DYNAMIC DIVERSIFIED FUND
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1 DYNAMIC DIVERSIFIED FUND The Right Assets at the Right Time The SSgA Dynamic Diversifed Fund uses proven market-aware intelligence to dynamically adjust asset allocation ensuring you are in the right assets at the right time, and delivering growth and downside protection. Clear, Straight-forward and Intuitive The Dynamic Diversified Fund is a next generation default fund offering compelling advantages for DC schemes in a complete, cost-effective package. The Fund is ideal as: The growth component or the consolidation phase of a lifestyle programme Part of a blended default fund A key component of a target-date fund
2 Dynamic Diversified Fund SSgA DYNAMIC DIVERSIFIED FUND The Next Generation Default Fund Default funds have three primary aims: they must meet their members retirement income requirements, they should provide growth at an appropriate risk/return level and they should also seek to protect the investment from unrewarded downside risk. Default funds should be regularly reviewed to ensure these aims are being met. SSgA has designed the Dynamic Diversified Fund (DDF) from the ground up to address a number of the structural problems inherent in less capable default funds. The DDF uses proven market-aware intelligence to dynamically change asset allocations and provide an optimised balance of risk and reward in a complete, easy-to-implement package. DEFAULT FUNDS RE-IMAGINED Less Administrative Burden Because the DDF dynamically optimises the risk/ return blend it removes the need for external investment decision-making. Combines the Best of Active and Passive Schemes often face a somewhat binary choice: either invest 100% passively in equities, with low fees, but little protection from volatility, or choose an actively managed diversified growth solution to achieve smoother returns but at considerably higher fees. The DDF excels by offering a blend of the best of these strategies providing dynamic asset allocation combined with cost-effective indexed investing. This innovation brings down overall costs whilst also providing a more favourable risk/ return profile. Improved Governance Recent guidance from the Pensions Regulator highlights that governance remains an ongoing deficiency in many default funds, where a set and forget approach has been all too common. The DDF provides continual investment governance freeing the Scheme of much of this burden by actively adjusting asset allocations and optimising the investment mix throughout the investment s life. Compelling Advantages The Dynamic Diversified Fund offers compelling advantages for DC in a complete, intuitive package. Diversification Uses a comprehensive asset mix to achieve effective diversification. Forward-looking and Dynamic Our proprietary Market Regime Indicator predicts market conditions and adjusts asset allocations accordingly, indicating the optimal timing for risk on/risk off decisions. Future-proof The DDF has the in-built flexibility to move to different asset classes/markets as future needs dictate, fully avoiding the static asset allocations of many default funds. Ongoing Oversight Vested in the hands of an expert asset allocator, SSgA. Cost-effective The DDF uses passive funds in efficient markets to keep costs low, but with an active asset allocation overlay to determine which markets to invest in and in what ratio.
3 ASSET EXPERTISE BUILT IN Performance Asset Allocation is Key Evidence suggests that asset allocation is central to investment returns. SSgA researched and developed a proprietary forward-looking indicator, the Market Regime Indicator (MRI), that continuously monitors market conditions so that asset allocation can be tailored to capture opportunities for growth whilst seeking to minimise downside risks. Expert Guidance SSgA s DDF uses the MRI to continuously monitor market conditions and risk indicators and proactively switch out of non-optimal assets into better-performing ones. The MRI assesses multiple factors and enables rapid, dynamic asset re-balancing optimising asset allocation and helping to ensure a smoother investment journey. Assets are invested guided by the MRI and the team s expected returns for different asset classes in proportions that have been optimised for the prevailing market regime. When the MRI indicates that markets are moving towards crisis, allocations are moved out of higher risk asset classes and into more defensive assets; in more normal times the allocation reverses. This dynamic risk budgeting ensures controlled, enhanced asset mixes which can translate to downside protection as well as investment performance. The Right Assets The DDF splits the investment universe into three distinct asset types: Defensive Moderate CASH CREDIT Aggressive EQUITIES COMMODITIES HIGH YIELD DEBT GOVT BONDS SHORT GOVT BONDS LONG PROPERTY INFRASTRUCTURE EM DEBT Using SSgA s market-leading skills as a beta manager, these assets are sourced in a cost-effective and liquid manner. In keeping with the risk managed focus of the product, there is no private equity or hedge fund allocation. 1. ANALYSIS 2. ASSET OPTIMISATION Equity Volatility Currency Volatility Credit Spreads DETERMINE REGIME Crisis High Risk Aversion Normal Low Risk Aversion Euphoria REGIME DETERMINES ASSET MIX e.g. When the MRI indicates a regime of Crisis a more defensive mix of assets is allocated. Under Normal regimes a less defensive mix of assets is allocated. When low risk aversions is indicated more aggressive assets may safely be allocated. OPTIMISED ALLOCATION PROVIDES Performance and Downside Protection Under All Market Conditions
4 Dynamic Diversified Fund DYNAMIC ASSET ALLOCATION Historical experience suggests that asset allocation, rather than stock selection, is key to investment returns, and a wealth of academic studies support this. Indeed, it is commonly accepted that the market aphorism that 80% of effort is expended on stock-picking but it yields only 20% reward, while 20% of effort on asset allocation yields 80% of reward has definite basis. Optimal asset allocation is hard but SSgA s DDF does this for the investor. It facilitates fast, timely, dynamic switching of capital allocations. Efficient, liquid and nimble: the DDF uses transparent and liquid passive building blocks to enable low-cost smoother performance with a high degree of optimisation. PERFORMANCE SSgA has a strong track record of using the MRI to guide asset allocation in active strategies. We currently manage over 10 billion in active asset allocation and absolute return strategies using these market-proven techniques. Building on our experience to date, the DDF targets a return of 1-month sterling Libor plus 4%. Our analysis suggests that, through a range of circumstances and market environments, these methods deliver the investment objective of the Fund whilst substantially limiting downside risk. DOWNSIDE PROTECTION Adding an allocation of SSgA s DDF could significantly enhance the risk/return profile of a more traditional investment portfolio in a number of key ways. The MRI automatically and proactively seeks to ensure that the portfolio has better managed exposure to risky assets dynamically switching out of risk assets when other asset allocations make a more compelling investment prospect. Consequently, falls in value are reduced in severity and occur less frequently. Further, the absolute return nature of the strategy seeks to offer more certain portfolio returns, irrespective of market conditions. 3. RESULTS Precision tracking of target return. 300 Dynamic downside protection at work. (%) Maximum DDF Downside Maximum Balanced Downside Maximum EQUITY Downside 0 Dec Dec Dec Dec 2012 Cash +4.00% Simulation of DDF Return Equity Balanced DDF The simulated performance shown is not necessarily indicative of future performance, which could differ substantially.
5 Dynamic Diversified Fund SSgA s Dynamic Diversified Fund uses proven market-aware intelligence to dynamically adjust asset allocation ensuring the fund is in the right asset at the right time, delivering growth and downside protection in one intuitive and cost-effective package. Dynamic Asset Allocation SSgA s DDF dynamically optimises asset allocation, targeting growth whilst avoiding the worst of market drawdowns. Performance The DDF targets a return of 1-month sterling Libor plus 4%. Our analysis suggests that, through a range of circumstances and market environments, the DDF delivers the investment objective of the Fund whilst substantially limiting downside risk. Downside Protection Adding an allocation of SSgA s DDF can significantly enhance the risk/return profile of a more traditional investment portfolio. The DDF has been designed to allow investors to participate in rising asset markets whilst limiting the risk of significant falls in value when markets fall. CONTACT For more information about SSgA s Defined Contribution solutions, including our MPF and AUT fund ranges, please contact: Nigel Aston, UK Head of Defined Contribution PHONE +44 (0) nigel_aston@ssga.com Mark McNulty, UK Head of Institutional Clients PHONE +44 (0) mark_mcnulty@ssga.com Valerie Nicholson, UK Head of Consultant Relations PHONE +44 (0) valerie_nicholson@ssga.com
6 Ssga Investment Solutions Group Scale and Expertise The Dynamic Diversified Fund has been developed and designed by SSgA s Investment Solutions Group. Dedicated: Over 50 dedicated investment strategists 25 based in EMEA and portfolio managers with access to the talents of more than 400 SSgA investment professionals, risk, regulatory, and compliance specialists globally. Experienced: On average, ISG team members have over 15 years investment experience. They are located in key investment centres throughout the world providing perspective on every region, issue and client type. Extensive capability to meet investor needs for strategic and tactical asset allocation, exposure management, liability driven investing and asset-liability matching. Diverse investment expertise in designing specialised solutions to address unique client outcome requirements based on liabilities, liquidity needs, target volatility, real return, or tail risk management needs, among others. State Street Global Advisors State Street Global Advisors (SSgA) is a global leader in asset management, entrusted with more than 1.4 trillion* in assets. SSgA has more than 30 years of experience in the DC market with over billion in global DC assets as of 31 March DC clients rely on SSgA to provide a powerful, global investment platform that offers access to virtually every major asset class, capitalisation range and style, including low-cost index and diversified funds. * This AUM includes the assets of the SPDR Gold Trust (approx. 41 billion as of 31 March 2013, for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent. State Street Global Advisors Limited. Authorised and regulated by the Financial Services Authority. Registered in England. Registered No VAT No Registered office: 20 Churchill Place, Canary Wharf, London E14 5HJ Facsimile: +44 (0) Web: This material is for your private information. The views expressed are the views of SSgA s Defined Contribution team only through the period ended 30 May 2013 and are subject to change based on market and other conditions. The information we provide does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor s particular investment objectives, strategies, tax status or investment horizon. We encourage you to consult your tax or financial advisor. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. This document should be read in conjunction with its prospectus. All transactions should be based on the latest available prospectus which contains more information regarding the charges, expenses and risks involved in your investment. Generally, among asset classes, stocks are more volatile than bonds or short-term instruments. Government bonds and corporate bonds generally have more moderate short-term price fluctuations than stocks, but provide lower potential long-term returns. Asset Allocation is a method of diversification which positions assets among major investment categories. Asset Allocation may be used in an effort to manage risk and enhance returns. It does not, however, guarantee a profit or protect against loss. Diversification does not ensure a profit or guarantee against loss. The simulated performance shown was created by the Investment Solutions Group. Backtesting was used to calculate simulated performance. The results shown do not represent the results of actual trading using client assets but were achieved by means of the retroactive application of a model that was designed with the benefit of hindsight. The simulated performance was compiled after the end of the period depicted and does not represent the actual investment decisions of the advisor. These results do not reflect the effect of material economic and market factors on decision-making. The simulated performance data is reported on a gross of fees basis, but net of administrative costs. Additional fees, such as the advisory fee, would reduce the return. For example, if an annualized gross return of 10% was achieved over a 5-year period and a management fee of 1% per year was charged and deducted annually, then the resulting return would be reduced from 61% to 54%. The performance includes the reinvestment of dividends and other corporate earnings and is calculated in GBP. The simulated performance shown is not necessarily indicative of future performance, which could differ substantially. This communication is directed at professional clients (this includes eligible counterparties as defined by the Financial Conduct Authority) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description (including retail clients) should not rely on this communication. State Street Global Advisors is the investment management business of State Street Corporation (NYSE: STT), one of the world s leading providers of financial services to institutional investors. ID2690-DC-0775 Exp. Date: 31/5/ State Street Corporation. All Rights Reserved.
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