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Anas Chakra looks beyond short-term news flow and cyclical industry factorsto find companies that are attractively priced on a longer time horizon. He invests in both value and growth stocks, looking for extreme valuations, and uses a variety of different measures depending on the type of company and industry. The portfolio is managed using an "active strategy". This allows Anas to use short positions and also to increase the amount invested in the long portfolio when he finds attractive investment opportunities. He can also use options to enhance return and manage risk. When shorting stocks, Anas looks for negative factors such as stretched valuations or balance sheets,structural challenges in the company's industry, as well as a catalyst for negatives to be reflected in the share price. The typical range for net marketexposure will be around 90-110% of fund TNA under normal market Market index is for comparative purposes only.
These figures relate to the fund’s past performance, which is not a reliable indicator offuture results. The value of investments and any income from them may go down as well as up and an investor may not get back the amount invested. Source of fundperformance is Fidelity. Basis: nav-nav with gross income reinvested, in EUR, net offees.
Market EnvironmentEuropean markets rose on the back of strong economic data from the eurozone. Markets were also supported by the US Federal Reserve’s decision to start tapering its bond purchase programme as this was seen as a sign of increased confidence in the US economy. Economic data in the eurozone was mostlyencouraging during the quarter. Economic confidence rose and beat expectations in December, confirming a slow but continued recovery in the region.
However, eurozone GDP grew by just 0.1% in the third quarter, supporting the central bank’s decision to cut interest rates to a record low of 0.25%.
Fund ReviewDuring the fourth quarter, the A-ACC-EUR class of the fund returned 7.3% in euro terms, outperforming the MSCI Europe Index, which returned 6.0% over the sameperiod. In December, the same class returned 1.2% in euro terms, outperforming the 1.0% index return.
Both long and short positions contributed to returns. Having less than 100% net market exposure weighed on relative returns in a rising market, although thiswas partially offset by our long index option strategy. Yield enhancement was also a mild drag on relative performance. Meanwhile, at a sector level, strongsecurity selection in financials and consumer discretionary added value.
During the quarter, we moved to an overweight position in the financials sector, funded through a reduction in consumer staples holdings. In financials ourbanks positions are in several non-euro exposed banks (i.e. US Bancorp, Nordea) as well as 2 ‘restructuring’ banks (KBC and Lloyds). We also own BNP which does have some peripheral European exposure, but is well funded through deposits and has a very strong retail banking franchise.
We maintain a significant overweight in consumer discretionary, particularly autos-related stocks. Valuations are attractive, particularly for these names that areexposed to the higher end, and an eventual recovery in European auto demand would mean significant upside. We also own luxury names where valuations are reasonable and pricing power is strong. Clearly both autos and luxury are exposed to demand from China and other EMs, but we are comfortable withthis given the underweights in miners and industrials. In materials we do not feel that valuations reflect the potential for metals prices to come under pressureas new supply comes on stream and China becomes less dependent on infrastructure-led demand. Industrials have benefited from China’s growth over recent years, but are now facing increased competition – this is not reflected in valuations.
Security selection in consumer discretionary added value. Continental advanced as it increased its earnings guidance for the year. The company’s growth inChina and the US more-than-offset the impact of a strengthening euro. VW rose as it reported consensus beating third-quarter earnings, aided by cost-controls in a tough sales environment. We remain very positive on the stock – the valuation reflects a return to historic margins, but the acquisition of Porsche anddevelopment of the Audi brand should mean higher margins going forward. Conversely, the holding in Christian Dior detracted.
Both security selection and our overweight in financials contributed strongly. BNP rallied as it reported an improving capital position and strong earnings,aided by cost-cutting measures. KBC Groupe boosted returns after it reported better-than-expected third quarter performance.
Our underweight in telecos detracted as the sector performed well on speculation of consolidation in the sector. We have exposure to this theme through the position in Vivendi which is in the process of breaking itself up to refocus on core media operations.
Short positions in the energy sector worked well, more-than-offsetting the weak performance from oil services group John Wood which issued a profit warning for its engineering division. Our underweight in the materials sector buoyed performance. We have no long positions, whilst all five short positions in the sectoradded relative value.
Stock picking in health care was negative, but this was offset by the sector overweight. Sanofi fell following disappointing results for its Lantus U300 treatment.
It remains a key position given strong prospects for its growth platforms. Conversely, McKesson added value as its acquisition of German peer Celesio waswell received. We took profits in the name.
At a stock level, Vinci contributed to returns as it reported strong third quarter revenue growth, supported by improved motorway traffic in France and strongperformance from its concessions business.
Net equity exposure was 95.1% at quarter end, higher than the previous quarter-end figure of 91.8%. The short book also stands higher at -13.7% of the portfolio,vs. -11.2% previously.
This information is for Investment Professionals only and should not berelied upon by private investors.
Performance attribution is produced in the currency shown below. For hedged share classes the attribution is shown before the impact of hedging.
The contributions shown in the tables are before the impact of charges. If charges are applied, their effect is captured in the “Other” category in the tables andwill also be reflected in the fund return.
All investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage for each issuing company.
The sector/industry and country contribution tables (where relevant) display a maximum of ten individual sectors/industries or countries. For funds investing inmore than ten sectors/industries or countries, only top five and bottom five are listed, with the contribution from other sectors/industries or countries shown inthe "Other Sectors" or “Other Countries” category.
Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Index / Unclassified" category which will appear in the table(s) below whenrelevant. Names of any positions being shorted at the reporting date have been withheld in line with Fidelity’s disclosure policy.
*Other includes portfolio components not already listed such as cash, expenses and other miscellaneous items.
This information is for Investment Professionals only and should not berelied upon by private investors.
Important InformationBefore investing you should read the Key Investor Information Document (KIID). Details of where the KIID is available are on the last page of this factsheet. The value of investments and any income from themmay go down as well as up and an investor may not get back the amount invested. Where an investor's own currency is different to the currency of the fund's investments, the fund's returns can be affected byfluctuations in currency exchange rates.
• FIL Limited and its respective subsidiaries form the global investment management organisation that is commonly referred to as Fidelity/Fidelity Worldwide Investment.
• Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances.
• This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds areauthorised for distribution or where no such authorisation is required.
• Unless otherwise stated, all views are those of Fidelity.
• Reference in this document to specific securities or funds should not be construed as a recommendation to buy or sell them, but is included for the purposes of illustration only. Investors should also note thatthe views expressed may no longer be current and may have already been acted upon by Fidelity. The research and analysis used in this documentation is gathered by Fidelity for its use as an investmentmanager and may have already been acted upon for its own purposes.
• Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may get back less than you invested.
• Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited.
This fund is managed by FIL Investment Management (Luxembourg) S.A.
This document describes a sub-fund and share class of Fidelity Active Strategy (the 'UCITS'). The Prospectus and financial reports are prepared for the entire UCITS.
Morningstar annualised growth rates, total return, sector median performance and ranks - Data Source - 2013 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information. An S&P Capital IQ fund grading represents an opinion only and should not be relied on when making an investment decision. Past performance isnot indicative of future results. Currency exchange rates may affect the value of investments. Copyright 2013 by McGraw-Hill international (UK) Limited (S&P), a subsidiary of The McGraw-Hill Companies, Inc.
All rights reserved.
Before investing you should read the Key Investor Information Document (KIID), which is available in your local language through the website www.fidelityworldwideinvestment.com or from your distributor. ForUK investors, the KIID can be obtained from Fidelity's website at www.fidelity.co.uk/importantinformation or by calling 0800 41 41 81. The full prospectus may also be obtained from Fidelity.
Austria: Investments should be made on the basis of the current prospectus/Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of chargefrom FIL Investment Services GmbH, Kastanienhöhe 1, D-61476 Kronberg im Taunus, Germany as well as with the Austrian paying agent UniCredit Bank Austria AG, Vordere Zollamtstrasse 13, A-1030 Wien, FIL(Luxembourg) S.A. – Zweigniederlassung Wien, Mariahilfer Strasse 36, 1070 Wien or www.fidelity.at Issued by FIL (Luxembourg) S.A.
Denmark: Investments should be made on the basis of the current prospectus/Key Investor Information Document (KIID), which is available in your local language along with the current annual and semi-annualreports free of charge from your financial advisor or from the branch of your bank or from www.fidelityworldwideinvestment.com/documents Issued by FIL (Luxembourg) S.A.
Finland: Investments should be made on the basis of the current prospectus/Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of chargefrom your financial advisor or from the branch of your bank and from www.fidelity.fi Issued by FIL (Luxembourg) S.A.
France: Investments should be made on the basis of the current prospectus/Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of chargefrom your financial advisor or from the branch of your bank or visit the Fidelity website. Issued by FIL (Luxembourg) S.A.
Germany: Investments should be made on the basis of the current prospectus/Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of chargefrom FIL Investment Services GmbH, Postfach 200237, 60606 Frankfurt/Main or www.fidelity.de Issued by FIL Investment Services GmbH.
Iceland: Investments should be made on the basis of the current prospectus/Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of chargefrom your financial advisor or from the branch of your bank. Issued by FIL (Luxembourg) S.A.
Italy: Investments should be made on the basis of the current prospectus/Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of charge fromyour financial advisor or from the branch of your bank. Issued by FIL (Luxembourg) S.A.
Luxembourg: Investments should be made on the basis of the current prospectus/Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free ofcharge from our distributors or www.fidelity.lu Issued by FIL (Luxembourg) S.A.
Netherlands: Investments should be made on the basis of the current prospectus/Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free ofcharge from FIL (Luxembourg) S.A., Netherlands Branch (registered with the AFM), World Trade Centre, Tower H, 6th Floor, Zuidplein 52, 1077 XV Amsterdam (tel. 0031 20 79 77 100) or from www.fidelity.nl.
FAST is authorised to offer participation rights in The Netherlands pursuant to article 2:66 (3) in conjunction with article 2:71 and 2:72 Financial Supervision Act. Issued by FIL (Luxembourg) S.A.
Norway: Investments should be made on the basis of the current prospectus/Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of chargefrom your financial advisor or from the branch of your bank or from www.fidelityworldwideinvestment.com/norway Issued by FIL (Luxembourg) S.A.
Spain: Investments should be made on the basis of the current prospectus/Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of charge. Forthe purposes of distribution in Spain, FAST is registered with the CNMV Register of Foreign Collective Investment Schemes under registration number 649, where complete information is available from FASTauthorised distributors. The purchase of or subscription for shares in FAST shall be made on the basis of the KIID that investors shall receive in advance. The KIID is available for inspection at the offices oflocally authorised distributors as well as at the CNMV. Issued by FIL (Luxembourg) S.A.
Sweden: Investments should be made on the basis of the current prospectus/Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of chargefrom your financial advisor or from the branch of your bank or from www.fidelity.se Issued by FIL (Luxembourg) S.A.
Switzerland: Investments should be made on the basis of the current prospectus and key investor information document, which are available along with the current annual and semi-annual reports free ofcharge from our distributors, from FIL Luxembourg S.A. and from our legal representative in Switzerland. The legal representative and paying agent is BNP Paribas Securities Services, Paris, succursale de Zurich,Selnaustrasse 16, 8002 Zurich. Issued by FIL Investment Switzerland AG authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority FINMA.
United Kingdom: Issued by FIL Investments International, a firm authorised and regulated in the UK by the Financial Conduct Authority. FIL Investments International is registered in England and Wales under thecompany number 1448245. The registered office of the company is Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ, United Kingdom.
This information is for Investment Professionals only and should not berelied upon by private investors.

Source: https://www.fidelity.se/static/pdf/alla/kvartalsrapporter/FAST%20Europe%20-%20QPR.pdf

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