Newton Global Dynamic Bond Fund
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1 Newton Investment Management Newton Global Dynamic Bond Fund For professional investors only. This document is for Australian and New Zealand wholesale clients only. Please read the important disclosures at the end of this document. April 2016 A dynamic, absolute-return approach to fixed income, designed to deliver performance and preserve capital. Bond asset class exposure managed dynamically and driven by market opportunities and risks, unconstrained by an index The flexibility to use stabilising assets and hedging positions to provide downside protection and preserve capital Investing globally to provide diversification and take advantage of the divergence between the prospects of different countries With bond yields at extremely low levels, and significant risks in both financial markets and the real economy, we expect a challenging decade ahead for bond investors. However, we do not believe it will be without opportunity. We anticipate marked divergence in the fortunes of regions, currencies and bond instruments, and in the interest rate environment in different economies. Against this backdrop we believe a dynamic, unconstrained approach to bond investing should help investors maximise opportunities while mitigating the risks. Strategy type An unconstrained, dynamic, actively managed fixed income strategy which uses a mixture of return-seeking and hedging techniques. Strategy AUM AUD$3.4 billion (as at 31 March 2016) Source: Newton Strategy inception April 2006 Performance aim Cash (1-month GBP LIBOR) +2% per annum over 5 years before fees. We also aim to achieve a positive return on a rolling 3 year basis.* RISK VS RETURN SINCE INCEPTION APRIL 2006 MARCH Return (%) Global Dynamic Bond Fund GV IG EM HY Since its inception, the Newton Global Dynamic Bond Fund has delivered: an annualised gross return of +7.0% a positive return in every calendar year LIBOR Risk (standard deviation) GV Global government bonds IG Global investment-grade HY Global high-yield EM Emerging-market sovereign bonds Past performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise and investors may not get back the original amount invested. Historic volatility is no guide to future volatility. Source: Newton, total returns, gross of management fees, gross income reinvested, as at 31 March *These are not guarantees, may not be achieved and a capital loss may occur. Funds which have a higher performance aim generally take more risk to achieve this and so have a greater potential for the returns to be significantly different from those which are expected. Follow Newton Investment Management
2 Going global expanding the horizons of your investment universe After years of coordinated monetary and fiscal policies, individual countries are adopting different approaches to tackling the aftermath of the global financial crisis. As a result, considerable divergence in relation to monetary and fiscal policy, inflation and credit conditions between economies seems likely to lie ahead. We believe investing in a range of bond and currency markets around the world should allow investors to benefit from the divergence we anticipate in interest rates, currencies and bond markets in general. This approach takes into consideration where we are in the credit cycle and adjusts to the changing liquidity environment. Allowable asset classes The strategy can invest up to 50% in any one of the following global asset classes: government bonds emerging-market sovereign bonds 1 investment-grade high-yield and also makes use of: cash derivatives currencies (minimum 50% in base currency) We think that the freedom to move dynamically between different regions and asset classes should help investors to weather bouts of market turbulence while remaining true to their long-term objectives. A global thematic approach At Newton, we have employed a global, thematic approach to investment for more than 30 years in seeking to meet the longterm investment objectives of our clients. Our themes help us identify the long-term trends and structural transformations in the world around us which are likely to shape the investment landscape ahead. By taking a step back from day-to-day distortions we aim to put into context the near-term news that can create so much noise in financial markets, allowing us to filter opportunities for the strategy and identify risks. Represents the first stages of idea generation and risk management $ Healthy demand Identify drivers of long-term change Construction & reconstruction Provide a dynamic framework for investment thinking Allow a longer-term global perspective in a volatile world 1 Compared to more established economies, the value of investments in emerging markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability.
3 Dynamic and flexible In order to take advantage of the changing fortunes of different asset classes, we believe a dynamic and flexible allocation is vital in order to help maximise opportunities and minismise risks. It means that we can adapt our strategy to changes in the economic cycle, whether in relation to rising interest rates, defaults, devaluation or inflation. This chart demonstrates the varying fortunes of the four key fixed-interest asset classes since st 2nd 3rd 4th Q EM 4.8 GV 4.0 IG 3.3 HY GV 1.7 EM 0.9 IG 0.1 HY GV 8.7 IG 8.0 EM 7.9 HY HY 7.3 IG 0.2 GV -0.2 EM -4.5 Asset class rankings change frequently with a marked difference between best and worst performing asset classes Dynamic asset allocation is vital to adapt to changing market opportunities and risks 2012 EM 22.1 HY 18.7 IG 10.9 GV GV 6.3 IG 5.1 EM 4.6 HY EM 15.2 HY 14.9 IG 7.5 GV HY 59.7 EM 35.7 IG 16.1 GV GV 11.7 IG -3.4 EM HY GV 6.4 EM 5.6 IG 3.8 HY EM 12.1 HY 10.2 IG 3.3 GV 2.8 Key HY IG GV EM Global high-yield Global investment-grade Global government bonds Emerging-market sovereign bonds Note: US IG and HY indices used. Compared to more established economies, the value of investments in emerging markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. Source: Newton, Merrill Lynch Indices Hedged into Sterling, 31 March 2016 Absolute-return investment approach Bond indices are constructed by market capitalisation; the greater the volume of a country s issuance, the heavier its index weighting. As governments issue more debt, they become larger constituents of the index. An index-based approach entails holding more of the debt of such issuers, regardless of the soundness of underlying fundamentals. As a result, we believe there are advantages in not being tied to an index, but using market opportunities and risks to create a high-conviction portfolio of securities, backed up by thematic support and attractive fundamentals. How does it work? Transparent, single portfolio of direct investments, selected for their strong fundamentals and thematic support Emphasis on traditional fixed income asset classes for simplicity and liquidity Return-seeking core of four key asset classes Stabilising assets and hedging positions to dampen volatility and provide capital preservation Flexibility to adapt both security selection and asset allocation dynamically, in order to orientate portfolios according to our long-term views Floating rate notes Exchange traded funds Negative duration Stabilising assets/hedging tools Stabilising assets / hedging positions Global government bonds Global investment-grade Cash/short-dated bonds Return seeking assets Index-linked bonds Emerging-market sovereign bonds Global high-yield Currency hedge Government bond derivatives Active currency positions
4 Paul Brain Lead manager and fixed income team leader Khuram Sharih Fixed income team 16 years average investment experience 8 years at Newton Parmeshwar Chadha Alternate manager Trevor Holder Howard Cunningham Alternate manager Scott Freedman Jon Day Martin Chambers Carl Shepherd Ashwin Palta Global Dynamic Bond investment management team The fixed income team consists of nine investment professionals with 16 years average investment experience and 8 years average tenure at Newton: focused, experienced team based in single location promotes collaboration and ensures swift implementation of investment ideas benefits from strong and fruitful collaboration with our wider investment team. Invaluable in providing a broad perspective. We believe the key strengths of the Newton Global Dynamic Bond Fund are: Dynamic, unconstrained investment approach designed to capture opportunities when they arise and protect capital in falling markets Positive return in every calendar year since inception in 2006 Stable, experienced team who have worked together for a number of years Holistic, single portfolio approach, with a transparent investment methodology Why Newton? Track record of managing fixed income strategies for over 30 years Managing AUD$90.2 billion of assets on behalf of clients including pension funds, corporations and charities around the world (as at 31 March 2016) Single location of the investment team enables swift and efficient idea generation and implementation Global thematic framework ensures long-term investment perspective Want to find out more? Phil Filippelis Country head Australia phil.filippelis@bnymellon.com BNY Mellon Investment Management Australia Level 2, 1 Bligh Street Sydney NSW 2000 Australia Sebastien Brown Portfolio advocate +44 (0) sebastien_brown@newton.co.uk Newton Investment Management Limited The Bank of New York Mellon Centre 160 Queen Victoria Street London EC4V 4LA United Kingdom
5 Important information This is a financial promotion. This document is for professional investors only. The opinions expressed in this document are those of Newton and should not be construed as investment advice or any other advice and are subject to change. This document is for information purposes only and does not constitute an offer or solicitation to invest. Past performance is not a guide to future performance. Your capital may be at risk. The value of investments and the income from them can fall as well as rise and investors may not get back the original amount invested. Portfolio holdings and positioning are subject to change at any time without notice and should not be construed as investment recommendations. Any reference to a specific security, country or sector should not be construed as a recommendation to buy or sell this security, country or sector. Past or current yields are not indicative of future yields. The value of overseas securities will be influenced by fluctuations in exchange rates Where the portfolio is invested in sub-investment-grade bonds, which typically have a low credit rating and carry a high degree of default risk, please be aware that this may affect the capital value of your investment. Compared to more established economies, the value of investments in emerging markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. Historic volatility is no guide to future volatility. The strategy may hold derivatives. An investment in derivatives may be volatile, but the volatility of the strategy is not expected to be any greater than that of the underlying stock and fixed-income markets. You should read the Prospectus and the Key Investor Information Document (KIID) for each fund in which you want to invest. The Prospectus and KIID can be found at In the UK, this document is issued by Newton Investment Management Limited, The Bank of New York Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England No Newton Investment Management is authorised and regulated by the Financial Conduct Authority. This material is for Australian wholesale clients and New Zealand wholesale investors only and is not intended for distribution to, nor should it be relied upon by, retail clients. This information has not been prepared to take into account the investment objectives, financial objectives or particular needs of any particular person. Before making an investment decision you should carefully consider, with or without the assistance of a financial adviser, whether such an investment strategy is appropriate in light of your particular investment needs, objectives and financial circumstances. This information is made available by Newton Investment Management Limited and BNY Mellon Investment Management Australia Ltd (AFSL ). This information is confidential and is only provided to Australian wholesale clients (as that term is defined in section 761G of the Corporations Act 2001 (Cth)). This is not an offering or the solicitation of an offer to purchase an interest in the Newton Global Dynamic Bond Fund. This document is for general purposes only and should not be relied upon as financial product advice. This document has been prepared without taking into account the objectives, financial situation or needs of any person. Before making an investment decision an investor should consider the appropriateness of the information in this document having regard to these matters and read the disclosure document relating to a financial product. Investors should also consider obtaining independent advice before making any investment decisions. Investments can go up and down and to the extent that this document contains any past performance information, past performance is not a reliable indicator of the future performance of the relevant investment or any similar investment strategy. Newton Investment Management Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the UK under UK laws, which differ from Australian laws. Newton Investment Management Limited (Newton) is authorised and regulated in the UK by the Financial Conduct Authority (FCA). Newton is providing financial services to wholesale clients in Australia in reliance on ASIC Class Order 03/1099, a copy of which is on the website of the Australian Securities and Investments Commission, The Class Order exempts entities that are authorised and regulated in the UK by the FCA, such as Newton, from the need to hold an Australian financial services license under the Corporations Act 2001 for certain financial services provided to Australian wholesale clients on certain conditions. Financial services provided by Newton are regulated by the FCA under the laws and regulatory requirements of the United Kingdom, which are different to the laws applying in Australia. Newton is providing financial services to wholesale investors in New Zealand in reliance on the Safe Harbour regime under the Financial Markets Conduct Act 2013, Schedule 1 part 3. T /16 Follow Newton Investment Management
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