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<p class="MsoNormal"><span style="mso-fareast-language:PT-BR"><img width="87" height="31" style="width:.9062in;height:.3229in" id="_x0000_i1038" alt="Logo Insper" src="cid:image001.jpg@01D71CB2.19D2A2B0"></span><span style="font-size:12.0pt"><o:p></o:p></span></p>
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<p class="MsoNormal" align="center" style="text-align:center"><span style="font-size:1.0pt"><a href="https://www.insper.edu.br/cursos" target="_blank"><span style="font-size:10.5pt;font-family:"Verdana",sans-serif;color:#7B7B7B;text-decoration:none">Nossos
Cursos</span></a><o:p></o:p></span></p>
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<p class="MsoNormal" align="center" style="text-align:center"><span style="font-size:1.0pt"><a href="https://www.insper.edu.br/conhecimento/" target="_blank"><span style="font-size:10.5pt;font-family:"Verdana",sans-serif;color:#7B7B7B;text-decoration:none">Pesquisa</span></a><o:p></o:p></span></p>
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<p class="MsoNormal" align="center" style="text-align:center"><span style="font-size:1.0pt"><a href="https://www.insper.edu.br/transforme-com-o-insper/" target="_blank"><span style="font-size:10.5pt;font-family:"Verdana",sans-serif;color:#7B7B7B;text-decoration:none">Transforme
com o Insper</span></a><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="mso-fareast-language:PT-BR"><img border="0" width="599" height="98" style="width:6.2395in;height:1.0208in" id="_x0000_i1035" alt="Insper International" src="cid:image003.jpg@01D71CB2.19D2A2B0"></span><span style="font-size:12.0pt"><o:p></o:p></span></p>
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<p class="MsoNormal"><b><span lang="EN-US" style="font-size:18.0pt;font-family:"Verdana",sans-serif;color:#C00026;mso-fareast-language:PT-BR">Data Science</span></b><span style="font-size:1.0pt;font-family:"Times New Roman",serif;mso-fareast-language:PT-BR"><o:p></o:p></span></p>
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<br>
<span style="font-family:"Verdana",sans-serif;color:#C00026">Academic Seminar</span><span style="font-size:12.0pt"><o:p></o:p></span></p>
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<p style="margin:0cm;margin-bottom:.0001pt"><b><span lang="EN-US" style="font-size:13.0pt;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US">Semivariance-Managed Portfolios<o:p></o:p></span></b></p>
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<p style="margin:0cm;margin-bottom:.0001pt"><strong><span style="font-size:10.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></strong></p>
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<p><strong><span lang="EN-US" style="font-size:11.5pt;font-family:"Verdana",sans-serif;color:#333333;mso-fareast-language:EN-US">Speaker:</span></strong><span lang="EN-US" style="font-size:11.5pt;font-family:"Verdana",sans-serif;color:#333333;mso-fareast-language:EN-US"> </span><span class="MsoHyperlink"><span lang="EN-US" style="font-size:11.5pt;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US"><a href="https://eesp.fgv.br/integrante/marcelo-fernandes">Marcelo
Fernandes</a></span></span><span lang="EN-US" style="font-size:11.5pt;font-family:"Verdana",sans-serif;color:#333333;mso-fareast-language:EN-US"><br>
<strong><span style="font-family:"Verdana",sans-serif">University:</span></strong></span><span lang="EN-US" style="font-size:10.0pt;font-family:"Calibri",sans-serif;mso-fareast-language:EN-US">
</span><span class="MsoHyperlink"><span lang="EN-US" style="font-size:11.5pt;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US"><a href="https://eesp.fgv.br/">EESP-FGV</a></span></span><span lang="EN-US" style="font-size:11.5pt;font-family:"Verdana",sans-serif;color:#333333"><o:p></o:p></span></p>
<p class="MsoNormal" style="text-align:justify;text-autospace:none"><span lang="EN-US" style="font-size:11.5pt;font-family:"Verdana",sans-serif;color:#333333">Portfolio theory posits that investors should always maximize their return-to-variability reward.
As volatility is highly persistent, one could well hope to improve Sharpe ratios by timing volatility. However, volatility-managed portfolios fail to deliver significantly better performance in general. In this paper, we focus on downside risk, as measured
by semivariances, rather than volatility. We show that semivariance management not only yields better Sharpe ratios than volatility management, but also improve Sortino ratios in a significant manner, using a large set of anomaly mimicking-factor portfolios.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="mso-fareast-language:PT-BR"><img border="0" width="21" height="22" style="width:.2187in;height:.2291in" id="_x0000_i1034" alt="Ícone Data" src="cid:image004.jpg@01D71CB2.19D2A2B0"></span><span style="font-size:12.0pt;background:yellow;mso-highlight:yellow"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Verdana",sans-serif">May/06<span style="color:black">/2020<o:p></o:p></span></span></p>
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<p class="MsoNormal"><strong><span style="font-size:10.5pt;font-family:"Verdana",sans-serif;color:black;font-weight:normal">12</span></strong><strong><span style="font-size:10.5pt;font-family:"Verdana",sans-serif;font-weight:normal">pm<span style="color:black">
de Sao Paulo, Brazil (UTC/GMT -03:00)</span></span></strong><b><span style="font-size:10.5pt;font-family:"Verdana",sans-serif"><o:p></o:p></span></b></p>
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<p class="MsoNormal"><span style="mso-fareast-language:PT-BR"><img border="0" width="21" height="21" style="width:.2187in;height:.2187in" id="Imagem_x0020_8" alt="Ícone Hora" src="cid:image006.jpg@01D71CB2.19D2A2B0"></span><o:p></o:p></p>
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<p class="MsoNormal"><strong><span style="font-size:10.5pt;font-family:"Verdana",sans-serif;color:#1F497D;font-weight:normal"><a href="https://zoom.us/j/91338853008">Click here to join</a></span></strong><o:p></o:p></p>
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<p class="MsoNormal"><b><span lang="EN-US" style="font-size:11.5pt;font-family:"Verdana",sans-serif;color:#333333;mso-fareast-language:PT-BR">#WeAreInsper</span></b><span lang="EN-US" style="font-size:11.5pt;font-family:"Verdana",sans-serif;color:#333333;mso-fareast-language:PT-BR"><o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN" style="font-size:11.5pt;font-family:"Verdana",sans-serif;color:#333333;mso-fareast-language:PT-BR">Find upcoming seminars
</span><a href="https://www.insper.edu.br/pesquisa-e-conhecimento/seminarios-academicos/"><b><span lang="EN-US" style="font-size:11.5pt;font-family:"Verdana",sans-serif;color:#C00026;mso-fareast-language:PT-BR">here</span></b></a><b><u><span lang="EN-US" style="font-size:11.5pt;font-family:"Verdana",sans-serif;color:#C00026;mso-fareast-language:PT-BR">.<o:p></o:p></span></u></b></p>
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<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Verdana",sans-serif;color:#7B7B7B">Rua Quatá, 300 - Vila Olímpia<br>
São Paulo/SP - CEP: 04546-042</span><span style="font-size:11.5pt;font-family:"Verdana",sans-serif;color:#7B7B7B"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Verdana",sans-serif;color:#7B7B7B">(11) 4504-2400<br>
<a href="mailto:seminariosacademicos@insper.edu.brsubject=Contato"><span style="color:#F25560">seminariosacademicos@insper.edu.br</span></a></span><span style="font-size:11.5pt;font-family:"Verdana",sans-serif;color:#7B7B7B"><o:p></o:p></span></p>
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<p class="MsoNormal" align="center" style="text-align:center"><a href="https://www.facebook.com/insper" target="_blank"><span style="font-size:13.5pt;font-family:"Times New Roman",serif;color:blue;mso-fareast-language:PT-BR;text-decoration:none"><img border="0" width="21" height="32" style="width:.2187in;height:.3333in" id="Imagem_x0020_13" alt="Facebook" src="cid:image010.jpg@01D71CB2.19D2A2B0"></span></a><span style="font-size:13.5pt;font-family:"Times New Roman",serif;color:black;mso-fareast-language:PT-BR"><o:p></o:p></span></p>
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<p class="MsoNormal" align="center" style="text-align:center"><a href="https://twitter.com/insper" target="_blank"><span style="font-size:13.5pt;font-family:"Times New Roman",serif;color:blue;mso-fareast-language:PT-BR;text-decoration:none"><img border="0" width="36" height="32" style="width:.375in;height:.3333in" id="Imagem_x0020_3" alt="Twitter" src="cid:image011.jpg@01D71CB2.19D2A2B0"></span></a><span style="font-size:13.5pt;font-family:"Times New Roman",serif;color:black;mso-fareast-language:PT-BR"><o:p></o:p></span></p>
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<p class="MsoNormal" align="center" style="text-align:center"><a href="https://www.youtube.com/user/insperedu" target="_blank"><span style="font-size:13.5pt;font-family:"Times New Roman",serif;color:blue;mso-fareast-language:PT-BR;text-decoration:none"><img border="0" width="32" height="32" style="width:.3333in;height:.3333in" id="Imagem_x0020_11" alt="YouTube" src="cid:image012.jpg@01D71CB2.19D2A2B0"></span></a><span style="font-size:13.5pt;font-family:"Times New Roman",serif;color:black;mso-fareast-language:PT-BR"><o:p></o:p></span></p>
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<p class="MsoNormal" align="center" style="text-align:center"><a href="https://www.instagram.com/insperedu/" target="_blank"><span style="font-size:13.5pt;font-family:"Times New Roman",serif;color:blue;mso-fareast-language:PT-BR;text-decoration:none"><img border="0" width="32" height="32" style="width:.3333in;height:.3333in" id="Imagem_x0020_10" alt="Instagram" src="cid:image013.jpg@01D71CB2.19D2A2B0"></span></a><span style="font-size:13.5pt;font-family:"Times New Roman",serif;color:black;mso-fareast-language:PT-BR"><o:p></o:p></span></p>
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