For institutional use only. Not for inspection by, distribution or quotation to, the general public. High Dividend Investing in 2011 DIY - Dividend, Income & Yield Presented by: Carl Ghielen, CEFA Client Portfolio Manager Geneva, Switzerland December 7, 2010
Dans un tel Dans le contexte économique actuel, nous pensons qu’un placement en actions à haut rendement du dividende constitue la stratégie d’investissement optimale.
Dans cette présentation, vous découvrirez notre philosophie d’investissement débutée en 1999 ainsi que nos fonds (Euro, Europe, US, Global) gérant près de 10 milliards d’euros.
Welcome message from author
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
For institutional use only. Not for inspection by, distribution or quotation to, the general public.
High Dividend Investing in 2011
DIY - Dividend, Income & Yield
Presented by:
Carl Ghielen, CEFAClient Portfolio Manager
Geneva, SwitzerlandDecember 7, 2010
For institutional use only. Not for inspection by, distribution or quotation to, the general public.
Key Messages
• Markets supported by QE2 Fed (strong liquidity flows)
Process combines quantitative screening and fundamental analysis to identify attractively priced stocks with high and sustainable dividend yields
Example: Global UniverseFor illustration purpose only. The above investment process may undergo changes depositing on the investment style and the market condition.
For institutional use only. Not for inspection by, distribution or quotation to, the general public.
2.82%
-4.14%
2.70%
-3.72%
(5%)
(4%)
(3%)
(2%)
(1%)
0%
1%
2%
3%
4%
Up (60 months) Down (40 months)Global High Dividend MSCI World
Monthly return analysis as of 30 September 2010, Gross data versus MSCI World net return since inception of the ING (L) Invest Global High Dividend fund in May 2002.
Global High Dividend: Up and Down analysis
25 out of 40 outperformance
29 out of 60 outperformance
30
For institutional use only. Not for inspection by, distribution or quotation to, the general public.
• Sep/Oct difficult months due to momentum-driven markets
• Outperformance year to date versus benchmark and high dividend style indices
• High Dividend style is working in the US in 2010
US High Dividend
Oct2010
YTD2010 1 year 3 years
(ann.)5 years(ann.)
Sinceinception
(Mar05) (ann.)
ING (L) Invest US High Dividend +2.93% +12.18% +20.71% -2.29% +4.26% +4.34%
MSCI US High Dividend Yield(net return) +2.83% +10.37% +19.29% -6.21% NA NA
Relative performance vs S&P500 -0.84% +4.87% +4.90% +4.84% +3.17% +2.84%
Gross performance ING (L) Invest US High Dividend fund in USD, Benchmark: S&P500 Net return Index, as of 31 October 2010Past performance may or may not be sustained in future and it does not indicate to the future returns in any manner.
31
For institutional use only. Not for inspection by, distribution or quotation to, the general public.
US High Dividend: Portfolio Returns vs. Benchmark
Portfolio: ING (L) Invest US High Dividend CAPBenchmark: S&P500 (net)Source: ING IM Performa Global, Gross Returns as of 31 October 2010
5 out of 6 years outperformance
Long term outperformance
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
2005 (Apr) 2006 2007 2008 2009 2010 (Oct)
Portfolio Benchmark
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
Mar
-05
May
-05
Jul-
05
Sep-
05
Nov
-05
Jan-
06
Mar
-06
May
-06
Jul-
06
Sep-
06
Nov
-06
Jan-
07
Mar
-07
May
-07
Jul-
07
Sep-
07
Nov
-07
Jan-
08
Mar
-08
May
-08
Jul-
08
Sep-
08
Nov
-08
Jan-
09
Mar
-09
May
-09
Jul-
09
Sep-
09
Nov
-09
Jan-
10
Mar
-10
May
-10
Jul-
10
Sep-
10
Portfolio
Benchmark
32
For institutional use only. Not for inspection by, distribution or quotation to, the general public.
-4.87%
-4.03%
2.82% 3.03%
(5%)
(4%)
(3%)
(2%)
(1%)
0%
1%
2%
3%
4%
Up (43 months) Down (24 months)
US High Dividend S&P 500Monthly return analysis as of 31 October 2010, Gross data versus S&P500 net return since inception of the ING (L) Invest US High Dividend fund in March 2005.
US High Dividend: Up and Down analysis
17 out of 24 outperformance
17 out of 43 outperformance
33
For institutional use only. Not for inspection by, distribution or quotation to, the general public.
Euro High Dividend
Gross performance ING (L) Invest Euro High Dividend in EUR, Benchmark: MSCI EMU Net return Index, as at 31 October 2010
Oct2010
YTD2010 1 year 3 years
(ann.)5 years(ann.)
Sinceinception
(Apr99) (ann.)
ING (L) Invest Euro High Dividend +3.60% +1.29% +9.22% -7.16% +2.06% +4.56%
For institutional use only. Not for inspection by, distribution or quotation to, the general public.
37
Europe High Dividend
Gross performance ING (L) Invest Europe High Dividend in EUR, Benchmark: MSCI Europe Net return Index, as at 31 October 2010
Oct2010
YTD2010 1 year 3 years
(ann.)5 years(ann.)
Sinceinception
(Dec04) (ann.)
ING (L) Invest Europe High Dividend +2.91% +5.51% +12.93% -8.18% +1.28% +3.41%
MSCI Europe (net return) +2.48% +7.06% +15.00% -9.26% +0.83% +3.61%
MSCI Europe High Div (net) +4.05% +2.63% +10.99% -11.96% -1.09% +2.05%
Relative performance vs MSCI Europe +0.43% -1.55% -2.07% +1.08% +0.45% -0.20%
Past performance may or may not be sustained in future and it does not indicate to the future returns in any manner.
• Strong relative performance over the summer months, evaporated in the September rally
• High Dividend style clearly not working YTD in Europe
• Portfolio tilted towards undervalued, laggard names
For institutional use only. Not for inspection by, distribution or quotation to, the general public.
38
Carl Ghielen – Client Portfolio Manager Investment experience: 20 years
Carl is Client Portfolio Manager for Equity strategies. He is responsible for maximizing the commercial success of the boutique through attracting and retaining clients in partnership with sales, marketing and product. Carl has been working with ING Investment Management for 10 years as Senior Investment Manager, responsible for several equity strategies. Carl started his career in 1990 as Investment Advisor at General Investment Management in Eindhoven, an independent boutique asset manager. Prior to joining ING Investment Management, Carl worked from 1994 to 2000 for Mn Services (one of the largest pension funds in the Netherlands) as Senior Portfolio Manager European Equities. Carl holds a Master’s degree in Economics (focus: Business Economics) from Tilburg University. Carl holds a CEFA degree, a European equivalent to CFA.
For institutional use only. Not for inspection by, distribution or quotation to, the general public.
The elements contained in this document have been prepared solely for the purpose of information and do not constitute an offer, in particular a prospectus or any invitation to treat, buy or sell any security or to participate in any trading strategy. This document is intended for qualified investors, as defined in the Swiss Federal Collective Investments Schemes Act and its implementing ordinance and as interpreted by the Swiss Financial Market Supervisory Authority FINMA as well as private investors and describes a strategy. However, investments may be suitable for private investors only if they are recommended by an authorised self-employed or a professional employed adviser acting on behalf of the investor on the basis of a written agreement. While particular attention has been paid to the contents of this document, no guarantee, warranty or representation, express or implied, is given to the accuracy, correctness or completeness thereof. Any information given in this document may be subject to change or update without notice. Neither ING Investment Management / ING Fund Management B.V. / ING Investment Management (Europe) B.V. nor any other company or unit belonging to the ING Group, nor any of its officers, directors or employees can be held direct or indirect liable or responsible with respect to the information and/or recommendations of any kind expressed herein. The information contained in this document cannot be understood as provision of investment services. If you wish to obtain investment services please contact our office for advice. Use of the information contained in this document is solely at your risk. No direct or indirect liability is held for any loss sustained or incurred by readers as a result of using this publication or basing any decisions on it. Investment sustains risk. Please note that the value of your investment may rise or fall and also that past performance is not indicative of future results and shall in no event be deemed as such. This presentation and information contained herein is confidential and must not be copied, reproduced, distributed or passed to any person at any time without our prior written consent. Any claims arising out of or in connection with the terms and conditions of this disclaimer are governed by Swiss law.