Ais city wire workshop may 2013hk amundifinal
Upcoming SlideShare
Loading in...5
×
 

Ais city wire workshop may 2013hk amundifinal

on

  • 549 views

 

Statistics

Views

Total Views
549
Views on SlideShare
357
Embed Views
192

Actions

Likes
0
Downloads
1
Comments
0

17 Embeds 192

http://www.citywire.hk 54
http://citywire.hk 47
http://shakespeare 20
http://citywireglobal.com 14
http://www.citywire.sg 13
http://www.citywire.co.uk 12
http://citywire.co.uk 10
http://citywire.sg 8
http://citywire.nl 3
http://meltwaternews.com 2
http://citywire.lu 2
http://citywire.tw 2
http://www.citywireglobal.com 1
http://citywire.im 1
http://www.citywire.fr 1
http://www1.citywire.sg 1
http://www5.citywire.co.uk 1
More...

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Ais city wire workshop may 2013hk amundifinal Ais city wire workshop may 2013hk amundifinal Presentation Transcript

  • Amundi International SICAV« Making more by losing less* »Wealth Manager – CityWire ConferenceMay 2013Robert Hackney, Senior Managing DirectorFirst Eagle Investment Management, LLC.This material is solely for the attention of "professional” investors (seemore details and definitions at the end of the document).*The SICAV does not offer a capital guarantee.
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSDelegation of portfoliomanagementInvestmentManagerSub-InvestmentManagerAmundiInternationalSICAVCrédit Agricole Société Générale75% 25%Partners with one objective: generating value for our clientsAmundi International SICAV – May 2013 - Slide 2
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSExecutive SummaryWe are Owners of Enterprise, not stock tradersAmundi International SICAV – May 2013 - Slide 3Source: Amundi - Annualized data, net of fees, Retail Share (AU-C), since inception, in USD, as of end April 2013.Past performance is not a reliable indictor of future returns. The fund has no official benchmark. The MSCI World isprovided for comparative purposes only. Investment Objective – To preserve and enhance the purchasing power of capital overtime– To avoid the permanent impairment of capital through a time-testedvalue approach– To achieve these goals by investing in a broad universe of assets,including global equities, corporate and short term sovereignbonds, and gold related securities Key features – Inception: 1996– Market capitalization: All– Sector/Country Constraints: None– Historical Portfolio Turnover:less than 20%– Currency Hedging: Useddefensively Results since inception(ending April 2013)– Absolute Positive Returns:10.72% vs MSCI World 5.84% (inUSD)– Low Volatility: 11.23% STDvs MSCI World 18.20%
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS“The Future is Uncertain!”But it is certain that crisis periods are recurrentSource: Amundi, First Eagle. Data as of end April 2013.The fund has no official benchmark. The MSCI World is provided for comparative purposes only3001,000100,0001006002,0002003,000 TMTBubbleBurstSARSEpidemicBankruptcy ofContinentalIllinois BankBlack Monday,October 19, 1987GulfWar IMexicanPesoCrisisAsianCurrencyCrisisLTCMBankruptcyEnronFraud09/11GulfWar IISubprimeCrisisLehmanBankruptcyGreekDebtCrisisGlobalEconomicCrisisJapanEarthquake& TsunamiUS &EuropeanDebtCrisisLATAMDebt CrisisJapaneseEquityBubbleBurstRussianDebtDefault10,00020,0006,000Amundi International SICAV – May 2013 - Slide 4
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSWhat We Seek to Avoid High valuations High levels of leverage “Black box” balance sheets Vulnerable business models Aggressive management behavior0.0% in Japan4.8% in Tech/Telecom1.72% in Financials** 31/12/1988 31/12/1999 31/12/2006MSCI World: 44.12%MSCI World: 32.47%MSCI World: 26.39%Jean-Marie Eveillard« I would prefer to losehalf of my clients ratherthan half of my client’smoney. »* Source: First Eagle.** Excludes holding companies, paper and forest, Gold ETF.Global ValueStrategy*Rule No 1: Don’t lose money!FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSAmundi International SICAV – May 2013 - Slide 5
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSLooking for the ugly, unwanted and unlovedWhat We DoAnalyze andunderstandbusiness modelsRecast financialstatementsCalculate intrinsicvalueInvest when thebusiness trades at a30%-50% discountWhat a knowledgeable investor wouldpay for the entire company in cash todayIntrinsicValueGiven for indicative purpose only, may be changed without prior noticeFOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSAmundi International SICAV – May 2013 - Slide 6
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSMargin of safety: Following Rule No. 1What We DoProtection againstuncertaintyTo avoid Permanentimpairment of CapitalMarginof SafetyDiscount between intrinsic value and market priceMarginof SafetyGiven for indicative purpose only, may be changed without prior noticeFOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSAmundi International SICAV – May 2013 - Slide 7
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS020406080100120140160180200200520062007200820092010201160708090100110120Operating Income (Rebased 100;in USD, LHS)Weighted Average SharesOutstanding (rebased 100, RHS)Focus on companies passing the Bordeaux-TestIncome vs number of outstanding sharesSource: Amundi, First Eagle050100150200250200520062007200820092010201180859095100105110Operating Income (Rebased 100;in USD, based on weightedaverage annual exchange rates,RHS)Weighted Average Shares02040608010012014016018020052006200720082009201020116065707580859095100105110Operating Income (Rebased 100; inUSD, based on weighted averageannual exchange rates, RHS)0501001502002005 2006 2007 2008 2009 2010 201160708090100110Operating Income (Rebased 100; in USD, based on weighted average annual exchange rates, RHS)Weighted Average Shares Outstanding (rebased 100, LHS)Amundi International SICAV – May 2013 - Slide 8
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSCash & Cash Equivalents as residual of investment opportunitiesPrice is “the” TriggerSource: First Eagle. Data as of end April 2013 Amundi International SICAV – May 2013 - Slide 9
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSEmphasizing sustainable competitive advantageTop 10 Holdings Number of Holdings: 143 AUM: $4,189.9 MillionSource: First Eagle. Data as of end April 2013 Amundi International SICAV – May 2013 - Slide 10
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSAsset & Sector Breakdown Asset Breakdown  Sector BreakdownFocusing on companies & revenues, not on marketsSource: First Eagle. Data as of end April 2013 Amundi International SICAV – May 2013 - Slide 11
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS1000Providing consistent positive absolute returns over timeHistorical Performance in USD since inception100200300400500700Amundi International SICAV - 5y rolling annualised n-10%-5%0%5%10%15%20%25%Aug-01 Aug-02 Aug-03 Aug-04 Aug-05 Aug-06 Aug-07 Aug-08 Aug-09 Aug-10Amundi International SICAV - 5y rolling annualised net returnsMSCI World (ND) - 5y rolling annualised net returnsSource: Amundi - Data net of fees, Retail Share, since inception, in USD. Past performance is not a reliable indictor of future returns.The SICAV has no official benchmark. The MSCI World is provided for comparative purposes only.Inception date of the fund: 12/08/1996.Given for Illustrative purpose only.Amundi International SICAV – May 2013 - Slide 12Performance 1 year 3 years 5 years 10 years InceptionAmundi International SICAV 9,35% 7,32% 3,70% 10,71% 10,72%MSCI World (ND) 16,30% 9,29% 1,80% 8,35% 5,84%Spread -6,95% -1,97% 1,90% 2,36% 4,88%Net of fees, in USD, Retail Share (AU-C), monthly data, as of April 30, 2013annualized returns
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSOther rolling annualized net returns since inception (monthly data, AU-C Share)Amundi International SICAV - 10y rolling annualised net returns (monthly data)4%2%0%2%4%6%8%0%2%4%6%8%Aug-06Feb-07Aug-07Feb-08Aug-08Feb-09Aug-09Feb-10Aug-10Feb-11Aug-11Feb-12Amundi International SICAV MSCI World (ND)1Y3Y7Y10YWith patience as allySource: Amundi - net of fees, Retail Share, since inception, monthly data, in USD, as of end April 2013. Past performanceis not a reliable indictor of future returns. The fund has no official benchmark. The MSCI World is provided for comparativepurposes only.Amundi International SICAV – May 2013 - Slide 13
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSCompetitive Positioning over 5 years (5y returns vs. 5y volatility)And an unique risk/return profileSource: Amundi - Data net of fees, Retail Share, since inception, in USD. The figures shown in this chart are those applicable forthe years mentioned. Past performances are not a guarantee for future results, they are not constant over time. Ranking &Quartile – Lipper – Funds registered for sale in Europe, Performances, Ranking & Quartile are calculated with A Share – Data asof end December 2012.CarmignacInvestissement AHigherReturnsHigherReturnsLowerReturnsLowerReturnsHigher VolatilityLower VolatilityLower Volatility Higher VolatilityLipper Global EquityUniverse Average(23.11%;-2.52%)Blackrock GlobalAllocation Fund A2 USDAmundi International SICAV – May 2013 - Slide 14
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSA dedicated team with one goal: minimizing risk of capital lossResearch TeamPortfolio ManagementMatt McLennan, CFAHead of Global Value TeamPortfolio Manager21 years of experienceKimball Brooker, Jr.Deputy Head of Global Value TeamPortfolio Manager20 years of experienceAbhay Deshpande, CFAPortfolio Manager20 years of experienceJean-Marie EveillardSenior Adviser50 years of experienceBruce Greenwald, PhDSenior AdviserSenior AdvisersAlan Barr, CFANon-food consumer products,forest products/paper, chemicalsRachel BenepeRetail, gold, metals and miningindustries, steel & coal,automobilesGiorgio CaputoEnergy, distribution, packaging,building products, restaurants,special situationsManish GuptaTechnology hardware andequipment, commodity chemicalsRobert Hordon, CFAReal estate, infrastructure, retailand constructionMatt Lamphier, CFAIndustrials, energy, medicaldevices, gaming and leisure,transportationDebra LusmanManager of Research OperationsOanh Thi NguyenMedia, telecomElizabeth TobinPharmaceuticals, agricultureMark Wright, CFABanks and food & beverageAmundi International SICAV – May 2013 - Slide 15
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS“Making more by losing less” means… Capital preservation in real terms over time as main performance objective Purchasing good businesses at great prices and/or great businesses at goodprices Remaining flexible in terms of sector, country & market cap Broadly diversifying the portfolio through investments in Gold, Bonds and Cash Being prudent, patient, long term oriented, independent and benchmark agnostic« One of the mostsuccessful long-term recordsin the investment world. »MorningstarLast but not leastAmundi International SICAV – May 2013 - Slide 16
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSAmundi International SICAVAppendix– Historical Portfolio Data– Global Value AUM– Fund CharacteristicsAmundi International SICAV – May 2013 - Slide 17
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSHistorical Volatility Capture Ratio vs MSCI World (AU-C Share)Amundi International SICAV – AppendixSource: Amundi - Annualized data, net of fees, Retail Share (AU-C), since inception, in USD, as of end April 2013. Pastperformance is not a reliable indictor of future returns. The fund has no official benchmark. The MSCI World is provided forcomparative purposes only.Amundi International SICAV – May 2013 – Slide 18
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSHistorical Tracking Error vs MSCI World (AU-C Share)Amundi International SICAV – AppendixSource: Amundi - Annualized data, net of fees, Retail Share (AU-C), since inception, in USD, as of end April 2013. Pastperformance is not a reliable indictor of future returns. The fund has no official benchmark. The MSCI World is provided forcomparative purposes only.Amundi International SICAV – May 2013 – Slide 19
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSAmundi International SICAV – AppendixAmundi International SICAV – May 2013 - Slide 20Historical Asset Breakdown As of end April 2013Source: Amundi. Data as of end April 2013 – Please note that the SICAV was closed to subscriptionsbetween 2004 and August 2008. The negative cash level in early 2008 is a result of significantredemptions during that period.
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSAmundi International SICAV – AppendixAmundi International SICAV – May 2013 - Slide 21Historical Regional Breakdown As of end April 2013Source: Amundi. Data as of end April 2013 – Please note that the SICAV was closed to subscriptionsbetween 2004 and August 2008. The negative cash level in early 2008 is a result of significantredemptions during that period.
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSAmundi International SICAV – Appendix0%20%40%60%80%100%Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12Cash & Short TermGovernment BondsUtilitiesTelecommunicationServicesMaterialsInformation TechnologyIndustrialsHealth CareFinancialsEnergyConsumer StaplesConsumer DiscretionaryAmundi International SICAV – May 2013 - Slide 22Historical Sector Breakdown As of end April 2013Source: Amundi. Data as of end April 2013 – Please note that the SICAV was closed to subscriptionsbetween 2004 and August 2008. The negative cash level in early 2008 is a result of significantredemptions during that period.
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSAmundi International SICAV – AppendixAmundi International SICAV – May 2013 - Slide 23Historical Market Cap Breakdown As of end April 2013Source: Amundi. Data as of end April 2013
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSAmundi International SICAV – AppendixAmundi International SICAV – May 2013 - Slide 24Currency Hedging – EUR/USD As of end April 2013Source: First Eagle, Amundi. Data as of end April 2013
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSAmundi International SICAV – AppendixAmundi International SICAV – May 2013 - Slide 25Currency Hedging – JPY/USD As of end April 2013Source: First Eagle, Amundi. Data as of end April 2013
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSAmundi International SICAV – AppendixGlobal Value AUM Global Value Strategy Historical AUM  Global Value AUM by Sub-StrategySource: First Eagle Investment Management, LLC. Data as of end March 201370.5bn USD AUMFirst Eagle Global Value Composite Assets(USD Billions)2,61,9 1,7 1,7 2,24,910,716,020,321,516,928,933,420,105101520253035401998199920002001200220032004200520062007200820092010Sep-11First Eagle Global Value Composite Assets (USD Billions)Amundi International SICAV – May 2013 - Slide 26
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSDisclaimerAmundi, French joint stock company (“Société Anonyme”) with a registered capital of € 578 002 350 and approved by the French Securities Regulator (Autoritédes Marchés Financiers-AMF) under number GP 04000036 as a portfolio management company, 90 boulevard Pasteur -75015 Paris-France – 437 574 452RCS Paris.amundi.comThis material is solely for the attention of institutional, professional, qualified or sophisticated investors and distributors. It is not to be distributed to the generalpublic, private customers or retail investors in any jurisdiction whatsoever nor to “US Persons”.Moreover, any such investor should be, in the European Union, a “Professional” investor as defined in Directive 2004/39/EC dated 21 April 2004 on markets infinancial instruments (“MIFID”) or as the case may be in each local regulations and, as far as the offering in Switzerland is concerned, a “Qualified Investor”within the meaning of the provisions of the Swiss Collective Investment Schemes Ordinance of 23 June 2006 (CISA), the Swiss Collective InvestmentSchemes Ordinance of 22 November 2006 (CISO) and the FINMA’s Circular 08/8 on Public Offering within the meaning of the legislation on CollectiveInvestment Schemes of 20 November 2008. In no event may this material be distributed in the European Union to non “Professional” investors as defined inthe MIFID or in each local regulation, or in Switzerland to investors who do not comply with the definition of “qualified investors” as defined in the applicablelegislation and regulation.This document contains information about Amundi International SICAV (the “SICAV”), an undertaking for collective investment in transferablesecurities existing under Part I of the Luxembourg law of 20 December 2002, organised as a société d’investissement à capital variable andregistered with the Luxembourg Trade and Companies Register under number B55.838. The SICAV has its registered office at 16, BoulevardRoyal, L-2449 LuxembourgAmundi International SICAV has been authorised for public sale by the Commission de Surveillance du Secteur Financier in Luxembourg. Notall the share classes of the SICAV will necessarily be registered or authorized for sale in all jurisdictions or be available to all investors.Subscriptions in the SICAV will only be accepted on the basis of the SICAV’s latest complete and simplified prospectuses, its latest annual andsemi-annual reports and its articles of incorporation that may be obtained, free of charge, at the registered office of the SICAV or respectively atthat of the representative agent duly authorized and agreed by the relevant authority of each relevant concerned jurisdiction. Considerationshould be given to whether the risks attached to an investment in the SICAV are suitable for prospective investors who should ensure that theyfully understand the contents of this document. A professional advisor should be consulted to determine whether an investment in the SICAV issuitable. The value of, and any income from, an investment in the SICAV can decrease as well as increase. The SICAV have no guaranteedperformance. Further, past performance is not a guarantee or a reliable indicator for current or future performance and returns. Theperformance data do not take account of the commissions and costs incurred on the issue and redemption of units. This document does notconstitute an offer to buy nor a solicitation to sell in any country where it might be considered as unlawful, nor does it constitute publicadvertising or investment advice. The information contained in this document is deemed accurate as at March 31st, 2013.Amundi International SICAV – May 2013 - Slide 27
  • FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSAmundi International SICAV – May 2013 - Slide 28DisclaimerThe issuer of this document is Amundi Hong Kong Limited.This document is not intended as an offer or solicitation with respect to the purchase or sale of securities, including shares or units of funds.All views expressed and/or reference to companies cannot be construed as a recommendation by Amundi. Opinions and estimates may bechanged without notice. To the extent permitted by applicable law, rules, codes and guidelines, Amundi and its related entities accept noliability whatsoever whether direct or indirect that may arise from the use of information contained in this document.This document is for distribution solely to persons permitted to receive it and to persons in jurisdictions who may receive it without breachingapplicable legal or regulatory requirements. Any dissemination, reproduction, copy, modification or translation in whole or in part, with respectto any information provided herein is forbidden. This document is for professional investors only and not for retail investors.Some of the fund(s) mentioned in this document are not authorized by Securities and Futures Commission in Hong Kong. Consequently,shares or units of such funds are not available to the general public in Hong Kong and must not be distributed in Hong Kong by way of publicoffer, public advertisement or in any similar manner. This document has not been reviewed by any regulatory authority in Hong Kong and noregulatory authority in Hong Kong takes responsibility for the financial soundness of the funds or for the accuracy of any statement made oropinion expressed in this document. Investors are advised to exercise caution in relation to the offer. Any investor who is in doubt about thecontents of the document is strongly recommended to seek independent professional advice.This document is prepared for information only and does not have any regard to the specific investment objectives, financial situation and theparticular needs of any specific person who may receive this document. Investors should not only base on this document alone to makeinvestment decisions.Investment involves risk. The past performance information of the market, manager and investments and any forecasts on the economy, stockmarket, bond market or the economic trends of the markets which are targeted by the fund(s) are not indicative of future performance.Investment returns not denominated in HKD or USD is exposed to exchange rate fluctuations. The value of an investment may go down orup. The offering document(s) should be read for further details including the risk factors.The fund(s) may use financial derivatives instruments as part of the investment strategy and invest in securities of emerging markets orsmaller companies, or fixed-income securities. This involves significant risks and is usually more sensitive to price movements. The volatilityof fund prices may be relatively increased. Issuers of fixed-income securities may default on its obligation and the fund(s) will not recover itsinvestment. Additional risk factors are described in the offering document(s). Investors are advised to be aware of any new risks that mayhave emerged in the prevailing market circumstances before subscribing the fund(s).