Swisscanto Invest by Zürcher Kantonalbank

Transcription

1 Swisscanto Invest by Zürcher Kantonalbank 100% «Swiss made» Asset Management April 2017

2 Asset Management, Zürcher Kantonalbank We stand for these values... Investment competency and innovation: A global and innovative product and service offering enables access to a tailored investment solution in accordance with your needs 100% «Swiss made» Asset Management Consistent service at a fair price: We stand for consistent added value and stable performance at a fair price «Swiss made»: We are the largest asset manager exclusively producing in Switzerland, incl. support and sales locally we speak your language Security: As an asset manager of a strong bank with a first-class rating (AAA) we guarantee security Certified: As one of the few providers in Switzerland, we have an ISO 9001 certified management system 2

3 Zürcher Kantonalbank Close to you - a strong partner as at Dec 2016 We are a full-service bank, based in the Greater Zurich Area and with a global network, offering a unique combination of customer proximity, competence and responsibility Net income from operations CHF 761 million Return on equity (ROE) 7.4% Core capital ratio (Tier 1) 17.5% Inter- nationally successful Preferred partner for investment and asset management solutions Trade, trade finance, interbank business Private Banking S&P / Moody s / Fitch ratings AAA / Aaa / AAA Top national provider First-class provider for investment and asset management solutions Trading & capital markets Complex financing Number one in the Greater Zurich area Leading financial services provider 3

4 Mar 17 Facts & Figures Development and milestones as at Mar 2017 Assets under Management: CHF billion* 180 Number of funds/ast vehicles: 255 Number of employees: Launch of volatility fund Rebranding of Swisscanto Invest by Zürcher Kantonalbank Launch of Swisscanto AST Hypotheken Schweiz 2015 Acquisition of the Swisscanto Group becoming the third largest fund provider in Switzerland 2013 Launch of first fixed maturity corporate bond funds Strengthening of indexed solutions Formation of a 20-strong team of specialists Launch of ZKB precious metal ETFs Purchase of majority interest in Adamant 2009 Launch of first indirect CH real estate fund * Assets under management incl. double counting (fund of funds and Swisscanto investment foundations) 4

5 Facts & Figures Assets under Management as at Mar 2017 Asset Classes Mrd. CHF Management Style Mrd. CHF Fixed Income 55.5 Equities 34.8 Multi-Asset 34.2 Real Estate 11.7 Active - Fundamental 81.6 Active - Rule-based 11.8 Passive 62.5 Alternative Solutions 9.8 Overlay Solutions (only) 7.7 Environment Social Governance (ESG) Mrd. CHF 5.1 CHF billion (28.7) Swisscanto investment foundations/avant 19.4 Fund solutions (CH) Switzerland (10.1) 65.5 Fund solutions (LU) Luxembourg (9.6) 11.4 ETFs (7.7) 7.7 Certificates (0.3) 0.3 Mandate solutions (1.0) 42.3 Modular access (active & core select/cooperations) 7.1 (Werte in Klammern) = Anteil Retail Assets in Mrd. CHF Fixed Income 0.8 Equities 2.3 Multi-Asset 1.9 5

6 Asset Management, Zürcher Kantonalbank An overview of our areas of competence Environment Social Governance (ESG) Solutions Fixed Income Equities Multi-Asset Real Estate Alternative Solutions Overlay Solutions Access Management Style: Active (Fundamental & Rule-based) CHF Total Market Domestic, Foreign Global High Grade Corporate Aggregate High Yield Emerging Market Debt Money Market Absolute Return Hybrids CoCo Convertibles CHF Total Market Domestic, Foreign 1-5Y Global High Grade Corporate Aggregate Management Style: Passive Inflation-Linked Switzerland Total Market Small & Mid Caps Global World Europe North America Asia-Pacific Emerging Markets Themes Sustainable topics Others (Infrastructure, Consumer, etc.) Switzerland Total Market Large Caps Small & Mid Caps Global World Europe North America Asia-Pacific Emerging Markets Relative Return Strategies classic Pensions (BVG3) Target Risk Strategies dynamic SRK Charity Relative return Pensions (BVG3) Direct Switzerland Commercial Residential Mixed Indirect Switzerland Indirect Switzerland Indirect World Europe North America Asia-Pacific Commodity Mixed FoHF Diversified Strategies Others Volatility Mixed Alternative Risk Premiums Commodity Mixed Precious Metals Gold Silver Platinum Palladium Global Currency Tactical Asset Allocation (TAA) Tail Risk Funds CH law LUX / UCITs Investment foundation AST vehicles Certificates AM mandates Categories Blended Individual securities Cooperations Modular access (building block system for institutional customers) Volume models for CIOs of third-party banks 6

7 7 Fixed income

8 Fixed income Assets under Management as at Mar 2017 Fixed Income Mrd. CHF 55.5 CHF 29.2 Global High Grade 4.9 Global Corporate 7.4 Global Aggregate 6.6 Global High Yield 0.7 CoCo 0.5 Convertibles 0.2 Emerging Market Debt 0.4 Money Market 3.8 Absolute Retrun 1.4 Style: Active Mrd. CHF 37.0 CHF 17.8 Global High Grade 2.3 Global Corporate 3.8 Global Aggregate 6.1 Global High Yield 0.7 CoCo 0.5 Convertibles 0.2 Emerging Market Debt 0.4 Money Market 3.8 Absolute Retrun 1.4 Style: Passive Mrd. CHF 18.5 Inflation-Linked 0.4 CHF billion (8.4) 55.5 Swisscanto investment foundations/avant 5.0 Fund solutions (CH) Switzerland (4.1) 31.4 Fund solutions (LU) Luxembourg (4.3) 5.5 Mandate solutions 13.0 Modular access (active & core select/cooperations) 0.6 (Werte in Klammern) = Anteil Retail Assets in Mrd. CHF CHF 11.4 Global High Grade 2.6 Global Corporates 3.6 Global Aggregate 0.5 Inflation-Linked 0.4 8

9 Fixed income Investment opportunities - funds (I) Management Style Active (Fundamental) Passive Fund domicile (CH) Switzerland (LU) Luxembourg (CH) Switzerland CHF Total Market (CH) BF 1 CHF (I), (II) (CH) BF Vision CHF (CH) BF Frankenertrag (CH) Index BF Total Market AAA-BBB 1-5Y (CH) Index BF Total Market AAA-BBB 1-5Y Domestic (CH) BF Domestic CHF (CH) Index BF Total Market AAA-BBB Domestic Foreign (CH) BF Foreign (LU) BF CHF (LU) BF Medium Term CHF (CH) Index BF Total Market AAA-BBB Foreign Global High Grade (CH) BF Top (EUR, USD) (CH) BF JPY (LU) BF International (LU) BF (EUR, GBP, USD, CAD, AUD) (LU) BF Medium Term (EUR, USD) (CH) Index BF EMU Govt. (CH) Index BF (Länderbausteine 2 ) Govt. (CH) Index BF World Rest Govt. (CH) Index BF World ex EUR/USD/CHF Govt. (CH) Index BF World ex CHF Govt. / hedged CHF Corporate (CH) BF Corp. hedged CHF (CH) BF Corporate 2018 (CH) BF Corp. EUR (CH) BF Plus (EUR, USD) (LU) BF Global Corp. hedged (CHF, USD, EUR) (CH) Index BF Corp. (EUR, USD) (CH) Index BF Corp. World ex EUR/USD (CH) Index BF Corp. World / hedged CHF Aggregate (CH) BF International (I), (II), (III) (CH) BF International Nachhaltigkeit (CH) BF Vision EUR (CH) Anlagezielfonds Zinsertrag (CH) Anlagezielfonds Nachhaltigkeit Zinsertrag (CH) Index BF Global Aggregate (ab Sept. 2016) 1 BF = Bond Fund 2 z.z. Countries currently available: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Netherlands, Spain, UK, Canada, USA, Japan, Australia 9

10 Fixed income Investment opportunities - funds (II) Management Style Active (Fundamental) Passive Fund domicile (CH) Switzerland (LU) Luxembourg (CH) Switzerland High Yield (CH) BF 1 Global High Yield CHF (LU) BF Secured High Yield (CHF, USD, EUR) (LU) BF Short Term Global High Yield (CHF, USD, EUR) Emerging Market Debt Sammelstiftung EmMa Debt. Money Market (CH) Money Market Fonds CHF (LU) Money Market Fonds (CHF, EUR, GBP, USD, CAD, AUD) Absolute Return (LU) BF Global Absolute Return hedged (CHF, USD, EUR) (LU) BF EmMa Absolute Return hedged (CHF, USD, EUR) (LU) BF Global Credit Opportunities hedged (CHF, EUR) Hybrids CoCo. (LU) BF COCO hedged (CHF, EUR, USD, SEK) Convertibles (CH) BF Convertible International hedged CHF (LU) BF Global Convertible hedged (CHF, USD, EUR) Inflation Linked. (CH) Index BF Inflation Linked hedged CHF 1 BF = Bond Fund 10

11 Fixed income Investment opportunities - investment foundation Management Style Active (Fundamental) Passive CHF Total Market AST Obligationen CHF Index Domestic Foreign AST 1 Obligationen Schweiz AST Obligationen Ausland CHF Global High Grade Corporates AST Obligationen Ausland Fremdwährungen AST Obligationen Ausland Fremdwährungen hedged CHF AST Obligationen Ausland Fremdwährungen hedged CHF ex EUR AST Europa Top AST Dollar Top AST Obligationen Yen AST Obligationen Europa Plus AST Obligationen Dollar Plus Hybrids Convertibles AST Convertibles International hedged CHF Mortgages AST Hypotheken Schweiz 1 AST = Swisscanto investment foundation (for tax-exempted retirement benefit plans of pillars 2 and 3a with domicile in Switzerland) 11

12 Fixed Income - Champions Swisscanto (CH) Bond Fund CHF (II) % Portfolio manager: % 2.0% Sandro Grimm Dipl. Chem Ing. ETH FRM, CFA % (9 years' experience) % % % -0.5% Facts & Figures: Approach Balanced interest and credit allocation as well as targeted selection of securities % Characteristics Modified Duration 7.12 Domestic and foreign debtors (min. BBB) Outperformance Fund (gross) Swiss Bond Index (SBI) AAA-BBB (TR) Fund BM relative TE (ex post) Last month -0.66% -0.76% 0.10% Last year -0.48% -0.76% 0.27% 0.32% Last 3 years 9.26% 8.21% 1.06% 0.34% Last 5 years 14.60% 12.10% 2.50% 0.37% from % 35.16% -0.47% 0.55% YTD 1.79% 1.32% 0.47% Source: Swisscanto Invest, as of / TE = Tracking Error / BM = Benchmark Number of securities 406 (~20% foreign debtors) Launch Fund volume* CHF 1, million 1Y Net flows* CHF million Open classes NT, GT, DT, AA * Cumulative volume across all investment classes 12

13 Fixed Income - Champions Swisscanto (CH) Bond Fund Corporate hedged CHF % Portfolio manager: % Maurizio Pedrini lic. oec. publ. CEFA % (27 years' experience) % % % Facts & Figures: % Approach Targeted selection of securities (top-down and bottom-up) Outperformance Fund Hedged CHF (gross) Merrill Lynch Global Broad Market Corporate Bond Index H in CHF Fund Hedged CHF BM relative TE (ex post) Last month -0.02% -0.27% 0.25% Last year 3.44% 1.64% 1.79% 0.82% Last 3 years 11.00% 7.54% 3.46% 1.02% Last 5 years 25.37% 17.42% 7.95% 0.87% from % 33.66% 8.82% 0.91% YTD 1.26% 0.96% 0.30% Source: Swisscanto Invest, as of / TE = Tracking Error / BM = Benchmark -1.0% Characteristics Investment grade corporates Modified Duration 5.80 Number of securities 333 Launch Fund volume* CHF 1, million 1Y Net flows* CHF million Open classes AAH, DAH, DTH, GTH, NTH * Cumulative volume across all investment classes 13

14 Fixed Income - Champions Swisscanto (LU) Bond Fund Global Convertible % Portfolio manager: % Peter Meier lic. oec. publ % (28 years' experience) % % % Facts & Figures: % Approach Targeted selection of securities (top-down und bottom-up) focus on high quality % Characteristics Effective duration 2.00 Convertible bonds with a delta of 0.3 to 0.7 Outperformance Fund Hedged CHF (gross) UBS Global Covertible Bond Index H CHF Fund Hedged CHF BM relative TE (ex post) Last month 0.68% 0.30% 0.38% Last year 5.64% 8.74% -3.10% 1.40% Last 3 years 10.20% 9.47% 0.73% 2.42% Last 5 years 32.90% 40.32% -7.42% 2.31% from % 40.31% -9.22% 2.43% YTD 2.86% 3.07% -0.21% Source: Swisscanto Invest, as of / TE = Tracking Error / BM = Benchmark Number of securities 51 Launch Fund volume* 1Y Net flows* Open classes CHF million CHF 2.08 million HCHF: GTH, ATH / HEUR: GTH, DTH, ATH/ USD: GT, DT, AT * Cumulative volume across all investment classes CHF, EUR & USD 14

15 15 Equities

16 Equities Assets under Management as at Mar 2017 Overall Mrd. CHF 34.8 Style: Active Mrd. CHF 13.7 Switzerland 12.9 World 12.4 Europe 2.4 North America 2.9 Asia-Pacific 1.4 Emerging Markets 2.1 Themes 0.8 Switzerland 5.2 World 5.9 Europe 0.5 North America 0.3 Asia-Pacific 0.4 Emerging Markets 0.7 Themes 0.8 Style: Passive Mrd. CHF 21.1 CHF billion (4.1) 34.8 Swisscanto investment foundations/avant 3.2 Fund solutions (CH) Switzerland (2.8) 26.0 Fund solutions (LU) Luxembourg (1.0) 1.5 Certificates (0.1) 0.2 Mandate solutions (0.2) 3.7 Modular access (active & core select/cooperations) 0.2 (Werte in Klammern) = Anteil Retail Assets in Mrd. CHF Switzerland 7.7 World 6.5 Europe 1.9 North America 2.6 Asia-Pacific 1.0 Emerging Markets

17 Equities Investment opportunities - funds (I) Management Style Active (Fundamental & Rule-based) Passive Fund domicile (CH) Switzerland (LU) Luxembourg (CH) Switzerland Switzerland Total Market (CH) EF 1 Switzerland (I), (II), (III), (IV) (CH) EF Value Switzerland (CH) EF Tiger (CH) Index EF Switzerland Total (CH) Index EF Switzerland Large Caps Small & Mid Caps (CH) EF Small & Mid Caps, (I), (II), (III) CH) Index EF Switzerland Small & Mid Caps Global World (Total Market) (CH) EF World ex CH (I), (II) (CH) IPF 2 II EF World ex CH (CH) EF Nachhaltigkeit International (CH) EF Nachhaltigkeit Large Cap (CH) EF Green Invest (CH) Anlagezielfonds Kapitalgewinn (LU) PF 3 Equity (LU) PF Green Invest Equity (LU) EF Selection International (CHF, EUR) (CH) Index EF World ex CH (CH) IPF I Index EF World ex CH / hedged CHF (CH) IPF I Index EF World ex CH Responsible / hedged CHF (CH) Index EF World ex US ex CH / hedged CHF (CH) EF World enhanced (CH) IPF I EF World enhanced Nachhaltig (CH) EF International World (Small & Mid Caps) World (Small Caps) Europe (CH) EF Nachhaltigkeit Small & Mid Cap (CH) EF Europe (I), (II) (CH) EF Europe ex CH (CH) EF Euroland (LU) EF Top Dividend Europe (CH) Index EF Small Cap World ex CH (CH) IPF I Index EF Small Cap World ex CH (CH) Index EF Europe ex CH North America (CH) EF North America (LU) Equity Fund Selection North America (CHF, EUR) (CH) Index EF USA (CH) IPF I Index EF USA / hedged CHF (CH) Index EF Canada 1 EF = Equity Fund 2 IPF = Institutional Pension Funds (U.S. withholding tax-ready only for Swiss retirement benefit plans of the 2nd pillar) 3 PF = Portfolio Fund 17

18 Equities Investment opportunities - funds (II) Management Style Active (Fundamental & Rule-based) Passive Fund domicile (CH) Switzerland (LU) Luxembourg (CH) Switzerland Asia-Pacific (CH) EF 1 Asia Pacific (CH) EF Asia (LU) EF Small & Mid Caps Japan (CHF, EUR) (CH) Index EF Japan (CH) Index EF Pacific ex Japan CHF Emerging Markets (CH) EF Emerging Markets (LU) EF Green Invest Emerging Markets (CH) Index EF Emerging Markets CHF Themes Sustainable topics. (LU) EF Global Water (LU) EF Global Climate Others (CH) EF Global Financials (CH) EF Global Defensive (CH) EF Global Ressources (CH) EF Global Health Care (CH) EF Global Consumers (CH) EF Global Infrastructure (LU) EF Global Innovation Leaders (LU) EF Global Energy 1 EF = Equity Fund 18

19 Equities Investment opportunities - investment foundation Management Style Active (Fundamental & Rule-based) Passive Switzerland Total Market AST 1 Aktien Schweiz AST Aktien Schweiz Index Small & Mid Caps AST Aktien Schweiz Small & Mid Caps AST Aktien Small & Mid Caps Schweiz Index Global World (Total Market) Europe AST Avant 2 Aktien Ausland AST Aktien Ausland WT AST Avant Responsible Invest AST Aktien Europa AST Avant Aktien Ausland Index North America AST Avant Aktien Amerika AST Avant Aktien USA Index Asia-Pacific AST Aktien Asien/Pazifik Emerging Markets AST Aktien Emerging Markets Index 1 AST = Swisscanto Investment Foundation (for tax-exempted retirement benefit plans of pillars 2 and 3a with domicile in Switzerland) 2 Avant = Swisscanto Investment Foundation Avant (U.S. withholding tax-ready only for Swiss retirement benefit plans of the 2nd pillar) 19

20 Equities - Champions Swisscanto (CH) Equity Fund World enhanced % 4.0% 3.0% 2.0% Portfolio manager: Roger Rüegg MSC UZH ETH in Quantitative Finance (6 years' experience) % Outperformance Fund (gross) MSCI Word ex Schweiz (NR) Fund BM relative TE (ex post) Last month 0.89% 0.97% -0.08% Last year 20.32% 20.17% 0.16% 1.09% Last 3 years 37.56% 33.97% 3.59% 1.17% Last 5 years 86.76% 73.80% 12.96% 1.07% from % 85.29% 20.93% 1.08% YTD 4.71% 4.70% 0.01% Source: Swisscanto Invest, as of / TE = Tracking Error / BM = Benchmark 0.0% -1.0% -2.0% Facts & Figures: Approach Characteristics Turnover ~100% Number of securities Launch Fund volume* 1Y Net flows* Open classes Rule-based factor combination model of 'value', 'momentum' and 'quality' factors Country & sector neutrality / 100% long ~ 400 (vs. ~1,600 in BM) CHF 1, million CHF million * Cumulative volume across all investment classes NT,GT, DT, FA, IPF NH CHF 20

21 Equities - Champions Swisscanto (LU) Equity Fund Selection International % Portfolio manager: % Michael Bretscher Dipl. Ing. FH CFA (11 years' experience) % % Facts & Figures: % Approach Rule-based factor combination model of 'value', 'momentum' and 'quality' factors % Characteristics Turnover ~150% Sector neutrality / 130% long 30% short Outperformance Fund CHF (gross) MSCI Word ex Schweiz (NR) Fund CHF BM relative TE (ex post) Last month 1.25% 0.97% 0.28% Last year 18.71% 20.17% -1.46% 1.85% Last 3 years 38.34% 33.97% 4.37% 2.27% Last 5 years 85.19% 73.81% 11.37% 2.43% from % % 56.62% 2.94% YTD 4.36% 20.17% % Source: Swisscanto Invest, as of / TE = Tracking Error / BM = Benchmark Number of securities ~ 350 (vs. ~1,600 in BM) Launch Fund volume* CHF million 1Y Net flows* CHF (53.81) million Open classes CHF: GT, DT, AT / EUR: JT, GT, DT, AT * Cumulative volume across all investment classes CHF & EUR 21

22 Equities - Champions Swisscanto (CH) Equity Fund Switzerland (III) / (IV) % Portfolio manager: % Thomas Bruhin HWV CEFA % (24 years' experience) % % % Facts & Figures: % Approach Undervalued market leader, and/or niche player with good market position % Characteristics Turnover ~85% Based on primary research. Outperformance Fund CH III (gross) Swiss Performance Index (TR) Fund (CH III) BM relative TE (ex post) Last month 3.15% 2.89% 0.26% Last year 17.55% 15.89% 1.66% 1.07% Last 3 years 21.53% 17.50% 4.03% 1.01% Last 5 years 78.75% 68.62% 10.13% 1.04% from % 67.83% 16.77% 1.28% YTD 7.99% 7.50% 0.49% Source: Swisscanto Invest, as of / TE = Tracking Error / BM = Benchmark Number of securities ~50 (vs. ~210 in BM) Launch Fund volume* CHF 1, million 1Y Net flows* CHF million Morningstar rating Open classes (III)AA, (III)DT, (III)GT, (IV)NT * Cumulative volume across all investment classes (III) & (IV) 22

23 23 Multi Asset

24 Multi-Asset Assets under Management as at Mar 2017 Overall Mrd. CHF 34.2 Style: Active Mrd. CHF 23.0 Relative Return 27.5 Target Risk 0.6 Modular Access 6.1 Relative Return 22.3 Target Risk 0.6 Modular Access 0.2 Style: Passive Mrd. CHF 11.2 CHF billion (7.4) 34.2 Swisscanto investment foundations/avant 5.0 Fund solutions (CH) Switzerland (2.1) 2.8 Fund solutions (LU) Luxembourg (4.3) 4.3 Mandate solutions (0.8) 16.0 Modular access (active & core select/cooperations) 6.1 (Werte in Klammern) = Anteil Retail Assets in Mrd. CHF Relative Return 5.3 Modular Access

25 Multi Asset Investment opportunities - fund & investment foundation Management Style Active (Fundamental & Risk-based) Passive Fund domicile /AST (CH) Switzerland / AST (LU) Luxembourg (CH) Switzerland / AST Relative Return Strategies classic (CH) Anlagezielfonds Einkommen (CH) Anlagezielfonds Ausgewogen (CH) Anlagezielfonds Wachstum (CH) PF Valca (CH) PF World 45 (CH) PF World 30 (CH) Anlagezielfonds Nachhaltigkeit Einkommen (CH) Anlagezielfonds Nachhaltigkeit Ausgewogen (LU) PF 1 Yield (CHF, EUR) (LU) PF Income (CHF, EUR) (LU) PF Balanced (CHF, EUR) (LU) PF Growth (CHF, EUR) (LU) PF Green Invest Yield (CHF, EUR) (LU) PF Green Invest Income (CHF, EUR) (LU) PF Green Invest Balanced (CHF, EUR). Vorsorge (BVG3) BVG 3 Portfolio 10/25/45/75 BVG 3 Life Cycle 2015/2020/2025 BVG 3 Oeko 45 AST 2 BVG Portfolio 10/25/45 AST Avant 3 BVG Portfolio 10/25/45 (CH) PF Green Invest AST BVG 3 (CH) Vorsorge Fonds 20 Passiv (CH) Vorsorge Fonds 45 Passiv (CH) Vorsorge Fonds 75 Passiv BVG 3 Index 45 (AST) Target Risk Strategies dynamic (CH) PF Target Risk 5% BVG 3 Dynamic 0-50 (CH) PF Target Risk 5% AST BVG 3 (LU) PF Dynamic 0 50 (LU) PF Dynamic SRK Charity (CH) Swiss Red Cross Charity Fund. 1 PF = Portfolio Fund 2 AST = Swisscanto Investment Foundation (for tax-exempted retirement benefit plans of pillars 2 and 3a with domicile in Switzerland) 3 Avant = Swisscanto Investment Foundation Avant (U.S. withholding tax-ready only for Swiss retirement benefit plans of the 2nd pillar) 25

26 Multi-Asset - Champions Swisscanto (CH) Portfolio Fund World 30 / World % Portfolio manager: % Reto Niggli Lic.rer.pol. CIIA 150 (15 years' experience) % % 110 Facts & Figures: % Approach Combination of top-down and bottom-up Outperformance Fund World 30 (gross) Customized Benchmark -1.0% Characteristics Number of securities 351 / 369 Broadly diversified, equities portion between 20% and 40%, BVV2-compliant, no alternative investments Launch / Fund (World 30) BM relative TE (ex post) Last month 0.31% 0.11% 0.20% Last year 5.30% 4.33% 0.97% 0.82% Last 3 years 12.95% 13.98% -1.03% 0.84% Last 5 years 28.52% 27.94% 0.59% 0.78% from % 70.74% 1.91% 0.76% YTD 2.34% 1.92% 0.42% Source: Swisscanto Invest, as of / TE = Tracking Error / BM = Benchmark Fund volume* Awards 2016 Open classes CHF million Lipper Awards Switzerland, Mixed Asset CHF Conservative, ranking: 1st for 3 years World 30: A,P / World 45: A,P,R dist * Cumulative volume across all investment classes World 30 & World 45 26

27 Multi-Asset - Champions Swisscanto (LU) Portfolio Fund Green Invest Balanced % 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% Portfolio manager: Gerhard Wagner Dr.rer.nat. ETHZ, Physicist CFA (21 years' experience) Facts & Figures: Approach Characteristics Turnover ~110% Industry leaders, innovators and debtors from a sustainable universe Selection according to ESG criteria Outperformance Fund EUR (gross) Customized Benchmark Fund (EUR) BM relative TE (ex post) Last month 0.34% 0.26% 0.08% Last year 10.86% 11.07% -0.21% 2.14% Last 3 years 23.97% 28.79% -4.82% 2.08% Last 5 years 49.81% 54.54% -4.73% 2.01% from % 81.26% -1.87% 3.28% YTD 4.14% 3.04% 1.10% Source: Swisscanto Invest, as of / TE = Tracking Error / BM = Benchmark Number of securities 120 Launch Fund volume* CHF million 1Y Net flows* CHF (31.73) million Open classes EUR: AA,AT / CHF: AA, AT, BT * Cumulative volume across all investment classes EUR & CHF 27

28 28 Real Estate

29 Real Estate Assets under Management as at Mar 2017 Overall Mrd. CHF 11.7 Style: Active Mrd. CHF 10.2 Direct Switzerland 8.1 Indirect Switzerland 3.2 Indirect World 0.4 Direct Switzerland 8.1 Indirect Switzerland 1.8 Indirect World 0.3 Style: Passive Mrd. CHF 1.5 CHF billion (1.07) Swisscanto investment foundations/avant 6.24 Fund solutions (CH) Switzerland (1.07) 3.59 Mandate solutions 1.80 Modular access (active & core select/cooperations) 0.04 (Werte in Klammern) = Anteil Retail Assets in Mrd. CHF Indirect Switzerland 1.4 Indirect World

30 Real Estate Investment opportunities - fund & investment foundation Management Style Active (Fundamental) Passive Fund domicile /AST (CH) Switzerland / AST (LU) Luxembourg (CH) Switzerland Direct Switzerland Commercial Residential Mixed (CH) Real Estate Fund Swiss Commercial (CH) Real Estate Fund Ifca AST 1 Immobilien Schweiz Indirect Switzerland (CH) Real Estate Fund Switzerland indirect (I), (II) (CH) Index REF 2 Switzerland indirect CHF Indirect World Global AST Avant 3 Immobilien Ausland Europe North America Asia-Pacifc (CH) Index REF Europe (ex CH) indirect CHF (CH) IPF 4 I Index REF North America indirect (CH) Index REF Asia indirect CHF 1 AST = Swisscanto investment foundation (for tax-exempted retirement benefit plans of pillars 2 and 3a with domicile in Switzerland) 2 REF = Real Estate Fund 3 Avant = Swisscanto Investment Foundation Avant (U.S. withholding tax-ready only for Swiss retirement benefit plans of the 2nd pillar) 4 IPF = Institutional Pension Funds (U.S. withholding tax-ready only for Swiss retirement benefit plans of the 2nd pillar) 30

31 Real Estate - Champions Swisscanto (CH) Real Estate Fund Ifca % Portfolio manager: Andreas Meier % % % % Facts & Figures: % Approach Primarily residential real estate in Switzerland % Characteristics Premium 30.40% Direct real estate fund Outperformance Fund Total Return (gross) SXI Real Estate Funds Index Fund BM relative TE (ex post) Last month 2.13% 0.31% 1.82% Last year 13.96% 7.65% 6.30% 5.50% Last 3 years 35.94% 29.07% 6.87% 6.19% Last 5 years 41.63% 33.60% 8.04% 5.65% from % 81.38% 17.31% 5.67% YTD 6.51% 4.05% 2.46% Source: Swisscanto Invest, as of / TE = Tracking Error / BM = Benchmark Return on investment 6.96% Distribution yields 2.42% Launch Fund volume CHF million 1Y Net flows No capital increase in the last year Open classes Listed on the Swiss Stock Exchange (SXI) 31

32 32 Alternative Solutions

33 Alternative Solutions Assets under Management as at Mar 2017 Overall Mrd. CHF 9.8 Style: Active Mrd. CHF 1.6 Precious Metals 8.0 Commodity 1.4 FoHF 0.3 Others 0.1 Commodity 1.2 FoHF 0.3 Others 0.1 Style: Passive Mrd. CHF 8.2 CHF billion (7.7) 9.8 Fund solutions (CH) Switzerland 1.6 Fund solutions (LU) Luxembourg 0.1 ETFs (7.7) 7.7 Certificates 0.1 Mandate solutions 0.1 Modular access (active & core select/cooperations) 0.2 (Werte in Klammern) = Anteil Retail Assets in Mrd. CHF Precious Metals 8.0 Commodity

34 Alternative Solutions Investment opportunities - funds Management Style Active (Fundamental & Rule-based) Passive Fund domicile (CH) Switzerland (LU) Luxembourg (CH) Switzerland / ETF Commodity Balanced (CH) Rohstoff Fonds (USD, CHF) (LU) - Commodity Fund ex-agriculture & Livestock (CH) Index Commodity Fund hedged CHF Energy tilt (CH) Commodity Fund Selection FoHF Mixed Strategies (CH) Alternative Fund Diversified (CHF, USD, EUR) Precious Metals Gold Silver Platinum Palladium (CH) Index Precious Metal Fund Gold Physical (CHF, USD) ZKB Gold ETF (CHF, EUR, GBP, USD) / hedged (CHF, EUR, GBP) ZKB Silver ETF (CHF, EUR, USD) / hedged (CHF, EUR) ZKB Platinum ETF CHF ZKB Palladium ETF CHF Others Volatility (LU) EF 1 Systematic Volatility CHF / hedged (EUR, USD) Mixed Alternative Risk Premiums ZKB Multi Asset Alternative Risk Premia (still as cerfiticate, fund from autumn 17) 1 EF = Equity Fund 34

35 Alternative Solutions - Champions Swisscanto (CH) Commodity Fund % 1% 0% -1% -2% Portfolio manager: Hans Brandt MSc Math. Finance ETH/Chalmers BSC in Economics (9 years' experience) Outperformance Fund USD (gross) Bloomberg Commodity Index in USD (TR) Fund (USD) BM relative TE (ex post) Last month -3.19% -2.66% -0.53% Last year 9.74% 8.71% 1.03% 4.08% Last 3 years % % 7.78% 3.83% from % % 8.82% 3.10% YTD -4.86% 8.71% % Source: Swisscanto Invest, as of // TE = Tracking Error / BM = Benchmark -3% -4% -5% -6% Facts & Figures: Approach Characteristics Turnover ~100% Number of securities Combination of macro, fundamentals, technology and sentiment Liquid commodity futures 23 (vs. 20 in the BM) Launch Fund volume* 1Y Net flows* Open classes CHF 568 million CHF 10 million USD: NT,GT,DT,CA,AA CHF: NT,GT,DT,CA,AA * Cumulative volume across all investment classes USD & CHF 35

36 36 Recognitions & Organisation

37 Asset Management, Zürcher Kantonalbank Awards and recognitions The Swisscanto Invest funds are regularly recognised with top rankings nationally and internationally. Year Award Funds Placing Category Universe 2017 Lipper Swisscanto (CH) Portfolio Fund World 30 A 1st place for 5 years Mixed Asset CHF Conservative Schweiz 2017 Lipper Swisscanto (LU) Equity Fund Global Energy AT 1st place for 5 years Equity Sector Energy Schweiz 2017 URO Swisscanto (LU) Equity Fund Global Energy AT 1st place for 10 years Energy equity fund Deutschland 2016 Lipper Swisscanto (CH) Index Bond Fund CHF (I) A 1st place for 3 years Bond Swiss Franc Switzerland 2016 Lipper Swisscanto (CH) Portfolio Fund World 30 A 1st place for 3 years Mixed Asset CHF Conservative Switzerland 2016 Lipper Swisscanto (CH) Portfolio Fund Valca A 1st place for 10 years Mixed Asset CHF Aggressive Switzerland 2016 Lipper Swisscanto (LU) Portfolio Fund Yield A 1st place for 3 years Mixed Asset CHF Conservative Europe 2016 Lipper Swisscanto (LU) Portfolio Fund Yield A 1st place for 5 years Mixed Asset CHF Conservative Europe 2016 Lipper Swisscanto (LU) Portfolio Fund Yield A 1st place for 10 years Mixed Asset CHF Conservative Germany 2015 Morningstar Swisscanto (CH) Portfolio World 45 1st place CHF Allocation Switzerland 2015 Morningstar Swisscanto (LU) Equity Fund Selection International B 1st place Global Equity Switzerland 2015 FERI EuroRating Swisscanto (LU) Equity Fund Selection International B Winner Shares World Europe 2015 FERI EuroRating Swisscanto (CH) Bond Market Tracker CHF Top Obligations CHF Europe 2015 FERI EuroRating Swisscanto (LU) Bond Invest Secured High Yield H Top Fund Innovations Europe 2015 URO Swisscanto (LU) Equity Fund Selection Energy B 3rd place for 5 years Energy equity fund Europe 2015 URO Swisscanto (LU) Equity Fund Small & Mid Caps Japan B 1st place for 10 years Equity Fund Japan Small and Mid Caps Europe 37

38 Asset Management, Zürcher Kantonalbank Organisation Institutionals & Multinationals Dr Stephanino Isele Fin. Institutions & Multinationals Swiss Banks Trading, Sales & Capital Market Asset Management Iwan Deplazes Custody Research Risk management Staff Fixed income Benno Weber Equities & Themes Dr René Nicolodi Multi Asset Alex Schöb Real Estate Stephan Lüthi Index Solutions Didier Böckli Sales Asset Mgt. Cristian Pappone Systems & Services Martin Schwarb Product Specialists Product Specialists Product Specialists Project Management Product Specialists Wholesale CH Processes Rates Fundamental Solutions Models & Processes Transactions Equities, REITS, Balanced Business Development & Sales Management Platform Credit Rule-Based Solutions Balanced Mandates Portfolio Management Fixed income Sales, International Services Solutions Commodity Solutions Alternative Investments Finance & Services Equities EM & Commodities Client Servicing / Projects ESG Solutions Tech. Management Business Development & Mgt. Support 38

39 Your partners What we offer Our strengths Department: Fixed income Our areas of competence Experienced portfolio managers with an excellent education. More than 15 years of professional experience on average in the 28-strong team, 20 CFA/CAIA/CIIA/FRM qualifications Portfolio managers are also analysts / quants and tool developers. In-depth understanding of all parameters to generate investment ideas. Direct implementation in the client portfolio Best networking, strong partner. Execution desk and established contacts with internal and external analysts and brokers Rates Credit Solutions Active management based on fundamentals CHF and foreign currency funds and mandates Hold-to-maturity mandates and other specialist mandates Active debtor and sector selection Beta control and management of credit products in the investment grade and high yield range Satellite products Absolute return and overlays based on models developed by ourselves Leadership: Benno Weber Product Specialists Portfolio Managers Solutions Portfolio Managers Credit Portfolio Managers Rates 39

40 Your partners What we offer Our strengths Department: Equities &Themes Our areas of competence Broad-based expertise in the active and rule-based management of equities, themes and commodities We are a leading provider of sustainable investments (ESG) with many years of experience and our own sustainability research Experienced portfolio managers, broadly-based processes and effective risk management Compelling track records gained over many years Fundamental Rule-based Sustainable (ESG) Commodities Bottom-up selection of securities for equity and themed investments Country and sector allocation Quantitative models and rulebased implementation Overlay solutions (Currency Tactical Asset Allocation, Tail Risk Themed and sustainability research (ESG criteria) Bottom-up selection of securities for sustainable equity and themed investments Sector-based commodities research Bottom-up analysis of subsectors Curve positioning Leadership: Dr René Nicolodi Product Specialists Themed and sustainability research Portfolio Managers Sustainable Portfolio Managers Rule-based Investment Team Commodities Portfolio Managers Fundamental 40

41 Your partners What we offer Our strengths Department: Multi Asset Our areas of competence Proven expertise in the active management of mixed investment solutions Tailored solutions with risk budgets or in respect to a strategic asset allocation Experienced portfolio managers, broadly-based processes and effective risk management Compelling track records gained over many years Balanced / Mandate Classic strategic fund Sustainable strategic fund BVG3 pension fund Individual solutions for professional investors Models & Processes Dynamic strategic fund Charity Fund Rule-based individual solutions for professional investors Alternative Investments Fund of Hedge Fund Strategies Alternative Risk Premiums Leadership: Alex Schöb Product Specialists Portfolio Managers Balanced / Mandate Portfolio Managers Models & Processes Portfolio Managers Alternative Investments 41

42 Your partners What we offer Our strengths Department: Real Estate Our areas of competence Many years of experience as one of the leading asset managers in Switzerland Proven real estate specialists with professional management that efficiently takes account of the investment objectives of diversification, quality assurance and return optimisation A high level of professionality by real estate experts who deal with the property markets on an ongoing basis. This ensures that risks are identified at an early stage and that new developments and their opportunities can be recognised Investment Management Strategy, corporate and product development Clarify, determine and implement investor and stakeholder interests Leadership: Stephan Lüthi Portfolio and Tech. Asset Management Income and cost optimisation in the portfolio Controlling and monitoring of management, facility management and marketing Product Specialist & Mgmt. Support Transactions Ongoing market analyses to determine acquisition opportunities Professional settlement of transactions Finance & Services Project Management Develop and realise real estate investments in line with the market Implementation of maintenance Portfolio Management Project Management Transactions Technical Asset Management 42

43 Your partners What we offer Our strengths Department: Index Solutions Our areas of competence Unique investment team that is distinguished by its experience and stability; dedicated to index-linked investments Professional portfolio management system 'Core Platform' with daily portfolio supervision thanks to integrated risk management Efficient transition management that guarantees cost-effective and market-neutral mandate transfer with corresponding reporting Index Funds / ETFs 56 index funds for easy and modular implementation of investment strategies Vehicle pursuant to Swiss law (CISO-FINMA) Physical replication of the reference index Various precious metal ETFs BVG3 pension fund Mandate / Core Select Individual client solutions with collective investments Investment agreements for access to the entire collective investment range (N-class) Rule-based rebalancing with ranges Special Solutions Individual client solutions with direct investments Investment specifications/guidelines according to customer specifications Leadership: Didier Böckli Product Specialists Business Development & Mgmt. Support Portfolio Managers 43

44 Your partners What we offer Our strengths Department: Sales Asset Management Our areas of competence Personal contact partners in asset management (banks, EAMs, family offices, consultants, insurance companies, corporates, pension funds) Consultation locally in your first language Employees with many years of experience who are specialised in their respective customer segments Above-average service focus in support concerning day-to-day business Wholesales & Institutionals Sale of and advice on fund and special mandate solutions Contact partners in B2B for sales and cooperation partnerships Product training on-site Leadership: Cristian Pappone Business Development & Sales Management Consultant support RFP Services Management and development of all marketing activities Business Developement & Sales Management Client Servicing & Projects Sales support Offers and contracts Marketing and events Marketing projects Wholesales & Institutionals CH Wholesales & Institutionals Abroad (D, AT, IT, Lux) Client Servicing & Projects 44

45 The year 2016 Upcoming events we look forward to your registration! Date Place Event Target audience Supporting programme 21. Jun Zürich Indexing Forum 1. Jul Geneva GFSI 22. Aug Zürich Investment Meeting 24. Aug Bern/Basel Investment Meeting Professional investors, fund analysts, fund managers Professional investors, fund analysts, fund managers Professional investors, fund analysts, fund managers Professional investors, fund analysts, fund managers Trade fair booth & workshop Gerhard Wagner, Head ESG Solutions Stefano Zoffoli, Chief Strategist Swisscanto Invest Stefano Zoffoli, Chief Strategist Swisscanto Invest 3. Nov Zürich CIO Circle CIOs tba 10. Nov Lausanne CIO Circle CIOs tba 20./21. Nov Lugano Fund forum Professional investors, fund analysts, fund managers tba Have you not received an invitation? Please sign up with your personal consultant in Asset Management or send us an Your Wholesale Switzerland Team. 45

46 46 Appendix

47 Appendix Your contact partners in Switzerland Cristian Pappone Head: Wholesales & Institutionals CH Franz Görres Senior Sales Manager Wholesales CH Marco Corti Senior Sales Manager Wholesales CH Maurus Cavelti Senior Sales Manager Wholesales CH Matthieu Aug Senior Sales Manager Wholesales CH

48 Appendix The new fund class concept The investor groups Class Investor groups Retros Cooperation agreement* A All investors (public class) (only if Retros desired) B All investors (public class) F All investors (public class for index funds) C Customers with investment advice agreement (restrictive disbursement) X High-net-worth individuals who are qualified investors (class only exists if no public class available) D Institutional customers and retail customers with an asset management mandate G Institutional customers with a standardised investment agreement and/ or retail customers with a wealth management agreement N No-load class: Institutional customers with an individual investment agreement or an individual asset management agreement * Contractual relationship between financial intermediary and Swisscanto Fund Management Company Ltd. The class designations Order Letter Definition 1st Letter A / B / F / C / X / D / G / M / N Group of investors in accordance with the table above 2nd Letter A: Distributing / T: Accumulating Appropriation of income 3rd Letter H: Hedging Currency hedging (if no currency hedging, the 'H' is omitted) 4th Letter CHF / USD / EUR / GBP Currency of the class (if not denominated in CHF, USD, EUR or GBP, this is omitted) Examples 1st Example: DAH EUR D-class, distributing, with hedging in euros 2nd Example: NT GBP N-class, accumulating, without hedging in pounds sterling 48

49 Appendix The existing fund class concepts The investor groups (ex. Zürcher Kantonalbank) Class Investor groups Retros Cooperation agreement* AA All investors (distributing) T Institutional customers and high-net-worth individuals who are qualified investors (accumulating) N No-load: Institutional customers with an individual investment agreement or an individual asset management agreement (accumulating) * Contractual relationship between financial intermediary and Zürcher Kantonalbank The investor groups (ex. Swisscanto Group, Swisscanto Investment Foundation, Swisscanto Investment Foundation Avant) Class Investor groups Retros Cooperation agreement* A All investors (distributing) B All investors (accumulating) I Institutional customers (distributing) J Institutional customers (accumulating) P Institutional customers and retail customers with an asset management mandate (accumulating) N No-load: Institutional customers and retail customers with an asset management mandate - accumulated min. volume of CHF 30 million (accumulating) R dist Customers with investment advice agreement (distributing) * Contractual relationship between financial intermediary and Swisscanto Fund Management Company Ltd. 49

50 Disclaimer (CH) Important Notice This publication is intended for distribution in Switzerland and is not intended for investors in other countries. This information is for advertising purposes only and neither constitutes investment advice nor recommendations. The sole binding basis for purchasing Swisscanto funds is the respective published documents (contracts, contract terms, prospectus and/or key investor information and annual reports). These can be obtained free of charge from or in paper form from Swisscanto Fund Management Ltd., Bahnhofstrasse 9, 8001 Zürich, as well as at all branch offices of the Zürcher Kantonalbank, Zurich. The information contained in this document has been compiled with the greatest of care by Swisscanto and the responsible Asset Management of the Zürcher Kantonalbank. The information and opinions come from reliable sources. Despite the professional procedure, Swisscanto and the Zürcher Kantonalbank cannot guarantee the correctness, completeness or topicality of the information. Swisscanto and the Zürcher Kantonalbank decline all liability for investments which are made on the basis of this document. The information contained herein is only an offer to the extent it is explicitly indicated as such. This advertisement was not produced in compliance with statutory requirements for the guarantee of impartiality of financial analyses and is also not subject to the ban on trading following the publication of financial analyses. Every investment involves risks, especially with regard to fluctuations in value and return. Past performance is no indicator or guarantee of future success. Investments in foreign currencies are subject to exchange rate fluctuations. This publication and the information contained herein must not be distributed and/or redistributed to any person who may be a US person under Regulation S of the US Securities Act of By definition, US persons include any US resident, any corporation, company, partnership or other entity organised under any law of the United States. Additionally the categories under Regulation S apply. This publication does not constitute an offer to sell or a solicitation or invitation to subscribe to or to make an offer to buy any securities, nor does it provide a basis for any contract or obligation of any kind. This publication and the information contained in it must not be distributed and / or redistributed to, used or relied upon by, any person (whether individual or entity) who may be a US person under Regulation S under the US Securities Act of US persons include any US resident; any corporation, company, partnership or other entity organized under any law of the United States; and other categories set out in Regulation S. 50

51 Disclaimer (LU) Important Notice This publication is intended for distribution in Switzerland and Luxembourg and is not intended for investors in other countries. These funds are constituted under Luxembourg law. This information is for advertising purposes only and neither constitutes investment advice nor an offer. The sole binding basis for purchasing Swisscanto funds is the respective published documents (contract terms, sales prospectuses and key investor information and annual reports) which can be downloaded for free from Contact details for country-specific information and free paper copies of documents published in German: Switzerland: Representative Swisscanto Fund Management Company Ltd., Bahnhofstrasse 9, CH-8001 Zürich, all cantonal bank branches in Switzerland and Bank Coop AG, Basle. Paying agent: Basler Kantonalbank, Spiegelgasse 2, 4002 Basle. Luxembourg: RBC Investor Services Bank S.A., 14, Porte de France, 4360 Esch-sur-Alzette. Investment involves risks, especially with regard to fluctuations in value and return. Investments in foreign currencies are subject to exchange rate fluctuations. The risks are described in the prospectus and in the Key Investor Information Documents (KIID). The information contained in this document has been compiled with the greatest of care by Swisscanto and the responsible Asset Management of the Zürcher Kantonalbank. The information and opinions come from reliable sources. Despite the professional procedure, Swisscanto and the Zürcher Kantonalbank cannot guarantee the correctness, completeness or topicality of the information. Swisscanto and the Zürcher Kantonalbank decline all liability for investments which are made on the basis of this document. The information contained herein is only an offer to the extent it is explicitly indicated as such. This advertisement was not produced in compliance with statutory requirements for the guarantee of impartiality of financial analyses and is also not subject to the ban on trading following the publication of financial analyses. Every investment involves risks, especially with regard to fluctuations in value and return. This publication and the information contained herein must not be distributed and/or redistributed to any person who may be a US person under Regulation S of the US Securities Act of By definition, "US persons" include any US resident, any corporation, company, partnership or other entity organised under any law of the United States. Additionally, the categories under Regulation S apply. This publication does not constitute an offer to sell or a solicitation or invitation to subscribe to or to make an offer to buy any securities, nor does it provide a basis for any contract or obligation of any kind. 51

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