For financial adviser use only. Not to be used with retail clients. Guide to Backtesting
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1 For financial adviser use only. Not to be used with retail clients. Guide to Backtesting
2
3 Backtesting Backtesting can be a useful tool for advisers in order to evaluate the performance of a structured product in various market scenarios. Backtesting should be used as one of a suite of tools when choosing a suitable product for a client. The information provided in this factsheet is intended to demonstrate how our Structured Products would have performed historically, had they been available for investment. Particular emphasis has been placed on the scenarios in which clients would have either lost capital or received no return on their investment. In order to simulate past performance, our Structured Products have been tested as if they had started on every trading day between January 1984 and July 215. For Plans linked to the EURO STOXX 5 Index, testing begins from December. For reference, backtesting a 6 year Plan linked to the FTSE 1 between 1984 and 215 constitutes over 6,4 individual tests. It is important to bear in mind that the information contained within this factsheet is in no way an indication of future returns. This factsheet is an analysis of the following Plans: Investment Plans FTSE 1 Enhanced Kick-Out Plan FTSE 1 Enhanced Income Plan FTSE 1 Defensive Kick-Out Plan Dual Index Step Down Kick-Out Plan Deposit Plans FTSE 1 Kick-Out Deposit Plan FTSE 1 6 Year Defensive Deposit Plan FTSE 1 4 Year Deposit Plan Additional support tools For more information on our Plans including additional adviser support tools, please speak to your Investec Structured Products regional account manager or visit our website: Additional tools available include maturity information, valuations, ISA information, Gary Dale s thought box blogs, adviser guides to structured products and our due diligence support pack. 3
4 Investment Plans FTSE 1 Enhanced Kick-Out Plan This product has a maximum term of 6 years, with the potential for maturity after years 1-6 if the FTSE 1 Index is greater than its starting level. Capital is at risk if the FTSE 1 Index halves during the product term. The table below shows the number of occasions on which this product would have matured at each potential maturity date. Where the product would have reached final maturity, the table shows how many times an investor would have experienced either a positive return, a return of capital with no additional return or a capital loss. Early Maturity in Year % Early Maturity in Year % Early Maturity in Year % Early Maturity in Year % Early Maturity in Year % Final Maturity positive return % Final Maturity capital loss 56.87% Final Maturity % Total number of tests 6458 The chart below shows the start date of any instances where investment in the FTSE 1 Enhanced Kick-Out Plan would have resulted in either a capital loss or a return of capital with no additional return: Apr 1999 Sep 56 instances of capital loss FTSE 1 Index Starting Level Feb 1999 Feb instances of Jan 27 Dec instances of return of capital only Final for backtesting FTSE 1 Index Source of FTSE 1 Index Data: Bloomberg. 4
5 FTSE 1 Enhanced Income Plan This product has a term of 6 years and pays fixed monthly income payments, irrespective of the performance of the FTSE 1. Capital is at risk if the FTSE 1 halves during the product term and fails to recover at maturity. 6-month daily averaging is used to determine the final level of the FTSE 1. The table below shows the number of occasions on which an investor in this product would have lost capital. It is important to note that where a loss would have occurred, all fixed monthly income payments would have still been made. Capital Loss 56.87% Capital Return % Total number of tests 6458 The chart below shows the start date of any instances where investment in the FTSE 1 Enhanced Income Plan would have resulted in a capital loss: Apr 1999 Sep 56 instances of capital loss FTSE 1 Index Starting Level Final for backtesting FTSE 1 Index Source of FTSE 1 Index Data: Bloomberg. 5
6 FTSE 1 Defensive Kick-Out Plan This product has a maximum term of 6 years, with the potential for early maturity after years 3-5 if the FTSE 1 Index is greater than 9% of its starting level. Capital is at risk if the product runs to the final maturity date and the FTSE 1 Index is below 5% of its starting level. The table below shows the number of occasions on which this product would have matured at each potential maturity date. Where the product would have reached final maturity, the table shows how many times an investor would have experienced either a positive return, a return of capital with no additional return or a capital loss. Early Maturity in Year % Early Maturity in Year % Early Maturity in Year % Final Maturity positive return % Final Maturity capital loss.% Final Maturity % Total number of tests 6458 The chart below shows the start date of any instances where investment in the FTSE 1 Defensive Kick-Out Plan would have resulted in either a capital loss or a return of capital with no additional return: FTSE 1 Index Starting Level Jul Sep 327 instances of Final for backtesting FTSE 1 Index Source of FTSE 1 Index Data: Bloomberg. 6
7 Dual Index Step Down Kick-Out Plan This product has a maximum term of 6 years, with the potential for early maturity after years 2-5 or a positive return in year 6 if both the FTSE 1 Index and the EURO STOXX 5 Index are greater than a Kick-Out level that reduces each year. The Kick-Out levels are a percentage of each index s starting level: 1% in Year 2, 95% in Year 3, 9% in Year 4, 85% in Year 5 and 8% in Year 6. Capital is at risk if the product runs to the final maturity date and either the FTSE 1 Index or the EURO STOXX 5 Index falls by more than 5% at any point during the term, and either index finishes lower than 8% of its starting level. The table below shows the number of occasions on which this product would have matured at each potential maturity date. Where the product would have reached final maturity, the table shows how many times an investor would have experienced either a positive return, a return of capital with no additional return or a capital loss. Early Maturity in Year % Early Maturity in Year % Early Maturity in Year % Early Maturity in Year % Final Maturity positive return % Final Maturity Capital Loss % Final Maturity 53.93% Total Number of Tests 5682 The chart below shows the start date of any instances where investment in the Dual Index Step Down Kick-Out Plan would have resulted in a capital loss: FTSE 1/EURO STOXX 5 Index Starting Level Apr 1999 Nov 262 instances of capital loss Feb 1999 Jun instances of return of capital only Jan 26 Feb instances of capital loss Jun 26 Jul instances of return of capital only Final for backtesting FTSE 1 Index EURO STOXX 5 Index Source of Index Data: Bloomberg. 7
8 Deposit Plans FTSE 1 Kick-Out Deposit Plan This product has a maximum term of 6 years, with the potential for maturity after years 3-6 if the FTSE 1 Index is greater than its starting level. This product does not put capital at risk. The table below shows the number of occasions on which this product would have matured at each potential maturity date. Where the product would have reached final maturity, the table shows how many times an investor would have experienced a positive return or a return of capital with no additional return. Early Maturity in Year % Early Maturity in Year % Early Maturity in Year % Final Maturity positive return % Final Maturity % Total number of tests 6458 The chart below shows the start date of any instances where investment in the FTSE 1 Kick-Out Deposit Plan would have only resulted in a return of capital with no additional return: FTSE 1 Index Starting Level Mar Feb instances of Mar 26 Dec instances of Final for backtesting FTSE 1 Index Source of FTSE 1 Index Data: Bloomberg. 8
9 FTSE 1 6 Year Defensive Deposit Plan This product has a term of 6 years. At maturity, if the FTSE 1 Index is greater than 9% of its starting level, this product pays a fixed coupon. If the FTSE 1 is below 9% of its starting level, this product returns capital with no additional return. The table below shows the number of occasions on which an investment in this product would have resulted in either a positive return, or a return of capital with no additional return. Positive Return % Return of Capital Only % Total number of tests 6458 The chart below shows the start date of any instances where investment in the FTSE 1 6 Year Deposit Plan would have only resulted in a return of capital, with no additional return: FTSE 1 Index Starting Level Mar 1997 Sept 797 instances of Final for backtesting FTSE 1 Index Source of Index Data: Bloomberg. 9
10 Deposit Plans FTSE 1 4 Year Deposit Plan This product has a term of 4 years. At maturity, if the FTSE 1 is greater than its starting level, this product pays a fixed coupon. If the FTSE 1 is below its starting level, this product returns capital with no additional return. The table below shows the number of occasions on which an investment in this product would have resulted in either a positive return, or a return of capital with no additional return. Positive Return % Return of Capital Only % Total number of tests 6963 The chart below shows the start date of any instances where investment in the FTSE 1 4 Year Deposit Plan would have only resulted in a return of capital, with no additional return: FTSE 1 Index Starting Level Oct 1997 Sept instances of Nov 24 Aug instances of Final for backtesting FTSE 1 Index Source of FTSE 1 Index Data: Bloomberg. 1
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12 For more information visit For technical help call Follow Investec Structured Products The Plans referred to herein are not sponsored, endorsed, or promoted by the index providers, and the index providers bear no liability with respect to any such Plans or any index on which such Plans are based. The prospectus and relevant Plan brochure contains a more detailed description of the limited relationship the index providers have with the license and any related products. Investec Structured Products is a trading name of Investec Bank plc. Investec Bank plc (Reg. no ) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and a member of the London Stock Exchange. Registered at 2 Gresham Street, London EC2V 7QP /TAL715
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