Investment Report - Fidelity

Transcription

1 VM i Brasilien segeryra eller baksmälla? FF Latin AmericaFund 16 juni 2014 Nordnet Johan Bothén Sales Manager

2 Fidelity Worldwide Investment Oberoende privatägt företag grundat 1969 Fokus på en aktiv, analysdriven och global fondförvaltning Har vuxit organiskt utan hjälp av sammanslagningar eller uppköp En av världens största oberoende förvaltare med 300 miljarder dollar i förvaltat kapital och anställda Fidelity Worldwide Investments investeringskontor på 25 Cannon Street, London Källa: FIL Limited, 31/03/2014 2

3 Fidelity Worldwide Investment Global närvaro lokal expertis Pan Europe and Americas Emerging Markets 75 Portfolio Managers 71 Equity Research Global Europe United Kingdom United States 40 Fixed Income Research** 2 Real Estate Research 6 Other Research*** London Frankfurt Paris Milan Japan 9 Portfolio Managers 24 Equity Research Dalian Seoul Sector and Country Delhi Mumbai Shanghai Hong Kong Tokyo Taipei 109 Portfolio Managers Asia Pacific (ex Japan) 207 Research Professionals* 28 Equity Research Support Singapore 25 Portfolio Managers 53 Equity Research 11 Fixed Income Research** 24 Traders (ex Fixed Income) 27 Divisional Management Sao Paulo Sydney 395 Total Investment Professionals * Research Professional numbers include fixed income analysts and equity (including technical and shorting) analysts. ** Fixed Income Research includes quantitative and credit analysts and traders. *** Other Research includes multi-manager, quantitative and derivatives experts. Portfolio Managers include equity, fixed income, real estate and multimanager teams. Source: Fidelity Worldwide Investment 31 December Data is unaudited. 3

4 Latinamerika är mer än en marknad ombia 115% 133% 107.5% 94.3% 48.3% 57% 84.4% 36.5% 62.6% 45.8% 49.1% 41.4% 94.7% 80.0% 23.7% -25.1% 128.6% -35.4% -40.1% 86.7% 84.3% 53.3% -5% 35.9% 0.2% 44.8% -12.1% 29.1% -15.8% 43.4% -20% 20.2% -21.1% 10 år årlig avkastning Brasilien 66.9% 29.0% 35% 29.3% 15.0% -42.9% 72.1% 27.6% -21.6% 8.3% -21.4% % 3.2% 21.6% 13.8% 12.2% -56.1% 56.6% 6.8% -21.4% 0.3% -29.8% år årlig volatilitet Source DataStream. Annual performance of the 5 constituent MSCI Indices in USD to December year annualised return and volatility as of end March 2014.

5 Framtida framgång kräver reformer UK Russia India Initial cost of Chrysler arriving in Cost of Chrysler in R$ Rolling total US$50,000 R$100,000 China After import 35% R$135,000 After customs 3% R$138,000 After social security 54% R192,000 Libya After Chrysler's 7.5% After IPI 55% R$199,500 R$309, Time to prepare, file and pay taxes (hours) After dealership 10% Final cost in US$ R$340,100 US$170,050 Sources World Bank as at Forbes, 28 September 2012, Why Chryslers are so crazy expensive in

6 Förbättrar den globala konkurrenskraften Arbetskostnad per timme Kostnad för frakt av 40ft container till amerikanska östkusten $4 $8,000 $4 $3 $6,000 $3 $2 $4,000 $2 $1 $2,000 $1 $ $ China China Sources Haver Analytics, Labour cost, December 2013 Forecast. CIBC and Tacna, December 2012.

7 Identifiera vinnarna En investeringsfilosofi som bygger på fundamental analys Uppnå en hög eller ökande avkastning på sysselsatt kapital. Starka balansräkningar som klarar konkurrenstrycket. Hitta bolag som kan bevisa förmåga att generera avkastning. Bolag som framgångsrikt bevisat att de kan använda överavkastning till framtida investeringar. En vilja att betala utdelning till aktieägare. 7

8 Sammanfattning Historien indikerar lite om framtiden. Storskaliga reformer kommer att vara en nyckelfaktor för att skapa möjligheter på medel till lång sikt. För att skapa överavkastning krävs förståelse på många nivåer; rigorös analys och selektivitet av bolag är av största vikt. 8

9 Avkastning FF Latin America Fund Avkastning 31 maj % (5.0) (10.0) (3.7) (5.5) (7.0) (6.6) 3-Month 6-Month 1-Year 3-Year* 5-Year* Since Inception* FF Latin America Fund Index Cumulative Performance over Management Tenure 1 FF Latin America Fund 97.9% Index 98.4% Please note that past performance figures are not indicative of future performance. Source: FIL Limited and MSCI, 31 May Index is the MSCI EM Lat Amer Blend Index Performance figures are net of fees in USD terms. NAV to NAV with dividends reinvested * Annualised figures Fund launched 9 May Since 01 April Annualized figures: fund 14.2% Index 14.7%

10 Viktig information This information is for Investment Professionals only and should not be relied upon by private investors. It must not be reproduced or circulated without prior permission. This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required. Research professionals include both analysts and associates. Assets and resources as at 30/09/2013 are those of FIL Limited. Data is unaudited. Fidelity/Fidelity Worldwide Investment means FIL Limited and its subsidiary companies. Unless otherwise stated, all views are those of Fidelity. Reference in this document to specific securities should not be interpreted as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. The research and analysis used in this documentation is gathered by Fidelity for its use as an investment manager and may have already been acted upon for its own purposes. Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. Fidelity Funds is an open-ended investment company established in Luxembourg with different classes of shares. Reference to FF before a fund name refers to Fidelity Funds. Fidelity only offers information on products and services and does not provide investment advice based on an individual's circumstances. The value of investments can go down as well as up and investors may not get back the amount invested. For funds that invest in overseas markets, changes in currency exchange rates may affect the value of an investment. Foreign exchange transactions may be effected on an arm's length basis by or through Fidelity companies from which a benefit may be derived by such companies. Past performance is not a reliable indicator of future results. The Authorised Corporate Director of Fidelity Investment Funds and Fidelity Investment Funds IV OEIC, and the Manager of Fidelity Unit Trusts is FIL Investment Services (UK) Limited. Please note Fidelity Unit Trusts are not registered for sale in Jersey or Guernsey. This document may not be reproduced or circulated without prior permission. No statements or representations made in this document are legally binding on Fidelity or the recipient. The figures refer to simulated past performance and that past performance should not be used as a guide for future performance. Third party trademark, copyright and other intellectual property rights are and remain the property of their respective owners. The value of bonds is influenced by movements in interest rates and bond yields. If interest rates and so bond yields rise, bond prices tend to fall, and vice versa. The price of bonds with a longer lifetime until maturity is generally more sensitive to interest rate movements than those with a shorter lifetime to maturity. The risk of default is based on the issuer's ability to make interest payments and to repay the loan at maturity. Default risk may therefore vary between different government issuers as well as between different corporate issuers. Yields as at 30/09/2013. For an up-to-date yield please contact Fidelity. The investment policy of this fund means it can be more than 35% invested in Government and public securities. These can be issued or guaranteed by other countries and Governments. For a full list please refer to the fund's prospectus. We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus and Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of charge from our distributors, from our European Service Centre in Luxembourg; Germany: Investments should be made on the basis of the current prospectus and/or the Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of charge from FIL Investment Services GmbH, Postfach , Frankfurt/Main or Issued by FIL Investment Services GmbH. Austria: Investments should be made on the basis of the current prospectus and/or the Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of charge from FIL Investment Services GmbH, Kastanienhöhe 1, D Kronberg im Taunus, Germany; as well as with the Austrian paying agent UniCredit Bank Austria AG, Vordere Zollamtstrasse 13, A-1030 Wien, FIL (Luxembourg) S.A. Zweigniederlassung Wien, Mariahilfer Strasse 36, 1070 Wien or Issued by FIL (Luxembourg) S.A. Switzerland: Our legal representative in Switzerland is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich. Our paying agent for Switzerland is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich. Italy: Please contact your financial advisor or the local branch of your bank in Italy. Spain: For the purposes of distribution in Spain, Fidelity Funds is registered with the CNMV Register of Foreign lective Investment Schemes under registration number 124, where complete information is available from Fidelity Funds authorised distributors. The purchase of or subscription for shares in Fidelity Funds shall be made on the basis of the Key Investor Information Document (KIID) that investors shall receive in advance. The Key Investor Information Document (KIID) is available free of charge and for inspection at the offices of locally authorised distributors as well as at the CNMV. Portugal: In Portugal, Fidelity Funds are registered with the CMVM and the legal documents can be obtained from locally authorised distributors. Nordic region: Please contact your financial advisor or the local branch of your bank in Nordic countries. United Kingdom: Please note that not all funds in the SICAV fund range are suitable for UK investors and tax advice should be sought before investing. Fidelity Funds are recognised under section 264 of the Financial Services and Markets Act 2000 as amended by Rule 2(24) of the Undertakings for lective Investment in Transferable Securities (UCITS) Regulations Investors should note that loss caused by such recognised funds will not be covered by the provisions of the Financial Services Compensation Scheme (or by any similar scheme in Luxembourg) if the fund is unable to meet its obligations, however claims for loss in regards to such recognised funds against a Financial Conduct Authority-authorised firm such as Fidelity will be. The full prospectus and Key Investor Information Document (KIID) for these funds are available from Fidelity on request by calling The UK distributor of Fidelity Funds is FIL Investments International.The Netherlands: In the Netherlands, documents are available from FIL (Luxembourg) S.A., Netherlands Branch (registered with the AFM), World Trade Centre, Tower H, 6th Floor, Zuidplein 52, 1077 XV Amsterdam (tel ). Fidelity Funds is authorised to offer participation rights in the Netherlands pursuant to article 2:66 (3) in conjunction with article 2:71 and 2:72 Financial Supervision Act. Belgium: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus/key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of charge from our European Service Centre in Luxembourg, and from CACEIS Belgium S.A., the financial service provider in Belgium which head office is based avenue du Port 86C, b320, 1000 Bruxelles.Issued by FIL Investments International (FCA registered number ) a firm authorised and regulated by the Financial Conduct Authority. FIL Investments International is a member of the Fidelity Worldwide Investment group of companies and is registered in England and Wales under the company number The registered office of the company is Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ, United Kingdom. Fidelity Worldwide Investment s VAT identification number is FIPM