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For investment professionals only in the UK. Citywire Madrid – 4 October 2012 Old Mutual Global Equity Absolute Return Fund Amadeo Alentorn, Head of Quantitative Research Old Mutual Asset Managers (UK) Limited, 2 Lambeth Hill, London EC4P 4WR. 020 7332 7500. omam.co.uk
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Old mutual asset managers presentation

Dec 05, 2014

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Page 1: Old mutual asset managers presentation

For investment professionals only in the UK. Citywire Madrid – 4 October 2012

Old MutualGlobal Equity Absolute Return FundAmadeo Alentorn, Head of Quantitative Research,

Old Mutual Asset Managers (UK) Limited, 2 Lambeth Hill, London EC4P 4WR. 020 7332 7500. omam.co.uk

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Old Mutual Global Equity Absolute Return Fund

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Old Mutual Global Equity Absolute Return Fund

Sector GIF Offshore Alternative – Market Neutral – Equity

Ai Ab l t t th t h l l ti ith it d b d k tAim Absolute returns that have a low correlation with equity and bond markets

Manager Ian Heslop, Amadeo Alentorn and Mike Servent

Recognition

Record Strong performance with low correlation to equity and bond marketsRecord Strong performance with low correlation to equity and bond markets

Terms 1.5% AMC for A (retail) share class. 0.75% for I (institutional) share class

Ian Heslop is Citywire A rated and Citywire A Alternative UCITS rated for his risk-adjusted performance for the period 31/07/2009 to 31/07/2012

Old Mutual Global Equity Absolute Return Fund1 |

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Old Mutual’s quantitative strategies team

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Old Mutual s quantitative strategies teamInvestment team principals

Dr Ian Heslop

Head of Quantitative Strategies/ Fund Manager

Dr Amadeo Alentorn CFA

Head of Quantitative Research/Fund Manager

Mike Servent

Head of Quantitative Modelling Systems/Fund Manager

Ian joined the team in May 2004 and has over 13 years’ investment experience (9 years quantitative investment experience), including OMAM and BGI Ian holds a BA in Chemistry

Amadeo joined the team in January 2005. He has extensive experience of quantitative research and software development, including Bank of England Amadeo holds a BEng in

Mike joined the team in November 2004 with over 11 years of quantitative systems development experience, including BarraInternational and COR Risk Systems Mike OMAM and BGI. Ian holds a BA in Chemistry

(Oxford) and a PhD in Medicinal Chemistry (Edinburgh)

Bank of England. Amadeo holds a BEng in Robotics (Plymouth), a MSc in Computer Science and PhD in Computational Finance (Essex).

International and COR Risk Systems. Mike developed optimisation, backtesting and modelling software used by OMAM while at COR. He holds a BA in Physics from Oxford.

Managing quantitative long-only, regional and global funds, absolute return and hedge fundsExpertise in investment research, portfolio construction and systems developmentAcademic advisory boardAccess to external researchers through virtual laboratory

Old Mutual Global Equity Absolute Return Fund2 |

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Old Mutual Global Equity Absolute Return Fund

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Old Mutual Global Equity Absolute Return Fund

The fund aims to deliver absolute returns that ha e a lo co elation ith eq it and bond

Objective

Global, diversified equity portfolio

Targeting absolute returns over rolling

have a low correlation with equity and bond markets, through a market neutral portfolio of global equity stocks

equity portfolio 12 month periods

Return volatility target of 6%

Low correlation to global stock markets

Market neutrality –pure alpha

Liquid, transparent UCITS fund with daily dealingpure alpha fund with daily dealing

Old Mutual Global Equity Absolute Return Fund3 |

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Strong performance with low volatility

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Strong performance with low volatility

% return Correlation vs

Si MSCI JP M

Low correlation to equity and bond markets

1m 3m 6m 1y p.a. 2y p.a.

Since inception**

p.a.

MSCI World Index

JP Morgan Global Bond

Index

Old Mutual Global Equity Absolute Return Fund A (retail) share class GBP

0.9 1.5 3.2 2.1 10.4 5.1 (0.1) (0.3)A (retail) share class GBP

Morningstar GIF sector average* 0.5 -1.2 -4.6 -7.5 -6.1 -0.1 0.5 (0.4)

Dynamic investment approach delivering strong performance

Old Mutual Global Equity Absolute Return Fund4 |

Source: OMAM/Morningstar, bid to bid, net income reinvested. Sterling terms. Periods to 31/08/12 *Morningstar GIF sector average: GIF OS Alternative – Market Neutral – EquityCorrelation data since launch 01/07/09 to 31/08/12** Inception date: 01/07/09

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The uses of market neutrality

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The uses of market neutralityMore efficient portfolio

10

11

Global eq ities

Global equities +10% Global Equity Market Neutral

8

9

etur

n (%

)

Global equities

6

7

Ann

ualis

ed re

Analysis based on 5,000 d i l t d tf li

4

5

random simulated portfolio allocations to regional equity indices.

14 15 16 18 19 204

Annualised risk (%)17

Old Mutual Global Equity Absolute Return Fund5 |

Source: Performance based on net total returns to MSCI regional indices, and returns to the HFRX Equity Market Neutral index, from 31/01/99 to 28/02/11

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Investment process - overview

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Investment process overview

Stock selection t t i

Portfolio t ti

Final tf li

Capital allocation t t t istrategies construction portfolioto strategies

Portfolio

Large opportunity set - 3,500 global stocks

Research

Rigorous implementation of clear, intuitive investment insights

Forecasts

Diversified alpha sourcesOptimal capital allocation across

Efficient, constrained, risk controlled portfolio constructionTransparent performance attribution to alpha sources

Historical strategy analysis spanning multiple economic cycles

p palpha strategies based on expected payoffsIn-built risk control and downside risk mitigation attribution to alpha sourcesdownside risk mitigation

Old Mutual Global Equity Absolute Return Fund6 |

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Investment process – details

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Investment process details

Dynamic valuation Market Dynamics Sustainable Growth Analyst Sentiment Company Management

Attractive valuationsBalance sheet quality

Strong medium and short-term trends; Industries

with macro support

Strong growth characteristics; Expectations

likely to be fulfilled

Analyst upgrades; Market under-

reaction

Good investment decisions; Efficient use

of capital

Dynamic valuation Market Dynamics Sustainable Growth Analyst Sentiment Company Management

Allocation to strategies

Strategy weightings vary based on investor sentiment, risk and macro conditions

Portfolio construction

Structured process, risk management, return diversification, portfolio controls and market impact

Old Mutual Global Equity Absolute Return Fund7 |

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Dynamic valuation – cyclicality of value returns

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Dynamic valuation cyclicality of value returns

Example: North America

Old Mutual Global Equity Absolute Return Fund8 |

Source: OMAM. Data to 30/11/2011

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Capital allocation: sentiment/uncertainty spectrum

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Capital allocation: sentiment/uncertainty spectrum

A market proxy to assess the macro environment in real time

Identify current positioning on sentiment/uncertainty C fid t

Risk environment

spectrum

Analyse expectations of the five strategies, given the current position

Tilt t t i hti di l

Confident

Market Tilt strategy weightings accordingly

OptimisticPessimistic

Market sentiment

Uncertain

Proprietary analysis to assess the market environment

Old Mutual Global Equity Absolute Return Fund9 |

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Capital allocation over time

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Capital allocation over time

Strategies are employed to differing degrees, depending on the environment

Portfolio allocations by strategy (%)

f day

s Dynamic ValuationDynamic Valuation

Market Dynamics and Dynamic Valuation tend to have higher allocations

0 5 10 15 20 25 30 35 40 45 50

# of

Market DynamicsMarket Dynamics

0 5 10 15 20 25 30 35 40 45 50

Sustainable GrowthSustainable Growth

0 5 10 15 20 25 30 35 40 45 50

Analyst SentimentAnalyst Sentiment

0 5 10 15 20 25 30 35 40 45 50

0 5 10 15 20 25 30 35 40 45 50

Company ManagementCompany Management

Old Mutual Global Equity Absolute Return Fund10 |

Source: OMAM. Data from January 1994 to January 2012Positions correct at the end of January 2012

0 5 10 15 20 25 30 35 40 45 50

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Performance attribution by strategy

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Performance attribution by strategy

5%

6%

2%

3%

4%

0%

1%

2%

-2%

-1%

August 2012 YTD 2011August 2012 YTD 2011

Dynamic Valuation Market Dynamics Sustainable Growth Analyst Sentiment Compant Management

Old Mutual Global Equity Absolute Return Fund11 |

Source: OMAM. Data to 31/08/12

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Key drivers of performance since launch

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Key drivers of performance since launch

Positive returns from all five strategiesPositive returns from all five strategies

20.6%

3.8%

8.3%

2.0% 1.2%

5.3%

Dynamic valuation Market dynamics Sustainable growth Analyst sentiment Company management Total

No one sector dominates

8.5%

y y g y p y g

2.9% 3.0%

3.7%

2.6%

3 8%4.6%

3 7%

0.6%0.0%

-0.1%

0.5%0.6%

0.4%

-0.4%

1.0%

-0.3%

0.4%

1.3%

0.5%

1.8% 1.5%

-0.2%

0.7%

3.8% 3.7%

Asia Pacific Europe Japan North America

0.4% 0.3%

Con

sum

erD

iscr

etio

nary

Con

sum

erS

tapl

es

Ener

gy

Fina

ncia

ls

Hea

lth C

are

Indu

stria

ls IT

Mat

eria

ls

Tele

com

s

Util

ities

Sector allocation Stock selection

Old Mutual Global Equity Absolute Return Fund12 |

Source: OMAM as at 31/08/2012

Asia Pacific Europe Japan North AmericaSector allocation Stock selection

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5 key reasons to invest

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5 key reasons to invest

Aims to beat cash in all market conditions

Typically lower volatility versus long-only equity funds

Flexible, dynamic investment process

Diversified, global equity portfolio

Market neutral fund

A highly diversified global equity absolute return fund

Old Mutual Global Equity Absolute Return Fund13 |

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Investment details

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Investment details

Launch date: July 2009

Minimum investment: €, $, £ 1,000 A (retail) share class. €, $, £ 100,000 I (institutional) share class

Annual management charge: € $ £: 1 5% for A (retail) share class 0 75% for I (institutional) share classAnnual management charge: €, $, £: 1.5% for A (retail) share class. 0.75% for I (institutional) share class

Performance fee: 20% of outperformance above a hurdle rate (central bank base rate – semi annually)

High water mark: Yes

Dealing frequency: DailyDealing frequency: Daily

Dealing cut off time/valuation point: 12 noon Irish time

Share classes: US dollars/euro/sterling (euro/sterling share classes are hedged against the US dollar base currency)

Structure: Ireland-domiciled UCITS fund S uc u e e a d do c ed UC S u d

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Appendix

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Optimise risk and return profile

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Optimise risk and return profileInvestment parameters

Gross leverage reset to 200% each time we trade

Net leverage reset to 0% at each trading day

Regional allocations Constraints

33% North America (30-35% constrained)

33% Pan Europe (30-35% constrained)

17% Asia ex Japan (15-20% constrained)

Net countries constrained at +/- 1%

Net regions constrained at +/- 0.3%

Net sectors constrained at +/- 10%

17% Japan (15-20% constrained) Net industries constrained at +/- 10%

Stocks constrained at +/- 1.5%

Old Mutual Global Equity Absolute Return Fund16 |

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Stock example: Sulzer

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Stock example: Sulzer

Sulzer is a Swiss firm manufacturing pumping solutions and industrial equipment.

Dynamic valuation turned positive in 2010 as earnings expectations were not fully incorporated into its price

Sulzer % stock performance

expectations were not fully incorporated into its price.

Market Dynamics was positive as manufacturing benefited from the global economic recovery.

Sustainable Growth improved as the stock’s historic growth h t i ti l k d t i bl i t th f tcharacteristics looked sustainable into the future.

Analyst Sentiment was broadly positive over the period as market under-reacted to analyst forecasts

Company Management was positive but moving towards Sulzer % stock characteristics

neutral due to recent acquisitions.

Overall, there was wide support for opening a long position in April 2010, and after profiting from a strong rally, this position was closed as the company was then fairly priced.

Old Mutual Global Equity Absolute Return Fund17 |

Source: OMAM

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Systematic Investments team

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Systematic Investments team

Paul Simpson, Head of Alternatives

Systematic Investments

Quantitative StrategiesStatistical Arbitrage Managed Futures

Key product(s) Key product(s) Key product(s)Global Statistical Arbitrage Global, regional and single country equity

long-onlyGlobal and regional equity market neutralRegional equity 130/30

Managed futures absolute return

PrincipalsIan HeslopAmadeo AlentomMike Servent

Portfolio construction Modelling and systems Research

Old Mutual Global Equity Absolute Return Fund18 |

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Biographies

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Biographies

Ian Heslop joined the Quantitative Strategies team in 2004 from OMAM’s Global Equities team, where he was a fund manager specialising in the global technology and

Dr Ian HeslopHead of Quantitative Strategies/Fund Manager

Amadeo Alentorn joined OMAM in 2005 as an intern, while studying a PhD in Computational Finance at the University of Essex before becoming a full time

Dr Amadeo AlentornHead of Quantitative Research/Fund Manager

Mike Servent joined OMAM in November 2004 from

Mike ServentHead of Quantitative Modelling Systems/Fund Manager

a fund manager specialising in the global technology and biotechnology sectors. He joined the Old Mutual group from Barclays Global Investors, where he was a UK quantitative fund manager. Ian has a BA in Chemistry from Oxford University and completed a PhD in Medicinal Chemistry at Edinburgh University.

University of Essex, before becoming a full-time quantitative analyst in 2006. During his PhD he developed a new option pricing model using extreme value theory and collaborated with the Bank of England in several research projects, developing models for systemic risk of banking networks and liquidity of payment systems Prior to this he worked as a software

jBarra International where he was a Senior Consultant specialising in the implementation of multi asset-class risk systems. Prior to this he spent five years with COR Risk Solutions, which developed the optimisation, backtestingand modelling software currently used by the Quantitative Strategies Team at OMAM. At COR he worked as

Lawrence Clark

payment systems. Prior to this he worked as a software developer. Amadeo holds a BEng in Robotics from the University of Plymouth and an MSc in Computer Science from the University of Essex. He is a CFA charterholder.

Dr Yuangao Liu

Commercial Development Manager as well as undertaking research projects with various clients. Mike has an MA in Physics from Oxford University.

Lawrence Clark joined OMAM in November 2006, having spent the previous year as a postgraduate physicist at Oxford University conducting research into carbon nanomaterials for quantum information processing. Lawrence has an MPhys from Oxford University,

Quantitative Developer

Yuangao Liu joined OMAM in November 2007 from Jacobs UK, where he was a structural engineer specialising in building computer models to solve a variety of engineering problems. Previously he was a project research assistant at Tsinghua University, Beijing.

Quantitative Analyst

y y,specialising in financial market complexity and computer programming.

p j g y, j gYuangao has a PhD in Structural Engineering from Imperial College, London and a BEng in Civil Engineering from Tsinghua University, Beijing. He is a FRM charterholder.

Old Mutual Global Equity Absolute Return Fund19 |

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Biographies (Consultants)

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Biographies (Consultants)

Peter Pope has researched and published extensively in th f it l k t fi i l ti d

Dr Peter PopeProfessor of Accounting

Mark Salmon’s current research interests lie in financial t i b h i l fi d t f

Dr Mark SalmonProfessor of Finance

Dr Stephen SatchellReader in Financial Econometrics/Fellow of Trinity CollegeCass Business School, City University University of WarwickUniversity of Cambridge

the areas of capital markets, financial reporting and international equity valuation. Prior to his current role in OMAM’s Academic Advisory Board, he was Head of the V-Lab research program in the quantitative strategies team from 2006 to 2010. Before joining Cass in 2011, Peter Pope previously held academic positions at Lancaster University Management School Strathclyde

econometrics, behavioural finance and aspects of international macroeconomics. He is Professor of Finance at the University of Warwick and is Director of the university’s Financial Econometrics Research Centre and Finance Research Institute, as well as External Professor at the European University Institute in Florence. He currently also acts as a consultant to the Bank of

Stephen Satchell focuses on both empirical and theoretical aspects of econometrics, finance, risk measurement and utility theory. His very strong econometric techniques knowledge has proved invaluable for OMAM’s quantitative strategies team. Steve is a reader in financial econometrics at Cambridge, F ll f T i it C ll C b id d i iti Lancaster University Management School, Strathclyde

Business School and Liverpool University. He has also been visiting professor at the Stern School, New York University, and the University of California at Berkeley. He is a qualified accountant and was a member of the U.K. Accounting Standards Board Academic Panel.

He currently also acts as a consultant to the Bank of England and is a Research Fellow of the Centre for Economic Policy Research associated with the International Macro Programme. He has served as a consultant to a number of city institutions and was a member of a task force set up by the European Commission to consider exchange rate policy for the

a Fellow of Trinity College, Cambridge, and a visiting fellow at Birkbeck College, University of London. He holds two PhDs (Cambridge and London), an MSc (Sydney) and an MA (Cambridge). He has refereed widely in academic journals and has affiliations with professional bodies in finance. He has published widely in varied areas of finance including equity return and risk g p y

euro. Mark has a BA from Essex University and an MSc from the London School of Economics. He has published widely in academic journals, including Econometrica, The Annals of Statistics, Journal of Econometrics, the Economic Journal, the Journal of Economic Dynamics and Control, Journal of Empirical

in varied areas of finance, including equity return and risk models, style rotation, asset allocation, trading rules, volatility, option prices, exchange rates, and property markets.

Finance and the International Economic Review.

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Biographies (Consultants)

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Biographies (Consultants)

Mikhail Chernov’s research focuses on empirical asset i i bl d li ti f t i

Dr Mikhail ChernovAssociate Professor of Finance

Christopher Malloy’s main interests lie in the behavioural t f i i l fi Hi h t t

Dr Christopher MalloyAssistant Professor of Business Administration

Ian Marsh’s areas of expertise include exchange rate d lli d f ti dit i k d lli d

Dr Ian MarchProfessor of Finance

London Business School Harvard Business School, Finance Unit Cass Business School, City University

pricing problems and applications of econometric methods to finance. His main areas of interest are options, volatility, fixed income and credit and he makes a strong contribution to our growing expertise in non-equity asset classes. Mike is an Associate Professor of Finance at the London Business School. Formerly he was an Associate Professor of Finance at Columbia

aspects of empirical finance. His research concentrates on asset pricing, investments and portfolio choice and he helps to continue to advance our equity strategies. Chris is Assistant Professor of Business Administration in the Finance Unit of Harvard Business School. Prior to this he was Assistant Professor of Finance at the London Business School having previously been a Research and

modelling and forecasting, credit risk modelling and applied financial econometrics. He spent four years as a banker and economist prior to completing his PhD and has spent time as a researcher at the International Monetary Fund and the Bank of England’s Financial Stability area, as well as acting as a consultant to a range of financial institutions Ian has a BA from Sheffield was an Associate Professor of Finance at Columbia

Business School in New York. He holds BS and MS degrees from Moscow State University and a PhD in Finance from Pennsylvania State University. He has published in the Journal of Finance, the Journal of Econometrics and the Journal of Financial Economics.

Business School, having previously been a Research and Teaching Assistant at the University of Chicago's Graduate School of Business and a Research Assistant at the Washington DC Board of Governors of the Federal Reserve System. He has a BA in Economics from Yale University and a PhD in Finance and an MBA from the University of Chicago. He has published in the Journal

of financial institutions. Ian has a BA from Sheffield University, an MSc from Birkbeck College, University of London and a PhD from Strathclyde University, all in economics. He has published in many journals including the Journal of Finance, Journal of Monetary Economics, Review of Economics & Statistics, Journal of International Money and Finance & Explorations in Economic History.y g p

of Finance.y p y

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Important information

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Important information

FOR INVESTMENT PROFESSIONALS ONLY. THIS DOCUMENT IS NOT SUITABLE FOR RETAIL CLIENTS.

This information is being communicated only to persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial S i d M k t A t 2000 (Fi i l P ti ) O d 2001 d d (th O d ) d t t h it th i b l f l t i t it t Services and Markets Act 2000 (Financial Promotion) Order 2001, as amended (the Order) and to persons to whom it may otherwise be lawful to communicate it to (all such persons being referred to as relevant persons). Other persons should not rely or act upon this document or any of its contents. The recipient should not use the information in this document in any way which would constitute 'market abuse'. This document does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. No representation or warranty, express or implied, is or will be made by OMAM, its advisors or any other person as to the accuracy, completeness or fairness of the information or warranty, express or implied, is or will be made by OMAM, its advisors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document and any reliance you place on them will be at your sole risk.The Company: Old Mutual Dublin Funds plc, 1 North Wall Quay, Dublin 1, Ireland. The Company is an Irish law umbrella UCITS authorised by the Central Bank of Ireland. The fund cited above is authorised for distribution in the UK, Italy, Spain, France, Sweden and Switzerland. Representative in Switzerland is First Independent Fund Services Ltd., Klausstrasse 33, 8008 Zurich, Switzerland. Paying agent in Switzerland is NPB New Private Bank Ltd, Limmatquai 1, P.O. Box, 8022 Zurich, Switzerland. French centralising agent is Société Générale, Tour Granite 75886 Paris cedex 18 (Contact: M. Huguesde VERGNES – Tel : 33 1 42 14 25 88). Please read the simplified prospectus of the Company before investing. The prospectus and simplified prospectus, articles of association and annual and semi-annual reports of the Company may be obtained free of charge from the Swiss Representative or the French centralising agent. Old Mutual Global Equity Absolute Return Fund is a subfund of Old Mutual Dublin Funds (the “Company”). The Company has been registered with the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores) under no. 894 of its registries, pursuant to Spanish laws and regulations. We recommend that you seek advice from your financial adviser before making an investment decision. A complete list of Spanish distributors is available at the CNMV website. Before investing in the Shares please read the Prospectus which is available on www omam co uk and at the local distributors appointed in Italy Past performance is not a investing in the Shares, please read the Prospectus which is available on www.omam.co.uk and at the local distributors appointed in Italy. Past performance is not a guide to future performance. Performances are net of taxes.The performance data shown do not take account of the commission and costs incurred on the issue and redemption of shares. Issued by Old Mutual Asset Managers (OMAM), the trading name of Old Mutual Asset Managers (UK) Limited. Old Mutual Asset Managers (UK) Limited, 2 Lambeth Hill, London EC4P 4WR, England. Registered in England No. 2949554. Authorised and regulated in the UK by the Financial Services Authority. Telephone calls may be recorded for security purposes and to improve our customer service. 09/12/U6708

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