Inversiones Alternativas

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Logan Walters
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1 Inversiones Alternativas

Acerca de GAM Establecido en 1983 con el objetivo de generar rendimientos atractivos a largo plazo a través de estrategias de inversión activas Distintiva cultura de inversión basada en la

return single manager Multi-manager Managed portfolios & composites Mas de 750 empleados en ocho oficinas alrededor del mundo Foco en clientes institucionales y de banca privada Los Angeles New York

3 Acerca de GAM Establecido en 1983 con el objetivo de generar rendimientos atractivos a largo plazo a través de estrategias de inversión activas Distintiva cultura de inversión basada en la independencia en la toma de decisiones de inversión y un manejo del riesgo disciplinado USD 60.2 billones en activos bajo manejo 14% 29% 11% GAM AuM by Strategy 23% 23% Equity Fixed income Abs. return single manager Multi-manager Managed portfolios & composites Mas de 750 empleados en ocho oficinas alrededor del mundo Foco en clientes institucionales y de banca privada Los Angeles New York Bermuda Dublin London Zurich Hong Kong Tokyo Source: GAM. Assets under management breakdowns are as at 30 Jun GAM reports its assets under management breakdowns on a half yearly basis in line with Swiss accounting rules which apply to our parent company, GAM Holding AG. Holdings and allocations are subject to change. The reported total AuM of GAM of USD 60.2bn include cross-holding assets of approximately USD6.6bn in accordance with Group accounting policy, which follows the principles of the Swiss Financial Market Supervisory Authority (FINMA). GAM s assets under management without cross-holdings as at 30 Jun 2011 are approximately USD 53.6bn. 3

4 GAM Multi-Manager La solidez de la experiencia Uno de los inversores en Hedge Funds mas experimentado y conocedor del mundo Administrador de fondos de Hedge Funds desde empleados dedicados a GAM Multi-Manager alrededor del mundo USD 8.2bn en activos bajo manejo incluyendo: Equity Hedge 16.5% Trading 65.0% Event Driven 10.5% Relative Value 7.8% Extensivo conocimiento en Hedge Funds Análisis cualitativo sobre el 95% del universo disponible basado en cantidad de fondos Procesos disciplinados y estructurados en el manejo de las inversiones y riesgo Objetivos claros de riesgo y rendimiento monitoreados en casa paso Source: GAM * Data as at 31 Jan 2012 (the staff number includes IT, quantitative analytics and dealing support) Source GAM as at 30 Jun GAM now discloses its assets under management on a half-yearly basis. Holdings and allocations are subject to change. Percentages may not sum to 100 due to the impact of cash held within the MM portfolios. 4

8% Extensivo conocimiento en Hedge Funds Análisis cualitativo sobre el 95% del universo disponible basado en cantidad de fondos Procesos disciplinados y estructurados en el manejo de las inversiones

5 Estrategias de Trading Estabilidad en mercados volatiles 5

6 GAM Trading II USD Open Performance from 29 Apr 1997 (inception) to 31 Jan 2012 Past performance is not indicative of future performance. Performance is provided net of fees. Funds do not have the security of capital which is characteristic of a bank deposit. Source: GAM, MSCI, Financial Times, Thomson Reuters 6

7 GAM Trading II USD Open Risk characteristics from 29 Apr 1997 (inception) to 31 Jan 2012 Past performance is not indicative of future performance. Performance is provided net of fees. Source: GAM, MSCI, Thomson Reuters 7

8 GAM Trading USD Performance from 27 Apr 1990 (inception) to 31 Jan 2012 Past performance is not indicative of future performance. Performance is provided net of fees. Funds do not have the security of capital which is characteristic of a bank deposit. Source: GAM, MSCI, Financial Times, Thomson Reuters 8

9 Crisis de deuda rusa GAM Trading USD Performance from 29 Jun 1998 to 31 Aug 1998 Past performance is not indicative of future performance. Performance is provided net of fees. Source: GAM, MSCI, Thomson Reuters 9

10 Burbuja tecnológica GAM Trading USD Performance from 27 Mar 2000 to 30 Sep 2002 Past performance is not indicative of future performance. Performance is provided net of fees. Source: GAM, MSCI, Thomson Reuters 10

11 Crisis de Crédito GAM Trading Performance from 27 Aug 2007 to 9 Mar 2009 Past performance is not indicative of future performance. Performance is provided net of fees. Source: GAM, MSCI, Thomson Reuters 11

12 Agregando Estrategias de Trading a un portfolio Performance from 31 Dec 1998 to 31 Dec 2011 Source: GAM Equities = MSCI World Index, Bonds = FTSE Gilts Total Return Index, Trading strategies = HFRI Macro Index. Returns in USD. Rebalanced quarterly. We have made simplifying assumptions about currency hedging. 12

Total Return Index, Trading strategies = HFRI Macro Index. Returns in USD.

13 GAM Trading II Investments Investment strategy as at 31 Jan 2012 Managed Futures - Short-Term 14.2% Other* 0.7% Macro - Systematic 4.0% Tactical Allocation guidelines (%) GAM Trading II - Macro-Discretionary Macro-Systematic Managed Futures-Trend 5 20 Managed Futures- Short-Term Managed Futures - Trend 14.4% Macro - Discretionary 66.8% Source: GAM Allocations and holdings are subject to change. Other includes liquidity, fees and currency effect/currency hedging (where applicable). 13

0% Tactical Allocation guidelines (%) GAM Trading II - Macro-Discretionary 40 80 Macro-Systematic 20 40 Managed Futures-Trend

14 GAM Trading II Breakdown of risk as at 31 Jan 2012 Percentage Risk by Geography 1 MEA and Developing Asia 10% Emerging Europe 4% Emerging Americas 4% Developed Americas 26% Developed Asia 21% Developed Europe 35% Source: GAM Allocations and holdings are subject to change. 1 Data has been normalized and does not include allocation to liquidity, fees and currency effect / currency hedging. Totals may not sum due to rounding of data at source. 14

GAM Allocations and holdings are subject to change.

15 Distribution of risk exposure* within GAM Trading II Fund VaR at underlying (look-through) level is well diversified by both country and asset class Credit 5.1% Equities 16.0% Emerging Markets, 1.6% Asia Pacific, 0.41% Western Europe, 2.4% North America, 0.8% Emerging Markets, 0.4% Asia Pacific, 4.2% Western Europe, 2.0% North America, 7.4% Western Europe, 7.8% Fixed Income 27.6 North America, 9.5% Asia Pacific, 6.4% Metals, 7.5% Emerging Markets, 5.9% Commodities 24.0% Softs, 5.6% Grains, 3.3% Energy, 7.7% Asia Pacific, 6.9% Emerging Markets, 6.1% North America, 3.5% Western Europe, 10.8% Currency 27.3% Source: GAM as at 31 Dec 2011 Allocations and holdings are subject to change. * Based on gross figures. 15

4% Western Europe, 7.8% Fixed Income 27.6 North America, 9.5% Asia Pacific, 6.4% Metals, 7.5% Emerging Markets, 5.9% Commodities 24.0% Softs, 5.6% Grains, 3.3% Energy, 7.

16 GAM Fund of Funds Awards PIPA Awards Best Hedge Fund of Fund: GAM Trading II Hedge Funds Review Awards Fund of Hedge Fund of the Decade: GAM Trading II InvestHedge Awards 10 year Performance Award for funds with more than $1bn in assets: GAM Trading II Hedgeweek Awards Best Diversified Fund of Hedge Funds: GAM Diversity Hedge Funds Review Awards Best Performing Diversified FoHF over 1 year: GAM Multi-Diversified LV Global Pensions Awards Hedge Fund of Funds Provider of the Year Financial News Awards for Excellence in Hedge Fund Operations Best Client Reporting Best Manager Selection Process Best Due Diligence Process Hedge Funds Review Awards Best Performing Specialist Fund over 10 years: GAM Trading Strategy Financial News Awards for Excellence in Institutional Asset Management Fund of Hedge Funds Group of the Year Financial News Awards for Excellence in Hedge Fund Operations Best Client Reporting Best Due Diligence Process Best Product Development Best Manager Selection Process InvestHedge Awards Best Fund of Year Award: GAM Multi-Europe II Hedge Funds Review Awards European Best Group Award: Funds of Hedge Funds Hedge Funds Review Awards Most Innovative Fund of Hedge Fund Product: GAM Portable Diversity / S&P 500 Hedge Funds Review Awards European Best Group Award: Funds of Hedge Funds Standard & Poor s Europe Equity Sector Awards Best over five years: GAM Strategic Multi-Europe A Source: GAM as 31 Jan

Best Performing Diversified FoHF over 1 year: GAM Multi-Diversified LV Global Pensions Awards Hedge Fund of Funds Provider of the Year Financial News Awards for Excellence in Hedge Fund Operations

Comments on Draft OECD/IOPS Good Practices on Pension Fund s Use of Alternative Investments and Derivatives

Comments on Draft OECD/IOPS Good Practices on Pension Fund s Use of Alternative Investments and Derivatives This document includes comments from various FIAP members, belonging to different countries.