In 2019, the Zagreb County recorded 139.720 tourist arrivals, which is 14 percent more than in the same period in 2018 (123.008). The right to support for events important for the tourist offer of Zagreb County can be exercised by public institutions, cities and municipalities, tourist boards and associations of craftsmen who are registered in the Zagreb County and who organize events in its territory. The competition is open until March 10, 2020, and the text of the competition and application forms can be found here, The number of overnight stays also increased by 12 percent, from 205.003 to 229.827.Of the total number of arrivals, 107.821 guests were foreign guests and 31.899 domestic guests. Out of the total number of overnight stays in the Zagreb County, 169.732 overnight stays were realized by foreign guests, and domestic by 60.095 overnight stays. Positive tourism indicators in the last year Funds from the tender can be used to co-finance equipment rental, procurement of working / consumables related to the organization of events, rental of event space, rental of vehicles for the purpose of transport of organizers and contractors related to the organization, accommodation costs, travel costs, promotion costs, services security services and other costs of direct organization of the event. Zagreb County has announced a public tender worth one million kuna for the award of grants to events important for the tourist offer of Zagreb County in 2020. The applicant can apply for and receive grants for a maximum of two events, and the grant can amount to up to 75 percent of the eligible costs of the event for public institutions, cultural institutions, tourist boards and associations of craftsmen. Cities and municipalities can realize from 60 to 100 percent of the project value, depending on the development index of the local self-government unit. Tourists mostly stayed in hotels, household facilities and camps, and according to the organization of arrivals, as many as 75 percent of them came individually, while the other 25 percent came as an agency.
Alfred Slager, professor of pension fund management at TiasNimbas Business School at Tilburg University in the Netherlands, has set out an eight-point checklist for institutional investors considering a factor-based approach to portfolio management or investments in smart beta.Factor investing takes into account risks that stretch across different asset classes – from economic growth and political uncertainty to credit, duration, size, value, volatility and illiquidity – to achieve more robust portfolio diversification and to refine exposure to factors with desirable risk/return characteristics.Slager – presenting the findings of a study into European pension funds’ awareness of and approaches to factor investing at a 31 January seminar organised for clients by Robeco in Rotterdam – laid out the advantages in terms of better diversification, improved benchmarking of active managers and more cost-effective exploitation of systematic market risks, but emphasised the governance challenges that face investors trying to adopt these new methods.“There is a lot of interest in these processes but also a lot of uncertainty about how to embed them into the portfolio,” he told the delegates, which included many leading Dutch and Belgian pension funds. “If factor investing is so compelling, how come every pension fund isn’t doing it? What are the barriers and challenges?” Slager reported three basic ways in which investors were implementing some of the ideas behind factor investing.The first approach involves leaving the portfolio as it is, with the fund using the additional insights about exposures and diversification.The second identifies existing factors tilts and corrects them to some extent to introduce a more desirable mix of factors.The third approach aims to create a portfolio that is unconstrained and fully factor-optimised.“Today, pensions funds that have taken any steps at all have usually taken steps one and two, and dream about step three,” he said.But Slager’s survey of the latest pension fund annual reports revealed almost no mention of factors or factor investing, suggesting that even many of those investors pursuing these ideas do so without fully considering the theoretical framework, or struggle to communicate that framework to trustees and members.“Trustees have pointed out to me that the level of abstraction we are dealing with is one hurdle,” explained Slager. “It is difficult enough trying to describe what equities and bonds do in their portfolio; if we move up a level and begin to describe term risk, volatility risk and so on, that is a considerable challenge under a governance structure that requires much greater transparency and communication that it has in the past.”This is important, Slager added, because investors need to establish their beliefs about whether individual factor risks are rewarded over time, how long it can take for those risks to be rewarded, how well the resulting risk/return characteristics fit with their own particular objectives and constraints, and how best to benchmark performance.Many of these points are still the subject of academic debate, and can be significantly affected by real-world investing constraints such as transaction costs or restrictions on short selling.“The fact many of these factors appear to have statistical persistence over time is all very well, but, to communicate properly with clients, we also have to know what realistic expectations we can have about these factors, how reliable they are and, most importantly, whether we have a persuasive economic story that makes sense for them,” Slager said.Even once these investment beliefs are agreed and communicated to members, factor investing introduces a range of potentially complex active investment decisions, and investors need to consider where in their governance structure those decisions should be taken and monitored.“We therefore tried to condense our findings from discussing these issues with pension funds into a checklist that would be helpful once an investor has decided to use factors in its model,” said Slager.His checklist had eight points:Treat factor investing as an investment belief and an investment paradigm, rather than merely a techniqueEducate stakeholders to a full understanding of factor investingEstablish common definitions for the terminology used with trustees and membersFocus on appropriate benchmark constructionRegularly review the economic rationale for chosen factorsBe consistent in implementationRecognise that these are active choices that require an active stanceDecide early on how static or dynamic allocations to factors will be