Harmony Portfolios. Quarterly Report. 31 December 2008
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1 RMB Asset Management International Limited (Company Registration No ) is authorised and regulated by the Financial Services Authority and is a member of the FirstRand Group, and has its registered office at Two London Bridge, London SE1 9RA. RMB Asset Management International Limited is authorised and regulated by the Financial Services Authority in the United Kingdom, and is an authorised Financial Services Provider pursuant to the Financial Advisory and Intermediary Services Act 37 of 2002 in South Africa.
2 Table of contents 1 PORTFOLIO OBJECTIVES AND OVERVIEW 1 2 PEER GROUP ANALYSIS 2 3 PERCENTAGE PERFORMANCE 4 4 ASSET ALLOCATION 5 5 REVIEW OF THE QUARTER 6 6 CHANGES TO THE PORTFOLIO 8 7 REALISED RISK ANALYSIS 9 FP HPQR.V1.0
3 1. Portfolio Objectives & Overview The seven Harmony portfolios are offered via single priced funds, providing a cutting edge solution for investors with efficient management, improved client administration and enhanced liquidity. The seven profiles are US Dollar Balanced, US Dollar Growth, Euro Balanced, Sterling Balanced, Sterling Growth, Asian Balanced and Asian Growth. With seven bespoke funds to choose from, the individual needs of each client can be provided for via a combination of one or more of these core solutions together with selected satellite funds at a client level. Each Harmony fund offers a welldiversified solution, with exposure to seven key asset classes: cash, investment grade fixed Income (bonds), alternative fixed income (emerging market debt and high yield bonds), equities (shares), alternatives (funds of hedge funds), commodities and property. The portfolios are diversified by asset class, currency, regional equity exposure, manager and style in order to provide sustainable returns and reduced volatility. Many of the managers are inaccessible to the retail market and all are appointed at a highly competitive fee level. The portfolios are managed by a team of experienced investment professionals at RMB Asset Management International Limited ( RMB Asset Management ). RMB Asset Management is authorised and regulated by the Financial Services Authority in the UK and is an authorised Financial Services Provider in South Africa in terms of the Financial Advisory and Intermediary Services Act 2002 (FAIS. Investors can be confident that their portfolios are being managed within a strictly regulated environment by a well qualified and experienced team with significant resources spent on manager research across the globe. RMB Asset Management is wholly owned by the FirstRand Group in South Africa. FirstRand has an excellent brand within Africa, is capitalised at over USD9.7billion (December 2008) and has a very strong balance sheet with notably high capital ratios. The FP Investment Committee is in regular contact with the team in London and this ensures that the construction of the Harmony funds is a two way process. Any comments from clients and advisers can therefore be fed through to the portfolios if deemed appropriate. Each Harmony fund is entirely bespoke to FP. Source: RMB Asset Management FP HPQR.V1.0 1
4 2. Peer Group Analysis US Peer Group TR USD 3M 30/09/2008 TR USD 6M 30/06/2008 TR USD 1Y 31/12/2007 TR USD 2Y 29/12/2006 Janus US Balanced A USD Acc UBS (Lux) Strategy Fund - Balanced (USD) B Janus Selection Balanced A USD Julius Baer Strategy Balanced-USD B Credit Suisse Portfolio (Lux) Balanced (US$) B UBS (Lux) Strategy Xtra Sicav - Balanced (USD) B Harmony USD Balanced CIBC PCF Balanced tal average Source: RMB Asset Management / Bloomberg / Lipper Hindsight. December 2008 FP HPQR.V1.0
5 UK Peer Group TR GBP 3M 30/09/2008 TR GBP 6M 30/06/2008 TR GBP 1Y 31/12/2007 TR GBP 2Y 29/12/2006 M&G Cautious Managed Portfolio A Acc Threadneedle Equity & Bond CF 7IM Balanced A Acc Jupiter Merlin Income Portfolio Acc Investec Cautious Managed A Inc Net Lloyds TSB Offshore MultiStrat Balanced Strategy Julius Baer Strategy Balanced-GBP B Harmony GBP Balanced CMI Managed Sterling Cautious MNG RBC Regent Strategy Sterling Balanced Aberdeen Managed Distribution A Acc Prudential Distribution Trust Acc Rothschild PIC Midway - A Santander MM Balanced Ret Acc Gartmore MultiManager Cautious Ret Acc Barclays UK Balanced Portfolio B Inc Insight Investment Wealth Builder Balanced A Acc Scottish Widows Balanced Solution A Acc Thesis Thameside Managed New Street Capital Balanced Acc Fidelity MultiManager Income Pfolio Inc Smith & Williamson MM Endurance Balanced L&G (Barclays) Balanced Portfolio Trust MLC Balanced Portfolio CF Miton Cautious Income Portfolio A AXA Framlington Managed Income Inc tal Average Source: RMB Asset Management / Bloomberg / Lipper Hindsight. December 2008 FP HPQR.V1.0 3
6 3. Percentage Performance (In The Currency Of The Portfolio) Q Months 1 Year Since Inception USD Balanced benchmark 26% Equity (16% S&P 500, 10% MSCI World ex USA), 25% Citigroup US WGBI, 12% JPM EMBI+, 13% Lipper Property Peer Group & 24% US Dollar 7-Day LIBID USD Growth benchmark: 45% Equity (30% S&P 500, 15% MSCI World ex USA), 15% Citigroup US WGBI, 5% JPM EMBI+, 15% Lipper Property Peer Group & 20% US Dollar 7-Day LIBID EUR Balanced benchmark: 26% Equity (16% MSCI Europe ex UK, 10% MSCI World ex EMU), 25% Citigroup EUR WGBI, 12% JPM EMBI+, 13% Lipper Property Peer Group & 24% EUR 7-Day LIBID GBP Balanced benchmark: 26% Equity (% FTSE All Share, % MSCI World ex UK), 25% Citigroup GBP WGBI, 12% JPM EMBI+, 13% Lipper Property Peer Group & 24% GBP 7-Day LIBID GBP Growth benchmark: 45% Equity (% FTSE All Share, % MSCI World ex UK), 15% Citigroup GBP WGBI, 5% JPM EMBI+, 15% Lipper Property Peer Group & 20% GBP 7-Day LIBID Asian Growth benchmark: 45% Equity (30% MSCI AC Asia ex Japan, 15% MSCI World ), 20% Citigroup US WGBI & 35% US Dollar 7-Day LIBID Since Inception Annualised USD Growth -18.8% -27.3% -30.1% -8.8% -2.6% Composite Benchmark -12.4% -18.9% -23.1% -2.0% -0.6% Relative Benchmark -6.5% -8.4% -7.0% -6.8% -2.0% USD Balanced -16.7% -25.1% -27.2% -8.0% -2.3% Composite Benchmark -7.2% -11.9% -14.3% 5.6% 1.6% Relative Benchmark -9.4% -13.2% -13.0% -13.5% -3.9% EUR Balanced -13.4% -18.0% -23.0% -11.3% -3.6% Composite Benchmark -10.0% -11.4% -19.4% -9.2% -2.9% Relative Benchmark -3.4% -6.6% -3.6% -2.2% -0.7% GBP Growth -5.0% -9.6% -14.5% 8.2% 2.3% Composite Benchmark -1.6% -5.1% -10.2% 10.2% 2.8% Relative Benchmark -3.5% -4.5% -4.3% -2.1% -0.6% GBP Balanced -4.7% -8.1% -11.8% 6.5% 1.8% Composite Benchmark 2.4% 1.8% -1.6% 16.1% 4.3% Relative Benchmark -7.2% -10.0% -10.2% -9.6% -2.5% Asian Growth -17.3% -25.7% -29.0% -14.7% - Composite Benchmark -7.6% -15.8% -21.6% -7.1% - Relative Benchmark -9.7% -9.9% -7.4% -7.6% - Asian Balanced -13.8% -20.7% -24.1% -13.7% - Composite Benchmark -2.1% -6.4% -9.2% 2.8% - Relative Benchmark -11.7% -14.4% -14.9% -16.5% - Asian Balanced benchmark 26% Equity (16% MSCI AC Asia ex Japan, 10% MSCI World ), 37% Citigroup US WGBI & 37% US Dollar 7-Day LIBID Source: RMB Asset Management / Bloomberg / Lipper Hindsight. December 2008 FP HPQR.V1.0 4
7 4. Asset Allocation BALANCED GROWTH Cash 15% 9% Fixed Income 34% 29% Equities 22% 34% Alternative Investments 25% 24% Property 4% 4% Agricultural Commodities 0% 0% tal 100% 100% Source: RMB Asset Management / Bloomberg / Lipper Hindsight. December 2008 FP HPQR.V1.0 5
8 5. Review Of The Quarter Despite a small rally towards the end of the year, 2008 turned out to be one of the worst years for financial markets since the Great Depression of the 1930 s. Nearly all asset classes finished the year in negative territory with government bonds being one of the notable exceptions. The Harmony funds were caught in this financial tsunami and the US Growth Fund finished the year down -30.1% and the Balanced fund was down %. For the fourth quarter the US Growth Fund returned -18.8% and the US Balanced fund -16.7% The magnitude of the losses make this a very disappointing year for investors especially in view of fact that we reduced risk in the portfolios earlier in the year. The scale of the market falls were such that even small risk positions posted large losses. Furthermore, asset classes became highly correlated and largely fell in tandem with each other confounding the more normal benefits of diversification. The worst period for markets came in the three months after the failure of Lehman Brothers in September as the financial system was pushed to the brink of collapse. December saw some stability return to markets but the investment outlook remains far from clear. This three month period hit the Harmony funds as we had started to invest in corporate bonds rather than straight government bonds. With the market turmoil there was a huge rush to safety and government bonds were the main beneficiaries whilst corporate bonds sold off. Our underweight to government bonds in favour of corporate bonds was one of the main reasons for the poor relative performance in the Harmony funds. Although this position was very painful for the portfolios over the last few months we still believe that it is correct. Corporate bonds are now at their cheapest level since the Great Depression of the 1930 s whilst government bonds, especially in the US, are at historically high valuations. We expect to see the rewards from this over the next year. world is vulnerable to further economic weakening. Japan is predicted to see GDP fall in the coming year as are the European economies. Although the core countries of Germany and France have managed to come through the credit crunch without excessive consumer debt, this is not the case for fringe countries such as Spain, Italy and Ireland where the economic situation is very bleak. At the start of 2008 many analysts believed that the emerging markets would escape this crisis relatively unscathed owing to their low exposure to sub prime debt and the fact that their consumers were much less levered than those in many developed economies. This has not turned out to be the case as the major export markets for these countries remain the developed nations and especially the US. Growth is now slowing dramatically in countries such as Brazil, China and India. Although it is unlikely that growth rates will turn negative in these countries the rapid slowdown will feel like a recession to many of their citizens who have become accustomed to high growth levels and rising prosperity. With this economic backdrop financial markets will continue to face strong headwinds. Counter balancing the poor economic picture are low valuations across most asset classes and the fact that a lot of bad news has already been discounted in prices. Global equities fell by 40.7% in 2008, the worst year ever for the MSCI World since the index was formed in The Dow Jones Index in the US fell by 33.8% in the year, the worst performance since the Great Depression. Emerging markets also had a terrible year with the MSCI Emerging Market index down 53.3% again the worst year since the index was created. All this leaves most equity investors believing that there is considerable value in the asset class as long as the global economy does not completely collapse. The key to financial markets in 2009 will be the response of investors to the bad economic news that will undoubtedly come over the first half of the year. Most of the world is now either in recession or witnessing slowing economies. It is clear that this will result in weak economic data being continuously fed into the market with unemployment numbers in the US already dire. Indeed the whole developed Credit markets are at extreme valuation lows with spreads over government bonds at their highest levels since the 1930 s. Spreads continued to widen through the fourth quarter before they stabilised and rallied towards the end of December. The credit markets appear cheaper than equities even when factoring in a large number of companies going bankrupt and failing to repay all of their debt. We calculate Source: RMB Asset Management / Bloomberg. December Past performance is not a guide to future returns. FP HPQR.V1.0 6
9 that from present spread levels even if 50% of companies in the high yield sector were to go bankrupt in the next five years high yield bonds in aggregate would still return around 10% per annum. Despite the fact that there is seemingly good value in markets we intend to remain reasonably cautious in our allocations in the Harmony funds. Many commentators believed that markets offered good value half way through 2008 and a lot of funds were subsequently severely punished as they moved into overweight positions in risk assets such as equities, illustrating once again the difficulty of timing market moves especially in such unprecedented economic conditions. With this trade off between value in markets as opposed to the poor economic backdrop we feel that it is prudent to remain on a cautious footing. Source: RMB Asset Management / Bloomberg. December 2008 FP HPQR.V1.0 7
10 6. Changes The Portfolio Over the quarter the main trading activity was to reduce the risk in the portfolios. We sold our position in the Schroders Agriculture fund as commodity prices were plummeting due to fears of an economic collapse. We also further reduced our weights to the property sector as poor economic news weighed heavily on the sector. Finally we reduced our weightings to hedge funds. With the sharp volatility that markets experienced we felt that it was prudent to reduce risk in this area as even well run funds could easily lose large amounts. Also with valuations in markets now at low levels we believe that conventional long only strategies will have the ability to outperform hedge funds over the medium term. With the money raised from these we have increased our cash positions and are waiting to reinvest in the market when we think conditions are appropriate. We would like to thank investors for their continued support, especially during this difficult period for markets globally. FP HPQR.V1.0 8
11 7. Realised Risk Analysis USD Balanced USD Growth Annualised Return -2.6% -1.8% Volatility 10.9% 9.4% % of positive months 61.9% 64.3% Best ever month 3.8% 2.8% When was the best month? Jan 06 Jan 06 Maximum gain without any monthly losses 18.9% 15.9% Period of this gain Aug 06 Jun 07 Jul 06 Jun 07 Worst month -13.2% -12.0% When was the worst month? Oct 08 Oct 08 Maximum peak to trough loss -32.9% -27.6% Period of this loss Oct 07 Nov 08 Oct 07 Nov 08 Source: RMB Asset Management. December 2008 FP HPQR.V1.0 9
12 Important Notes RMB Asset Management is the trading name for RMB Asset Management International Limited. This document does not constitute an offer or solicitation to any person in any jurisdiction in which it is not authorised or permitted, or to anyone who would be an unlawful recipient, and is only intended for use by original recipients and addressees. The original recipient is solely responsible for any actions in further distributing this document, and should be satisfied in doing so that there is no breach of local legislation or regulation. The information is intended solely for use by our clients or prospective clients, and should not be reproduced or distributed except via original recipients acting as professional intermediaries. This document is not for distribution in the United States. Prospective investors should inform themselves and if need be take appropriate advice regarding applicable legal, taxation and exchange control regulations in countries of their citizenship, residence or domicile which may be relevant to the acquisition, holding, transfer, redemption or disposal of any investments herein solicited. Any opinions expressed herein are those at the date this material is issued. Data, models and other statistics are sourced from our own records, unless otherwise stated herein. We believe that the information contained is from reliable sources, but we do not guarantee the relevance, accuracy or completeness thereof. Unless provided under UK law, RMB Asset Management does not accept liability for irrelevant, inaccurate or incomplete information contained, or for the correctness of opinions expressed. We caution that the value of investments in discretionary accounts, and the income derived, may fluctuate and it is possible that an investor will incur losses, including a loss of the principal invested. Past performance is not generally indicative of future performance. Investors whose reference currency differs from that in which the underlying assets are invested may be subject to exchange rate movements that alter the value of their investments. Our investment mandates in alternative strategies and hedge funds permit us to invest in unregulated funds that may be highly volatile. Although alternative strategies funds will seek to follow a wide diversification policy, these funds may be subject to sudden and/or large falls in value. The illiquid nature of the underlying funds is such that alternative strategies funds deal infrequently and require longer notice periods for redemptions. These Investments are therefore not readily realisable. If an alternative strategies fund fails to perform, it may not be possible to realise the investment without further loss in value. These unregulated funds may engage in the short selling of securities or may use a greater degree of gearing than is permitted for regulated funds (including the ability to borrow for a leverage strategy). A relatively small price movement may result in a disproportionately large movement in the investment value. The purpose of gearing is to achieve higher returns associated with larger investment exposures, but has concomitant exposure to loss if positive performance is not achieved. Reliable information about the value of an investment in an alternative strategies fund may not be available (other than at the fund s infrequent valuation points). Under our multi-management arrangements, we selectively appoint underlying sub-investment managers and funds to actively manage underlying asset holdings in the pursuit of achieving mandated performance objectives. Annual investment management fees are payable both to the multimanager and the manager of the underlying assets at rates contained in the offering documents of the relevant portfolios (and may involve performance fees where expressly indicated therein). RMB Asset Management International Limited (Company Registration No ) is authorised and regulated by the Financial Services Authority and is a member of the FirstRand Group, and has its registered office at Two London Bridge, London SE1 9RA. RMB Asset Management International Limited is authorised and regulated by the Financial Services Authority in the United Kingdom, and is an authorised Financial Services Provider pursuant to the Financial Advisory and Intermediary Services Act 37 of 2002 in South Africa. RMB Asset Management International Limited 2008 FP HPQR.V1.0 10
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