<div dir="ltr"><br><div class="gmail_quote"><div class="msg-1416524865512166731"><div dir="ltr"><div><div id="m_3563834539356122238Signature"><div><div><font size="2"><div></div></font></div></div></div></div><div id="m_3563834539356122238divRplyFwdMsg" dir="ltr"><font face="Calibri, sans-serif" style="font-size:11pt" color="#000000"><b>Subject:</b> Academic Seminar of Data Science with André Portela Santos of CUNEF - Online</font>
<div> </div>
</div>
<div lang="PT-BR" link="#0563C1" vlink="#954F72" style="word-wrap:break-word">
<div>
<p> </p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="600" style="width:450.0pt">
<tbody>
<tr style="height:22.5pt">
<td valign="top" style="padding:0cm 0cm 0cm 0cm;height:22.5pt">
<p><span> </span><span style="font-size:10.0pt;font-family:"Times New Roman",serif"></span></p>
</td>
</tr>
<tr style="height:23.25pt">
<td width="600" valign="top" style="width:450.0pt;padding:0cm 0cm 0cm 0cm;height:23.25pt">
<p align="center" style="text-align:center"><span> </span></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="540" style="width:405.0pt">
<tbody>
<tr>
<td width="146" style="width:109.5pt;padding:0cm 0cm 0cm 0cm">
<p><span><img width="87" height="31" id="m_3563834539356122238x_Imagem_x0020_16" alt="Logo Insper" style="width:.9062in;height:.3229in" src="cid:18873efcb244cff311"></span><span></span></p>
</td>
<td width="394" style="width:295.5pt;padding:0cm 0cm 0cm 0cm">
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%">
<tbody>
<tr style="height:23.25pt">
<td style="padding:0cm 0cm 0cm 0cm;height:23.25pt">
<p align="center" style="text-align:center"><span style="font-size:1.0pt"><a href="https://e.allin.insper.edu.br/bendar/?atmca=10094556&atmme=339&atmte=1&atmso=ck&utm_content=277659976&atmem=cm9kcmlnb2ZzM0BpbnNwZXIuZWR1LmJy" target="_blank"><span style="font-size:10.5pt;font-family:"Verdana",sans-serif;color:#7b7b7b">Insper</span></a></span></p>
</td>
<td width="1" style="width:.75pt;padding:0cm 0cm 0cm 0cm;height:23.25pt">
<p align="center" style="text-align:center"><span style="font-size:1.0pt"><img border="0" width="1" height="15" id="m_3563834539356122238x_Imagem_x0020_15" alt="http://arquivos.insper.edu.br/2019/fundo_programa_bolsas/images/div.jpg" style="width:.0104in;height:.1562in" src="cid:18873efcb245b006a2"></span><span style="font-size:1.0pt"></span></p>
</td>
<td style="padding:0cm 0cm 0cm 0cm;height:23.25pt">
<p align="center" style="text-align:center"><span style="font-size:1.0pt"><a href="https://e.allin.insper.edu.br/bendar/?atmca=10094556&atmme=339&atmte=1&atmso=ck&utm_content=277659977&atmem=cm9kcmlnb2ZzM0BpbnNwZXIuZWR1LmJy" target="_blank"><span style="font-size:10.5pt;font-family:"Verdana",sans-serif;color:#7b7b7b">Accreditations</span></a></span></p>
</td>
<td width="1" style="width:.75pt;padding:0cm 0cm 0cm 0cm;height:23.25pt">
<p align="center" style="text-align:center"><span style="font-size:1.0pt"><img border="0" width="1" height="15" id="m_3563834539356122238x_Imagem_x0020_14" alt="http://arquivos.insper.edu.br/2019/fundo_programa_bolsas/images/div.jpg" style="width:.0104in;height:.1562in" src="cid:18873efcb245b006a2"></span><span style="font-size:1.0pt"></span></p>
</td>
<td width="189" style="width:5.0cm;padding:0cm 0cm 0cm 0cm;height:23.25pt">
<p align="center" style="text-align:center"><span style="font-size:1.0pt"><a href="https://e.allin.insper.edu.br/bendar/?atmca=10094556&atmme=339&atmte=1&atmso=ck&utm_content=277659975&atmem=cm9kcmlnb2ZzM0BpbnNwZXIuZWR1LmJy" target="_blank"><span style="font-size:10.5pt;font-family:"Verdana",sans-serif;color:#7b7b7b">Academic
Programs</span></a></span></p>
</td>
</tr>
</tbody>
</table>
</div>
</td>
</tr>
</tbody>
</table>
</div>
<p align="center" style="text-align:center"><span></span></p>
</td>
</tr>
<tr style="height:22.5pt">
<td valign="top" style="padding:0cm 0cm 0cm 0cm;height:22.5pt"></td>
</tr>
</tbody>
</table>
</div>
<p><span> </span></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="600" style="width:450.0pt;background:white">
<tbody>
<tr>
<td style="padding:0cm 0cm 0cm 0cm">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%">
<tbody>
<tr>
<td style="padding:0cm 0cm 0cm 0cm">
<p><span><img border="0" width="599" height="149" id="m_3563834539356122238x_Imagem_x0020_13" alt="https://arquivos.insper.edu.br/2023/pesquisa/imagens/Data-Science-online.jpg" style="width:6.2395in;height:1.552in" src="cid:18873efcb246917eb3"></span><span></span></p>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
<p><span> </span></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="231" style="width:173.6pt;background:white">
<tbody>
<tr>
<td width="231" style="width:173.6pt;padding:0cm 0cm 0cm 0cm">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%">
<tbody>
<tr>
<td style="padding:0cm 0cm 0cm 0cm"></td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td width="231" style="width:173.6pt;padding:0cm 0cm 0cm 0cm">
<p><span> </span></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%">
<tbody>
<tr>
<td style="padding:0cm 0cm 0cm 0cm"></td>
</tr>
</tbody>
</table>
<p><span></span></p>
</td>
</tr>
<tr>
<td width="231" style="width:173.6pt;padding:0cm 0cm 0cm 0cm">
<table border="0" cellspacing="0" cellpadding="0" width="540" style="width:405.0pt">
<tbody>
<tr>
<td style="padding:0cm 0cm 0cm 0cm">
<table border="0" cellspacing="0" cellpadding="0" width="567" style="width:15.0cm">
<tbody>
<tr style="height:22.5pt">
<td width="100%" style="width:100.0%;padding:0cm 0cm 0cm 0cm;height:22.5pt">
<p><span lang="EN-US"> </span></p>
</td>
</tr>
<tr>
<td width="100%" style="width:100.0%;padding:0cm 0cm 0cm 0cm">
<p align="center" style="text-align:center;line-height:115%">
<b><span lang="EN-US" style="font-family:"Verdana",sans-serif;color:black">Title: </span></b><span lang="EN-US" style="font-family:"Verdana",sans-serif">Machine Learning and Fund Characteristics Help to Select Mutual Funds with Positive Alpha</span></p>
<p align="center" style="text-align:center;line-height:115%">
<span lang="EN-US" style="font-family:"Verdana",sans-serif"> </span></p>
</td>
</tr>
<tr style="height:26.25pt">
<td width="100%" style="width:100.0%;padding:0cm 0cm 0cm 0cm;height:26.25pt">
<p><b><span lang="EN-US" style="font-family:"Verdana",sans-serif;color:black"> </span></b></p>
<p><b><span lang="EN-US" style="font-family:"Verdana",sans-serif;color:black"> </span></b></p>
</td>
</tr>
<tr>
<td width="100%" style="width:100.0%;padding:0cm 0cm 0cm 0cm">
<p style="line-height:18.0pt"><b><span style="font-family:"Verdana",sans-serif;color:black">Speaker:</span></b><span style="font-family:"Verdana",sans-serif;color:black"> </span><span lang="EN-US" style="font-family:"Verdana",sans-serif;color:black"><a href="https://sites.google.com/site/andreportela/" target="_blank"><span lang="PT-BR">André
Portela Santos</span></a></span><span style="font-family:"Verdana",sans-serif;color:black"></span></p>
<p style="line-height:18.0pt"><b><span style="font-family:"Verdana",sans-serif;color:black">University:</span></b><span style="font-family:"Verdana",sans-serif;color:black"> </span><span lang="EN-US" style="font-family:"Verdana",sans-serif;color:black"><a href="https://www.cunef.edu/" target="_blank"><span lang="PT-BR">CUNEF</span></a></span><span style="font-family:"Verdana",sans-serif;color:black"></span></p>
</td>
</tr>
<tr style="height:11.25pt">
<td width="100%" style="width:100.0%;padding:0cm 0cm 0cm 0cm;height:11.25pt">
<p><span style="font-family:"Verdana",sans-serif"> </span></p>
</td>
</tr>
<tr style="height:56.2pt">
<td width="100%" style="width:100.0%;padding:0cm 0cm 0cm 0cm;height:56.2pt">
<p style="text-align:justify;line-height:115%"><b><span style="font-family:"Verdana",sans-serif;color:#414042"> </span></b></p>
<p style="text-align:justify;line-height:115%"><b><span lang="EN-US" style="font-family:"Verdana",sans-serif">Abstract:</span></b><span lang="EN-US" style="font-family:"Verdana",sans-serif;color:#414042"> </span><span lang="EN-US" style="font-family:"Verdana",sans-serif">
</span><span lang="EN-US" style="font-family:"Verdana",sans-serif">Machine learning exploits fund characteristics to select tradable long-only portfolios of mutual funds that earn significant out-of-sample annual alphas of 2.4% net of all costs. Machine learning
unveils interactions in the relation between fund characteristics and future performance. For instance, past performance is a particularly strong predictor of future performance for more active funds. Machine learning selects funds that are small relative
to their managers’ skill, consistent with informational frictions preventing some investors from identifying the outperforming funds. Our findings demonstrate that investors can benefit from active management, but only if they can access the predictions of
sophisticated prediction methods.</span><span lang="EN-US" style="font-family:"Verdana",sans-serif"></span></p>
</td>
</tr>
<tr style="height:18.75pt">
<td width="100%" style="width:100.0%;padding:0cm 0cm 0cm 0cm;height:18.75pt">
<p><span lang="EN-US"> </span></p>
</td>
</tr>
<tr style="height:75.0pt">
<td width="100%" style="width:100.0%;padding:0cm 0cm 0cm 0cm;height:75.0pt">
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="540" style="width:405.0pt">
<tbody>
<tr style="height:15.0pt">
<td style="padding:0cm 0cm 0cm 0cm;height:15.0pt"></td>
</tr>
<tr style="height:3.9pt">
<td style="padding:0cm 0cm 0cm 0cm;height:3.9pt"></td>
</tr>
<tr style="height:11.25pt">
<td width="100%" style="width:100.0%;padding:0cm 0cm 0cm 0cm;height:11.25pt">
<p><span lang="EN-US"> </span><span lang="EN-US"></span></p>
</td>
</tr>
<tr style="height:22.5pt">
<td style="padding:0cm 0cm 0cm 0cm;height:22.5pt">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%">
<tbody>
<tr style="height:30.0pt">
<td width="40" style="width:30.0pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;height:30.0pt">
<p><span><img border="0" width="30" height="30" id="m_3563834539356122238x_Imagem_x0020_8" alt="Ã cone Data" style="width:.3125in;height:.3125in" src="cid:18873efcb247745b44"></span><span></span></p>
</td>
<td style="padding:1.5pt 1.5pt 1.5pt 1.5pt;height:30.0pt">
<p><span style="font-size:10.5pt;font-family:"Verdana",sans-serif;color:black">June 1, 2023</span><span></span></p>
</td>
</tr>
<tr style="height:15.0pt">
<td style="padding:1.5pt 1.5pt 1.5pt 1.5pt;height:15.0pt">
<p><span><img border="0" width="30" height="31" id="m_3563834539356122238x_Imagem_x0020_7" alt="Ã cone Hora" style="width:.3125in;height:.3229in" src="cid:18873efcb24855d355"></span><span></span></p>
</td>
<td style="padding:1.5pt 1.5pt 1.5pt 1.5pt;height:15.0pt">
<p><span style="font-size:10.5pt;font-family:"Verdana",sans-serif;color:black">12pm de São Paulo, Brasil (UTC/GMT -03:00)</span><span></span></p>
</td>
</tr>
<tr style="height:30.0pt">
<td style="padding:1.5pt 1.5pt 1.5pt 1.5pt;height:30.0pt">
<p><span><img border="0" width="30" height="30" id="m_3563834539356122238x_Imagem_x0020_6" alt="Ã cone Data" style="width:.3125in;height:.3125in" src="cid:18873efcb249374b66"></span><span></span></p>
</td>
<td style="padding:1.5pt 1.5pt 1.5pt 1.5pt;height:30.0pt">
<p><span lang="EN-US" style="font-size:10.5pt;font-family:"Verdana",sans-serif;color:black"> </span></p>
<p><span lang="EN-US" style="font-size:10.5pt;font-family:"Verdana",sans-serif;color:black">The seminar will be streamed at the
</span><span style="font-size:10.5pt;font-family:"Verdana",sans-serif;color:black"><a href="https://zoom.us/j/95781336030" target="_blank"><span lang="EN-US">link</span></a></span><span lang="EN-US" style="font-size:10.5pt;font-family:"Verdana",sans-serif;color:black"></span></p>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr style="height:15.0pt">
<td style="padding:0cm 0cm 0cm 0cm;height:15.0pt"></td>
</tr>
</tbody>
</table>
</div>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td width="231" style="width:173.6pt;padding:0cm 0cm 0cm 0cm">
<p><span lang="EN-US"> </span></p>
</td>
</tr>
<tr style="height:22.5pt">
<td width="231" style="width:173.6pt;padding:0cm 0cm 0cm 0cm;height:22.5pt"></td>
</tr>
</tbody>
</table>
</div>
<p><span lang="EN-US" style="display:none"> </span></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="600" style="width:450.0pt;background:white">
<tbody>
<tr style="height:7.5pt">
<td style="padding:0cm 0cm 0cm 0cm;height:7.5pt"></td>
</tr>
<tr style="height:.75pt">
<td style="background:#e3e3e3;padding:0cm 0cm 0cm 0cm;height:.75pt"></td>
</tr>
<tr style="height:15.0pt">
<td style="padding:0cm 0cm 0cm 0cm;height:15.0pt"></td>
</tr>
<tr>
<td style="padding:0cm 0cm 0cm 0cm">
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="320" style="width:240.0pt">
<tbody>
<tr style="height:32.25pt">
<td width="66" style="width:49.5pt;padding:0cm 0cm 0cm 0cm;height:32.25pt">
<p align="center" style="text-align:center"><a href="https://e.allin.insper.edu.br/bendar/?atmca=10094556&atmme=339&atmte=1&atmso=ck&utm_content=277659973&atmem=cm9kcmlnb2ZzM0BpbnNwZXIuZWR1LmJy" target="_blank"><span style="color:blue;text-decoration:none"><img border="0" width="32" height="32" id="m_3563834539356122238x_Imagem_x0020_5" alt="Linkedin" style="width:.3333in;height:.3333in" src="cid:18873efcb24a18c377"></span></a></p>
</td>
<td width="60" style="width:45.0pt;padding:0cm 0cm 0cm 0cm;height:32.25pt">
<p align="center" style="text-align:center"><a href="https://e.allin.insper.edu.br/bendar/?atmca=10094556&atmme=339&atmte=1&atmso=ck&utm_content=277659978&atmem=cm9kcmlnb2ZzM0BpbnNwZXIuZWR1LmJy" target="_blank"><span style="color:blue;text-decoration:none"><img border="0" width="32" height="32" id="m_3563834539356122238x_Imagem_x0020_4" alt="Facebook" style="width:.3333in;height:.3333in" src="cid:18873efcb24afa3b88"></span></a><span></span></p>
</td>
<td width="65" style="width:48.75pt;padding:0cm 0cm 0cm 0cm;height:32.25pt">
<p align="center" style="text-align:center"><a href="https://e.allin.insper.edu.br/bendar/?atmca=10094556&atmme=339&atmte=1&atmso=ck&utm_content=277659979&atmem=cm9kcmlnb2ZzM0BpbnNwZXIuZWR1LmJy" target="_blank"><span style="color:blue;text-decoration:none"><img border="0" width="36" height="36" id="m_3563834539356122238x_Imagem_x0020_3" alt="Twitter" style="width:.375in;height:.375in" src="cid:18873efcb24bdbb399"></span></a><span></span></p>
</td>
<td width="64" style="width:48.0pt;padding:0cm 0cm 0cm 0cm;height:32.25pt">
<p align="center" style="text-align:center"><a href="https://e.allin.insper.edu.br/bendar/?atmca=10094556&atmme=339&atmte=1&atmso=ck&utm_content=277659972&atmem=cm9kcmlnb2ZzM0BpbnNwZXIuZWR1LmJy" target="_blank"><span style="color:blue;text-decoration:none"><img border="0" width="32" height="32" id="m_3563834539356122238x_Imagem_x0020_2" alt="YouTube" style="width:.3333in;height:.3333in" src="cid:18873efcb241f3c04fa"></span></a><span></span></p>
</td>
<td width="65" style="width:48.75pt;padding:0cm 0cm 0cm 0cm;height:32.25pt">
<p align="center" style="text-align:center"><a href="https://e.allin.insper.edu.br/bendar/?atmca=10094556&atmme=339&atmte=1&atmso=ck&utm_content=277659974&atmem=cm9kcmlnb2ZzM0BpbnNwZXIuZWR1LmJy" target="_blank"><span style="color:blue;text-decoration:none"><img border="0" width="32" height="32" id="m_3563834539356122238x_Imagem_x0020_1" alt="Instagram" style="width:.3333in;height:.3333in" src="cid:18873efcb24201d7d0b"></span></a><span></span></p>
</td>
</tr>
</tbody>
</table>
</div>
</td>
</tr>
<tr style="height:15.0pt">
<td style="padding:0cm 0cm 0cm 0cm;height:15.0pt"></td>
</tr>
<tr>
<td style="padding:0cm 0cm 0cm 0cm">
<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td style="padding:0cm 0cm 0cm 0cm">
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%">
<tbody>
<tr>
<td style="padding:0cm 0cm 0cm 0cm">
<p><span style="font-size:8.5pt;font-family:"Verdana",sans-serif;color:#3a3a41">Rua Quatá, 300 - Vila Olímpia - São Paulo/SP - Brasil - CEP: 04546-042 | Tel: (11) 4504-2400</span></p>
</td>
</tr>
</tbody>
</table>
</div>
</td>
</tr>
</tbody>
</table>
</div>
</td>
</tr>
</tbody>
</table>
</div>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
</div>
</div>
</div>
</div></div><br clear="all"><div><br></div><span class="gmail_signature_prefix">-- </span><br><div dir="ltr" class="gmail_signature" data-smartmail="gmail_signature"><div dir="ltr"><span style="color:rgb(0,0,0);font-family:Calibri,Arial,Helvetica,sans-serif,"Apple Color Emoji","Segoe UI Emoji",NotoColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small">Hedibert Freitas Lopes, PhD</span><br style="color:rgb(0,0,0);font-family:Calibri,Arial,Helvetica,sans-serif,"Apple Color Emoji","Segoe UI Emoji",NotoColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small"><span style="color:rgb(0,0,0);font-family:Calibri,Arial,Helvetica,sans-serif,"Apple Color Emoji","Segoe UI Emoji",NotoColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small">Professor of Statistics and Econometrics</span><br style="color:rgb(0,0,0);font-family:Calibri,Arial,Helvetica,sans-serif,"Apple Color Emoji","Segoe UI Emoji",NotoColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small"><span style="color:rgb(0,0,0);font-family:Calibri,Arial,Helvetica,sans-serif,"Apple Color Emoji","Segoe UI Emoji",NotoColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small">INSPER - Institute of Education and Research</span><br style="color:rgb(0,0,0);font-family:Calibri,Arial,Helvetica,sans-serif,"Apple Color Emoji","Segoe UI Emoji",NotoColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small"><span style="color:rgb(0,0,0);font-family:Calibri,Arial,Helvetica,sans-serif,"Apple Color Emoji","Segoe UI Emoji",NotoColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small">Rua Quatá, 300 - São Paulo, SP 04546-042 Brazil</span><br style="color:rgb(0,0,0);font-family:Calibri,Arial,Helvetica,sans-serif,"Apple Color Emoji","Segoe UI Emoji",NotoColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small"><span style="color:rgb(0,0,0);font-family:Calibri,Arial,Helvetica,sans-serif,"Apple Color Emoji","Segoe UI Emoji",NotoColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small">Phone: +55 11 4504-2343</span><br style="color:rgb(0,0,0);font-family:Calibri,Arial,Helvetica,sans-serif,"Apple Color Emoji","Segoe UI Emoji",NotoColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small"><span style="color:rgb(0,0,0);font-family:Calibri,Arial,Helvetica,sans-serif,"Apple Color Emoji","Segoe UI Emoji",NotoColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small"><a href="http://www.hedibert.org" target="_blank">www.hedibert.org</a></span><br></div></div></div>