The application is focused on strategies for portfolio management in the case of hedge-funds for emerging markets taking into account the severe constraints for a real-world implementation. In the case of Romanian capital market, the design of a hedge-fund architecture should respond to the typical constraints for using alternative strategies. Beyond the liquidity problems there exits only a limited set of alternative instruments and strategies with impact on diversification, on the functionality and efficiency. The objective is to develop a better understanding of alternative actions and innovations for real adaptation of the architecture of a hedge-fund at these emerging market conditions, especially the lack of short and hedging instruments and the liquidity problems. Based on this new innovative framework that could capture the value of multiple rotating satellite sub-portfolio paradigm, as an active strategy, it is possible to build a different paradigm for active portfolio management in a dynamic manner. Based on an adequate dynamic of rotation of these sub-portfolios it results an optimal risk- return-liquidity profile for the whole hedge-fund portfolio, adaptable for different contexts.
In emerging markets, the processes in portfolio management should be adapted according to the typical constraints (market liquidity aspect and other market imperfections)that limits the use of alternative instruments / strategies and diversification capabilities. The aim is to develop a new way to understand and implement innovative solutions in real portfolio management in the case of Romanian capital market. The innovation is based on a scalable hedge-fund (HF) structure that capture different alternative instruments. This HF architecture represents a versatile dynamic AIF, equipped with capabilities to integrate the synergies between diversification based on alternative instruments but also the diversification based on alternative strategies and it integrates a core thematic sub-portfolio and 2-4 satellite rotating sub-portfolios capable to compensate the impossibility to use short sales and leverage strategies.
The automotive industry is certainly one of the largest and dominant industry in the world being highly dependent on supply chains management. Customer requirements and technological development are changing rapidly so the need of automation in supply chain management is unavoidable. Procurement in automotive industry it is a key process closed linked with product management and production. The transformation generated by industry 4.0 is pushing also procurement to next level of automation adding value chain truth cost reductions, transparency and smart contracts. Global semiconductors shortage generated disruption in automotive industry supplies chain management and high sales decreases with important profit loses. The study aim is to determine procurement best practice for sustainable and efficient supply chain. In future procurement department should play a fundamental part in innovation management by focusing on efficiency and automation of operation tasks including negotiations. It is recommended to have long term strategies regarding good relationship between tier suppliers and smart contracts with OEM.
Industry 4.0 transformation is an opportunity that needs to be carefully considered in a different way in emerging markets. The opportunity aims to reduce the gap with developed markets through the link of democratizing the elements of innovation (organizational and transformational technique). Although new funding programs have emerged, accessibility to funding for priority directions and for locations and regions of interest is only slightly related to expectations. Thus, the concept of complementary financing is proposed and alternative solutions and strategies based on the triple alternative assets -(venture capital and private equity funds), alternative strategies -(hedge funds adapted for emerging markets) and alternative partnerships (public -private partnerships) are identified. The proposed innovative idea is based on capturing the synergies between the three elements of the mentioned triplet and the ability to quickly connect to the financing flow through major programs (NRFF, H2020, NGD). The challenge refers to the reduced functionality of the Romanian capital market, the proposal aiming at practical solutions for creating the adequate complementary financing framework in relation to the real priorities, their dynamics but also the national strategy for reducing local and regional disparities in Romania. The idea is innovative, through modularity and scalability gives real integration capabilities in practice. It also provides an adequate response to the case of low functionality offered by emerging capital markets. In this case the special purpose vehicle SPV is represented by a special dedicated hedge fund with rotating sub-portfolios.
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