in the UK, primarily in mixed-mode buildings or as a retrofit to industrial/commercial applications. Climate projections for the UK generally indicate an increase in the summer wet-bulb depression, suggesting an enhanced potential for the application of evaporative cooling. The paper illustrates this potential by an analysis of the probabilistic scenarios released under UKCP09, together with a detailed building/plant simulation of case study building located in the South-East of England. The results indicate a high probability that evaporative cooling will still be a viable low-energy technique in the 2050s.

Methodologies for the generation of design summer years for building energy simulation using UKCP09 probabilitic climate projections

Design summer years representing near-extreme hot summers have been used in the United Kingdom for the evaluation of thermal comfort and overheating risk. The years have been selected from measured weather data basically representative of an assumed stationary climate. Recent developments have made available ‘morphed’ equivalents of these years by shifting and stretching the measured variables using change factors produced by the UKCIP02 climate projections. The release of the latest, probabilistic, climate projections of UKCP09 together with the availability of a weather generator that can produce plausible daily or hourly sequences of weather variables has opened up the opportunity for generating new design summer years which can be used in risk-based decision-making. There are many possible methods for the production of design summer years from UKCP09 output: in this article, the original concept of the design summer year is largely retained, but a number of alternative methodologies for generating the years are explored. An alternative, more robust measure of warmth (weighted cooling degree hours) is also employed. It is demonstrated that the UKCP09 weather generator is capable of producing years for the baseline period, which are comparable with those in current use. Four methodologies for the generation of future years are described, and their output related to the future (deterministic) years that are currently available. It is concluded that, in general, years produced from the UKCP09 projections are warmer than those generated previously. Practical applications: The methodologies described in this article will facilitate designers who have access to the output of the UKCP09 weather generator (WG) to generate Design Summer Year hourly files tailored to their needs. The files produced will differ according to the methodology selected, in addition to location, emissions scenario and timeslice.

Simple and effective technical procedures for the packing and application of nanospray PicoFrit HPLC columns for proteomic analyses

A simple procedure was developed for packing PicoFrit HPLC columns with chromatographic stationary phase using a reservoir fabricated from standard laboratory HPLC fittings. Packed columns were mounted onto a stainless steel ultra-low volume precolumn filter assembly containing a 0.5-mu m pore size steel frit. This format provided a conduit for the application of the nanospray voltage and protected the column from obstruction by sample material. The system was characterised and operational performance assessed by analysis of a range of peptide standards (n = 9).

Adaptive noise cancellation with fast tunable RBF network

This paper describes a novel adaptive noise cancellation system with fast tunable radial basis function (RBF). The weight coefficients of the RBF network are adapted by the multi-innovation recursive least square (MRLS) algorithm. If the RBF network performs poorly despite of the weight adaptation, an insignificant node with little contribution to the overall performance is replaced with a new node without changing the model size. Otherwise, the RBF network structure remains unchanged and only the weight vector is adapted. The simulation results show that the proposed approach can well cancel the noise in both stationary and nonstationary ANC systems.