Agenda. 1. Framework of Portfolio Construction 2. Applying What We Know to Equities
|
|
- Luke Cunningham
- 5 years ago
- Views:
Transcription
1
2 Agenda 1. Framework of Portfolio Construction 2. Applying What We Know to Equities Page 2 I Dublin, June 2013 Pioneer Investment Conference
3 Framework Successful portfolio construction should rely on 4 pillars: Understanding performance drivers Risk / position allocation process Effective drawdown management Market indicators Page 3 I Dublin, June 2013 Pioneer Investment Conference
4 Dedicated Team of 12 Portfolio Construction Specialists Ali Chabaane Head of Portfolio Construction European Govi/Credit Sarah Donnelly, Ronan MCabe European Equity Betty Chan, Maurice Howell Emerging Markets Paolo Cei Multi-Asset Shane McDonald, Antonio Motta, Matteo Ortisi, Stefan Roher, G. Mosseneder Behavioural Finance Specialist David Murphy Key pillar of our investment process Dedicated team working side by side with Portfolio Managers Proprietary tools built and enhanced over many years Page 4 I Dublin, June 2013 Pioneer Investment Conference
5 RISK-ADJUSTED PERFORMANCE Portfolio Construction and Risk Budgeting A Very Integrated Model RISK We are here for Fixed Income and Multi-Asset classes Communication Delegated Strategies Management Efficient Drawdown Management Strategies Composition Optimisation Risk Budgets Planning and Review Strategies Definitions Risk Measurement SERVICE PROVIDER PARTNER Page 5 I Dublin, June 2013 Pioneer Investment Conference
6 Understanding the Drivers of Performance Investment Framework Fixed Income: The Matrix Approach: Separating Active Strategies MAP: Enhanced Core Satellite Approach Separate Active from benchmark investing Identify every single active decision Allow Active strategies to be portable Duration Credit v Government Equities FX Government Credit Relative Value Volatility Models Others Benchmark Core Fund Selection Satellite Tracking Portfolio Page 6 I Dublin, June 2013 Pioneer Investment Conference
7 Understanding the Drivers of Performance Identified Sources of Alpha Menu of Alpha Strategies Client customises preferred alpha strategies Model portfolio illustrates realised risk and performance Source Pioneer Investments, May For illustrative purposes only. Page 7 I Dublin, June 2013 Pioneer Investment Conference
8 Risk / Size Allocation Process - Determine ex-ante the necessary level of risk to be taken to achieve desired performance - Risk budget continuously redefined throughout the year - Daily and ongoing backtesting of the process. Portfolio Split by Active Strategies Effective and Executive Summaries Risk Breakdown of Actual Positions Strategy Interactions Source: Pioneer Investments, May For illustrative purposes only. Page 8 I Dublin, June 2013 Pioneer Investment Conference
9 Portfolio Construction Drawdown Management: A Way to Create Asymmetry Internal drawdown targets defined ex-ante Internal profit target defined ex-ante and used as guidance Source: Pioneer Investments, May For illustrative purposes only. Page 9 I Dublin, June 2013 Pioneer Investment Conference
10 Portfolio Construction Drawdown Management at Portfolio level (examples) Start of Drawdown Meeting to analyse situation Identified correlation effect Decision to reduce the risk on some strategies Source: Pioneer Investments, May For illustrative purposes only. Page 10 I Dublin, June 2013 Pioneer Investment Conference
11 Portfolio Construction and Risk Management Drawdown Management Loss limitation on single strategy Drawdown Management and Strategy Asymmetry Drawdown on group of strategies Diversification Strategies implemented with a great consideration for their liquidity Dynamic Risk budget Portfolio Skyline Source: Pioneer Investments, May For illustrative purposes only. Diversification does not guarantee a profit or protect against a loss Page 11 I Dublin, June 2013 Pioneer Investment Conference
12 Example of Success Factors Pioneer Funds - Euro Aggregate Bond Number Total Performance Average per Position Total % 0.020% All Relevant Decision % 0.021% Winning Position % 0.086% Losing Position % % Source: Pioneer Investments as at 31 December Past performance does not guarantee and is not indicative of future results. Fund inception date 13 February Fund chosen as benchmark Euro fixed income fund and representative of other fixed income funds under management. Page 12 I Dublin, June 2013 Pioneer Investment Conference Hit Ratio 50.45% Win Loss Ratio 1.89 Positive Excess (Win-Loss) 0.041% Year Total Official Excess Performance 3.21% 2.04% 1.36% 1.69% 1.12% 9.43% Total Excess Performance 2.38% 1.88% 1.58% 1.89% 1.90% 9.63% Relevant Excess Performance 1.99% 1.88% 1.58% 1.89% 1.90% 9.24% All Relevant Decision Hit Ratio 53.62% 51.28% 50.00% 50.00% 48.44% 50.45% Win Loss Ratio Best Winner 0.63% 0.39% 0.49% 0.50% 0.52% 0.63% Worst Loser -0.24% -0.27% -0.19% -0.38% %
13 The Result: Uncorrelated Performance from Alpha Strategies* Yellow line - Alpha Strategy Performance Core Performance Source: Pioneer Investments as at 31 March *Performance shown relates to the Euro Aggregate Bond Strategy (gross of fees). Past performance does not guarantee and is not indicative of future results. Page 13 I Dublin, June 2013 Pioneer Investment Conference
14 Agenda 1. Framework of Portfolio Construction 2. Applying What We Know to Equities Page 14 I Dublin, June 2013 Pioneer Investment Conference
15 RISK-ADJUSTED PERFORMANCE Portfolio Construction and Risk Budgeting A Very Integrated Model RISK Communication and Assets Gathering Delegated Strategies Management Efficient Drawdown Management Strategies Composition Optimisation Risk Budgets Planning and Review Strategies Definitions Risk Measurement SERVICE PROVIDER PARTNER Page 15 I Dublin, June 2013 Pioneer Investment Conference
16 Flow Of Concentrated European Equity Strategy Investment Process Research Portfolio Identified strategies Portfolio of high conviction trades Portfolio Construction PM Ideas Page 16 I Dublin, June 2013 Pioneer Investment Conference
17 Articulate the Performance Engine Three types of identified possible conviction trades Market timing on a defined asset (i.e. using derivative equity indices to time entry/exit into market i.e. DAX futures) Baskets/Themes (Large Cap Pharma stocks vs. overall market index) Stock picking (defining the reason to invest in the stock) Page 17 I Dublin, June 2013 Pioneer Investment Conference
18 Articulate the Performance Engine: Strategies Market Timing Strategies Source: Pioneer Investments, May For illustrative purposes only. Page 18 I Dublin, June 2013 Pioneer Investment Conference
19 Articulate the Performance Engine: Strategies Basket trades: online vs. traditional distribution Strategy features Source: Pioneer Investments, May For illustrative purposes only. Page 19 I Dublin, June 2013 Pioneer Investment Conference
20 Articulate the Performance Engine: Strategies Stock Picking: isolate the reason for stock picking - Restructuring, Franchise, Dominant Business Model Example: Restructuring vs. Franchise Restructuring Franchise Source: Pioneer Investments, May For illustrative purposes only. Page 20 I Dublin, June 2013 Pioneer Investment Conference
21 Allocation Process Risk Budget Definition From Stock Picking Potential to Risk Budget Definition Source: Pioneer Investments, May For illustrative purposes only. Page 21 I Dublin, June 2013 Pioneer Investment Conference
22 Allocation Process Good Diversification Example 1:allocation of risk across individual trades on Long/Short portfolio* Risk Across Groups of Strategies Risk Across Individual Strategies Source: Pioneer Investments, May For illustrative purposes only. *Pioneer Funds Absolute Return European Equity. Correlations Page 22 I Dublin, June 2013 Pioneer Investment Conference
23 Allocation Process Enriching the Investment Universe Strategy Contribution to Risk Strategy Contribution to Performance Source: Pioneer Investments, May For illustrative purposes only Page 23 I Dublin, June 2013 Pioneer Investment Conference
24 Allocation Process Identifying Unintended Risk Underweight Telecoms- Intentional Overweight Ireland - Intentional Underweight Earnings Yield - Unintentional Source : Pioneer Investments, May 2013; for illustrative purposes only Page 24 I Dublin, June 2013 Pioneer Investment Conference
25 Drawdown Tools Identify the drawdown Measure it Know its source Correct Portfolio Manager actions are more important Identify good trades Run winners Cut losers Page 25 I Dublin, June 2013 Pioneer Investment Conference
26 Hit Ratio and Payoffs Pioneer Funds - Euroland Equity 31/12/2007 to 29/03/2013 Number Total Performance Average per Position Total % 0.073% All Relevant Decision % 0.077% Winning Position % 0.318% Losing Position % % Hit Ratio 54.48% Win Loss Ratio 1.51 Positive Excess (Win-Loss) 0.107% Pioneer Funds - Euroland Equity by Calendar Year Year Total Official Excess Performance 2.49% 5.33% 7.90% 8.66% 6.80% 3.94% 3.45% 38.57% Excess Performance 4.57% 5.35% 8.03% 9.25% 6.97% 4.09% 3.10% 41.36% All Relevant Decision Hit Ratio 49.65% 50.88% 50.00% 58.16% 65.22% 54.22% 68.63% 54.48% Win Loss Ratio Best Winner 1.84% 1.63% 1.49% 1.48% 1.13% 1.31% 0.61% 2.77% Worst Loser -1.10% -3.15% -0.98% -1.26% -1.04% -1.48% -0.33% -2.62% Past performance does not guarantee and is not indicative of future results. 31/12/2007 is date Euroland Equity Fund was first analysed using risk budgeting techniques. Fund chosen as benchmark Euro equity fund and representative of other equity funds under management. Page 26 I Dublin, June 2013 Pioneer Investment Conference
27 Pioneer Funds Euroland Equity Number of Holdings Split into Losing and Winning Trades Proportion of Winners vs. Losers Average life of positions Page 27 I Dublin, June 2013 Pioneer Investment Conference Source: Pioneer Investments, May For illustrative purposes only.
28 Pioneer Funds Euroland Equity Winners vs. Losers Average Life Strategies Survival Average Performance Source: Pioneer Investments, May For illustrative purposes only. Page 28 I Dublin, June 2013 Pioneer Investment Conference
29 Timing of Positions (1) Buys Predefined Strategies Page 29 I Dublin, June 2013 Pioneer Investment Conference Source: Pioneer Investments, May For illustrative purposes only.
30 Timing of Positions (2) Sells Predefined Strategies Page 30 I Dublin, June 2013 Pioneer Investment Conference Source: Pioneer Investments, May For illustrative purposes only.
31 Timing of Positions (2) Portfolio Rotation Page 31 I Dublin, June 2013 Pioneer Investment Conference Source: Pioneer Investments, May For illustrative purposes only.
32 Framework : Successful portfolio construction should rely on 4 pillars: Understanding performance drivers Risk / position allocation process Effective drawdown management Market indicators Page 32 I Dublin, June 2013 Pioneer Investment Conference
33 Important Information This material was originally produced for the Dublin 2013 Investment Conference on the Renaissance of Risk held 6-7 June 2013 in Dublin. It is being reproduced here for information and illustrative purposes only. Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 27 May Pioneer Funds - Euro Aggregate Bond and Pioneer Funds - Euroland Equity are sub-funds (the Sub-Fund ) of Pioneer Funds (the Fund ), a fonds commun de placement with several separate sub-funds established under the laws of the Grand Duchy of Luxembourg. Past performance does not guarantee and is not indicative of future results. Unless otherwise stated, all views expressed are those of Pioneer Investments. These views are subject to change at any time based on market and other conditions and there can be no assurances that countries, markets or sectors will perform as expected. Investments involve certain risks, including political and currency risks. Investment return and principal value may go down as well as up and could result in the loss of all capital invested. More recent returns may be different than those shown. Please contact your local sales representative for more current performance results. This material is not a prospectus and does not constitute an offer to buy or a solicitation to sell any units of the Fund or any services, by or to anyone in any jurisdiction in which such offer or solicitation would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. Investors should seek professional advice before investing. This document does not constitute investment advice or any offering of shares/units and does not take account of the investment objectives or needs of or suitability for a specific investor. For additional information on the Fund, a free prospectus should be requested from Pioneer Global Investments Limited ( PGIL ), 1 George s Quay Plaza, George s Quay, Dublin 2, Ireland. Call Fax This information is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities or services in the United States or in any of its territories or possessions subject to its jurisdiction to or for the benefit of any United States person (being residents and citizens of the United States or partnerships or corporations organized under United States laws). The Fund has not been registered in the United States under the Investment Company Act of 1940 and units of the Fund are not registered in the United States under the Securities Act of This content of this document is approved by Pioneer Global Investments Limited. In the UK, it is directed at professional clients and not at retail clients and it is approved for distribution by Pioneer Global Investments Limited (London Branch), Portland House, 8th Floor, Bressenden Place, London SW1E 5BH. Pioneer Global Investments Limited is authorised and regulated by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority ( FCA ) are available from us on request. The Fund is an unregulated collective investment scheme under the UK Financial Services and Markets Act 2000 and therefore does not carry the protection provided by the UK regulatory system.. This document is not intended for and no reliance can be placed on this document by retail clients, to whom the document should not be provided. Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies. Date of First Use 6 June Page 33 I Dublin, June 2013 Pioneer Investment Conference
Agenda. 1. Framework of Portfolio Construction 2. Applying What We Know to Equities
Agenda 1. Framework of Portfolio Construction 2. Applying What We Know to Equities Page 2 I For Dublin 2013 Investment Conference Attendees Only and Framework Successful portfolio construction should rely
More informationPioneer Funds Top European Players
EQUITIES FOCUS Concentrating on Quality The Portfolio employs a high-conviction approach to investing in European companies. This concentration allows us to focus on what we consider to be the strongest
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 information5 Reasons to Invest in Absolute Return Multi-Strategy Growth. EONIA + 500bps p.a. Jan 10. Jan 09. Jul 09. Jul 10. Apr 09. Oct 09. Apr 10.
5 Reasons to Invest in Absolute Return Multi-Strategy Growth FOCUS 5Reasons 1. Targeting equity-like returns over the medium term 2. Seeks lower volatility than global equities 3. Pursues alternative sources
More informationPioneer Investments European Equity Capabilities
Pioneer Investments European Equity Capabilities Investment Philosophy and Process Page 1 I For broker/dealer use only and not be distributed to the public. European Equity The Integrated Team Group CIO
More informationMerrill Lynch Due Diligence Meeting October 2012, Boston. Delivering Solutions that Meet Client Needs
Merrill Lynch Due Diligence Meeting 22-24 October 2012, Boston Delivering Solutions that Meet Client Needs Sandro Pierri, Chief Executive Officer, Pioneer Investments For 2012 Merrill Lynch Due Diligence
More informationPioneer Funds Euroland Equity
Pioneer Funds Euroland Equity Investment Conference, Boston, March 2010 Fabio Di Giansante Lead Portfolio Manager For Broker/Dealer Use Only and Not to be Distributed to the Public Understanding a Concentrated
More informationPioneer Funds Absolute Return European Equity
LIQUID ALTERNATIVES Pioneer Funds Absolute Return European Equity True Market Neutrality Complemented by Diversification of Manager Risk Fabio Di Giansante Head of Long/Short European Equity Pioneer Funds
More informationMerrill Lynch Due Diligence Meeting October 2012, Boston
Merrill Lynch Due Diligence Meeting 22-24 October 2012, Boston The Power of Collective Expertise Paul F. Cloonan, CFA Co-Head of Equity Research, US Senior Vice President For 2012 Merrill Lynch Due Diligence
More informationOur Edge in Emerging Markets Fixed Income
RECOGNISING EXCELLENCE Our Edge in Emerging Markets Fixed Income Experience + Research + Performance The Global Investor Investment Excellence Awards 2015 has named Pioneer Investments Fixed Income Manager
More informationMerrill Lynch Due Diligence Meeting October 2012, Boston. Commodities: Taking Advantage of Supply and Demand
Merrill Lynch Due Diligence Meeting 22-24 October 2012, Boston Commodities: Taking Advantage of Supply and Demand Peter Königbauer, Head of Aggressive Balanced and Real Assets, Senior Portfolio Manager
More informationNew Ideas in the Migration to Risk. Hugh Prendergast, Head of Strategic Product and Marketing, Western Europe and International June 2013
New Ideas in the Migration to Risk Hugh Prendergast, Head of Strategic Product and Marketing, Western Europe and International June 2013 Expected Real Returns % Income From Where? Real Annualized 10-Year
More informationMorgan Stanley Wealth Management Due Diligence Meeting
Morgan Stanley Wealth Management Due Diligence Meeting Commodities: Taking Advantage of Supply and Demand Fiona English, Client Portfolio Manager 24 26 April 2013, Milan Page 1 I For broker/dealer use
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 informationMorgan Stanley Wealth Management Due Diligence Meeting
Morgan Stanley Wealth Management Due Diligence Meeting Industry Trends in Product & Asset Management Hugh Prendergast, Head of Strategic Product and Marketing, Western Europe and International 24 26 April
More informationWorkshop: U.S. Pioneer Fund
Workshop: U.S. Pioneer Fund John Carey, CFA, Portfolio Manager, Executive Vice President For Investment Conference 2012 Attendees Only. Not be Distributed to the Public. What Differentiates U.S. Pioneer
More informationPioneer Funds Absolute Return European Equities
Pioneer Funds Absolute Return European Equities Fiona English, Client Portfolio Manager September 2016 Page 1 I For Attendees of the NGF Conference Only and Not to be Distributed to the Public Pure Alpha
More informationWorkshop: Pioneer Funds U.S. Research
Workshop: Pioneer Funds U.S. Research Paul Cloonan, Co-Head of Equity Research, U.S., Senior Vice President For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public. What Differentiates
More informationMorgan Stanley Wealth Management Due Diligence Meeting
Morgan Stanley Wealth Management Due Diligence Meeting European Equity: Capturing Long-Term Trends & Short -Term Movements Fabio Di Giansante Senior Portfolio Manager, Senior Vice President 24 26 April
More informationPioneer Funds U.S. Research & Pioneer Funds U.S. Research Growth
Pioneer Funds U.S. Research & Pioneer Funds U.S. Research Growth Investment Conference, Boston, March 2010 John Peckham CFA, Head of Global Fundamental Research Ashesh Savla Associate Portfolio Manager
More information4 Reasons to Invest in Pioneer Funds Real Assets Target Income. ~40% of Total Income: Premium 1 from Call and Put Options
4 Reasons to Invest in Pioneer Funds Real Assets Target Income A High Yielding Response to Rising Inflation FOCUS 4Reasons 1. Seeks to protect purchasing power by offering real returns, which may rise
More informationINVESTMENT FORUM AN ADAPTIVE PORTFOLIO CONSTRUCTION APPROACH EDITION
INVESTMENT FORUM AN ADAPTIVE PORTFOLIO CONSTRUCTION APPROACH 20 13 EDITION RISK MANAGEMENT An Adaptive Portfolio Construction Approach At Pioneer Investments, we believe that combining specialized investment
More informationFrom Manufacturing to Energy: How to Capture Sustainable Growth in US Equity
From Manufacturing to Energy: How to Capture Sustainable Growth in US Equity Andrew Acheson, Portfolio Manager John Peckham, CFA, Portfolio Manager, Co-Head of Equity Research, US June 2013 Page 1 I For
More informationFund Performance - EUR March
Fund Performance - EUR March 31 2010 SCORECARD European Equity Pioneer Funds - Core European Equity A 18 Dec 2000 LU0119364239 3.44 6.22 11.86 50.48-7.70 1.91-2.66 Pioneer Funds - Core European Equity
More informationPeak Earnings? How to Find Sustainable Growth in U.S. Equities
Peak Earnings? How to Find Sustainable Growth in U.S. Equities Andrew Acheson, Portfolio Manager, Senior Vice President Page 1 I For Broker/Dealer Use Only and Not to be Distributed to the Public. Agenda
More informationOutlook for 2014 Title 1. David Greene, Pioneer Investments
Outlook for 2014 Title 1 David Greene, Pioneer Investments 2014 A year of Transition Transitioning from fiscal tightening to less austerity. Transitioning from Euro-area recession to growth. Transitioning
More informationMerrill Lynch Due Diligence Meeting October 2012, Boston
Merrill Lynch Due Diligence Meeting 22-24 October 2012, Boston Emerging Markets: Corporate Bonds Stealing the Show Greg Saichin, Head of Emerging Markets & High Yield Fixed Income Portfolio Management,
More informationDR Funds Secondary Market Transaction
DR Funds Secondary Market Transaction May 2012 Alternative The funds in scope of this transaction are as follows: DR AllWeather Fund, DR2 AllWeather Fund, DR AllWeather Strategies II Fund, DR2 AllWeather
More informationPAI Fund of Hedge Funds Restructuring
PAI Fund of Hedge Funds Restructuring October 2011 Alternative Relevant Fund of Hedge Funds: The AllWeather Fund Series II, AllWeather Strategy II EUR Fund, AllWeather Strategy II USD Fund (collectively
More informationOutlook for Financial Markets
Outlook for Financial Markets David Greene, Client Portfolio Manager Pioneer Investments What is QE? Source : BBC News Source : JP Morgan as at 28 February 2015 How low can you go? German 10yr bond yields
More informationPioneer Funds North American Basic Value
Pioneer Funds North American Basic Value Investment Conference, Boston, March 2010 James P. Cullen President & Lead Portfolio Manager, Schafer Cullen Capital Management, Inc. For Broker/Dealer Use Only
More informationPioneer Funds Emerging Markets Bond
Employing a Differentiated Approach in an Evolving Market Pioneer Funds Emerging Markets Bond EM DESK VIEW Aiming to Generate Performance in an Evolving Asset Class Requires a Flexible Strategy We believe
More informationCommodities How to Leverage Opportunity
Commodities How to Leverage Opportunity Investment Conference, Boston, March 2010 Peter Königbauer Senior Portfolio Manager For Broker/Dealer Use Only and Not to be Distributed to the Public Agenda Commodity
More informationSource: Pioneer Investments Data as at 1 April 2015.
JUNE 2015 Update DR Funds The commentary provided is based on the information provided by Cerberus Capital Management, L.P. to Pioneer Investments. The DR Funds allocate a large portion of their capital
More informationUpdate DR Funds MARCH The commentary provided is based on the information provided by Cerberus Capital Management, L.P. to Pioneer Investments.
MARCH 2015 Update DR Funds The commentary provided is based on the information provided by Cerberus Capital Management, L.P. to Pioneer Investments. The DR Funds allocate a large portion of their capital
More informationMorgan Stanley Wealth Management Due Diligence Meeting
Morgan Stanley Wealth Management Due Diligence Meeting Emerging Market Debt: The New Investment Grade Alejandro Arevalo, High Yield EM Portfolio Manager 24 26 April 2013, Milan Page 1 I For broker/dealer
More informationQ & A PAI Fund of Hedge Funds Restructuring
Q & A PAI Fund of Hedge Funds Restructuring October 2011 General What is the date of the restructuring? Fund name Relevant effective date The AllWeather Fund Series II 23rd December 2011 AllWeather Strategy
More informationThe commentary provided is based on the information provided by Cerberus Capital Management, L.P. to Pioneer Investments.
Update: DR Funds January 2013 Alternative Relevant Fund of Hedge Funds: Special Investment Class Fund, DR AllWeather Fund, DR2 AllWeather Fund, DR AllWeather Strategies II Fund, DR2 AllWeather Strategies
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 informationRisk Management A Perspective on the Financial Crisis
Risk Management A Perspective on the Financial Crisis Ruairi O Healai June 2009 For Broker/Dealer Use Only at the European Capabilities Forum 24-26 June 2009 and Not to be Distributed to the Public Agenda
More informationSEI Strategic Portfolios Expected Range of Returns. June 2016
SEI Strategic Portfolios Expected Range of Returns June 2016 Capital Market Assumptions for Asset Allocation Modeling Estimating and monitoring capital market assumptions (CMAs) is an integral part of
More informationFor professional investors and advisers only
Schroders Euro Corporate Bond Product description Schroder ISF Euro Corporate Bond aims to generate significant, above-average benchmark returns. The team invests predominantly in investment grade corporate
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 informationFIXED INCOME IN THE NEW WORLD David Greene, Pioneer Investments. IAPF Annual Investment Conference
FIXED INCOME IN THE NEW WORLD David Greene, Pioneer Investments www.iapf.ie The Devil is in the Headlines! FundFire, March 11 th 2014 Financial News, March 11 th 2014 Financial News, March 10 th 2014 FT
More informationPioneer Funds Absolute Return Multi-Strategy
Pioneer Funds Absolute Return Multi-Strategy Portfolio Update Adam Mac Nulty, Client Portfolio Manager 30 September 2016 For Broker/Dealer Use Only and Not to be Distributed to the Public. Pioneer Funds
More informationProspectus. January Pioneer Funds A Luxembourg Investment Fund (Fonds Commun de Placement)
Prospectus January 07 Pioneer Funds A Luxembourg Investment Fund (Fonds Commun de Placement) Pioneer Funds Contents A Word to Potential Investors Definitions The Fund 5 The Sub-Funds 6 SHORT-TERM SUB-FUNDS
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 informationProspectus 31 May 2018
Amundi Funds II VISA 2018/112664-2211-0-PC L'apposition du visa ne peut en aucun cas servir d'argument de publicité Luxembourg, le 2018-06-01 Commission de Surveillance du Secteur Financier Prospectus
More informationProspectus February Amundi Funds II A Luxembourg Investment Fund (Fonds Commun de Placement)
Prospectus February 08 Amundi Funds II A Luxembourg Investment Fund (Fonds Commun de Placement) Amundi Funds II Contents A Word to Potential Investors Definitions The Fund 5 The Sub-Funds 6 SHORT-TERM
More informationProspectus February 2018
Amundi Funds II VISA 2018/111776-2211-0-PC L'apposition du visa ne peut en aucun cas servir d'argument de publicité Luxembourg, le 2018-03-02 Commission de Surveillance du Secteur Financier Prospectus
More informationPioneer Alternative Investments Funds of Hedge Funds. Mark Barker. Co-CIO Pioneer Alternative Investments FOHFs May 2008
Pioneer Alternative Investments Funds of Hedge Funds Mark Barker. Co-CIO Pioneer Alternative Investments FOHFs May 2008 Evolving World of Investment Choices Traditional Investments Traditional Alternatives
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 informationSTRATEGY INSIGHT EUROPEAN LONG/SHORT
STRATEGY INSIGHT EUROPEAN LONG/SHORT FEBRUARY 2018 FOR PROFESSIONAL CLIENTS ONLY In today s markets, investors are increasingly seeking greater stability in returns and managed volatility as well as an
More informationStatPro Revolution - Analysis Overview
StatPro Revolution - Analysis Overview DEFINING FEATURES StatPro Revolution is the Sophisticated analysis culmination of the breadth and An intuitive and visual user interface depth of StatPro s expertise
More informationSmart Beta: Unlocking key drivers of return
Smart Beta: Unlocking key drivers of return Manuela Sperandeo, Head of EII Specialist Sales EMEA March 2017 For professional clients / qualified investors only Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16
More informationJohn Deehan - Investment Sales Manager
The investment cycle The return of volatility & The importance of being selective for multi asset investors in the current environment John Deehan - Investment Sales Manager Multi-Asset Choice Cost efficient
More informationStandard Life Ireland MyFolio funds
February 2018 Standard Life Ireland MyFolio funds Strategic Asset Allocation changes Strategic Asset Allocation changes Every quarter, Standard Life Investments, in consultation with Moody s Analytics,
More informationThe benefits of core-satellite investing
The benefits of core-satellite investing Contents 1 Core-satellite: A powerful investment approach 3 The key benefits of indexing the portfolio s core 6 Core-satellite methodology Core-satellite: A powerful
More informationMulti-Strategy Linear Investments Limited
Multi-Strategy Linear Investments Limited June 2017 Linear Investments Limited Regulated by FCA. Registered in England and Wales No. 07330725 Linear Core Services Established in 2010 and authorised and
More informationNotice to Unitholders of
Notice to Unitholders of Pioneer Funds Global Investment Grade Corporate Bond Pioneer Funds Absolute Return Multi-Strategy Growth Pioneer Funds Multi Asset Real Return (dated 30 November 2015) Contents
More informationTHE KEY TO THE CURRENT INTEREST RATE ENVIRONMENT PARVEST ENHANCED CASH 6 MONTHS
THE KEY TO THE CURRENT INTEREST RATE ENVIRONMENT PARVEST ENHANCED CASH 6 MONTHS ANTONIO SERPICO London, 3 October 2017 FOR PROFESSIONAL INVESTORS MARKETING COMMUNICATION Contents Introduction to euro fixed
More informationSuccessfully implementing absolute returns
This document is intended for investment professionals only and must not be relied on by anyone else David Millar, FIA Investment Director Multi-asset investing A Standard Life presentation Successfully
More informationFiduciary Insights A FRAMEWORK FOR MANAGING ACTIVE RISK
A FRAMEWORK FOR MANAGING ACTIVE RISK ACCURATELY IDENTIFYING AND MANAGING ACTIVE RISK EXPOSURES IS ESSENTIAL TO FIDUCIARIES EFFORTS TO ADD VALUE OVER POLICY BENCHMARKS WHILE LIMITING THE IMPACT OF UNINTENDED
More informationASR Market Scenario Analyser
ASR Market Scenario Analyser europe in a global context 2013 ASR Market Scenario Analyser (MSA) USER GUIDE The ASR Market Scenario Analyser (MSA) platform provides clients with a platform on which to analyse
More informationEuropean Investment Grade Fixed Income Thoughts and Positioning for Q1 2016
FOCUS European Investment Grade Fixed Income Thoughts and Positioning for Q1 2016 January 2016 As we enter 2016, we would like to take this opportunity to review Q4 2015 performance, our outlook from here
More informationAnalysing Allocation Trends in the Global Insurance Industry
This communication is intended for investment professionals only and must not be relied on by anyone else. Analysing Allocation Trends in the Global Insurance Industry Bruce Porteous Investment Director
More informationGuidance on Performance Attribution Presentation
Guidance on Performance Attribution Presentation 2004 EIPC Page 1 of 13 Section 1 Introduction Performance attribution has become an increasingly valuable tool not only for assessing asset managers skills
More informationA N A L L I A N C E O F B E S T I D E A S
A N A L L I A N C E O F B E S T I D E A S Results for the six months to 30 June 2018 For Professional Investors only 2018 ALLIANCE TRUST. ALL RIGHTS RESERVED S U M M A R Y: S T E A D Y P R O G R E S S
More informationThoughts on Asset Allocation Global China Roundtable (GCR) Beijing CITICS CITADEL Asset Management.
Thoughts on Asset Allocation Global China Roundtable (GCR) Beijing CITICS CITADEL Asset Management www.bschool.nus.edu.sg/camri 1. The difficulty in predictions A real world example 2. Dynamic asset allocation
More informationSTRATEGY OVERVIEW EMERGING MARKETS LOW VOLATILITY ACTIVE EQUITY STRATEGY
STRATEGY OVERVIEW EMERGING MARKETS LOW VOLATILITY ACTIVE EQUITY STRATEGY A COMPELLING OPPORTUNITY For many years, the favourable demographics and high economic growth in emerging markets (EM) have caught
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 informationAVIVA IRELAND. High Yield Equity Fund Richard Saldanha Fund Manager, Global Equities. 30 April 2017
AVIVA IRELAND High Yield Equity Fund Richard Saldanha Fund Manager, Global Equities 30 April 2017 This document is for Professional Clients, institutional/qualified investors and Advisers only. It is not
More informationControlling volatility for better investment outcomes
14 Controlling volatility for better investment outcomes Swings in asset prices are a concern for most investors. Some, however, suffer more than others. Many want the returns that equities can give, but
More informationInvestment Capabilities
Investment Capabilities Global Equities Solutions April 2017 This communication is for investment professionals only and should not be distributed to or relied upon by retail clients. It is only intended
More informationGOVERNANCE REVIEW 2017 FULL REPORT
GOVERNED INVESTMENT STRATEGIES (GIS) GOVERNANCE REVIEW 2017 FULL REPORT This information is for UK financial adviser use only and should not be distributed to or relied upon by any other person. As part
More informationDated 28 July Issuer: Macquarie Investment Management Limited ABN AFS Licence Number
MACQUARIE FUNDS GROUP WHOLESALE POOLED FUNDS - CASH AND FIXED income Information memorandum Dated 28 July 2009 Issuer: Macquarie Investment Management Limited ABN 66 002 867 003 AFS Licence Number 237492
More informationIRISH LIFE S MULTI MANAGER OF TARGET RETURN FUNDS:
PENSIONS INVESTMENTS LIFE INSURANCE IRISH LIFE S MULTI TARGET RETURN The Multi Manager Target Return Fund invests in a number of external funds managed by expert investment managers. The underlying funds
More informationMasterclass on Portfolio Construction and Optimisation
Masterclass on Portfolio Construction and Optimisation 5 Day programme Programme Objectives This Masterclass on Portfolio Construction and Optimisation will equip participants with the skillset required
More informationPIONEER FUNDS A LUXEMBOURG INVESTMENT FUND (FONDS COMMUN DE PLACEMENT) PROSPECTUS. dated 4 January 2016 AND MANAGEMENT REGULATIONS
1 This Prospectus dated 4 January 2016 is only valid if duly accompanied by its Supplements dated 15 January 2016 and 24 March 2016 PIONEER FUNDS A LUXEMBOURG INVESTMENT FUND (FONDS COMMUN DE PLACEMENT)
More informationInsurance Asset Management
Insurance Asset Management September 2017 For professional investors only. Not suitable for retail clients Insurance Asset Management is a hub of expertise within Schroders, connecting insurance clients
More informationTavistock Investments Plc Group INTEGRITY VIGILANCE
GLOBAL SERVICE Tavistock Investments Plc Group INTEGRITY VIGILANCE GLOBAL SERVICE CONTENTS: SAFE HANDS 1 TAVISTOCK WEALTH, REVOLUTIONARY THINKING & OUR VISION 2 GLOBAL SERVICE, GLOBAL PORTFOLIOS & LONG-TERM
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 informationProspectus. Pioneer Funds. A Luxembourg Investment Fund (Fonds Commun de Placement) dated December 2011 and Management Regulations
Prospectus dated December 2011 and Management Regulations dated 28 December 2011 Pioneer Funds A Luxembourg Investment Fund (Fonds Commun de Placement) Table of Contents Definitions... 6 Important Information...
More informationRethink your income strategy
Rethink your income strategy BlackRock Multi-Asset Income Fund (BIICX) 1 THE CHALLENGE Yields remain low Yields are low across the income landscape, with less than 25% of fixed income assets yielding over
More informationGoodbody Dividend Income Fund Suite
For Financial Advisors Only Goodbody Asset Management Goodbody Dividend Income Fund Suite Multi-asset Real return focus Goodbody Asset Management is passionate about delivering strong investment performance
More informationPRODUCT HIGHLIGHTS SHEET
Prepared on: 12/08/13 This Product Highlights Sheet is an important document. It highlights the key terms and risks of the Dynamic Diversified Portfolio (the "Portfolio"), a portfolio of AllianceBernstein
More informationBIL Sonata, BIL Sinfonia, BIL Chorus Our range of discretionary management solutions
EN banque privée BIL Sonata, BIL Sinfonia, BIL Chorus Our range of discretionary management solutions Do you want to delegate the management of your assets to specialists? Are you interested in robust
More informationMercados Globales Larrain Vial
Mercados Globales Larrain Vial Investec Asset Management Thanos Papasavvas Head of Currency Management March 2007 Currency Management an alternative source of alpha This presentation has been prepared
More informationBenchmarking & the Road to Unconstrained
Benchmarking & the Road to Unconstrained 24 April 2012 PIA Hiten Savani Investment Director hiten.savani@fil.com +44 (0) 20 7074 5234 Agenda Two Important Trends Increasing polarisation of demand between
More informationInnovative solutions to add alpha & manage risk
Client Education Summit 2012 Multi-asset: Innovative solutions to add alpha & manage risk Multi Asset Management October 10, 2012 Agenda The case for multi-asset An "all-weather" approach Flexibility is
More informationFor professional investors only. European Equity Capabilities
For professional investors only European Equity Capabilities The prospects are bright Whilst their size and economic importance means that European equities warrant inclusion in any balanced investment
More informationNOMURA FUNDS IRELAND PLC. Interim Report and Unaudited Financial Statements for the financial half year ended 30th June, 2016
Interim Report and Unaudited Financial Statements for the financial half year ended Company Registration No. 418598 TABLE OF CONTENTS MANAGEMENT AND ADMINISTRATION 3 GENERAL INFORMATION 4 INVESTMENT MANAGER
More informationProspectus June 2016
Pioneer Funds This Prospectus dated June 016 is only valid if duly accompanied by its Supplement dated September 016 Prospectus June 016 Pioneer Funds A Luxembourg Investment Fund (Fonds Commun de Placement)
More informationAlternative Allocation
Investment Diversification Alternative Allocation ACN 168 869 163 Copyright 2017 Global Merces Funds Management Ltd DISCLAIMER This document has been issued by Global Merces Funds Management Limited (Global
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 informationSupplement. for the. European Equity Fund
Supplement for the European Equity Fund 23 March 2018 Principal Global Investors Funds This Supplement contains specific information in relation to the European Equity Fund (the "Fund"), a Fund of Principal
More informationSEI UK Equity Fund Quarter 4, 2008
Benchmark FTSE Actuaries All Share Index Base Currency GBP Currencies Available USD, EUR, GBP Fund Complex SEI Global Master Fund PLC SEI UK Equity Fund Quarter 4, 2008 SEI MANAGER OF MANAGERS PHILOSOPHY
More informationNOMURA FUNDS IRELAND PLC. Annual Report and Audited Financial Statements for the financial year ended 31st December, 2016
Annual Report and Audited Financial Statements for the financial year ended Company Registration No. 418598 TABLE OF CONTENTS MANAGEMENT AND ADMINISTRATION 3 GENERAL INFORMATION 4 DIRECTORS REPORT 17 REPORT
More informationNotice to Shareholders of: Amundi SICAV II Euro High Yield Amundi SICAV II Pioneer Flexible Opportunities. (01 October 2018)
Notice to Shareholders of: Amundi SICAV II Euro High Yield Amundi SICAV II Pioneer Flexible Opportunities (01 October 2018) Contents 01 Amundi SICAV II Euro High Yield 3 02 Amundi SICAV II - Pioneer Flexible
More informationNotice to Unitholders of: Pioneer Funds. (15 January 2018)
Notice to Unitholders of: Pioneer Funds (15 January 2018) Contents 01 Fund Name Change 3 02 Class Name Change 4 03 Sub-Fund Name Changes 4 04 Investment Policy Changes 5 05 Liquidations 6 06 Performance
More information