RESILIENT ALTERNATIVES: PUTTING THEORY INTO PRACTICE
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1 RESILIENT ALTERNATIVES: PUTTING THEORY INTO PRACTICE Jupiter Investment Conference 21 September 2016 Mike Buhl-Nielsen Fund Management Director ON THE PLANET TO PERFORM
2 1 Different vehicles for exposure to European markets Performance The views expressed are those of the presenter at the time of preparation and may change in the future. Source: Lipper, gross income reinvested, net of fees, in EUR, to *Launch date: Fund benchmark = Euribor 3m Index.
3 2 Surviving the drawdowns Seeking to minimise downside risk Drawdowns* Worst performance months** 0% -5% -10% -15% -20% Fund performance during worst performing months of the EURO STOXX 50 5% 0% -5% -10% -15% Fund performance during worst performing months of the HFRX Equity Hedge Index 0% Fund EURO STOXX 50 EUR Aug-11 Aug-15 Dec-15 Jan-16 Nov-10 May-12 Jul-11 Jun-16 Apr-12 Jun-13-25% Jupiter Europa L EUR B Acc EURO STOXX 50 EUR HFRX Equity Hedge EUR -30% Jan-10 May-11 Sep-12 Jan-14 May-15 Aug-16-2% -4% -6% Fund HFRX Equity Hedge EUR Aug-11 Sep-11 Jan-16 May-10 May-12 Aug-15 Mar-11 May-11 Jun-11 Sep-15 Past performance is no indication of current or future performance. Performance data does not take into account commissions and costs incurred on the issue and redemption of shares. *Source: Lipper, gross income reinvested, net of fees, in EUR, to **Source: FE, gross income reinvested, net of fees, in EUR, from to Fund: Jupiter Europa L EUR B Acc.
4 CHF 3 Method 1: selecting resilient longs Actelion and the value of founders involvement Actelion share price Actelion founders Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 The views expressed are those of the presenter at the time of preparation and may change in the future. Any stock examples are used for illustrative purposes only and should not be viewed as investment advice. Source: Bloomberg, Note: Jupiter has the permission to use this image. Left to right: André J. Mueller, Jean-Paul Clozel, Martine Clozel, Walter Fischli, Thomas Widmann.
5 4 Method 2: shorting vulnerable stocks A good product does not have to mean a good stock Seadrill 20% Seadrill 0% -20% -40% -60% Position covered on % -100% Sep-13 Feb-14 Jun-14 Oct-14 Mar-15 Jul-15 Nov-15 Mar-16 The views expressed are those of the presenter at the time of preparation and may change in the future. Any stock examples are used for illustrative purposes only and should not be viewed as investment advice. Historical example for illustrative purposes only. Source: Bloomberg, from to
6 5 Method 3: hedging high risk events The unexpected can happen Novo Nordisk share price Jan Jan Jan Jan Feb Feb-13 The views expressed are those of the presenter at the time of preparation and may change in the future. Any stock examples are used for illustrative purposes only and should not be viewed as investment advice. Historical example for illustrative purposes only. Source: Bloomberg, to Note: Jupiter has the permission to use this image.
7 6 The right environment Effective collaboration Mike Buhl-Nielsen Fund Management Director 25 years James Clunie Fund Management Director Head of Strategy 23 years Other Jupiter Investment teams Tommy Kristoffersen Product Specialist 6 years Ivan Kralj Absolute Return Analyst 5 years Fixed Interest & Multi-Asset Independent Funds Cédric de Fonclare Fund Management Director Head of Strategy 17 years Alexander Darwall Fund Management Director Head of Strategy 31 years Environment & Sustainability Global Gregory Herbert Fund Manager 14 years Luca Emo Fund Manager 8 years Financial US Emerging Markets UK Equities Jordane Guillot European Equities Analyst 1> year Note: Years of experience as at
8 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 7 Method 4: adjusting exposure to the market Managing net and gross exposure Exposure evolution* 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% -20% -40% -60% Index Short Long Exposure Gross Exposure Individual Short Net Exposure Source: Bloomberg, *Exposures exclude bonds and cash. Image source: istock.com. Note: Jupiter has purchased the copyright for this image.
9 8 Method 5: managing market risk Index futures and options Jupiter Europa vs. EURO STOXX 50 2% 0% Fund EURO STOXX 50 Index -2% -4% -6% -8% -10% -12% 30-Sep 06-Oct 12-Oct 18-Oct 24-Oct 30-Oct Past performance is no indication of current or future performance. Performance data does not take into account commissions and costs incurred on the issue and redemption of shares. Source: FE, gross income reinvested, in EUR, from to
10 9 Put it all together Portfolio construction Long Core (stocks) Short Core (stocks) Tactical (stocks, index options, stock options) Tactical (stocks, index options, stock options) Total exposure: typically 60% to 100% Total exposure: typically -25% to -75% Not fund restriction, represents fund manager style.
11 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Mar-15 Mar-15 May-15 May-15 Jul-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug and you may get resilience 25% 20% 15% Jupiter Europa L EUR A Acc 11.8% EURO STOXX % Strong performance A history of participating in up-markets and mitigating drawdowns 10% 5% 0% -5% -10% -15% Tapering Growth shock Disillusionment on European QE Fears over US rates The prolonged Greek crisis ECB QE convinces Renminbi devaluation Growth shock ECB QE2 disappoints A well-defined, flexible investment process Seeking to generate outperformance using a range of strategies and instruments across a variety of market conditions The views expressed are those of the presenter at the time of preparation and may change in the future. Past performance is no indication of current or future performance. Performance data does not take into account commissions and costs incurred on the issue and redemption of shares. Source: Morningstar, gross income reinvested, net of fees, in EUR, from to Image source: istock.com. Note: Jupiter has purchased the copyright for this image.
12 11 Agenda Appendix
13 12 Strategy summary Exposure summary Top 10 equity long positions Net assets of the Strategy 57m Top long positions* % Fund Long equity exposure 55.6% Short equity exposure -11.1% Net market exposure ex bonds and cash* 32.7% Gross market exposure ex bonds and cash* 81.7% Number of positions* 144 Long* 65 Short* 79 Hemfosa Fastigheter 3.3 Actelion 3.2 Bayer 2.2 Rubis 1.7 Dong Energy 1.7 Investis Holding SA 1.6 Novo Nordisk 1.6 Orange 1.5 Countryside Properties 1.4 Nokia 1.3 Grand total 19.4 Any holdings are used for illustrative purposes only and should not be viewed as investment advice. Source: Jupiter, *Excludes bond and cash.
14 13 Strategy positioning Sector exposure* Geographical exposure Financials United Kingdom Health Care France Industrials Italy Technology Netherlands Telecommunications Consumer Goods Utilities Consumer Services Basic Materials Oil & Gas Delta Adjusted Options** Short Long Switzerland Germany Sweden Denmark Finland Spain Other*** Delta Adjusted Options** Short Long -20% 0% 20% -20% -10% 0% 10% 20% Source: Jupiter, *Bonds and cash excluded from chart. **This includes equity and index options. ***Other represents other countries. Sector exposure excludes Fixed Interest.
15 14 Performance Jupiter Europa SICAV B share class Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund YTD Euribor 3m YTD EURO STOXX 50 YTD Past performance is no indication of current or future performance. Performance data does not take into account commissions and costs incurred on the issue and redemption of shares. Source: FE, gross income reinvested, net of fees, in EUR, from to The Fund s index is EURIBOR 3m, EURO STOXX 50 is shown as a further comparison. A 15% performance fee applies.
16 15 Performance Jupiter Europa SICAV A share class Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund YTD Euribor 3m YTD EURO STOXX 50 YTD Past performance is no indication of current or future performance. Performance data does not take into account commissions and costs incurred on the issue and redemption of shares. Source: FE, gross income reinvested, net of fees, in EUR, from to The Fund s index is EURIBOR 3m, EURO STOXX 50 is shown as a further comparison.
17 16 Risk data and performance Risk metrics Annualised return since fund launch 3 year 5 year Historic beta Downside risk Sharpe ratio Sortino ratio Since launch p.a. %* Fund 3.5 Euribor 3m 0.5 EURO STOXX Fund volatility EURO STOXX 50 volatility Past performance is no indication of current or future performance. Performance data does not take into account commissions and costs incurred on the issue and redemption of shares. Source: FE, gross income reinvested, net of fees, in EUR, to Fund: Jupiter Europa L EUR B Acc. Risk metrics shown are based on monthly return figures with risk free rate of 1% vs EURO STOXX 50 Index. Fund s benchmark is Euribor 3m Index. *Fund launched on
18 17 Risk department Head of Risk Rupert Corfield Enterprise Risk Investment Risk (x 3) Risk Projects Portfolio Analytics Neil Duncan Team (x 5) Tim Shaw & Tim Wijsbroek Team (x 3) Joanna Lee Team (x 3) Mark Dempsey Team (x 6)
19 18 Investment risk trade cycle Ex-Post Investment idea Ex-Ante Risk Committee, Audit & Risk Committee & Jupiter Boards Reporting Portfolio manager Investment Risk Pre-trade analysis e.g. Liquidity Global risk exposure Counterparty analysis Stress testing Attribution Tracking error Performance Portfolio Analytics Compliance Charles River: Pre-trade compliance checks Back testing Liquidity Investment Risk
20 19 Jupiter risk management process: three lines of defence approach 1 Risk owner Fund manager Charles River, Bloomberg, FactSet, Thinkfolio Independent in-house 2 Risk & Compliance monitoring (Daily) Barra, Bloomberg, Risk department Challenge Process Monthly meeting with PMs Counterparty Review Group (Monthly) FactSet, Riskmetrics Credit Analysts Executive Risk Committee (Quarterly) Risk appetite, KRI s, Risk tolerance, RMP Compliance department Compliance review and advice (On-going) Charles River, Dealing restrictions / mandate breaches 3 Internal audit Audit partner Internal audit review Rolling audit Audit & Risk Committee Reporting
21 20 Jupiter Europa SICAV Fund overview Launch date 4 January 2010 Fund manager Mike Buhl-Nielsen, Lead Fund manager since May 2013, Deputy Fund manager since January 2010 (launch) Legal structure Luxembourg-domiciled UCITS SICAV Custodian, paying agent and administrator J.P. Morgan Bank Luxembourg S.A. Dealing: daily dealing and pricing (cut-off at 1pm CET*) Settlement period: T+3 Business year end 30 September Base currency: EUR Also available: GBP, USD share classes (passive currency hedging) *We recommend that you submit orders before in order to ensure that it is processed in time for the cut-off.
22 21 Jupiter Europa SICAV Share classes Share class Currency Distribution policy 2016 ex date ISIN Bloomberg AMC OCF* L EUR B Acc EUR Accumulation N/A LU JEARLEB LX 1.50% 1.77% L EUR A Acc EUR Accumulation N/A LU JEARLEA LX 1.75% 2.02% D EUR B Acc EUR Accumulation N/A LU JPEDEBA LX 0.75% 1.00% L USD B Acc HSC USD Accumulation N/A LU JUPELBU LX 1.50% 1.77% D USD B Acc HSC USD Accumulation N/A LU JPEUDUA LX 0.75% 1.00% L GBP B Acc HSC GBP Accumulation N/A LU JPTURGB LX 1.50% 1.77% *The Ongoing Charges Figure is an estimate due to a change of the fund s fee structure. It includes the Annual Management Charge and aggregate operating fees chargeable to the fund. Where the fund invests in other funds, the estimate includes the impact of the charges made in those funds. Jupiter does not engage in stock lending. For details of all share classes and fees and charges, please refer to the Prospectus and Annual Report for each financial year. Note: HSC = Hedged.
23 22 Disclosure This presentation is intended for investment professionals and not for the benefit of retail investors. Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term. Any data or views given should not be construed as investment advice. Past performance is no indication of current or future performance. Performance data does not take into account commissions and costs incurred on the issue and redemption of shares. Company examples are for illustrative purposes only and are not a recommendation to buy or sell. Quoted yields are not guaranteed and may change in the future. Awards and ratings should not be taken as a recommendation. Every effort is made to ensure the accuracy of the information but no assurance or warranties are given. It is not an invitation to subscribe for shares in the Jupiter Global Fund (the Company) or any other fund managed by Jupiter Asset Management Limited. The Company is a UCITS fund incorporated as a Société Anonyme in Luxembourg and organised as a Société d investissement à Capital Variable (SICAV). This information is only directed at persons residing in jurisdictions where the Company and its shares are authorised for distribution or where no such authorisation is required. Jupiter Europa SICAV: The fund uses derivatives, which may increase volatility; the fund s performance is unlikely to track the performance of broader markets. Losses on short positions may be unlimited. Counterparty risk may cause losses to the fund. A 15% performance fee applies. The KIID and Prospectus are available from Jupiter on request. This fund can invest more than 35% of its value in securities issued or guaranteed by an EEA state. The sub-fund(s) may be subject to various other risk factors, please refer to the Prospectus for further information. Prospective purchasers of shares of the sub-fund(s) of the Company should inform themselves as to the legal requirements, exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile. Subscriptions can only be made on the basis of the current prospectus and the KIID, accompanied by the most recent audited annual report and semi-annual report. These documents are available for download from The KIID and, where required, the Prospectus, along with other advertising materials which have been approved for public distribution in accordance with the local regulations are available in English, Dutch, French, Finnish, German, Italian, Portuguese, Spanish and Swedish. Before subscribing, please read the Prospectus. Hard copies may be obtained free of charge upon request from any of: The Company Custodian and Administrator: JP Morgan Bank Luxembourg S.A, 6 Route de Trèves, Senningerberg, L-2633, Luxembourg; and from certain of the Company s distributors; Austria: Jupiter Asset Management Limited, Vienna branch, Le Palais Business Residence, Herrengasse 1-3, 1010 Vienna, Austria; Belgium: BNP Paribas Securities Services, Boulevard Louis Schmidt 2, 1040 Brussels, Belgium; France: CACEIS Bank France, 1/3 Place Valhubert, Paris, France; Germany: Jupiter Asset Management Limited, Munich branch, whose registered office is at: Apartment 6, Weissenburger Platz 3, Munich, Germany; from Jupiter Asset Management Limited, Frankfurt branch, whose registered office is at: Roßmarkt 10, Frankfurt, Germany; Italy: BNP Paribas Securities Services, Milan branch, Piazza San Fedele 1/3, Milano, Italy. The Fund has been registered with the Commissione Nazionale per le Società e la Borsa (CONSOB) for the offer in Italy to retail investors; Luxembourg: the Company's registered office; 6 Route de Trèves, Senningerberg, L-2633, Luxembourg; Spain: Allfunds Bank, C/ La Estafeta 6, Edificio 3, Alcobendas, Madrid, Spain. For the purposes of distribution in Spain, the Company is registered with the Spanish Securities Markets Commission Comisión Nacional del Mercado de Valores ( CNMV ) under registration number 1253, where complete information, including a copy of the marketing memorandum, is available from the Company authorised distributors. Sweden: Jupiter Asset Management Limited, Nordic branch, 4th Floor, Strandvagen 7A, Stockholm, Sweden; Switzerland: Copies of the Memorandum and Articles of Association, the Prospectus, KIIDs and the annual and semi-annual reports of the Company may be obtained free of charge from the Company s representative and paying agent in Switzerland, BNP Paribas Securities Services, Paris, Succursale de Zurich, whose registered office is at Selnaustrasse 16, 8002 Zurich, Switzerland; United Kingdom: Jupiter Asset Management Limited (the Investment Manager), registered address: The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ, United Kingdom. Industry Classification Benchmark ( ICB ) is a product of FTSE International Limited ( FTSE ) and all intellectual property rights in and to ICB vest in FTSE. Jupiter Asset Management Limited has been licensed by FTSE to use ICB. FTSE is a trade mark owned by the London Stock Exchange Plc and is used by FTSE under licence. FTSE and its licensors do not accept liability to any person for any loss or damage arising out of any error or omission in ICB. Issued by The Jupiter Global Fund and, in some instances, Jupiter Asset Management Limited which is authorised and regulated by the Financial Conduct Authority. No part of this presentation may be reproduced in any manner without the prior permission of the Company or Jupiter Asset Management Limited _66466_EUROPA SICAV JIC 2016 ON THE PLANET TO PERFORM
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