Quarterly Report Wealth Management All content 2016 MeDirect More information visit July - September 2015
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1 Quarterly Report Wealth Management July - September 2015 All content 2016 MeDirect More information visit
2 In a volatile year such as 2015, a good asset manager proves his worth. Between 1 January 2015 and 1 November 2015 our discretionary portfolios delivered returns between 2,60% for the Defensive profile and 7,77% for Dynamic profile. In a time where inflation is non-existent and where savings generate between 0.20% (large banks) and 1.2% (internet banks such as MeDirect), Xavier De Pauw we think this is certainly not bad. CEO MeDirect Hard work, in-depth analysis and perseverance lie at the base of these good returns. The markets became very volatile and experienced considerable drops during the summer. In October, however, equity markets recorded their strongest month in the past 4 years. Therefore, the final results of the first 10 months of the year are positive. Which is good, as it contributes to the achievement of healthy long-term returns 10 (of 5 years or more) the focus of asset management of MeDirect. 8 By working closely together with the experts of Morningstar, it is our job to have our clients long-term interests at heart. 6,11% We kept our cool over 6the summer and communicated through our client service and via various newsletters 4,51% to you, our customers, to reiterate our strategy and philosophy: do 4 not pay too much attention to short-term fluctuations; do not 2,60% exit when the market volatility is elevated; re-analyse (several 2 times) your assets in-depth and only make adjustments TABLE OF CONTENTS I II III III IV V VI In a volatile year such as 2015, a good asset manager proves his worth. Discussing evolution of the markets and portfolios Performance MeDirect Portfolios Q Historical performance over one, three, five and 10 years Rebalancing the portfolio The growth in our innovative wealth management continues with strong increase in number of portfolios and satisfied customers Clear reporting 7,77% and follow your portfolio 24/7 online 7,18% when long-term prospects change; and finally, spread your investments over different periods of time for example, you will also have entered the market during cheaper times, and this way you avoid entering with your total investment during one peak moment in time. 0 Defensief Behoudend Evenwichtig Groei Dynamisch MeDirect Portfolios Performance Januari - Oktober 2015 MeDirect Benchmark The chart shows the returns of our portfolios during the first 10 months of 2015.
3 The above returns indicate the gross returns (excluding management fees and possible taxes) from 1/1/ /06/2015. As with all investments, the rule that past performances are no guarantee for the future, also applies. Later in this report we discuss our historic returns over 1, 3, 5 and 10 years. The excellent historical long-term returns of our portfolios, as well as the year to date returns of our portfolios can only be achieved if you stay invested. It also means that you sometimes go through difficult moments, such as those experienced during the summer of 2015 or in October However, by staying invested you can also profit from temporary market peaks, and studies show that catching these peaks is crucial for healthy long-term returns. On the basis of detailed analyses, MeDirect and Morningstar have updated the long-term assumptions for asset classes and markets. We translate this to your portfolios, which are fine-tuned in December. For certain customers we therefore rebalance the portfolio if necessary, in order for it to remain consistent with the personal profile that we recommended. When you log in in December, you can see fluctuations in the composition of your portfolio and there may be a higher cash position for a few days. This is normal and reflects the days that are necessary for the completion of the sale of certain investments within your portfolio and the reinvestment in other funds. You can read more about this on page 9 in the section Rebalancing. Discussing evolution of the markets and portfolios The third quarter of the year was marked by a short market slowdown. However, in October the markets picked up again, with nice profits in almost all sectors. For example, the S&P 500 index increased with almost 10% after conversion to euro. This was the result of a rising American dollar and significant increases in shares of energy and technology companies. Another example: the German stock market index DAX rose by 12.3 %. Bonds also did well, with those of emerging markets and of companies ( high yield ) leading the pack. Only the commodities sector performed less well, but did generate positive returns. The top funds in the portfolios, selected together with Morningstar, are paying off. Two fund managers in particular performed very well: Robeco High Yield Bonds DH EUR»» Generated This content a 4.00% is return reserved in October, for our better customers than 96% - of Details the funds performance in the same segment. of some From funds 1 January until the end of October this fund performed better than 90% of its peers.»» The fund managers opt for a high-quality portfolio with a higher corporate bonds allocation than the index and a lower exposure to high-yield bonds in the energy sector where they are expecting more companies to run into problems.»» The managers prefer European high-yield bonds over American ones, and focus more on the consumer sector than on the telecom sector. Templeton Global Total Return A Acc EUR»» The fund managers focus on bonds and currencies from emerging markets those bond sectors that performed best in October.»» They chose for exposure to the (rising) dollar, and sold the declining euro and yen.»» The absence of interest rate sensitivity ( duration ) within the fund also made it the right decision in view of the evolution of government bonds.
4 Performance MeDirect Portfolios Q (1 july september 2015) Asset Allocation Portfolio Date: 30/09/2015 % Equity Bond Cash Other 3.11 Total The two funds with large allocations to European government bonds were the only funds to deliver positive returns. This performance was mainly driven by falling bond yields across most Euro countries, led by the 10yr German Bund that ended the quarter at 0.59% from 0.81%. 10yr bond yields in the other key developed markets US, UK and Japan were also down during the quarter. The Defensive Portfolio Notwithstanding short-term fluctuations in the third quarter of 2015, the defensive portfolio still shows a cumulative return over the past ten months, from the beginning of 2015 until the end of October, of 2.60%. The recent strong month of October plays an important role in this. Looking only at the last quarter, July to September 2015, the return of the defensive portfolio was -1,42 %. At the bottom of the page, you will find more details about the factors that influenced the returns in this third quarter. The Euro appreciated against the US dollar for the second consecutive quarter, albeit marginally, and this affected negatively the performance of global fixed income funds. On the equity side, global returns were negatively affected by poor performance in China (FTSE China %). In terms of relative fund performance, three of the ten underlying funds within the model ranked in the top quartile of their relevant Morningstar category over the three months. Financial markets were hit by fears of a weakening global economy during the third quarter. The financial market turmoil was supportive for fixed income assets, but all major equity markets were hurt, with the emerging markets most adversely affected. Asset Allocation Portefeuilledatum: 30/09/2015 The Conservative portfolio % Equity Bond Cash Other 2.60 Total Notwithstanding short-term fluctuations in the third quarter of 2015, the defensive portfolio still shows a cumulative return over the past ten months, from the beginning of 2015 until the end of October, of 4,51%. The recent strong month of October plays an important role in this. Looking only at the last quarter, July to September 2015, the return of the defensive portfolio was -3,39%. At the bottom of the page, you will find more details about the factors that influenced the returns in this third quarter.
5 Financial markets were hit by fears of a weakening global economy during the third quarter. The financial market turmoil was supportive for fixed income assets, but all major equity markets were hurt, with the emerging markets most adversely affected. The only fund to deliver a positive return within the model was a fund which has a large allocation to European government bonds. This performance was mainly driven by falling bond yields across most Euro countries, led by the 10yr German Bund that ended the quarter at 0.59% from 0.81%. 10yr bond yields in the other key developed markets US, UK and Japan were also down during the quarter. On the Equity side, global returns were negatively affected by poor performance in emerging markets, especially China (FTSE China %) and Brazil (FTSE Brazil %). In terms of relative fund performance, three of the eleven underlying funds within the model ranked in the top quartile of their relevant Morningstar category over the three months. The Euro appreciated against the US dollar for the second consecutive quarter, albeit marginally, and this affected negatively the performance of global fixed income funds. Asset Allocation Portfolio Date: 30/09/2015 The Balanced Portfolio % Equity Bond Cash Other 2.07 Total Notwithstanding short-term fluctuations in the third quarter of 2015, the defensive portfolio still shows a cumulative return over the past ten months, from the beginning of 2015 until the end of October, of 6.11%. The recent strong month of October plays an important role in this. Looking only at the last quarter, July to September 2015, the return of the defensive portfolio was -5,15%. At the bottom of the page, you will find more details about the factors that influenced the returns in this third quarter. The only fund to deliver a positive return within the model was a fund which has a large allocation to European government bonds. This performance was mainly driven by falling bond yields across most Euro countries, led by the 10yr German Bund that ended the quarter at 0.59% from 0.81%. 10yr bond yields in the other key developed markets US, UK and Japan were also down during the quarter. The Euro appreciated against the US dollar for the second consecutive quarter, albeit marginally, and this affected negatively the performance of global fixed income funds. The risk adverse backdrop also negatively affected the performance of high yield bonds, especially in the US. On the Equity side, global returns were negatively affected by poor performance on emerging markets, especially China (FTSE China %) and Brazil (FTSE Brazil %). Financial markets were hit by fears of a weakening global economy during the third quarter. The financial market turmoil was supportive for fixed income assets, but all major equity markets were hurt, with the emerging markets most adversely affected. In terms of relative fund performance, three of the eleven underlying funds within the model ranked in the top quartile of their relevant Morningstar category over the three months.
6 Asset Allocation Portfolio Date: 30/09/2015 The Growth portfolio % Equity Bond Cash 5.66 Other 1.62 Total On the Equity side, global returns were negatively affected by poor performance on emerging markets, especially China (FTSE China %) and Brazil (FTSE Brazil %). In terms of relative fund performance, three of the eleven underlying funds within the model ranked in the top quartile of their relevant Morningstar category over the three months. Notwithstanding short-term fluctuations in the third quarter of 2015, the defensive portfolio still shows a cumulative return over the past ten months, from the beginning of 2015 until the end of October, of 7.18%. The recent strong month of October plays an important role in this. Looking only at the last quarter, July to September 2015, the return of the defensive portfolio was -6,82%. At the bottom of the page, you will find more details about the factors that influenced the returns in this third quarter. Asset Allocation Portfolio Date: 30/09/2015 % Equity Bond Cash 2.82 Other 1.36 Total Financial markets were hit by fears of a weakening global economy during the third quarter. The financial market turmoil was supportive for fixed income assets, but all major equity markets were hurt, with the emerging markets most adversely affected. The only fund to deliver a positive return within the model was a fund which has a large allocation to European government bonds. This performance was mainly driven by falling bond yields across most Euro countries, led by the 10yr German Bund that ended the quarter at 0.59% from 0.81%. 10yr bond yields in the other key developed markets US, UK and Japan were also down during the quarter. The Euro appreciated against the US dollar for the second consecutive quarter, albeit marginally, and this affected negatively the performance of global fixed income funds. The risk adverse backdrop also negatively affected the performance of high yield bonds, especially in the US. The Dynamic portfolio Notwithstanding short-term fluctuations in the third quarter of 2015, the defensive portfolio still shows a cumulative return over the past ten months, from the beginning of 2015 until the end of October, of 7.77%. Thus, the percentage is still 2.60%. The recent strong month of October plays an important role in this. Looking only at the last quarter, July to September 2015, the return of the defensive portfolio was -8,55%. At the bottom of the page, you will find more details about the factors that influenced the returns in this third quarter. Financial markets were hit by fears of a weakening global economy during the third quarter. The financial market turmoil was supportive for fixed income assets, but all major equity markets were hurt, with the emerging markets most adversely affected. The Euro appreciated against the US dollar for the second consecutive quarter, albeit marginally, and this affected negatively the performance of global fixed income funds.
7 The risk adverse backdrop also negatively affected the performance of high yield bonds, especially in the US. On the Equity side, global returns were negatively affected by poor performance on emerging markets, especially China (FTSE China %) and Brazil (FTSE Brazil %). In terms of relative fund performance, three of the ten underlying funds within the model ranked in the top quartile of their relevant Morningstar category over the three months. The above rates indicate the gross returns (excluding management fees and possible taxes). Funds or ICB s are mutual investments, depending on the investment objective of the ICB. An ICB can invest in stock, fixed income products or property or in a combination of these categories (source: Morningstare.be). The value of these ICB s can fluctuate and the capital is not guaranteed. We advise you to read the KIID, prospectus and annual report available on Investing in Financial markets and securities involves risk. Past performance is not a guarantee of future results. Investment losses may occur and investors could lose some of their investments in the Fund. Management fees, administrative fees and other costs taken out of the fund assets are been taken into account, but already included in the NAV that is calculated by the fund management groups of the underlying funds, and supplied to MeDirect by Morningstar. MeDirect doesn t charge exit- entry or redemption fees. The division of Morningstar which supplies the asset allocation, risk tolerance questionnaire and fund selection for the MeDirect Wealth Management solution is Morningstar Investment Management Europe. The following rates of withholding will apply to amounts received in respect of investments in funds: 25% withholding on dividend payments and 25% withholding on capital gains from disposal of units in funds that invest more than 25% of their net asset value in debt securities. Capital gains on such funds will be calculated based on (A) the difference between (i) the net asset value of the units on the date of sale and (ii) the net asset value of such units on the date of purchase multiplied by (B) the percentage of assets of such fund invested in debt securities (asset test).
8 Historical performance over one, three, five and 10 years The MeDirect Wealth Management portfolios are designed as medium to long-term investments. By holding the portfolios for the long-term, it helps to avoid price fluctuations that can influence your returns in the short term. Below you can find the returns of our five portfolios (defensive to dynamic) which have outperformed their respective benchmarks for the past years. The historical returns are, however, only an indication and not a guarantee of future results. 1 year 3 year 5 year 10 year Start date 1-jan-14 1-jan-12 1-jan-10 1-jan-05 End date 31-dec dec dec dec-14 Defensive Benchmark Defensive MeDirect Portfolios Performance Conservative Benchmark Conservative Balanced Benchmark Balanced Growth Benchmark Growth Dynamic Benchmark Dynamic The performance shown is the annualised total return. The MeDirect Portfolios were constructed on The performance shown before this date is based on back tested data and is calculated using the weighted average of the current funds in the portfolio (as of ) going back one, three, five and 10 years; for those funds with a shorter history than this, an index was used to complete the annualized return. Fund weights were rebalanced back to their target every quarter. The asset allocation remains static throughout the simulated back test. The returns are gross of fees except the fees charged by the underlying fund managers. The performance is provided for illustrative purposes only and should not be viewed as actual portfolio results. Past performance is not a guarantee of future results. For the composition of each Custom Benchmark, please visit portfolio-builder/custom-benchmark-portfolios Rebalancing the portfolio As we have already briefly mentioned in the introduction, the MeDirect investment board and Morningstar have updated the long-term assumptions for the markets and each asset class on the basis of detailed analysis in the third quarter. In December we therefore Content will reserved carry out a for number our customers of adjustments - Description in the portfolios, changes enabling of the them portfolios. to remain consistent with our market expectations and with the personal investment profiles of our clients. Below you will find a list of the main changes that we will make.
9 The growth in our innovative wealth management continues with strong increase in number of portfolios and satisfied customers Every day at MeDirect we contemplate how we can improve the banking experience for our clients and how we can keep earning your trust. We therefore continue to innovate with new products, functionalities and a progressive platform. Some of our achievements: In September 2014 we refurbished our website and made the investment platform even more user friendly. Innovative online wealth management was also given an important upgrade. Moreover, at the beginning of June 2015 MeDirect became a fully licenced Belgian bank. Additionally, in the autumn of 2015, we expanded our range of model portfolios and lowered the entry-level for all of them, enabling even more customers to access our diversified portfolios of quality funds. As you can see in the graph below, more and more of you are joining us and allowing your portfolio to be managed by experts. And we are very grateful for this. The positive feedback from our customers encourages us to keep innovating. Growth wealth management clients and assets under management Assets under management Wealth management clients Our clients enjoy high quality wealth management at the lowest cost. This is an advantage that strongly affects the portfolio returns. Thus, the good performances of our portfolios translate into satisfied customers who entrust MeDirect with additional contributions. Rest assured that you can make an additional contribution or start, change or stop an automatic monthly contribution at any time. This can be done very easily by sending a secure message via your personal MeDirect platform for internet banking or by contacting our client service on Not only can you deposit additional contributions into your portfolio free of charge, but you also have the flexibility to enter or exit without cost. This shows that we will always put the interests of our clients first in order to earn your trust every single day. For us, the increasing number of clients is the best complement.
10 Summary of the Funds mentioned earlier in the Quarterly report Content reserved for our customers - Details and explanation of the funds changes.
11 Clear reporting and follow your portfolio 24/7 online You don t have to wait for the digital quarterly report. You can always access the most recent details of your portfolio on our online platform, whenever it suits you. 24 hours a day, 7 days a week. You ll find detailed information such as the composition and the total returns of your portfolio, but also the returns and details of each fund.
12 CONTACT US Please contact us with any questions or comments you may have on MeDirect Online Wealth Management. You can reach us at From Monday to Friday 09h00-20h00 and on Saturday from 09h00-14h00 or send an via medirectbank.be
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