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Wiki Wiki Summary
Investment fund An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages include an ability to:\n\nhire professional investment managers, who may offer better returns and more adequate risk management;\nbenefit from economies of scale, i.e., lower transaction costs;\nincrease the asset diversification to reduce some unsystematic risk.It remains unclear whether professional active investment managers can reliably enhance risk adjusted returns by an amount that exceeds fees and expenses of investment management.
Normal distribution In statistics, a normal distribution (also known as Gaussian, Gauss, or Laplace–Gauss distribution) is a type of continuous probability distribution for a real-valued random variable. The general form of its probability density function is\n\n \n \n \n f\n (\n x\n )\n =\n \n \n 1\n \n σ\n \n \n 2\n π\n \n \n \n \n \n \n e\n \n −\n \n \n 1\n 2\n \n \n \n \n (\n \n \n \n x\n −\n μ\n \n σ\n \n \n )\n \n \n 2\n \n \n \n \n \n \n {\displaystyle f(x)={\frac {1}{\sigma {\sqrt {2\pi }}}}e^{-{\frac {1}{2}}\left({\frac {x-\mu }{\sigma }}\right)^{2}}}\n The parameter \n \n \n \n μ\n \n \n {\displaystyle \mu }\n is the mean or expectation of the distribution (and also its median and mode), while the parameter \n \n \n \n σ\n \n \n {\displaystyle \sigma }\n is its standard deviation.
Probability distribution In probability theory and statistics, a probability distribution is the mathematical function that gives the probabilities of occurrence of different possible outcomes for an experiment. It is a mathematical description of a random phenomenon in terms of its sample space and the probabilities of events (subsets of the sample space).For instance, if X is used to denote the outcome of a coin toss ("the experiment"), then the probability distribution of X would take the value 0.5 (1 in 2 or 1/2) for X = heads, and 0.5 for X = tails (assuming that the coin is fair).
Linux distribution A Linux distribution (often abbreviated as distro) is an operating system made from a software collection that includes the Linux kernel and, often, a package management system. Linux users usually obtain their operating system by downloading one of the Linux distributions, which are available for a wide variety of systems ranging from embedded devices (for example, OpenWrt) and personal computers (for example, Linux Mint) to powerful supercomputers (for example, Rocks Cluster Distribution).
Pareto distribution The Pareto distribution, named after the Italian civil engineer, economist, and sociologist Vilfredo Pareto, (Italian: [paˈreːto] US: pə-RAY-toh), is a power-law probability distribution that is used in description of social, quality control, scientific, geophysical, actuarial, and many other types of observable phenomena. Originally applied to describing the distribution of wealth in a society, fitting the trend that a large portion of wealth is held by a small fraction of the population.
List of Linux distributions This page provides general information about notable Linux distributions in the form of a categorized list. Distributions are organized into sections by the major distribution or package management system they are based on.
Exponential distribution In probability theory and statistics, the exponential distribution is the probability distribution of the time between events in a Poisson point process, i.e., a process in which events occur continuously and independently at a constant average rate. It is a particular case of the gamma distribution.
Multimodal distribution In statistics, a bimodal distribution is a probability distribution with two different modes, which may also be referred to as a bimodal distribution. These appear as distinct peaks (local maxima) in the probability density function, as shown in Figures 1 and 2.
Trust law A trust is a legal relationship in which the holder of a right gives it to another person or entity who must keep and use it solely for another's benefit. In Anglo-American common law, the party who entrusts the right is known as the "settlor", the party to whom the right is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the "beneficiary", and the entrusted property itself is known as the "corpus" or "trust property".
Cedar Fair Cedar Fair, L.P., formally Cedar Fair Entertainment Company, is a publicly traded master limited partnership headquartered at its Cedar Point amusement park in Sandusky, Ohio. The company owns and operates twelve amusement parks, nine included admission outdoor waterparks, four separate admission outdoor water parks, one indoor water park, and fourteen hotels/lodging in the US and Canada.
Northland Power Northland Power (TSX: NPI) is a power producer founded in 1987, and publicly traded since 1997. Northland develops, builds, owns and operates clean and green power infrastructure assets in Asia, Europe, Latin America, North America and other selected global jurisdictions that produce electricity from clean-burning natural gas and renewable resources such as wind and solar technology.The company owns or has a gross economic interest in 2,681 MW of operating generating capacity and 130 MW of generating capacity under construction, representing the La Lucha solar project.
A&W (Canada) A&W is a fast food restaurant chain in Canada, franchised by A&W Food Services of Canada, Inc. The chain was originally part of the U.S.-based A&W Restaurants chain, but was sold to Unilever in 1972, and then bought by its management in 1995.
Unit investment trust In U.S. financial law, a unit investment trust (UIT) is an investment product offering a fixed (unmanaged) portfolio of securities having a definite life. Unlike open-end and closed-end investment companies, a UIT has no board of directors.
Liquefied natural gas Liquefied natural gas (LNG) is natural gas (predominantly methane, CH4, with some mixture of ethane, C2H6) that has been cooled down to liquid form for ease and safety of non-pressurized storage or transport. It takes up about 1/600th the volume of natural gas in the gaseous state (at standard conditions for temperature and pressure).
Compressed natural gas Compressed natural gas (CNG) is a fuel gas made of petrol which is mainly composed of methane (CH4), compressed to less than 1% of the volume it occupies at standard atmospheric pressure. It is stored and distributed in hard containers at a pressure of 20–25 MPa (2,900–3,600 psi), usually in cylindrical or spherical shapes.
Natural gas vehicle A natural gas vehicle (NGV) is an alternative fuel vehicle that uses compressed natural gas (CNG) or liquefied natural gas (LNG). Natural gas vehicles should not be confused with autogas vehicles powered by liquefied petroleum gas (LPG), mainly propane, a fuel with a fundamentally different composition.
Natural-gas processing Natural-gas processing is a range of industrial processes designed to purify raw natural gas by removing impurities, contaminants and higher molecular mass hydrocarbons to produce what is known as pipeline quality dry natural gas. Natural gas has to be processed in order to prepare it for final use and ensure that elimination of contaminants.Natural-gas processing starts underground or at the well-head.
Pipeline transport Pipeline transport is the long-distance transportation of a liquid or gas through a system of pipes—a pipeline—typically to a market area for consumption. The latest data from 2014 gives a total of slightly less than 2,175,000 miles (3,500,000 km) of pipeline in 120 countries of the world.
Natural gas in Ukraine Ukraine has been estimated to possess natural gas reserves of over 1 trillion cubic meters and in 2018 was ranked 26th among countries with proved reserves of natural gas. Its total gas reserves have been estimated at 5.4 trillion cubic meters.
Natural-gas condensate Natural-gas condensate, also called natural gas liquids, is a low-density mixture of hydrocarbon liquids that are present as gaseous components in the raw natural gas produced from many natural gas fields. Some gas species within the raw natural gas will condense to a liquid state if the temperature is reduced to below the hydrocarbon dew point temperature at a set pressure.
Natural gas prices Natural gas prices, as with other commodity prices, are mainly driven by supply and demand fundamentals. However, natural gas prices may also be linked to the price of crude oil and petroleum products, especially in continental Europe.
Royalty payment A royalty payment is a payment made by one party to another that owns a particular asset, for the right to ongoing use of that asset. Royalties are typically agreed upon as a percentage of gross or net revenues derived from the use of an asset or a fixed price per unit sold of an item of such, but there are also other modes and metrics of compensation.
Protection Command The Protection Command is one of the commands within the Specialist Operations directorate of London's Metropolitan Police Service. The command specialises in protective security and has two branches: Royalty and Specialist Protection (RaSP), providing protection to the royal family and close protection to government officials, and Parliamentary and Diplomatic Protection (PaDP), providing uniformed security to government buildings, officials and diplomats.
Royalty, Texas Royalty is an unincorporated community in Ward County, Texas, United States. Before a post office was opened in 1929, it was known as Allentown, after an early landowner.
Machu Picchu Machu Picchu is a 15th-century Inca citadel located in the Eastern Cordillera of southern Peru on a 2,430-meter (7,970 ft) mountain ridge. It is located in the Machupicchu District within Urubamba Province above the Sacred Valley, which is 80 kilometers (50 mi) northwest of Cusco.
The Keg The Keg is a Canadian-owned chain of steakhouse restaurants and bars located in Canada and the United States. The original "The Keg and Cleaver" restaurant was founded by George Tidball, in 1971, at a location in North Vancouver, British Columbia.
Alberta Royalty Review The 2007 Alberta Royalty Review was an independent panel, chaired by William M. Hunter, established by the government of Alberta to review the level of resource royalties collected by the provincial government from petroleum and natural gas companies. In their final report entitled "Our Fair Share" released on September 18, 2007 the panel concluded that Albertans, who own their natural resources, were not receiving their "fair share" from energy development.
Osisko Gold Royalties Osisko Gold Royalties Ltd is a Canadian company that holds royalties in gold, silver and diamond mines, principally in the form of net smelter returns and streams. The company also invests in mineral exploration companies in the form of purchases of shares.
Royalty fund A royalty fund (also known as royalty funding) is a category of private equity fund that specializes in purchasing consistent revenue streams deriving from the payment of royalties. One growing subset of this category is the healthcare royalty fund, in which a private equity fund manager purchases a royalty stream paid by a pharmaceutical company to a patent holder.
Statement of changes in equity A statement of changes in equity and similarly the statement of changes in owner's equity for a sole trader, statement of changes in partners' equity for a partnership, statement of changes in shareholders' equity for a company or statement of changes in taxpayers' equity for government financial statements is one of the four basic financial statements.\nThe statement explains the changes in a company's share capital, accumulated reserves and retained earnings over the reporting period.
Ownership Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different parties.
List of owners of English football clubs A list of all owners with a significant interest (a stake above 10%) within English football clubs: including their estimated net worth and sources of wealth.
Sustainable development Sustainable development is an organizing principle for meeting human development goals while also sustaining the ability of natural systems to provide the natural resources and ecosystem services on which the economy and society depend. The desired result is a state of society where living conditions and resources are used to continue to meet human needs without undermining the integrity and stability of the natural system.
Homeowner association A homeowner association (or homeowners' association, abbreviated HOA, sometimes referred to as a property owners' association or POA), or a homeowner community, is a private association-like entity often formed either ipso jure in a building with multiple owner-occupancies, or by a real estate developer for the purpose of marketing, managing, and selling homes and lots in a residential subdivision. In the United States, the developer will typically transfer control of the association to the homeowners after selling a predetermined number of lots.
Interest rate risk Interest rate risk is the risk that arises for bond owners from fluctuating interest rates. How much interest rate risk a bond has depends on how sensitive its price is to interest rate changes in the market.
Risk Factors
MARINE PETROLEUM TRUST ITEM 1A RISK FACTORS Although various risk factors and specific cautionary statements are described elsewhere in this annual report on Form 10-K, the following is a summary of the principal risks associated with an investment in units of Marine
Oil and natural gas prices fluctuate due to a number of factors, and lower prices will reduce net proceeds available to Marine and distributions to its unitholders
Marine’s quarterly distributions are highly dependent upon the prices realized from the sale of oil and natural gas
A significant downward movement in the prices for oil and natural gas could have a material adverse effect on our revenues and operating cash flows, which could decrease our distributions to unitholders
Historically, prices have been volatile and are likely to continue to be volatile in the future due to factors beyond our control
These factors include, but are not limited to: • political conditions worldwide, in particular political disruption, war or other armed conflicts in oil producing regions; • worldwide economic conditions; • weather conditions; • the supply and price of foreign oil and natural gas; • the level of consumer demand; • the price and availability of alternative fuels; • the proximity to, and capacity of, transportation facilities; and • the effect of worldwide energy conservation measures
Moreover, government regulations, such as regulation of natural gas transportation and price controls, can affect product prices in the long term
Lower prices may reduce the amount of oil and natural gas that is economic to produce and reduce net profits available to Marine
The volatility of energy prices reduces the predictability of future cash distributions to unitholders
Substantially all of the oil, natural gas and natural gas liquids produced from the Royalty Area is being sold under short-term or multi-month contracts at market clearing prices or on the spot market
Operating risks for the working interest owners’ interests in the Royalty Area can adversely affect distributions
The occurrence of drilling, production or transportation accidents and other natural disasters in the Royalty Area will reduce distributions
These occurrences include blowouts, cratering, explosions, environmental and hurricane damage that may result in personal injuries, property damage, damage to productive formations or equipment and environmental damages
For example there were two major hurricanes in the Gulf of Mexico during the fiscal year ended June 30, 2006
Other wells were off production for most of the quarter that ended December 31, 2005 and did not start recovering until the quarter that ended June 30, 2006
Oil and natural gas production for the first, second, third and fourth quarters of fiscal 2006 were down 45prca, 61prca, 41prca and 7prca from the oil and natural gas production realized in the fourth quarter of fiscal 2005
The operators of the working interest owner are subject to extensive governmental regulation
Oil and gas operations have been, and in the future will be, affected by federal, state and local laws and regulations and other political developments, such as price or gathering rate controls and environmental protection regulations
Although we are unable to predict changes to existing laws and regulations, such changes could significantly impact our royalty interests
-4- _________________________________________________________________ [47]Table of Contents The Trustee, Marine and its unitholders do not control the operation or development of the properties in the Royalty Area and have little influence over operation or development
The Trustee, Marine and its unitholders have little, if any, influence or control over the operation or future development of the underlying properties
The properties in the Royalty Area are owned by independent working interest owners
The working interest owners manage the underlying properties and handle receipt and payment of funds relating to the Royalty Area and payments to Marine for its royalty interests
The current working interest owners are under no obligation to continue operating the properties
The Trustee, Marine and its unitholders do not have the right to replace an operator
The owner of any properties in the Royalty Area may abandon any property, terminating the related royalty interest Marine may hold
The working interest owners may at any time transfer all or part of the properties in the Royalty Area to another unrelated third party
Unitholders are not entitled to vote on any transfer, and Marine will not receive any proceeds of any such transfer
Following any transfer, the Royalty Area will continue to be subject to Marine’s royalty interest, but the net proceeds from the transferred property would be calculated separately and paid by the transferee
The transferee would be responsible for all of the obligations relating to calculating, reporting and paying to Marine its royalty interest on the transferred portion of the Royalty Area, and the current owner of the Royalty Area would have no continuing obligation to Marine for those properties
The current working interest owners or any transferee may abandon any well or property if it reasonably believes that the well or property can no longer produce in commercially economic quantities
This could result in termination of Marine’s royalty interest relating to the abandoned well
Marine’s royalty interest can be sold and the Marine trust can be terminated
The Marine trust may be terminated and the Trustee may sell Marine’s royalty interests if holders of 80prca of the units of beneficial interest of Marine approve the sale and vote to terminate the trust
Following any such termination and liquidation, the net proceeds of any sale will be distributed to the unitholders and unitholders will receive no further distributions from Marine
Any such sale may not be on terms acceptable to all unitholders
Royalty interests are depleting assets and, if the working interest owners or other operators of the Royalty Area do not perform additional development projects, the assets may deplete faster than expected
The net proceeds payable to Marine are derived from the sale of depleting assets
Accordingly, the portion of the distributions to unitholders attributable to depletion may be considered a return of capital
The reduction in proved reserve quantities is a common measure of depletion
Future maintenance and development projects in the Royalty Area will affect the quantity of proved reserves
The timing and size of these projects will depend on the market prices of oil and natural gas
If operators of the Royalty Area do not implement additional maintenance and development projects, the future rate of production decline of proved reserves may be higher than the rate currently experienced by Marine
Unitholders have limited voting rights
Voting rights as a unitholder are more limited than those of stockholders of most public corporations
For example, there is no requirement for annual meetings of unitholders or for an annual or other periodic re-election of the Trustee
Unlike corporations which are generally governed by boards of directors elected by their equity holders, Marine is administered by a corporate Trustee in accordance with the Indenture and other organizational documents
The Trustee has extremely limited discretion in its administration of Marine
Terrorism and continued geopolitical hostilities could adversely affect Marine’s distributions to its unitholders or the market price of its units
Terrorist attacks and the threat of terrorist attacks, whether domestic or foreign, as well as the military or other actions taken in response, cause instability in the global financial and energy markets
Terrorism and other geopolitical hostilities could adversely affect Marine’s distributions to its unitholders or the market price of its units in unpredictable ways, including through the disruption of fuel supplies and markets, increased volatility in oil and natural gas prices, or the possibility that the infrastructure on which the operators of the underlying properties rely could be a direct target or an indirect casualty of an act of terror
-5- _________________________________________________________________ [48]Table of Contents Important reserve and other information with respect to the particular leases subject to Marine’s royalty interest is difficult to obtain
The leasehold working interests that are subject to the rights held by Marine are owned, in most cases, in whole or in part by Chevron, or other oil and natural gas exploration and production companies
Certain information as to reserves, availability of oil and natural gas, average production cost (lifting cost) per unit, undeveloped acreage, net wells and net acres, with respect to the particular leases subject to Marine’s interests, lies solely within the knowledge of these concerns
Engineering data, if any, regarding these leaseholds would have been compiled principally by or for the working interest owners of these leaseholds
Historically, Marine has not had access to this information and does not expect to have access to this information in the future