THE RIGHT ASSETS AT THE RIGHT TIME
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- Audra Moore
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1 ynamic iversified Fund Product Profile THE RIHT ASSETS AT THE RIHT TIE Clear, Straightforward and Intuitive SSA s ynamic iversified Fund: Liquid diversified growth fund targeting cash +4% per annum Significantly reduces volatility with market-responsive dynamic asset allocation Significant shifts in asset allocation via expertly managed in-house index funds Asset mix is actively optimised throughout the life of the investment Combines the best of active and passive
2 The Right Assets at the Right Time TRULY YNAIC INVESTIN The ynamic iversified Fund (F) uses proven market-aware intelligence and portfolio management expertise to dynamically change asset allocations to target an optimised balance of risk and reward in a complete, easy to implement package. YNAIC LOBAL ULTI-ASSET ALLOCATION Our F offers investors an innovative, cost-efficient and liquid strategy that targets both growth and capital preservation. Passive, liquid underlying components allow us to remain nimble, allowing for quick and decisive shifts to ensure we run the most optimal asset allocation mix for the prevailing risk environment. 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 F 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 while also providing a more favourable risk/ return profile. 2 Compelling Advantages iversified Uses a comprehensive asset mix to achieve effective diversification. Forward-looking and ynamic Our proprietary arket Regime Indicator identifies prevailing market conditions providing conviction for our portfolio managers to adjust asset allocations to participate in rising markets and protect in falling markets. anaged by an Experienced Team 70+ members across 7 locations, managing tactical asset allocation portfolios for over 20 years Ongoing Oversight Vested in the hands of an experienced asset allocator, entrusted with more than 200 billion of client assets Cost-effective F uses passive funds in efficient markets to keep costs low, allowing for active shifts in asset allocation at a price that isn t detrimental to overall performance. State Street lobal Advisors 3
3 The Right Assets at the Right Time ASSET ALLOCATION IS KEY Introducing the arket Regime Indicator A key factor for investment success is to have the right asset allocation, and to have it at the right time. rowth assets, such as equities, provide better returns in favourable environments but considerably worse returns in stressed markets. In fact, more volatile market periods have tended to provide worse risk-adjusted returns than less volatile market periods. So, our design objective was to vary portfolio risk in accordance with market volatility. With volatility a key success factor, we developed an objective, forward-looking measure of expected market volatility the arket Regime Indicator (RI). This metric can be thought of as a risk barometer. It identifies when risk is rising, and so caution is required, or when markets are expected to be calmer, at which time we can comfortably add more growth-seeking assets. The RI uses forward-looking signals of market sentiment across equity, currency and credit markets to determine the market environment and therefore the likely performance of asset classes. Expert uidance from the RI Using three broad inputs helps maximise the efficiency and reach of the RI. For example, the RI picked up currency volatility pre-brexit allowing us to de-risk even before warning signs appeared in the equity space. The RI continuously monitors market conditions and risk indicators and allows us to proactively switch out of non-optimal assets into better-performing ones when the market environment dictates. This optimises the asset allocation to help ensure a smoother investment journey. When the RI indicates that markets are moving towards crisis, the portfolio management team review and move out of higher risk asset classes and into more defensive assets; in more normal times the allocation is reversed. In our experience, crises have developed in different asset classes before more generally affecting the market. For most portfolios, the largest losses in downturns occur in equities, so capturing information about developing crises before this affects other assets is important. The Team ecide the Final Asset Allocation With the market environment identified the team further refines the optimum assets to invest in using long-term return forecasts for over 50 different asset classes. The team s insights into the expected returns for different asset classes coupled with the signals from the RI guide the fund s asset investments into proportions that have been optimised for the prevailing market environment. The team is multi-skilled well-resourced. For example, SSA's chief economist sits within the team. And, it's not just market inputs that are considered a specialist politics and policy team ensure that macro-events and global policy are factored into the allocation process. This sequence of optimised allocation guidance from the RI and further finessing by our investment experts can lead to strong allocations that are accurately matched to the prevalent market and risk environment....using iversified Building Blocks The fund splits its investment universe into three key asset types and allocates between them in proportions that best suit the prevailing market environment. With inimised Transaction Costs We gain exposure to individual asset classes efficiently by using a range of underlying passive building blocks. These include exchange-traded funds (ETFs), futures and other low-cost and liquid investment vehicles aimed at minimizing transaction costs. rowth Assets COOITIES CONVERTIBLE BONS E BONS HIH YIEL BONS INFRASTRUCTURE PROPERTY oderate Assets CREIT OVT BONS LON ATE EQUITIES efensive Assets CASH SHORT-ATE OVERNENT BONS IPLIE VOLATILITY 1 ETERINE ARKET REIE 2 OPTIISE THE ASSET IX rowth oderate efensive 3 RESULTS Equity Volatility Currency Volatility Credit Spreads EUPHORIA LOW RISK AVERSION NORAL HIH RISK AVERSION CRISIS Asset mix changes dynamically to suit the market regime. ore growth assets when it s safe. ore defensive assets when it s not. odel Optimising Total Asset Allocation Refinements From Team Tracking of Target Return Since Inception ay 2014 SSA PF Strategic iversified Fund ay 2015 Cash +4% ay 2016 ay 2017 ynamic ownside Protection at Work (%) SSA PF ynamic iversified Fund Jun 2015 lobal Equity (FTSE World TR BP Index) Jun 2016 aximum F ownside aximum Balanced ownside aximum Equity ownside ay 2017 Balanced Index (SSA PF Balanced Index Sub-Fund) PERFORANCE AN OWNSIE PROTECTION POTENTIAL UNER ALL ARKET CONITIONS Indicative weights for illustration purposes only. Source: SSA, as of 31 ay Please see back page for performance notes. The Right iversification atters In unfavourable market environments defensive assets generally provide positive returns. But it would be a mistake to rely solely upon portfolio diversification for protection (as some lesser funds do) because in stressed markets most assets tend to fall in lockstep so correlations rise sharply and diversification tends to be an unreliable downside protection tool. However, in normal and favourable market regimes diversification does work and we take advantage of it in our portfolio allocation. Sophisticated Risk anagement The fund benefits from sophisticated risk management analysis and makes selective use of low-cost options strategies and volatility futures for added downside risk management when required. Our dynamic risk budgeting proactively raising or reducing risk levels according to market conditions ensures controlled, enhanced asset mixes that can translate to downside risk management as well as investment performance. rowth Plus Our innovative dynamic asset allocation seeks to increase exposure to growth assets ahead of rising markets and to limit falls by switching into more defensive assets when appropriate. ownside Protection Potential Adding an allocation of F could significantly enhance the risk/ return profile of a more traditional investment portfolio. The F 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. 4 State Street lobal Advisors 5
4 The Right Assets at the Right Time ynamic Asset Allocation Absolute Return Focus Sophisticated Risk anagement & rawdown Limitation Established Track Record Long Only and Unleveraged Experienced Team Using a isciplined Framework OUR PHILOSOPHY Investor sentiment drives asset class performance. etailed analysis enables us to capture major changes in investor sentiment at an early stage. We can exploit these signals about investor sentiment on a consistent basis by responding swiftly and efficiently. State Street lobal Advisors has a strong track record of using the RI to guide asset allocation in our strategies. We manage many billions of pounds in active asset allocation and absolute return strategies using these market-proven techniques. OUR TEA The ynamic iversified Fund is managed by our Investment Solutions roup, a 70+ strong team of investment specialists across investment centres in Boston, London, Hong Kong, Paris, Sydney, ublin and Tokyo. Team members have an average of 16 years experience and can draw on the expertise of more than 400 investment professionals as well as SSA s risk and compliance specialists. This experienced team manages over 73 billion* in tactical asset allocation strategies, both benchmarkoriented and absolute return, across a growing range of innovative multi-asset benchmark-relative and absolute return strategies. * Source SSA, as at 31 ay State Street lobal Advisors 7
5 ssga.com arketing Communication For Professional Clients Use Only. Not for public use. State Street lobal Advisors Limited. Authorised and regulated by the Financial Conduct Authority. Registered in England. Registered No VAT No Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: F: Past performance is not a guarantee of future results. Related to performance on Page 5: The performance figures contained herein are provided on a gross of fees basis and do not reflect the deduction of advisory or other fees which could reduce the return. The performance includes the reinvestment of dividends and other corporate earnings and is calculated in pounds sterling. Index returns reflect capital gains and losses, income, and the reinvestment of dividends. The information provided does not constitute investment advice as such term is defined under the arkets in Financial Instruments irective (2004/39/EC) and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any investment. It does not take into account any investor s or potential investor s particular investment objectives, strategies, tax status, risk appetite or investment horizon. SSA uses quantitative models in an effort to enhance returns and manage risk. While SSA expects these models to perform as expected, deviation between the forecasts and the actual events can result in either no advantage or in results opposite to those desired by SSA. In particular, these models may draw from unique historical data that may not predict future trades or market performance adequately. There can be no assurance that the models will behave as expected in all market conditions. In addition, computer programming used to create quantitative models, or the data on which such models operate, might contain one or more errors. Such errors might never be detected, or might be detected only after the Portfolio has sustained a loss (or reduced performance) related to such errors. Availability of third-party models could be reduced or eliminated in the future. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. Issuers of convertible securities tend to be subordinate to other debt securities issues by the same issuer, may not be as financially strong as those issuing securities with higher credit ratings, and may be more vulnerable to changes in the economy. Other risks associated with convertible bond investments include: Call risk which is the risk that bond issuers may repay securities with higher coupon or interest rates before the security s maturity date; liquidity risk which is the risk that certain types of investments may not be possible to sell the investment at any particular time or at an acceptable price; and investments in derivatives, which can be more sensitive to sudden fluctuations in interest rates or market prices, potential illiquidity of the markets, as well as potential loss of principal. Investing in foreign domiciled securities may involve risk of capital loss from unfavorable fluctuation in currency values, withholding taxes, from differences in generally accepted accounting principles or from economic or political instability in other nations. Investments in emerging or developing markets may be more volatile and less liquid than investing in developed markets and may involve exposure to economic structures that are generally less diverse and mature and to political systems which have less stability than those of more developed countries. If you require investment advice you should consult your tax and financial or other professional advisor. All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information. Investing involves risk including the risk of loss of principal. The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSA s express written consent. iversification does not ensure a profit or guarantee against loss. Investing in the anaged Pension Fund is effected by means of an insurance policy written by anaged Pension Funds Limited, a member of the State Street group of companies. This document should not be construed as an invitation or inducement to engage in investment activity. The anaged Pension Fund is available to pension schemes (including overseas schemes) registered with H Revenue and Customs for the purposes of Chapter 2 of Part IV of the Finance Act This document should therefore only be circulated to the Trustees of such schemes and their advisers who are deemed to be professional persons (this includes professional clients and eligible counterparties as defined by the Financial Conduct Authority). It should not be circulated to or relied upon by any other persons. In particular scheme members should consult with their employer or scheme trustee. Please note that neither State Street lobal Advisors Limited or anaged Pension Funds Limited offer actuarial services and any investment service undertaken by those firms with an objective of matching projected pension fund liabilities does not include, or take responsibility for, the calculation of projected liabilities. Any illustrations exclude the impact of fees, and actual investment returns may differ from projected cashflows, these projected cashflows are not projections of any future benefit payable under a specific policy. This document should be read in conjunction with its Key Features/Supplemental/ Policy ocument. All transactions should be based on the latest available Key Features/Supplemental/Policy ocument which contains more information regarding the charges, expenses and risks involved in your investment. Investing in REITs involves certain distinct risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of credit extended. REITs are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs, especially mortgage REITs, are also subject to interest rate risk (i.e., as interest rates rise, the value of the REIT may decline). Investing in commodities entail significant risk and is not appropriate for all investors. Commodities investing entail significant risk as commodity prices can be extremely volatile due to wide range of factors. A few such factors include overall market movements, real or perceived inflationary trends, commodity index volatility, international, economic and political changes, change in interest and currency exchange rates. Investing in high yield fixed income securities, otherwise known as junk bonds, is considered speculative and involves greater risk of loss of principal and interest than investing in investment grade fixed income securities. These Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Unless otherwise noted, any views or opinions expressed are not necessarily those of State Street, they are subject to change at any time based on market and other conditions.rowth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly. International overnment bonds and corporate bonds generally have more moderate short-term price fluctuations than stocks, but provide lower potential long-term returns.iversification does not ensure a profit or guarantee against loss. Investments in small-sized companies may involve greater risks than in those of larger, better-known stocks. Actively managed funds do not seek to replicate the performance of a specified index The fund is actively managed and may underperform its benchmarks. An investment in the strategy/fund is not appropriate for all investors and is not intended to be a complete investment program. Investing in the Fund involves risks, including the risk that investors may receive little or no return on the investment or that investors may lose part or even all of the investment. Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions. The information contained in this communication is not a research recommendation or investment research and is classified as a arketing Communication in accordance with the European Communities (arkets in Financial Instruments) Regulations This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research. This document contains certain statements that may be deemed forwardlooking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. State Street lobal Advisors 2017 State Street Corporation. All Rights Reserved. I9500-EUKT-5307 Exp. ate: 30 June 2018
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