You are on page 1of 12

(WPFGTUO0GVYQTM

HQT5OCTV)TQYVJCPF.KXCDNG%QOOWPKVKGU

6TCPUNCVKQP2CRGT0WODGT6JTGG
,WPG 
'HOO &RPSXWHU &RUSRUDWLRQ

2SSRUWXQLWLHVIRU6PDUWHU*URZWK
3DUNV*UHHQVSDFHDQG/DQG&RQVHUYDWLRQ
7KLV DUWLFOH ZDV ZULWWHQ E\ .DWKOHHQ %ODKD RI WKH 7UXVW IRU 3XEOLF /DQG 73/  DQG
3HWHU +DUQLN D FRQVXOWDQW IRU 73/ LQ FROODERUDWLRQ ZLWK WKH )XQGHUV· 1HWZRUN IRU
6PDUW *URZWK DQG /LYDEOH &RPPXQLWLHV ,W LV WKH WKLUG LQ D VHULHV RI WUDQVODWLRQ SD
SHUV VSRQVRUHG E\ WKH )XQGHUV· 1HWZRUN WR WUDQVODWH WKH LPSDFW RI VSUDZO XSRQ LV
VXHV RI LPSRUWDQFH WR $PHULFD·V FRPPXQLWLHV DQG WR VXJJHVW RSSRUWXQLWLHV IRU SUR
JUHVV WKDW ZRXOG EH FUHDWHG E\ VPDUWHU JURZWK SROLFLHV DQG SUDFWLFHV 2WKHU NH\
LVVXHV WR EH H[DPLQHG LQ WKH VHULHV RI WUDQVODWLRQ SDSHUV LQFOXGH VRFLDO HTXLW\
ZRUNIRUFH GHYHORSPHQW WUDQVSRUWDWLRQ DJULFXOWXUH SXEOLF KHDOWK HGXFDWLRQ WKH
HQYLURQPHQW FRPPXQLW\ DQG HFRQRPLF GHYHORSPHQW HQHUJ\ DQG DJLQJ

$EVWUDFW
7KH DUWLFOH GHVFULEHV WKH LPSOLFDWLRQV RI

VXEXUEDQ VSUDZO IURP WKH SHUVSHFWLYH RI

VXSSRUWHUV RI SDUNV JUHHQVSDFH DQG

ODQG FRQVHUYDWLRQ DQG DUWLFXODWHV ZK\

IXQGHUV FRQFHUQHG ZLWK WKHVH LVVXHV

VKRXOG EHFRPH LQYROYHG LQ WKH HPHUJLQJ

7KH7UXVWIRU3XEOLF DQWLVSUDZO ´VPDUW JURZWKµ PRYHPHQW

/DQG 73/ LVDQDWLRQDO ,W KLJKOLJKWV WKH V\QHUJ\ EHWZHHQ VPDUW

QRQSURILWIRXQGHGWRFRQ JURZWK DQG WKH SURYLVLRQ RI SDUNV DQG

VHUYHODQGIRUKXPDQXVH JUHHQVSDFH DQG VXJJHVWV WKDW ODQG FRQ


DQGHQMR\PHQW73/
VHUYDWLRQ LV D SLYRWDO VWUDWHJ\ IRU HQ
DVVLVWVFRPPXQLWLHVLQSODQ
QLQJIRUODQGSURWHFWLRQ KDQFLQJ TXDOLW\ RI OLIH LQ RXU FLWLHV )L

ZLWKEX\LQJODQGDQGLQ QDOO\ LW DUJXHV WKDW SURYLGLQJ JUHHQ

GHYHORSLQJQHZSXEOLF VSDFH LQ RXU FLWLHV LV HVVHQWLDO WR RYHU


ILQDQFLQJWRSD\IRULW FRPH ´QRW LQ P\ EDFN\DUGµ 1,0%< FRQ
<RXFDQHPDLO0V%ODKD
DW.DWK\%ODKD#WSORUJRU FHUQV DERXW KRXVLQJ GHQVLWLHV WKDW DUH

YLVLW73/·VZHEVLWHDW VWLIOLQJ VPDUW LQILOO UHGHYHORSPHQW DQG

ZZZWSORUJ WKH UHELUWK RI ZDONDEOH QHLJKERUKRRGV


'DUUHO .RORVWD ‹ 

‹ &RS\ULJKW  E\ WKH )XQGHUV· 1HWZRUN IRU 6PDUW *URZWK DQG /LYDEOH &RPPXQLWLHV DQG WKH 7UXVW IRU 3XEOLF /DQG
3DJH  )XQGHUV·1HWZRUNIRU6PDUW*URZWKDQG/LYDEOH&RPPXQLWLHV

,QWURGXFWLRQ
2QFH XSRQ D WLPH $PHULFD KDG FRPSDFW SORULQJ D YDULHW\ RI WRROV WR DFFRPSOLVK

FLWLHV VXUURXQGHG E\ SDVWRUDO DUHDV RI WKLV WDVN :KLOH VRPH RI WKLV HQHUJ\ KDV

ILHOGV VWUHDPV DQG IRUHVW EXW WRGD\ WKH IRFXVHG RQ WKH GLUHFW SXUFKDVH RI ODQG

8QLWHG 6WDWHV· ODUJH FLWLHV DUH VXU WR SURWHFW RSHQ VSDFH PXFK DOVR LQ

URXQGHG E\ HYHQ PRUH FRORVVDO PHWUR YROYHV UHJXODWLRQ )HDUV DERXW JURZWK

SROLWDQ UHJLRQV $PHULFDQV DUH LQFUHDV DUH GULYLQJ PDQ\ SHRSOH WR RSSRVH LQ

&RQVHUYLQJODQG LQJO\ ZRUULHG DERXW WKH LPSDFW RI JURZWK

RQ WKH VKDSH RI WKHLU FRPPXQLWLHV DQG


FUHDVHG SRSXODWLRQ GHQVLW\ LQ WKHLU FRP

PXQLWLHV

UHYLWDOL]LQJSDUNV WKH TXDOLW\ RI WKHLU OLYHV DQG WKHUH LV D

DQGSURWHFWLQJVSHFLDO UHFRJQLWLRQ WKDW ZH PXVW JURZ VPDUWHU

WR HQVXUH OLYDELOLW\
:KDW KDV EHHQ OLWWOH DSSUHFLDWHG LV WKH

UHODWLRQVKLS EHWZHHQ VSUDZO GHQVLW\ DQG


FRPPXQLW\SODFHVDUH RSHQ VSDFH FRQVHUYDWLRQ &RQVHUYLQJ

SRWHQWVPDUWJURZWK $V -DQH -DFREV DQG RWKHUV KDYH SRLQWHG

RXW FLWLHV DQG FLW\ UHJLRQV KDYH EHHQ


ODQG UHYLWDOL]LQJ SDUNV DQG SURWHFWLQJ

VSHFLDO FRPPXQLW\ SODFHV DUH SRWHQW


WRROV WKH SULQFLSDO VRXUFH RI LQQRYDWLRQ MREV VPDUW JURZWK WRROV OLQNLQJ WKHP WR

 DQG ZHDOWK JHQHUDWLRQ VLQFH WKH EHJLQ EURDGHU VPDUW JURZWK FRQFHUQV ² VXFK

 QLQJ RI UHFRUGHG KLVWRU\ &LWLHV DUH JRRG DV GHQVHU ZDONDEOH FRPPXQLWLHV VHUYHG

IRU $PHULFD EXW WKH WUHQG VLQFH WKH ODWH E\ KLJKTXDOLW\ WUDQVLW ² FDQ ERWK
 V WRZDUG DQ HYHU OHVV GHQVH VWUHQJWKHQ XUEDQ FRUHV DQG SURWHFW WKH
 VSUDZOLQJ XUEDQ IRUP LV H[WUDFWLQJ D IULQJHV

 KHDY\ HQYLURQPHQWDO DQG VRFLDO WROO

 XSRQ WKH QDWLRQ

 $FURVV WKH QDWLRQ FLWL]HQV DUH EHJLQQLQJ


 WR GHPDQG WKDW JURZWK EH FKDQQHOHG

 DQG JXLGHG  DQG FRPPXQLWLHV DUH H[



 &LW\3DUNVDUH0RUH7KDQ-XVW´3DUNVLQWKH&LW\µ

 3DUNV DUH RIWHQ WKRXJKW RI DV WKH YHQXH PHPRUDEOH FROOHFWLRQV RI EXLOGLQJV DQG
 IRU ´IXQ DQG JDPHVµ EXW WKDW LV RQO\ RQH VWUHHWV :LWK WKHP QHLJKERUKRRGV WDNH

8UEDQDQG UROH WKH\ SOD\ LQ D PHWURSROLWDQ HQYLURQ

PHQW 7KHLU RWKHU UROHV DUH PXFK PRUH


RQ VWUXFWXUH EHDXW\ EUHDWKLQJ URRP

DQG YDOXH
VXEXUEDQSDUNV VXEWOH DQG YHU\ OLNHO\ PRUH LPSRUWDQW

VLJQLILFDQWO\GHILQH 8UEDQ DQG VXEXUEDQ SDUNV ZKLFK LQ 2QH RI WKH HDUOLHVW REVHUYHUV WR UHFRJ

WKHOD\RXWUHDOHVWDWH
FOXGH QRW RQO\ IRUHVWV DQG ILHOGV EXW DOVR QL]H WKDW FDUHIXOO\ VFXOSWHG RSHQ VSDFH
SOD]DV VTXDUHV FLUFOHV ODQGVFDSHG FRXOG LQFUHDVH WKH YDOXH DQG GHVLUDELOLW\

YDOXHWUDIILFIORZ ERXOHYDUGV ZDWHUIURQW SURPHQDGHV OLQ RI QHLJKERUKRRGV DQG FLWLHV ZDV )UHGHU

SXEOLFHYHQWVDQG HDU JUHHQZD\V FLYLF FHQWHUV ODNHV

IRXQWDLQV SXEOLF JDUGHQV DQG RWKHU


LFN /DZ 2OPVWHG WKH YLVLRQDU\ VRFLDO HQ

JLQHHU DQG ODQGVFDSH DUFKLWHFW ZKR GH

HYHQWKHFLYLFFXOWXUH RSHQ VSDFH VLJQLILFDQWO\ GHILQH WKH OD\ VLJQHG 1HZ <RUN·V &HQWUDO 3DUN %URRN

RI RXUFRPPXQLWLHV RXW UHDO HVWDWH YDOXH WUDIILF IORZ SXEOLF

HYHQWV DQG HYHQ WKH FLYLF FXOWXUH RI RXU


O\Q·V 3URVSHFW 3DUN %RVWRQ·V ´(PHUDOG

1HFNODFHµ 'HWURLW·V %HOOH ,VOH DQG GR]


 FRPPXQLWLHV :LWKRXW RSHQ VSDFHV RXU HQV RI RWKHU FLW\ SDUNV DQG V\VWHPV $V

 FLWLHV ZRXOG EH XQUHFRJQL]DEOH DQG XQ KH VDLG PRUH WKDQ D FHQWXU\ DJR ´$ SDUN
3DJH 

H[HUFLVHV D YHU\ GLIIHUHQW DQG PXFK KRXVLQJ KHUH UHWDLO WKHUH ZDUHKRXVHV
JUHDWHU LQIOXHQFH XSRQ WKH SURJUHVV RI D RYHU WKHUH DQG GRZQWRZQ IDU DZD\  WKH
FLW\ LQ LWV JHQHUDO VWUXFWXUH WKDQ DQ\ FRQFHSWLRQ RI SDUNV WRR EHFDPH PXFK
RWKHU RUGLQDU\ SXEOLF ZRUNµ PRUH VLPSOLVWLF 3ODQQHUV EHJDQ WR GH
ILQH VXEXUEDQ SDUNV LQ WZR SULQFLSDO
2OPVWHG DW WKH WLPH ZDV QRW GHDOLQJ ZLWK ZD\V DV ORFDWLRQV IRU EDOOILHOGV RU DV
PRGHUQGD\ VSUDZO  WKLV ZDV DIWHU DOO IORRGSODLQV IRU FRQVHUYDWLRQ
EHIRUH WKH DXWRPRELOH %XW ZKHQ KH SXW EHJLQQLQJDIWHU
WRJHWKHU DVWRQLVKLQJO\ FRPSUHKHQVLYH ,Q WKH LQLWLDO HQWKXVLDVP RYHU WKH :RUOG:DU,DQGHV
QXPEHUV VKRZLQJ WKH SRVLWLYH ILVFDO DQG ´IODZOHVVQHVVµ RI WKH VXEXUEV WKH ROG
VRFLDO LPSDFW WKH FLW\ RI 1HZ <RUN ZDV PXOWLOD\HUHG YDOXHV RI SDUNV DQG RSHQ FDODWLQJDIWHU:RUOG
OLNHO\ WR UHDS IURP GHYHORSPHQW ZKLFK VSDFH VHHPHG RXWPRGHG ,I HYHU\RQH :DU,,WKHYLVLRQRI 
ZRXOG VXUURXQG &HQWUDO 3DUN ZKLFK DW DFTXLUHG D EDFN\DUG ZKDW QHHG ZRXOG
WKDW WLPH ZDV RXW LQ WKH FRXQWU\VLGH  KH WKHUH EH IRU D *ROGHQ *DWH 3DUN" :KHQ WKHFORVHJUDLQHG
ZDV GHDOLQJ ZLWK VRPH UHODWHG LVVXHV VR PDQ\ SHRSOH KDG VZLPPLQJ SRROV FLW\²WKHFLW\ZLWK
WKDW DUH YHU\ PXFK DW WKH IRUHIURQW RI ZKR ZRXOG XVH D &KLFDJR /DNHIURQW" VXEWO\LQWHUORFNLQJ
SXEOLF GLVFXVVLRQ WRGD\ $PRQJ WKHP :K\ FUHDWH D 5LWWHQKRXVH 6TXDUH RU D
SRSXODWLRQ GHQVLW\ UHFUHDWLRQ IRU OHVV 'XSRQW &LUFOH ZKHQ WKHUH ZHUH HQFORVHG QHLJKERUKRRGVVXU
DGYDQWDJHG SHUVRQV VRFLDOL]DWLRQ EH VKRSSLQJ PDOOV FRPSOHWH ZLWK \HDU URXQGLQJDQGLQWHU
WZHHQ GLIIHUHQW FODVVHV DQG FXOWXUHV URXQG SDOP WUHHV" 3DUWLFXODUO\ ORVW LQ
DQG WKH SURPRWLRQ RI KHDOWK\ OLYLQJ WKLV GLVFXVVLRQ ZHUH WKH HTXLW\ YDOXH RI ZHDYLQJVKDUSO\GH
SDUNV ² WKH IDFW WKDW WKH\ DUH IUHH SXEOLF ILQHGSXEOLFVSDFHV²
)RU WKH  \HDUV IROORZLQJ WKH FUHDWLRQ VSDFHV ZKHUH WKH GLYHUVLW\ RI WKH FLW\
RI &HQWUDO 3DUN WKHUH ZDV D EXUVW RI HQ FDQ PLQJOH DQG FDWDO\]H ,I PRVW RSHQ JRWORVW7KHVXEXU
WKXVLDVP IRU FUHDWLQJ FLW\VKDSLQJ DQG VSDFH LV SULYDWL]HG WKH SRRU EHFRPH EDQSDUDGLJPWRRN
FLW\LPSURYLQJ SDUNV DQG SDUNZD\V IURP HYHQ PRUH GLVHQIUDQFKLVHG
%RVWRQ %XIIDOR &OHYHODQG DQG 6W /RXLV FHQWHUVWDJH
WR 'HQYHU 6DQ )UDQFLVFR 6DQ 'LHJR DQG %\ WKH ODVW GHFDGH RI WKH WK FHQWXU\
6HDWWOH &KLFDJR YLUWXDOO\ UHGHILQHG LWVHOI ZDYH DIWHU ZDYH RI XQGLIIHUHQWLDWHG VLQ
E\ JUHHQLQJ LWV ODNHIURQW 0LQQHDSROLV JOHGLVWULFW VXEXUEV ZHUH H[DFWLQJ D
FUHDWHG LWV XQSUHFHGHQWHG &KDLQ RI KHDY\ SULFH RQ $PHULFD 1RW RQO\ GLG ZH
/DNHV DQG .DQVDV &LW\ XQGHUWRRN D VXIIHU IURP FRQJHVWLRQ HQHUJ\ ZDVWH
SDUNZD\ V\VWHP WKDW GUHZ WKH DWWHQWLRQ SROOXWLRQ DQG VRFLRHFRQRPLF VWUDWLILFD
HYHQ RI (XURSHDQV WLRQ EXW DOVR IURP WKH ZHDNHQLQJ RI IRU
PHUO\ YLEUDQW FHQWHU FLWLHV :KHQ DQ
7KHQ EHJLQQLQJ DIWHU :RUOG :DU , DQG DQWLVSUDZO PRYHPHQW WRRN URRW LWV OHDG
HVFDODWLQJ DIWHU :RUOG :DU ,, WKH YLVLRQ HUV EHJDQ VHDUFKLQJ IRU PHFKDQLVPV WR
RI WKH FORVHJUDLQHG FLW\ ² WKH FLW\ ZLWK FRXQWHUDFW GHHSO\ HQWUHQFKHG SROLFLHV
VXEWO\ LQWHUORFNLQJ QHLJKERUKRRGV VXU WKDW VXSSRUWHG HYHU\WKLQJ IURP ORZ
URXQGLQJ DQG LQWHUZHDYLQJ VKDUSO\ GH SULFHG JDVROLQH DQG WD[GHGXFWLEOH PRUW
ILQHG SXEOLF VSDFHV ² JRW ORVW 7KH VXE JDJH SD\PHQWV WR KLJKZD\ FRQVWUXFWLRQ
XUEDQ SDUDGLJP WRRN FHQWHU VWDJH :LWK DQG VLQJOHGLVWULFW ]RQLQJ
DXWRPRELOHV OHDI\ VWUHHWV HYHUODUJHU
EDFN\DUGV DQG ODUJH VLQJOHXVH GLVWULFWV
3DJH  )XQGHUV·1HWZRUNIRU6PDUW*URZWKDQG/LYDEOH&RPPXQLWLHV

6PDUW*URZWKDQG8UEDQ3DUNV
'RHV WKH KHDOWK\ FLW\ FRPH ILUVW RU WKH RUJDQL]DWLRQV PDGH WKH FRPPLWPHQW EH
KHDOWK\ SDUN" 1RW ORQJ DJR WKH TXHVWLRQ FDXVH WKH\ EHOLHYH WKH LQYHVWPHQW ZLOO
LWVHOI ZRXOG KDYH EHHQ ODXJKDEOH VLQFH PRUH WKDQ SD\ IRU LWVHOI LQ EHQHILWV WR WKH
ERWK FLWLHV DQG SDUNV VHHPHG LQ WHUPL ORZHULQFRPH FRPPXQLWLHV VXUURXQGLQJ
/DQGXVHSODQQLQJ QDOO\ IDLOLQJ KHDOWK %XW WRGD\ ERWK DUH WKH JDUGHQV
UHFRYHULQJ DQG WKH TXHVWLRQ KDV UHDO
KDVKLVWRULFDOO\ UHOHYDQFH $WWUDFWLYH VDIH DQG XVDEOH 7KH QDWLRQ·V PRVW IDPRXV SDUN VXFFHVV
VKDSHGDQGWDUJHWHG SDUNV SURS XS WKHLU QHLJKERUKRRGV DQG VWRU\ LV &HQWUDO 3DUN VSHFWDFXODUO\ UHQR
FDQ SURS XS FLWLHV DV UHJLRQDO GHVWLQD YDWHG E\ WKH &HQWUDO 3DUN &RQVHUYDQF\
JURZWKE\UHO\LQJRQ WLRQV EXW FLWLHV QHHG D VWURQJ HFRQRPLF ZKLFK KDV DOUHDG\ UDLVHG RYHU  PLO
UHJXODWRU\WRROV EDVH WR IL[ RU FUHDWH WKRVH SDUNV LQ WKH OLRQ LQ SULYDWH IXQGV IRU WKH HIIRUW 7KH
ILUVW SODFH $QG LW·V KDUG WR JHW WKDW HFR &HQWUDO 3DUN &RQVHUYDQF\·V DFKLHYHPHQW
/DQGFRQVHUYDWLRQ QRPLF EDVH ZLWKRXW PLGGOH FODVV WD[SD\ JRHV EH\RQG MXVW WKDW VLQJOH SDUN 7KH
LVDQDWWUDFWLYH HUV ZKR RIWHQ ZRQ·W OLYH VRPHZKHUH WKDW H[DPSOH LW VHW VWLPXODWHG RWKHU SULYDWH
FRPSOHPHQWSUHFLVHO\ GRHVQ·W KDYH GHFHQW SDUNV HIIRUWV LQ $WODQWD +RXVWRQ 3LWWVEXUJK
6W /RXLV %URRNO\Q DQG HOVHZKHUH
EHFDXVHLWLV /DQG XVH SODQQLQJ KDV KLVWRULFDOO\
QRQSUHVFULSWLYH VKDSHG DQG WDUJHWHG JURZWK E\ UHO\LQJ ,W DOVR KHOSHG VSDUN WKH LQYROYHPHQW RI
RQ UHJXODWRU\ WRROV  ZLWK DOO WKHLU FRQWUR WKH :DOODFH5HDGHU·V 'LJHVW )XQGV LQ
PDUNHWEDVHGDQG YHUV\ DQG SROLWLFDO EDJJDJH :KLOH UHJX WKLV LVVXH RQ D QDWLRQDO OHYHO +LVWRUL
HQWKXVLDVWLFDOO\ ODWLRQ ZLOO DOZD\V EH D VWDSOH ODQG FRQ FDOO\ ORFDO IXQGHUV VXFK DV WKH *HRUJH
VHUYDWLRQ LV DQ DWWUDFWLYH FRPSOHPHQW *XQG )RXQGDWLRQ LQ &OHYHODQG WKH
VXSSRUWHGE\WKH SUHFLVHO\ EHFDXVH LW LV QRQSUHVFULSWLYH *DWHV )DPLO\ )XQG LQ 'HQYHU DQG WKH
SXEOLF PDUNHWEDVHG DQG HQWKXVLDVWLFDOO\ VXS 6DQ )UDQFLVFR )RXQGDWLRQ KDYH UHFRJ
 SRUWHG E\ WKH SXEOLF )RU LQVWDQFH LQ QL]HG WKH YDOXH RI FLW\ SDUN LQYHVWPHQW
WKH IDVWJURZLQJ QRUWKHUQ VXEXUEV RI $W %XW WKH :DOODFH5HDGHU·V 'LJHVW IXQGV·
 ODQWD DV ZHOO DV DORQJ WKH JULWW\ LQGXV 8UEDQ 3DUNV ,QLWLDWLYH EHJXQ LQ 
 WULDO ZDWHUIURQW RI WKH FLW\ D FRDOLWLRQ RI ZDV WKH ILUVW HIIRUW WR VKLQH D QDWLRQDO
 FRQVHUYDWLRQLVWV LV ZRUNLQJ ZLWK FRPPX VSRWOLJKW RQ WKH UHODWLRQ RI SDUNV WR
QLWLHV DORQJ WKH &KDWWDKRRFKHH 5LYHU WR KHDOWK\ FRPPXQLWLHV
WKH:DOODFH SURYLGH UHFUHDWLRQDO DFFHVV DQG SURWHFW
5HDGHU·V'LJHVW WKH VRXUFH RI GULQNLQJ ZDWHU IRU KDOI RI %XLOGLQJ RQ WKH 2OPVWHG OHJDF\ ´SDUNV
)XQGV·8UEDQ3DUNV DOO *HRUJLDQV ZLWK D QHZ JUHHQZD\ IRU SHRSOHµ  WKH 8UEDQ 3DUNV ,QLWLDWLYH ²
ULJKWV WR  ULYHUIURQW SURSHUWLHV KDYH E\ LQYHVWLQJ LQ ERWK SDUNV DQG RIWHQ
,QLWLDWLYHEHJXQLQ DOUHDG\ EHHQ GRQDWHG RU SXUFKDVHG ZLWK IOHGJOLQJ ORFDO SDUN RUJDQL]DWLRQV ²
ZDVWKHILUVW D PL[ RI IHGHUDO VWDWH ORFDO DQG SULYDWH OLQNHG UHVLGHQWV GLUHFWO\ WR WKHLU VRPH
IXQGLQJ WKDW QRZ WRWDOV RYHU  PLO WLPHV IDOWHULQJ SDUNV WKURXJK VXSSRUW IRU
HIIRUWWRVKLQHD OLRQ ORFDO SDUWQHUVKLSV DQG EHWWHU SDUN SUR
QDWLRQDOVSRWOLJKWRQ JUDPPLQJ 7KH LQLWLDWLYH·V UHTXLUHPHQW
,Q WKH KHDUW RI 1HZ <RUN &LW\ ZKHQ WKDW WKH ODUJHU SDUN V\VWHPV UDLVH
WKHUHODWLRQRI SDUNV 0D\RU 5XGROSK *LXOLDQL ZDV XQZLOOLQJ WR PDWFKLQJ JUDQWV HQFRXUDJHG QHZ SDUW
WRKHDOWK\ VDYH GR]HQV RI FRPPXQLW\ JDUGHQV IURP QHUVKLSV DPRQJ SDUNV JURXSV DQG FRP
EHLQJ EXOOGR]HG PDUNHWEDVHG FRQVHU PXQLWLHV WKDW KDYH UHVXOWHG LQ PLOOLRQV RI
FRPPXQLWLHV YDWLRQ VDYHG WKH GD\ DV WKH 7UXVW IRU GROODUV LQ QHZ IXQGLQJ D QHZ JHQHUDWLRQ
 3XEOLF /DQG DQG %HWWH 0LGOHU·V 1HZ <RUN RI OHDGHUVKLS DQ LQFUHDVH LQ FRPPXQLW\
5HVWRUDWLRQ 7UXVW UDLVHG PRUH WKDQ  FRQWURO DQG LQSXW DQG D UHYLWDOL]HG YL
PLOOLRQ WR EX\ DQG SHUPDQHQWO\ SURWHFW VLRQ RI WKH UROH RI SDUNV
PRUH WKDQ  RI WKH SURSHUWLHV 7KH
3DJH 

%HFDXVH RI WKHVH SDUWQHUVKLSV KXQGUHGV GHYHORSHUV LPPHGLDWHO\ H[SUHVVHG LQWHU


RI SDUN DGYRFDF\ RUJDQL]DWLRQV QRZ H[LVW HVW LQ EXLOGLQJ KRXVLQJ QHDU WKH QHZ
DW WKH FLW\ DQG QHLJKERUKRRG OHYHOV DPHQLW\ ,Q 6HDWWOH FRPPXQLW\ OHDGHUV
7KH\ DUH EULQJLQJ VWUHQJWK DQG FUHDWLYLW\ VHHNLQJ WR UDLVH PLOOLRQV RI GROODUV WR EX\
WR WKH GHVLJQ GHYHORSPHQW DQG PDQ DQ ROG 8QRFDO RLO VWRUDJH WDQN IDUP IRU
DJHPHQW RI SXEOLF SDUNV ,Q VHYHUDO LQ FRQYHUVLRQ LQWR D VFXOSWXUH JDUGHQ
VWDQFHV PDQDJHPHQW RI VSHFLILF SDUNV IRXQG UHFHSWLYLW\ QRW RQO\ IURP D JURXS
KDV EHHQ DOO EXW WXUQHG RYHU WR HQWUHSUH RI SKLODQWKURSLVWV EXW DOVR IURP LQGLYLGX 3DUNUHKDELOLWDWLRQ
QHXULDO SULYDWH JURXSV HYHQ ZKHUH FLWLHV DOV LQWHUHVWHG LQ VHYHUDO KLJKULVH EXLOG DORQHFDQKHOSILJKW
KDYHQ·W JRQH WKDW IDU SULYDWH LQYROYH LQJV XQGHU FRQVWUXFWLRQ QHDU WKH VLWH
PHQW KDV RIWHQ VSXUUHG EHWWHU SHUIRUP 7KH IXWXUH UHVLGHQWV ZHUH WKULOOHG WR H[ WKHFHQWULIXJDOSXOO
DQFH E\ WKH SXEOLF VHFWRU DQG PRUH SXE FKDQJH D EURZQILHOG IRU D JDUGHQ  DQG RI VSUDZOEXWIUHVK
OLF VHFWRU UHVRXUFHV ZHUH ZLOOLQJ WR LQYHVW WR PDNH LW KDSSHQ
,Q &OHYHODQG D PDMRU SDUN LQYHVWPHQW E\ SDUNFUHDWLRQFDQGR
0RUH VLJQLILFDQWO\ VRPH RI WKHVH JURXSV 0HWURSDUNV OHG DQ LQQRYDWLYH SULYDWH GH HYHQPRUH
DUH QRZ XVLQJ SDUNV DV D IXQGDPHQWDO YHORSHU WR WDNH D FKDQFH RQ D QHZ KRXV
FRPSRQHQW RI FRPPXQLW\ GHYHORSPHQW LQJ SURMHFW RQ D EURZQILHOG DORQJ ORQJ
,Q JULWW\ (DVW %RVWRQ DIWHU DFWLYLVWV VXF LJQRUHG 0LOO &UHHN 7KH UHVXOWLQJ PL[HG
FHHGHG LQ DFTXLULQJ DQ DEDQGRQHG &RQ LQFRPH SURMHFW LV QRZ VHOOLQJ EULVNO\
UDLO WUDFN IRU WKH (DVW %RVWRQ *UHHQZD\

6RPHWKLQJ2OG6RPHWKLQJ1HZ

&RQWUDU\ WR SUHYDLOLQJ P\WKRORJ\ LW JHQ LQFRUUHFW P\WK DERXW ROGHU FLWLHV LV WKDW
HUDOO\ LVQ·W WKH FHQWHUV RI FLWLHV WKDW DUH WKH\ DUH ´DOO EXLOW XSµ DQG WKDW DQ\ QHZ
LQ WKH ZRUVW VRFLRHFRQRPLF VKDSH ,W LV JURZWK PXVW WDNH SODFH LQ ´JUHHQILHOGVµ
XVXDOO\ D ULQJ RI IRUPHUO\ LQGXVWULDO IDU RXW RQ WKH XUEDQ IULQJH 6HYHUDO RI
QHLJKERUKRRGV O\LQJ EHWZHHQ WKH FHQWUDO $PHULFD·V ROGHVW GHQVHVW FLWLHV KDYH XQ
EXVLQHVV GLVWULFW DQG WKH ILUVW ULQJ RI ROG GHUWDNHQ EUHDWKWDNLQJ FHQWHUFLW\ SDUN
VXEXUEV DQG VRPHWLPHV LQFOXGLQJ WKDW FUHDWLRQ DQG SDUN UHMXYHQDWLRQ WKDW KDV
ILUVW ULQJ WRR  ,W LV KHUH WKDW KLJKSRYHUW\ UHVXOWHG LQ QHZ YLWDOLW\ %RVWRQ IRU LQ
QHLJKERUKRRGV DUH LQWHUVSHUVHG ZLWK VWDQFH GHFLGHG WR UHMHFW IHGHUDO KLJK
EURZQILHOGV DEDQGRQHG IDFWRULHV DQG ZD\ PRQH\ H[FKDQJHG LW LQVWHDG WR WUDQ
P\ULDG YDFDQW WD[GHIDXOWHG SDUFHOV VLW XVH SXW D PDMRU UDLO OLQH XQGHUJURXQG
&ROOHFWLYHO\ FRQVLVWLQJ RI WHQV RI WKRX DQG FRQVWUXFWHG D JUHHQZD\ RYHU WKH
VDQGV RI DFUHV RI ZHOOVLWXDWHG ODQG WKLV WUDFNV 7RGD\ WKH VNLQQ\ ILYHPLOH
UHVRXUFH FRXOG JR D ORQJ ZD\ WRZDUG DE 6RXWKZHVW &RUULGRU 3DUN ZKLFK LQFOXGHV
VRUELQJ WKH KRXVLQJ UHWDLO DQG HPSOR\ SOD\LQJ FRXUWV FRPPXQLW\ JDUGHQV
PHQW GHPDQG WKDW LV SUHVHQWO\ IHHGLQJ ZDONLQJ SDWKV DQG D FRPPXWLQJ ELF\FOH
VSUDZO RQ WKH IDU IULQJHV RI DOO FLWLHV  LI WUDLO LV RQH RI WKH DQFKRUV RI D EURDG
WKRVH LQQHU ULQJ QHLJKERUKRRGV FRXOG EH 6RXWK (QG UHYLWDOL]DWLRQ
UHYLYHG WR SURYLGH D KLJK TXDOLW\ RI OLIH
DQG DWWUDFW QHZ UHVLGHQWLDO JURZWK )URP &KLFDJR WR &KDWWDQRRJD PDQ\ FLW
LHV DUH XVLQJ SDUNV DQG JUHHQVSDFH DV
3DUN UHKDELOLWDWLRQ DORQH FDQ KHOS ILJKW OHYHUDJH IRU PL[HGXVH GHYHORSPHQW
WKH FHQWULIXJDO SXOO RI VSUDZO EXW IUHVK %DVHG RQ WKH VXFFHVV RI 6RXWKZHVW &RU
SDUN FUHDWLRQ FDQ GR HYHQ PRUH 2QH ULGRU 3DUN  DQG WKH ODWHU WUDQVIRUPDWLRQ
3DJH  )XQGHUV·1HWZRUNIRU6PDUW*URZWKDQG/LYDEOH&RPPXQLWLHV

RI D SDUNLQJ JDUDJH LQWR WKH FLW\·V PDJ :HEE KDV QDPHG SDUNV DV RQH RI KLV
QLILFHQW 3RVW 2IILFH 6TXDUH SDUN  %RV WRS WKUHH SULRULWLHV DORQJ ZLWK KRXVLQJ
WRQ LV LQ WKH PLGVW RI DQ HYHQ PRUH JL DQG HGXFDWLRQ &KLFDJR·V 0D\RU 5LFKDUG
JDQWLF XQGHUWDNLQJ ,W LV SODFLQJ D PDMRU 0 'DOH\ LV FRPPLWWLQJ PLOOLRQV WR YDFDQW
%\UHGXFLQJRU LQWHUVWDWH KLJKZD\ XQGHUJURXQG DQG FRY ORW UHF\FOLQJ UHVWRUDWLRQ RI WKH &KLFDJR
HOLPLQDWLQJVRPHRI  HULQJ LW ZLWK RSHQ VSDFH DQG D SDUNOLNH 5LYHU DQG HYHQ URRIWRS JDUGHQV 7KHVH
ERXOHYDUG XVLQJ WKH UHVXOWDQW SULYDWH PD\RUV XQGHUVWDQG WKH OLQN EHWZHHQ
WKHLQIUDVWUXFWXUH GHYHORSPHQW WR XOWLPDWHO\ UHFRXS WKH SDUNV DQG HFRQRPLF GHYHORSPHQW DQG
DQGILQDQFLDO KLJK FRVWV RI GHSUHVVLQJ WKH URDGZD\ WKH YDOXH RI WKHLU SXEOLF LQYHVWPHQWV LV
DWWUDFWLQJ PLOOLRQV RI QHZ GROODUV LQ SUL
LQFHQWLYHVIRU YDWH LQYHVWPHQW IRU WKHLU FLWLHV
%RVWRQ·V 0D\RU 7RP 0HQLQR GHVFULEHV
GHYHORSLQJORZ SDUNV DV RQH RI KLV HFRQRPLF GHYHORS
GHQVLW\´HGJHFLWLHVµ PHQW WRROV ,Q 'HQYHU 0D\RU :HOOLQJWRQ
$PHULFDQVFDQKDYH
XUEDQSODFHVZLWK 6KDSLQJ*URZWKRQWKH)ULQJH
ERWKYLWDOLW\DQG
HQYLURQPHQWDO %\ UHGXFLQJ RU HOLPLQDWLQJ VRPH RI WKH GHQVLW\ LQFUHDVHV WKH FLW\ LV WU\LQJ RXW
VXVWDLQDELOLW\ LQIUDVWUXFWXUH DQG ILQDQFLDO LQFHQWLYHV WRROV OLNH WKH QHZO\ HVWDEOLVKHG 6\VWHPV
IRU GHYHORSLQJ ORZGHQVLW\ ´HGJH FLWLHVµ 'HYHORSPHQW &KDUJH WR PLWLJDWH KLJKHU
$JDLQSDUNVDQG $PHULFDQV FDQ KDYH XUEDQ SODFHV ZLWK GHQVLW\ 7KH FKDUJH FROOHFWHG IURP
JUHHQVSDFHSOD\D ERWK YLWDOLW\ DQG HQYLURQPHQWDO VXVWDLQ KRXVLQJ GHYHORSHUV LV XVHG WR SXUFKDVH
DELOLW\ $JDLQ SDUNV DQG JUHHQVSDFH ODQGV LQ SDUNGHILFLHQW SDUWV RI WKH FLW\
FUXFLDOUROH SOD\ D FUXFLDO UROH
 3RUWODQG·V XUEDQ JURZWK ERXQGDU\ LV HQ
 ,Q 2UHJRQ 3RUWODQG·V OHDGHUVKLS LQ VHW IRUFHG WKURXJK UHJXODWLRQ -DFNVRQYLOOH
WLQJ DQ XUEDQ JURZWK ERXQGDU\ LQ  )ORULGD LV DWWHPSWLQJ WR GR WKH VDPH
 KDV WDXJKW XV PXFK DERXW PDQDJLQJ WKLQJ XVLQJ WKH PDUNHWSODFH /HG E\
(YHQILVFDOO\ JURZWK DQG PRVW UHFHQWO\ LQFUHDVLQJ 0D\RU -RKQ 'HODQH\ -DFNVRQYLOOH KDV
GHQVLW\ $OWKRXJK WKH ERXQGDU\ LV TXLWH EXGJHWHG PRUH WKDQ  PLOOLRQ RYHU
FRQVHUYDWLYHYRWHUV ODUJH DQG KDV HYHQ EHHQ H[SDQGHG  LW ILYH \HDUV WR EX\ ODQG DQG WR RIIHU ILQDQ
ZLOOLQYHVWLQJUHHQ LV QHYHUWKHOHVV QRWLFHDEO\ ´UHIOHFWLQJµ FLDO LQFHQWLYHV WR DWWUDFW DQG NHHS GHYHO
VSDFHZKHQWKH\VHH JURZWK EDFN WRZDUGV WKH FHQWHU DQG WR RSPHQW LQVLGH WKH LGHQWLILHG JURZWK ULQJ
ZDUGV WUDQVLW QRGHV 2XWVLGH WKH
SDUNPHDVXUHV *UHDWHU 3RUWODQG ERXQGDU\ WKHUH LV $XVWLQ 7H[DV FRQWUROV VSUDZO E\ IRFXV
OLQNHGWRRXWFRPHV PHDVXUDEO\ OHVV VSUDZO DQG PHDVXUDEO\ LQJ RQ SURWHFWLQJ GULQNLQJ ZDWHU $IWHU D
PRUH ZRUNLQJ IDUPODQG DQG IRUHVWODQG FRPSUHKHQVLYH PDSSLQJ SURMHFW VKRZHG
VXFKDV\RXWK WKDQ LQ RWKHU FLWLHV RI FRPSDUDEOH VL]H WKDW QHZ KRXVLQJ ZDV EHJLQQLQJ WR QHJD
GHYHORSPHQWZDWHU WLYHO\ DIIHFW WKH FLW\·V DOOLPSRUWDQW DTXL
$OWKRXJK 3RUWODQG RIILFLDOV KDYH DQJHUHG IHU WKH FLW\ GLUHFWHG LWV SXEOLF WUDQVSRU
TXDOLW\KDELWDW VRPH UHVLGHQWV E\ VXEVLGL]LQJ GHYHORS WDWLRQ DQG SDUN LQYHVWPHQWV WR HQYLURQ
SURWHFWLRQDQG PHQW DQG UHOD[LQJ ]RQLQJ FRGHV WR PHQWDOO\ OHVV VHQVLWLYH (DVW $XVWLQ
VTXHH]H  SHUFHQW PRUH JURZWK LQWR (DVW $XVWLQ LV QRW RQO\ RXWVLGH WKH GULQN
QHLJKERUKRRG QHLJKERUKRRGV WKH SRVLWLYH ILVFDO LP LQJ ZDWHU SURWHFWLRQ ]RQH EXW LW LV DQ
UHYLWDOL]DWLRQ SDFW RI WKH ERXQGDU\ DQG WKH SDVVDJH DUHD KLVWRULFDOO\ XQGHUVHUYHG E\ SDUNV
 RI D ODUJH ERQG PHDVXUH IRU JUHHQVSDFH
LV HQDEOLQJ WKH UHJLRQ WR SXUFKDVH ODUJHU 6DQ 'LHJR LV EXLOGLQJ LWV VSUDZO UHVSRQVH
 TXDQWLWLHV RI SDUNODQG WR PDLQWDLQ WKH RQ FRQVHUYLQJ WKUHDWHQHG KDELWDW DQG
 FLW\·V IDPRXV OLYDELOLW\ TXRWLHQW (YHQ DV VSHFLHV WKH FLW\·V URXQGWDEOH IRU SODQ

3DJH 

QHUV GHYHORSHUV DQG HQYLURQPHQWDOLVWV SURMHFWV WKH QHZ PLOH OLQHDU SDUN RQ #OQPIVJG
GHWHUPLQHV WKH H[WHQW DQG ORFDWLRQ RI WKH *XDGDOXSH 5LYHU $IWHU VRIWZDUH QTICPK\CVKQPUVJCV
GHYHORSPHQW IRU HYHU\ SURSHUW\ LQ WKH JLDQW $GREH 6\VWHPV PRYHG GRZQWRZQ
WKH ULYHUIURQW EHFDPH VR SRSXODU WKDW JCXGTCKUGFKPGZEGUU
FRXQW\ 6DQ -RVH &DOLI XVHV WKH ULFK
IORZ RI WD[LQFUHPHQW ILQDQFLQJ IURP LWV 6DQ -RVH VWRSSHG RIIHULQJ LQFHQWLYHV WR QHOKNNKQPHQTEKV[
VXEXUEDQVW\OH EXVLQHVV SDUNV RQ WKH FRPSDQLHV ZLOOLQJ WR UHORFDWH WKHUH RCTMUCTG
HGJHV RI WKH FLW\ WR IXQG DPRQJ RWKHU 
&HGDU /DNH 3DUN $VVQ

0LQQHDSROLV

7KH%LOOLRQ(OHFWLRQ &HQWUDO 3DUN &RQVHUYDQF\

1HZ <RUN

$PHULFDQV DUH GHPRQVWUDWLQJ ZLWK WKHLU )RUHVW 3DUN )RUHYHU

SRFNHWERRNV DQG LQ WKH HOHFWLRQ ERRWK 7KLV WUHPHQGRXV RXWSRXULQJ KDV GRQH
6W /RXLV

WKDW WKH\ DUH IXOO\ FRPPLWWHG WR FUHDWLQJ PRUH WKDQ SD\ IRU ODQG HTXLSPHQW DQG )ULHQGV RI +HUPDQQ 3DUN

DQG UHEXLOGLQJ XUEDQ SDUNV ,Q WKH VLQ KRUWLFXOWXUDO UHVRXUFHV ,W KDV DOVR +RXVWRQ

JOH PRQWK RI 1RYHPEHU  IRU LQ KHOSHG UDLVH WKH SXEOLF YLVLELOLW\ DQG SR
VWDQFH YRWHUV SDVVHG VWDWH FRXQW\ DQG OLWLFDO LPSRUWDQFH RI XUEDQ SDUNV WR D )ULHQGV RI 3LHGPRQW 3DUN

FLW\ UHIHUHQGD REOLJDWLQJ RYHU  ELOOLRQ OHYHO QRW VHHQ VLQFH EHIRUH :RUOG :DU ,, $WODQWD

IRU ODQG DFTXLVLWLRQ SDUN UHYLWDOL]DWLRQ 7KDW YLVLELOLW\ LV PDNLQJ PDQ\ HOHFWHG )ULHQGV RI 5HFUHDWLRQ DQG
DQG \RXWK SURJUDPPLQJ  IRU ERWK FHQ RIILFLDOV DQG GHYHORSHUV UHWKLQN WKH ROG 3DUNV
WUDO FLWLHV DQG VXEXUEV 9RWHUV LQ 0L QRWLRQV RI ORZGHQVLW\ VSUDZO EHFRPLQJ 6DQ )UDQFLVFR

DPL'DGH &RXQW\ SURYLGHG IRU FRXQW\ PRUH UHFHSWLYH WR WKH WHQHWV RI VPDUW
ZLGH JUHHQZD\V DV ZHOO DV D QHZ SDUN LQ JURZWK DQG GHYLVLQJ PRUH LQQRYDWLYH 7KH *UHHQZD\ )RXQGDWLRQ

/LWWOH +DYDQD /RV $QJHOHV &RXQWLDQV ZD\V WR LQWHJUDWH SURJUDPV DQG IXQGLQJ 'HQYHU

SURYLGHG IXQGLQJ WR H[SDQG D UHJLRQDO WR FROOHFWLYHO\ DGGUHVV JURZWK LVVXHV


SDUN LQ :KLWWLHU +LOOV DQG DOVR WR UHF\FOH 7KH 3DUNV &RXQFLO

D VXSHUIXQG VLWH IRU D SDUN RQ WKH /RV (YHQ ILVFDOO\ FRQVHUYDWLYH YRWHUV ZLOO LQ 1HZ <RUN

$QJHOHV 5LYHU &RQYHUVHO\ ZKHQ 3RUW YHVW LQ JUHHQVSDFH ZKHQ WKH\ VHH SDUN 3DUNZD\ )RXQGDWLRQ
ODQGHUV VDZ QR QHZ FLW\ SDUN IXQGLQJ LQ PHDVXUHV OLQNHG WR RXWFRPHV  VXFK DV &KLFDJR

0HWUR·V  SURSRVDO IRU JUHHQVSDFH \RXWK GHYHORSPHQW ZDWHU TXDOLW\ KDEL
WKH PHDVXUH IDLOHG D UHWRROHG PHDVXUH WDW SURWHFWLRQ DQG QHLJKERUKRRG UHYLWDOL 3DWK )RXQGDWLRQ

RYHUZKHOPLQJO\ SDVVHG LQ  ZKHQ ]DWLRQ 7KH FKDOOHQJH OLHV LQ GHPRQVWUDW $WODQWD

NH\ SDUFHOV LQ SDUNXQGHUVHUYHG QRUWK LQJ WR YRWHUV WKDW HIIRUWV WR SURWHFW RSHQ
HDVW 3RUWODQG ZHUH LGHQWLILHG IRU DFTXLVL VSDFH DUH LPSRUWDQW HQRXJK WR PHULW 3KLODGHOSKLD *UHHQ

WLRQ WKHLU WD[ GROODUV 3KLODGHOSKLD

3URVSHFW 3DUN $OOLDQFH

%URRNO\Q




[DWG]

'DUUHO .RORVWD ‹ 


3DJH  )XQGHUV·1HWZRUNIRU6PDUW*URZWKDQG/LYDEOH&RPPXQLWLHV

#OQPIVJGHQWPFCVKQPU 3DUNVDQG'HQVLW\
VJCVJCXGIKXGPOQTG
VJCPOKNNKQPHQT
WTDCPRCTMUCTG ,Q 9DQFRXYHU &DQDGD DFWLYLVWV· VXFFHVV SXEOLF LQYHVWPHQWV VR VWUDWHJLFDOO\
LQ EORFNLQJ GRZQWRZQ IUHHZD\V LQ WKH 7KUHH OHVVRQV HPHUJH ILUVW WKDW JUHHQ
%RVWRQ)RXQGDWLRQ V OHG WR WUDIILF FRQJHVWLRQ WKDW E\ VSDFH FDQ VHUYH DV D SULPDU\ OHYHUDJLQJ
 WKH V DIIHFWHG QHDUO\ DOO FLW\ FRP WRRO IRU SODQQLQJ DQG ]RQLQJ VHFRQG WKDW
&OHYHODQG)RXQGDWLRQ PXWHUV 7KXV ZKHQ SODQQHUV SURSRVHG FLW\ GHSDUWPHQWV FDQ ZRUN FROODERUD
 KLJKULVH DSDUWPHQWV DURXQG 6WDQOH\ WLYHO\ LQ PHWURSROLWDQ JRDOVHWWLQJ DQG
&RPPRQZHDOWK)XQG 3DUN PDQ\ FRPPXWHUV ZHUH UHDG\ WR WU\ WKLUG WKDW SDUNV DQG JUHHQVSDFH FDQ
 FORVHULQ OLYLQJ 7KH :HVW (QG H[SHUL PDNH KLJKHU GHQVLW\ SDODWDEOH  WKH
'DQIRUWK)RXQGDWLRQ
PHQW KDV EHFRPH WKH PRGHO IRU SDUN QHLJKERUKRRGV DURXQG 6WDQOH\ 3DUN DUH
DQG SODQQLQJ HIIRUWV LQ 9DQFRXYHU WRGD\ DPRQJ WKH FLW\·V KLJKHVW LQ ERWK GHQVLW\
 ZLWK OHVVRQV IRU PDQ\ 86 FLWLHV DV ZHOO DQG SURSHUW\ YDOXH
'D\WRQ+XGVRQ)RXQGDWLRQ
 9DQFRXYHU·V SDUNV SODQQLQJ SXEOLF 1HZ <RUN &LW\·V &HQWUDO 3DUN OLNHZLVH DG
'RULV'XNH&KDULWDEOH ZRUNV DQG FRPPXQLW\ GHYHORSPHQW LQ MRLQV YHU\ GHQVH \HW YDOXDEOH UHVLGHQWLDO
)RXQGDWLRQ WHUHVWV ZRUN LQ WDQGHP DW WKH QHLJKERU DUHDV 7KH &LW\ RI 6HDWWOH LV XVLQJ LWV
 KRRG OHYHO LQ D FROODERUDWLYH IDVKLRQ QRW QHLJKERUKRRG SODQQLQJ SURFHVV WR GH
*HUDOGLQH'RGJH)RXQGDWLRQ DSSDUHQW WRGD\ LQ DQ\ 86 ELJ FLW\ VLJQ JUHDWHU DPRXQWV RI SDUN VSDFH WKDW
 :KLOH WKH SXEOLF ZRUNV GHSDUWPHQW SXWV FDQ PLWLJDWH WKH KLJKHU GHQVLWLHV SUR
*DWHV)DPLO\)RXQGDWLRQ LWV ´ZRUNKRUVHµ SXEOLF FRUULGRUV ² IRU SRVHG E\ UHGHYHORSPHQW 9DQFRXYHU
 ZDWHU VHZHU IORRG FRQWURO DQG VWUHHWV  UHTXLUHV GHYHORSHUV WR PHHW QHLJKERU
*XQG)RXQGDWLRQ WR GRXEOH XVH DV QDWXUDO DQG UHFUHD KRRGEDVHG VWDQGDUGV RI SDUN DFUHDJH
 WLRQDO JUHHQZD\V WKH SDUN GHSDUWPHQW %RWK QHLJKERUKRRGV DQG GHYHORSHUV
-0.DSODQ)XQG
XVHV LWV JHQHURXV EXGJHW WR DFTXLUH KDYH HTXDO H[SHFWDWLRQV DERXW GHQVLW\
EURZQILHOGV YDFDQW ORWV DQG XQGHU EDVHG RQ QHJRWLDWHG VWDQGDUGV VR WKDW
 XWLOL]HG VLWHV $IWHU GHPROLWLRQ DQG HQYL QHZ GHYHORSPHQW SURSRVDOV DOZD\V DG
.UHVJH)RXQGDWLRQ URQPHQWDO FOHDQ XS D SDUN LV FUHDWHG GUHVV SXEOLF VSDFH
 EDVHG RQ H[LVWLQJ QHLJKERUKRRG SODQV
/LOO\(QGRZPHQW 2YHU WLPH WKH SODQQLQJ GHSDUWPHQW UH 7KH EDVLV IRU WKHVH HIIRUWV LV ZKDW WKH
 ]RQHV WKH H[LVWLQJ QHLJKERUKRRG DFFRUG 7UXVW IRU 3XEOLF /DQG FDOOV
0DF$UWKXU)RXQGDWLRQ LQJ WR SODQ ZLWK WKH GHQVLW\ IRFXVHG ´JUHHQSULQWLQJµ ² D FRPSUHKHQVLYH YL
 DURXQG WKH SDUNODQG VLRQ IRU UHGHYHORSPHQW EDVHG RQ ZKLFK
1HZ<RUN&RPPXQLW\7UXVW SXEOLF VSDFHV VKRXOG EH SURWHFWHG IRU
 :KLOH WKH 9DQFRXYHU PRGHO LVQ·W SHUIHFW HFRORJLFDO RU OLIHVW\OH UHDVRQV
5REHUW:RRG-RKQVRQ QR 86 FLW\ HYHQ DSSURDFKHV VXFK D
)RXQGDWLRQ WKRURXJKO\ LQWHJUDWHG VWUXFWXUH IRU XVLQJ

6DQ)UDQFLVFR)RXQGDWLRQ
 2SSRUWXQLWLHVIRU)XQGHUV
:DOODFH5HDGHU·V
'LJHVW)XQGV 7KH IXQGLQJ FRPPXQLW\ KDV EHJXQ 7XUQ VRPH LQQHUFLW\ WD[IRUHFORVHG
 ORWV LQWR FRPPXQLW\EXLOGLQJ SDUNV
:DOWHUDQG(OLVH+DDV)XQG WR SOD\ D VLJQLILFDQW UROH LQ XUEDQ
,Q FLWLHV VXFK DV %DOWLPRUH 'HWURLW 1HZ
 SDUN UHQRYDWLRQ EXW WKHUH LV PXFK DUN DQG &KLFDJR FRPPXQLW\ GHYHORS
:LOOLDP3HQQ)RXQGDWLRQ PRUH WKDW QHHGV WR EH GRQH 2SSRU
PHQW FRUSRUDWLRQV DUH FRQVWUXFWLQJ QHZ
 KRXVLQJ EXW WRR RIWHQ LW LV EHLQJ
:RRGUXII)RXQGDWLRQ
WXQLWLHV IRU SURJUHVV LQFOXGH
SODQQHG ZLWK OLWWOH RU QR UHJDUG IRU SXEOLF


3DJH 

JUHHQVSDFH WKXV RIWHQ SHUSHWXDWLQJ WKH 7KLV DSSURDFK ZLOO EH DQ HYHU PRUH LP
VHQVH RI WKH QHLJKERUKRRG·V XQGHVLUDELO SRUWDQW OLYDELOLW\ WDFWLF DV SRUWLRQV RI FLW
LW\ 3KLODGHOSKLD DQG &OHYHODQG KRZ LHV UHGHQVLI\ EXW LW LV FRQWURYHUVLDO DQG
HYHU DUH H[SHULPHQWLQJ ZLWK QHZ DOOL FRXQWHULQWXLWLYH 0XFK UHVHDUFK DQG
DQFHV 7KH 3HQQV\OYDQLD +RUWLFXOWXUH RXWUHDFK LV QHHGHG WR IXUWKHU WKH VWUDWH &OHDQLQJXSYDFDQW
6RFLHW\·V ´3KLODGHOSKLD *UHHQµ 3URMHFW JLF GLVFRXUVH ORWVDQGEXLOGLQJ
VXSSRUWHG E\ WKH :LOOLDP 3HQQ )RXQGD
WLRQ DQG WKH %URDGZD\ $UHD +RXVLQJ ([SORUH WKH UHODWLRQVKLS EHWZHHQ FRPPXQLW\JDUGHQV
&RUSRUDWLRQ EDFNHG E\ WKH *HRUJH *XQG
)RXQGDWLRQ VHHN WR FRPELQH SDUNV DQG
SDUNV DQG HFRORJLFDO VXVWDLQDELOLW\

$V PHWUR DUHDV LQFUHDVLQJO\ JUDSSOH ZLWK KDVRIWHQVHUYHGDV


FRPPXQLW\ JDUGHQV ZLWK KRXVLQJ SUR SUREOHPV RI ZDWHU VXSSO\ DQG SXULW\ WKHILUVWVWHSWR
MHFWV PDQ\ DUH FRQVLGHULQJ XVLQJ SDUNV DV
EXIIHUV WR SURWHFW VWUHDPV FDQDOV ULYHUV FROODERUDWLRQRQ
&OHDQLQJ XS YDFDQW ORWV DQG EXLOGLQJ DQG ODNHV )URP &KDUORWWH WR 3KRHQL[ RWKHUPRUH
FRPPXQLW\ JDUGHQV KDV RIWHQ VHUYHG DV K\GURORJLVWV DQG SDUN SODQQHUV DUH GH
WKH ILUVW VWHS WR FROODERUDWLRQ RQ RWKHU VLJQLQJ V\VWHPV WKDW VHUYH PXOWLSOH RE FRQWHQWLRXVLVVXHV
PRUH FRQWHQWLRXV LVVXHV $ORQJVLGH MHFWLYHV RI ZDWHU PDQDJHPHQW ZDWHU
&OHYHODQG·V )RUHVW +LOOV 3DUN IRU H[DP TXDOLW\ LPSURYHPHQW DQG UHFUHDWLRQ
SOH QHLJKERUV ZKR LQLWLDOO\ MRLQHG WR $PRQJ WKH QXPHURXV FKDOOHQJHV DUH GH
JHWKHU WR FUHDWH DQG QXUWXUH FRPPXQLW\ VLJQLQJ IORRGUHVLVWDQW IDFLOLWLHV HVWDE
JDUGHQV DUH QRZ FROODERUDWLQJ RQ UHKD OLVKLQJ DUWLILFLDO ZHWODQGV WKDW DUH RSHQ
ELOLWDWLQJ KRPHV 6XSSRUWHUV RI &KL WR SXEOLF XVH SUHYHQWLQJ UXQRII IURP
FDJR·V *DUILHOG 3DUN GHFLGHG WR ZRUN SDUNLQJ ORWV HYHQ NHHSLQJ GRJ GURS
VLGHE\VLGH ZLWK WKH 1HZ %HWKHO FRP SLQJV RXW RI GULQNLQJ ZDWHU 3KRHQL[ LV
PXQLW\ GHYHORSPHQW FRUSRUDWLRQ RQ QHZ DWWHPSWLQJ WR UHHVWDEOLVK WKH 5LR 6DODGR
KRXVLQJ DQG EHWWHU SXEOLF WUDQVLW 1HYHU 6DOW 5LYHU  ZKLFK KDV EHHQ HVVHQWLDOO\
WKHOHVV WKH ´JUHHQKRXVLQJµ LVVXH LV GU\ VLQFH D GLYHUVLRQ GDP ZDV EXLOW LQ
PRUH GLIILFXOW WKDQ LW PLJKW VHHP DQG   DQG WKHQ XVH WKH FRUULGRU DV D
QHHGV DGGLWLRQDO VWXG\ DV ZHOO DV LQIRU EDVLV IRU SDUNODQG 9RWHUV LQ &KDUORWWH
PDWLRQ GLVVHPLQDWLRQ )RU RQH WKLQJ 0HFNOHQEXUJ &RXQW\ 1& GHHPHG WKHLU
PRVW FLWLHV GR QRW HYHQ KDYH DFFXUDWH GULQNLQJ ZDWHU VRXUFH 0RXQWDLQ ,VODQG LWLVFURZGHG
QXPEHUV RQ WKHLU YDFDQW ORW SUREOHP IRU /DNH ZRUWK\ RI D PLOOLRQ LQYHVW
DQRWKHU WKHUH LV RIWHQ D VLJQLILFDQW FRP PHQW 7KDQNV WR IXQGLQJ IURP WKH )RXQ QHLJKERUKRRGVZKLFK
PXQLFDWLRQ EDUULHU EHWZHHQ FRQVHUYD GDWLRQ IRU WKH &DUROLQDV SOXV D  KDYHSDUWLFXODUQHHG
WLRQLVWV DQG KRXVLQJ DGYRFDWHV ERQG UHIHUHQGXP WKH FLW\FRXQW\ LV QRZ
EX\LQJ ODQG DURXQG WKH ODQG WR PDLQWDLQ IRUSDWFKHVRI RSHQ
6XSSRUW GHPRQVWUDWLRQ SURMHFWV WKDW ZDWHU TXDOLW\ SUHYHQW VSUDZO DQG SUR VSDFH7KXVSODQ
DGYDQFH WKH VWUDWHJLF XVH RI SDUNV YLGH SDUNODQG QHUVLQ1HZ<RUN
DQG RSHQ VSDFH ,W·V LQFUHDVLQJO\ UHF
RJQL]HG WKDW  MXVW DV ZLWK WUDQVLW VWD (FRORJ\ LV PRUH WKDQ ZDWHU &LWLHV DQG 6HDWWOHDQGHOVHZKHUH
WLRQV  LW GRHVQ·W PDNH ILVFDO VHQVH IRU LQQHUULQJ VXEXUEV DUH DOVR JUDSSOLQJ DUHVHHNLQJWRXVH
XUEDQ SDUNV WR EH VXUURXQGHG E\ H[ ZLWK WKH FKDOOHQJH RI EURZQILHOGV
WUHPHO\ ORZGHQVLW\ QHLJKERUKRRGV D SRUWLRQV RI ZKLFK DUH SUREOHPDWLF WR SDUNVWRPLWLJDWH
SXEOLF LQYHVWPHQW LQ SDUNV VKRXOG VHUYH EXLOG XSRQ EXW QRW VR SROOXWHG WKDW WKH\ KLJKHUGHQVLW\
ODUJHU QXPEHUV RI SHRSOH &RQYHUVHO\ LW FDQ·W EH FOHDQHG DQG XVHG IRU SDUNV
LV FURZGHG QHLJKERUKRRGV ZKLFK KDYH 'HQYHU LV FRQYHUWLQJ DQ ROG UDLO\DUG LQWR GHYHORSPHQWLQWKH
SDUWLFXODU QHHG IRU SDWFKHV RI RSHQ D GRZQWRZQ &RPPRQV WKDW ZLOO EHFRPH VXUURXQGLQJ
VSDFH 7KXV SODQQHUV LQ 1HZ <RUN 6H D QHZ IRFDO SRLQW IRU WKH FLW\ 6DQ FRPPXQLW\
DWWOH DQG HOVHZKHUH DUH VHHNLQJ WR XVH )UDQFLVFR·V DEDQGRQHG 0LVVLRQ %D\
SDUNV WR PLWLJDWH KLJKHU GHQVLW\ GHYHORS UDLO\DUG LV EHLQJ UHDGLHG IRU VRPHWKLQJ
PHQW LQ WKH VXUURXQGLQJ FRPPXQLW\ VLPLODU &KLFDJR ZLOO FRQYHUW D PLOH
3DJH  )XQGHUV·1HWZRUNIRU6PDUW*URZWKDQG/LYDEOH&RPPXQLWLHV

VTXDUH VKXWWHUHG VWHHO PLOO WR SDUNODQG GRZQ WR WKH WH[W RI VLJQHG DJUHHPHQWV 
D PXVHXP D SDUNZD\ DQG KRXVLQJ VR WKDW RWKHUV PD\ HPXODWH WKHP
:LWK VXSSRUW IURP WKH +HLQ] )XQG
3LWWVEXUJK LV UHFODLPLQJ D KXJH VODJ 'HYHORS VWDQGDUGV IRU XUEDQ SDUN

KHDS LQWR D JUHHQZD\ WKDW ZLOO UXQ IURP FUHDWLRQ GHYHORSPHQW DQG PDQDJH

)ULFN 3DUN WR WKH 0RQRQJDKHOD 5LYHU PHQW 7KHUH LV D JUHDW QHHG IRU VWDQ
%XWGHVSLWHPDQ\ 9LUJLQLD %HDFK 9D WXUQHG DQ ROG ODQGILOO GDUGV WKDW FDQ VHUYH DV D JXLGH IRU SXE
LQWR 0W 7UDVKPRUH 3DUN WKH KLJKHVW OLF LQYHVWPHQW 7KH 7UXVW IRU 3XEOLF /DQG
H[FLWLQJHIIRUWVWKH SRLQW LQ WKH FLW\  DQG 1HZ <RUN &LW\ LV KDV XQGHUWDNHQ DQ LQLWLDO URXQG RI VXFK
PDMRULW\RI  JHWWLQJ UHDG\ WR FRQYHUW WKH DFUH UHVHDUFK VFKHGXOHG IRU SXEOLFDWLRQ LQ
)UHVK .LOOV ODQGILOO LQWR WKH ODUJHVW SDUN LQ -XQH   EXW WKDW ERRN ,QV,QVLLGH &LW
&LW\\
EURZQILHOGVDUH WKDW FLW\ %XW GHVSLWH PDQ\ H[FLWLQJ 3DU
3DUNVNV ORRNV RQO\ DW WKH FHQWHU FLWLHV RI
VLWWLQJYDFDQWDQG HIIRUWV WKH PDMRULW\ RI EURZQILHOGV DUH WKH  ODUJHVW PHWURSROLWDQ DUHDV 1R
IHQFHGRII DV VLWWLQJ YDFDQW DQG IHQFHG RII DV FRPSDUDEOH ZRUN KDV EHHQ FDUULHG RXW
PXQLFLSDO RIILFLDOV DQG SULYDWH RQ VPDOOHU FLWLHV RU RQ VXEXUEDQ FRPPX
PXQLFLSDORIILFLDOV GHYHORSHUV DUJXH RYHU LVVXHV RI OHJDO QLWLHV DQG FRXQWLHV :KLOH IRU PDQ\
DQGSULYDWH OLDELOLW\ DQG FRVW \HDUV WKHUH KDYH EHHQ WKHRUHWLFDO VWDQ
GDUGV RI PLQLPXP DFUHV RI QHLJKERU
GHYHORSHUVDUJXH )LQDOO\ WKHUH LV DOVR WKH LVVXH RI URRI KRRG DQG UHJLRQDO SDUNV DQG RWKHU IDFLOL
RYHULVVXHVRI OHJDO WRSV DQ LPPHQVH DUHD RI ODUJHO\ LJQRUHG WLHV SHU  LQ SRSXODWLRQ WKHVH QXP
´ODQGµ LQ FLWLHV ZLWK DQ HFRORJ\ DOO LWV EHUV KDYH EHHQ IDU WRR JURVVO\ FDOL
OLDELOLW\DQGFRVW RZQ &DQ URRI DUHDV EH XVHG DV SDUNV" EUDWHG QRW WDNLQJ LQWR DFFRXQW SRSXOD
 :RXOG WKH\ EH SXEOLF RU SULYDWH" :KDW WLRQ GHQVLW\ RU WKH PDQ\ GLIIHUHQW SXU
 NLQGV RI OHJDO FKDQJHV ZRXOG QHHG WR EH SRVHV RI SDUNV DQG RSHQ VSDFH ,QVWHDG
PDGH WR DVVXUH EXLOGLQJV· VWUXFWXUDO RI PHUHO\ FRXQWLQJ LQSXWV RI ODQG DQG
VWUHQJWK DQG WR FRYHU OLDELOLW\" +RZ GROODUV ZH VKRXOG EH GHILQLQJ PHDVXU
ZRXOG SXEOLF DFFHVV EH DVVXUHG RU FRQ LQJ DQG DQDO\]LQJ RXWFRPHV  EHQHILWV
WUROOHG" :KR ZRXOG SD\" 7KHVH DQG UHFHLYHG E\ DFWXDO XUEDQ GZHOOHUV LQ
PDQ\ RWKHU TXHVWLRQV QHHG VWXG\ LI FLW WHUPV RI UHFUHDWLRQ FRQVHUYDWLRQ OLYDELO
LHV RI WKH IXWXUH DUH WR EH PDGH JUHHQHU LW\ DQG SURSHUW\ YDOXH HQKDQFHPHQW
IURP WRS WR ERWWRP 7KXV IDU KRZHYHU QR V\VWHP RI PHDVXU
LQJ RXWFRPHV KDV EHHQ GHYLVHG $Q DG
/LQN SDUNV DFURVV MXULVGLFWLRQDO GLWLRQDO LVVXH RI VWDQGDUGV UHODWHV WR
OLQHV 3DUN HFRV\VWHP ERXQGDULHV DHVWKHWLF FKDUDFWHULVWLFV WKDW VXSSRUW D
UDUHO\ FRUUHVSRQG WR SROLWLFDO ERXQGDULHV VHQVH RI SODFH 5HFRJQL]LQJ WKDW D VH
EXW DV ZLWK DOO UHJLRQDOL]DWLRQ HIIRUWV ULHV RI FRRNLHFXWWHU SDUNV RU SDUN LP
FURVVLQJ MXULVGLFWLRQDO ERUGHUV LV H[WUDRU SURYHPHQWV ZLOO QRW SURGXFH VSHFLDO XU
GLQDULO\ GLIILFXOW 1HYHUWKHOHVV PDNLQJ EDQ DQFKRUV FHUWDLQ IRXQGDWLRQV FRXOG
WKHVH OLQNDJHV LV LPSRUWDQW IRU ERWK VXSSRUW WKH H[SORUDWLRQ RI QHZ SDUN GH
SK\VLFDO DQG HTXLW\ FRQQHFWLRQV $O VLJQ VWDQGDUGV
WKRXJK WKHUH DUH VRPH H[DPSOHV RI VXF
FHVVIXO JRYHUQPHQWDO SDUWQHUVKLSV VXFK ,QYHVWLJDWH WKH XVH RI GHYHORSHU LP

DV WKH 3DLQW &UHHN 7UDLOZD\ &RPPLVVLRQ SDFW IHHV IRU SDUN FUHDWLRQ DQG RSHQ

LQ WKH VXEXUEV RI 'HWURLW DQG 3RUWODQG VSDFH SUHVHUYDWLRQ 0DQ\ VXEXUEDQ


0HWUR LQ QRUWKZHVWHUQ 2UHJRQ WKHUH DUH FRXQWLHV DQG DSSUR[LPDWHO\ RQHWKLUG RI
PDQ\ PRUH FDVHV RI LQDELOLW\ WR FRRSHU FLWLHV LQFOXGLQJ &KLFDJR $WODQWD DQG DOO
DWH IRU WKH JUHDWHU UHJLRQDO JRRG :H FLWLHV LQ &DOLIRUQLD UHTXLUH GHYHORSHUV WR
QHHG WR VWXG\ ZK\ VRPH SDUWQHUVKLSV GRQDWH ODQG RU PDNH D FRPPHQVXUDWH
IDLO ZKLOH RWKHUV VXFFHHG DQG ZH QHHG SD\PHQW LQ RUGHU WR SUHVHUYH JUHHQ
WR EH DEOH WR GLVVHPLQDWH WHPSODWHV RI VSDFH LQ WKH IDFH RI QHZ FRQVWUXFWLRQ
'DUUHO .RORVWD ‹  SURGXFWLYH UHODWLRQVKLSV  DOO WKH ZD\ 2WKHU FLWLHV KDYH QR VXFK UHTXLUH
3DJH 

PHQW 6XSSRUWHUV ODXG WKH PHFKDQLVP DUH RSHUDWLQJ HLWKHU RQ DQ ROG RXW
IRU VDYLQJ ODQG DQG NHHSLQJ WD[HV IURP PRGHG SODQ RU RQ QR SODQ DW DOO 7KH
FOLPELQJ RSSRQHQWV FODLP WKDW LW UDLVHV FRPELQDWLRQ RI D SODQQLQJ REOLJDWLRQ
WKH FRVW RI QHZ KRXVLQJ DQG GULYHV GH ZLWK VRPH IHGHUDO DQG VWDWH PDWFKLQJ
YHORSHUV DZD\ WR RWKHU MXULVGLFWLRQV 1R

RQH KDV DQDO\]HG LWV UHDO LPSDFW RQ XU


IXQGV FRXOG GR IRU FLW\ SDUNV ZKDW WKH

WUDQVSRUWDWLRQ SURJUDP GLG IRU FLW\ KLJK


7KHFRPELQDWLRQRI 
EDQ RSHQ VSDFH SUHVHUYDWLRQ :H QHHG ZD\V EHJLQQLQJ LQ WKH V DSODQQLQJREOLJD
WR FRQGXFW D GHILQLWLYH HFRQRPLF VWXG\

LQWR WKLV FRQWURYHUV\ WR GHWHUPLQH ZKDW


WLRQZLWKVRPH
IHGHUDODQGVWDWH
'HWHUPLQH WKH ILVFDO LPSDFW RI
WKH LGHDO SXEOLF SROLF\ DSSURDFK LV SDUNV 3HUKDSV WKH VLQJOH JUHDWHVW

ORQJWHUP UHVHDUFK QHHG LV SURYLGLQJ PDWFKLQJIXQGV


FRXOGGRIRUFLW\
,QWHJUDWH SODQQLQJ ZLWK IXQGLQJ HFRQRPLF ´SURRIµ RI WKH YDOXH RI XUEDQ
3XEOLF H[SHQGLWXUHV DQG ERQG UHIHUHQGD SDUNV 3DUNV RI FRXUVH ZLOO DOZD\V EH
DW DOO OHYHOV RI JRYHUQPHQW FDQ OHDG WR UHYHUHG IRU WKHLU PDQ\ RWKHU WUDLWV EXW SDUNVZKDWWKH
FROODERUDWLRQ WKDW FDQ SURYLGH PRUH UH

VRXUFHV IRU ORFDO SDUNV %ULQJLQJ IHGHUDO


WKH DUJXPHQW IRU WKHP LV PRUH FRPSHO

OLQJ LI LW FDQ EH VKRZQ WKDW WKH\ KDYH


WUDQVSRUWDWLRQ
DQG VWDWH JRYHUQPHQWV LQWR WKH SLFWXUH HFRQRPLF FORXW HTXDO WKDW RI WKHLU ORFDO SURJUDPGLGIRUFLW\
LV LPSRUWDQW QRW RQO\ IRU WKHLU PRQH\ EXW

DOVR IRU WKH VWUXFWXUDO UHTXLUHPHQW WKH\


L]HG ´FRPSHWLWRUVµ KRXVLQJ UHWDLO DQG

HPSOR\PHQW QRGHV ,Q RUGHU WR WDNH SDUW


KLJKZD\VEHJLQQLQJ
EULQJ  WKH UHTXLUHPHQW RI SODQQLQJ ,W LQ SROLF\ GLVFXVVLRQV ZH QHHG D FDUH LQWKHV
LV QRWDEOH WKDW ZKLOH WKH FRQFHSW RI IXOO\ GHVLJQHG VWXG\ WKDW PHDVXUHV DQG 
QHLJKERUKRRG SODQQLQJ LV EHFRPLQJ

IDVKLRQDEOH PRVW FLWLHV· SDUN DJHQFLHV


TXDQWLILHV WKH HFRQRPLF LPSDFW RI GLIIHU

HQW NLQGV RI XUEDQ SDUNV


&RQFOXVLRQ 
7KH GHEDWH RYHU ´VPDUW JURZWKµ GLGQ·W RQ WKH IULQJH 7KURXJK LQWHJUDWLYH SODQ

VWDUW ZLWK SDUNV EXW VPDUW JURZWK GLV QLQJ DQG ´JUHHQSULQWLQJµ OLQNLQJ SDUNV 
FXVVLRQV DUH DOORZLQJ XV WR UHYLVLW )UH WR RWKHU VRFLDO DQG ODQG XVH JRDOV  3HUKDSVWKHVLQJOH
JUHDWHVWORQJWHUP
GHULFN /DZ 2OPVWHG·V YLHZV DERXW WKH SDUNV DQG JUHHQVSDFH FDQ WDNH ORFDO
VRFLDO SURPLVH RI SDUNV DQG JUHHQ NQRZOHGJH DERXW WKH YDOXH RI SODFH DQG
VSDFH 1LQHWHHQWK FHQWXU\ SDUN DGYR WXUQ LW LQWR DQ DVVHW IRU OHYHUDJLQJ UHVHDUFKQHHGLV
FDWHV ZHUH WKH ILUVW WR VHH WKH SXEOLF

KHDOWK FLYLF DQG VRFLDO EHQHILWV WR SXEOLF


EURDGHU VPDUW JURZWK DFWLRQV RYHUDOO IRU

WKH FRPPXQLW\ EHQHILW


SURYLGLQJHFRQRPLF
RSHQ VSDFH DQG 2OPVWHG·V &HQWUDO 3DUN ´SURRI µRI WKH
ZDV WKH ILUVW WR GHPRQVWUDWH WKH HFR

QRPLF EHQHILWV WKDW SDUNV FDQ OHYHUDJH


7KH UDOO\LQJ FU\ RI ´6PDUW *URZWKµ LV QRW

DQ\ PRUH PHDQLQJIXO WR WKH DYHUDJH SHU


YDOXHRI XUEDQ
WKURXJK LQFUHDVHG SURSHUW\ YDOXHV )RU VRQ WKDQ HDUOLHU H[KRUWDWLRQV RI ´/DQG SDUNV
PDQ\ \HDUV WKHVH SRZHUIXO FRQFHSWV

JXLGHG FLW\ EXLOGLQJ DQG WKHQ IRU PDQ\


8VH 3ODQQLQJµ ,W LV RQO\ WKURXJK VXFK

WDQJLEOH IDFWRUV DV SODFHV IRU FKLOGUHQ WR
PRUH \HDUV DIWHUZDUG WKH\ ZHUH ORVW FODPEHU WHHQV WR SOD\ VSRUWV DGXOWV WR 
1RZ IRUWXQDWHO\ WKH SHQGXOXP LV VZLQJ JDUGHQ DQG VWUROO DQG QHLJKERUV WR 
LQJ EDFN JDWKHU WKDW FRPPXQLWLHV FDQ EHJLQ WR


YLVXDOL]H WKH IXOO GLPHQVLRQV RI VPDUW
7KH FXUUHQW EHVW SUDFWLFHV LQ SDUNV DQG JURZWK &DSWXULQJ WKH DOOXUH RI JUHHQ
JUHHQVSDFH FRQVHUYDWLRQ DUH XQGHU VSDFH IRU WKH VPDUW JURZWK PRYHPHQW 
UHFRJQL]HG WRROV WR SURPRWH VPDUWHU ZLOO KHOS OHYHUDJH $PHULFDQV· ORYH RI WKH 
JURZWK 3DUNV DFFRUGLQJ WR UHFHQW SROOV ODQG LQWR UHDO FKDQJH LQ WKH VKDSH DQG

DUH DWWUDFWLYH WRROV DURXQG ZKLFK WR IXQFWLRQLQJ RI RXU VSUDZOLQJ PHWURSROL

\
EXLOG GHYHORSPHQW VWUDWHJLHV IURP PLWL WDQ DUHDV
JDWLQJ GHQVLW\ LQ FLWLHV WR VKDSLQJ JURZWK
(QGQRWHV
 6HH IRU H[DPSOH D SROO UHOHDVHG )HEUXDU\   E\ WKH 3HZ &HQWHU IRU &LYLF -RXUQDOLVP WKDW ILQGV VSUDZO D VXUSULVLQJO\ PDMRU LVVXH
LQ VRPH FLWLHV $FFRUGLQJ WR 3HZ ,Q WKH IRXU FLWLHV VXUYH\HG D FRPSOH[ RI LVVXHV LQFOXGLQJ VSUDZO XQIHWWHUHG JURZWK DQG WUDIILF
FRQJHVWLRQ VXUIDFHG DV DQ RYHUZKHOPLQJ FRQFHUQ RXWVWULSSLQJ RU MRLQLQJ WUDGLWLRQDO LVVXHV VXFK DV FULPH WKH HFRQRP\ DQG
HGXFDWLRQ ,Q 'HQYHU  SHUFHQW FLWHG VSUDZO DV D WRS FRQFHUQ LQ DQ RSHQHQGHG TXHVWLRQ DV GLG  SHUFHQW LQ 6DQ )UDQFLVFR DQG 
SHUFHQW LQ 7DPSD )RU PRUH LQIRUPDWLRQ VHH KWWSZZZSHZFHQWHURUJGRLQJFMVSRWOLJKWLQGH[SKS

 6HH WKH XSFRPLQJ WUDQVODWLRQ SDSHU RQ DJULFXOWXUH IRU D GLVFXVVLRQ RI WKH LVVXH RI SURWHFWLQJ H[XUEDQ IDUPODQG IURP VXEXUEDQ VSUDZO

 )RU H[DPSOH &KLFDJR LV ZRUNLQJ WR FRQYHUW D PLOHVTXDUH DEDQGRQHG 86; VWHHO SODQW RQ WKH VRXWK VKRUH LQWR D QHZ FRPPXQLW\ ZLWK
KRXVLQJ VKRSV MREV DQG  DFUHV RI QHZ SDUNODQG LQ D FLW\ ZKLFK KDV RQH RI WKH ORZHVW SDUN DFUHVSHUFDSLWD UDWLRV LQ WKH FRXQWU\ 
3DUWQHUV LQFOXGH WKH &KLFDJR &RPPXQLW\ 7UXVW DQG &RUODQGV %DOWLPRUH LV FUHDWLQJ D PLOH WUDLO DORQJ WKH ORQJQHJOHFWHG *Z\QQV
)DOOV VWUHDP DV LW ZLQGV WKURXJK PRGHUDWH DQG ORZLQFRPH QHLJKERUKRRGV RQ LWV ZD\ WR WKH +DUERU 3DUWQHUV LQ WKH SURMHFW LQFOXGH WKH
$EHO )RXQGDWLRQ WKH 7UXVW IRU 3XEOLF /DQG DQG WKH 3DUNV DQG 3HRSOH )RXQGDWLRQ

 $PRQJ WKH PDQ\ QRWDEOH FLW\ DQG PHWURSROLWDQ DUHD SXEOLF SDUN ERQG DXWKRUL]DWLRQV GXULQJ WKH V ZHUH LQ /RV $QJHOHV &RXQW\
WKUHH ERQGV RI  PLOOLRQ  PLOOLRQ DQG  PLOOLRQ  6HDWWOH.LQJ &RXQW\  PLOOLRQ  3RUWODQG3RUWODQG 0HWUR WZR ERQGV
RI  PLOOLRQ DQG  PLOOLRQ  0LDPL'DGH &RXQW\  PLOOLRQ DQG 3KRHQL[  PLOOLRQ 

 6HYHUDO IRXQGDWLRQV QRWDEO\ WKH 6XUGQD )RXQGDWLRQ KDYH LQYHVWHG KHDYLO\ LQ SXEOLF ILQDQFH UHVHDUFK DQG HGXFDWLRQ E\ WKH 7UXVW IRU
3XEOLF /DQG DQG RWKHU RUJDQL]DWLRQV

 ,Q IDFW PRUH PRQH\ ZHQW WRZDUG SDUN GHYHORSPHQW DQG UHGHYHORSPHQW WKDQ IRU QHZ SDUN FUHDWLRQ LQ WKH 0LDPL'DGH &RXQW\ LQLWLDWLYH

 7KLV GLVFXVVLRQ LV EDVHG RQ WKH ´$QDO\VLV RI 5HVHDUFKµ FRQGXFWHG IRU WKH 7UXVW IRU 3XEOLF /DQG LQ -DQXDU\  E\ 5LGGHU%UDGHQ ,QF
RI 'HQYHU &RORUDGR

 )RU D FRPSDULVRQ ZLWK ODUJH 86 FLWLHV VHH ,QVLGH &LW\ 3DUNV E\ 3HWHU +DUQLN SXEOLVKHG E\ WKH 7UXVW IRU 3XEOLF /DQG DQG WKH 8UEDQ /DQG
,QVWLWXWH -XO\ 

 7KH :DOODFH5HDGHU·V 'LJHVW )XQGV DUH VXSSRUWLQJ 3DUN:RUNV LQ &OHYHODQG

 7KH %XOOLWW )RXQGDWLRQ VXSSRUWV 73/·V ZRUN LQ 6HDWWOH

7KLV DUWLFOH ZDV SULQWHG ZLWK VR\EDVHG LQNV RQ UHF\FOHG SDSHU

6SRW LOOXVWUDWLRQV RQ SDJHV   DQG  H[FOXGLQJ )XQGHUV· 1HWZRUN ´JOREHµ ORJR E\ 'DUUHO .RORVWD ‹ 

)XQGHUV·1HWZRUNIRU6PDUW
*URZWKDQG/LYDEOH&RPPXQLWLHV 
/ %HQMDPLQ 6WDUUHWW ([HFXWLYH 'LUHFWRU

:RUNLQJ WR VWUHQJWKHQ IXQGHUV·

LQGLYLGXDO DQG FROOHFWLYH DELOLWLHV WR

VXSSRUW RUJDQL]DWLRQV SURPRWLQJ

VPDUW JURZWK DQG FUHDWLQJ OLYDEOH

FRPPXQLWLHV

&ROOLQV &HQWHU IRU 3XEOLF 3ROLF\ ,QF

 6( QG $YHQXH 6XLWH 

0LDPL )ORULGD 

3KRQH 

)D[ 

(PDLO EVWDUUHWW#FROOLQVFHQWHURUJ

You might also like