Intereffekt Frontier Markets. High Dividend Strategies. Frontier Markets Team February 2015
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1 Intereffekt Frontier Markets High Dividend Strategies Frontier Markets Team February 2015
2 Intereffekt Global Frontier High Dividend Funds Frontier Markets Team: Wytze Riemersma Marco Balk Tau van Ngo CIO Frontier Markets Team Fund Manager A rating at Citywire Member Frontier Markets Team CoManager A rating at Citywire Member Frontier Markets Team Analist
3 Intereffekt Frontier Markets High Dividend Funds Intereffekt Global Frontier High Dividend Equity Intereffekt Emerging Africa Intereffekt Frontier Vietnam
4 Benefits to investors High dividend income from a high dividend yielding portfolio Capital returns from the high dividend Frontier Market Universe Early adoption of the succesfull high dividend strategy Attractive risk/return profile in bear and bull cycles Unique combination of the prospects of frontier markets with a high income strategy
5 Frontier Markets Investment Process 1. Country/Stock Market Selection from FM Universe 2. Filters 3. Quantitative Analysis 4. Qualitative Analysis 5. Risk Analysis/ Control
6 Investment Process (1) 1. Country/Stock Market Selection from FM Universe Accessibility, local rules and taxes Market liquidity and market capitalisation Preference for low income, income convergence (GCC cap) Preference for larger populations, larger local markets
7 Investment Process (2) 2. Filters on stocks: Market Capitalisation Daily Liquidity
8 Investment Process (3) 3. Quantitative Analysis Minimum Dividend Yield of 4% Return on Equity analysis (13 years) Strong Balance Sheet (Altman Zscore) History of Dividend Increases (preference) Dividend Pay Out Ratio (preference 6070%) Price/Earning, Price/Book ratios
9 Investment Process (4) 4. Qualitative Analysis Fundamental Opinion Local Fundamental Research (check on Quantitative data) Special situations (bid, tenderoffers etc) Fundteam selects short list of approved stocks
10 Investment Process (5) 5. Risk Analysis / Control MAXIMUM % MSCI FM Index Region limit (GCC countries) 35% 31.8% Country limit 20% (Global) 24.9% Sector limit 30% (Global) 50.9% Position limit 1 2% 7.8% No currency hedge Source IIF/Bloomberg/Factsheet, MSCI Frontier Markets Index, February 2015
11 The Intereffekt High Dividend Equity Funds Intereffekt Global Frontier High Dividend Equity (IFHD)
12 Characteristics Country Allocation Country February 2015 Saudi Arabia 17.7% Pakistan 16.9% Nigeria 12.3% Egypt 11.0% Vietnam 10.3% Sri Lanka 4.6% Morocco 4.4% Bangladesh 4.1% Oman 2.6% Ghana 2.6% Romania 2.1% Kuwait 1.4% Cambodia 1.4% Kenya 1.2% Kazakhstan 1.2% Cash 6.2% Source: IIF
13 Characteristics Sector Allocation GICS SECTORS February 2015 Financials 27.0% Materials 25.5% Energy 12.4% Telecommunication Services 7.2% Consumer Staples 6.5% Industrials 5.8% Utilities 4.6% Consumer Discretionary 4.7% Health Care 0.0% Information Technology 0.0% Cash 6.2% Source: IIF
14 Fund vs Benchmark Global Frontier High Dividend MSCI Frontier Markets net TR Index Number of shares Dividend Yield 6.95% 3.96% P/E P/B Annualized St. Dev. 5Y Weekly Risk Category 5 out of 7 Turnover ratio 41.8% 39.9% Source: IIF, February 2015
15 Fund vs Benchmark Global Frontier High Dividend Fund ishares MSCI Frontier 100 ETF 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% 10,0% Source: IIF, February 2015
16 Comparison Peers Performance Total Return in EUR 80,00 70,00 60,00 Percentages 50,00 40,00 30,00 20,00 10,00 0,00 YTD 1 month 3 months 1 year 2 years Inception INTEREFFEKT GLOBAL FRONTIER 9,17 0,93 9,25 31,53 61,42 64,16 MSCI FM (Frontier Markets) Dai 6,71 3,79 5,26 24,71 44,46 57,14 ISHARES MSCI FRONTIER 100 7,42 3,26 8,61 22,24 41,01 50,63 FRANK TEMP INV TE FR MAAUSD 6,45 2,51 5,32 18,79 22,78 32,68 SCHRODER INT SELFRONT MKC 7,67 2,32 3,30 20,91 56,22 74,33 MORGAN STANLEY INS FR EMGA 8,71 3,59 7,39 23,53 49,50 61,24 GOLDMAN SACHS N11 EQUITYIS 6,86 1,12 5,38 22,86 8,91 18,35 Source: IIF / Bloomberg February 2015
17 Comparison Peers 60,00 Region Allocation as of February ,00 40,00 Percentages 30,00 20,00 10,00 INTEREFFEKT GLOBAL FRONTIER ISHARES MSCI FRONTIER 100 FRANK TEMP INV TE FR M AAUSD SCHRODER INT SELFRONT MKC MORGAN STANLEY INS FR EMGA GOLDMAN SACHS N11 EQUITYIS North America 0,41 21,10 South & Central America 14,09 5,32 2,70 8,19 Eastern Europe 2,11 3,67 5,47 12,90 Asia Pacific 11,67 3,91 9,34 16,00 12,83 45,10 Central Asia 26,83 19,70 17,46 5,20 5,73 8,10 Africa 31,47 25,90 14,76 14,40 14,33 11,70 Middle East 21,71 32,53 20,89 52,90 31,52 Other 0,00 (0,41) 30,24 4,90 19,70 Cash 6,21 0,20 1,99 3,90 2,23 1,10 Source: IIF / Factsheets
18 Comparison Peers 60,00 Sector Allocation as of February ,00 Percentages 40,00 30,00 20,00 10,00 INTEREFFEKT GLOBAL FRONTIER ISHARES MSCI FRONTIER 100 FRANK TEMP INV TE FR M AAUSD SCHRODER INT SEL FRONT MKC MORGAN STANLEY INS FR EMGA GOLDMAN SACHS N11 EQUITYIS Consumer Discretionary 4,74 6,05 3,20 10,00 Consumer Staples 6,53 6,84 14,15 0,20 9,83 14,60 Energy 12,38 12,24 6,42 7,70 8,29 2,40 Financials 26,98 51,20 39,94 56,40 56,60 33,00 Health Care 1,18 5,86 0,70 2,60 Industrials 5,84 5,36 5,13 5,90 4,12 5,60 Materials 25,51 5,86 3,02 7,50 8,74 6,90 Telecommunication Services 7,16 15,62 17,44 14,00 12,17 11,40 Utilities 4,64 1,51 0,50 0,25 2,40 Other 2,80 Cash 6,21 0,20 1,99 3,90 1,10 Source: IIF / Factsheets
19 Comparison Peers Price Earnings Ratio Price to Book Ratio 20,00 18,00 16,00 14,00 12,00 10,00 8,00 6,00 4,00 2,00 9,41 Intereffekt Global Frontier 11,14 11,22 Franklin Templeton FM Fund MSCI Frontier 100 ETF 12,47 Morgan Stanley FEM Fund 13,79 14,00 Goldman Sachs N11 Equity Fund Schröder FM Equity 2,50 2,00 2,00 1,50 1,50 1,00 1,00 0,50 0,50 1,55 1,55 1,70 1,70 1,78 1,78 2,20 1,90 1,90 1,97 1,91 1,97 MSCI Franklin Intereffekt Schröder Morgan Goldman Frontier MSCI Templeton Franklin Intereffekt Global Schröder FM Equity FM Goldman Stanley Sachs Morgan N Frontier 100 ETF 100 Templeton FM Fund Frontier Global Equity Sachs FEM Fund N11 Stanley 11 Equity FEM ETF FM Fund Frontier Equity Fund Fund Dividend Yield 8,00 7,00 6,95 Percentages 6,00 5,00 4,00 3,00 2,00 4,70 4,16 3,10 2,79 2,20 1,00 Intereffekt Global Frontier Franklin Templeton FM Fund MSCI Frontier 100 ETF Schröder FM Equity Morgan Stanley FEM Fund Goldman Sachs N11 Equity Fund Source: IIF / Factsheets, February 2015
20 Comparison Peers Standard Deviation (EUR) 2Y; Weekly (Annualized) Maximum Drawdown (EUR) 1Y; Weekly (Annualized) 20,00 18,00 5,00 Intereffekt Global Frontier Goldman Sachs N11 Equity Fund Morgan Stanley FEM Fund Franklin Templeton FM Fund MSCI Frontier 100 ETF Schröder FM Equity 16,00 14,62 15,35 15,90 (5,00) 14,00 12,00 10,00 11,63 Intereffekt Global Frontier 12,54 12,73 Franklin Templeton FM Fund Morgan Stanley FEM Fund Goldman Sachs N11 Equity Fund MSCI Frontier 100 ETF Schröder FM Equity (10,00) (15,00) (20,00) (25,00) (30,00) (9,84) (12,68) (16,43) (18,79) (18,98) (24,26) Source: IIF / Bloomberg, February 2015
21 Comparison Peers Sharpe Ratio (EUR) 1Y; Weekly Sortino Ratio (EUR) 1Y; Weekly 4,00 3,50 3,00 2,50 2,00 1,50 1,00 0,50 2,84 Intereffekt Global Frontier 1,75 1,75 Goldman Sachs N11 Equity Fund Morgan Stanley FEM Fund 1,43 1,33 1,30 Franklin Templeton FM Fund MSCI Frontier 100 ETF Schröder FM Equity 2,00 1,80 1,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 1,30 1,26 1,22 Intereffekt Global Frontier Morgan Stanley FEM Fund MSCI Frontier 100 ETF 1,16 Goldman Sachs N 11 Equity Fund 1,03 Franklin Templeton FM Fund 0,97 Schröder FM Equity Information Ratio 2Y; Monthly 1,00 0,50 0,19 0,19 0,08 (0,50) (0,07) (0,42) (0,47) (1,00) (1,50) Intereffekt Global Frontier Schröder FM Equity Morgan Stanley FEM Fund MSCI Frontier 100 ETF Goldman Franklin Sachs N Templeton 11 Equity FM Fund Fund Source: IIF / Bloomberg / Factsheets, February 2015
22 Comparison Peers Ongoing Charges Figure Management Fee Percentages 3,00 2,50 2,00 1,50 1,00 0,79 1,34 1,53 1,67 1,95 2,57 Percentages 1,80 1,60 1,40 1,20 1,00 0,80 0,60 0,79 0,90 1,00 1,25 1,30 1,60 0,50 0,40 MSCI Frontier 100 ETF Goldman Sachs N11 Equity Fund Schröder FM Equity Intereffekt Global Frontier* Morgan Stanley FEM Fund Franklin Templeton FM Fund 0,20 MSCI Frontier 100 ETF Intereffekt Global Frontier Schröder FM Equity Morgan Stanley FEM Fund Goldman Sachs N11 Equity Fund Franklin Templeton FM Fund * Budget 2015 Source: IIF / Bloomberg / Factsheets, February 2015
23 The Intereffekt High Dividend Equity Funds Intereffekt Emerging Africa (IEA)
24 Characteristics Country Allocation Country Emerging Africa MSCI Africa ex SA Nigeria 35.9% 34.7% Egypt 26.3% 26.0% Morocco 20.3% 17.5% Kenya 9.3% 16.8% Ghana 5.6% Botswana 1.6% Mauritius 3.3% Cash 1.0% 1.8% Source: IIF / Bloomberg, February 2015
25 Characteristics Sector Allocation GICS SECTORS February 2015 Financials 44.5% Materials 22.7% Telecommunication Services 9.9% Consumer Staples 9.0% Energy 7.2% Industrials 5.7% Consumer Discretionary 0.0% Health Care 0.0% Information Technology 0.0% Utilities 0.0% Cash 1.0% Source: IIF
26 Characteristics Core Holdings / Dividend Yield Company Name Weights % Est. Dividend Yield Maroc Telecom Lafarge Ciments Credit Agricole Egypt Qatar National Bank Alahly Safaricom Ltd Guaranty Trust Bank Ciments Du Maroc Uac Of Nigeria Plc Sidi Kerir Petrochemicals Co Total Nigeria Plc Source: IIF, February 2015
27 Fund vs Benchmark Emerging Africa MSCI Africa ex SA Number of shares Dividend Yield 6.31% 3.68% P/E P/B Annualized St. Dev. 5Y Weekly Risk Category 6 out of 7 Turnover ratio 3.3% 4.7% Source: IIF, February 2015
28 Fund vs Benchmark Intereffekt Emerging Africa RBS MSCI Frontier Africa ex SA MSCI EFM Africa ex ZA TR 100,00% 90,00% 80,00% 70,00% 60,00% 50,00% 40,00% 30,00% 20,00% 10,00% 0,00% Source: IIF, February 2015
29 Comparison Peers 80,00 Performance Total Return in EUR 70,00 60,00 Percentages 50,00 40,00 30,00 20,00 10,00 0,00 10,00 20,00 YTD 1 month 3 months 1 year 3 years 5 years Inception INTEREFFEKTEMERGING AFRICA 4,92 3,77 1,12 15,04 73,97 28,79 15,45 MSCI EFM AFRICA ex ZA 0,87 0,27 0,13 13,14 50,85 39,59 10,27 RBS MSCI FRONTIER EX S AFRIC 0,86 1,30 1,70 11,47 40,43 0,00 0,00 ROBECO AFRIKA FONDS NV 10,82 4,48 7,11 15,60 33,17 64,26 0,00 MARKET VECTORS AFRICA INDEX 7,38 3,48 3,32 4,38 11,82 24,88 0,00 Source: IIF / Bloomberg February 2015
30 Comparison Peers 35,00 Country Allocation as of February ,00 Percentages 25,00 20,00 15,00 10,00 5,00 Intereffekt Emerging Africa RBS MSCI FRONTIER EX S AFRIC Nigeria 32,64 33,12 Egypt 26,30 25,83 Morocco 20,30 17,39 Kenya 9,30 16,66 Ghana 5,59 Botswana 1,63 Mauritius 3,34 Togo 1,92 Tunisia 1,75 Cash 1,02 Source: IIF / Factsheets
31 Comparison Peers 70,00 Sector Allocation as of February ,00 Percentages 50,00 40,00 30,00 20,00 10,00 INTEREFFEKTEMERGING AFRICA RBS MSCI FRONTIER EX S AFRIC Consumer Staples 8,98 17,55 Energy 7,23 2,78 Financials 44,47 57,86 Industrials 5,67 Materials 22,68 5,49 Telecommunication Services 9,94 16,32 Cash 1,02 Source: IIF / Factsheets
32 Comparison Peers Price Earnings Ratio Price to Book Ratio 20,00 3,00 18,00 16,00 14,00 12,00 10,00 8,00 6,00 7,67 13,36 2,50 2,00 1,50 1,00 1,57 2,35 4,00 2,00 0,50 Intereffekt Emerging Africa RBS Market Access Intereffekt Emerging Africa RBS Market Access Dividend Yield 7,00 6,00 6,31 Percentages 5,00 4,00 3,00 2,00 1,00 3,57 Intereffekt Emerging Africa RBS Market Access Source: IIF / Factsheets February 2015
33 Comparison Peers Standard Deviation (EUR) 2Y; Weekly (Annualized) Maximum Drawdown (EUR) 1Y; Weekly (Annualized) 17,75 5,00 Intereffekt Emerging Africa RBS Market Access 17,65 17,55 17,45 17,35 17,35 17,45 (5,00) (10,00) (15,00) (10,77) 17,25 17,15 (20,00) (25,00) (20,50) 17,05 Intereffekt Emerging Africa RBS Market Access (30,00) Source: IIF / Bloomberg
34 Comparison Peers Sharpe Ratio (EUR) 1Y; Weekly Sortino Ratio (EUR) 1Y; Weekly 1,40 1,40 1,20 1,20 1,00 0,94 1,00 0,99 0,80 0,80 0,60 0,57 0,60 0,48 0,40 0,40 0,20 0,20 Intereffekt Emerging Africa RBS Market Access Intereffekt Emerging Africa RBS Market Access Information Ratio 3Y; Monthly 0,20 0,15 0,10 0,05 (0,05) (0,10) (0,15) (0,20) (0,25) (0,30) 0,11 Intereffekt Emerging Africa (0,24) RBS Market Access Source: IIF / Bloomberg
35 Comparison Peers Ongoing Charges Figure Management Fee 2,50 2,33 1,60 1,50 1,40 2,00 1,20 Percentages 1,50 1,00 0,85 Percentages 1,00 0,80 0,60 0,85 0,50 0,40 0,20 RBS Market Access Intereffekt Emerging Africa* RBS Market Access Intereffekt Emerging Africa * Budget 2015 Source: IIF / Bloomberg
36 The Intereffekt High Dividend Equity Funds Intereffekt Frontier Vietnam (IFV)
37 Characteristics Sector Allocation GICS SECTORS February 2015 Funds 29.1% Consumer Staples 14.0% Materials 11.3% Financials 8.7% Energy 7.8% Industrials 6.6% Information Technology 4.1% Utilities 2.9% Consumer Discretionary 2.8% Health Care 0.0% Telecommunication Services 0.0% Cash 12.6% Source: IIF
38 Characteristics Core Holdings / Dividend Yield Company/Fund Name Weights % Dividend Yield DWS Vietnam Fund Ltd %* Vietnam Equity Hdlg %* Petrolimex Petrochemical Petrovietnam Technical Service Bao Viet Holdings FPT Corp Sao Ta Foods Jsc Vietnam Js Commercial Bank F Vinacontrol Group Corp Petrovietnam Gas Joint Stock * Estimated dividend yield, no pay out Source: IIF/Bloomberg, February 2015
39 Characteristics Frontier Vietnam FTSE Vietnam Number of shares Dividend Yield 6.24% 2.90% P/E P/B Annualized St. Dev. 5Y Weekly 19.0% 26.2% Risk Category 6 out of 7 Turnover ratio 28.8% Source: IIF, February 2015
40 Fund vs Benchmark INTEREFFEKT FRONTIER VIETNAM DBX FTSE VIETNAM 120,0% 100,0% 80,0% Total Return 60,0% 40,0% 20,0% 0,0% 20,0% Source: IIF, February 2015
41 Comparison Peers 140,00 Performance Total Return in EUR 120,00 100,00 Percentages 80,00 60,00 40,00 20,00 0,00 20,00 40,00 YTD 1 month 3 months 1 year 3 years 5 years Inception INTEREFFEKT FRONTIER VIETNAM 14,74 2,34 11,46 25,85 112,23 52,36 121,51 FTSE VIETNAM INDX TR USD 8,02 2,72 7,15 13,66 39,67 18,51 9,99 DBX FTSE VIETNAM 11,76 5,39 7,82 14,33 32,26 21,80 3,20 MARKET VECTORS VIETNAM ETF 10,39 8,22 9,62 13,81 32,42 5,37 0,00 HO CHI MINH STOCK INDEX 17,76 3,50 16,85 28,11 83,11 56,87 131,29 Source: IIF / Bloomberg February 2015
42 Comparison Peers 60,00 Sector Allocation as of February ,00 40,00 Percentages 30,00 20,00 10,00 (10,00) INTEREFFEKT FRONTIER VIETNAM DBX FTSE VIETNAM MARKET VECTORS VIETNAM ETF Consumer Discretionary 2,80 13,40 Consumer Staples 14,01 16,43 11,90 Energy 7,84 8,05 17,20 Financials 8,73 55,10 39,30 Funds 29,13 Industrials 6,61 12,31 10,90 Information Technology 4,11 Materials 11,29 6,45 4,80 Utilities 2,93 1,66 2,60 Cash 12,56 (0,10) Source: IIF / Factsheets
43 Comparison Peers Price Earnings Ratio Price to Book Ratio 20,00 2,50 18,00 16,00 14,00 12,00 10,00 10,32 14,21 15,80 2,00 1,50 1,49 1,49 1,86 8,00 1,00 6,00 4,00 2,00 0,50 Intereffekt Frontier Vietnam DBX FTSE Vietnam Fund Market Vectors Vietnam ETF Intereffekt Frontier Vietnam Market Vectors Vietnam ETF DBX FTSE Vietnam Fund Percentages 7,00 6,00 5,00 4,00 3,00 2,00 1,00 6,24 Dividend Yield 3,01 2,98 Intereffekt Frontier Vietnam Market Vectors Vietnam ETF DBX FTSE Vietnam Fund Source: IIF / Factsheets, February 2015
44 Comparison Peers 18,00 17,50 17,00 Standard Deviation (EUR) 2Y; Weekly (Annualized) 17,45 5,00 Maximum Drawdown (EUR) 1Y; Weekly (Annualized) Intereffekt Frontier Vietnam Market Vectors Vietnam ETF DBX FTSE Vietnam Fund Percentages 16,50 16,00 15,50 15,00 14,50 15,26 15,96 Percentages (5,00) (10,00) (15,00) (20,00) (13,39) (17,83) (19,16) 14,00 Intereffekt Frontier Vietnam Market Vectors Vietnam ETF DBX FTSE Vietnam Fund (25,00) (30,00) Source: IIF / Bloomberg, February 2015
45 Comparison Peers Sharpe Ratio (EUR) 1Y; Weekly Sortino Ratio (EUR) 1Y; Weekly 2,00 1,80 1,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0,00 1,70 Intereffekt Frontier Vietnam 0,84 0,82 Market Vectors Vietnam ETF DBX FTSE Vietnam Fund 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0,00 1,17 DBX FTSE Vietnam Fund 1,02 Intereffekt Frontier Vietnam 0,74 Market Vectors Vietnam ETF Information Ratio (EUR) 5Y; Monthly 0,35 0,30 0,25 0,25 0,20 0,15 0,13 0,10 0,05 0,00 0,05 0,10 Intereffekt Frontier Vietnam Market Vectors Vietnam ETF (0,03) DBX FTSE Vietnam Fund Source: IIF / Bloomberg, February 2015
46 Comparison Peers Ongoing Charges Figure Management Fee 2,50 2,31 2,00 1,80 2,00 1,60 1,40 1,50 Percentages 1,50 1,00 0,70 0,85 Percentages 1,20 1,00 0,80 0,60 0,50 0,85 0,50 0,40 0,20 Market Vectors Vietnam ETF DBX FTSE Vietnam Fund Intereffekt Frontier Vietnam* Market Vectors Vietnam ETF DBX FTSE Vietnam Fund Intereffekt Frontier Vietnam * Budget 2015 Source: IIF / Facsheets, February 2015
47 Performance and Characteristics tracked by: Source: IIF, January 2015
48 Conclusion Frontier Market Universe Intereffekt Frontier High Dividend Equity High Dividend Strategies The Best of Both Worlds
49 Appendix
50 Dividend overview Name Theme Expected dividend pay out Frequency dividend pay out Intereffekt Frontier Vietnam Frontier Markets Vietnam 45% per annum Once a year, May Intereffekt Emerging Africa Africa 45% per annum Once a year, May Intereffekt Global Frontier High Dividend Equity Frontier Markets Worldwide approximately 5% per annum Twice a year, November and May
51 Contact information Intereffekt Investment Funds N.V. Sewei SP JOURE The Netherlands T + 31 (0) I E info@intereffektfunds.nl
52 Disclaimer No rights may be derived from this presentation. You are referred to the prospectus and KIID for the fund's terms and conditions. The manager of Intereffekt Investment Funds N.V. has obtained a license for this fund from the Netherlands Authority for the Financial Markets in accordance with the provisions of the Financial Supervision. Do not expose yourself to unnecessary risks. Read the KIID.
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