2012 FOCUS Executive Leadership Conference Northern Focused Portfolios October 2 nd
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1 N O R T H E R N T R U S T G L O B A L I N V E S T M E N T S 2012 FOCUS Executive Leadership Conference Northern Focused Portfolios October 2 nd Presented by: Melinda Mecca, Moderator Client Solutions Group Daniel Phillips Nina Staley Michael DeJuan Jonathan Pincus Dennis Lico Investment Strategist Client Solutions Group Portfolio Construction Managed Accounts Investment Solutions Group 2012 Northern Trust Corporation northerntrustinvestments.com
2 Northern Trust - Expertise in Global Investment Management Founded in Chicago in 1889, Northern Trust Corporation is a global market leader of asset management and asset servicing solutions for institutions and private clients. Total firm assets under management $704.3 billion as of June 30, 2012 Index Management $321.2 billion Fixed Income 1 $282.9 billion Multi- Manager Solutions $35.3 billion Active Equity 2 $45.3 billion Other $19.6 billion 1 Includes Active Fixed Income, Short Duration and Securities Lending collateral management. 2 As of 3/3/10, TAE and Enhanced Equity are in the Active Equity category; formerly, they were part of the Quant category. As of June 30, 2012 (updated quarterly) Source: Northern Trust Among the top investment management firms in multiple categories: 14th largest - worldwide institutional assets 4th largest - defined benefit assets 4th largest - passive domestic indexed equity 4th largest - passive domestic indexed bond Comprehensive Capabilities: Dedication to Asset Management Business Proven Performance: Strong historical returns in categories across the capital market spectrum Top Tier Talent: Attracting and retaining top investment talent in all areas, including research, trading and portfolio management Superior Service: Knowing our clients and serving them well 2
3 Overview Northern Focused Portfolios Northern Focused Portfolios are investment solutions for investors seeking a comprehensive investment program. A variety of diversified portfolios designed to provide high net-worth clients access to Northern Trust s investment talent and offerings A cross section of investment mandates through dynamic and tactical investment selection - fund selection and asset allocation decisions are made by Northern Trust s equity, economic and credit research professionals Prescribed for diversification across a selection of asset classes and investment styles, combining Northern s investment offerings, each model is constructed in an effort to gain the rewards of lower volatility and enhanced return potential A disciplined approach blending investment styles to emphasize return potential while attempting to manage risk Program Objectives: Return: Consistently outperform the index and the broader market over a full market cycle Volatility: Incur lower volatility than the overall stock market Discipline: Maintain consistent, diversified exposure Predictability: Deliver performance consistent with expectations across all market environments Diligent portfolio monitoring and rebalancing assessments cover investment strategy, market views, and overall solution management; ensuring the portfolio sustains its appropriate risk and reward characteristics throughout the market cycle 3
4 Overview Our Approach to Investing Northern Trust s investment strategy offers investors many advantages: Asset Allocation Investment Expertise Portfolio Construction Continual Monitoring & Rebalancing Service & Support We believe effective asset allocation reduces investment risk and provides the potential for more predictable long-term investment returns. Investment strategy that takes into account risk tolerance, time horizon, liquidity needs and financial objectives. As a multi-capability asset manager, we combine alpha and beta strategies to effectively build targeted investment solutions across the risk spectrum. Well defined, rigorous process to help ensure that the investment solutions and asset allocations complement each other, provide appropriate diversification in the most cost-effective approach. Allows for proactive changes in asset allocation or investment options to be made on a timely basis, based on changes recommended by Northern Trust s Investment Policy Committee. Occurs periodically among asset classes and investment styles to maintain the strategic and tactical asset allocation over time. Direct access to a support staff to provide the highest level of client support of our investment models and marketing/sales information. 4
5 Asset Allocation Daniel Phillips 2012 Northern Trust Corporation northerntrustinvestments.com
6 Investment Policy: The Process NORTHERN TRUST ASSET ALLOCATION PROCESS STRATEGIC Time Horizon: 5 Years Frequency: Annual Investment Risk Management (IRM) TACTICAL Time Horizon: 12 Months Frequency: Monthly Capital Markets Assumptions Working Group (CMA) & Portfolio Construction Desk (PCD) Tactical Asset Allocation (TAA) Investment Policy Committee (IPC) TAA relative to SAA "benchmark" Investment Policy Committee (IPC) Strategic Asset Allocation (SAA) Tactical Asset Allocation Committee (TAA) 6
7 Combining Long-Term Strategic Views Northern Trust pulls together internal investors from across the firm on an annual basis to thoroughly review the economic & financial market outlook over the long-term (5 year) investment horizon: Forward Looking; Historically Aware Top-down themes; bottom-up analysis Firm-wide participation; firm-wide application 7
8 with Tactical Decision Making GLOBAL TACTICAL ASSET ALLOCATION -OVER/UNDER WEIGHTS -% FIXED INCOME: -4% EQUITIES: 0% REAL ASSETS: +4% Cash (2%) TIPS (2%) Investment Grade (32%) High Yield (8%) U.S. Large Cap (18%) U.S. SMID (6%) Dev Ex-US LC (14%) Dev Ex-US SC (2%) EM Equities (7%) Global Real Estate (4%) Commodities (2%) Gold (3%) Allocations above reflect Northern s Grow th and Income Standard objective; the proxy account for IPC. Strategic allocations are listed across the bottom; tactical recommendations (in the form of over/under/equal w eights) are displayed in the bar chart. Tactical allocations as of 09/07/
9 Investment Expertise Nina Staley 2012 Northern Trust Corporation northerntrustinvestments.com
10 Asset Management at Northern Trust: Our Global Investment Philosophy As a multi-capability asset manager, we combine alpha and beta strategies to effectively build targeted investment solutions across the risk spectrum designed to meet clients goals. Proprietary Capabilities Proprietary & Open Architecture Capabilities GOAL: Risk-Efficient, Cost-Effective Market Exposure Beta Exposure/ Fixed Income Targeted Investment Solutions Alpha Producers GOAL: Consistent, Reliable Source of Alpha 10
11 Integrated Due Diligence Process Our due diligence process extends beyond investment research to include an extensive and continuous review of each manager s operational and compliance practices and procedures. Philosophy & Process Clear investment philosophy Disciplined process People Proven experience in strategy Motivation and retention Business Model Appropriate ownership structure Manager co-investment Manager Research Considerations Performance Quantitative analysis of various risk/return statistics Expectations of risk and return going forward Operations Evaluate middle and back office procedures Assess operational risk and internal controls Compliance Analysis of compliance program, policies and procedures Review of risk controls 11
12 Portfolio Construction Michael DeJuan 2012 Northern Trust Corporation northerntrustinvestments.com
13 Portfolio Construction Combining managers to build an optimal portfolio is at the heart of a program s success. The program combines managers in ways that seek to amplify their strength and minimize portfolio risks to the inevitable shifts in market sentiment. Single-Asset Class Perspective Multi-Asset Class Perspective Objectives of an investment solution: Consistent value added Strong risk/return trade-off Manage risk relative to the benchmark Strong downside protection Consistency over various market cycles 13
14 Continual Monitoring & Rebalancing Jonathan Pincus 2012 Northern Trust Corporation northerntrustinvestments.com
15 Northern Trust - Managed Accounts Group AREAS OF BUSINESS Proprietary Asset Management Separately Managed Accounts Model Management Mutual Funds Model Overlay Management NFP External SMA NTGI SMA/Funds Proprietary Asset Management Overlay/Model Management Open Architecture Separately Managed Accounts Unified Managed Accounts Mutual Fund Advisory Programs As of August 31, 2012: Products/Models 165 Accounts 27,82 Total AUM $25.02 Billion 15
16 Northern Trust Centralized Overlay Management Benefits Focus Features of Centralized Overlay Benefits Overlay expertise Compliance Leverages expertise of third-party provider; outsources time-consuming operational tasks to specialist Offers greater control & potentially fewer compliance risks for sponsor Reduce risk Risk Infrastructure/scale Third-party provider assumes considerable risk; sponsor assesses provider s ability to manage risk Leverages infrastructure investment and scale of third-party provider. Provider also continually enhances infrastructure to adapt to changing market needs Create efficiency Time to market Sponsor control Advisor directed sleeve Faster time to market Sponsor cedes some control to outside partner, overlay partner is critical to program success Sleeve enabled technology, allows for advisor direction in a UMA construct Improve the client & advisor experience Account discretion Discretion can be placed with overlay manager Client experience Manager participation Centralized implementation supports consistency in client experience Supports wider range of third-party managers; overlay manager responsible for contract development; can also handle manager research, selection, monitoring Expand product offering 16
17 Northern Trust - Overlay Functions Supported Advisor Support: Transition Management, Asset Shopping & Account On-boarding Operational Oversight: Daily Reconciliation, Custody Neutral Connectivity, Security Master Maintenance, Corporate Action Processing & Proxy Voting Northern Trust Account Management: Client Account Data Mgt, Restriction Maintenance, Investment Objective Changes, Halt Trading, Resume Trading, New & Terminated Account Maintenance Rebalancing & Investing: Asset Class Rebalancing, Model Manager Trade Implementation, Substitution Investing, Tax Loss Harvesting, Cash Flow Investing, New Account Implementation, Partial and Full Liquidations Daily Monitoring: Daily Position and Cash Drift, Wash Sale, Best Execution, Account Level Performance & GIPS Composite Performance Program Management: Responsible for expansion of products available for external distribution, speed to market 17
18 Service and Support Dennis Lico 2012 Northern Trust Corporation northerntrustinvestments.com
19 Northern Solutions Group - Support Model Our role: A centralized point of contact for obtaining investment solutions support and information We service the following partners: Portfolio Managers, Financial Advisors and Investment Consultants What do we do: Returns-Based Analysis (Analysis is available for any product included within any NFP model) Product and/or Model Discussion Marketing Support Tools and Resources Available Zephyr StyleAdvisor Morningstar Team Breadth of Knowledge and Experience: Financial Marketing, Sales, Research, Portfolio Construction, Financial Planning, and Training experience CIMA, FINRA Series 6, 7, 52, 63, 65, 66 - Licenses Collectively Contact Us: Phone: Hours: M - 5pm CST NorthernSolutionsGroup@ntrs.com Marketing Support includes: Quarterly product profiles with performance and product commentary Monthly market overview perspective and commentary Sales and advisor support desk (Monday Friday) Value added educational materials 19
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