Franklin Global Absolute Return Bond (USD) Composite
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1 Franklin Global Absolute Return Bond (USD) Composite Absolute Return Fixed Income Product Profile Product Details Strategy Assets $600,884, Inception Date 09/30/2015 Base Currency USD Investment Style Absolute Return Overview 1 A global multisector fixed income strategy seeking to generate consistent absolute returns through reducing undesired market risk (beta) while uncovering opportunities that our analysts believe have the potential to provide positive excess return from active management (alpha) The strategy targets a return of LIBOR plus 1-3%, a volatility profile in the 1-3% range and a Sharpe ratio of 1 or greater. Target return and volatility are customizable. The typical mandate is 2-3% return with a 2% level of risk Key Advantages For investors seeking an alternative to traditional fixed income investments, the strategy is designed to actively seek attractive return opportunities across a broad investment universe The strategy aims to provide a stable return profile by focusing on reducing interest rate risk (beta) and seeking to minimize drawdowns The strategy is not bound by a benchmark and has the ability to go both long and short, which may offer diversification to traditional fixed income allocations where duration typically drives risk and return Investment Process Broad Investment Universe The strategy invests in a wide range of global debt securities, with a focus on non-traditional global fixed income asset classes with the aim of diversifying sources of return Alpha Strategies Multiple independent sources of alpha potential include dynamic sector rotation, active currency management, bottom-up security selection, global interest rates and relative value positioning Beta Management Aims to hedge and manage market risks from currency, country, interest rate and credit in an effort to deliver consistent returns, regardless of market environment Risk Management and Controls We believe that all risk must be recognized, rationalized and rewarded The risk budget for the portfolio is allocated based on the Fixed Income Policy Committee s (FIPC) outlook for global trends, country/regional events, currencies, interest rates and sectors. We focus on several themes offering best risk adjusted return prospects We construct portfolio by allocating risk based on contribution to total risk of the portfolio, making sure that no one sector dominates the risk budget. The highest conviction ideas get most of the risk budget 1. Based on client risk schemes and objectives. Targets are not intended to represent historical performance. Targets represent the goal that the strategy seeks against the stated index and do not take into account management fees or other expenses an investor would incur in the management of its account, which would reduce any returns. The composite objective is measured against the LIBOR 90 Day (USD) Index for comparative purposes only. The actual benchmark used for an absolute return strategy portfolio managed to a different currency may differ. There is no assurance that employment of the Global Absolute Return strategy will result in investment objectives or the intended targets being achieved. Performance for the Franklin Global Absolute Return Bond (USD) Composite is provided for informational purposes only and is not intended to represent Franklin s performance results for the absolute return strategy managed to any currency other than USD. Managing an unhedged strategy and/or hedging to a different currency may result in significantly different performance results. Information for Franklin s active and/or discontinued composites for this strategy which may have a different base currency is available upon request.
2 Performance Data 3 Mths YTD 1 Yr Since Inception (09/30/2015) Franklin Global Absolute Return Bond (USD) Composite - GROSS Franklin Global Absolute Return Bond (USD) Composite - NET LIBOR 90 Day (USD) Index % 2% 1% % 3 Mths YTD 1 Yr Since Inception Franklin Global Absolute Return Bond (USD) Composite - GROSS Franklin Global Absolute Return Bond (USD) Composite - NET LIBOR 90 Day (USD) Index Calendar Year Returns (USD %) 2016 Franklin Global Absolute Return Bond (USD) Composite - GROSS 2.13 Franklin Global Absolute Return Bond (USD) Composite - NET 1.72 LIBOR 90 Day (USD) Index 0.76 Portfolio Characteristics of a Representative Account 3,4 Portfolio Number of Securities Including Cash 386 Yield to Maturity 2.23% Yield to Worst 2.19% Average Duration Average Credit Quality 5 Average Weighted Maturity 0.58 Yrs A 4.01 Yrs 2. Periods of more than one year are annualized. Past performance is not an indicator or a guarantee of future performance. 5. The average credit quality (ACQ) rating may change over time. The portfolio itself has not been rated by an independent rating agency. The letter rating, which may be based on bond ratings from different agencies, is provided to indicate the average credit rating of the portfolio s underlying bonds and generally ranges from AAA (highest) to D (lowest). The ACQ is determined by assigning a sequential integer to all credit ratings AAA to D, taking a simple, asset-weighted average of debt holdings by market value and rounding to the nearest rating. The risk of default increases as a bond s rating decreases, so the ACQ provided is not a statistical measurement of the portfolio s default risk because a simple, weighted average does not measure the increasing level of risk from lower rated bonds. The ACQ is provided for informational purposes only. Derivatives are excluded from this breakdown. ftinstitutional.com 2
3 Portfolio Diversification of a Representative Account 3 Sector Exposure 6 Investment Grade Corporates Residential Mortgage-Backed Securities Bank Loans Covered Bonds U.S. Treasuries Commercial Mortgage-Backed 4.98 Securities International Bonds 4.28 High Yield Corporates Municipal Bonds Asset-Backed Securities Interest Rate Derivatives Other Cash & Cash Equivalents % -40% -30% -20% -10% 0% 10% 20% 30% 40% Credit Quality Exposure 8 Currency Allocation 7 US Dollar Mexican Peso Indian Rupee Swedish Krona Polish Zloty Indonesian Rupiah New Zealand Dollar Japanese Yen Chilean Peso Singapore Dollar South Korean Won British Pound Australian Dollar Canadian Dollar Euro % 0% 20% 40% 60% 80% 100% 120% Duration Contribution by Currency 7 AAA AA 8.68 A BBB BB B CCC CC D NR N/A Cash & Cash Equivalents % -5% 0% 5% 10% 15% 20% 25% Investment Grade Non-Investment Grade Cash & Cash Equivalents US Dollar British Pound Canadian Dollar Australian Dollar Euro -20 Yrs Yrs 6. Figures are intended to estimate the portfolio s exposure to various sectors, including any hedged or increased exposure through certain derivatives held in the portfolio (or their underlying reference assets) and may not total 100% or may be negative due to rounding, use of any derivatives, unsettled trades or other factors. Interest Rate Derivatives sector consists of Treasury, interest rate and other derivatives that are primarily used for duration management; a negative number indicates that we are seeking to hedge interest rate risk. Information is historical and may not reflect current or future portfolio characteristics. All holdings are subject to change. 8. Figures are intended to estimate the portfolio s exposure to issuer credit risk, including any hedged or increased exposure through credit derivatives held in the portfolio (or their underlying reference assets), and may not total 100% or may be negative due to rounding, use of any derivatives, unsettled trades or other factors. Any credit derivatives are assigned the ratings of their underlying reference assets. Information is historical and may not reflect current or future portfolio characteristics. All holdings are subject to change. Ratings shown are assigned by one or more Nationally Recognized Statistical Rating Organizations ( NRSRO ), such as Standard & Poor s, Moody s and Fitch. The ratings are an indication of an issuer s creditworthiness and typically range from AAA or Aaa (highest) to D (lowest). When ratings from all three agencies are available, the middle rating is used; when two are available, the lowest rating is used; and when only one is available, that rating is used. If listed, the NR category consists of ratable securities that have not been rated by an NRSRO. The N/A category consists of nonratable securities (e.g., equities). Cash includes equivalents, which may be rated. ftinstitutional.com 3
4 Supplemental Performance Statistics Supplemental Risk Statistics (USD) 9,10 Since Inception Standard Deviation (%) 1.02 Tracking Error (%) 1.02 Information Ratio Sharpe Ratio 1.77 Investment Team Drawing on Franklin Templeton s Extensive Fixed Income Expertise Franklin Templeton has over 60 years of expertise with multisector strategies. Leverages broad Franklin Templeton Fixed Income Group resources The investment process leverages the entire FT Fixed Income Platform including our credit, global, municipal and mortgage experts The lead portfolio management team includes leaders from both the quantitative team and the co-head of the Fixed Income Policy Committee (FIPC). Top-down macroeconomic analysis by the FIPC is supplemented by bottom-up fundamental analysis by fixed income sector specialists. The strategy also draws upon the support of the Franklin Templeton Quantitative Portfolio Management Group Franklin Global Absolute Return Fixed Income Management Team Years with Firm Years Experience David Yuen, CFA, FRM Michael Materasso Additional Resources Bank Loans Corporates - High Yield Corporates - Investment Grade Global Sovereign/EMD Local Asset Management MBS Municipals Quantitative Product Managers Years with Firm Years Experience Christopher S. Franta, CFA Risk statistics are calculated using gross of fees composite performance. 10. Beta, Information Ratio and Tracking Error information are measured against the LIBOR 90 Day (USD) Index. ftinstitutional.com 4
5 Important Legal Information Franklin claims compliance with the Global Investment Performance Standards (GIPS ). Franklin (the firm ) encompasses the equity, fixed income and balanced accounts managed by Franklin Advisers, Inc., and related Franklin affiliates, including, effective 1 January 2007, the equity accounts managed by the institutional investment teams of Franklin Templeton Institutional, LLC under the former firm name of Fiduciary Global Advisors. The combined equity assets of Franklin and Fiduciary Global Advisors form the Franklin Equity Group (formerly Franklin Global Advisers prior to 30 June 2010) unit of Franklin. Effective 1 January 2006, the fixed income assets managed from that date forward by Franklin Templeton Institutional, LLC ( FTI ) or its related affiliates (managed previously by Fiduciary Trust Company International - Institutional Division or FTCI s Institutional Division ) that went through the institutional portfolio review process were combined with the fixed income assets of Franklin to form the Franklin Templeton Fixed Income unit of Franklin. The Franklin Global Absolute Return Bond (USD) Composite consists of all portfolios managed on a fully discretionary basis with an investment objective that seeks to achieve an absolute return (on a gross basis, before fees) that exceeds the short term cash benchmark by basis points (bps), with a volatility target around that objective of bps over a market cycle. The strategy looks to disaggregate the excess return (alpha) from a diversified portfolio of global fixed income securities invested across multiple sectors, countries and currencies by hedging out the undesired systematic or market risk (beta), including interest rate risk, credit risk, country risk and currency risk, associated with traditional long-only portfolios. The strategy regularly uses currency forwards, options, interest rate futures and other derivatives such as swaps (including interest rate swaps, credit default swaps and total return swaps) for hedging purposes, for investment to control risk, or to gain tactical exposure to various foreign currencies or asset classes consistent with the investment objective. The strategy purchases TBA (To Be Announced) mortgage-backed securities and engages regularly in mortgage dollar rolls but does not use leverage, defined as borrowing funds to purchase securities or the purchase of structured notes with embedded leverage. In addition, the strategy regularly uses foreign currency forward contracts in conjunction with the normal settlement of security trades in currencies other than the base currency of each account. The portfolio may invest in both investment grade and non-investment grade securities. Total returns are presented in U.S. dollars both gross and net of investment advisory fees, are inclusive of commissions and transaction costs, and assume reinvestment of any dividends, interest income, capital gains, or other earnings. Periods greater than one year are shown as average annual total returns. Performance data is shown rounded to the nearest hundredth. Past performance is not an indicator or a guarantee of future performance. The 3 month US Dollar (USD) LIBOR interest rate is the average interest rate at which a selection of banks in London are prepared to lend to one another in American dollars with a maturity of 3 months. The benchmark is used for comparative purposes only and is provided to represent the investment environment existing during the time periods shown. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. To receive a complete list and description of Franklin composites (including any single account mutual fund composite) and/or a presentation that adheres to the GIPS standards for any composite, contact your Franklin Templeton institutional representative at (800) CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. Important data provider notices and terms available at 3. Portfolio information is based on a representative account taken from the Franklin Global Absolute Return Bond (USD) Composite. The information is historical, may not reflect current or future characteristics and may vary significantly among individual separate accounts depending on a variety of factors such as portfolio size, specific investment guidelines and inception dates of the individual accounts. 4. Yield to Maturity, Yield to Worst, Average Duration and Average Weighted Maturity reflect certain derivatives held in Portfolio (or their underlying reference assets). 7. Figures reflect certain derivatives held in the portfolio (or their underlying reference assets) and may not total 100% or may be negative due to rounding, use of derivatives, unsettled trades or other factors. Information is historical and may not reflect current or future portfolio characteristics. All holdings are subject to change. 11. Information ratio is a way to evaluate a manager s ability to outperform a benchmark in relation to the risk that manager is assuming, with risk defined as deviation from the benchmark. This measure is calculated by dividing the portfolio s excess return (portfolio return less the benchmark return) by the tracking error (derived by taking the standard deviation of the monthly differences between the portfolio return and the benchmark return over time). This piece is intended for institutional investment management consultants or investors interested in institutional products and services available through Franklin Templeton Institutional and its affiliates. Various account minimums or other eligibility qualifications apply depending on the investment strategy or vehicle. Franklin Templeton Institutional One Franklin Parkway San Mateo, CA Tel: (800) ftinstitutional.com 2017 Franklin Templeton Investments. All rights reserved.
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