ABSOLUTE INSIGHT EMERGING MARKET DEBT FUND
|
|
- Jessie Sherman
- 5 years ago
- Views:
Transcription
1 FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. ABSOLUTE INSIGHT EMERGING MARKET DEBT FUND OPPORTUNITY Unconstrained approach managed by an experienced team: The Absolute Insight Emerging Market Debt Fund invests on a best ideas basis. It is unrestricted by the constraints of investing against a traditional index, so there is no obligation to hold a position unless the Fund s managers believe that it is worth taking and offers investors access to a rich opportunity set that combines top-down and bottom-up analysis that helps to identify key issues in markets. The Fund can invest across the asset class, whether in government or corporate debt, in local or external currencies, taking each market s characteristics into account via a macroeconomic assessment of each country in which it invests. The award-winning management team 1 has delivered attractive performance at lower volatility than emerging market debt benchmarks (see below), producing a potentially more appealing return profile than mainstream indices and many traditional long-only portfolios. Access to a diversified source of attractive investment opportunities: Emerging market debt is a global asset class worth over $14trn and covering over 70 countries, that offers investors the potential return and diversification benefits of investing in economies at different stages of economic and structural development. Distinctive absolute return approach aiming for low volatility: Investors face a wide range of return possibilities when they invest across emerging market debt and currencies. In particular, the timing of an allocation can dramatically affect the returns of a long-only investor. We believe that an absolute return approach that does not adhere to traditional benchmarkdriven norms allows an investor to potentially capture some of the upside offered within emerging markets, while managing downside risk, with the intention of producing attractive riskadjusted returns over the long term. FUND SNAPSHOT Objective: Provide attractive, positive absolute returns in all market conditions Approach: Contains Insight s best ideas across the blended emerging market debt (EMD) universe, looking to participate in market upside while limiting downside risk Investment universe: Interest rate, credit and currency strategies across a range of emerging markets and related instruments Scheme type: Sub-fund of an Open-Ended Investment Company, UCITS structure Fee schedule: Ongoing charges figure (OCF) 1.72%. Annual management charge (AMC) 1%. Performance fee 10%, in excess of benchmark return net of AMC, subject to high water mark 2 Share classes: Institutional and retail share classes are available, subject to different minimum investment amounts and AMC : Best Performing Emerging Market Debt Fund over 1 and 3 years, Best Performing Long/Short Fixed Income and Credit Fund. 2015: Best Performing Emerging Markets Debt Fund, Best Performing Emerging Markets Debt Fund over a 5 year period. 2016: Emerging Markets Bonds Best Performer over a 5 year period. 2 OCF based on expenses for the year ending 31 October AMC and performance fee relate to the B1p share class. Details of different share classes are available on request. PERFORMANCE % month year years (pa) years (pa) years Since (pa) inception (pa) Absolute Insight Emerging Market Debt Fund (gross, USD) Absolute Insight Emerging Market Debt Fund (net, USD) Cash (3-Month USD Libid) Absolute Insight Emerging Market Debt Fund (gross, USD) Absolute Insight Emerging Market Debt Fund (net) JPM EMBI Global Diversified JPM GBI-EM Broad Diversified 5 years (pa) Performance (%) Volatility Source: JP Morgan, Bloomberg and Insight as at 31 March Absolute Insight Emerging Market Debt Fund, base currency USD, shown net of 1% annual management charge and 10% performance fee for B1p share class, unless stated otherwise. Inception date: 28 February 2007.
2 RISK MANAGEMENT To manage risk, the Fund employs a range of hedging techniques, and uses proprietary risk metrics to size positions and trigger reviews at pre-defined limits. The Fund also incorporates an intensive risk management approach that includes risk-reduction mechanisms: for example, a stop-think trigger applies at the portfolio level, prompting an immediate review of the strategy if there is a loss of more than 3% of NAV within any one-month period. Independent oversight ensures these risk processes are robust and rigorous. INVESTMENT PROCESS The Emerging Market Debt Team carries out thorough analysis of the key themes affecting the emerging market universe. The investment process follows several stages: Country profile Geographic specialists Fundamental analysis of 70+ countries Detailed profiles on 60 countries Investment idea Portfolio construction Driven by risk management Correlations with existing positions Typical position 3%; high conviction 5% to 7% Risk management Performance Performance Aim to capture most of the upside in emerging market debt and less of the downside GUIDELINES Exposure limits Gross exposure: 200% NAV Net exposure: 100% NAV Currency exposure internal limits (gross) Single emerging market currency: 10% NAV Diversification measures Each country is a separate risk bucket Limits apply on risk at individual country level and at aggregate portfolio level Stop-think mechanisms Stop-think review triggers apply to each country risk bucket 3% of NAV stop-think trigger applies at aggregate portfolio level on a one-month rolling basis 2% stop-think Extract return from country analysis Cross-country/sector scenario planning and valuation metrics Sources of return: country, credit, rates/duration, currency Local and external; corporate and government; CDS; currency Multi-layered controls Absolute Return Investment Committee Independent risk management team Quantitative Strategy Team Position stop/think levels THE TEAM The investment team consists of seven dedicated emerging market investment specialists. The team is supported by 47 credit analysts and by Insight s wider fixed income department. The team members have extensive experience of managing emerging market debt. They have invested across the spectrum of the asset class including government, corporate and local currency instruments, as well as distressed assets, through different market cycles and major market events including the Asian financial crisis and the Russian and Argentinian debt defaults. Insight s Fixed Income Group numbers 110 investment professionals, together managing over 123.8bn of fixed income and money market assets. The team s average industry experience is 17 years. As at 31 March Assets under management (AUM) are represented by the value of cash securities and other economic exposure managed for clients. Reflects the AUM of Insight, the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Pareto Investment Management Limited (PIML), Cutwater Asset Management Corp. (CAMC), Cutwater Investor Services Corp. (CISC) and Insight North America LLC (INA), each of which provides asset management services.
3 THE KEY TO INVESTING IN EMERGING MARKET DEBT For many years emerging market debt has been a source of diversification and attractive yield to global investors, especially in comparison to debt issued in more developed markets. Investing in emerging markets has evolved significantly since the late 1990s, in tandem with the growth in the number of underlying countries that issue debt, and the respective depth and liquidity of their capital markets. Also, since the global financial crisis of 2008 and the end of the bull run in commodities, financial repression has created large distortions across global emerging market economies. This has led to a large variance in size, complexity, and structural development which means there is a range of attractive opportunities for investors able to identify the most appealing prospects. There are many different return drivers, but one of the most significant drivers is the timing of an allocation, which can dramatically affect the returns of a long-only investor. We believe that taking an unconstrained, absolute return approach that is not driven by traditional benchmarks allows an investor to manage downside risk while potentially capturing the upside available in the asset class. The Absolute Insight Emerging Market Debt Fund seeks to capture the best long and short opportunities from across the available investment universe. It is not a market neutral or relative value strategy: it is a dynamic strategy aims to manage a variety of risks to generate positive returns even when markets are falling. An unconstrained approach: historic asset allocation of the Absolute Insight Emerging Market Debt Fund % Mar 10 Mar 11Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17Mar 18 Historic unencumbered cash position Historic short position Historic long position Source: Insight as at 31 March WHY THE ABSOLUTE INSIGHT EMERGING MARKET DEBT FUND? We believe the Absolute Insight Emerging Market Debt Fund offers investors significant benefits over both traditional long-only benchmarks and hedge fund approaches. The Fund operates within a UCITS structure, offering a high degree of transparency and a robust risk management process. It publishes regular updates, offers daily liquidity and a competitive fee structure. It has delivered competitive performance relative to many hedge funds, without the use of gearing. ABOUT INSIGHT INVESTMENT Insight Investment has over the past 15 years built a unique investment platform that delivers to clients outcome-oriented investment solutions. We currently manage 597bn. Our clients are among the most sophisticated institutional investors in the world and include leading pension funds, sovereign wealth funds, corporations and insurers. We build portfolios aimed at an outcome, in partnership with clients. Our investment strategies are designed to evolve to meet changing needs and stay ahead of market developments. We were among the first asset managers to bring institutionalquality processes and transparency to absolute return investing. Insight is at the forefront of developing new ways of investing, providing institutional investors with access to innovative investment strategies, coupled with robust risk management techniques. We were a pioneer in recognising the unrewarded nature of currency risk and the importance of liabilities. Liability driven investment (LDI) has been a significant contributor to protecting funding levels for pension funds over the past decade. As at 31 March Assets under management (AUM) are represented by the value of cash securities and other economic exposure managed for clients. Reflects the AUM of Insight, the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Insight Investment International Limited (IIIL), Cutwater Asset Management Corp. (CAMC), Cutwater Investor Services Corp. (CISC) and Insight North America LLC (INA), each of which provides asset management services.
4 Absolute Insight Emerging Market Debt (EMD) Fund: absolute and long-only combination 5 years, monthly measure, annualised Volatility (%) Return (Fund return gross %) Sharpe ratio Proportion of index upside captured by Fund (%) Proportion of index downside captured by Fund (%) Absolute Insight Emerging Market Debt Fund N/A N/A 1.31 JP Morgan EMBI GD index (USD) N/A JP Morgan GBI-EM GD index (unhedged, in USD) N/A 50:50 (EMBI index:gbi index) N/A Return (Fund return net %) The impact of doing so over the last five years is shown below. 5 years, monthly measure, annualised JP Morgan EMBI GD (USD) JP Morgan GBI-EM GD (unhedged, in USD) Volatility Return (%) (gross %) Replace 30% of exposure with AR EMD Replace 50% of exposure with AR EMD Sharpe Volatility Return Return ratio (%) (gross %) (net %) Sharpe Volatility Return Return Sharpe ratio (%) (gross %) (net %) ratio 6.15% 4.69% % 3.94% 3.59% % 3.43% 2.85% % -0.67% % 0.18% -0.17% % 0.75% 0.17% :50 (EMBI:GBI) 8.28% 2.04% % 2.08% 1.73% % 2.11% 1.53% 0.32 Source: Insight as at 31 March Composite C0629, base currency USD. EMBI GD represents JP Morgan EMBI Global Diversified Index (external debt); GBI-EM GD represents JPMorgan Government Bond Index (local market debt). Where model or simulated results are presented, they have many inherent limitations. Clients actual results may be materially different than the results presented.
5 IMPORTANT INFORMATION RISK DISCLOSURES Past performance is not indicative of future results. Investment in any strategy involves a risk of loss which may partly be due to exchange rate fluctuations. The performance results shown, whether net or gross of investment management fees, reflect the reinvestment of dividends and/or income and other earnings. Any gross of fees performance does not include fees and charges and these can have a material detrimental effect on the performance of an investment. Any target performance aims are not a guarantee, may not be achieved and a capital loss may occur. Funds which have a higher performance aim generally take more risk to achieve this and so have a greater potential for the returns to be significantly different than expected. Portfolio holdings are subject to change, for information only and are not investment recommendations. ASSOCIATED INVESTMENT RISKS Absolute Insight Emerging Market Debt Fund Where the portfolio holds over 35% of its net asset value in securities of one governmental issuer, the value of the portfolio may be profoundly affected if one or more of these issuers fails to meet its obligations or suffers a ratings downgrade. The issuer of a debt security may not pay income or repay capital to the bondholder when due. Derivatives may be used to generate returns as well as to reduce costs and/or the overall risk of the portfolio. Using derivatives can involve a higher level of risk. A small movement in the price of an underlying investment may result in a disproportionately large movement in the price of the derivative investment. Investments in emerging markets can be less liquid and riskier than more developed markets and difficulties in accounting, dealing, settlement and custody may arise. Where high yield instruments are held, their low credit rating indicates a greater risk of default, which would affect the value of the portfolio. The investment manager may invest in instruments which can be difficult to sell when markets are stressed. While efforts will be made to eliminate potential inequalities between shareholders in a pooled fund through the performance fee calculation methodology, there may be occasions where a shareholder may pay a performance fee for which they have not received a commensurate benefit. FIND OUT MORE Institutional Business Development businessdevelopment@insightinvestment.com European Business Development europe@insightinvestment.com Consultant Relationship Management consultantrelations@insightinvestment.com Client Relationship Management clientdirectors@insightinvestment.com company/insight-investment This document is a financial promotion and is not investment advice. Unless otherwise attributed the views and opinions expressed are those of Insight Investment at the time of publication and are subject to change. This document is only directed at investors resident in jurisdictions where our funds are registered. It is not an offer or invitation to persons outside of those jurisdictions. Insight Investment reserves the right to reject any applications from outside of such jurisdictions. Insight does not provide tax or legal advice to its clients and all investors are strongly urged to seek professional advice regarding any potential strategy or investment. Issued by Insight Investment Funds Management Limited. Registered office 160 Queen Victoria Street, London EC4V 4LA. Registered in England and Wales. Registered number Authorised and regulated by the Financial Conduct Authority. FCA Firm reference number Insight Investment. All rights reserved. CS004 UK-Q1-18 (06-18)
ABSOLUTE INSIGHT CURRENCY FUND
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. ABSOLUTE INSIGHT CURRENCY FUND BENEFITS Diversification:
More informationINSIGHT S POOLED LDI PLATFORM LDI SOLUTIONS PLUS
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. INSIGHT S POOLED LDI PLATFORM LDI SOLUTIONS PLUS OPPORTUNITY
More informationINSIGHT LIQUIDITY SOLUTIONS
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. INSIGHT LIQUIDITY SOLUTIONS OPPORTUNITY Security Money
More informationGOVERNMENT LIQUIDITY FUND SECURITY, LIQUIDITY, YIELD
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. GOVERNMENT LIQUIDITY FUND SECURITY, LIQUIDITY, YIELD
More informationFIXED INCOME CREDIT CAPABILITIES
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. FIXED INCOME CREDIT CAPABILITIES MARCH 2018 INSIGHT
More informationSECURED FINANCE II FUND PROFILE
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. SECURED FINANCE II FUND PROFILE OPPORTUNITY As banks
More informationCORE CAPABILITIES LIABILITY DRIVEN INVESTMENT
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. CORE CAPABILITIES LIABILITY DRIVEN INVESTMENT LIABILITY
More informationINTRODUCING INSIGHT INVESTMENT
FOR WHOLESALE CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. INTRODUCING
More informationFUND PROFILE SECURED FINANCE
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. FUND PROFILE SECURED FINANCE OPPORTUNITY Long-term
More informationCURRENCY MANAGEMENT SOLUTIONS
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. CURRENCY MANAGEMENT SOLUTIONS AUGUST 2017 > Currency
More informationAN INTRODUCTION TO LIABILITY DRIVEN INVESTMENT AN INTRODUCTION TO LIABILITY DRIVEN INVESTMENT HELPING PENSION SCHEMES ACHIEVE THEIR ULTIMATE GOAL
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. AN INTRODUCTION TO LIABILITY DRIVEN INVESTMENT HELPING
More informationINSIGHT ON MULTI-ASSET
FOR WHOLESALE CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. INSIGHT ON MULTI-ASSET
More informationINSIGHT BROAD OPPORTUNITIES STRATEGY
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. This strategy is offered by Insight North America LLC (INA) in the United States. INA is part of Insight Investment. Performance
More informationTHE NEXT PHASE IN THE EVOLUTION OF EMERGING MARKET DEBT INVESTING
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. THE NEXT PHASE IN THE EVOLUTION OF EMERGING MARKET
More informationEMERGING MARKETS HARNESSING CURRENCY RETURNS
FOR WHOLESALE CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. EMERGING MARKETS
More informationMANAGING INTEREST RATE RISK WITH AN ABSOLUTE RETURN APPROACH
FOR WHOLESALE CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. September 2017
More informationTHE TRILLION-DOLLAR TRADE FINANCE OPPORTUNITY
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. THE TRILLION-DOLLAR TRADE FINANCE OPPORTUNITY MAY
More informationDEBUNKING THE ESG MYTHS IN EMERGING MARKET DEBT
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. DEBUNKING THE ESG MYTHS IN EMERGING MARKET DEBT MARCH
More informationHIGH YIELD MANAGING RISING RATES THROUGH SHORT DATED HIGH YIELD
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. HIGH YIELD MANAGING RISING RATES THROUGH SHORT DATED
More informationTHE US MARKET IS RIPE FOR DISRUPTION FROM MULTI-ASSET INVESTING
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. This strategy is offered by Insight North America LLC (INA) in the United States. INA is part of Insight Investment. Performance
More informationEMERGING MARKETS: POSITIONING FOR NORMAL
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. EMERGING MARKETS: POSITIONING FOR NORMAL INVESTING
More informationTHOUGHTS FOR 2018 DECEMBER 2017
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. THOUGHTS FOR 218 DECEMBER 217 > After years of sustained
More informationINSIGHT ON MULTI-ASSET
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. This strategy is offered by Insight North America LLC (INA) in the United States. INA is part of Insight Investment. Performance
More informationUS SUBPRIME AUTO LOANS SYSTEMIC RISK OR CONTAINED WEAKNESS?
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. US SUBPRIME AUTO LOANS SYSTEMIC RISK OR CONTAINED
More informationSEPTEMBER 2016 EXPERT VIEW ESG IN CREDIT: APPLYING EXCLUSION CRITERIA TO INVESTMENT PORTFOLIOS
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. SEPTEMBER 2016 EXPERT VIEW ESG IN CREDIT: APPLYING
More informationActively Emerging: Opportunities in Debt
Aon Hewitt Retirement and Investment Actively Emerging: Opportunities in Debt Risk. Reinsurance. Human Resources. Executive summary Emerging Market Debt (EMD) offers higher yields relative to developed
More informationEmerging Market Debt Capabilities
NEUBERGER BERMAN Emerging Market Debt Capabilities KEY FEATURES Full range of emerging market debt capabilities Rigorous research-driven investment process Highly experienced global team pioneers in emerging
More informationUSE EVERY ASSET CLASS TO YOUR ADVANTAGE
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION. USE EVERY ASSET CLASS TO YOUR ADVANTAGE J.P. Morgan Asset Management Multi-Asset Solutions Our multi-asset strategies
More informationA SHORT-DATED APPROACH TO HIGH YIELD
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. A SHORT-DATED APPROACH TO HIGH YIELD PRIORITISING
More informationEMERGING MARKET DEBT CAPABILITIES
NEUBERGER BERMAN EMERGING MARKET DEBT CAPABILITIES KEY FEATURES Full range of emerging market debt capabilities Rigorous research-driven investment process Highly experienced global team pioneers in emerging
More informationEMERGING MARKETS HARNESSING CURRENCY RETURNS
FOR WHOLESALE CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. EMERGING MARKETS HARNESSING CURRENCY RETURNS DON T MISS OUT ON THE RETURN POTENTIAL FROM EMERGING MARKET CURRENCY NOVEMBER 2017 > A
More informationGROWTH FIXED INCOME APRIL 2013
GROWTH FIXED INCOME APRIL 2013 BACKGROUND Most investors view fixed income investments as providing a liability-matching or defensive aspect to their total portfolio. The types of investments considered
More informationFOR WHOLESALE CLIENTS USE ONLY. NOT FOR RETAIL CLIENTS USE OR DISTRIBUTION. JPMorgan Global Strategic Bond Fund
FOR WHOLESALE CLIENTS USE ONLY. NOT FOR RETAIL CLIENTS USE OR DISTRIBUTION JPMorgan Global Strategic Bond Fund Each fixed income investment we make is approached with the utmost due diligence and a fiduciary
More informationUS SUBPRIME AUTO LOANS SYSTEMIC RISK OR CONTAINED WEAKNESS?
FOR WHOLESALE CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. US SUBPRIME
More informationHSBC World Index Portfolios
HSBC World Index Portfolios A range of multi-asset passive portfolios World Index. One World. One Investment For professional clients only December 2012 We understand your business is changing The advisory
More informationFund Guide. Emerging Market Debt Unconstrained Fund. August 2016
Fund Guide Emerging Market Debt Unconstrained Fund August 2016 This document is for investment professionals only and should not be distributed to or relied upon by retail Usage statementclients. It is
More informationABSOLUTE RETURN GOVERNMENT BOND FUND
ABSOLUTE RETURN GOVERNMENT BOND FUND For professional investors only, not suitable for retail investors A NEW OPPORTUNITY Absolute return funds offer an attractive, alternative source of alpha outright
More informationThe objective of an occupational DB pension scheme is simple pay members their
October 2016. For professional investors only. Please read the important disclosure at the end of this article. spotlight Supporting the liability-hedging and return-seeking demands of a modern LDI strategy
More informationPioneer Multi-Sector Credit Strategy
Pioneer Multi-Sector Credit Strategy Profile, March 2015 For Professional Investor Use Only and Not to be Distributed to the Public. Strategy Overview The Pioneer Multi-Sector Credit Strategy takes a flexible
More informationNEWTON GLOBAL EMERGING MARKETS STRATEGY
July 2018 NEWTON GLOBAL EMERGING MARKETS STRATEGY For institutional investors only. Not for distribution outside the U.S. or to individual investors. Compared to more established economies, the value of
More informationBuilding stronger fixed income portfolios
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE INVESTMENT INSIGHTS Building stronger fixed income portfolios 1Q 2017 PLEASE VISIT jpmorganfunds.com for access to all of our Insights publications. Still
More informationInvesco Emerging Markets Bond Fund A-SD shares
Invesco Emerging Markets Bond Fund A-SD shares January 2016 This marketing document is exclusively for use by Professional Clients and Financial Advisers in Continental Europe and Qualified Investors in
More informationINVESTING AT THE HEART OF TOMORROW
INVESTING AT THE HEART OF TOMORROW CONTENT PAGE 4 Message from Fullerton 6 8 9 15 Who we are Our Story Our Business Our People 2 MESSAGE Dear Valued Partner, Over the last 20 years, the world has become
More informationFund in Focus TM Fulcrum Diversified Core Absolute Return Fund
Fund in Focus TM Fulcrum Diversified Core Absolute Return Fund Features of Fulcrum Asset Management LLP Fulcrum was founded in 2004 by Andrew Stevens and Gavyn Davies. Today it is a team of over 60 employees,
More informationThe Fertile Soil of Corporate Bond Market
Oct 09 Sep 10 Aug 11 Jul 12 Jun 13 May 14 Oct 09 Apr 10 Oct 10 Apr 11 Oct 11 Apr 12 Oct 12 Apr 13 Oct 13 Apr 14 Basis Points Basis Points PERSPECTIVES The Fertile Soil of Corporate Bond Market May 2014
More informationMulti-asset capability Connecting a global network of expertise
Multi-asset capability Connecting a global network of expertise For Professional Clients only Solutions aligned with investors' needs We have over 25 years of experience designing multi-asset solutions
More informationPERSPECTIVES. Multi-Asset Investing Diversify, Different. April 2015
PERSPECTIVES April 2015 Multi-Asset Investing Diversify, Different Matteo Germano Global Head of Multi Asset Investments In the aftermath of the financial crisis, largely expansive monetary policies and
More informationAlternative Premia, Alternative Price
Aon Investment Research and Insights Alternative Premia, Alternative Price An introduction to Alternative Risk Premia February 2018 Table of Contents Executive Summary....1 What are Alternative Risk Premia
More informationRESPONSIBLE INVESTMENT IN PRACTICE
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. RESPONSIBLE INVESTMENT IN PRACTICE THE GROWING IMPORTANCE
More informationFor professional investors and advisers only. Schroders. Liquid Alternatives
For professional investors and advisers only Schroders Liquid Alternatives Introduction What are liquid alternatives? 4 How do they work? 5 Performance characteristics 6 How to apply liquid alternatives
More informationNEWTON GLOBAL EQUITY INCOME STRATEGY. February 2019
February 2019 NEWTON GLOBAL EQUITY INCOME STRATEGY This document is for professional investors only. Newton claims compliance with the Global Investment Performance Standards (GIPS ). Please read the important
More informationMULTI ASSET FROM COLUMBIA THREADNEEDLE INVESTMENTS
MULTI ASSET FROM COLUMBIA THREADNEEDLE INVESTMENTS COLUMBIATHREADNEEDLE.CO.UK COLUMBIATHREADNEEDLE.COM CONTENTS 01 What is a Multi Asset fund?... 2 02 Why Multi Asset?... 3 03 The Risks of Multi Asset
More informationTHE NEXT PHASE IN THE EVOLUTION OF EMERGING MARKET DEBT INVESTING
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. This strategy is offered by Insight North America LLC (INA) in the United States. INA is part of Insight Investment. Performance
More informationGlobal Multi-Sector (GMS) Strategy
Global Multi-Sector (GMS) Strategy In today s volatile environment, the ability to allocate tactically across global markets is of ever increasing importance. Many investors may be looking to draw on a
More informationJPMorgan Income & Growth Investment Trust plc Annual General Meeting. 14 June 2016
JPMorgan Income & Growth Investment Trust plc Annual General Meeting 14 June 2016 Agenda JPMIGIT Performance Trust Overview UK Equity Portfolio Outlook 1 Investment objectives The Company s investment
More informationDiversified Growth Fund
Diversified Growth Fund A Sophisticated Approach to Multi-Asset Investing Introduction The Trustee of the NOW: Pensions Scheme has appointed NOW: Pensions Investment A/S Fondsmæglerselskab A/S as Investment
More informationFranklin European Growth Fund
Franklin Templeton Investment Funds Franklin European Growth Fund Flex-Cap Growth Fund Profile Fund Details Inception Date 29 December 2000 Investment Style Flex-Cap Growth Benchmark(s) MSCI Europe Index
More informationFunds Select. First Quarter 2015 Singapore. sc.com/sg
Funds Select First Quarter 2015 Singapore This document is intended for general circulation. It has not been prepared to be suitable for any particular person or class of persons and does not constitute
More informationThe HSBC Global Investment Funds Menu
The HSBC Global Investment Funds Menu Your Selection Simplified July 2012 For professional clients only www.globalfunds.hsbc.com This Fund Menu provides an overview of HSBC Global Investment Funds and
More informationWorld Index. One World. One Investment
HSBC World Index Portfolios For professional clients only A range of Multi-Asset Passive Portfolios World Index. One World. One Investment We understand your business is changing The advisory market is
More informationBuilding stronger fixed income portfolios
FOR INSTITUTIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION PORTFOLIO INSIGHTS Building stronger fixed income portfolios Summer/Fall 2017 PLEASE VISIT jpmorganfunds.com for access to all of our Insights publications.
More informationNZ Funds KiwiSaver Scheme. Statement of Investment Policy and Objectives
NZ Funds KiwiSaver Scheme Statement of Investment Policy and Objectives 28 March 2018 contents 1. Description of the NZ Funds KiwiSaver Scheme 3 2. Philosophy and overview 3 3. Strategy approach 4 4. Investment
More informationDynamic Cash Routing for Alternative Investment Managers
Dynamic Cash Routing for Alternative Investment Managers Mitigate risks. Increase transparency. Simplify processes. Integrated Liquidity Management and Cash Investment Solutions About J.P. Morgan Treasury
More informationPIMCO s Asset Allocation Solution for Inflation-Related Investments
Inflation Response Multi-Asset Strategy Your Global Investment Authority Product Profile September 2011 PIMCO s Asset Allocation Solution for Inflation-Related Investments In an evolving, multi-speed world,
More informationREVISITING EMERGING MARKET DEBT
HEALTH WEALTH CAREER REVISITING EMERGING MARKET DEBT NOVEMBER 2015 EXECUTIVE SUMMARY Many institutional investors introduced allocations to local currency emerging market debt (LC EMD) in the years following
More informationMulti-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review
NORTHERN FUNDS Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review June 30, 2018 Must be preceded or accompanied by a current prospectus Fund Facts Fund Objective: Total
More informationTHREADNEEDLE UK EQUITY FUND RANGE GROWTH STRATEGIES
THREADNEEDLE EQUITY FUND RANGE GROWTH STRATEGIES CORE FUND Threadneedle Fund MID-CAP EXPOSURE Threadneedle Mid 250 Fund HIGH CONVICTION Threadneedle Select Fund ENHANCED ALPHA Threadneedle Extended Alpha
More informationNEWTON MULTI-ASSET INCOME FUND
March 2019 NEWTON MULTI-ASSET INCOME FUND This document is for professional investors only. Please read the important disclosure on the last page. Newton Multi-Asset Income Fund 1 Newton Multi-Asset Income
More informationFOR PROFESSIONAL CLIENTS ONLY, NOT TO BE DISTRIBUTED TO RETAIL CLIENTS THIS DOCUMENT IS NOT TO BE REPRODUCED IN ANY FORM FOR ANY OTHER PURPOSE
FOR PROFESSIONAL CLIENTS ONLY, NOT TO BE DISTRIBUTED TO RETAIL CLIENTS THIS DOCUMENT IS NOT TO BE REPRODUCED IN ANY FORM FOR ANY OTHER PURPOSE Draft regulatory technical standards on risk-mitigation techniques
More informationSAIL Advisors Hedge fund investing with an Asian perspective
SAIL Advisors Hedge fund investing with an Asian perspective BILL McINTOSH June 2011 The rising importance of Asia s economies to the global economy is being matched with growth in private banking and
More informationThe Rise of Factor Investing
Aon Retirement and Investment The Rise of Factor Investing Investing for DC savers Table of contents Key conclusions.... 3 Factor investing what is it?... 4 Where does factor investing fit in equity portfolios?....
More information(cpt) (jhb) (w) (e)
What Hedge is funds, Portable funds Alpha? of hedge funds 01 and platforms 01 Investros, Hedge funds, Trustees funds and of hedge ESG investing funds and platforms 02 02 Hedge funds, funds of hedge funds
More informationAsia Total Return Fund
8 Q Important Notes:. Manulife Global Fund Asia Total Return Fund ("Manulife Asia Total Return Fund" or the Fund ) invests primarily in a diversified portfolio of fixed income securities issued by governments,
More informationThe Rise of Factor Investing
Aon Hewitt Retirement and Investment A paper from Aon s UK Investment Committee The Rise of Factor Investing How clients should invest Table of contents Key conclusions.... 3 Factor investing a reminder...
More informationLazard Insights. Distilling the Risks of Smart Beta. Summary. What Is Smart Beta? Paul Moghtader, CFA, Managing Director, Portfolio Manager/Analyst
Lazard Insights Distilling the Risks of Smart Beta Paul Moghtader, CFA, Managing Director, Portfolio Manager/Analyst Summary Smart beta strategies have become increasingly popular over the past several
More informationAlternatives 101. Tools for Enhancing Asset Allocation ALTERNATIVES 101: TOOLS FOR ENHANCING ASSET ALLOCATION 1
Alternatives 101 Tools for Enhancing Asset Allocation ALTERNATIVES 101: TOOLS FOR ENHANCING ASSET ALLOCATION 1 Your financial advisor may recommend an alternative investment to enhance your portfolio s
More informationAon Investment Research and Insights. Managed Futures. March 2018
Aon Investment Research and Insights Managed Futures March 2018 Table of Contents Executive summary....1 Introduction what is managed futures?....2 Why invest in managed futures?...3 Suitability and portfolio
More information2016 Fixed Income Asset Class Review September 22-23, Jason Weiner, Director of Fixed Income Germán Gaymer, Fixed Income Investment Analyst
2016 Fixed Income Asset Class Review September 22-23, 2016 Jason Weiner, Director of Fixed Income Germán Gaymer, Fixed Income Investment Analyst Agenda I. Fixed Income Market Environment & Performance
More informationishares Enhanced Strategic Balanced Portfolio 01 November 2017
ishares Enhanced Strategic Balanced Portfolio 01 November 2017 About this Managed Portfolio Disclosure Document This Managed Portfolio Disclosure Document (Disclosure Document) has been prepared and issued
More informationPrincipal Global Investors. Investment expertise with a purpose
Principal Global Investors Investment expertise with a purpose 1 Whether you re investing personally or on behalf of your business, you want an investment manager who empowers you to reach your financial
More informationMorgan Asset Projection System (MAPS)
Morgan Asset Projection System (MAPS) The Projected Performance chart is generated using JPMorgan s patented Morgan Asset Projection System (MAPS) The following document provides more information on how
More informationOutcome-oriented multi-asset investment solutions
Outcome-oriented multi-asset investment solutions January 2018 This document is for investment professionals only and should not be distributed to or relied upon by retail clients. It is only intended
More informationForum. Russell s Multi-Asset Model Portfolio Framework. A meeting place for views and ideas. Manager research. Portfolio implementation
Forum A meeting place for views and ideas Russell s Multi-Asset Model Portfolio Framework and the 2012 Model Portfolio for Australian Superannuation Funds Portfolio implementation Manager research Indexes
More informationWESTERN ASSET MUNICIPAL BOND LADDERS
1Q 2018 Separately Managed Accounts WESTERN ASSET MUNICIPAL BOND LADDERS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction Legg Mason Meet our investment managers Having
More informationDeveloped thinking in an emerging world. Emerging Markets Debt. For professional clients only
Developed thinking in an emerging world Emerging Markets Debt For professional clients only 2 Despite high volatility from a series of financial and economic crises, returns for emerging markets debt have
More informationGrant Park Multi Alternative Strategies Fund. Why Invest? Profile Since Inception. Consider your alternatives. Invest smarter.
Consider your alternatives. Invest smarter. Grant Park Multi Alternative Strategies Fund GPAIX Executive Summary November 206 Why Invest? 30 years of applied experience managing funds during multiple market
More informationRussell Investments China Equity Fund
Russell Investments China Equity Fund The most comprehensive way to capture opportunities in China FOR PROFESSIONAL CLIENTS ONLY Fund objective The Fund aims to achieve long term capital appreciation by
More informationFranklin European Growth Fund
Franklin Templeton Investment Funds Franklin European Growth Fund Flex-Cap Growth Fund Profile Fund Details Inception Date 29 December 2000 Investment Style Flex-Cap Growth Benchmark(s) MSCI Europe Index
More informationBlackRock Securities Lending Unlocking the potential of portfolios
BlackRock Securities Lending Unlocking the potential of portfolios Introduction Securities lending is a well-established practice whereby U.S. registered funds, such as mutual funds, make loans of securities
More informationFor Professional Investors or Advisers only. Schroders. Multi-Asset funds. Multi-Asset. Mastered.
For Professional Investors or Advisers only Schroders Multi-Asset funds Multi-Asset Mastered www.schroders.com/multi-asset We dynamically manage our portfolios over the economic cycle, to balance opportunity
More informationBe flexible. Go anywhere.
A SUB-FUND OF GOLDMAN SACHS FUNDS SICAV Be flexible. Go anywhere. The GS Global Strategic Income Bond Portfolio is a way to access investment opportunities from across the entire Fixed Income universe.
More informationUpdate on charity funds
Newton charity seminar 2016 Update on charity funds Jeremy Wells June 2016 For Professional and Retail Charity clients only Please read the important information at the back of this material The opinions
More information5 Reasons to Invest! » Pioneer Funds Multi-Strategy Growth. Pioneer Funds Absolute Return Multi-Strategy
1 5 Reasons to Invest! Pioneer Funds Absolute Return Multi-Strategy» Pioneer Funds Multi-Strategy Growth 2 5 Reasons to Invest» Pioneer Funds Absolute Return Multi-Strategy» Pioneer Funds Multi-Strategy
More informationSupplementary Product Disclosure Statement
Supplementary Product Disclosure Statement Dated 24 March 2011 This is a Supplementary Product Disclosure Statement ( SPDS ) to the Product Disclosure Statement for A selection of managed investments (including
More informationEquity Investing T. ROWE PRICE S GLOBAL STOCK FUND
FUND SPOTLIGHT November 2017 In-depth analysis and insights to inform your decision-making. Equity Investing T. ROWE PRICE S GLOBAL STOCK FUND David Eiswert Portfolio Manager, Global Stock Fund EXECUTIVE
More informationVoya Target Retirement Fund Series
Voya Target Retirement Fund Series The Target Date Choice to Help Keep Retirement Goals on Track Holistic Retirement Solution Sophisticated Glide Path Design Open Architecture Approach Blend of Active
More informationFranklin K2 Alternative Strategies Fund
Alternative FRANKLIN TEMPLETON INVESTMENT FUNDS Franklin K2 Alternative Strategies Fund A New Alternative for Today s Investor A New Alternative, a New Source of Returns Even with the subsequent recovery,
More informationJPM US Equity Income Fund
FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION Taking an income approach to US equity pays dividends INVESTING IN THE US Share in the growth of the world s largest economy HOME TO SOME
More informationFunds & Strategies. Linear Investments Limited Regulated by FCA. Registered in England and Wales No
Funds & Strategies Linear Investments Limited Regulated by FCA. Registered in England and Wales No. 07330725 IK01 Bi-Directional Gold A firm established in 2004, regulated in Switzerland and the UK. An
More informationUK Portfolio Barometer
NATIXIS PORTFOLIO CLARITY SM Q4 2015 Natixis Global Asset Management s quarterly Portfolio Barometer offers insights into UK financial advisers model portfolios and the allocation decisions they are making.
More information