Medicamentsen-ligne vous propose les traitements dont vous avez besoin afin de prendre soin de votre santé sexuelle. Avec plus de 7 ans d'expérience et plus de 90.000 clients francophones, nous étions la première clinique fournissant du acheter viagra original en France à vente en ligne et le premier vendeur en ligne de Viagra dans le monde. Pourquoi prendre des risques si vous pouvez être sûr avec Medicamentsen-ligne - Le service auquel vous pouvez faire confiance.

Microsoft word - perennial growth sri 0512.doc

Perennial Socially Responsive Shares Trust
Monthly Report as at 31 May 2012
Perennial Socially Responsive Shares Trust* Value Added (Detracted)
* Gross Performance. Past performance is not a reliable indicator of future performance.
• The largest positive performance contributor was HeartWare International Inc (up 8.4%). • The Trust added to the existing position in QBE Insurance Group Limited (QBE) during the • Chinese data released during the month suggested a slowing of some areas of the economy. Trust Performance Overview
Perennial Socially Responsive Shares
The Perennial Growth Socially Responsive Shares Trust (the Trust) finished down 7.3% in May, underperforming the S&P/ASX300 Accumulation Index (the Index) return by The Trust aims to provide a total return (after fees) that 0.6%, with the Index down 6.7% for the month. exceeds the S&P/ASX 300 Accumulation Index measured on a rolling three-year basis, by investing in On current measures the valuation of a number of a selection of listed companies which also embrace domestic defensive stocks appear to be stretched. Stocks and engender social performance in their corporate such as Telstra Corporation Limited (Telstra) and Woolworths Limited (Woolworths) are trading at a Trust Manager:
Risk Profile:
significant premium to our valuation target. Conversely, the valuation upside to our current Trust based on Trust FUM
Income Distribution
valuation metrics is at elevated levels. Rarely has the (as at 31/05/12):
Frequency:
valuation gap between the Trust and the defensive areas Minimum Initial
The largest positive performance contributor was (as at 31/05/12):
Investment:
HeartWare International Inc (up 8.4%). Following a favourable vote last month regarding the safety of the Trust Inception date:
APIR code: IOF0117AU
company’s Ventricular Assist System (VAS) from the US Food and Drug Administration Advisory Commission (FDA), the company announced the publication of results from ADVANCE, the company’s U.S. clinical trial Mayne Pharma Group Limited (Mayne) (up 22.4%) also evaluating the use of the HeartWare VAS as a bridge to contributed positively. At the start of the month the heart transplantation in patients with advanced heart company announced that the US District Court for the failure. The company is still awaiting full FDA approval for District of New Jersey upheld the validity of the US patent the device, but recent company announcements suggest covering its Doryx 150mg product. While it also that progress is being made towards achieving this. Given determined that competitor generic versions of the drug the stock is listed in both the US and Australia, the share did not infringe the patent, it was still seen as a positive price has also been a beneficiary of the appreciation of the outcome for the company. Mayne also announced the appointment of a new sales and marketing manager during the month, who will have a focus on growing sales Another positive performance contributor was BHP Billiton Limited (not held, down 10.1%). The company underperformed the market as a consequence of The biggest detractor to performance during the month concerns around the health of the global economy and the was Sims Metal Management Limited (down 22.9%). outlook for growth, with concerns around a slow down in During the month, the company provided a trading update China seeing commodity markets and resource stocks which stated that earnings for FY12 will be materially less than 85% of the prior corresponding period, including a $36 million pre-tax gain on an asset sale. Global Perennial Socially Responsive Shares Trust
competitor Schnitzer Steel also provided a trading update Fortescue Metals Group Limited (down 18.1%) fell which noted that global demand for scrap has remained significantly further than the iron ore spot price (down soft and a tepid US recovery and lower than normal spring 6.3%) during the month. At current levels we see scrap flows have resulted in tighter supply and margins. significant valuation upside to the stock price based on our valuation metrics. We expect the company to achieve its Challenger Limited (Challenger) (down 17.6%) also 55 million tons FY12 production target, and the plans to underperformed. There have been a number of recurring increase production to 155 million tons per annum remain concerns expressed by investors, most of which, while not on track with the company well capitalised to do this. We completely resolved, look to be more than imputed into the believe the stock is well over sold and took advantage of current stock price. The areas of concern are largely this weakness to add to the Trust’s position during the related to capital and the potential need for a raising to supplement current levels. Revised capital rules are set to be finalised by Australian Prudential Regulation Authority We also added to the position in PanAust Limited during in October, with the new framework taking effect from 1 the month, following share price weakness. January 2013. The areas of focus include the composition of capital, asset charges under various stress scenarios, We sold down the position in Carsales.com during the the illiquidity premium relating to discounting future month as the company’s share price approached our liabilities and the transition arrangements for subordinated valuation. The Trust trimmed positions in Heartware debt. The sum of these impacts, after taking account of International Inc, Sonic Healthcare Limited, OneSteel, organic capital generation, leaves us feeling confident that National Australia Bank and Seek Limited. the transition to the new regime is manageable, with a low probability of the need for a capital raising. With this in At month end stock numbers stood at 36 with cash at mind our fundamental assessment shows significant Market Overview
Telstra (not held, up 0.3%) also detracted value. The stock Macroeconomic factors once again dominated sentiment, performed relatively well during May, as the company was with no definitive outcome at the Greek political elections seen as a safe haven given its predictable dividend yield at the start of the month proving the catalyst for over the next year. Over the past six months, it has heightened concerns for the region’s economic tracked the performance of government bonds closely as sustainability, an elevated risk of a Greek exit from the international investors, in particular, focused on the European Union and increased government borrowing company’s elevated dividend payout ratio. costs in a number of European nations. Alongside this, concerns of slowing economic growth in China and the US Trust Activity
added to market woes. As a consequence equity markets The Trust added to the existing position in QBE Insurance fell sharply, with Hong Kong’s Hang Seng down 11.7%, Group Limited (QBE) during the month, taking advantage Japan’s Nikkei down 10.3%, UK’s FTSE100 down 7.3%, of weakness to add to the position. There was no shortage the US S&P500 down 6.3% and China’s Shanghai of issues to drive the stock, with the regulator’s review on Lenders Placed Insurance in New York the latest challenge for the group. This represents 1% of QBE's Chinese data released during the month suggested a Lenders Placed business but does highlight some of the slowing of some areas of the economy, with industrial concerns around the pricing of such a cover. This is a production falling to a three year low of 9.3% year on year cyclical business and we expect that it will in time become and a material reduction in both exports and imports less of a driver of earnings. The more compelling news pointing to slowing manufacturing activity. Despite this, has been from fellow Property and Casualty insurers in growth in China remains above the government’s 7.5% the US. The commentary from many of these companies per annum target, and the Chinese authorities have on insurance rates has been consistently positive and in shown themselves to be committed to providing the necessary measures to stimulate the economy as Investment Manager: Perennial Investment Partners Limited ABN 59 087 901 620, AFSL: 238763 (“Perennial”). Sub Managers: Perennial Value Management Limited, ABN 22 090 879 904, AFSL: 247293. Perennial Fixed Interest Partners Pty Limited ABN 35 099 336 357, Perennial Growth Management Pty Limited ABN 41 099 336 384 and Perennial Real Estate Investments Pty Limited ABN 35 117 913 685 are Subsidiaries and Authorised Representatives of Perennial. Responsible Entity: IOOF Investment Management Limited ABN 53 006 695 021, AFSL: 230524. This promotional statement is provided for information purposes only. Accordingly, reliance should not be placed on this promotional statement as the basis for making an investment, financial or other decision. This promotional statement does not take into account your investment objectives, particular needs or financial situation. Whilst every effort has been made to ensure the information in this promotional statement is accurate; its accuracy, reliability or completeness is not guaranteed. Past performance is not a reliable indicator of future performance. Gross performance does not include any applicable management fees or expenses. Net performance is based on redemption price for the period and assumes that all distributions are reinvested. Fees indicated reflect the maximum applicable. Contractual arrangements, including any applicable management fee, may be negotiated with certain large investors. Investments in the Trusts must be accompanied by the application form attached to the current product disclosure statement. The current product disclosure statement can be found on Perennial’s website www.perennial.net.au. Perennial Socially Responsive Shares Trust
exemplified by recent reductions to the reserve Top Ten Holdings as at 31 May 2012
requirement, increased infrastructure spending and
government subsidies for home appliances and autos. US
data showed revised economic growth at an annualised rate of 1.9%. The unemployment rate fell slightly to 8.1%, with nonfarm payrolls increasing by 115,000. Domestically, the Reserve Bank of Australia took the decision to ease rates by 50 basis points, taking the cash rate to 3.75%. This move further highlighted the emergence of a two speed economy within Australia, with the mining related component of the economy running at a growth level well in excess of the non-mining segments. Despite this, employment data showed the economy add 15,500 new jobs in April with the unemployment rate remaining at 5.2%. The Australian dollar weakened considerably against most major currencies closing the Commodity markets also fell significantly during the month with oil (down 14.7%), copper (down 11.6%), zinc (down 9.3%), nickel (down 9.3%), iron ore (down 7.3%) and Asset Allocation as at 31 May 2012
aluminium (down 5.9%) all falling. Gold also fell to close at Stock Name
As a consequence of the significant macroeconomic impact on equity markets there was a wide dispersion in performance across the sectors. In the domestic equity market the strongest performing stocks were those with defensive characteristics and lower perceived earnings variability. As a consequence the strongest performers were utilities (up 1.6%), telecommunications (up 0.2%) and healthcare (down 0.5%). Stocks deemed to exhibit cyclical exposures, particularly to energy or natural resources, were dealt with harshly. The weakest performing sectors were materials (down 11.0%), energy (down 10.2%) and industrials (down 8.4%). Rounding accounts for small +/- from 100%. Investment Manager: Perennial Investment Partners Limited ABN 59 087 901 620, AFSL: 238763 (“Perennial”). Sub Managers: Perennial Value Management Limited, ABN 22 090 879 904, AFSL: 247293. Perennial Fixed Interest Partners Pty Limited ABN 35 099 336 357, Perennial Growth Management Pty Limited ABN 41 099 336 384 and Perennial Real Estate Investments Pty Limited ABN 35 117 913 685 are Subsidiaries and Authorised Representatives of Perennial. Responsible Entity: IOOF Investment Management Limited ABN 53 006 695 021, AFSL: 230524. This promotional statement is provided for information purposes only. Accordingly, reliance should not be placed on this promotional statement as the basis for making an investment, financial or other decision. This promotional statement does not take into account your investment objectives, particular needs or financial situation. Whilst every effort has been made to ensure the information in this promotional statement is accurate; its accuracy, reliability or completeness is not guaranteed. Past performance is not a reliable indicator of future performance. Gross performance does not include any applicable management fees or expenses. Net performance is based on redemption price for the period and assumes that all distributions are reinvested. Fees indicated reflect the maximum applicable. Contractual arrangements, including any applicable management fee, may be negotiated with certain large investors. Investments in the Trusts must be accompanied by the application form attached to the current product disclosure statement. The current product disclosure statement can be found on Perennial’s website www.perennial.net.au.

Source: http://www.perennial.net.au/__data/assets/pdf_file/0013/7321/Perennial-Growth-SRI-0512.pdf

Does mental illness exist?

Does Mental Illness Exist? By Dr. Edward Watke Jr. I. Mental Illness -- Becomes a New Theory A . Historical aspects 1 . Historically, illness was referred to as a bodily disorder. 2 . Altered bodily structure constituted illness. B. A new criterion for determining illness came on the scene. When man began to label illness on the basis of observing behavior a new criterion was

klingberglab.se

Developmental Psychology Dopamine, Working Memory, and Training Induced Plasticity: Implications for Developmental Research Stina Söderqvist, Sissela Bergman Nutley, Myriam Peyrard-Janvid, Hans Matsson, Keith Humphreys, Juha Kere, and Torkel KlingbergOnline First Publication, November 21, 2011. doi: 10.1037/a0026179Söderqvist, S., Bergman Nutley, S., Peyrard-Janvid, M., Matsson, H., Hump

Copyright © 2010-2014 Pharmacy Pills Pdf