Mutual fund performance attribution and market timing using portfolio holdings

We propose a novel performance attribution model for equity fund portfolios. The model analyses investment decisions based on portfolio holdings and measures the value added from different sources of performance such as past return strategies, security selection, market timing and passive timing. The model was tested for a sample of mutual funds. Empirical results show that security selection is the main contributor to fund performance regardless of the sample period considered or the asset pricing model used. The evidence of timing ability is mixed with low significance. Nevertheless there are noticeable differences between the timing ability of the best and worst performing funds, especially in crisis periods. Analysing the relationship between mutual fund performance (and its different components) and fund characteristics, we find that top funds are significantly smaller and more concentrated than other funds. Finally, we also examine the persistence in the performance and in its components finding evidence of positive persistence in past return strategies and picking skills although this persistence is not shown in the overall performance

Palynological age constraint of Les Vilelles unit, Catalan Coastal Chain, Spain

Les Vilelles unit is a detrital sequence exposed at the southwestern margin of the Catalan Coastal Chain (CCC), NE Spain, below the Carboniferous turbiditic series. Based on the palynological content, the age of this unit was initially assigned to the Middle-Late Devonian (Eifelian to Famennian). Additional radiolarian and conodont findings were considered to be Early–Middle Mississippian (Tournaisian to early Visean). To clarify this age discrepancy a new and more comprehensive palynostratigraphic analysis has been conducted in the upper part of the section representative of Les Vilelles unit. This has provided an assemblage of miospores, acritarchs, prasinophyta phycomata and chitinozoans that can be confidently assigned to a latest Frasnian interval, in contact with the Frasnian–Famennian boundary. Therefore, the present analysis refines the Middle–Late Devonian age formerly assigned, establishes a latest Frasnian age for the top of the unit, and provides new insights to the better understanding of the unconformity and hiatus separating the pre-Carboniferous and Carboniferous CCC series in the Priorat Massif. The study also includes a systematic section with the description of three newly established miospore species: Dibolisporites coniugatum, Dibolisporites prioratum and Rugospora spinosa

Palynological age constraint of Les Vilelles unit, Catalan Coastal Chain, Spain

Les Vilelles unit is a detrital sequence exposed at the southwestern margin of the Catalan Coastal Chain (CCC), NE Spain, below the Carboniferous turbiditic series. Based on the palynological content, the age of this unit was initially assigned to the Middle-Late Devonian (Eifelian to Famennian). Additional radiolarian and conodont findings were considered to be Early–Middle Mississippian (Tournaisian to early Visean). To clarify this age discrepancy a new and more comprehensive palynostratigraphic analysis has been conducted in the upper part of the section representative of Les Vilelles unit. This has provided an assemblage of miospores, acritarchs, prasinophyta phycomata and chitinozoans that can be confidently assigned to a latest Frasnian interval, in contact with the Frasnian–Famennian boundary. Therefore, the present analysis refines the Middle–Late Devonian age formerly assigned, establishes a latest Frasnian age for the top of the unit, and provides new insights to the better understanding of the unconformity and hiatus separating the pre-Carboniferous and Carboniferous CCC series in the Priorat Massif. The study also includes a systematic section with the description of three newly established miospore species: Dibolisporites coniugatum, Dibolisporites prioratum and Rugospora spinosa

Do ethics imply persistence? The case of Islamic and socially responsible funds

We analyze the performance persistence of Islamic and Socially Responsible Investment (SRI) mutual funds. We adopt a multi-stage strategy in which, in the first stage, partial frontiers’ approaches are considered to measure the performance of the different funds in the sample. In the second stage, the results yielded by the partial frontiers are plugged into different investment strategies based on a recursive estimation methodology whose persistence performance is evaluated in the third stage of the analysis. Results indicate that, for both types of funds, performance persistence actually exists, but only for the worst and, most notably, best funds. This result is robust not only across methods (and different choices of tuning parameters within each method) but also across both SRI and Islamic funds—although in the case of the latter persistence was stronger for the best funds. The persistence of SRI and Islamic funds represents an important result for investors and the market, since it provides information on both which funds to invest in and which funds to avoid. Last but not least, the use of the aforementioned techniques in the context of mutual funds could also be of interest for the non-conclusive literature

The chert from the Castelltallat Formation (south-central Pyrenees): archaeometric characterisation and archaeological implications

Chert from the limestones and marly limestones of Castelltallat Formation (Ebro Basin) was widely used throughout prehistoric times in north-eastern Iberia to produce stone tools due to its properties and accessibility. A rough estimate indicates that this rock¿either as raw material or as lithic products¿was distributed mainly to the north of the outcrops, over an area of 6000-8000 km2. However, other rocks in the area have similar characteristics which can lead to confusion in the interpretation of its prehistoric use and distribution. In order to establish useful archaeometric criteria for differentiating this chert from other similar, the Castelltallat chert is characterised in petrographic, mineralogical and geochemical terms. The chert nodules are found to be homogenous at the macroscopic and microscopic level, with a significant presence of bioclasts, thus indicating they might be formed in a freshwater lake environment by the early diagenetic replacement of carbonates in shallow waters. The mineralogical composition is homogeneously uniform and of a flint type, characterised by an almost exclusive predominance of quartz, without any opaline phases, and a variable proportion of moganite. The iron oxide content is very low, whereas its chemical composition is unusually high in uranium which correlates positively with carbonate content and negatively with silica. Archaeometrical parameters are provided to reach a proper identification of tools knapped with this chert. This way, chert from Castelltallat Formation turns out to be a valuable lithological marker to evaluate the range of mobility of the human groups who lived in the north-eastern Iberia and their contacts with neighbouring areas

Stretch-induced activation of pannexin 1 channels can be prevented by pka-dependent phosphorylation

Indexación ScopusPannexin 1 channels located in the cell membrane are permeable to ions, metabolites, and signaling molecules. While the activity of these channels is known to be modulated by phosphorylation on T198, T308, and S206, the possible involvement of other putative phosphorylation sites remains unknown. Here, we describe that the activity of Panx1 channels induced by mechanical stretch is reduced by adenosine via a PKA-dependent pathway. The mechanical stretch-induced activity—measured by changes in DAPI uptake—of Panx1 channels expressed in HeLa cell transfectants was inhibited by adenosine or cAMP analogs that permeate the cell membrane. Moreover, inhibition of PKA but not PKC, p38 MAPK, Akt, or PKG prevented the effects of cAMP analogs, suggesting the involvement of Panx1 phosphorylation by PKA. Accordingly, alanine substitution of T302 or S328, two putative PKA phosphorylation sites, prevented the inhibitory effect of cAMP analogs. Moreover, phosphomimetic mutation of either T302 or S328 to aspartate prevented the mechanical stretch-induced activation of Panx1 channels. A molecular dynamics simulation revealed that T302 and S328 are located in the water–lipid interphase near the lateral tunnel of the intracellular region, suggesting that their phosphorylation could promote conformational changes in lateral tunnels. Thus, Panx1 phosphorylation via PKA could be modulated by G protein-coupled receptors associated with the Gs subunit. © 2020, MDPI AG. All rights reserved.https://www.mdpi.com/1422-0067/21/23/918

Derivation and external validation of the SIMPLICITY score as a simple immune-based risk score to predict infection in kidney transplant recipients

Existing approaches for infection risk stratification in kidney transplant recipients are suboptimal. Here, we aimed to develop and validate a weighted score integrating non-pathogen-specific immune parameters and clinical variables to predict the occurrence of post-transplant infectious complications. To this end, we retrospectively analyzed a single-center derivation cohort of 410 patients undergoing kidney transplantation in 2008-2013 in Madrid. Peripheral blood lymphocyte subpopulations, serum immunoglobulin and complement levels were measured at one-month post-transplant. The primary and secondary outcomes were overall and bacterial infection through month six. A point score was derived from a logistic regression model and prospectively applied on a validation cohort of 522 patients undergoing kidney transplantation at 16 centers throughout Spain in 2014-2015. The SIMPLICITY score consisted of the following variables measured at month one after transplantation: C3 level, CD4+ T-cell count, CD8+ T-cell count, IgG level, glomerular filtration rate, recipient age, and infection within the first month. The discrimination capacity in the derivation and validation cohorts was good for overall (areas under the receiver operating curve of 0.774 and 0.730) and bacterial infection (0.767 and 0.734, respectively). The cumulative incidence of overall infection significantly increased across risk categories in the derivation (low-risk 13.7%; intermediate-risk, 35.9%; high-risk 77.6%) and validation datasets (10.2%, 28.9% and 50.4%, respectively). Thus, the SIMPLICITY score, based on easily available immune parameters, allows for stratification of kidney transplant recipients at month one according to their expected risk of subsequent infection

Global agricultural productivity is threatened by increasing pollinator dependence without a parallel increase in crop diversification

The global increase in the proportion of land cultivated with pollinator-dependent crops implies increased reliance on pollination services. Yet agricultural practices themselves can profoundly affect pollinator supply and pollination. Extensive monocultures are associated with a limited pollinator supply and reduced pollination, whereas agricultural diversification can enhance both. Therefore, areas where agricultural diversity has increased, or at least been maintained, may better sustain high and more stable productivity of pollinator-dependent crops. Given that >80% of all crops depend, to varying extents, on insect pollination, a global increase in agricultural pollinator dependence over recent decades might have led to a concomitant increase in agricultural diversification. We evaluated whether an increase in the area of pollinator-dependent crops has indeed been associated with an increase in agricultural diversity, measured here as crop diversity, at the global, regional, and country scales for the period 1961-2016. Globally, results show a relatively weak and decelerating rise in agricultural diversity over time that was largely decoupled from the strong and continually increasing trend in agricultural dependency on pollinators. At regional and country levels, there was no consistent relationship between temporal changes in pollinator dependence and crop diversification. Instead, our results show heterogeneous responses in which increasing pollinator dependence for some countries and regions has been associated with either an increase or a decrease in agricultural diversity. Particularly worrisome is a rapid expansion of pollinator-dependent oilseed crops in several countries of the Americas and Asia that has resulted in a decrease in agricultural diversity. In these regions, reliance on pollinators is increasing, yet agricultural practices that undermine pollination services are expanding. Our analysis has thereby identified world regions of particular concern where environmentally damaging practices associated with large-scale, industrial agriculture threaten key ecosystem services that underlie productivity, in addition to other benefits provided by biodiversity.Environmental Biolog

ATP5H/KCTD2 locus is associated with Alzheimer's disease risk

To identify loci associated with Alzheimer disease, we conducted a three-stage analysis using existing genome-wide association studies (GWAS) and genotyping in a new sample. In Stage I, all suggestive single-nucleotide polymorphisms (at P<0.001) in a previously reported GWAS of seven independent studies (8082 Alzheimer's disease (AD) cases; 12 040 controls) were selected, and in Stage II these were examined in an in silico analysis within the Cohorts for Heart and Aging Research in Genomic Epidemiology consortium GWAS (1367 cases and 12904 controls). Six novel signals reaching P<5 × 10-6 were genotyped in an independent Stage III sample (the Fundació ACE data set) of 2200 sporadic AD patients and 2301 controls. We identified a novel association with AD in the adenosine triphosphate (ATP) synthase, H+ transporting, mitochondrial F0 (ATP5H)/Potassium channel tetramerization domain-containing protein 2 (KCTD2) locus, which reached genome-wide significance in the combined discovery and genotyping sample (rs11870474, odds ratio (OR)=1.58, P=2.6 × 10 -7 in discovery and OR=1.43, P=0.004 in Fundació ACE data set; combined OR=1.53, P=4.7 × 10 -9). This ATP5H/KCTD2 locus has an important function in mitochondrial energy production and neuronal hyperpolarization during cellular stress conditions, such as hypoxia or glucose deprivation