Performance of Private Credit Funds: A First Look

2018 ◽  
Keyword(s):  
Business Development ◽  
Relative Performance ◽  
High Yield ◽  
Rates Of Return ◽  
Asset Class ◽  
Private Credit ◽  
Recent Trends ◽  
Direct Lending ◽  
Best Fit ◽  
Better Than

Although private credit funds have rapidly grown into a stand-alone asset class over the last decade, little is known about the aggregate performance of these funds. To provide a first look at absolute and relative performance, the authors use the Burgiss database of 476 private credit funds with nearly $480 billion in business development companies committed capital, including a subset of 155 direct lending funds. They review the recent trends within private credit, provide an overview of various strategies, describe returns since 2004, and compare private credit with several benchmark indices in order to develop a preliminary view of performance and risk across various private credit strategies. Measures of absolute performance reveal IRRs (internal rates of return) that are positive for the top three quartiles across all strategies. The leverage loan index provides the best fit as a benchmark across most private credit strategies. Measures of relative performance (PMEs) suggest that private credit funds have performed about as well, or better than, leveraged-loan, high-yield, and business development company indexes. Direct lending funds have relatively low beta and positive alpha compared with the leveraged loan or high-yield indices. In addition, direct lending funds’ low correlation with benchmark indices may indicate diversification benefits relative to other credit strategies.

Enantioselective synthesis of (R)-tolterodine using lithiation/borylation–protodeboronation methodology

2012 ◽  
Vol 90 (11) ◽  
pp. 965-974 ◽  
Author(s):  
Stefan Roesner ◽  
Varinder K. Aggarwal
Keyword(s):  
Enantioselective Synthesis ◽  
High Yield ◽  
Magnesium Bromide ◽  
Efficient Synthesis ◽  
Boronic Ester ◽  
Better Than

The synthesis of the pharmaceutical (R)-tolterodine is reported using lithiation/borylation–protodeboronation of a homoallyl carbamate as the key step. This step was tested with two permutations: an electron-neutral aryl Li-carbamate reacting with an electron-rich boronic ester and an electron-rich aryl Li-carbamate reacting with an electron-neutral boronic ester. It was found that the latter arrangement was considerably better than the former. Further improvements were achieved using magnesium bromide in methanol leading to a process that gave high yield and high enantioselectivity in the lithiation/borylation reaction. The key step was used in an efficient synthesis of (R)-tolterodine in a total of eight steps in a 30% overall yield and 90% ee.

scholarly journals Constructing Semantic Models From Words, Images, and Emojis

2020 ◽  
Author(s):  
Armand Stefan Rotaru ◽  
Gabriella Vigliocco
Keyword(s):  
Visual Information ◽  
Semantic Processing ◽  
Empirical Work ◽  
Abstract Concepts ◽  
Visual Model ◽  
Semantic Data ◽  
Text Corpora ◽  
Abstract Words ◽  
Best Fit ◽  
Better Than

A number of recent models of semantics combine linguistic information, derived from text corpora, and visual information, derived from image collections, demonstrating that the resulting multimodal models are better than either of their unimodal counterparts, in accounting for behavioural data. Empirical work on semantic processing has shown that emotion also plays an important role especially for abstract concepts, however, models integrating emotion along with linguistic and visual information are lacking. Here, we first improve on visual and affective representations, derived from state-of-the-art existing models, by choosing models that best fit available human semantic data and extending the number of concepts they cover. Crucially then, we assess whether adding affective representations (obtained from a neural network model designed to predict emojis from co-occurring text) improves the model’s ability to fit semantic similarity/relatedness judgements from a purely linguistic and linguistic-visual model. We find that, given specific weights assigned to the models, adding both visual and affective representations improve performance, with visual representations providing an improvement especially for more concrete words, and affective representations improving especially the fit for more abstract words.

scholarly journals Production data of wine grape gene bank (Vitis spp.) of University of Debrecen, east Hungary

2019 ◽  
Vol 25 (3-4) ◽  
Author(s):  
N. Rakonczás
Keyword(s):  
Sugar Content ◽  
Moderate Deviation ◽  
Gene Bank ◽  
High Yield ◽  
Production Data ◽  
Average Deviation ◽  
Planting Material ◽  
The University ◽  
Best Fit ◽  
Technological Flexibility

National wine strategy of Hungary promotes the use of “flexible” grape cultivars. These enable producers’ best fit to wine market changes and expectations. This study is aimed to present data on the gene bank of the University of Debrecen, Hungary. Data were collected at a single site, between 2010 and 2018 in east Hungary lowland on acidic sandy soil, own rooted planting material. Our results showed that besides high yield and adequate cane production desired sugar content at convenient pH is to be awaited with moderate deviation between vintages. Presented concept demonstrate technological flexibility of cultivars by their average deviation from regression equation between increasing sugar and pH typical for the vintage composed of data of cultivars of the gene bank. Average positive deviation means higher sugar content at specific pH, thus higher sugar content at desired, conveniently low pH (3.0-3.2 pH).

scholarly journals Enhancing direct citations: A comparison of relatedness measures for community detection in a large set of PubMed publications

2020 ◽  
pp. 1-16 ◽  
Author(s):  
Per Ahlgren ◽  
Yunwei Chen ◽  
Cristian Colliander ◽  
Nees Jan van Eck
Keyword(s):  
Community Detection ◽  
Relative Performance ◽  
The Other ◽  
Evaluation Criterion ◽  
Bibliographic Coupling ◽  
Large Set ◽  
Classification Schemes ◽  
Coupling Approach ◽  
Solution Accuracy ◽  
Better Than

The effects of enhancing direct citations, with respect to publication–publication relatedness measurement, by indirect citation relations (bibliographic coupling, cocitation, and extended direct citations) and text relations on clustering solution accuracy are analyzed. For comparison, we include each approach that is involved in the enhancement of direct citations. In total, we investigate the relative performance of seven approaches. To evaluate the approaches we use a methodology proposed by earlier research. However, the evaluation criterion used is based on MeSH, one of the most sophisticated publication-level classification schemes available. We also introduce an approach, based on interpolated accuracy values, by which overall relative clustering solution accuracy can be studied. The results show that the cocitation approach has the worst performance, and that the direct citations approach is outperformed by the other five investigated approaches. The extended direct citations approach has the best performance, followed by an approach in which direct citations are enhanced by the BM25 textual relatedness measure. An approach that combines direct citations with bibliographic coupling and cocitation performs slightly better than the bibliographic coupling approach, which in turn has a better performance than the BM25 approach.

Weak and Strong Compatibility in Data Fitting Problems Under Interval Uncertainty

2020 ◽  
Vol 12 (01) ◽  
pp. 2050002
Author(s):  
Sergey P. Shary
Keyword(s):  
Computational Complexity ◽  
Interval Data ◽  
Data Fitting ◽  
Interval Uncertainty ◽  
Systems Of Equations ◽  
Interval Systems ◽  
Best Fit ◽  
Computational Technology ◽  
Fitting Problem ◽  
Better Than

For the data fitting problem under interval uncertainty, we introduce the concept of strong compatibility between data and parameters. It is shown that the new strengthened formulation of the problem reduces to computing and estimating the so-called tolerable solution set for interval systems of equations constructed from the data being processed. We propose a computational technology for constructing a “best-fit” linear function from interval data, taking into account the strong compatibility requirement. The properties of the new data fitting approach are much better than those of its predecessors: strong compatibility estimates have polynomial computational complexity, the variance of the strong compatibility estimates is almost always finite, and these estimates are rubust. An example considered in the concluding part of the paper illustrates some of these features.

Fluorine and chlorine in peralkaline liquids and the need for magma generation in an open system

1975 ◽  
Vol 40 (312) ◽  
pp. 405-414 ◽  
Author(s):  
D. K. Bailey ◽  
R. Macdonald
Keyword(s):  
Trace Element ◽  
Evolutionary Process ◽  
Correlation Coefficients ◽  
Fluid Phase ◽  
Alkali Feldspar ◽  
Magma Evolution ◽  
Kenya Rift ◽  
Best Fit ◽  
Very High ◽  
Better Than

SummaryFluorine, chlorine, zinc, niobium, zirconium, yttrium, and rubidium have been deter-mined on fifteen obsidians from Eburru volcano (Kenya Rift Valley), spanning the range from pantel-leritic trachyte to pantellerite. All pairs of elements show positive correlation coefficients, ranging between 0·769 and 0·998, but with most values better than 0·900. In spite of some very high correlations, only two of the twenty-one best-fit lines pass near the origin of the Cartesian coordinates. Linear distributions are found within two separate groups of elements: F, Zr, Rb; and Cl, Nb, Yt. Zn behaves in general as a member of the second group but seems to be subject to an additional variation. When an element from the fluorine group is plotted against one from the chlorine group the resulting pattern is non-linear. Therefore, although the elements in both groups would generally be considered ‘residual’ (partition coefficients between crystals and liquid approaching zero) there are clearly detectable differences in their variation, and hence their behaviour.Major-element variations in the obsidians are such that a vapour (fluid) phase would be needed to account for any magma evolution. The trace-element patterns are also impossible by closed-system crystal fractionation and suggest that this fluid may have been rich in halogens, with the metallic elements forming preferred ‘complexes’ with either F or Cl. The F-Zr-Rb ‘complex’ also varies quite independently of the important major oxides (e.g. A12O3) in the rocks. In the case of Rb this is but one aspect of a more significant anomaly, in which there is no sign of any influence of alkali feldspar (which partitions Rb) in the variation. This is remarkable because trachytes and rhyolites have normative ab+or > 50 %, and any evolutionary process controlled by crystal ⇋ liquid interactions must be dominated by the melting or crystallization of alkali feldspar. The results on the Eburru obsidians show that if they are an evolutionary series then either, the process was not crystal ⇋ liquid controlled, or that any such process has been overriden (or buffered) by other processes that have superimposed the observed trace-element patterns. In the latter event, the buffering phase may have been a halogen-bearing vapour.The same considerations must apply to other pantellerite provinces where Rb appears to have behaved as a ‘residual’ element.

A Review: Extraction of Platinum Spent Catalyst Using Palm Oil Leaf as Reducing Agent

2015 ◽  
Vol 1113 ◽  
pp. 317-321
Author(s):  
Mohd Rashwan Taufiq Khairol Anwar ◽  
Norashikin Ahmad Zamanhuri ◽  
Junaidah Jai ◽  
Noorsuhana Mohd Yusof
Keyword(s):  
Palm Oil ◽  
High Stability ◽  
High Selectivity ◽  
Reducing Agent ◽  
High Yield ◽  
Spent Catalyst ◽  
Recovery Method ◽  
Paper Review ◽  
Better Than

Platinum is commercially used in the catalytic industry for ages. The use of platinum has been significantly practiced because of its enhancing properties. There are a few advantages of using platinum such as high selectivity, high yield, high stability and able to undergo improvisation. However, when platinum lifetime is out, it is treated mainly as waste. Low recovery of platinum spent catalyst brought to the existence of recovery method using acidic and alkaline method. Proved to be harmful, green subtances were used as substitute for the chemical in recovering platinum. Therefore, a cheaper, safer and more environmentally method of recovery. Thus,this paper review about recovering platinum using palm oil leaf and how it is better than the existed chemical based method.

Impact of the Variable Sampling Intervals Scheme on the CQC Chart

2013 ◽  
Vol 456 ◽  
pp. 627-630
Author(s):  
Ying Zhang ◽  
Xiao Juan Wang
Keyword(s):  
Sampling Interval ◽  
High Yield ◽  
Average Time To Signal ◽  
Inspection Cost ◽  
Variable Sampling Interval ◽  
Variable Sampling ◽  
Sampling Intervals ◽  
Quantity Control ◽  
Better Than

The Cumulative Quantity Control (CQC) chart which is based on monitoring the cumulative quantity of product manufactured has been shown to be useful for monitoring high yield processes. However, this chart is not so sensitive to small process changes and the inspection cost could be high if the inspection is frequent. In this paper, a variable sampling interval procedure of the CQC chart is developed and studied. We compare the performance of the variable sampling interval CQC chart in terms of its average time to signal with the traditional CQC chart and prove that this new chart performs better than the traditional CQC chart. The use of variable sampling interval scheme could further enhance the efficiency of traditional CQC chart.

A Comparison of Five Curve-Fitting Procedures in Radioimmunoassay

1986 ◽  
Vol 23 (6) ◽  
pp. 694-698 ◽  
Author(s):  
Jennifer A Nisbet ◽  
J A Owen ◽  
Gail E Ward
Keyword(s):  
Binding Site ◽  
Curve Fitting ◽  
The Other ◽  
Practical Advantage ◽  
Analytical Precision ◽  
Fitting Procedures ◽  
Best Fit ◽  
Single Binding Site ◽  
Better Than

Data obtained from routine analytical radioimmunoassays were processed using five curve-fitting procedures, viz. ‘Amersham’, single binding site, four parameter logistic, a linear logit-log and a polynomial logit-log. The polynomial logit-log procedure gave the best fit, but this was probably due to the inherent flexibility of this curve-fitting process since the analytical precision achieved with it was no better than what was obtained with most of the other procedures. A limited study failed to show that statistical weighting of data before curve fitting had any practical advantage.

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