Pioneer Funds Euroland Equity

Size: px
Start display at page:

Download "Pioneer Funds Euroland Equity"

Transcription

1 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

2 Understanding a Concentrated Portfolio Why Invest in a Concentrated Portfolio? Maximises productivity of investment research and portfolio management processes Most compelling and strongest investment ideas not diluted by hundreds of other holdings Executed efficiently, high concentration has the potential to generate excellent performance relative to a less concentrated benchmark "The poor overall performance of mutual fund managers in the past is not due to a lack of stock-picking ability, but rather to institutional factors that encourage them to overdiversify. Cohen et al For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 2

3 Understanding a Concentrated Portfolio Defining Portfolio Concentration To suppose that safety-first consists in having a small gamble in a large number of different companies where I have no information to reach a good judgement, as compared to a substantial stake in a company where one s information is adequate, strikes me as a travesty of investment policy. J.M. Keynes, 1928 Concentration versus Diversification: How many holdings is enough/too many? Research suggests that stocks in a portfolio sufficiently diversifies risk without sacrificing performance* Portfolio Concentration Number of Holdings Source: SG Global Strategy *Benjamin Graham in The Intelligent Investor (1949) recommended owning from 10 to 30 stocks to achieve proper diversification. 0 MSCI EMU Pioneer Funds Euroland Equity Source: Pioneer Investments & Business Objects as at 29 January 2010 For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 3

4 Understanding a Concentrated Portfolio Defining Portfolio Concentration Every individual position is held as an overweight, and it can therefore have a material impact on performance Pioneer Funds Euroland Equity: Minimum overweight position of 1% for each stock, no neutral or underweight positions* Potentially allows for the investment process to add significant values through stock selection *Note: These are internal guidelines and not prospectus limits and may be subject to change over time. For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 4

5 Understanding a Concentrated Portfolio What are the Risks Associated with Concentrated Investing? Absolute Risk Exacerbated impact on portfolio performance of stock-specific events Market Risk Greater concentration can potentially lead to greater risk in terms of higher volatility, leading to low market/benchmark correlation For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 5

6 Addressing the Risks of Concentrated Investing Absolute Risk Stock Selection (1) Quality Defining quality as: Sustainable Competitive Advantage Different flavours: strong brands, patents, unique know-how, regulated monopolies, unique preferential access to material resources and so on Factors to analyse: Management Profitability of earnings Strength of balance sheet Free cash-flow generation Ability to keep ROIC > WACC For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 6

7 Addressing the Risks of Concentrated Investing Absolute Risk Stock Selection (2) Valuation Absolute valuation tool: proprietary DCF Although this does not show a precise number, given the assumptions put in, it does show the direction of a stock value For the most part a forward-looking model. Inputs often take into consideration what happened in the past, but the gap between the past and the future is reached through the analysis A barometer to measure market expectations built into a stock s valuation (reverse DCF) A practical methodology creates a model that allows better understanding of the value creators and destroyers for a company For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 7

8 Addressing the Risks of Concentrated Investing Absolute Risk Stock Selection (2) Valuation Objective: to buy companies where profitability (ROIC) is under-priced (EV/IC) EV/CE vs ROCE EV/CE ROCE Operating efficiency must translate into undervalued capital efficiency For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 8

9 The Research Team is an Integral Part of our Investment Process Supporting a global range of products through an aligned investment process based on three specialist building blocks Buy Discipline Define investment case Identify discount Construct Portfolio Fundamental Analysts Global career equity analysts Extensive company contacts and research coverage Valuation Portfolio Managers Sell Discipline Target price reached Story changes Better opportunities Quantitative Analysts Risk budgeting Stock screening & idea generation Strategy back-test Sector & country valuation For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 9

10 Addressing the Risks of Concentrated Investing Market Risk Volatility Since inception, our strategy has demonstrated benchmark comparable levels of volatility* 30 Pioneer Funds - Euroland Equity MSCI EMU 25 Volatility % Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09 *Source: Pioneer Investments. Volatility has been calculated using an internal risk evolution tool. Period covers 01 August 2006 (date Fabio Di Giansante assumed responsibility for the Portfolio) to 29 January Fund inception is 04 July Volatility is calculated using Class E Non-Distributing Units in Euro. For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 10

11 Addressing the Risks of Concentrated Investing Market Risk Risk/Return Since inception, our concentrated strategy has demonstrated low risk and high returns compared to peers* Pioneer Funds Euroland Equity Morningstar Large Cap Peers -2.0 Annualised Return % Pioneer Funds Euroland Equity Annualised Risk % *Source: Morningstar Direct, Pioneer Funds Euroland Equity Class A EUR, Std. Dev. & annualised total return versus Eurozone Large Cap peers from 01 August 2006 (date Fabio Di Giansante assumed responsibility for the Portfolio) to 29 January Fund inception is 04 July Copyright 2010 Morningstar UK Limited. All Rights Reserved. The information contained herein: (1) may not be copied or distributed; and (2) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 11

12 Distinctive Approach Combines Core and Opportunistic Elements Unconstrained Opportunistic Element <25% AUM Long-Term Core Holdings >75% AUM Portfolio: holdings Combining large-cap stability with selected small-cap exposure For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 12

13 Long-Term Core Holdings Clear undervaluation and quality companies Long-term holding period; Portfolio Manager is less sensitive to short-term volatility Holdings expected to capture strong industry trends through robust competitive position No market capitalisation preference >75% AUM >75% AUM Portfolio: holdings For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 13

14 Opportunistic Holdings Alpha Kick Flexibility to Invest Across Market Cap Spectrum and Off-Benchmark Seeks opportunities in all capitalisation ranges Not just largest European companies Strong relationship with European Small Caps desk, overlap on some positions Some holdings not covered by buy/sell side research <25% AUM <25% AUM Actively searches for new investment ideas outside its benchmark AUM Narrower focus of EMU Index requires an active approach to idea generation Can be small-cap discovery stories Peripheral European equity markets Portfolio: holdings For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 14

15 Top 10 Overweights Pioneer Funds Euroland Equity Stock Port. Weight Bmk Weight Delta FRESENIUS MEDICAL CARE 3.10% 0.30% 2.80% BNP PARIBAS 4.73% 2.22% 2.50% TNT 2.76% 0.33% 2.43% SOCIETE GENERALE 3.72% 1.30% 2.42% EUTELSAT COMMUNICATIONS 2.44% 0.09% 2.35% DEUTSCHE BOERSE 2.53% 0.48% 2.06% FINMECCANICA 2.22% 0.19% 2.03% ARCELOR MITTAL 3.16% 1.16% 2.00% PUBLICIS GROUPE 2.06% 0.14% 1.92% CREDIT SUISSE GROUP 1.85% 0.00% 1.85% Source: Pioneer Investments as at 31 December The portfolio is actively managed, and information may not be representative of current or future holdings. References to individual stocks should not be taken as investment recommendations to buy or sell any security. Benchmark is MSCI Emu. For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 15

16 Sector Breakdown Pioneer Funds Euroland Equity Consumer Discretionary, 16.21% Utilities, 4.82% Telecommunication Services, 4.33% Overweight NAV Weight BMK Weight Delta Consumer Discretionary Industrials Health Care Materials Industrials, 15.70% Health Care, 6.43% Financials, 24.27% Information Technology, 2.45% Energy Consumer Staples Information Technology Financials Materials, 8.48% Consumer Staples, 7.65% Energy, 7.91% Telecommunication Services Utilities Underweight -10% -5% 0% 5% 10% 15% 20% 25% 30% Source: Pioneer Investments as at 31 December Benchmark is MSCI Emu. For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 16

17 Country Breakdown Pioneer Funds Euroland Equity Italy, 4.76% Overweight France NAV Weight BMK Weight Delta Germany, 18.98% United Kingdom France, 43.05% Spain, 11.16% Finland, 0.83% Switzerland Netherlands Ireland Greece, 1.12% Greece UK, 5.56% Switzerland, 1.85% Ireland, 1.60% Netherlands, 9.34% Finland Spain Germany Italy Source: Pioneer Investments as at 31 December Benchmark is MSCI Emu. Underweight -10% 0% 10% 20% 30% 40% 50% For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 17

18 Pioneer Funds Euroland Equity Risk Factor Analysis Source: Pioneer Investments Risk Factor Analysis as at 29 December For illustrative purposes only. For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 18

19 Pioneer Funds Euroland Equity Risk Factor Analysis Source: Pioneer Investments Risk Factor Analysis as at 29 December For illustrative purposes only. For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 19

20 Disclaimer Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 31/12/2009. Pioneer Funds Euroland Equity is a sub-fund (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. 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 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. The content of this document is approved by PGIL. 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), 123 Buckingham Palace Road, London SW1W 9SL, authorised by the Financial Regulator in Ireland and regulated by the Financial Services Authority for the conduct of UK business. 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. Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA ( PFD ), a U.S.-registered broker-dealer, provides marketing services in connection with the distribution of Pioneer Investments products. PFD markets these products to financial intermediaries, both within and outside of the U.S. (in jurisdictions where permitted to do so) for sale to clients who are not United States persons. Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies. For Broker/Dealer Use Only and not to be Distributed to the Public Date of First Use: 10 March 2010 For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 20

Pioneer Funds Top European Players

Pioneer 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 information

Morgan Stanley Wealth Management Due Diligence Meeting

Morgan 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 information

Pioneer Funds U.S. Research & Pioneer Funds U.S. Research Growth

Pioneer 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 information

From Manufacturing to Energy: How to Capture Sustainable Growth in US Equity

From 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 information

Merrill Lynch Due Diligence Meeting October 2012, Boston. Delivering Solutions that Meet Client Needs

Merrill 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 information

Merrill Lynch Due Diligence Meeting October 2012, Boston

Merrill 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 information

Fund Performance - EUR March

Fund 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 information

5 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. 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 information

Our Edge in Emerging Markets Fixed Income

Our 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 information

5 Reasons to Invest! » Pioneer Funds Multi-Strategy Growth. Pioneer Funds Absolute Return Multi-Strategy

5 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 information

Pioneer Investments European Equity Capabilities

Pioneer 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 information

Pioneer Funds North American Basic Value

Pioneer 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 information

Workshop: U.S. Pioneer Fund

Workshop: 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 information

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 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 information

Workshop: Pioneer Funds U.S. Research

Workshop: 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 information

Morgan Stanley Wealth Management Due Diligence Meeting

Morgan 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 information

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 Agenda 1. Framework of Portfolio Construction 2. Applying What We Know to Equities Page 2 I Dublin, June 2013 Pioneer Investment Conference Framework Successful portfolio construction should rely on 4

More information

New 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 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 information

Merrill Lynch Due Diligence Meeting October 2012, Boston. Commodities: Taking Advantage of Supply and Demand

Merrill 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 information

Commodities How to Leverage Opportunity

Commodities 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 information

Peak Earnings? How to Find Sustainable Growth in U.S. Equities

Peak 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 information

Pioneer Funds Absolute Return European Equity

Pioneer 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 information

Morgan Stanley Wealth Management Due Diligence Meeting

Morgan 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 information

Merrill Lynch Due Diligence Meeting October 2012, Boston

Merrill 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 information

Pioneer Funds Emerging Markets Bond

Pioneer 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 information

Risk Management A Perspective on the Financial Crisis

Risk 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 information

Pioneer Funds Absolute Return European Equities

Pioneer 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 information

Morgan Stanley Wealth Management Due Diligence Meeting

Morgan 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 information

Franklin Mutual Series. Franklin Templeton Investment Funds Franklin Mutual Euroland Fund - A(acc) EUR. Data as of December 31, 2014

Franklin Mutual Series. Franklin Templeton Investment Funds Franklin Mutual Euroland Fund - A(acc) EUR. Data as of December 31, 2014 Franklin Mutual Series Data as of December 31, 2014 Franklin Templeton Investment Funds Franklin Mutual Euroland Fund - A(acc) EUR Source for data and information provided by Franklin Templeton Investments,

More information

M&G Pan European Dividend Fund. February 2016

M&G Pan European Dividend Fund. February 2016 February 2016 Returns in euros (rebased to 100 as at 12 July 2004) Phil Cliff s performance track record Ten years of excellent returns in European equities 400 Threadneedle (July 04 August 07) Pan European

More information

DR Funds Secondary Market Transaction

DR 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 information

THE 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 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 information

Franklin European Small-Mid Cap Growth Fund A (acc) EUR

Franklin European Small-Mid Cap Growth Fund A (acc) EUR Franklin European Small-Mid Cap Growth Fund A (acc) EUR Franklin Templeton Investment Funds Fund Manager Report Growth Equity Product Details 1 Fund Assets 465,083,303.95 Fund Inception Date 03/12/2001

More information

Mercados Globales Larrain Vial

Mercados 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 information

4 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. ~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 information

The commentary provided is based on the information provided by Cerberus Capital Management, L.P. to Pioneer Investments.

The 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 information

Templeton Euroland Fund A (acc) EUR

Templeton Euroland Fund A (acc) EUR Templeton Euroland Fund A (acc) EUR Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets 581,473,382.53 Fund Inception Date 08.01.1999 Number of Issuers 56

More information

PAI Fund of Hedge Funds Restructuring

PAI 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 information

Update DR Funds MARCH The commentary provided is based on the information provided by Cerberus Capital Management, L.P. to Pioneer Investments.

Update 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 information

THREADNEEDLE UK EQUITY FUND RANGE GROWTH STRATEGIES

THREADNEEDLE 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 information

Franklin European Growth Fund

Franklin 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 information

Source: Pioneer Investments Data as at 1 April 2015.

Source: 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 information

Schroder ISF European Equity Yield Discover yield and growth

Schroder ISF European Equity Yield Discover yield and growth Schroder ISF European Equity Yield Discover yield and growth * The Schroder ISF European Equity Yield (the Fund ) intends to make regular fixed distributions to investors and, if its income is insufficient

More information

Templeton Euroland Fund A (acc) EUR

Templeton Euroland Fund A (acc) EUR Templeton Euroland Fund A (acc) EUR Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets 565870786.10 Fund Inception Date 08/01/1999 Number of Issuers 58 Bloomberg

More information

HSBC Global Investment Funds - Economic Scale Global Equity

HSBC Global Investment Funds - Economic Scale Global Equity HSBC Global Investment Funds - Economic Scale Global Equity SG Share Class 31 May 2018 31/05/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long-term total return (meaning

More information

Threadneedle Pan European Smaller Companies Fund

Threadneedle Pan European Smaller Companies Fund Institutional Information sheets Institutional investors only Morningstar Rating Fund Manager Philip Dicken Since: 11 5 All data as at 31 Dec 14 Institutional/OEIC Threadneedle Pan European Smaller Companies

More information

Nuance Mid Cap Value Fund (NMVLX)

Nuance Mid Cap Value Fund (NMVLX) Value Fund (NMVLX) Third Quarter Investment Objective The Value Fund seeks long term capital appreciation. The performance focus is on absolute return and Sharpe vs the Russell Midcap Value, primary benchmark,

More information

Nimbus 9. STRATEGY HIGHLIGHTS Ticker: PRESX CUSIP: 77956H401 As of September 30, 2018 European Stock Fund Total Fund Assets: $1.

Nimbus 9. STRATEGY HIGHLIGHTS Ticker: PRESX CUSIP: 77956H401 As of September 30, 2018 European Stock Fund Total Fund Assets: $1. Nimbus 9 STRATEGY HIGHLIGHTS Ticker: PRESX CUSIP: 77956H401 As of September 30, 2018 Total Fund Assets: $1.1 billion 1 INVESTMENT APPROACH p Fundamental research is critical to successfully identify and

More information

Q & A PAI Fund of Hedge Funds Restructuring

Q & 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 information

Smaller Companies. June Andrew Paisley

Smaller Companies. June Andrew Paisley June 2018 Smaller Companies Andrew Paisley This communication is intended for investment professionals only and must not be relied on by anyone else. Aberdeen Standard Investments is a brand of the investment

More information

Franklin European Growth Fund

Franklin 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 information

MFS Investment Management 500 Boyleston Street Boston, Massachusetts 02116

MFS Investment Management 500 Boyleston Street Boston, Massachusetts 02116 Investment Management 500 Boyleston Street Boston, Massachusetts 02116 MANAGER'S INVESTMENT PROCESS RISK CONSIDERATIONS Bottom-up idea generation within a sector-neutral framework, managed by a team of

More information

Outlook for 2014 Title 1. David Greene, Pioneer Investments

Outlook 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 information

First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)

First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) Interim June 30, 2015 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)

More information

Calamos Phineus Long/Short Fund

Calamos Phineus Long/Short Fund Calamos Phineus Long/Short Fund Performance Update SEPTEMBER 18 FOR INVESTMENT PROFESSIONAL USE ONLY Why Calamos Phineus Long/Short Equity-Like Returns with Superior Risk Profile Over Full Market Cycle

More information

Franklin European Growth Fund

Franklin 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 information

Morgan Stanley Investment Funds Global Balanced Risk Control Fund of Funds

Morgan Stanley Investment Funds Global Balanced Risk Control Fund of Funds Investment management For Marketing Purposes Only FACTSHEET DATA AS OF October 31, 2017 Morgan Stanley Investment s Global Balanced Risk Control of s Investment objective Seeks an attractive level of total

More information

Schroder ISF Global Multi-Asset Income

Schroder ISF Global Multi-Asset Income Unconstrained income investing Schroder ISF Global Multi-Asset Income SGD Share Classes Schroder ISF Global Multi-Asset Income (the "Fund") is designed to help investors generate regular income regardless

More information

Morgan Stanley Investment Funds Global Opportunity Fund

Morgan Stanley Investment Funds Global Opportunity Fund INVESTMENT MANAGEMENT For Marketing Purposes Only FACTSHEET DATA AS OF OCTOBER 31, 2017 Morgan Stanley Investment Funds Global Opportunity Fund Investment objective Seeks long-term capital appreciation

More information

Prospectus. January Pioneer Funds A Luxembourg Investment Fund (Fonds Commun de Placement)

Prospectus. 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 information

Factsheet: Deutsche Invest I Top Euroland

Factsheet: Deutsche Invest I Top Euroland Marketing Material Factsheet: Deutsche Invest I Top Euroland Equity Funds - Europe January 2018 As at 31/01/2018 Fund Data Investment Policy At least 75% of Subfund assets are invested in equities whose

More information

John Deehan - Investment Sales Manager

John 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 information

Global Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager

Global Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager Global Equities Q&A roadshow 216 #QAroadshow216 Gavin Marriott Product Manager June 216 For professional advisers only. This material is not suitable for retail clients Questions What will drive global

More information

Equity Investing T. ROWE PRICE S GLOBAL STOCK FUND

Equity 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 information

THREADNEEDLE UK EQUITY FUND RANGE INCOME STRATEGIES

THREADNEEDLE UK EQUITY FUND RANGE INCOME STRATEGIES THREADNEEDLE UK EQUITY FUND RANGE INCOME STRATEGIES CORE INCOME FUND Fund SMOOTH INCOME UK Monthly Fund HIGH CONVICTION Alpha Fund DIVERSIFICATION Monthly Extra Fund UNCONSTRAINED UK Growth & Fund Fund

More information

GLOBAL DIVIDEND EQUITY CLASS (SETANTA) (Formerly Global Dividend Class (Setanta)) FOREIGN EQUITY FUND

GLOBAL DIVIDEND EQUITY CLASS (SETANTA) (Formerly Global Dividend Class (Setanta)) FOREIGN EQUITY FUND Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the

More information

A SHORT PITCH ON: PARVEST AQUA APRIL 2016

A SHORT PITCH ON: PARVEST AQUA APRIL 2016 A SHORT PITCH ON: PARVEST AQUA APRIL 2016 Parvest Aqua Key strengths Water related investments: a $500 b global market expected to grow ~7% (1) per annum Parvest Aqua, implementing a successful water strategy

More information

Pioneer 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 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 information

Morgan Stanley Investment Funds (MS INVF) Eurozone Equity Alpha Fund

Morgan Stanley Investment Funds (MS INVF) Eurozone Equity Alpha Fund Morgan Stanley Investment Funds (MS INVF) Eurozone Equity Alpha Fund active fundamental equity european equity team Fund overview 31 March 2018 Morgan Stanley Investment funds (MS INVF) Eurozone Equity

More information

Morgan Stanley Investment Funds Frontier Markets Equity Fund

Morgan Stanley Investment Funds Frontier Markets Equity Fund Investment management For Marketing Purposes Only FACTSHEET DATA AS OF August 31, 2017 Morgan Stanley Investment Funds Frontier Markets Equity Fund Investment objective Seeks long-term capital appreciation,

More information

IDOG ALPS INTERNATIONAL SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION

IDOG ALPS INTERNATIONAL SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION ALPS INTERNATIONAL SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION analysis diversification discipline IDOG provides the potential opportunity to capture above-market returns and high dividend

More information

Factsheet: Deutsche AM LowVol Europe

Factsheet: Deutsche AM LowVol Europe Marketing Material Factsheet: Deutsche AM LowVol Europe Equity Funds - Europe March 2018 As at 29/03/2018 Fund Data Investment Policy Deutsche AM LowVol Europe offers an investment in European equities

More information

Active M International Equity Fund (NMIEX) (Formerly known as Multi-Manager International Equity Fund)

Active M International Equity Fund (NMIEX) (Formerly known as Multi-Manager International Equity Fund) NORTHERN FUNDS Active M International Equity Fund (NMIEX) (Formerly known as Multi-Manager International Equity Fund) 4Q 2017 Performance Review December 31, 2017 Please carefully read the prospectus and

More information

Franklin European Growth Fund

Franklin 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 information

Spotlight on: 130/30 strategies. Combining long positions with limited shorting. Exhibit 1: Expanding opportunity. Initial opportunity set

Spotlight on: 130/30 strategies. Combining long positions with limited shorting. Exhibit 1: Expanding opportunity. Initial opportunity set INVESTMENT INSIGHTS Spotlight on: 130/30 strategies Monetizing positive and negative stock views Managers of 130/30 portfolios seek to capture potential returns in two ways: Buying long to purchase a stock

More information

European Equity Update

European Equity Update European Equity Update Matt Williams, Director, European Equities May 2017 Flow as a % of AUM Yield spread European equities are not popular Positioning Significant outflows from the region... driven by

More information

DB Platinum Chilton Diversified

DB Platinum Chilton Diversified DB Platinum Chilton Diversified Investment Strategy Fund Assets under Management: $ 14,953,265 DB Platinum Chilton Diversified (the Fund ) is an open-ended UCITS compliant fund that seeks capital growth

More information

Prospectus October 27, 2017, as supplemented November 1, 2017

Prospectus October 27, 2017, as supplemented November 1, 2017 Deutsche Asset Management Prospectus October 27, 2017, as supplemented November 1, 2017 Xtrackers Germany Equity ETF Bats BZX Exchange, Inc.: GRMY Xtrackers Eurozone Equity ETF Bats BZX Exchange, Inc.:

More information

Mind the Gap! HR Factory April 2 nd, 2015

Mind the Gap! HR Factory April 2 nd, 2015 Mind the Gap! HR Factory April 2 nd, 2015 Introduction to the Luxembourg State Pension System 2 PENSION SYSTEM IN THE GRAND DUCHY OF LUXEMBOURG RETIREMENT: STATE PENSION State Pension Company Pension Personal

More information

PROSPECTUS July 2017 MFS MERIDIAN FUNDS

PROSPECTUS July 2017 MFS MERIDIAN FUNDS PROSPECTUS July 2017 MFS MERIDIAN FUNDS TABLE OF CONTENTS Directory 2 Summary of Main Features 4 Fund Profiles 7 Absolute Return Fund 7 Asia Pacific Ex-Japan Fund 13 Blended Research European Equity Fund

More information

Prospectus February Amundi Funds II A Luxembourg Investment Fund (Fonds Commun de Placement)

Prospectus 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 information

Prospectus February 2018

Prospectus 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 information

For professional investors and advisers only. Schroders. Liquid Alternatives

For 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 information

AVIVA IRELAND. High Yield Equity Fund Richard Saldanha Fund Manager, Global Equities. 28 February 2018

AVIVA IRELAND. High Yield Equity Fund Richard Saldanha Fund Manager, Global Equities. 28 February 2018 AVIVA IRELAND High Yield Equity Fund Richard Saldanha Fund Manager, Global Equities 28 February 2018 This document is for Professional Clients, institutional/qualified investors and Advisers only. It is

More information

Franklin Mutual European Fund Class A, C

Franklin Mutual European Fund Class A, C Franklin Mutual European Fund Class A, C Value Equity Product Profile Product Details 1 Fund Assets $2,137,388,947.56 Fund Inception Date 07/03/1996 Number of Issuers 53 Investment Style Benchmark Lipper

More information

Franklin European Dividend Fund

Franklin European Dividend Fund Franklin Templeton Investment Funds Franklin European Dividend Fund Flex-Cap Blend Fund Profile Fund Details Inception Date 29 July 2011 Investment Style Flex-Cap Blend Benchmark(s) MSCI Europe Index Fund

More information

Vanguard Global Minimum Volatility ETF

Vanguard Global Minimum Volatility ETF Vanguard Global Minimum Volatility ETF Product brief September 30, 2017 A global equity portfolio that seeks long-term growth with less volatility than the global equity market Product summary A long-only,

More information

Factsheet: DWS Qi Eurozone Equity

Factsheet: DWS Qi Eurozone Equity Marketing Material Factsheet: DWS Qi Eurozone Equity Equity Funds - Europe January 2019 As at 31/01/2019 Fund Data Investment Policy The aim is to generate attractive long-term capital appreciation by

More information

Pioneer Multi-Sector Credit Strategy

Pioneer 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 information

WisdomTree Europe Hedged Equity Fund HEDJ (NYSE Arca)

WisdomTree Europe Hedged Equity Fund HEDJ (NYSE Arca) WisdomTree Europe Hedged Equity Fund HEDJ (NYSE Arca) SUMMARY PROSPECTUS August 1, 2015 Before you invest in the Fund, as defined below, you may want to review the Fund s prospectus and statement of additional

More information

MPI Quantitative Analysis

MPI Quantitative Analysis MPI Quantitative Analysis a Mario H. Aguilar Director, Client Services, EMEA February 2011 Markov Processes International Tel +1 908 608 1558 www.markovprocesses.com ASSET CLASS ANALYSIS NORTH AMERICA

More information

DBEU Xtrackers MSCI Europe Hedged Equity ETF

DBEU Xtrackers MSCI Europe Hedged Equity ETF Xtrackers MSCI Europe Hedged Equity ETF ETF.com segment: Equity: Developed Europe - Total Market Competing ETFs: HEZU, DBEZ, FLEH, HFXE, DEZU Related ETF Channels: Developed Europe, Total Market, Currency

More information

DWS Euro-Bonds (Medium)

DWS Euro-Bonds (Medium) Marketing Material DWS Euro-Bonds (Medium) Bond Funds - EUR August 2016 As at 31/08/2016 Fund Data Investment Policy Euroland fixed income fund focusing on medium-term maturities. The fund invests in government

More information

ENCORE+ DIVERSIFIED AND BALANCED CORE+ PROPERTY FUND

ENCORE+ DIVERSIFIED AND BALANCED CORE+ PROPERTY FUND ENCORE+ DIVERSIFIED AND BALANCED CORE+ PROPERTY FUND Q1 2017. This document is for professional clients and institutional/qualified investors only. It is not to be distributed to or relied on by retail

More information

EUROPEAN FUND A INCOME SHARES 31 OCTOBER 2018

EUROPEAN FUND A INCOME SHARES 31 OCTOBER 2018 ret.en.xx.20803.gb00b65gj967.pdf European A Income Shares 3 OCTOBER 208 Approach and Style Samuel Morse s key focus is on identifying attractively valued companies that exhibit good long-term structural

More information

1. Global Money Market Fund

1. Global Money Market Fund 1. Global Money Market Fund Conservative investment approach Higher return than overseas bank account - minimal risk, lower entry levels Focus is on retention of capital Invests in short-term interest

More information

Dividend Investing Review Dividend Builder Fund Review of the 4th Quarter 2015

Dividend Investing Review Dividend Builder Fund Review of the 4th Quarter 2015 Dividend Investing Review Dividend Builder Fund Review of the 4th Quarter 2015 Investing in Human Progress Fund manager biographies 2 Matthew Page, CFA Portfolio manager of strategy since 2010 Joined Guinness

More information

Prospectus 31 May 2018

Prospectus 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 information

Premium (Institutional Share Class) Simple. Performance.TM. Wellesley Hills Naples

Premium (Institutional Share Class) Simple. Performance.TM. Wellesley Hills Naples Premium (Institutional Share Class) Simple. Performance.TM Wellesley Hills Naples Our investors seek relative outperformance in bull markets and absolute performance in bear markets. The BCM strategies

More information

For professional investors and advisers only

For 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 information