1 A member of the GAM group. Dynamic Asset Allocation for Pensions Funds – Evolutions in Portfolio Management Presentation by Giovanni Leonardo Head of Multi Asset Class Solutions Swiss & Global Asset Management Zurich, Switzerland Tel Aviv, 20 June 2011
19
Embed
A member of the GAM group. 1 Dynamic Asset Allocation for Pensions Funds – Evolutions in Portfolio Management Presentation by Giovanni Leonardo Head of.
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
1A member of the GAM group.
Dynamic Asset Allocation for Pensions Funds – Evolutions in Portfolio Management
Presentation by Giovanni LeonardoHead of Multi Asset Class Solutions
Swiss & Global Asset Management Zurich, Switzerland
Tel Aviv, 20 June 2011
2
Separation of Private Bank and Asset ManagementSplit of Julius Baer Holding into two listed companies as of 1 October 2009
What should you expect from this process?Symmetric return profile designed for the long run
payoff for a classical benchmark-driven mandate
Source: Swiss & Global
Performance with PM levyPerformance allocation
Client needs
10
Satellites
Objective-driven portfolio managementEvolution of investment concepts
Source: Citi / Principal / CREATE Survey 2010
1990“Relative Return”
Liquidity
Bonds
Equity
“Core” InvestmentStructural Portfolio
2000“Core-Satellite”
2010“Total Return”
Opportunities
Dynamic Overlay
Total Return
Strategic Asset Allocation
Dynamic Asset Allocation
Commodities, EMMA
Hedge Funds, PE, …
11
Investing across the business cycle
Exemplary position
EQUITIES
FIXED INCOME
COMMODITIES
SLOWDOWN RECESSIONRECOVERY BOOM
HEDGE FUNDS
Small Caps Value Stocks High Beta Stocks Early Cycle Sectors
Small Caps High Beta Stocks Late Cycle Sectors
Large Caps Growth Stocks Low Beta Stocks Defensive Sectors
Value Stocks Low Beta Stocks Rate Sensitive
Sectors
High Yield Bonds Municipals
TIPS Short-Term
Treasuries
Long-TermTreasuries
Corporate Bonds
Industrial Metals Precious Metals
Industrial Metals Energy
Livestock Energy
Precious Metals Agriculture
Equity Hedge Event Credit Credit long biased
Fixed IncomeArbitrage
Global Macro
Distressed Global Macro
EARLY CYCLE MID CYCLE LATE CYCLE
Equity Hedge long
biased… Event Merger Arbitrage
Source: Swiss & Global Asset Management
12
Using industry-leading risk management tools, our independent risk controlling specialists daily monitor the overall risk as well as compliance with the investment guidelines, providing visibility on each single position of the portfolio.
Our portfolio management teams implement the defined target structure for specific portfolios in a cost efficient way. Core holdings reflect the general market views, derivatives are used to achieve a timely and cost effective overlay where allowed.
Using appropriate portfolio-specific processes, our investment teams transform their views into consistent investment decisions, which are based on a portfolio-specific investment universe and restriction sets, risk-budget contributions, etc.
Specialised investment teams formulate clear views in their specific area of expertise. They reflect a systematic assessment of opportunities and risks in their investment universe from a pure investors’ point of view ("buy side").
1 Market assessment
2 Investment decision
3 Portfolioconstruction
4 Risk management 5
Qua
lity
man
agem
ent
Source: Swiss & Global Asset Management
Investment ManagementInvestment process aligns decision making, implementation and accountability
13
Fixed IncomeTeam
EquityTeam
FX & Com.Team
Absolutevaluation
Sp
ecia
lists
MACS
Relativevaluation
Portfolio allocation
Risk budgeting
TAA
Fundamental data
Valuation Technical & Quantitative
Source: Swiss & Global Asset Management
MACS solves the client puzzle One product combines all the capabilities of Swiss & Global
Eco
no
mic
s
External Research
14
Multi asset products address basic client needs
Inflation / Deflation: How do I position my wealth?
How can I protect my capital?
How can I participate in the mega trends of the next decade?
Where are we in the cycle?
Are Chinese stocks expensive?
Multi asset products
Cash EquitiesBonds
Commodities
Real Estate
15
Julius Baer Asset Allocation Funds by combining our products and other asset classes
Directional Strategies
Quantitative Strategies
Absolut Return Strategies
Thematic Strategies
Dynamic Asset Allocation Overlay
16
Swiss & Global Asset Management Our fixed income product offering
Source: Swiss & Global Asset Management
Absolute Return SatellitesActive core
JB CF EuroJB CF £ SterlingJB BF EuroJB BF Euro Government
JB CF DollarJB BF DollarJB BF Dollar Medium Term
JB CF Swiss Franc
JB (CH) Helvetbär*JB BF Swiss Franc
JB BF Global High Yield
JB BF ABS
JB BF Absolute Return Defender
JB BF Absolute Return
JB BF Absolute Return Emerging
JB BF Emerging–EUR
JB BF Emerging–USD
JB BF Absolute Return Plus
CH
Europe
NorthAmerica
JB BF Local Emerging
JB BF Inflation Linked-EUR
GlobalJB BF Total Return
EmergingMarkets
HigherYielding
Hybrid
JB BF Credit Opportunities
JB BF Global Convert
JB BF Inflation Linked-USD
Swiss & Global Asset ManagementAssociated or external asset manager
JB BF EM Inflation Linked
* registered in Switzerland only
17
Swiss & Global Asset Management Our equities and alternatives offering
Source: Swiss & Global Asset Management
Emerging MarketsActive core Satellites / Themes
Associated or external asset managerSwiss & Global Asset Management
JB EF Euro Large Cap
JB EF German Value
JB EF Europe
JB EF Europe Growth
JB EF Europe Leading
JB EF US Value
JB EF Japan
JB EF Global
JB EF SwissJB EF Swiss Small&Mid Cap
JB EF Europe Small&Mid Cap
JB EF Asia
JB EF Global Selection
JB EF Energy Transition
JB EF Luxury Brands
JB EF Biotech
Commo-dities
Energy
Infra-structure
Life Science
Other
CH
Europe
USA
Asia
Global
JB Commodity
JB (CH) Physical Gold*
JB (CH) Physical Silver*
JB (CH) Physical Platinum*
JB (CH) Physical Palladium*
JB (CH) Swiss Sustainable*
JB EF Euroland Value
JB EF Chindonesia
JB EF Health Opportunities
JB EF Absolute Return
JB EF US Leading
JB EF Special Value
JB EF Agriculture
JB EF Natural Resources
JB EF Infrastructure
JB EF Global Emerging Mrkts.
JB EF Central Europe
JB EF Black Sea
JB EF Northern Africa
JB EF Russia
* Registered in Switzerland only
18
Important legal information This document is destined exclusively for internal use by intermediaries appointed by Swiss & Global Asset Management and/or institutional or qualified investors and shall not be passed on to third parties. Particularly, this document shall not be used as advertising material for public distribution or any other kind of public offering of the Julius Baer Funds, their sub-funds or share categories. The responsibility for the further use of fund descriptions contained in this document lies solely with the intermediary.
The information in this document constitutes neither an offer nor investment advice. It is given for information purposes only. No liability is assumed for the accuracy and completeness of the information. Opinions and assessments contained in this document may change and reflect the point of view of Swiss & Global Asset Management in the current economic environment.
Investments should only be made after a thorough reading of the current prospectus and/or the fund regulations, the current simplified prospectus, the articles of association, and the current annual and semi-annual reports, as well as after consulting an independent finance and tax specialist. The mentioned documents can be obtained in hard copy and free of charge by calling [+41 58 426 60 00] or from the addresses indicated below. Swiss & Global Asset Management is not a member of the Julius Baer Group.
The value of the units and the return they generate can go down as well as up. They both are affected by market volatility and by fluctuations in exchange rates. Swiss & Global Asset Management does not assume any liability for possible losses. The performance of past values and returns is no indicator of their current or future development. The performance of values and returns does not include the fees and costs which may be charged when buying, selling and/or switching units. The breakdown into sectors, countries and currencies and their respective positions as well as possibly indicated benchmarks are subject to change at any time in line with the investment policy determined in the prospectus.
The range of Julius Baer investment funds domiciled in Luxembourg is, as a general rule, registered for public offering in Luxembourg, in Switzerland, in Germany and in Austria. However, due to the different registration proceedings in the various countries, no guarantee can be given that each fund, sub-fund or share category is or will be registered in every jurisdiction and at the same time. For an up-to-date registration list, please refer to www.jbfundnet.com. Please also note the country-specific particularities indicated below. In any jurisdiction where a fund, sub-fund or share category is not registered for public offering and/or public distribution, the sale of units is only possible in the course of private placement or institutional investments, and in compliance with the applicable local regulation. Particularly, the Julius Baer Funds are not registered and, therefore, may not be offered for sale or be sold in the United States of America and its dependencies.
Particularities regarding Switzerland: As far as EU-harmonised Julius Baer investment funds domiciled in Luxembourg described herein are admitted for public offering and distribution in Switzerland: Representative in Switzerland is Swiss & Global Asset Management Ltd., Hohlstrasse 602, P.O. Box, CH-8010 Zurich; Paying Agent in Switzerland is Bank Julius Baer & Co. Ltd., Bahnhofstrasse 36, Postfach, CH-8010 Zurich.
Particularities regarding Israel: No action has been or will be taken in Israel that would permit an offering of the products or a distribution of this marketing document to the public in Israel. In particular, the marketing document has not been reviewed or approved by the Israeli Security Authority. Accordingly, this marketing document may be used to offer or sell any products directly or indirectly only to investors of the type listed in the First Supplement to the Israeli Securities Law, 1968, and for that purpose only. This marketing document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. Any offeree who purchases the product is purchasing it according to its own understanding, for its own benefit and on its own account and with no aim or intention of distributing or offering it to other parties. Any offeree who purchases the product has such knowledge, expertise, and experience in financial and business matters as to be capable of evaluating the risks and merits of an investment in the product. Nothing in this marketing document should be considered Investment Advice or Investment Marketing, as defined in the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 1995.