Interim Management Statement For the Quarter ended 31 March 2015
|
|
- Dwayne Richards
- 7 years ago
- Views:
Transcription
1 Boussard & Gavaudan Holding Limited A closed-ended investment company incorporated with limited liability under the laws of Guernsey, with registration number Interim Management Statement For the Quarter ended 31 March 2015 I. PRINCIPAL ACTIVITIES Boussard & Gavaudan Holding Limited ( BGHL or the Company ), a closed-ended investment company incorporated under the laws of Guernsey, announces its interim management statement for the period from 1 January to 31 March 2015 ( the period ). The Company is registered with the Dutch Authority for Financial Markets and is listed on the NYSE Euronext Amsterdam, and the London Stock Exchange. During the period, BGHL has invested indirectly in BG Master Fund Plc ( BG Fund or the Fund ), a Europe-focused multi-strategy hedge fund established in Ireland and authorised by the Central Bank as a Qualified Investor Fund (QIF), through a dedicated share class of the feeder fund, BG Umbrella Fund Plc. The Fund aims primarily at arbitraging instruments with linear or non-linear pay-offs on equities and credit markets. The overall investment objective of the Fund is to provide investors with consistent absolute returns, primarily through investing and trading in financial instruments of companies incorporated in, or whose principal operations are, in Europe. In addition, a proportion of the net assets of BGHL may be invested in other hedge funds and/or other financial assets. Boussard & Gavaudan Investment Management LLP ( BGIM or the Investment Manager ) is the Investment Manager for both the Company and the Fund. II. HIGHLIGHTS 31-Mar Dec-14 Assets under management ( m) Market capitalisation ( m) Shares outstanding 32,876,541 33,296,954 NAV per Share Share price* Discount to NAV shares shares shares shares shares shares 31-Mar % % 31-Dec % % Performance 3.78% 3.55% 1.41% 2.96% 1
2 III. PERFORMANCE The Eurostoxx 50 was up 17.5% this quarter and stock market volatility decreased: the VDAX ended at 18.6%, down from 19.5% and the VStoxx at 21.1%, down from 26.2%. The Crossover Series 22 finished at 262bps, tightening by 83bps over the quarter. 1. BG Fund As at 1 April 2014, the Company had approximately 102% of its assets invested in BG Fund. BGHL maximum exposure to BG Fund is 110% of its net asset value. From 31 December 2014 to 31 March 2015, BG Fund (Euro A share class) posted a +2.88% performance. All strategies performed positively this quarter. Equity strategies were the best performer, followed by volatility strategies, credit strategies and trading. 1.1 Volatility Strategies Convertible Bond Arbitrage Convertible bond arbitrage contributed positively this quarter. GFI Informatique and Theolia convertible bonds drove the performance. The position in Marine Harvest also contributed positively thanks to the corporate s incentive to convert the bond maturing in 2018 and from long only funds keen to purchase the 2019 one in order to keep exposure on the name. Some profits were taken on this investment. Total issues amounted to 5.4bn this quarter whilst recalls, redemptions and incentives to convert amounted to 2.5bn. During this period investment grade names and those with mixed delta (30% to 75%) were even more expensive from an arbitrage standpoint. At the other extreme, oil related names with high leverage were still at a low level. Nevertheless, the Investment Manager started to identify some opportunities. For instance, some positions were initiated on high delta names when the convertible bonds traded under parity. Mandatory Convertible Bond Arbitrage Mandatory convertible bond arbitrage contributed positively this quarter, driven equally by the Volkswagen and the Telefonica mandatories. There was no specific flow and no primary issuance this quarter. Gamma Trading Over the first quarter, the book has been long Eurozone and UK tail risk and mostly long put (or put spreads) equities vs short volatility. The Eurozone tail risk has contributed positively on the FX side and on hybrids but negatively on equities mostly post QE. The long UK tail risk, expressed through short GBP vs EUR and USD via options, has not performed as the uncertainty generated by the UK election did not weigh much on the Pound. The short equities / short volatility positions have generated some returns, especially in March, mostly thanks to the S&P500, which had enough drawdown to lock in some profits on the downside exposure. 2
3 1.2 Equity Strategies Equity strategies contributed positively to the performance of the Fund. The year started with concerns around Greek elections and falling oil price. But very quickly, the European equity market rallied following the announcement that the ECB would start a largescale Quantitative Easing in March and continuing inflows into Europe from global asset allocators. During this quarter, the EUR continued to weaken against the USD and the Fund benefited from investments in companies exposed to the USD. On some of these investments, profits were taken as catalysts played out. The Fund also benefited from its investment in Theolia. The stock was under pressure following last November s rights issue and recovered in February. It rallied 33% during the month. Infrastructure assets benefited from lower long term rates and the Investment Manager s investment case remained very strong. The financials book also performed well. In particular, the Fund profited from the re-rating of Italian popolari banks after the Government issued a decree forcing their de-mutualisation: this is expected to trigger the long-awaited consolidation of the Italian banking sector. In this market environment, the Investment Manager remained focused on conviction trades and felt compelled to use options in order to express his fundamental views. The combination of volatilities and fundamental drivers makes it very efficient. On the corporate activity front, while M&A deals announced in the US were up 28% this quarter hitting their 15-year high, European activity was disappointing and remained globally flattish. The secondary market in Europe, through accelerated book buildings, was much more active, reaching almost its high ( 35bn, +70% compared to last year). Shareholders, private equity funds and corporates took advantage of a strong equity market to reduce some of their stakes. These placements have been well absorbed by the market as investors used those liquidity events to reposition themselves in the equity market. 1.3 Credit Strategies Credit Long / Short Credit long / short strategies contributed positively this quarter. During the period, the European credit markets benefited form the ECB-proposed unconventional measures. Inflows in the asset class have been continuing at a strong pace since the ECB s announcement. In particular, more yielding credit asset classes such as European high yield and hybrid financials, which underperformed investment grades in H2 2014, benefited from strong demand. The primary activity picked up as usual in January but was rather skewed to the second half of the month as most of the market s participants were waiting for the ECB announcement before becoming really engaged. Primary market was very active in February. In particular European banks continued to build their Additional Tier 1s regulatory capital requirement bucket. The European high yield market was also very active. However, the period also saw calls, refinancing and maturities, leading to a net supply in EUR high yield marginally into negative territory in February. Hence, all-in-all, the asset class was experiencing very strong technicals with large and positive net inflows. It is worth noting that more and more US companies have been seeking to issue in the Euro market in order to take advantage of rates differential and better conditions created by the ECB Quantitative Easing. During the period, most of the performance was driven by investments in French and Italian media corporates, as well as in the French geophysical services company CGG. In financials, the largest contributor was the long position in French insurer Groupama s subordinated bonds. Groupama published positive full-year 2014 results underlying a continued focus in improving the credit profile of the company. These strong results could trigger an upgrade at Fitch, to bring notches closer to Investment Grade (current bond ratings: BB at Fitch, positive outlook) whereas the bonds still trade at a higher discount to comparable companies. 3
4 Capital Structure Arbitrage Capital structure arbitrage contributed negatively to the performance of the Fund, driven by a long equity, short credit trade on ArcelorMittal. With the actions of different central banks (ECB, SNB), the usual correlations between credit and equity were broken. In this environment, the Investment Manager decided to reduce the existing positions. He continues to monitor this sub-strategy and, going forward, given this environment mostly driven by the Quantitative Easing effect, he will focus much more on strong, fundamental, idiosyncratic catalysts. 1.4 Trading Trading contributed marginally positively this quarter. 2. Investments Other Than BG Fund As at 31 March 2015, the net asset value of the other investments outside BG Fund represented approximately 8% of the net asset value of BGHL. The investments other than BG Fund contributed positively during the period, mainly due to GFI Informatique whose market price rose by 12% during the quarter Rasaland BGHL invested USD 10 million in RLI s shares. The EUR/USD exposure is hedged by an FX forward which is rolled on a 3 month basis. RLI is a Malta-based holding company structured as a private equity fund in terms of fees and organisation, dedicated to investing in land, hotels and high-end resort developments in Mexico. RLI s initial business was, soon after launch, affected by several adverse events which have changed the exit solution and the time schedule considered initially. RLI has mitigated the risk of running out of cash by selling a stake in one of its land projects to a large Mexican institutional Pension Fund and raising USD 80 million with the National Infrastructure Fund. RLI also acquired the Four Seasons hotel in Mexico in May 2013 and is exploring to acquire additional operating hotel, which complements the land portfolio with cash generating assets. The listing of RLI s hotel subsidiary on Mexico s exchange is the more likely exit option currently envisaged by RLI. The listing of the subsidiary could be followed by the listing of RLI. 2.2 GFI Informatique BGHL owns GFI listed shares as well as bonds issued by Infofin secured by, and exchangeable into GFI shares. BGHL hold a directional exposure which is not hedged. BGHL signed on 7 June 2013 a shareholders agreement in order to act in concert with the two main shareholders of GFI. GFI is one of the leading IT services firms in France and Southern Europe. In compliance with applicable regulations, the concert through Infofin (an entity created for this purpose) filed a mandatory public tender offer with the French Autorité des Marchés Financiers (AMF) for all of the outstanding shares and bonds giving access to GFI s share capital or voting rights not yet held by the concert. Under the shareholders agreement BGHL agreed to invest - after completion of the public offer - in bonds to be issued by Infofin and exchangeable into GFI shares. On 29 August 2013, BGHL subscribed to the Infofin exchangeable bonds for an amount of 20,364, BGHL s direct equity investment in GFI Informatique (FR ) represented approximately 10.2 million as of 31 March
5 IV. OUTLOOK Financial prospects for the coming months will be linked to the level of opportunity created across the Company's strategies in the European corporate environment. The Investment Manager continues to be fully committed to the strategies of the Company. As of 1 April 2015, BG Group assets under management are at 2.45bn. For further information contact: Boussard & Gavaudan Investment Management LLP Emmanuel Gavaudan (London) +44 (0) François-Xavier Baud (London) +44 (0)
6 Disclaimer The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has received the necessary approval of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht). The shares of the Company (the "Shares") are listed on Euronext Amsterdam. The Shares are also listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange plc's main market for listed securities. This is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law. Neither the Company nor BG Fund has been, and neither will be, registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"). Consequently any such securities may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer of such securities to register under the Investment Company Act. No public offering of any securities will be made in the United States. You should always bear in mind that: - All investment is subject to risk; - Results in the past are no guarantee of future results; - The investment performance of BGHL may go down as well as up. You may not get back all of your original investment; and - If you are in any doubt about the contents of this communication or if you consider making an investment decision, you are advised to seek expert financial advice. This communication is for information purposes only and the information contained in this communication should not be relied upon as a substitute for financial or other professional advice. VC
Boussard & Gavaudan Absolute Return A compartment of Boussard & Gavaudan SICAV
Boussard & Gavaudan Absolute Return A compartment of Boussard & Gavaudan SICAV UCITS by Boussard & Gavaudan Asset Management FEBRUARY 2015 NEWSLETTER * Share class Z - EUR (1) LU1063708694 Z - USD (2)
More informationBOUSSARD & GAVAUDAN HOLDING LIMITED
BOUSSARD & GAVAUDAN HOLDING LIMITED a closed ended investment company incorporated with limited liability under the laws of Guernsey with registration number 45582 AUGUST 2012 STATEMENT Total value of
More informationBoussard & Gavaudan Investment Management LLP. EUR Euronext B1FQG45 GG00B1FQG453 BGHL.AS BGHL NA EUR LSE B28ZZQ1 GG00B1FQG453 BGHL.
JUNE 2016 NEWSLETTER I. COMPANY INFORMATION General information Investment manager Company domicile Website Management fee Performance fee Boussard & Gavaudan Investment Management LLP Guernsey www.bgholdingltd.com
More informationImpact of QE on Fixed Income
Impact of QE on Fixed Income David Greene, Client Portfolio Manager Pioneer Investments Unconstrained Approaches Potential returns mean investors have to be more opportunistic 5 0 Expected return based
More informationAn Introduction to the Asset Class. Convertible Bonds
An Introduction to the Asset Class Convertible DESCRIPTION Convertible (CBs) are fixed income instruments that can be converted into a fixed number of shares of the issuer at the option of the investor.
More informationdb x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus
db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers S&P 500 UCITS ETF (DR) (the Fund ), a sub-fund of Concept Fund Solutions
More informationWhy ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group
Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative
More informationFund Manager Quarterly Review
Fund Manager Quarterly Review Reporting period: Q1 2012 31 March 2012 For professional adviser use only and not for distribution to retail clients Performance to 31 March 2012 3m 6m 1yr Since 13 th May
More informationEuropean Credit: Seeking Symmetry From Senior to Subordinated Vianney Hocquet, Corporate Portfolio Manager
European Credit: Seeking Symmetry From Senior to Subordinated Vianney Hocquet, Corporate Portfolio Manager For Boston Investment Conference 2016 Attendees Only and Not to be Distributed to the Public Yield
More informationING Bank N.V. Certificates Programme
FOURTH SUPPLEMENT DATED 9 MAY 2014 UNDER THE CERTIFICATES PROGRAMME ING Bank N.V. (Incorporated in The Netherlands with its statutory seat in Amsterdam) Certificates Programme This Supplement (the Supplement
More informationTetragon Financial Group Limited ( TFG )
Tetragon Financial Group Limited ( TFG ) 12 August 2014 THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE ANY SECURITY OF TFG. THIS INFORMATION
More informationMonthly Factsheet 31 OCTOBER 2014
Monthly Factsheet 31 OCTOBER 2014 Highlights HVPE s estimated NAV per share is $15.26, a 1% increase from 30 September 2014. Gearing remains at zero. In October 2014, HVPE reduced its credit facility from
More informationDATED 13 OCTOBER 2011 FIRST INCREASE: ISSUE AND LISTING ON 13 OCTOBER 2011 OF A FURTHER 150,000 THE PRICE OF
DATED 13 OCTOBER 2011 FIRST INCREASE: ISSUE AND LISTING ON 13 OCTOBER 2011 OF A FURTHER 150,000 THE PRICE OF THE ICE BRENT CRUDE OIL FUTURE TURBO SHORT CERTIFICATE TO BE CONSOLIDATED AND FORM A SINGLE
More informationJosé Antonio Álvarez CFO Santander Group
José Antonio Álvarez CFO Santander Group Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements. These forward-looking statements are found in
More informationThe Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY
The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight
More informationPROSPECTUS FRENCH UCITS (FONDS COMMUN DE PLACEMENT) BG LONG TERM VALUE NON OFFICIAL TRANSLATION FOR INFORMATION PURPOSES ONLY
PROSPECTUS FRENCH UCITS (FONDS COMMUN DE PLACEMENT) BG LONG TERM VALUE UCITS COMPLIANT WITH EUROPEAN NORMS Effective date: 7 May 2014 NON OFFICIAL TRANSLATION FOR INFORMATION PURPOSES ONLY CONTENTS KEY
More informationReferred to as the statement of financial position provides a snap shot of a company s assets, liabilities and equity at a particular point in time.
Glossary Aggressive investor Balance sheet Bear market Typically has a higher risk appetite. They are prepared or can afford to risk much more and for this they stand to reap the big rewards. Referred
More informationFOURTH SUPPLEMENT TO THE BASE PROSPECTUS IN RESPECT OF THE STRUCTURED PRODUCTS PROGRAMME FOR THE ISSUANCE OF NOTES ABN AMRO BANK N.V.
27 June FOURTH SUPPLEMENT TO THE BASE PROSPECTUS IN RESPECT OF THE STRUCTURED PRODUCTS PROGRAMME FOR THE ISSUANCE OF NOTES ABN AMRO BANK N.V. (Registered at Amsterdam, The Netherlands) ABN AMRO Structured
More informationLegg Mason Western Asset Asian Opportunities Fund
PRODUCT KEY FACTS Legg Mason Global Funds Plc Legg Mason Western Asset Asian Opportunities Fund Issuer: Legg Mason Asset Management Hong Kong Limited January 2015 This statement provides you with key information
More informationSTANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC
This document is issued by Standard Life European Private Equity Trust PLC (the "Company") and is made available by SL Capital Partners LLP (the AIFM ) solely in order to make certain particular information
More informationDISCLOSURE OF CONTRACTS FOR DIFFERENCES
DISCLOSURE OF CONTRACTS FOR DIFFERENCES The United Kingdom Financial Services Authority ("FSA") has recently announced that its regime for disclosure of major shareholdings will be expanded to include
More informationCGWM Total Return Bond Fund
To us there are no foreign markets. TM CGWM Total Return Bond Fund Supplement dated 6 October 2015 to the Prospectus dated 6 October 2015 This Supplement contains specific information in relation to the
More informationUnderstanding Leverage in Closed-End Funds
Closed-End Funds Understanding Leverage in Closed-End Funds The concept of leverage seems simple: borrowing money at a low cost and using it to seek higher returns on an investment. Leverage as it applies
More informationIntertrust N.V. announces the indicative price range, offer size, start of offer period and publication of prospectus of its planned IPO
This press release and the information contained herein are not for distribution in or into the United States of America (including its territories and possessions, any state of the United States of America
More informationACF morning workshop. Is your investment committee asking the right questions?
ACF morning workshop Is your investment committee asking the right questions? Contents 1. Why would a charity want to consider a total return investment policy? What do we mean by total return? 2. Finding
More informationFREQUENTLY ASKED QUESTIONS ABOUT RIGHTS OFFERINGS
FREQUENTLY ASKED QUESTIONS ABOUT RIGHTS OFFERINGS Background What is a rights offering? A rights offering typically provides an issuer s existing shareholders the opportunity to purchase a pro rata portion
More informationfor Analysing Listed Private Equity Companies
8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.
More informationSTANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order
More informationClear Alpha Trading Strategies Fund Class A Shares USD a UCITS IV compliant fund
Fund Terms Inception date 20 January 2011 Legal structure Fund AUM Firm AUM Share classes Investment Objective UCITS IV fund domiciled in Ireland $47.3 million $93.7 million USD Class (EUR, GBP also available)
More informationMarket Commentary July 2015
Investment Markets in July 2015 Highlights Equities gained in July as markets reacted positively to Greece s capitulation to creditor demands at the start of the month and acceptance of a package of preconditions
More informationdb x-trackers FTSE 100 Equal Weight UCITS ETF (DR) Supplement to the Prospectus
db x-trackers FTSE 100 Equal Weight UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers FTSE 100 Equal Weight UCITS ETF (DR) (the Fund ), a sub-fund
More informationM&G HIGH INCOME INVESTMENT TRUST P.L.C
This document is issued by M&G Securities Limited as the alternative investment fund manager (AIFM) of M&G High Income Investment Trust PLC (the "Company") solely in order to make certain information available
More informationAutumn Investor Seminar. Workshops. Managing Variable Annuity Risk
Autumn Investor Seminar Workshops Managing Variable Annuity Risk Jean-Christophe Menioux Kevin Byrne Denis Duverne Group CRO CIO AXA Equitable Chief Financial Officer Paris November 25, 2008 Cautionary
More informationThe Rise and Rise of Interest Rate Securities
The Rise and Rise of Interest Rate Securities Nicholas Yaxley, Credit Research, Morningstar Australasia Agenda Outline the key drivers of primary issuance and whether they are still relevant How does
More informationEQUINOX PERFORMANCE REPORT SEPTEMBER QUARTER 2006 MACQUARIE EQUINOX LIMITED PARTICIPATING SHARES ARBN 105 989 231
PERFORMANCE REPORT SEPTEMBER QUARTER 2006 MACQUARIE LIMITED PARTICIPATING SHARES ARBN 105 989 231 Market Commentary Hedge Fund Industry The direction of financial markets in the third quarter was broadly
More informationEuropean high yield in 2015: a tale of two markets An M&G Investments Institutional briefing December 2015
European high yield in 215: a tale of two markets An M&G Investments Institutional briefing December 215 Weakness in US high yield in the last months of 215 has highlighted the relative strength of the
More informationParis Orléans. Full year 2013/2014 results presentation
Paris Orléans Full year 2013/2014 results presentation 25 June 2014 Contents Sections 1 Highlights of 2013/2014 2 2 Business review 4 3 Financial review 9 Appendices 23 1 1. Highlights of 2013/2014 1.
More informationStructured Products. Designing a modern portfolio
ab Structured Products Designing a modern portfolio Achieving your personal goals is the driving motivation for how and why you invest. Whether your goal is to grow and preserve wealth, save for your children
More informationSUPPLEMENT Davy Strategic Global Equity Fund
Davy Funds p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under the Companies Acts 1963
More informationBERYL Credit Pulse on High Yield Corporates
BERYL Credit Pulse on High Yield Corporates This paper will summarize Beryl Consulting 2010 outlook and hedge fund portfolio construction for the high yield corporate sector in light of the events of the
More informationBMO Corporate Bond ETFs
For professional investors only Exchange Traded Funds PAGE 1 BMO Corporate Bond ETFs Diversified, global bond exposure ember 20 Contact us Client Services +44 (0) 20 70 4444 client.service@bmogam.com bmogam.com/etfs
More informationPriority Senior Secured Income Fund, Inc.
Priority Senior Secured Income Fund, Inc. This material is neither an offer to sell nor the solicitation of an offer to buy any security. Such an offer can be made only by prospectus, which has been filed
More informationSingle Stock Futures
Single Stock Futures Single Stock Futures (or Individual Equity Futures) are exchange traded derivative instruments offering investors amplified exposure to price movements in a wide array of listed shares.
More informationACCELERATING THE TRANSFORMATION
Paris, September 12, 2011 ACCELERATING THE TRANSFORMATION SOCIETE GENERALE: THE HARD FACTS GIIPS: we have a low, declining and manageable sovereign exposure of EUR 4.3 billion Legacy assets: we accelerated
More informationChapter 16: Financial Risk Management
Chapter 16: Financial Risk Management Introduction Overview of Financial Risk Management in Treasury Interest Rate Risk Foreign Exchange (FX) Risk Commodity Price Risk Managing Financial Risk The Benefits
More informationInvestment funds in Guernsey
Investment funds in Guernsey APRIL 2012 For more briefings visit mourantozannes.com This briefing is only intended to give a summary and general overview of the subject matter. It is not intended to be
More informationSUMMARY Belfius Financing Company (LU) NOK Step Up 2 due 7 April 2020
SUMMARY Belfius Financing Company (LU) NOK Step Up 2 due 7 April 2020 The following summary is established in accordance with Articles 24 and 28 of the Belgian Law of 16 June 2006 on the public offer of
More informationRegistered country information Vanguard Investment Series plc and Vanguard Funds plc
Registered country information Vanguard Investment Series plc and Vanguard Funds plc The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.
More informationUnaudited financial report for the. sixt-month period ended 30 June 2015. Deutsche Bahn Finance B.V. Amsterdam
Unaudited financial report for the sixt-month period ended 30 June 2015 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 30 June 2015 4 Profit and loss
More informationSUCCESS OF THE OFFER TO CREATE THE LEADING PAN-EUROPEAN COMMERCIAL PROPERTY COMPANY: 80% of Rodamco Shares tendered to the offer of Unibail
SUCCESS OF THE OFFER TO CREATE THE LEADING PAN-EUROPEAN COMMERCIAL PROPERTY COMPANY: 80% of Rodamco Shares tendered to the offer of Unibail UNIBAIL DECLARES THE EXCHANGE OFFER FOR ALL OUTSTANDING SHARES
More informationIntroduction to credit opportunity funds Richard Parkus Deutsche Bank
2 Introduction to credit opportunity funds Richard Parkus 2007 Credit opportunity funds have been the largest and fastest-growing segment within the market-value collateralised debt obligation (MV CDO)
More informationAn Alternative Way to Diversify an Income Strategy
Senior Secured Loans An Alternative Way to Diversify an Income Strategy Alternative Thinking Series There is no shortage of uncertainty and risk facing today s investor. From high unemployment and depressed
More informationBrooks Macdonald. Structured Products Fact or Fiction?
Brooks Macdonald Structured Products Fact or Fiction? 1 Agenda Introduction & Background - Fiction Facts Complexity Facts Liquidity Facts Costs How We Work With Brooks Macdonald Appendix 2 Introduction
More informationJupiter Merlin International Equities Portfolio
Jupiter Merlin Funds Jupiter Merlin International Equities Portfolio Jupiter Asset Management Limited Product Key Facts April 2016 Product Key Facts This statement provides you with key information about
More informationSPDR S&P 500 Low Volatility UCITS ETF
SSGA SPDR ETFs Europe I Plc 2 November 2015 SPDR S&P 500 Low Volatility UCITS ETF Supplement No. 32 (A sub-fund of SSGA SPDR ETFs Europe I plc (the Company ) an open-ended investment company constituted
More informationING Bank N.V. Issue of 500,000 Short Share Open Ended Sprinters under the Certificates Programme
Final Terms dated 14 November 2014 ING Bank N.V. Issue of 500,000 Short Share Open Ended Sprinters under the Certificates Programme Any person making or intending to make an offer of the Certificates may
More informationMonthly European ETF Market Trends MAR 2015 in brief
LYXOR ETF BAROMETER APR 215 1 THIS DOCUMENT IS FOR THE EXCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE MEANING
More informationANNUAL REPORT FOR THE 2011/12 FINANCIAL YEAR
ANNUAL REPORT FOR THE 20 FINANCIAL YEAR 15 August 2012 1 AGENDA THE FULL YEAR AND FOURTH QUARTER HIGHLIGHTS Tue Mantoni, CEO THE FINANCIAL RESULT FOR THE FOURTH QUARTER OF 20 Henning Bejer Beck, CFO THE
More informationSberbank Group s IFRS Results for 6 Months 2013. August 2013
Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB
More informationGeneral Forex Glossary
General Forex Glossary A ADR American Depository Receipt Arbitrage The simultaneous buying and selling of a security at two different prices in two different markets, with the aim of creating profits without
More informationEmini - The Best Safe Haven Investments
LYXOR ETF BAROMETER SEPTEMBRE 215 1 THIS DOCUMENT IS FOR THE E XCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE
More informationFINAL TERMS. The Royal Bank of Scotland plc
FINAL TERMS DATED 27 NOVEMBER 2012 The Royal Bank of Scotland plc (incorporated in Scotland with limited liability under the Companies Acts 1948 to 1980 registered number SC090312) 250,000 AIR FRANCE-KLM
More informationNN Group N.V. 30 June 2015 Condensed consolidated interim financial information
Interim financial information 5 August NN Group N.V. Condensed consolidated interim financial information Condensed consolidated interim financial information contents Condensed consolidated interim
More informationInsurance: Solvency II and currency risk
Insurance: Solvency II and currency risk Introduction The new Solvency II regulation defines the level of capital that insurers must hold in order to avoid insolvency given the risks that they incur. The
More informationStrength Across the Board Investment Excellence in Fixed Income 30 June 2015
Strength Across the Board Investment Excellence in Fixed Income 30 June 205 Recognising the strength and depth of our Fixed Income range across Europe, the US and Emerging Markets CLASS I EUR Performance
More informationQuarterly Financial Supplement - 1Q 2016
Quarterly Financial Supplement - 1Q 2016 Page # Consolidated Financial Summary... 1 Consolidated Income Statement Information... 2 Consolidated Financial Information and Statistical Data... 3 Consolidated
More informationSeven-year asset class forecast returns, 2015 update
Schroders Seven-year asset class forecast returns, 2015 update Craig Botham Emerging Markets Economist Introduction Our seven-year returns forecast builds on the same methodology which has been applied
More informationGLG INVESTMENTS PLC GLG GLOBAL CONVERTIBLE UCITS FUND SIMPLIFIED PROSPECTUS 6 February 2009
GLG INVESTMENTS PLC GLG GLOBAL CONVERTIBLE UCITS FUND SIMPLIFIED PROSPECTUS 6 February 2009 This simplified prospectus contains key information in relation to GLG Global Convertible UCITS Fund (the Portfolio
More informationmr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com
Date: 27 August 2015 For information: mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Growth of 20% in net result, excluding non-recurring items, to EUR 8.3
More informationWhy Invest in a Non-Traded Business Development Company?
Why Invest in a Non-Traded Business Development Company? This literature must be read in conjunction with the prospectus in order to fully understand all of the implications and risks of the offering of
More informationTransact Guide to Investment Risks
Integrated Financial Arrangements plc Transact Guide to Investment Risks Integrated Financial Arrangements plc A firm authorised and regulated by the Financial Conduct Authority INTRODUCTION Transact operates
More informationFund Manager Quarterly Review
Fund Manager Quarterly Review Sentinel Defensive Fund Reporting period: Q1 2014 For professional adviser use only and not for distribution to retail clients Performance to 31 March 2014 3m 6m 1yr Since
More informationAre you protected against market risk?
Are you protected against market risk? The Aston Hill Capital Growth Fund provides low volatility access to U.S. equities with a strong focus on downside protection. Since taking over management of the
More informationF. van Lanschot Bankiers N.V. (incorporated in the Netherlands with its statutory seat in 's-hertogenbosch)
20 December 2012 FIFTH SUPPLEMENT TO THE BASE PROSPECTUS IN RESPECT OF THE EURO 5,000,000,000 DEBT ISSUANCE PROGRAMME F. van Lanschot Bankiers N.V. (incorporated in the Netherlands with its statutory seat
More information2013 results in line with objectives
2013 results in line with objectives 53.2 million in operating profit; 6.1% operating margin 27.1 million in attributable net profit, Group share 22.3 million in free cash flow (Paris 12 March 2014 5:35
More informationCGWM Bond Fund. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014. Investment Objective. Investment Policy.
CGWM Bond Fund To us there are no foreign markets. TM Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 This Supplement contains specific information in relation to the CGWM Bond
More informationProposal to Build the First Truly Global Beer Company October 7, 2015
Proposal to Build the First Truly Global Beer Company October 7, 2015 Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
More informationExecution of strategy
Execution of strategy Alex Wynaendts CEO AEGON Jan Nooitgedagt CFO AEGON Analyst & Investor Conference New York City, 6 & 7 December, 2011 Key messages Strong capital position driven by improved risk profile
More informationFinancial report 2014. Deutsche Bahn Finance B.V. Amsterdam
Financial report 2014 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 31 December 2014 4 Profit and loss account for the year ended 31 December 2014 6
More informationSHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE. BKLN PowerShares Senior Loan Portfolio
SHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE PowerShares Senior Loan Portfolio PowerShares Senior Loan Portfolio is the first senior loan exchange-traded fund (ETF) and seeks investment results
More informationConvertible Notes Overview. Preparing for a Smooth IPO Process a Guide for In-House Counsel
Convertible Notes Overview Preparing for a Smooth IPO Process a Guide for In-House Counsel Convertible Notes Offerings An Overview for Issuers Convertible note offerings can be an effective financing tool
More informationPWM Structured Solutions. May 2011
PWM Structured Solutions May 2011 Payout at (%) Euro Put Option Iterations Key Features Hypothetical Payoff at (assuming 5.64% premium) Trade: Client Buys European Style OTC Put Option Underlyer: EURUSD
More informationSBERBANK GROUP S IFRS RESULTS. March 2015
SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB
More informationRating Methodology for Domestic Life Insurance Companies
Rating Methodology for Domestic Life Insurance Companies Introduction ICRA Lanka s Claim Paying Ability Ratings (CPRs) are opinions on the ability of life insurance companies to pay claims and policyholder
More informationIndustrial and Commercial Bank of China Limited Dealing frequency: Daily on each business day *
APRIL 2016 This statement provides you with key information about Income Partners RMB Bond Fund (the Sub-Fund ). This statement is a part of the offering document and must be read in conjunction with the
More informationLOCKING IN TREASURY RATES WITH TREASURY LOCKS
LOCKING IN TREASURY RATES WITH TREASURY LOCKS Interest-rate sensitive financial decisions often involve a waiting period before they can be implemen-ted. This delay exposes institutions to the risk that
More informationBOŚ S.A. GROUP Q3 2012
BOŚ S.A. GROUP Q3 2012 PU\Warsaw\Bos\C20120377 Agenda 1. Key information about BOŚ S.A. Group 2. BOŚ S.A. Group after Q3 2012 Appendices 2 3 Key information about BOŚ S.A. Group BOŚ S.A. Group Bank Ochrony
More informationImportant Information about Closed-End Funds and Unit Investment Trusts
Robert W. Baird & Co. Incorporated Important Information about Closed-End Funds and Unit Investment Trusts Baird has prepared this document to help you understand the characteristics and risks associated
More informationPRODUCT HIGHLIGHTS SHEET
Prepared on 18 January 2016 This Product Highlights Sheet is an important document. It highlights the key terms and risks of this investment product and complements the Singapore Prospectus 1 ( Prospectus
More informationSHORT DURATION BONDS
SHORT DURATION BONDS Our Short Duration Bond Fund range RL Short Duration Gilt Fund RL Short Duration Global Index Linked Bond Fund RL Short Duration Credit Fund RL Duration Hedged Credit Fund RL Short
More informationETFX FUND COMPANY PUBLIC LIMITED COMPANY
The Company and the Directors, whose names appear on page 131 of the Prospectus, are the persons responsible for the information contained in this Fund Supplement and accept responsibility accordingly.
More informationETPs for private investors
ETPs for private investors Simple products. Sophisticated strategies. ETPs Exchange Traded Products (ETPs) such as Exchange Traded Commodities (ETCs) and Exchange Traded Notes (ETNs) are listed exchange
More informationLiquidity and Funding Resources
112 Allianz Group Annual Report Liquidity and Funding Resources Organization The liquidity management of the Allianz Group is based on policies and guidelines approved by the Board of Management of Allianz
More informationHUME EUROPEAN OPPORTUNITIES FUND. SUPPLEMENT TO THE PROSPECTUS FOR EUROPEAN WEALTH INVESTMENT FUND plc
HUME EUROPEAN OPPORTUNITIES FUND SUPPLEMENT TO THE PROSPECTUS FOR EUROPEAN WEALTH INVESTMENT FUND plc This document supplements the current prospectus for European Wealth Investment Fund plc (the Company)
More informationType Manager Delegate Investment Manager
The (the Fund ) is a conventional open-ended investment fund that aims to achieve a high income as well as capital growth, predominantly from a diversified portfolio of MENA debt securities of varying
More informationRating Action: Moody's places MBIA Insurance Corporation's B3 IFS rating on review for upgrade Global Credit Research - 14 Feb 2014
Rating Action: Moody's places MBIA Insurance Corporation's B3 IFS rating on review for upgrade Global Credit Research - 14 Feb 2014 New York, February 14, 2014 -- Moody's Investors Service has placed the
More informationQuantitative Portfolio Strategy
Quantitative Portfolio Strategy Lev Dynkin 201-524-2839 ldynkin@lehman.com Tony Gould, CFA 212-526-2821 agould@lehman.com CURRENCY HEDGING IN FIXED INCOME PORTFOLIOS Introduction Portfolio managers typically
More information