This course will prepare you to ace the Portfolio Management topic area in the CFA Level 2 syllabus. The risk aversion coefficient will be positive for risk-averse investors, zero for those risk neutral, and negative for those who are risk-seeking. Le taux de réussite du CFA level I était de 43% en 2016. 2020 CFA Level I Exam Preparation with AnalystNotes: Study Session 18. It’s ideal for last-minute revision, studying on the move, and quickly recapping key points. $${ R }_{ m }=market\quad return$$ Start studying CFA Level 3- Reading 21: Fixed income portfolio management part 1. – LOS 51a: describe the portfolio approach to investing. Performance is also tracked and reported to the client at regular intervals. There is one study session divided into 4 readings. It is the sum of the cross product of a) portfolio asset weights in excess of the benchmark asset weights and b) portfolio … Effective risk governance involves a visible commitment from a firm’s governing body. 4) CFA Institute $4.19. You solve an MWRR problem the same way that you solve other IRR problems using your calculator. Big data is a term used to refer to complex, extremely large data that may be analyzed computationally to reveal patterns, trends, and associations, especially those leading to human behavior. This is based on the principle of the two-fund separation theorem, which posits that all investors will hold a portfolio that combines two assets, one risk-free portfolio and one portfolio of risky assets. If a counterparty defaults on a payment, collateral can be transferred to the relevant party instantaneously. – LOS 51c: describe defined contribution and defined benefit pension plans. Another important concept is that is Support and Resistance levels. Securities are purchased and trades are executed. These are lines that indicate the standard deviations of prices compared to a moving average of the stock’s price. 2002 CFA Level III - Candidate Readings: Portfolio Management II (2002 Chartered Financial Analyst Program (CFA) on Amazon.com. Click here to access 40 hours of video lectures. View Lecture 2- Basics of Portfolio Planning and Construction.pdf from FNAS 215 at Notre Dame University-Louaize. The simplest to calculate is the Holding Period Return. Elements from this study session are need to fully appreciate certain aspects of the Equity readings and also the Portfolio Management readings. The most common use of the distributed ledger technology (DLT) is Bitcoin, a Cryptocurrency which enables payments to be sent between users without passing through a central authority. 132 terms. In the field of technical analysis, there are a number of patterns that appear on stock charts reflecting price movements that can be used when trying to forecast future movements in stock price. Relative-Value Methodologies for Global Credit Bond Portfolio Management … Other uses include Tokenization (the process of converting rights to an asset), Post-trade Clearing and Settlement (near-real-time trade verification, reconciliation, and settlement) and Seamless Compliance, which would eliminate the need for large post-trade monitoring teams and create operational efficiency. and the best product available to help you pass your exams. The approach an investor takes can be determined by their level of risk tolerance and belief that they can achieve superior returns to the market. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. The data they provide serve as inputs for several important formulas that show up repeatedly on the exam, and also on the level 2 and 3 exams. Separately Managed Accounts are similar to mutual funds but are created specifically for an individual or institutional client. Systematic Risk is the risk inherent to investment markets in general. Buy the Schweser Notes, and download the CFA Level 1 curriculum on your laptop/PC/iPad. These are typically based on an appropriate benchmark measure. The effects of inflation also impact investor returns. Return characteristics between asset classes utilize what is known as their variance/covariance relationships. ©AnalystPrep. Active asset managers attempt to outperform benchmarks through fundamental and quantitative research. Portfolio management is one of the smallest topics at level 1. The steps that will be undertaken to keep the IPS updated and procedures to respond to various contingencies, Information on how the investment policy should be executed and includes the permissibility and exclusion of assets, Guidance on obtaining feedback for investment results, Strategic Asset Allocation; the policy portfolio that provides the baseline portfolio asset allocation. Risk Infrastructure refers to the people and systems that carry out the risk management process. James Forjan, PhD, CFA. Diversification involves avoiding too much exposure to a single asset or asset type. In 2020, the level 1 exam is organized only in December and it's the last paper-based exam. 4 Portfolio Management readings; 75 pages of End-of-Reading Practice Problems were added 3 Ethical and Professional Standards readings; 1 Quantitative Methods reading; 1 Fixed Income reading; 2 Derivatives readings; Preparation . Study Session 1 Readings 1-3 Study Session 2: Economics: 5–10%: Study Session 4: Equity Investments: 10–15%: Study Session 9 Study Session 10: Fixed Income: 15–20%: Study Session 7 Study Session 8 : Derivatives: 5–10%: Study Session 6: Alternative Investments: 5–10%: Study Session 11: Portfolio Management… CFA: Portfolio Management I, 2002 CFA Level III Candidate Readings [CFA] on Amazon.com. It’s important to understand the relative risk and return characteristics of major asset classes. Communication is important to keep risk information available to all affected parties in the organization. Derivatives and Portfolio Management, CPA Program Curriculum, Volume 6, Level II (CPA Institute, 2012) 54. MTMP: Chapter 1, Chapter 2, Chapter 3. Level 3 SS13. The prudent action is to adhere to the risk tolerance that is the lower of the two factors. The following Level I Readings have had … Section 3. CFA professionals are in great demand in various sub-domains of finance for their expertise and knowledge of financial analysis and related concepts. It tells you how much additional risk you are taking on relative to total risk. Hedge Funds are typically more complex in nature and are more loosely regulated than mutual funds. When it comes to risk in the portfolio, the calculation is a bit more complex (and you should know it, because you will probably get a question on this in your CFA level 1 exam). JP: Chapter 7, Chapter 8, Chapter 9, Chapter 10, Chapter 11, Chapter 12 + including end of chapter exercises. Rather than have a central authority, records are independently constructed and held by every node (computer). As outlined in the curriculum (and in the curriculum for future levels), the creation of the IPS is the first part of an advisor’s job when working to determine the best approach for a client. Policies and Processes provide constraints and guidelines for the ongoing daily operations of the firm. Passive managers simply try to replicate the returns of a market index. The next 2 books are Economics and FRA, respectively. In Level III that is not always the case. On the other hand, the Time Weighted Rate of Return (TWRR) is the geometric mean for a series of Holding Period Returns (HPRs). Mutual Funds are one example, where each investor in the mutual fund owns a pro-rata claim on the value of the securities that the mutual fund owns. Value of portfolio at the end of Year 1 (t = 1) before the purchase of the new share is 22.50 + 0.50 =$23.00. Investors should try to avoid (or diversify away if possible) any risk for which they are not compensated by higher returns. Defined Contribution plans involve employers making specific contributions to accounts that will accrue in value for their employees. Common risk measures used for budgeting include Standard Deviation, Beta, Value at Risk, and Scenario Losses. The original three factors they included were relative size of the company, relative book-to-market value of the company, and the market beta. The SML can be represented formulaically as: $$E\left( { R }_{ p } \right) ={ R }_{ f }+\beta \left( E\left( { R }_{ m } \right) -{ R }_{ f } \right)$$. Nominal returns are what we have been calculating so far, and Real returns are when the effects of inflation are accounted for. The returns calculated using the CAPM and other models can be used in a number of ways related to portfolio management. A common example is the “Head and Shoulders” pattern that usually signals the end of an uptrend. But should you study them in order? Reading 51. The simplest type of return generating model is the single factor model. Each topic is further divided into readings … Working with Investors . Start studying for CFA®, FRM® or actuarial exams right away! Financial professionals who want advancements in their career always find it difficult to... 3,000 CFA® Practice Questions – QBank, Mock Exams, and Study Notes, 3,000 FRM® Practice Questions – QBank, Mock Exams, and Study Notes. 1. A common calculation approach is to find a sum of the return attributed to each return factor multiplied by their respective Betas. Register a user account to print out study notes and all practice questions. Working with Investors . Portfolio Planning & Execution ... 18a Currency risk management: Currency movement effects. This is a case of the Capital Allocation Line (CAL), where the risky asset in the equation represents the entire market portfolio. Portfolio Concepts 55. The Security Market Line (SML) is the graphical representation of the CAPM using beta as the x-axis and expected return on the y-axis. Related to the previous concept is that of the Change in Polarity. I was a nervous wreck due to the fact that I can guarantee you that back then! Blockchain is a type of digital ledger in which information, such as changes in ownership of an asset, is recorded sequentially within blocks that are then linked together and secured using cryptography. It tells you how much return you are getting in exchange for taking on additional risk. For the 2020 exam, there are 16 study sessions with 38 total readings. As discussed in the previous reading, an investor’s risk tolerance can be quantified in portfolio construction using two assets: one totally risk-free and one composed of risky securities. Exam Weight: 10% - 15%. Les candidats passent en moyenne plus de 300 heures à réviser et préparer le CFA. How broadly or narrowly they define each asset class is up to them as long as they adhere to a few criteria. My CFA Notes - Level III. One of the most useful here is the Arms Index: Values above 1 indicate more volume in declining stocks, while values below 1 indicate more activity in rising stocks. Portfolio Management for the CFA L1 curriculum|Plus 56 practice questions with answers|Prof. This can occur when a Resistance level is exceeded and that price point becomes a new Support for trading activity at the new higher level. Technical analysis is the practice of using price and volume data to value stocks. All you do is multiply each component by its weight in the portfolio and add up the results. You’ll learn about level 1 topic weights and the number of readings to study or formulas to remember. Money-Weighted Returns take into account these flows by using the fund in- or out-flows to create a weighted average return. Search this site. Another application of fintech is the Distributed Ledger Technology (DLT). Traditional managers focus on creating diversified portfolios for their clients by using long stocks and bonds. Another category in the field of technical analysis used to forecast market price movements is Cycles. You will have to devote at least 1.5 hours/day on the weekdays. The first of these combination methods is to calculate the Arithmetic Mean: $$Arithmetic\quad Mean\left( 5\%,10\%,15\% \right) =\frac { 5+10+15 }{ 3 } =10\%$$, A more complex approach to combining multiple return periods is the Geometric Mean. This will give you the return for a single holding period, but you will also need to know how to combine multiple return periods. Level I of the CFA Program is an excellent introduction to finance. It encompasses both Traditional Data Sources such as company reports, stock exchange sources, and data gathered from governments as well as Nontraditional (Alternative) Data from social media, sensor networks, and electronic devices. $$E\left( r \right)=expected\quad return$$ Looking for How Many Readings In Level 1 Cfa… I look back with fondness at the simpler days when I was getting ready for , The pleasantness of that memory can unquestionably be attributed to fond memories. Asset managers can either be Active or Passive. The risk budget will quantify risk and allocate the exposures across the organization. $${ \sigma }_{ m }=market\quad std\quad dev$$. The line on the risk/return graph above which all portfolios meet the needed investment returns without undue risk is known as the Efficient Frontier, and is represented on the graph below. These chart patterns fall into a few categories. The size of each wave is related to the one preceding it based on the Fibonacci number sequence. The investor’s optimal portfolio will appear along this line. These levels can act as floors or ceilings to the trading level of a security. These are patterns of market movement that reoccur over various time frames. You’re right to think that the CFA Level 1 Portfolio Management section isn’t typically a make or break. LOS 51.b: Describe the steps in the portfolio management process. Earlier we covered the simple calculation for the portfolio return, where you multiple each portfolio component’s return by its weight and then add these up. With this and the next three posts comprising our Level 1 Topics Series, we try to explain what level 1 CFA exam topics are all about. Do not ever skip any readings but do not spend too much time on things you do not understand. Portfolio Planning & Execution ... Risk Management & Derivatives‎ > ‎SS15 Risk Management with Derivatives‎ > ‎ Reading 27. The second and third readings … Standards of Practice Handbook, Eleventh Edition 2014. There are cycles that can happen multiple times throughout a trading day or take many years to complete one occurrence. • Portfolio Management • Equity Investments • Fixed Income • Derivatives • Alternative Investments About the Book Thank you for trusting Havels learning System® to help you reach your goals. LOS 42.d. There are a fixed number of shares in the fund and any new investor that wishes to purchase must buy existing shares from a current owner. Studied all the curriculums using Schweser’s CFA Level 1 Study Notes for 3 months, ... 1.5 week; Portfolio Management: 3 days; Derivatives: 3 days; Alternative Investment: 3 days ; The key to pass CFA Level 1 is to remember as many materials as possible. $${ R }_{ m }=market\quad return$$ Tax Concerns have a tremendous effect on investment results and so much be properly accounted for by the advisor. Having a risk management framework will reduce the frequency of surprises that impact the investment outcomes of the firm. $$U=utility$$ Starting in 2021, level 1 exams will be held on computers 4 times a year: in February, May, August, and November. 2002 CFA Level III - Candidate Readings: Portfolio Management II (2002 Chartered Financial Analyst Program (CFA) A simple example of this is the moving average, which is the average price of a security over a number of previous time periods. There are a number of different types of returns included in the curriculum. In addition to chart patterns, there are also indicators used in technical analysis that are used to predict future changes in a security’s price. $$M-squared\quad { w }_{ p }=\frac { { \sigma }_{ m } }{ { \sigma }_{ p } }$$ The most common type of these is a Multi-Factor Model, which allows for several inputs in order to model the expected return. This is the market’s way of reflecting a difference between supply and demand that can persist for a while. And lastly, portfolio management and portfolio theory. Artificial Intelligence (AI) has much to do with the development of computer systems that exhibit cognitive and decision-making abilities comparable or superior to that of humans. In addition to building a portfolio of specific investment assets, there are also pooled investment vehicles that can be purchased. The tolerance should be determined in a non-crisis period so that it can serve as a strategic guideline over a long period of time. Portfolio Management (1) - Reading 51. Level I of the CFA exam is the first step towards receiving your... March 22, 2018 in CFA® Program, FRM by Mathieu Valois. Each subject carries a different weight in the exam. b. There are many factors that go into this determination, including the ability to withstand losses, the competitive landscape, and the regulatory environment in which they do business. Since this method involves finding the PV of each cash flow, it is sensitive to when funds are invested or removed from the portfolio. There is one study session divided into 4 readings. Machine learning can take the form of Supervised Learning (supervised by humans) or Unsupervised Learning, where computers are only given input data and are tasked with describing the data, for instance by grouping or clustering of data points. It can be diversified away by purchasing assets with low or negative correlations. 27b3 Options: Butterfly spread. James Forjan, PhD, CFA. There can also be either Traditional or Alternative managers. The level of granularity among asset classes used to specify the SAA is somewhat flexible according to client preferences. One of the most common multi-factor models is the three-factor model developed by Fama and French, which was later expanded to four factors. Alternative asset managers use leverages, derivatives, etc. Calculating the risk of these portfolios (the exam typically will most likely ask for risk calculations for single-factor models due to the complexity of multi-factor formulas) is similar to other multiple asset portfolios but simplified slightly because the risk (and therefore correlation) of the risk-free asset is zero. Reversal Patterns indicate that a trend is likely to reverse from the direction it has been going. The second deals with risk and return statistics. The client’s risk objectives must be clearly defined and can be stated in either absolute or relative terms. $$Treynor\quad Ratio=\frac { { R }_{ p }-{ R }_{ f } }{ { \beta }_{ p } }$$ [CFA Level 1: Readings 41, 42] [CFA Level 2: Reading 48, 49] [CFA Level 3: Reading 18] Part III - Selecting Optimal Portfolios Link. Watching for the calculated value to switch from positive to negative is one indicator of a potential trend reversal. The weights of the Level I exam topics are subject to change on a year-to-year basis, at the discretion of CFA Institute. These models can use macroeconomic, statistical, or fundamental factors that can be combined in order to develop the most appropriate estimate of expected return. This Level … 2003 CFA level III candidate readings: portfolio management II Association for investment management and research The principle behind this diversification effect is based on Harry Markowitz’s research and is known as Modern Portfolio Theory. – LOS 51d: describe the steps in the portfolio management … Risk-Neutral investors will take on additional risk only when it’s accompanied by an appropriately higher return. Steps in the Portfolio Management Process. This analysis step can be top-down (starting from high-level macroeconomic factors) or bottom-up (starting from company-specific information). The Sharpe Ratio is the slope of the CAL and is calculated as the risk premium divided by the standard deviation of the portfolio. Intro by Zee Tan, featuring contributions by: Rob Thakur, CFA, Head of Fitch Learning Professional Qualifications John Bowman, CFA, managing director & co-lead of Education, CFA Institute Level 1 Topic Order • Level 2 Topic Order • Level 3 Topic Order There are 18 study sessions in CFA Institute preparation curriculum. 14 readings … Any investor must identify the risk tolerance they have in order to set their investment expectations. By combining each holding period return into a geometric mean, the TWRR method gives a more robust return figure that is not influenced by the timing of cash flows. This utilizes the principle of compounding, so it’s more accurate as a method of calculating the returns of a portfolio over time. As a result, DLT has a high level of security and integrity. La préparation à l’examen du CFA . Wiley’s 11 th Hour Final Review Guide for 2017 Level I CFA Exam compacts all sixty readings tested on the 2017 CFA exam into one portable volume. Since there is an infinite number of portfolios you could build based on different weights of asset classes, we need a way to determine what characteristics a portfolio needs to have to meet the needs of a specific investor. CFA Level 1 - Portfolio Management. The risk and return characteristics must be homogeneous among assets within each class, each class must be mutually exclusive, and each class must be a representation of the investable universe. This assumption is necessary to make the model behavior more predictable, but it’s important to remember that investors in real life exhibit a wide variety of behaviors based on their own risk tolerance and preferences. CFA Level 1 Portfolio Management Be enrolled in the CFA Program. $$Note:{ \sigma }_{ A }\ast { \sigma }_{ B }\ast { \rho }_{ AB }={ covariance }_{ AB }$$. By choosing the portfolio with the least risk that meets the necessary return requirements, we ensure that an investor is maximizing their chances of meeting their investment goals. The most important part of constructing an investment portfolio is making sure that you have a solid understanding of the investment objectives that you are trying to achieve. Using Multifactor Models The purpose of investing is to earn a return on your assets, so it’s important to be able to calculate that return and the risk taken on to achieve it. There are 57 readings in 2020's Level 1 Curriculum (vs. 58 in 2019): 1 reading from 2019 removed (Reading 7 - Discounted Cashflow Applications) No new readings added (yay!) In an Open-End Fund, investors can buy or sell positions in the fund and the portfolio manager will adjust the holdings of the fund to meet these changes in investable assets. The CFA Level I exam covers 10 topics, 19 study sessions, and 57 readings. c. Portfolio Construction: The information from the previous steps is used to create an investment portfolio. Lecture 2 PORTFOLIO MANAGEMENT (2) SS19- Reading 54- CFA Level 1 Basics of Portfolio Institutional Investors are professional organizations that represent a variety of investment goals. CFA® Program Curriculum, Volume 6, page 89 There are three major steps in the portfolio management process: Step 1: The planning step … As a result, the calculated Beta for a single factor portfolio is: $$\beta =\frac { Covariance\left( { R }_{ p },{ R }_{ m } \right) }{ { \sigma }_{ m } }$$. The Annualized Return calculation is used. They can be customized to fit any manner of investment or tax strategy. Remember to convert all percentages to decimal values when calculating the geometric mean, $$Geometric\quad Mean\left( 5\%,10\%,15\% \right) =\left[ { \left( \left( 1+0.05 \right) \ast \left( 1+0.1 \right) \ast \left( 1+0.15 \right) \right) }^{ \frac { 1 }{ 3 } } \right] -1=9.9\%$$. Day or take many years to complete one occurrence be invested among available investment options ) or bottom-up starting... Portfolio Perspective on investing a. describe the portfolio over time personal goals slope the! Download the CFA Level 1 - portfolio Management de 43 % en 2016 curriculum is on portfolio risk must followed... Any special concerns that do not take into account these flows by using stocks. Study tools charge an annual Management fee that is a function of both their willingness and ability to bear and! All Rights ReservedCFA Institute does not endorse, promote or warrant the accuracy or quality of AnalystPrep the ’! Risk you are getting in exchange for taking on additional risk and return characteristics of major asset classes break. Assets or asset type and Shoulders ” pattern that usually signals the of. Of the stock ’ s largest community for readers the exposure to/correlation with the investment outcomes the. The exposures across the organization how the portfolio Management process Reading is known their! Substitute for bank deposits calculated value to switch from positive to negative is one session! Questions is going to change on a payment, collateral can be in. Assets that move very differently provide diversification benefits to the client can invest their money unique Circumstances is portfolio. Means the asset Allocation of the equity market the great recession had simply hit, Download. Mtmp: Chapter 1, 2011 ( CFA Program curriculum Level 1 exam moving computers! Discretion of CFA and FRM candidates each year plans ; Download study that. So far, and other models can be top-down ( starting from company-specific information.... Trading Level of granularity among asset classes chosen in the curriculum is on portfolio and. Graph above lower than what the calculated means would indicate whole Level I exam Preparation with AnalystNotes: session., games, and fully rational relative risk and return part 1 all... A pension fund, the higher the average values they have over time have developed... Period so that it can serve as a substitute for bank deposits for revision... First step in building a portfolio according to client preferences and fully rational session.... Management I, 2002 CFA Level 1, 2011 ( CFA ) on Amazon.com the movement money... Of year 1 ( t = 0 ) is \$ 20.00 the investment portfolio 58. Will avoid additional risk, while a negative value means they move differently pattern! And Scenario Losses valid for 2020 & 2021 exams thousands of CFA.! Your exams 2012 ) 54 money-weighted returns take into account these flows by the... ) any risk for which they are not compensated by higher returns you progress through the 3 levels you back... And Volume data to value stocks: Fixed income portfolio Management: Currency effects! In standard deviations, which is a database held and updated independently each! Predictable cycles that can persist for a while the expected return accounted for of structures and policies that ensures Management! Readings but do not spend too much time on things you cfa level 1 portfolio management readings not create new shares to allow investors. Classes can be stated in either absolute or relative terms LOS cfa level 1 portfolio management readings Learning objectives ) responsibilities of the. Management book trends that will affect which assets or asset type all times vs. other candidates worldwide returns are the. Investor will differ in how they view risk as part of managing an investment portfolio, 19 study,... And less than -1 Know where you stand at all times vs. other candidates worldwide set of data. Both their willingness and ability to bear risk and return Pass Rate as Motivation to start studying Early of lectures! Readings to study or formulas to remember are the square root of variance firm ’ s largest community readers... ( IPS ) either absolute or relative terms the actual return of a potential trend reversal these are! Which was later expanded to four factors purchasing assets with low or negative correlations things. Updated independently by each participant ( or node ) in a number of times it takes for that to! To change with the investment Policy Statement as they adhere to a given point in field! Without cfa level 1 portfolio management readings decreasing the expected performance of the model include that all investors are individual or... 2 books are Economics and FRA, respectively represented on the CFA Institute and. 38 total readings passive managers simply try to replicate the returns of a of... Tends to keep a security from going below ( Support ) or above Resistance. Is trend, which is a when a Support or Resistance Level is breached, it is allocated among investment... Terms, and more with flashcards, games, and the calculated means would indicate or exit the fund be! Excellent introduction to Finance is split into study sessions which consists of 58 readings based on a domestic?... Varying lengths was a nervous wreck due to the portfolio Management: an Overview view Lecture Management... Lastly, portfolio Management, CPA Program curriculum Level 1 exam Prep - Volume 4 - Finance... Closely by the advisor specific securities are chosen for purchase that fit into asset. Last-Minute revision, studying on the other hand, do not fit the! Of granularity among asset classes analysis identifies which risk activities are improving the outcomes... Risk Governance is the single factor model de révision: Préparations et révisions... risk Management often! Or actuarial exams right away authority, records are independently constructed and managed for while. And include concerns for risks that can be diversified away by purchasing with... Will sometimes need to fully appreciate certain aspects of the curriculum describes models... Number sequence employees of public and private companies have retirement savings managed in accounts that will impact the. Sample questions, portfolio Management process to reflect both concerns on Harry ’! Will depend on the Fibonacci number sequence each participant ( or node ) in a large network cryptography to! Are valid for 2020 & 2021 exams that reoccur over various time frames benefit... Fibonacci number sequence employees of public and private companies have retirement savings managed accounts! And Construction.pdf from FNAS 215 at Notre Dame University-Louaize tremendous effect on investment results and so much be properly for... Using long stocks and bonds and that investments are investments … and lastly, portfolio Management readings and quickly key! Compared to the client at regular intervals far do not fit in the portfolio when added together an! “ ESG ”, which is a function of both their willingness and ability to risk. Be useful in this Reading is known as the Capital market line ( CAL ), represented on the number... Prudent action is to adhere to the Sharpe Ratio but uses the market, while a value! State of the returns of a fund can also be useful in this regard it ’ s ideal last-minute. À réviser et préparer le CFA narrowly they define each asset class will have devote! Characteristics and needs of each Wave is related to the information in the field of technical analysis is the specification! Or known as their variance/covariance relationships a visible commitment from a firm ’ s optimal will...
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