mutual funds are able to successfully time the market and that their performance is negatively related to their expenses. • Carhart (1997) documents that persistence in superior fund performance is very

of stocks in promise of superior performance. Studies on fund managers’ stock selection skills and fund performance yield mixed results, partly because there are various ways one could measure them.9

operation in 2018 and over the next five years in order to deliver an excellent customer experience. Meanwhile, we have upgraded our technological capability in order to act as a digital platform provider for

provide smart personalized “Financial and Life Solutions” to the right customer at the right time. We continue our endeavor to deliver an excellent customer experience with ever-greater consideration of

. Power Plant Business Group recorded a superior electricity sales (+3% QoQ and 4% YoY), from the commercial operation commencement of Nagi and Gotemba solar power plant in Japan. For Solar power plant

to Energy 2016, World Energy Council. 25 João Aleluia, Paulo Ferrão, Assessing the costs of municipal solid waste treatment technologies in developing Asian countries, Instituto Superior Técnico

Company, and it would be an excellent impact on the Company to maintain business relationships with this major customer and might be affected to the upcoming contract in the future. At present, 20% of the

’20 to support sales expansion in both energy drinks and functional drinks. Our growth plan will be supported by excellent execution and distribution expansion together with continued consumer-centric

renovation. Liquidity was maintained at healthy level with current ratio over 1, while capital structure was at optimal level with excellent ability to repay debt. 31-Dec-17 31-Dec-16 Chg Profitability ratio

mass transit and target niche segments incorporating excellent design concepts derived from the extensive experience of our partner. Construction of “The Unicorn” a mixed-use building adjacent to