Alginate/maltodextrin and alginate/shellac gum core-shell capsules for the encapsulation of peppermint essential oil.

Encapsulation of essential oils represents a good strategy to protect and to transform them in free-flowing particles. Core-shell systems containing peppermint essential oil have been obtained by inverse ionotropic gelation. An O/W emulsion composed of essential oil (O) and aqueous CaCl2 solution enriched with hydroxyethylcellulose (W) was dripped in an alginate solution added of a secondary excipient (maltodextrin or shellac gum) at two concentrations. The qualitative/quantitative modifications of capsule shell composition had a limited impact on the essential oil content (it was more than 50% w/w), while they affected other dried capsule properties like dimensions, shell thickness, hardness and swelling behavior. Neither the type nor the amount of secondary excipient influenced wet capsule particle size (about 4 mm). After drying, particle size decreased (it was about 2 mm) and while shellac gum amount did not affect dried capsule dimensions, an increase in maltodextrin amount corresponded to an increase in their diameters. Capsule hardness diminished by increasing the amount of secondary excipient in the formulations. In addition, the amount of maltodextrin included in the formulations affected the swelling behavior of the dried capsules in water and this leads considering maltodextrin a useful excipient to modulate swelling according to the needs of the different applications.

Communities and regularities in the behavior of investment fund managers.

We analyze a large microlevel dataset on the full daily portfolio holdings and exposures of 22 complex investment funds to shed light on the behavior of professional investment fund managers. We introduce a set of quantitative attributes that capture essential distinctive features of manager allocation strategies and behaviors. These characteristics include turnover, attitude toward hedging, portfolio concentration, and reaction to external events, such as changes in market conditions and flows of funds. We find the existence and stability of three main investment attitude profiles: conservative, reactive, and proactive. The conservative profile shows low turnover and resilience against external shocks; the reactive one is more prone to respond to market condition changes; and members of the proactive profile frequently adjust their portfolio allocations, but their behavior is less affected by market conditions. We find that exogenous shocks temporarily alter this configuration, but communities return to their original state once these external shocks have been absorbed and their effects vanish.