Landesbank Baden-Württemberg

This study demonstrates how smart beta indices, tilted toward size, quality, value, and other factors, can be replicated, and customized to address inherent negative sustainability biases while maintaining the Sharpe ratio. Using the MSCI Barra Portfolio Manager platform, the core MSCI World Factor Tilt indices are replicated and analyzed. The findings highlight the lack of pronounced factor tilts for the ESG, size, and quality factors in the MSCI Indices, while the replicated style indices exhibit pronounced tilts across all styles. A sustainability analysis of the benchmarked factor portfolios reveals a high negative sustainability bias with significant variations in emissions and climate transition. For instance, emissions for the value replication increase by about 75% compared with the world benchmark. Customizing the style index replications by reducing the number of constituents and increasing the target tilt by 50% amplifies the negative sustainability bias, notably doubling value’s emissions compared with the world benchmark. However, integrating sustainable constraints effectively mitigates these negative biases across the eight factor-tilt portfolios while preserving their target tilts and Sharpe ratios. This approach allows practitioners to implement new or maintain proven factor-based investing strategies, sharpen their tilts, and meet evolving sustainable regulations by correcting negative sustainability biases—all while maintaining performance.

Effective staff retention strategies are essential in the workplace to address employee turnover, improve work-life balance, and promote employee commitment to the organization. This study examined the impact of work overload on staff retention in public elementary schools in the Philippines, focusing on 148 non-teaching personnel. Employing a descriptive-quantitative research design, data were gathered through a researcher-structured questionnaire formatted in Google Forms and distribution was made online via the personal email addresses of non-teaching personnel. The data were analyzed using frequency, percentage, weighted mean, standard deviation, and Pearson correlation coefficient as statistical tools. The findings revealed that work overload is prevalent, with task demands, time pressure, and role ambiguity identified as critical stressors. However, despite the workload experienced by the non-teaching personnel they are still committed to stay with the organization. Time pressure, work hours, and role ambiguity showed significant correlations with job satisfaction and organizational commitment, while resource availability and task demand exhibited no direct influence on staff retention. These findings suggest that external factors and personal resilience may mitigate the impact of work overload. Based on the findings of the study, a strategy roadmap for improving staff retention is proposed. This study is essential for an organization seeking to improve staff retention and the long-term success created through workload distribution and clarifying roles in the workplace.

UDC 511.176 We evaluate some new three-parameter families of finite reciprocal sums involving Horadam numbers. We are also able to state the results for the associated infinite sums. Some Fibonacci and Lucas sums are presented as examples.

Während die Literatur zum Antisemitismus auch für den Forscher kaum noch zu überblicken ist 1 , schien das Phänomen in Württemberg, glaubt man der landesgeschichtlichen Literatur, eigentlich nicht zu existieren. In einem älteren Werk zur Sozialgeschichte 2 kommt noch nicht einmal der Begriff vor, in einer neueren Darstellung findet der Antisemitismus im Kaiserreich keine Erwähnung 3 . Paul Sauer erwähnt zwar "antisemitische Strömungen" in Württemberg seit den 1880er Jahren, schränkt jedoch ein, dass über die "Judenfeindlichkeit in Württemberg ... zu wenig bekannt" sei 4 . Wolfgang von Hippe! hat dementsprechend scheinbar "verhältnismäßig unbedeutend[e] ... antisemitische Strömungen und Stimmungen" im deutschen Südwesten während des Kaiserreichs ausgemacht 5 . Diese Befunde müssen erstaunen, sind sie doch von der Realität recht weit entfernt. Das Königreich Württemberg war zwar keine Hochburg des Antisemitismus; dieser benötigte hier auch eine längere Anlaufzeit. Seit den 1890er Jahren lässt er sich jedoch -wenn man denn will! -sozusagen allenthalben greifen. Unverschnörkelt hat bisher nur Jürgen Genuneit 6 den Partei-und Verbandsantisemitis-

Optimizing in local currency or in currency-adjusted expected returns depends on the portfolio base currency. Currency unhedged portfolios are more suitable for EUR-based investors and much less for CHF-based portfolios. The appreciation of the portfolio base currency represents a serious risk. Emerging market bond portfolios gain from the absence of currency risk when the portfolio base currency is the US dollar. The empirical results reveal that traditional models such as mean-variance optimization (MVO), minimum-variance optimization (MinVo), and Sharpe ratio optimizations are suitable for portfolio allocation, using both local currency and currency-adjusted expected bond returns as inputs in the optimizations. However, network- and centrality-based allocations outperform traditional models.

In <b><i>What Portfolio in Europe Makes Sense?</i></b> from the July 2021 special issue on non-US financial markets of <b><i>The Journal of Portfolio Management</i></b>, author <b>Gueorgui Konstantinov</b> (of <b>LBBW Asset and Wealth Management</b>) analyzes European stock and bond performance. Investors have generally preferred European bonds, which have outperformed European stocks. However, eurozone economic development and demand for low-risk investments has recently driven bond yields down into negative territory. This, combined with poor long-term European stock performance, casts doubt on whether a balanced European portfolio with a large allocation to bonds can provide attractive returns. The author analyzes long- and short-term European stock and bond returns and calculates the past performance of a model set of balanced portfolios. He finds that the popular European 40/60 stock/bond balanced portfolio is unlikely to provide desirable future returns because European bonds, not stocks, are now the riskier investment. This is due to the bonds’ negative yields and high volatility, plus rising inflation. However, European emerging-market bonds have the best risk–return profile, and European stock returns are improving. The author says balanced-fund managers may wish to add emerging-market bonds and derivatives to portfolios, while investors may wish to switch to a 60/40 stock/bond allocation.