MANAGE PORTFOLIO VOLATILITY THROUGH DYNAMIC ASSET ALLOCATION
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1 TA Legg Mason Dynamic Allocation Investment Options MANAGE PORTFOLIO VOLATILITY THROUGH DYNAMIC ASSET ALLOCATION Recent market volatility has underscored a fundamental shift in investor sentiment. Instead of trying to achieve the highest returns possible, investors are increasingly worried about avoiding extreme losses. For use by financial advisors and their clients. These portfolios are available as investment options under a variable annuity or variable life contract. Shares of the portfolios are offered only to insurance company separate accounts that fund certain variable annuity or life contracts. These portfolios may not be available in all states and may only be offered in certain variable products. Please refer to the prospectuses. Withdrawals of taxable amounts are subject to ordinary income tax and may be subject to a 10% additional federal tax if withdrawn before age 59½. Investments in a variable annuity are subject to market risks, including loss of principal. All guarantees, including optional benefits, are backed by the claims-paying ability of the issuing insurance company. Transamerica Asset Management, Inc. is the investment adviser to the underlying portfolios. VBRLMDA0714 INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
2 IS VOLATILITY HERE TO STAY? If it seems like market volatility is getting worse, it is. Wide swings in performance are becoming more commonplace, causing many investors to shun the market altogether. Consider these statistics represented by the Standard & Poor s 500 Index. 1 The number of days that the S&P 500 saw a 3% or greater intraday move more than tripled in the last two decades. 2 Volatility has been concentrated in specific periods, with clear economic drivers: the Financial Crisis of resulted in 117 days of 3%+ volatility. 2 Investor reaction to volatility has hurt investor returns: As of 2013, the 20-year average calendar year return for the equity investor was 5.02%, compared with 9.22% for the S&P The S&P 500 is an unmanaged index of common stock performance. Please note that an investor cannot invest directly in an index. 2 Source: Bloomberg, as of 3/31/14. Past performance is no guarantee of future results. Performance shown is for illustrative purposes only and data is not reflective of an actual investment. 3 Source: Dalbar. Average stock investor performance results are calculated using data supplied by the Investment Company Institute. Investor returns are represented by the change in total mutual fund assets after excluding sales, redemptions and exchanges. This method of calculation captures realized and unrealized capital gains, dividends, interest, trading costs, sales charges, fees, expenses and any other costs. After calculating investor returns in dollar terms, two percentages are calculated for the period examined: Total investor return rate and annualized investor return rate. Total return rate is determined by calculating the investor return dollars as a percentage of the net of the sales, redemptions and exchanges for each period. Past performance is no guarantee of future results. Data are for illustrative purposes only and are not reflective an actual investment. 2
3 TA Legg Mason Dynamic Allocation Investment Options That s why Legg Mason affiliated investment managers QS Legg Mason Global Asset Allocation, LLC (QS LMGAA) and Western Asset Management Company developed and manage the TA Legg Mason Dynamic Allocation investment options, available with a Transamerica variable annuity. Variable annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. These investment options invest in underlying portfolios with strategies that offer multiple levels of risk management in an effort to reduce the effects of market volatility, while seeking to provide investors with the highest total return possible, consistent for such a strategy. The underlying portfolios are sub-advised by QS LMGAA, which oversees the overall portfolio, as well as Dynamic Rebalancing. Western Asset Management Company, a Legg Mason affiliated investment manager, oversees Event Risk Management. Three levels of risk management DIVERSIFICATION DYNAMIC REBALANCING MANAGEMENT Systematically shifts allocations to and from cash in response to market conditions 4 2 EVENT RISK Through a range of exchangetraded funds (ETFs) across asset classes and styles 1 Seeking to help reduce the impact of sudden and dramatic market drops 3 QS Legg Mason Global Asset Allocation (QS LMGAA) is part of the combined QS Investors investment platform, which is comprised of QS Investors, LLC, QS Batterymarch Financial Management, Inc. and QS LMGAA. 4 These shifts attempt to limit losses, with a smaller and disproportionate reduction in portfolio total return. There is no guarantee of the value of the Fund s NAV. 3
4 DIVERSIFICATION Each investment option provides a level of diversification that seeks to increase returns and reduce volatility by using a fund-of-funds approach, investing in a range of exchange-traded funds (ETFs) across asset classes and styles. The ETFs represent the underlying portfolios within the TA Legg Mason Dynamic Allocation investment options. The strategic allocation is reviewed at least annually and may be adjusted based on prevailing economic and market conditions. 1TA Legg Mason Dynamic Allocation (%) Balanced - Target Allocations TA Legg Mason Dynamic Allocation (%) Growth - Target Allocations Fixed Income BALANCED 50 Equity Fixed Income GROWTH 70 Equity Asset Class Underlying ETF name Ticker symbol Equity U.S. Large Cap Equity ishares Core S&P 500 ETF IVV U.S. Large Cap Equity SPDR S&P 500 ETF Trust SPY U.S. Small Cap Equity Vanguard Small-Cap ETF VB International Equity ishares MSCI EAFE ETF EFA Fixed Income Core Bond Vanguard Total Bond Market ETF BND Core Bond ishares Core Total US Bond Market ETF AGG Long-Term Government Bond ishares 20+ Year Treasury Bond Fund TLT Target allocations are subject to change. Diversification does not guarantee a profit or protect against investment loss. All investments involve risk, including possible loss of principal. Fixed-income securities are subject to interest-rate, credit, inflation and reinvestment risk. As interest rates rise, the value of fixed-income securities falls. You may have a gain or loss at retirement. Please see the prospectus for more information. There are no guarantees that the strategies described herein will be successful. AN INVESTOR SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE VARIABLE ANNUITY AND ITS UNDERLYING INVESTMENT OPTIONS CAREFULLY BEFORE INVESTING. CALL FOR A PROSPECTUS CONTAINING THIS AND OTHER INFORMATION. PLEASE READ IT CAREFULLY. 4
5 DYNAMIC REBALANCING 2The past few years have shown that as the markets get tough, investors are likely to get going out of stocks and into risk-averse assets like cash. While this behavior does lower downside exposure, investors are also typically reluctant to return to riskier assets when the market improves meaning they often lose out on market rebounds. The TA Legg Mason Dynamic Allocation investment options underlying portfolios attempt to correct this flawed investor behavior by: Systematically shifting assets to a dedicated sleeve of cash or cash-like holdings in an attempt to reduce overall portfolio risk Moving back to the target allocation if the underlying portfolio appreciates to allow for participation in any market upside Dynamic Rebalancing: How it works Dynamic Rebalancing essentially functions like brakes on an elevator. When market declines lower the underlying portfolio s NAV, systematic controls are triggered in an effort to mitigate the negative effects of extreme market volatility. Dynamic Rebalancing is based on a preset formula determined by the portfolio managers, and takes into account the underlying portfolio s current NAV, macroeconomic conditions and underlying volatility. Hypothetical portfolio NAV Hypothetical portfolio floor Dynamic Rebalancing cushion If the market starts to decline, causing a decrease in the underlying portfolio s NAV, QS LMGAA systematically (as often as daily) increases the underlying portfolio s exposure to a dedicated sleeve of cash or cash-like holdings based on a predetermined floor, seeking to limit losses. The floor is always based on the maximum NAV of the underlying portfolio s holdings. If the underlying portfolio reaches new highs, the floor is likewise raised. Even in the event of a prolonged market slump, a minimum of 5% will remain invested in the underlying portfolio to ensure the underlying portfolio maintains some exposure to market movements. In rapidly declining markets, Dynamic Rebalancing is unlikely to prevent significant losses. Conversely, when markets are rapidly accelerating, market appreciation may not be fully realized due to the Portfolio s more conservative allocation. All investments involve risk, including loss of principal. Declining markets. Equity allocations are shifted to cash and cash equivalents. Rising markets. Assets are moved back to stocks. 5
6 EVENT RISK MANAGEMENT 3The final piece of the underlying portfolio s risk management strategy works in tandem with Dynamic Rebalancing in an effort to guard against certain market occurrences that Dynamic Rebalancing alone cannot: flash crash types of events that cause extremely large losses in a short period of time. Uses a small portion of the underlying portfolio s assets to continually invest in exchangetraded options, typically highly liquid, widely traded put options Attempts to provide a constant, underlying hedge to the overall portfolio Put options generally increase in value during market declines, seeking to positively benefit the underlying equity portfolio s NAV The underlying equity portfolio remains more fully invested than would be possible through Dynamic Rebalancing alone Increases the chances of participating in a market rebound helping to reduce the so-called gap risk that often results from traditional capital preservation strategies Seeks to minimize cost through active management of the option positions Managed by Legg Mason affiliate Western Asset Management, a leader in fixed-income investing A put option is a contract in which the buyer has the right, but not the obligation, to sell a predetermined asset at a specified price to the seller of the contract. The buyer of a put option can profit from a decrease in the asset price The goal: Minimize losses to increase potential long-term return QS LMGAA believes that, individually, Diversification, Dynamic Rebalancing and Event Risk Management are powerful tools that can help investors manage risk. With the TA Legg Mason Dynamic Allocation investment options, these tools are combined to potentially forge an even stronger defense against the damaging effects of market volatility seeking to provide competitive long-term returns. In rapidly appreciating markets, gains may not be fully realized due to the Portfolio s investments in put options. Options can be illiquid, may disproportionately increase losses, and have a potentially large impact on portfolio performance. This fund s investment strategy is intended to smooth out investment performance spikes. Performance gains may not be as strong as might be available in benchmark indices or comparable funds not using volatility controls. 6
7 MEET THE MANAGERS Guided by the strategic allocation expertise of QS Legg Mason Global Asset Allocation, the TA Legg Mason Dynamic Allocation investment options offer diversification across Legg Mason s specialized investment managers including the dedicated event-risk management capabilities of Western Asset. Takes a consultative approach to global asset management, partnering with clients to create innovative solutions within a quantitative framework Applies complementary behavioral and fundamental market insights to manage portfolios with a repeatable, risk-aware process Strategies include global equities, liquid alternatives, multi-asset and customized solutions One of the world s leading fixed income managers, focused on long-term, top-down and bottom-up fundamental value investing Founded in 1971, the firm has nine offices around the globe and deep experience across the range of fixed income sectors An investment approach emphasizing team management and intensive proprietary research, supported by robust risk management 7
8 INDEPENDENT EXPERTISE. SINGULAR FOCUS. Brandywine Global ClearBridge Investments Permal QS Investors Royce & Associates Western Asset Management Legg Mason is a leading global investment company committed to helping clients reach their financial goals through long-term, actively managed investment strategies. Over $704 billion* in assets invested worldwide in a broad mix of equities, fixed income, alternatives and cash strategies A diverse family of specialized investment managers, each with its own independent approach to research and analysis Over a century of experience in identifying opportunities and delivering astute investment solutions to clients institutional.myleggmason.com youtube.com/leggmason There are other investment choices available, with different management fees associated with each choice. FEES: Transamerica variable annuities range of fees and charges include 0.45% 1.90% M&E&A, 0% 9% surrender charges, $50 annual service charge, and investment option management fees. A fund facilitation fee of up to 0.30% annually may apply for certain investment options. ADDITIONAL INFORMATION: All contract and rider guarantees, including optional benefits and any fixed subaccount crediting rates or annuity payout rates, are backed by the claims-paying ability of the issuing insurance company. They are not backed by the broker/ dealer from which this annuity is purchased, by the insurance agency from which this annuity is purchased, or any affiliates of those entities, and none makes any representations or guarantees regarding the claims-paying ability of the issuing insurance company. Investment option names may vary from their corresponding portfolio names. Please see the contract prospectus for portfolio names. Transamerica Financial Life Insurance Company is licensed in New York. Variable annuities issued by Transamerica Life Insurance Company in Cedar Rapids, Iowa and Transamerica Financial Life Insurance Company in Harrison, New York (Transamerica). Annuities are underwritten and distributed by Transamerica Capital, Inc. What should I know before investing? Equity securities are subject to price fluctuation and possible loss of principal. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Fixed-income securities are subject to interest-rate, credit, inflation and reinvestment risk. As interest rates rise, the value of fixed-income securities falls. In addition to the Portfolio s operating expenses, you will indirectly bear the operating expenses of the underlying portfolios. Each underlying portfolio may engage in active and frequent trading, resulting in higher portfolio turnover and transaction costs. As a non-diversified portfolio, it is permitted to invest a higher percentage of its assets in any one issuer than a diversified portfolio, which may magnify the portfolio s losses from events affecting a particular issuer. The model used to manage a portfolio s assets provides no assurance that the recommended allocation will either maximize returns or minimize risks. There is no assurance that a recommended allocation will prove the ideal allocation in all circumstances. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on portfolio performance. Certain of the underlying portfolios may engage in short selling, which is a speculative strategy that involves special risks. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. Keep in mind, however, that because the Portfolio invests in underlying portfolios, the managers may not be able to shift allocations in time to capture an immediate or sudden spike in the market. * As of June 30, Legg Mason Investor Services, LLC, member FINRA/SIPC. Legg Mason Investor Services, LLC and all entities discussed are subsidiaries of Legg Mason, Inc. Legg Mason is not affiliated with Transamerica RETX /14 FN
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