This document provides summaries of various investment concepts including private equity, venture capital, hedge funds, real estate investment trusts (REITs), pension funds, securitization, capping, collar, and other strategies. Private equity consists of equity securities in privately held companies. Venture capital provides funding to early-stage companies. Hedge funds can undertake a wide range of investments and strategies. REITs allow investors to earn income from commercial real estate ownership. Pension funds provide retirement income. Securitization involves pooling debt obligations and selling them as securities. Capping and collaring are options strategies used to limit potential gains or losses on an asset.

1. INTERNATIONAL INSTITUTE OF
PROFESSIONAL STUDIES
Investment Management
FINANCE CONCEPTS
Assigned by: Presented by:
Mrs. Kalyani Parmal Ankur Pandey
MBA (MS) 5yrs.
IM-2K8-007

2. Contents
1. Private Equity
2. Venture Capital
3. Hedge Fund
4. Real Estate Investment Trust – REIT
5. Pension Fund
6. Securitization
7. Capping
8. Floor Planning
9. Collar
10. Bridge Financing
11. AG Mezzanine Financing
12. Algorithmic Trading
13. Leveraged portfolio

3. Private Equity
In finance, private equity is an asset class consisting of equity securities in
operating companies that are not publicly traded on a stock exchange.
A private equity investment will generally be made by a private equity firm,
a venture capital firm or an angel investor. Each of these categories of investor has
its own set of goals, preferences and investment strategies; however, all provide
working capital to a target company to nurture expansion, new product
development, or restructuring of the company’s operations, management, or
ownership.
Bloomberg Business Week has called private equity a rebranding of leveraged
buyout firms after the 1980s. Among the most common investment strategies in
private equity are: leveraged buyouts, venture capital, growth capital, distressed
investments and mezzanine capital. In a typical leveraged buyout transaction, a
private equity firm buys majority control of an existing or mature firm. This is
distinct from a venture capital or growth capital investment, in which the investors
(typically venture capital firms or angel investors) invest in young or emerging
companies, and rarely obtain majority control.
Private equity is also often grouped into a broader category called private capital,
generally used to describe capital supporting any long-term, illiquid investment
strategy.
Strategies
1. Leveraged buyout
2. Simple example
3. Growth Capital
4. Mezzanine Capital
5. Venture Capital
6. Distressed and Special situations
7. Secondaries
8. Other Strategies

4. Venture Capital
Venture capital (VC) is financial capital provided to early-stage, high-potential,
high risk, growth startup companies. The venture capital fund makes money by
owning equity in the companies it invests in, which usually have a novel
technology or business model in high technology industries, such
as biotechnology, IT, software, etc. The typical venture capital investment occurs
after the seed funding round as growth funding round (also referred to as Series A
round) in the interest of generating a return through an eventual realization event,
such as an IPO or trade sale of the company. Venture capital is a subset of private
equity. Therefore, all venture capital is private equity, but not all private equity is
venture capital.[1]
In addition to angel investing and other seed funding options, venture capital is
attractive for new companies with limited operating history that are too small to
raise capital in the public markets and have not reached the point where they are
able to secure a bank loan or complete a debt offering. In exchange for the high
risk that venture capitalists assume by investing in smaller and less mature
companies, venture capitalists usually get significant control over company
decisions, in addition to a significant portion of the company's ownership (and
consequently value).
Venture capital is also associated with job creation (accounting for 2% of US
GDP), the knowledge economy, and used as a proxy measure of innovation within
an economic sector or geography. Every year, there are nearly 2 million businesses
created in the USA, and 600–800 get venture capital funding. According to
the National Venture Capital Association, 11% of private sector jobs come from
venture backed companies and venture backed revenue accounts for 21% of US
GDP.
It is also a way in which public and private actors can construct an institution that
systematically creates networks for the new firms and industries, so that they can
progress. This institution helps in identifying and combining pieces of companies,
like finance, technical expertise, know-how of marketing and business models.
Once integrated, these enterprises succeed by becoming nodes in the search
networks for designing and building products in their domain.

5. Hedge Fund
A hedge fund is an investment fund that can undertake a wider range of
investment and trading activities than other funds, but which is generally only open
to certain types of investors specified by regulators. These investors are typically
institutions, such as pension funds, university endowments and foundations, or
high-net-worth individuals, who are considered to have the knowledge or resources
to understand the nature of the funds. As a class, hedge funds invest in a diverse
range of assets, but they most commonly trade liquid securities on public markets.
They also employ a wide variety of investment strategies, and make use of
techniques such as short selling and leverage.
Hedge funds are typically open-ended, meaning that investors can invest and
withdraw money at regular, specified intervals. The value of an investment in a
hedge fund is calculated as a share of the fund's net asset value, meaning that
increases and decreases in the value of the fund's investment assets (and fund
expenses) are directly reflected in the amount an investor can later withdraw.
Most hedge fund investment strategies aim to achieve a positive return on
investment whether markets are rising or falling. Hedge fund managers typically
invest their own money in the fund they manage, which serves to align their
interests with investors in the fund.[1][2] A hedge fund typically pays its investment
manager a management fee, which is a percentage of the assets of the fund, and
a performance fee if the fund's net asset value increases during the year. Some
hedge funds have a net asset value of several billion dollars. As of 2009, hedge
funds represented 1.1% of the total funds and assets held by financial
institutions. As of April 2012, the estimated size of the global hedge fund industry
was US$2.13 trillion.
Because hedge funds are not sold to the public or retail investors, the funds and
their managers have historically not been subject to the same restrictions that
govern other funds and investment fund managers with regard to how the fund may
be structured and how strategies and techniques are employed. Regulations passed
in the United States and Europe after the 2008 credit crisis are intended to increase
government oversight of hedge funds and eliminate certain regulatory gaps.

6. Real Estate Investment Trust – REIT
A real estate investment trust (―REIT‖), generally, is a company that owns – and
typically operates – income-producing real estate or real estate-related
assets. REITs provide a way for individual investors to earn a share of the income
produced through commercial real estate ownership – without actually having to
go out and buy commercial real estate. The income-producing real estate assets
owned by a REIT may include office buildings, shopping malls, apartments, hotels,
resorts, self-storage facilities, warehouses, and mortgages or loans.
Most REITs specialize in a single type of real estate – for example, apartment
communities. There are retail REITs, office REITs, residential REITs, healthcare
REITs, and industrial REITs, to name a few. What distinguishes REITs from other
real estate companies is that a REIT must acquire and develop its real estate
properties primarily to operate them as part of its own investment portfolio, as
opposed to reselling those properties after they have been developed.
To qualify as a REIT, a company must have the bulk of its assets and income
connected to real estate investment and must distribute at least 90 percent of its
taxable income to shareholders annually in the form of dividends. In addition to
paying out at least 90 percent of its taxable income annually in the form of
shareholder dividends, a REIT must:
Be an entity that would be taxable as a corporation but for its REIT status;
Be managed by a board of directors or trustees;
Have shares that are fully transferable;
Have a minimum of 100 shareholders after its first year as a REIT;
Have no more than 50 percent of its shares held by five or fewer individuals
during the last half of the taxable year;
Invest at least 75 percent of its total assets in real estate assets and cash;
Derive at least 75 percent of its gross income from real estate related
sources, including rents from real property and interest on mortgages
financing real property;
Derive at least 95 percent of its gross income from such real estate sources
and dividends or interest from any source; and
Have no more than 25 percent of its assets consist of non-qualifying
securities or stock in taxable REIT subsidiaries.

7. REITs generally fall into three categories: equity REITs, mortgage REITs, and
hybrid REITs. Most REITs are equity REITs. Equity REITs typically own and
operate income-producing real estate. Mortgage REITs, on the other hand, provide
money to real estate owners and operators either directly in the form of mortgages
or other types of real estate loans, or indirectly through the acquisition of
mortgage-backed securities. Mortgage REITs tend to be more leveraged (that is,
they use a lot of borrowed capital) than equity REITs. In addition, many mortgage
REITs manage their interest rate and credit risks through the use of derivatives and
other hedging techniques. You should understand the risks of these strategies
before deciding to invest in these types of REITs. Hybrid REITs generally are
companies that use the investment strategies of both equity REITs and mortgage
REITs.
Many REITs (whether equity or mortgage) are registered with the SEC and are
publicly traded on a stock exchange. These are known as publicly traded
REITs. In addition, there are REITs that are registered with the SEC, but are not
publicly traded. These are known as non-traded REITs (also known as non-
exchange traded REITs). You should understand the risks of the different types of
REITs and their strategies before deciding to invest in them.
As with any investment, you should take into account your own financial situation,
consult your financial adviser, and perform thorough research before making any
investment decisions concerning REITs. You can review a REIT’s disclosure
filings, including annual and quarterly reports and any offering prospectus
at sec.gov. You can invest in a publicly traded REIT, which is listed on a major
stock exchange, by purchasing shares through a broker (as you would other
publicly traded securities). Generally, you can purchase the common stock,
preferred stock, or debt securities of a publicly traded REIT. You can purchase
shares of a non-traded REIT through a broker that has been engaged to participate
in the non-traded REIT’s offering. You can also purchase shares in a REIT mutual
fund (either an index fund or actively managed fund) or REIT exchange-traded
fund.
Source: http://www.sec.gov/answers/reits.htm

8. Pension Fund
A pension fund is any plan, fund, or scheme which provides retirement income.
Pension funds are important shareholders of listed and private companies. They are
especially important to the stock market where large institutional
investors dominate. The largest 300 pension funds collectively hold about $6
trillion in assets. In January 2008, The Economist reported that Morgan
Stanley estimates that pension funds worldwide hold over US$20 trillion in assets,
the largest for any category of investor ahead of mutual funds, insurance
companies, currency reserves, sovereign wealth funds, hedge funds, or private
equity. Although the (Japan) Government Pension Investment Fund (GPIF) lost
0.25 percent, in the year ended March 31, 2011 GPIF was still the world's largest
public pension fund which oversees 114 trillion Yen ($1.5 trillion).
Classifications:
1. Open vs. closed pension funds
Open pension funds support at least one pension plan with no restriction on
membership while closed pension funds support only pension plans that are limited
to certain employees.
Closed pension funds are further sub-classified into:
 Single employer pension funds
 Multi-employer pension funds
 Related member pension funds
 Individual pension funds

9. 2. Public vs. private pension funds
A public pension fund is one that is regulated under public sector law while a
private pension fund is regulated under private sector law. In certain countries the
distinction between public or government pension funds and private pension funds
may be difficult to assess. In others, the distinction is made sharply in law, with
very specific requirements for administration and investment. For example, local
governmental bodies in the United States are subject to laws passed by the states in
which those localities exist, and these laws include provisions such as defining
classes of permitted investments and a minimum municipal obligation

10. Securitization
Securitization is the financial practice of pooling various types of contractual debt
such as residential mortgages, commercial mortgages, auto loans or credit card
debt obligations and selling said consolidated debt as bonds, pass-through
securities, or Collateralized mortgage obligation (CMOs), to various investors. The
principal and interest on the debt, underlying the security, is paid back to the
various investors regularly. Securities backed by mortgage receivables are
called mortgage-backed securities (MBS), while those backed by other types of
receivables are asset-backed securities (ABS).
Critics have suggested that the complexity inherent in securitization can limit
investors' ability to monitor risk, and that competitive securitization markets with
multiple securitize may be particularly prone to sharp declines in underwriting
standards. Private, competitive mortgage securitization is believed to have played
an important role in the U.S. subprime mortgage crisis.
In addition, off-balance sheet treatment for securitizations coupled with guarantees
from the issuer can hide the extent of leverage of the securitizing firm, thereby
facilitating risky capital structures and leading to an under-pricing of credit risk.
Off-balance sheet securitizations are believed to have played a large role in the
high leverage level of U.S. financial institutions before the financial crisis, and the
need for bailouts.
The granularity of pools of securitized assets is a mitigant to the credit risk of
individual borrowers. Unlike general corporate debt, the credit quality of
securitized debt is non-stationary due to changes in volatility that are time- and
structure-dependent. If the transaction is properly structured and the pool performs
as expected, the credit risk of all tranches of structured debt improves; if
improperly structured, the affected tranches may experience dramatic credit
deterioration and loss.
Securitization has evolved from its tentative beginnings in the late 1970s to an
estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in
Europe as of the 2nd quarter of 2008. In 2007, ABS issuance amounted to $3.455
trillion in the US and $652 billion in Europe. WBS (Whole Business
Securitization) arrangements first appeared in the United Kingdom in the 1990s,

11. and became common in various Commonwealth legal systems where senior
creditors of an insolvent business effectively gain the right to control the company.

12. Capping
Definition
1. The practice of selling large amounts of a commodity or security close to the
options expiry date in order to prevent a rise in market price.
2. It is an attempt to keep a stock's price low or move its price lower by
putting selling pressure on it.
Investopedia explains 'Capping'
1. The investor who might practice capping is a call option writer. If practicing
capping, he or she is trying to avoid having to transfer the underlying
security or commodity to the option holder. The goal is to have the option
expire worthless so that the premium initially received by the writer is
protected.
2. This is a violation of NASD rules.
Source: http://www.investopedia.com/terms/c/capping.asp#ixzz2CZjw2Kfp

13. Collar
In finance, a collar is an option strategy that limits the range of possible positive or
negative returns on an underlying to a specific range.
1. Equity Collar
Structure
A collar is created by an investor being:
 Long the underlying
 long a put option at strike price X (called the "floor")
 Short a call option at strike price (X+a) (called the "cap")
These latter two are a short Risk reversal position. So:
Underlying - Risk reversal = Collar
The premium income from selling the call reduces the cost of purchasing the put.
The amount saved depends on the strike price of the two options. If the premium of
the short call is exactly equal to the cost of the put, the strategy is known as a 'zero-
cost collar. [Strictly speaking the name should be 'zero-premium collar' since the
cost of holding the position may be high if the price of the underlying rises above
the strike level of the call.]
On expiry the value (but not the profit) of the collar will be:
 X if the price of the underlying is below X
 positive if the price of the underlying is between X and (X + a)
The maximum value occurs for any price of the underlying above X+a.

14. 2. Interest Rate Collar
Structure
In an interest rate collar, the investor seeks to limit exposure to changing interest
rates and at the same time lower its net premium obligations. Hence, the investor
goes long on the cap (floor) that will save it money for a strike of X +(-) S1 but at
the same time shorts a floor (cap) for a strike of X +(-) S2 so that the premium of
one at least partially offsets the premium of the other. Here S1 is the maximum
tolerable unfavorable change in payable interest rate and S2 is the maximum
benefit of a favorable move in interest rates.[2]
Importance
In times of high volatility, or in bear markets, it can be useful to limit the downside
risk to a portfolio. One obvious way to do this is to sell the stock. In the above
example, if an investor just sold the stock, the investor would get $5. This may be
fine, but it poses additional questions. Does the investor have an acceptable
investment available to put the money from the sale into? What are the transaction
costs associated with liquidating the portfolio? Would the investor rather just hold
onto the stock? What are the tax consequences?
If it makes more sense to hold onto the stock (or other underlying asset), the
investor can limit that downside risk that lies below the strike price on the put in
exchange for giving up the upside above the strike price on the call. Another
advantage is that the cost of setting up a collar is (usually) free or nearly free. The
price received for selling the call is used to buy the put—one pays for the other.
Finally, using a collar strategy takes the return from the probable to the definite.
That is, when an investor owns a stock (or another underlying asset) and has
an expected return, and that expected return is only the mean of the distribution of
possible returns, weighted by their probability. The investor may get a higher or
lower return. When an investor who owns a stock (or other underlying asset) uses a
collar strategy, the investor knows that the return can be no higher than the return
defined by strike price on the call, and no lower than the return that results from
the strike price of the put.

15. Floor Planning
Definition
It is a form of financing pertaining specifically to inventory. A lender will purchase
the inventory from the borrower and as the inventory sells, the borrower will repay
the debt. It is essential that the creditworthiness of both parties is established and
that a procedure for if the inventory does not sell is in place before the lending
takes place.
Investopedia explains 'Floor Planning'
This type of financing began in the automobile industry as the purchase price for
vehicles was high and standard financing was hard to obtain. Its popularity spread
to home appliances and finally to large-scale home electronics such as personal
computers.
Source: http://www.investopedia.com/terms/f/floor-planning.asp#ixzz2CZlIzvMG
Derivatives - Interest Rate Caps and Floors
Interest Rate Cap
An interest rate cap is actually a series of European interest call options (called
caplets), with a particular interest rate, each of which expire on the date the
floating loan rate will be reset. At each interest payment date the holder decides
whether to exercise or let that particular option expire. In an interest rate cap, the
seller agrees to compensate the buyer for the amount by which an underlying short-
term rate exceeds a specified rate on a series of dates during the life of the contract.
Interest rate caps are used often by borrowers in order to hedge against floating
rate risk.
Formula: (Current market rate - Cap Rate) x principal x (# days to maturity/360)

16. Interest Rate Floor
Floors are similar to caps in that they consist of a series of European interest put
options (called caplets) with a particular interest rate, each of which expire on the
date the floating loan rate will be reset. In an interest rate floor, the seller agrees to
compensate the buyer for a rate falling below the specified rate during the contract
period. A collar is a combination of a long (short) cap and short (long) floor, struck
at different rates. The difference occurs in that on each date the writer pays the
holder if the reference rate drops below the floor. Lenders often use this method to
hedge against falling interest rates.
The cash paid to the holder is as follows:
(Floor rate - Current market rate) x principal x (# days to maturity/360)
Source: http://www.investopedia.com/exam-guide/cfa-level-1/derivatives/interest-
rate-caps-floors.asp#ixzz2CZlSmwE0

17. Bridge Financing
Bridge financing is a method of financing, used to maintain liquidity while
waiting for an anticipated and reasonably expected inflow of cash. Bridge
financing is commonly used when the cash flow from a sale of an asset is expected
after the cash outlay for the purchase of an asset. For example, when selling
a house, the owner may not receive the cash for 90 days, but has already purchased
a new home and must pay for it in 30 days. Bridge financing covers the 60 day gap
in cash flows.
Another type of bridge financing is used by companies before their initial public
offering, to obtain necessary cash for the maintenance of operations. These funds
are usually supplied by the investment bank underwriting the new issue. As
payment, the company acquiring the bridge financing will give a number
of stocks at a discount of the issue price to the underwriters that equally offset the
loan. This financing is, in essence, a forwarded payment for the future sales of the
new issue.
Bridge financing may also be provided by banks underwriting an offering
of bonds. If the banks are unsuccessful in selling a company's bonds to qualified
institutional buyers, they are typically required to buy the bonds from the issuing
company themselves, on terms much less favorable than if they had been
successful in finding institutional buyers and acting as pure intermediaries.
There are two types of bridging finance. Closed bridging and Open Bridging.
Closed bridging finance is where you have a date for the exit of the bridging
finance and are sure that the bridging finance can be repaid on that date. This is
less risky for the lender and thus the interest rates charged are lower.
Open bridging is higher risk for the lender. This is where the borrower does not
have an exact date for the bridging finance exit and may be looking for a buyer of
the property or land.

18. Mezzanine Financing
Mezzanine capital, in finance, refers to a subordinated debt or preferred
equity instrument that represents a claim on a company's assets which is senior
only to that of the common shares. Mezzanine financings can be structured either
as debt (typically an unsecured and subordinated note) or preferred stock.
Mezzanine capital is often a more expensive financing source for a company
than secured debt or senior debt. The higher cost of capital associated with
mezzanine financings is the result of it being an unsecured, subordinated (or
junior) obligation in a company's capital structure (i.e., in the event of default, the
mezzanine financing is only repaid after all senior obligations have been satisfied).
Additionally, mezzanine financings, which are usually private placements, are
often used by smaller companies and may involve greater overall leverage levels
than issuers in the high-yield market; as such, they involve additional risk. In
compensation for the increased risk, mezzanine debt holders require a higher return
for their investment than secured or more senior lenders.
Swiss Finance Partners AG
MEZZANINE FINANCING
Mezzanine Financing Concepts
We do offer different concepts of so called Mezzanine financing which presents a
way for publicly and privately held companies to attain financing without going
public and potentially ceding ownership of their company.
It is a blend of traditional debt financing and equity financing, reaping some
benefits of both. Like equity financing, mezzanine financing is an unsecured debt,
requiring no collateral to be put up unlike traditional bank loans.
Like debt financing, mezzanine financing is very fluid and does not necessarily
involve giving up an interest in the company.
Mezzanine financing relies on very high interest rates in the 5 - 10% range to
make it profitable.
Unlike a bank loan, mezzanine financing does not hold real assets of a company as
collateral; instead, lenders offering mezzanine financing have the right to convert
their stake to an equity or ownership in the event of a default on the loan.

19. Mezzanine financing is a particularly appealing form of liquidity for owners of
privately held companies. It is traditionally understood that a privately held
company simply cannot achieve the same sort of fluid capital flow as a publicly
held company, therefore mezzanine financing offers a way to balance that situation
without going public.
In addition to the fact that mezzanine financers do not retain an interest in the
company except in the event of a default, there is also the important consideration
that they actively do not want an interest in the company.
While traditional equity investors are often striving towards some level of control,
a displeasing thought to many private owners, with mezzanine financing one can
rest assured that the financiers will do what they can to ensure you pay off your
debt without resorting to default.
Because of the lack of real collateral, as well as the high speed of
lending, mezzanine financing is typically more difficult to receive than a
traditional bank loan or equity financing.
A company must demonstrate an established track record in its industry, show a
profit or at the very least post no loss, and have a strong business plan for future
expansion. Because of these limitations; mezzanine financing is not for every
business.
However for businesses looking for a quick injection of capital to grow their
already successful business, without giving up an interest, mezzanine financing can
be an ideal solution.
Source: http://swissfinpartners.com/private_equity/mezzanine_financing

20. Algorithmic Trading
Algorithmic trading, also called automated trading, black-box trading, or algo
trading, is the use of electronic platforms for entering trading orders with
an algorithm deciding on aspects of the order such as the timing, price, or quantity
of the order, or in many cases initiating the order without human intervention.
Algorithmic trading is widely used by pension funds, mutual funds, and other buy-
side (investor-driven) institutional traders, to divide large trades into several
smaller trades to manage market impact and risk. Sell side traders, such as market
makers and some hedge funds, provide liquidity to the market, generating and
executing orders automatically.
A special class of algorithmic trading is "high-frequency trading" (HFT), in which
computers make elaborate decisions to initiate orders based on information that is
received electronically, before human traders are capable of processing the
information they observe. This has resulted in a dramatic change of the market
microstructure, particularly in the way liquidity is provided.
Algorithmic trading may be used in any investment strategy, including market
making, inter-market spreading, arbitrage, or pure speculation (including trend
following). The investment decision and implementation may be augmented at any
stage with algorithmic support or may operate completely automatically.
A third of all European Union and United States stock trades in 2006 were driven
by automatic programs, or algorithms, according to Boston-based financial
services industry research and consulting firm Aite Group. As of 2009, HFT firms
account for 73% of all US equity trading volume.
In 2006, at the London Stock Exchange, over 40% of all orders were entered by
algorithmic traders, with 60% predicted for 2007. American markets and European
markets generally have a higher proportion of algorithmic trades than other
markets, and estimates for 2008 range as high as an 80% proportion in some
markets. Foreign exchange markets also have active algorithmic trading (about
25% of orders in 2006). Futures and options markets are considered fairly easy to
integrate into algorithmic trading with about 20% of options volume expected to be
computer-generated by 2010. Bond markets are moving toward more access to
algorithmic traders.

21. One of the main issues regarding HFT is the difficulty in determining how
profitable it is. A report released in August 2009 by the TABB Group, a financial
services industry research firm, estimated that the 300 securities firms and hedge
funds that specialize in this type of trading took in roughly US$21 billion in profits
in 2008.
Algorithmic and HFT have been the subject of much public debate since the U.S.
Securities and Exchange Commission and the Commodity Futures Trading
Commission said they contributed to some of the volatility during the 2010 Flash
Crash, when the Dow Jones Industrial Average suffered its second largest intraday
point swing ever to that date, though prices quickly recovered. (See List of largest
daily changes in the Dow Jones Industrial Average.) A July, 2011 report by
the International Organization of Securities Commissions (IOSCO), an
international body of securities regulators, concluded that while "algorithms and
HFT technology have been used by market participants to manage their trading and
risk, their usage was also clearly a contributing factor in the flash crash event of
May 6, 2010.

22. Leveraged Portfolio
It is a Portfolio that includes risky assets purchased with funds borrowed.
Definition
A portfolio that includes at least some securities that
were bought with borrowed money. A leveraged portfolio is risky because the
securities may result in a loss, which would leave the investor liable to repay the
borrowed capital. However, if the securities result in a gain, the investor has
essentially made a profit without using his/her own money.
Source: http://www.investorwords.com/16510/leveraged_portfolio.html#ixzz2CZp
ATlU3