Banca Zarattini & Co. SA

Size: px
Start display at page:

Download "Banca Zarattini & Co. SA"

Transcription

1

2 Index The company p. 3 Product range p. 11 Contacts p. 59 2

3 was founded in 1985 in Italy as a stock commission agent and was later transformed into a stock brokerage company, regulated by the Italian supervisory authority (Consob). The clients assets have been managed from the start according to alternative and uncorrelated strategies such as technical arbitrage or market neutral strategies. These strategies were first applied to the Italian equity and bond market and progressed to the European and US markets. In 1990, the group promoted the development of computerized trading systems to support investment decisions. In 1991, in order to simplify the management of private clients, the fund Martin Group Ltd was launched. During the same year, the trust company Zarattini & Co SA was created in Lugano, Switzerland, with the aim of expanding the business into international markets. In 1994, the transfer of the Italian structure to Switzerland was completed. 3

4 In 1996, the umbrella Wolf Group Ltd was launched, comprised of four funds managed according to strategies whose objective has been to profitably diversify the group s assets into uncorrelated strategies: Conservative Wolf (a low volatility fund, investing mainly in fixed income), Systematic Wolf (a fund that uses proprietary models and technology applied to macro trading on world futures and equity markets), Global Index (an index fund linked to the main stock market trends) and Small Caps Wolf (a value driven equity fund). As part of a project aimed at converting the trust company into a bank, in 2001, Zarattini & Co obtained the licence of Security Dealer (under the directive LBVM) from the CFB, thus becoming regulated according to the stringent criteria of the Federal Commission of Swiss Banks. In 2003, to coincide with the Italian tax amnesty, Zarattini & Co created the Luxembourg Neutral Sicav launching 5 new funds authorised to be distributed in Europe. These funds are managed using trading strategies which have the objective to generate an absolute return, independently from stock market trends: Inflation Linked Bonds Fund, Equity Value Fund, European Neutral Equity Fund, Technology Fund, Italian Equity Long Fund. In July 2005, the company was granted the banking licence from the Swiss Federal Banking Commission thus becoming.

5 Organization chart Clients Andrea Terzariol Customer care Investment Committee Asset Management Vittore Greggio Asset Management Research Middle Office/Trade Support Board of Directors Presidente: Claudio Sulser Vice Pres.: Andrea Zanni Gerhard Niggli Pierre Pianezzi Camilla Fasolo Zarattini Management Administration Morena Smania Back Office Accounting Counters Treasury Credit lombard Logistics /IT Tullio Santi Internal auditor Flavio Quaggio (Direttore Generale) Roberto Fior - Morena Smania - Tullio Santi Andrea Terzariol - Patrizia D Arcangeli - Vittore Greggio IT office Logistics and Security General Secretariat Roberto Fior Legal & Compliance Formalities Human resources Risk management & Controlling 5

6 Key success factors Market neutral strategies Focus on asset management through investment funds Risk aversion and search for maximum stability Low correlation with traditional investments and achievement of absolute return Indipendence Consolidated track record High level of discipline in managing the portfolios 6

7 Asset management team Tullio Santi Senior Fund Manager 13 yrs experience Andrea Mognon Fund Manager 4 yrs experience Valerio Marani Fund Manager 12 yrs experience Flavio Quaggio Senior Fund Manager 22 yrs experience Fabio Ballan Fund Manager 5 yrs experience Luca Rizzardo Fund Manager 4 yrs experience Elisabetta Perazzetta Risk Manager 17 yrs experience Vittore Greggio Senior Fund Manager 11 yrs experience Dean Giordano Fund Manager 10 yrs experience Giulia Durante Analyst 1 yrs experience 7

8 Investment styles Alternative Investments 8 Mixed Bonds Corporate Government Convertible bonds Index-linked Inflation Linked Sector/ Geography Market Neutral Value Risk Arbitrage Macro Equity Techical Arbitrage

9 Track Record 1100 Feb-92 Feb-93 Feb-94 Feb-95 Feb-96 Data as of Feb-97 Feb-98 Return from to Market Neutral Strategy Feb-99 Feb-00 MSCI Index LC Feb-01 Feb-02 Market Neutral Strategy 58.80% Feb-03 Δ: % Feb-04 Feb-05 MSCI World Index Local Currency % Feb Return since inception (Feb 1992) % % 9

10 Analisi del rischio/rendimento 10 Annualised return (5 yrs) Data as of Return - Annualised return (5 years data) - Return since inception (Feb 1992) Standard Deviation - Last 5 years - Since inception (Feb 1992) Risk (standard deviation 5 yrs) Market Neutral Strategy 5.45% % 3.38% 7.02% MSCI World Index Local Currency 0.68% % 13.61% 13.19%

11 Product Range 11 European Neutral Equity Fund Equity Value Fund Italian Equity Long Fund Technology Fund Inflation Linked Bonds Fund Hedge Funds Conservative Wolf Fund Systematic Wolf Fund Global Index Wolf Fund Harmonized funds

12 Neutral Sicav European Neutral Equity Fund Equity Value Fund Italian Equity Long Fund Technology Fund Inflation Linked Bonds Fund 12

13 Neutral Sicav: Structure 13 Luxembourg Investment Comapny established on Qualified as an Undertaking for Collective Investment in Transferable Securities ( UCITS III ) 5 separate active sub funds (9 authorised) Board of Directors Chairman - Mr. Roberto Di Carlo, General Manager, Sella Bank Lux. S.A. Vice Chairman: - Mrs. Alessandra De Giugno, Head of Fund Development, Legal&Client Support Sella Bank Luxembourg S.A. Members: - Mr. Jean-Marie Biello, Deputy Head of Fund Development, Legal&Client Support Sella Bank Luxembourg S.A. - Mrs. Elisabetta Perazzetta, Risk Manager Banca Zarattini & Co.S.A. - Mr. Roberto Fior, Head of Legal&Compliance Department, Banca Zarattini & Co. S.A. Investment Manager Banca Zarattini & Co. S.A. Investment Advisor Neutral Advisor Holding S.A. Custodian, Central Administration, Domiciliary, Administrative, Paying, Transfer and Registrar Agent Sella Bank Luxembourg S.A. Auditors DELOITTE S.A. Legal Adviser Kaufhold Wagener Ossola Erpelding

14 Neutral Sicav: Subfunds Inflation Linked Bonds Fund 14

15 NS: Inflation Linked Bonds Fund Objectives Capital appreciation and protection from inflation risk thanks to the investment in bonds linked to consumer price indexes. Instruments used Inflation linked bonds issued by governments are the best way to achieve this objective with good returns and low volatility. Preference for bonds linked to the index through the capital rather than through the interest. Markets The main markets in which we invest include primary issuers with high ratings: France, USA, Germany, UK, Italy, Canada, Australia. Stock selection The fund invests primarily in liquid, high rated bonds. 15

16 NS: Inflation Linked Bonds Fund Hedging Interest rate hedging allows the fund manager to reduce or increase the portfolio s duration according to strategic analysis of the yield curves. Currency risk Maximum unhedged exposure in other currencies is 50%. Currency exposure is usually hedged through swap contracts. Current portfolio structure - Government bonds 100% - Rating AAA 100% - Current hedging 80% - Duration 4 Years 16

17 NS: Inflation Linked Bonds Fund NS Inflation Linked Bonds Fund vs Inflation Linked Usa and EU Inflation Linked USA Neutral Sicav-ILB Inflation Linked EU 17

18 NS: Inflation Linked Bonds Fund 12 Months Volatility 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% nov-04 feb-05 mag-05 ago-05 nov-05 feb-06 mag-06 NS Inflation Linked Bonds vs OAT2012 3% Geographical distribution United States UK European Union Inflation Linked Bonds Fund OAT % Top10 positions Security T. Bond 3.625% T. Bond 3.875% T. Bond 3.5% OAT 3% OAT 3% T. Bond 3.875% UK &N Eire 2.5% UK &N Eire 2.5% UK TSY Gilt 1.25% Tecla Fondi Uff. Uif/Eur % 24.85% 21.07% 8.09% 7.61% 6.76% 4.92% 3.00% 2.70% 0.77% 0.25% 18

19 Inflation Linked Bonds Fund Historical performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year % 0.66% -2.00% -1.13% 0.48% -2.85% % 0.23% -0.44% 0.70% -0.18% 0.21% -1.09% 0.91% 1.29% -0.77% 0.37% 1.57% 2.77% % 1.21% 1.85% -2.37% 1.51% -0.23% -0.29% 1.46% -0.12% 0.53% 0.81% 0.55% 5.59% % 1.68% 0.62% 0.56% 0.63% 3.87% AUM: mln Euro Inception: Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr

20 Neutral Sicav: Subfunds Equity Value Fund 20

21 NS: Equity Value Fund Objectives The funds objective is to achieve capital appreciation by investing in stocks considered to be undervalued according to fundamental analysis and to the company s future earnings growth prospects ( value stocks). Markets Mainly EU equity markets; max 10% in stocks outside the OECD. The most explored markets are Italy, Switzerland, Austria, Netherlands, France, Germany, Scandinavia and USA. Sectors No index linking, pure stock picking with a high degree of diversification. Hedging Max 40% of the long position is hedged through short sales on index fututures. Currency risk Max unhedged exposure in other currencies is 30%. risk Currency exposure is usually hedged through swap contracts. 21

22 NS: Equity Value Fund Investment style - Search for companies whose intrinsic asset value and cash flow generation capability is not yet reflected in their stock price. - The techniques used include fundamental analysis as well as classic qualitative and quantitative valuations methods. Current hedging: 20% 22

23 NS: Equity Value Fund 12 Months Volatility 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% Geographical distribution Sector distribution 23 EV EUROSTOXX Index 0.00% ago-04 nov-04 feb-05 mag-05 ago-05 nov-05 feb-06 mag-06 NS Equity Value vs Eurostoxx Index Euro zone UK USA Switzerland Others Top 10 positions Security Bca Pop. Intra Capio AB Archer Daniels-Midland Autogrill Spa BAA Plc Curanum AG Eni Ord Danieli & C. Aem Spa Flughafen Wien AG Sector Industrial Consumer Non-Cyclical Financial Communications Energy Utilities Consumer Cyclical Basis Materials Diversified Technology % 3.57% 3.13% 2.91% 2.67% 2.62% 2.60% 2.52% 2.50% 2.25% 2.24% % 22.62% 19.96% 17.45% 8.62% 8.29% 8.09% 7.26% 5.61% 140% 0.70%

24 NS: Equity Value Fund Historical performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year % 3.42% 1.63% 1.23% -2.52% 7.55% % 1.02% -0.21% % 0.97% 2.71% 1.08% 3.30% -3.71% 1.62% 1.21% 11.61% % 0.69% -0.08% 2.03% 0.04% 1.75% -2.23% 0.22% 0.91% 2.15% 1.77% 2.63% 11.72% % -0.27% 0.45% 1.01% 0.20% 1.38% AUM: mln Euro Inception: Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 98

25 Neutral Sicav: Subfunds European Neutral Equity Fund 25

26 NS: European Neutral Equity Fund Objectives The fund s objective is to obtain positive returns which are uncorrelated to equity markets trends or interest rates movements. Geographical focus Europe. Sectors No index linking. Particular focus on relative sector strength both from a fundamental and technical point of view. Hedging - Market risk is hedged through the sale of futures on the main european market indexes. - The hedging strategy is dollar neutral. Currency Maximum unhedged currency exposure: 30%. 26

27 NS: European Neutral Equity Fund Investment style - Preliminary technical and quantitative analysis in order to identify the sectors with the best opportunities and those that need to be underweighted or excluded. - Portfolio s construction: After deciding in which sectors to invest, stocks are selected according to three criteria: 1) Fundamental analysis 2) Subsequently, stocks are selected according to classical technical analysis 3) Quantities are determined according to criteria based on relative strength. Current hedging: 90% 27

28 NS: European Neutral Equity Fund 12 Months Volatility Geographical distribution Sector distribution % 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% ENE EUROSTOXX Index 0.00% ago-04 nov-04 feb-05 mag-05 ago-05 nov-05 feb-06 mag-06 NS European Neutral Equity vs Eurostoxx Index Germany France Italy Benelux Spain Switzerland Top 10 positions Security Unicredit It. Ord Eni Ord Enel Ass. Generali Telecom Italia Spa Bca Pop. Intra San Paolo IMI Spa Monte dei Paschi Siena Ing Total B Sector Financial Energy Utilities Consumer, Non-Cyclical Consumer, Cyclical Communications Industrial Basic Materials Technology % 5.6% 5.2% 3.2% 2.3% 1.9% 1.9% 1.4% 1.4% 1.4% 1.3% % 43.85% 13.83% 10.96% 7.96% 6.75% 6.28% 5.11% 3.43% 1.84%

29 NS: European Neutral Equity Fund Historical performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year % 2.63% 0.10% 0.15% -1.65% 2.40% % 0.04% -0.41% % 2.59% 3.55% -1.21% 3.27% -3.79% 1.93% 1.97% 11.48% % -0.31% 0.14% -0.88% -0.14% -0.08% -1.24% -0.77% 1.22% -1.30% -0.59% 1.28% -1.99% % -0.09% -0.85% -0.45% 0.30% -1.72% 29 AUM: mln Euro Inception: Hedging 100% Dynamic Hedging Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr

30 Neutral Sicav: Subfunds Italian Equity Long Fund 30

31 NS: Italian Equity Long Fund Objectives The fund aims to achieve capital appreciation by investing in stocks of listed Italian companies. Markets Italy. Sectors No index linking, pure stock picking. Hedging The fund is unhedged. Currency risk None. 31

32 NS: Italian Equity Long Fund Investment style Preliminary technical and quantitative analysis in order to identify the sectors with the best opportunities and those that need to be underweighted or excluded. Portfolio s construction: After deciding in which sectors to invest, stocks are selected according to three criteria: 1) Fundamental analysis 2) Subsequently, stocks are selected according to classical technical analysis 3) Quantities are determined according to criteria based on relative strength. Mkt Cap / Val azm crg fco bnl bpm Roer cap bmps ce bpu plo spi bl bpem pel cfi bfi pin bpvn bin uc Investment style: example of valuation model of banks stocks based on fundamental analysis The classic valuation model of the banks sector uses methods based on ROE and P/BV ratios. Our model is optimized according to statistical criteria. 32

33 NS: Italian Equity Long Fund Top 10 positions Sector distribution Security Unicredit It. Ord Eni Ord. Bca Pop.Intra Enel Ass. Generali San Paolo IMI Spa Alleanza Monte Paschi Siena Banca Pop di Verona Novara Mediobanca Geographical distribution 100 % ITALY % 7.4% 6.5% 4.2% 3.8% 3.4% 2.4% 2.2% 2.2% 1.9% 1.8% Sectors Financial Energy Utilities Communications Basic Materials Consumer, Cyclical Consumer, Non Cyclical Technology % 61.45% 16.04% 12.71% 4.80% 2.56% 2.26% 0.30% 1.30% 33

34 NS: Italian Equity Long Fund Historical performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year % 2.67% 0.83% 0.38% -2.33% 3.25% % 0.26% 0.52% -1.60% 2.80% 2.15% 3.07% -1.08% 3.64% -5.26% 2.62% 2.55% 13.01% % -0.25% -1.38% 1.88% -0.36% 1.61% -2.22% -1.31% 2.47% -0.10% 1.48% 2.13% 7.06% % -0.52% 0.61% 1.61% -0.23% 1.47% AUM: mln Euro Inception: Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr

35 Neutral Sicav: Subfunds Technology Fund 35

36 NS: Technology Fund Objectives The fund s objectives is to achieve capital appreciation by investing in technology stocks in the US and Europe. Markets and Sectors The most explored market is the US market. With regard to the distribution in the various subsectors biotech, defense, hardware, software ecc., relative strength is constantly monitored. Hedging Max 40% of the long position hedged through short sales on index fututures. Currency risk Max unhedged exposure in other currencies is 30%. risk Currency exposure is usually hedged through swap contracts. 36

37 NS: Technology Fund Investment style Balance sheet analysis and in particular strong free cash flow generation are the main parameters used for stock selection. Graph analysis is used to impose a discipline on the daily operations and to highlight sector/stock relative strength versus other sectors/stocks. Top 10 positions Security Qualcomm Inc. ord. ABB Limited Ord CHF Akamai Technologies / US Sap AG Sap Eur Ord Dem Focus media Holding_ADR NII Holdings Inc / USD West Corp / USD Nokia OYJ Ordinary SBA Commun Corp-Cl A/ USD Network Appliance Inc % 2.84% 2.18% 1.80% 1.76% 1.73% 1.69% 1.66% 1.64% 1.61% 1.58% Current hedging: 18% 37

38 NS: Technology Fund Historical performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year % -0.75% 0.54% -0.47% -8.15% -2.97% % 0.34% -2.98% -3.06% 6.71% -1.52% 2.90% -3.65% 2.30% -4.62% 4.22% -0.91% -1.21% % -0.01% -2.52% 0.00% 0.02% -0.19% -3.75% -0.81% 0.95% 1.52% 2.43% 0.26% -1.79% % -0.20% 2.39% -0.91% 1.21% 3.24% 38 AUM: 9.62 mln Euro Inception: Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr

39 Neutral Sicav: : Risk Management Investment Committee The investment committee undertakes a dynamic risk control of the fund managers investments according to its directives. For each stock in the portfolio, the risk manager monitors the volatility (standard deviation of prices, beta), liquidity (average daily traded volume) and on the qualitative side the implicit risk relative to the single company. In addition, the diversification of each portfolio is carefully assessed. Risk Manager Checks the observance of the rules outlined in the fund s Information Memorandum. Verifies the observance of the separation principle of the assets under management and the filing of the accounting evidences. Verifies the effectiveness of the risk control systems. 39

40 Martin Group Ltd Martin Group Ltd is a Hedge Fund incorporated as a professional mutual fund under the laws of the British Virgin Islands on December 27th, The Fund is constituted as an open-end investment company. 40

41 MG Ltd: Structure Main Prime Brokers/ Custodians BNP Paribas, London, Milan Merrill Lynch, London Credit Ag. (Suisse) S.A., Lugano Escrow Bank Citco Bank Netherland N.V. Amsterdam Registrar & Transfer Agent Citco Fund Services B.V. Amsterdam Investment Manager, Lugano (CH) The Fund Martin Group LTD British Virgin Islands Investors Directors Mr. Flavio Quaggio Mr. Enrico Donner Mr. Alessandro Palladino Mrs. Elisabetta Perazzetta Mr. Tullio Santi Auditor Deloitte & Touche Administrator Revea SaS Italy 41

42 MG Ltd: Investment Strategy Asset Class 25% 0% 75% Equities Bonds Cash Geographical distribution 20% 5% 75% Cont. EU USA Japan Investment Strategy - Market neutral (core strategy) - Technical arbitrage - Macro economic multiple spreads - Risk arbitrage Number of portfolios managed separately - 9 market neutral portfolios - 1 foreign exchange portfolio - 1 high grade government bond portfolio - 2 fixed income arbitrage portfolios - 1 systematic equity long/short portfolio - 1 technology portfolio 42

43 MG Ltd: Risk Management Hedging and leverage - Except for special situations (ie: companies under public offer), long positions are fully hedged through the short sale of stocks and index futures - Typically 100% Long & Short of net assets Maximum leverage 200% Long & Short (so far this has never happened). - Options are seldom used either for investment or hedging purposes. Market exposure - Normally, the fund s strategy is to keep dollar neutral positions - Stocks: dollar neutral portfolios or companies under public tender offer. - Corporate and convertible bonds: emphasis on quality. No exposure to distressed companies and emerging markets. - Government bonds: highly rated bonds plus hedging of duration risk Diversification Maximum exposure to a single position: 10% of net assets; the fund holds at least 100 long and 50 short positions. 43

44 MG Ltd: Risk Management Country risk At least 80% of long position must be in OECD countries; no emerging markets investments are allowed. No junk bonds Flexibility to hold cash If the investment environment becomes uncertain. Liquidity, recall and borrow risk Exposure to a single company stock is subject to its market liquidity, and, in case of short selling, to its borrowing availability. Counterpart risk The fund s assets are spread between different highly rated depositary banks to minimize, as far as possible, the systemic risk. 44

45 MG Ltd: Risk Management Portfolio monitoring Daily - the performance of each portfolio is monitored by, at least, one senior manager: unusual figures determine a prompt investigation - the Risk Manager verifies that all the single portfolios (as well as the fund s consolidated position) comply with the constraints/ limits of the fund s prospectus/regulations. Twice a week - each portfolio is checked by at least one senior manager. 45

46 Wolf Group Ltd Wolf Group (WG) Ltd is an Umbrella fund registered under the laws of the British Virgin Irelands. The Fund is authorized to operate as a Professional Mutual Fund according to B.V.I. law (British Virgin Islands Mutual Fund Act 1996 and following amendments). 46

47 Wolf Group Ltd: Structure Main Prime Brokers/ Custodians BNP Paribas, London, Milan Merrill Lynch, London Credit Ag. (Suisse) S.A., Lugano Escrow Bank Citco Bank Netherland N.V. Amsterdam Registrar & Transfer Agent Citco Fund Services B.V. Amsterdam Investment Manager, Lugano (CH) The Fund Wolf Fund LTD British Virgin Islands Investors Directors Mr. Flavio Quaggio Mr. Enrico Donner Mr. Alessandro Palladino Mrs. Elisabetta Perazzetta Mr. Tullio Santi Auditor Deloitte & Touche Administrator Citco Fund Services (Eu) B.V. Amsterdam 47

48 Wolf Group Ltd CONSERVATIVE WOLF FUND 48

49 CWF Ltd: Investment Strategy The Fund invests mainly in a basket of technical arbitrages portfolios (take-overs, M&A, warrants, convertibles). The Fund can also invest in a basket of fundamental marketneutral portfolios. The remaining not invested assets can be invested in government or super-national AAA bonds. Asset Class 75% 5% 20% Equities Bonds Cash Geographical distribution 5% 5% 60% Cont. EU USA Japan Investment Strategy - Risk arbitrage (core strategy) - Technical arbitrage - Fixed income investments - Market Neutral Number of portfolios managed separately - 1 government bond portfolio - 1 high grade corporate bond portfolio (both straights and convertibles) - 1 risk arbitrage portfolio - 2 market neutral portfolios 49

50 CWF Ltd: Risk Management Market exposure - Government Bonds: highly rated bonds plus hedging of duration risk - Corporate and convertible bonds: emphasis on quality. No exposure to distressed companies and emerging markets - Stock market exposure: dollar neutral portfolios or companies under public offer. Leverage The fund usually has an unleveraged total position because of the conservative way in which it is run. Diversification Market Neutral stock portfolios can not exceed 40% of the fund s net assets. No single position, except for government bonds, can exceed 10% of the fund s net assets. Country risk At least 80% of long positions must be in OECD countries; no emerging markets investments are allowed. No junk bonds 50

51 CWF Ltd: Risk Management Flexibility to hold cash if the investment environment becomes uncertain. Liquidity, recall and borrow risk Exposure to a single company stock is subjected to its market liquidity, and, in case of short selling, on its borrowing availability. Counterpart risk The fund s assets are spread between different highly rated depositary banks to minimize as far as possible the systemic risk. Daily portfolio monitoring - the performance of each portfolio is monitored by at least one senior manager: unusual figures determine a prompt investigation - the Risk Manager verifies that all the single portfolios (as well as the fund s consolidated position) comply with the constraints/limits of the fund s prospectus/regulations. 51

52 Systematic Wolf Fund SYSTEMATIC WOLF FUND 52

53 SWF Ltd: Investment Strategy The Fund is composed of a global macro and a long-short US equity portfolios. The Fund uses mechanical trading systems. The returns are not correlated to any benchmark. Global Macro and Long/Short (core strategy) Trading decisions may be based on computer-generated signals, chart interpretation, fundamental data or a combination of various criteria and is a mix between systematic and discretionary. Volatility and absolute return regardless of market conditions 53

54 SWF Ltd: Investment Strategy GLOBAL MACRO PORTFOLIO Composites themes The fund s main composite themes are identified through a fundamental analysis approach. The way data are mixed together into macro-economic spreads reflects main macro-economic and globally-diversified fundamental themes. Inflation or deflation scenarios, American stocks and bonds versus European and Asian ones, crude oil and prime materials, short interest rates and cross-currencies rates, grains, softs and other miscellaneous commodities are all mixed together into some new custom-made securities which are subjected to daily monitoring through the use of a systematically engineered proprietary methodology. Mechanical trading systems Mechanical trading systems are used as support for decisions. For the past 10 years the group has been developing two pieces of proprietary software which allow to mix very precisely many single securities into multi-securities spreads and, through the use of a genetic engine, to optimize the relevant parameters within some specific fitnessfunctions (this allows to avoid over-fitting and minimizes the risk/return ratios). 54

55 SWF Ltd: Investment Strategy LONG-SHORT PORTFOLIO 55 Objectives The portfolio s objective is to provide superior consistent long-term, risk-adjusted capital appreciation for investors. The portfolio combines a variety of investment disciplines, including value, growth and technical analysis research as the foundation for a portfolio of long and short positions. Alpha will be generated by focusing on individual stock selection, market exposure and risk management. Find opportunities before others do - using proprietary screening of all US stocks and not being confined to stocks covered by Wall Street analysts. Control risk to specific security selection; minimize capitalization, sector and style bets. Investment process - Identify super macro factors: present and future outlook of US and world economies, earnings, Fed policy, tax policy and the state of US politics (Presidential and Congressional) - Macro view of the various market indices: how are the indices behaving to various factors (earnings reports, world developments); are they confirming super macro view - Computers screen all US stocks for favourable fundamental factors - Technical analysis to identify high/low risk entry points - Implement risk management principals via optimization of portfolio construction.

56 SWF Ltd: Risk Management Geographical market focus Trading occurs on the main American, European and Asian markets. Hedging and leverage The fund is allowed to reach a maximum leverage level of 5 (I.E. 2.5 times net assets long, and 2.5 times net assets short). Total exposure is calculated using (through their deltas) the face (or net underlying) value of futures and options. The gamma levels of options are very conservatively monitored when the fund operates with such instruments. Diversification Bonds, Stock markets, Interest Rates, Cross Currencies rates, Energy, Precious Metals, Grains, Softs and Miscellaneous commodities are traded to obtain a global diversification. The implied volatility of those markets is used to determine the amount of risk involved. Some of those markets are NOT traded if their implied volatility is over a well-determined level. Country risk Only instruments exchanged within the OECD markets are allowed. 56

57 SWF Ltd: Risk Management No junk bonds Flexibility to hold cash if the investment environment becomes uncertain. Liquidity, recall and borrow risk Exposure to a single company via either stocks, futures and/or options is dimensioned to the market liquidity of the instruments used including, in case of short selling, to its borrowing availability. Daily Portfolio monitoring - the performance of each portfolio is monitored on a daily basis: unusual figures determine a prompt investigation - the Risk Manager verifies that all the single portfolios (as well as the fund s consolidated position) comply with the constraints/limits of the fund s prospectus/regulations. 57

58 Disclaimer Disclaimer This document has been prepared for information purposes only and does not constitute an offer to sell, or the solicitation of the offer to buy, shares in Martin Group Ltd, Wolf Fund Ltd or Neutral Sicav. A purchase of shares in the Fund should only be made after a careful review of the Fund s Information Memorandum. Past Performance is no guarantee of future results. The value of investments can go down as well as up. In particular, the information herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America ("US") to or for the benefit of any US person (being residents of the US or partnerships or corporations organized under the laws of the US). 58

59 Contacts Vittore Greggio, Director Director, Senior Fund Manager Via Pretorio1 Lugano 6900, Switzerland Tel Fax Andrea Terzariol, Director Director, Client Relationship Via Pretorio 1 Lugano 6900, Switzerland Tel Fax Elisabetta Perazzetta Risk Manager Via Pretorio 1 Lugano 6900, Switzerland Tel Fax Olga Moreggio Client Relationship Via Pretorio 1 Lugano 6900, Switzerland Tel Fax

HSBC Global Investment Funds Global High Yield Bond

HSBC Global Investment Funds Global High Yield Bond Important information: For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital

More information

Staying alive: Bond strategies for a normalising world

Staying alive: Bond strategies for a normalising world Staying alive: Bond strategies for a normalising world Dr Peter Westaway Chief Economist, Europe Vanguard Asset Management November 2013 This document is directed at investment professionals and should

More information

Investing in Bonds challenges and opportunities in 2015

Investing in Bonds challenges and opportunities in 2015 For Financial Brokers and Advisors Only Investing in Bonds challenges and opportunities in 2015 March 2015 Andy Ivory-Corr, QFA, Grad Dip, CFP Head of Investments New Ireland Assurance What exactly is

More information

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management Navigating Rising Rates with Active, Multi-Sector Fixed Income Management With bond yields near 6-year lows and expected to rise, U.S. core bond investors are increasingly questioning how to mitigate interest

More information

FTIF Templeton Global Bond Fund

FTIF Templeton Global Bond Fund FTIF Templeton Global Bond Fund The STRATEGY Investment Goal FTIF Templeton Global Bond Fund seeks to maximize total return, with a combination of interest income, capital appreciation and currency gains

More information

Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008

Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008 Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008 Performance Summary Below are summary performance numbers for Last Atlantis Partners, LLC share classes. To download detailed

More information

Impact of QE on Fixed Income

Impact 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 information

UNLOCKING VALUE IN EUROPEAN HIGH YIELD

UNLOCKING VALUE IN EUROPEAN HIGH YIELD UNLOCKING VALUE IN EUROPEAN HIGH YIELD 26 March 2015 Mike Della Vedova T. Rowe Price European High Yield Portfolio Manager About T. Rowe Price As of 31 December 2014 Figures Shown in Euros T. ROWE PRICE:

More information

ROYAL LONDON ABSOLUTE RETURN GOVERNMENT BOND FUND

ROYAL LONDON ABSOLUTE RETURN GOVERNMENT BOND FUND ROYAL LONDON ABSOLUTE RETURN GOVERNMENT BOND FUND For professional investors only A NEW OPPORTUNITY Absolute return funds offer an attractive, alternative source of alpha outright or as part of a balanced

More information

Equity and Fixed Income Funds The London & Capital Managed Series of UCITS IV Funds

Equity and Fixed Income Funds The London & Capital Managed Series of UCITS IV Funds Equity and Fixed Income Funds The London & Capital Managed Series of UCITS IV Funds 1 Equity and Fixed Income Funds London & Capital Equity and Fixed Income Funds London & Capital 2 We are an independently-owned

More information

SUN LIFE GLOBAL INVESTMENTS (CANADA) INC.

SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE for the period ended June 30, 2015 Sun Life Templeton Global Bond Fund Sun Life Templeton Global Bond Fund This

More information

Managing Risk/Reward in Fixed Income

Managing Risk/Reward in Fixed Income INSIGHTS Managing Risk/Reward in Fixed Income Using Global Currency-Hedged Indices as Benchmarks In the pursuit of alpha, is it better to use a global hedged or unhedged index as a benchmark for measuring

More information

BMO Corporate Bond ETFs

BMO 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 information

Kames Absolute Return Bond Fund

Kames Absolute Return Bond Fund Kames Absolute Return Bond Fund March 2014 Colin Finlayson Investment Manager, Fixed Income Kames Absolute Return Bond Fund Performance target: 3 month GBP LIBOR +2-3% p.a. net of fees over rolling 3 years

More information

About Hedge Funds. What is a Hedge Fund?

About Hedge Funds. What is a Hedge Fund? About Hedge Funds What is a Hedge Fund? A hedge fund is a fund that can take both long and short positions, use arbitrage, buy and sell undervalued securities, trade options or bonds, and invest in almost

More information

Event Driven Fund of Hedge Funds Seeking for Independence From Rising Long-Term Interest Rates

Event Driven Fund of Hedge Funds Seeking for Independence From Rising Long-Term Interest Rates Event Driven Fund of Hedge Funds Seeking for Independence From Rising Long-Term Interest Rates Stéphane Gutzwiller François Gutzwiller Q3 2015 Investment styles Merger arbitrage Distressed securities Special

More information

Delivering absolute returns from global bond markets. September 2015

Delivering absolute returns from global bond markets. September 2015 Delivering absolute returns from global bond markets September 2015 What challenges do investors face? Highly volatile market environment 20 largest % price drops in 30Y Bunds since the introduction of

More information

Investment Portfolio Management and Effective Asset Allocation for Institutional and Private Banking Clients

Investment Portfolio Management and Effective Asset Allocation for Institutional and Private Banking Clients Investment Portfolio Management and Effective Asset Allocation for Institutional and Private Banking Clients www.mce-ama.com/2396 Senior Managers Days 4 www.mce-ama.com 1 WHY attend this programme? This

More information

OpenWorld Dynamic Assets Fund

OpenWorld Dynamic Assets Fund FUND BROCHURE OpenWorld Dynamic Assets Fund Protecting and generating wealth For Professional Investors only Russell s OpenWorld fund range offers investors access to some of Russell s highest conviction

More information

Alpha Fund S.I.F. Specialized Investment Fund LIFE SETTLEMENT FUND OF FUNDS

Alpha Fund S.I.F. Specialized Investment Fund LIFE SETTLEMENT FUND OF FUNDS Alpha Fund S.I.F. Specialized Investment Fund LIFE SETTLEMENT FUND OF FUNDS Pag 1 di 29 Life Settlements Alternative asset class, investing in life insurance contracts of aged U.S. citizen. Return widely

More information

T: +44 (0) 207 881 2544 E: support@quantumims.com W: www.dmmup.com/qmfx. Multi-Manager Foreign Exchange Fund

T: +44 (0) 207 881 2544 E: support@quantumims.com W: www.dmmup.com/qmfx. Multi-Manager Foreign Exchange Fund Multi-Manager Foreign Exchange Fund 01 The Ballybunion Quantum Managed FX Fund is a multi-manager UCITS investment vehicle that focuses on trading the worldwide currency markets. We pride ourselves on

More information

Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares

Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares Blackstone For Accredited Investors Only As of November 30th, 2015 Investment approach Blackstone Alternative Alpha Fund II ( BAAF

More information

Investment Strategy for Pensions Actuaries A Multi Asset Class Approach

Investment Strategy for Pensions Actuaries A Multi Asset Class Approach Investment Strategy for Pensions Actuaries A Multi Asset Class Approach 16 January 2007 Representing Schroders: Neil Walton Head of Strategic Solutions Tel: 020 7658 2486 Email: Neil.Walton@Schroders.com

More information

Registered country information Vanguard Investment Series plc and Vanguard Funds plc

Registered 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 information

Strength Across the Board Investment Excellence in Fixed Income 30 June 2015

Strength 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 information

T: +44 (0) 207 881 2544 E: support@quantumwms.co.uk W: www.dmmup.com/qmfx. Multi-Manager Foreign Exchange Fund

T: +44 (0) 207 881 2544 E: support@quantumwms.co.uk W: www.dmmup.com/qmfx. Multi-Manager Foreign Exchange Fund Multi-Manager Foreign Exchange Fund 01 The Quantum Managed FX Fund is a multi-manager UCITS investment vehicle that focuses on trading the worldwide currency markets. At Quantum, we pride ourselves on

More information

TARGET ASIA FUND (LUXEMBOURG) October 2010

TARGET ASIA FUND (LUXEMBOURG) October 2010 TARGET ASIA FUND (LUXEMBOURG) October 2010 Disclaimer This document is for information purposes only. The distribution of the fund s prospectus and the offering of shares may be restricted in certain jurisdictions.

More information

Swiss Alpha Strategy Certificates

Swiss Alpha Strategy Certificates Swiss Alpha Strategy Certificates Harvesting option premium Nomura NOVEMBER 2006 Nomura and its platform Altrus Nomura The Nomura Group is a global financial services firm dedicated to providing a broad

More information

Amended as of June 23, 2015

Amended as of June 23, 2015 THE WALLACE FOUNDATION INVESTMENT POLICY Amended as of June 23, 2015 1. INVESTMENT GOAL The investment goal of The Wallace Foundation (the Foundation) is to earn a total return that will provide a steady

More information

CGWM Total Return Bond Fund

CGWM 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 information

GLG 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 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 information

Vote for growth, seize US equities potential. For professional investors

Vote for growth, seize US equities potential. For professional investors Vote for growth, seize US equities potential For professional investors Vote for growth, seize US equities potential I October 2012 I 2 Why US EquitieS at BNP Paribas Investment Partners? A strong history

More information

Simplified Prospectus

Simplified Prospectus October 2007 Simplified Prospectus Robeco Capital Growth Funds Robeco US Premium Equities 1 Important Investment objective and policy This simplified prospectus contains key about the Sub-Fund. If you

More information

Pricing and Strategy for Muni BMA Swaps

Pricing and Strategy for Muni BMA Swaps J.P. Morgan Management Municipal Strategy Note BMA Basis Swaps: Can be used to trade the relative value of Libor against short maturity tax exempt bonds. Imply future tax rates and can be used to take

More information

SIMPLIFIED PROSPECTUS. PIMCO Funds: Global Investors Series plc CommoditiesPLUS Strategy Fund 9 February, 2010

SIMPLIFIED PROSPECTUS. PIMCO Funds: Global Investors Series plc CommoditiesPLUS Strategy Fund 9 February, 2010 SIMPLIFIED PROSPECTUS PIMCO Funds: Global Investors Series plc CommoditiesPLUS Strategy Fund 9 February, 2010 This Simplified Prospectus sets out information relating to the CommoditiesPLUS Strategy Fund

More information

Index Solutions A Matter of Weight

Index Solutions A Matter of Weight Index Solutions A Matter of Weight Newsletter No. 11 Our current newsletter is about weight, or more precisely the weighting of equities in an index. Non-market capitalization weighted indices are at present

More information

ETFs at SIX Swiss Exchange. Lugano, 23 November 2015

ETFs at SIX Swiss Exchange. Lugano, 23 November 2015 ETPD Stream 2015 ETFs at SIX Swiss Exchange Lugano, 23 November 2015 European ETF asset growth is ongoing Source: ETFGI, industry insights, October 2015 3 Market Status ETF Segment 1 118 listed ETFs (1

More information

Dexia Equities L Luxembourg Open-ended Investment Company (SICAV) Simplified prospectus September 2005

Dexia Equities L Luxembourg Open-ended Investment Company (SICAV) Simplified prospectus September 2005 Dexia Equities L Luxembourg Open-ended Investment Company (SICAV) Simplified prospectus September 2005 Dexia Equities L Luxembourg Open-ended Investment Company (SICAV ) 69, route d Esch L-1470 Luxembourg

More information

HSBC Asian High Yield Bond Fund

HSBC Asian High Yield Bond Fund Important information: HSBC Asian High Yield Bond Fund (the Fund ) invests primarily in a broad range of higher yielding Asian fixed income securities and instruments. Investments of the Fund may include

More information

Annual financial statements, distributions & tax issues

Annual financial statements, distributions & tax issues Portfolio Funds 2087605 CH0020876055 Credit Suisse (CH) Interest & Dividend Focus Balanced CHF A CHF CH 31.12. Distributing 19955038 CH0199550382 Credit Suisse (CH) Interest & Dividend Focus Balanced CHF

More information

Citadele Eastern European Bond Fund. February 2014

Citadele Eastern European Bond Fund. February 2014 Citadele Eastern European Bond Fund February 2014 Citadele Asset Management Government of Latvia EBRD Solid shareholder base Regulated by Financial and Capital Market Commission 75% 25% Citadele Bank MiFID

More information

Are you protected against market risk?

Are 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 information

db Hedge Fund Index ETF Liquid Access to Hedge Funds

db Hedge Fund Index ETF Liquid Access to Hedge Funds First ETF linked to actual Hedge Fund performance Simply buy the market db Hedge Fund Index ETF Liquid Access to Hedge Funds This document is not for distribution to retail investors 1 2 3 4 5 db x-trackers

More information

Clear Alpha Trading Strategies Fund Class A Shares USD a UCITS IV compliant fund

Clear 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 information

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research Fixed Income 2015 Update Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research 1 Fed: Slow and Low 2015 Fixed Income Outlook 2 Yield Curve Flattening 3

More information

The Master Statement of Investment Policies and Objectives of The Lower Colorado River Authority Retirement Plan and Trust. Amended June 16, 2015

The Master Statement of Investment Policies and Objectives of The Lower Colorado River Authority Retirement Plan and Trust. Amended June 16, 2015 The Master Statement of Investment Policies and Objectives of The Lower Colorado River Authority Retirement Plan and Trust Amended June 16, 2015 Introduction The Lower Colorado River Authority ( LCRA )

More information

Investment Services 4 4

Investment Services 4 4 Investment Intelligence Our Philosophy 1 Our philosophy is to provide unbiased top quality investment services and solutions tailored to your individual needs, objectives and risk tolerance based on a

More information

CITI GLOBAL INTEREST RATES STRATEGY INDEX FUND SIMPLIFIED PROSPECTUS. Dated 4 August 2010

CITI GLOBAL INTEREST RATES STRATEGY INDEX FUND SIMPLIFIED PROSPECTUS. Dated 4 August 2010 CITI GLOBAL INTEREST RATES STRATEGY INDEX FUND SIMPLIFIED PROSPECTUS Dated 4 August 2010 This Simplified Prospectus contains key information in relation to Citi Global Interest Rates Index Fund (the Fund),

More information

Credit Suisse Asset Management Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low. For qualified investors only

Credit Suisse Asset Management Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low. For qualified investors only Credit Suisse Asset Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low For qualified investors only Dividends An Important Source of Income When Interest Rates Are

More information

Fixed Income Training Seminar Asset Management Experience

Fixed Income Training Seminar Asset Management Experience Asset Management Fixed Income Training Seminar Asset Management Experience Philipp Büchler, Chris Koslowski, Markus Kramer, Manuel Walker Credit Suisse Asset Management Core Fixed Income Group Zurich August

More information

HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS. September 2015

HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS. September 2015 HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS September 2015 Disclosure: This research is provided for educational purposes only and is not intended to provide investment or tax advice. All

More information

March 2015. Investment policy. CH, DE, AT, IT, FR, FL and LU edition

March 2015. Investment policy. CH, DE, AT, IT, FR, FL and LU edition March 2015 Investment policy CH, DE, AT, IT, FR, FL and LU edition Further expansion of the equity exposure in Europe and the emerging countries. The Swisscanto equities barometer 0 neutral allocation

More information

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*!

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*! AVAILABLE FOR PUBLIC CIRCULATION NEW JPMorgan Global Bond Fund December 2015 Asset Management Company of the Year 2014 Fundamental Strategies, Asia + Important information 1. The Fund invests primarily

More information

Merrill Lynch Factor Index Fund

Merrill Lynch Factor Index Fund www.invest.baml.com/funds Merrill Lynch Factor Index Fund INVEST FUNDS September 2011 INVEST UCITS FUNDS INVEST UCITS FUNDS Important Note This brochure is supplied for information purposes only to the

More information

BMO Global Asset Management (Asia) Limited 11 February 2016

BMO Global Asset Management (Asia) Limited 11 February 2016 Product Key Facts BMO MSCI EUROPE QUALITY HEDGED TO USD ETF BMO Global Asset Management (Asia) Limited 11 February 2016 Quick facts This is an exchange traded fund. This statement provides you with key

More information

An Introduction to the Asset Class. Convertible Bonds

An 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 information

Olympia Capital Management

Olympia Capital Management Olympia Capital Management Olympia Capital Management 2 Delivering innovative solutions since 1989 An independent and experienced team Founded in 1989 to manage funds of hedge funds Richmond Park: an active

More information

LONG TERM INVESTMENT FUND (SIA)

LONG TERM INVESTMENT FUND (SIA) November 2010 Simplified Prospectus LONG TERM INVESTMENT FUND (SIA) LONG TERM INVESTMENT FUND (SIA) Natural Resources* Important Information Investment objective Investment policy This simplified prospectus

More information

ACF morning workshop. Is your investment committee asking the right questions?

ACF 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 information

Interest Rates and Inflation: How They Might Affect Managed Futures

Interest Rates and Inflation: How They Might Affect Managed Futures Faced with the prospect of potential declines in both bonds and equities, an allocation to managed futures may serve as an appealing diversifier to traditional strategies. HIGHLIGHTS Managed Futures have

More information

INVESTMENT CONFERENCE

INVESTMENT CONFERENCE INVESTMENT CONFERENCE Knowing where to look Guy de Blonay Fund Management Director 16 September 2015 ON THE PLANET TO PERFORM 1 Our approach in brief Objective Long-term capital growth principally through

More information

International fixed income: The investment case FOR EXISTING VANGUARD ADVICE CLIENT USE ONLY. NOT FOR DISTRIBUTION

International fixed income: The investment case FOR EXISTING VANGUARD ADVICE CLIENT USE ONLY. NOT FOR DISTRIBUTION International fixed income: The investment case Why international fixed income? International bonds currently make up the largest segment of the securities market Ever-increasing globalization and access

More information

Boussard & Gavaudan Absolute Return A compartment of Boussard & Gavaudan SICAV

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 information

Overview of Korean ETF Market 2010. 8

Overview of Korean ETF Market 2010. 8 Overview of Korean ETF Market 2010. 8 1 Agenda About ETFs Overview Key success factors of ETFs New Trends of Korean ETF Industry Challenges to Korean ETF Industry 2 About ETF 3 What is ETFs ETFs are open-end

More information

HSBC Global Currency Fund (USD) Overview

HSBC Global Currency Fund (USD) Overview HSBC GLOBAL ASSET MANAGEMENT HSBC Global Currency Fund (USD) Overview September 2009 The Currency Market STRUCTURE Decentralised 'interbank' market Main participants: Central Banks, commercial and investment

More information

Changes to the OklahomaDream 529 Plan

Changes to the OklahomaDream 529 Plan Supplement dated December 31, 2015 to Oklahoma Dream Advisor Sold 529 Program Plan Disclosure Statement for Investors Using a Financial Advisor (Classes A and C) Dated November 3, 2014 This Supplement

More information

Real Estate as a Strategic Asset Class. Less is More: Private Equity Investments` Benefits. How to Invest in Real Estate?

Real Estate as a Strategic Asset Class. Less is More: Private Equity Investments` Benefits. How to Invest in Real Estate? Real Estate as a Strategic Asset Class The Benefits of Illiquid Investments Real estate, a key asset class in a portfolio, can offer stable income returns, partial protection against inflation, and good

More information

High Yield Corporate Credit: CASTING A WIDER NET HIGH INCOME BONDS. Mark Vaselkiv May 2015

High Yield Corporate Credit: CASTING A WIDER NET HIGH INCOME BONDS. Mark Vaselkiv May 2015 High Yield Corporate Credit: CASTING A WIDER NET HIGH INCOME BONDS Mark Vaselkiv May 2015 T. Rowe Price Investment Capabilities: Experienced Global Resources As of 31 March 2015, figures Shown in GBP T.

More information

new international personal share portfolio

new international personal share portfolio new international personal share portfolio Your opportunity to own a custom-built share portfolio of internationally listed securities wealth Whilst the Johannesburg Stock Exchange is the largest stock

More information

Cyber security. ETFS ISE Cyber Security GO UCITS ETF. Investing in a safer digital future

Cyber security. ETFS ISE Cyber Security GO UCITS ETF. Investing in a safer digital future Cyber security Investing in a safer digital future About the index The ISE Cyber Security UCITS Index Net Total Return utilises a rules-based investment methodology to select a diverse group of companies

More information

Trader Vic Indices. Access managed futures in an innovative index format

Trader Vic Indices. Access managed futures in an innovative index format Trader Vic Indices Access managed futures in an innovative index format The Royal Bank of Scotland plc (RBS) is an authorised agent of ABN AMRO in certain jurisdictions and ABN AMRO is a subsidiary undertaking

More information

European 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 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 information

ETFs for private investors

ETFs for private investors ETFs for private investors Simple products. Sophisticated strategies. ETFs Exchange Traded Funds (ETFs) are instruments which track an index. Indices can be country or region specific and based on emerging

More information

The Coming Volatility

The Coming Volatility The Coming Volatility Lowell Bolken, CFA Vice President and Portfolio Manager Real estate Securities June 18, 2015 www.advantuscapital.com S&P 500 Percent Daily Change in Price September 2008 to April

More information

INTERNATIONAL SMALL CAP STOCK INVESTING

INTERNATIONAL SMALL CAP STOCK INVESTING INTERNATIONAL SMALL CAP STOCK INVESTING J U N E 3 0, 2 0 1 4 Copyright 2014 by Lord, Abbett & Co. LLC. All rights reserved. Lord Abbett mutual fund shares are distributed by Lord Abbett Distributor LLC.

More information

Our verdict is in: Offshore high yield exchange-traded funds don t deliver

Our verdict is in: Offshore high yield exchange-traded funds don t deliver For investment professionals only - not for use by retail investors Our verdict is in: Offshore high yield exchange-traded funds don t deliver November 2014 The explosive growth witnessed by ETFs in the

More information

Investors in the D share class of the Contributing Fund will be moved into the A1 share class of the Receiving Fund

Investors in the D share class of the Contributing Fund will be moved into the A1 share class of the Receiving Fund Schroder Alternative Solutions Société d'investissement à Capital Variable 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg Tel : (+352) 341 342 202 Fax : (+352) 341 342 342 18 May 2016

More information

Commodities. Precious metals as an asset class. April 2011. What qualifies as an asset class? What makes commodities an asset class?

Commodities. Precious metals as an asset class. April 2011. What qualifies as an asset class? What makes commodities an asset class? Commodities Precious metals as an asset class April 2011 What qualifies as an asset class? Broadly speaking, an asset class is simply a grouping of assets that possess similar characteristics. Defining

More information

THE ORBITEX DIFFERENCE

THE ORBITEX DIFFERENCE ORBITEX CREATES FINANCIAL SOLUTIONS FOR DISCERNING CLIENTS ORBITEX Financial Services Group is a financial services firm providing clients worldwide with a full range of investment opportunities, including

More information

SLVO Silver Shares Covered Call ETN

SLVO Silver Shares Covered Call ETN Filed pursuant to Rule 433 Registration Statement No. 333-180300-03 April 15, 2014 SLVO Silver Shares Covered Call ETN Credit Suisse AG, Investor Solutions April 2014 Executive Summary Credit Suisse Silver

More information

Synthesis Multi-Strategy Currency Fund* * Subject to approval from the Luxembourg Financial Regulator

Synthesis Multi-Strategy Currency Fund* * Subject to approval from the Luxembourg Financial Regulator Synthesis Multi-Strategy Currency Fund* * Subject to approval from the Luxembourg Financial Regulator INDEX 3 Introduction and Objectives 4 Investment Strategy 5 Diversification and Portfolio Construction

More information

CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing

CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing A Challenging Environment for Investors MOVING BEYOND TRADITIONAL FIXED-INCOME INVESTING ALONE For many advisors and

More information

Unconstrained Fixed Income: One Asset Manager s Perspective HIMCO Webinar

Unconstrained Fixed Income: One Asset Manager s Perspective HIMCO Webinar Unconstrained Fixed Income: One Asset Manager s Perspective HIMCO Webinar October 1, 2014 14-0408 Unconstrained Fixed Income: One Asset Manager s Perspective Presenters Christopher Zeppieri, CFA Vice President

More information

Exchange Traded Funds from RBS The Royal Bank of Scotland plc is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions.

Exchange Traded Funds from RBS The Royal Bank of Scotland plc is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions. Market Access ETFs Exchange Traded Funds from RBS The Royal Bank of Scotland plc is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions. 2 Market Access ETFs The Royal Bank

More information

Catalyst Macro Strategy Fund

Catalyst Macro Strategy Fund Catalyst Macro Strategy Fund MCXAX, MCXCX & MCXIX 2015 Q2 About Catalyst Funds Intelligent Alternatives We strive to provide innovative strategies to support financial advisors and their clients in meeting

More information

Are Unconstrained Bond Funds a Substitute for Core Bonds?

Are Unconstrained Bond Funds a Substitute for Core Bonds? TOPICS OF INTEREST Are Unconstrained Bond Funds a Substitute for Core Bonds? By Peter Wilamoski, Ph.D. Director of Economic Research Philip Schmitt, CIMA Senior Research Associate AUGUST 2014 The problem

More information

Separately managed accounts

Separately managed accounts FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY - NOT FOR RETAIL USE OR DISTRIBUTION Separately managed accounts A J.P. Morgan Global Liquidity solution Separately managed

More information

INVESTMENT FUNDS. iag Savings and Retirement Plan. As at December 31, 2015. Fund Facts

INVESTMENT FUNDS. iag Savings and Retirement Plan. As at December 31, 2015. Fund Facts INVESTMENT FUNDS iag Savings and Retirement Plan As at December 31, 2015 Fund Facts TABLE OF CONTENTS List of Funds Offered by Industrial Alliance Insurance and Financial Services Inc...3 Professional

More information

Money market portfolio

Money market portfolio 1 Money market portfolio April 11 Management of Norges Bank s money market portfolio Report for the fourth quarter 1 Contents 1 Key figures Market value and return 3 3 Market risk and management guidelines

More information

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY

The 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 information

SmartRetirement Mutual Fund Commentary

SmartRetirement Mutual Fund Commentary SmartRetirement Mutual Fund Commentary J.P.Morgan Asset Management 3 rd Quarter 2014 Performance Highlights SmartRetirement s Performance Objectives The JPMorgan SmartRetirement Mutual Funds are designed

More information

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter Liquidity and Funding Overview Global issuer of long and short term debt This document contains forward-looking statements - that is, statements related to future, not past, events. In this context, forward-looking

More information

Glencore funding factsheet

Glencore funding factsheet Baar, Switzerland 6 October, 2015 Glencore funding factsheet Introduction Set out below is a summary of Glencore s financing arrangements. This largely consists of information already announced, mostly

More information

Understanding Managed Futures

Understanding Managed Futures Understanding Managed Futures February 2009 Introduction Managed futures have proven their strengths as an investment since the first funds were launched in the early 1970s. For over more than 30 years,

More information

Diversify your wealth internationally

Diversify your wealth internationally ab UBS Swiss Financial Advisers Diversify your wealth internationally UBS Swiss Financial Advisers offers US investors a safe, easy and tax-compliant way to diversify their assets abroad. Contents 3 Why

More information

Vanguard UK Short-Term Investment Grade Bond Index Fund

Vanguard UK Short-Term Investment Grade Bond Index Fund Vanguard UK Short-Term Investment Grade Bond Index Fund May 2013 LAUNCH BRIEFING Fund summary The Vanguard UK Short-Term Investment Grade Bond Index Fund expands the low-cost asset allocation building

More information

SHORT DURATION BONDS

SHORT 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 information

BLACKROCK GLOBAL FUNDS Product Highlights Sheets

BLACKROCK GLOBAL FUNDS Product Highlights Sheets BLACKROCK GLOBAL FUNDS Product Highlights Sheets July 2016 Contents Pages ASEAN Leaders Fund 3 Asia Pacific Equity Income Fund 7 Asian Dragon Fund 11 Asian Growth Leaders Fund 15 Asian Local Bond Fund

More information

PRINCIPAL GLOBAL INVESTORS FUNDS. Supplement dated 31 July 2013. for the Long/Short Global Opportunities Equity Fund

PRINCIPAL GLOBAL INVESTORS FUNDS. Supplement dated 31 July 2013. for the Long/Short Global Opportunities Equity Fund PRINCIPAL GLOBAL INVESTORS FUNDS Supplement dated 31 July 2013 for the Long/Short Global Opportunities Equity Fund This Supplement contains specific information in relation to the Long/Short Global Opportunities

More information