• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
Amundi asset managemet
 

Amundi asset managemet

on

  • 1,370 views

 

Statistics

Views

Total Views
1,370
Views on SlideShare
595
Embed Views
775

Actions

Likes
1
Downloads
13
Comments
0

8 Embeds 775

http://www.citywire.co.uk 451
http://citywire.co.uk 158
http://citywire.de 85
http://shakespeare 38
http://www.citywire.de 19
http://shakespeare.cw-london.co.uk 15
http://m.citywire.co.uk 6
http://citywireglobal.com 3
More...

Accessibility

Categories

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

    Amundi asset managemet Amundi asset managemet Presentation Transcript

    • Amundi Funds Bond Global Aggregate Tapping value wherever it exists Citywire Berlin November 2012This material is solely for the attention of "professional” investors(see more details and definitions at the end of the document).
    • Amundi is a leading fixed income manager €692.9 Bn AUM1 Global Fixed Income (GFI) Platform AuM €458 billion Global Sovereign Global Corporate 17 London- 18 Strategy & Global Aggregate based team Credit Economic Analysts Research Emerging Market Debt Global Currency 10 Emerging 17 Equity Quantitative PM and Research analystsIllustration given for indicative purposes only. May change without prior notice.1.Amundi Group figures as at 30 June 2012. 2. Total net assets - Source : IPE «Top 400 global asset Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 2managers active in the European marketplace » published in June 2012, data as at December 2011.Ranking established from a questionnaire fulfilled by fund management companies total AUM as at December 2011 (open-end funds, dedicated funds, mandates). Ranking retreated of a doubleaccounting of AUM. 3. Source Europerformance NMO – June 2012– French domiciled funds. 4.Source Lipper FMI –June 2012 - funds domiciled in Europe and in related offshore territories. 5. inEurope- Open-ended funds, dedicated funds, mandates- Source Top 120 IPE European Institutional Managers published in June 2012, data as at December 2011. 6. Open-ended funds, dedicatedfunds, mandates- Source Top 120 IPE European Institutional Managers published in June 2012, data as at December 2011.
    • Opportunities are abundant but change over investment cycles… 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD MTD EM external EM external US US EM external US Credit EM (MSCI) EM (MSCI) EM (MSCI) EM (MSCI) EM (MSCI) EM (MSCI) EM (MSCI) EuroStoxx debt debt Treasury Treasury debt 10.40% 51.59% 22.45% 30.31% 29.18% 36.48% 74.50% 16.36% 4.89% 14.41% 13.12% 13.74% 9.81% 16.61% US US US Asia Pacific DM exp. US DM exp. US Asia Pacific Euro Global High Global High Global High DM exp. US EuroStoxx EM external Treasury Treasury Treasury (MSCI) (MSCI) (MSCI) (MSCI) Treasury Yield Yield Yield (MSCI) 21.28% debt 8.46% 13.52% 6.75% 11.79% 38.07% 17.59% 23.47% 12.28% 8.37% 57.69% 15.07% 16.34% 2.36% Euro DM exp. US Asia Pacific Asia Pacific US Asia Pacific Asia Pacific EU Credit US Credit EuroStoxx EU Credit US Credit S&P 500 EM external Treasury (MSCI) (MSCI) (MSCI) Treasury (MSCI) (MSCI) 6.47% 10.52% 15.12% -2.56% 8.35% 15.88% debt 1.65% 9.49% 35.28% 16.30% 21.04% 9.01% 34.46% 14.32% Euro Global High Global High DM exp. US Asia Pacific DM exp. US EM external US Credit EU Credit US Credit S&P 500 Global High EuroStoxx Global High Treasury Yield Yield (MSCI) (MSCI) (MSCI) debt 9.39% 8.75% -3.08% 12.78% Yield 3.63% 11.12% Yield 1.63% 5.54% 29.33% 11.99% 10.86% 14.51% 8.62% 28.18% Euro EM external EM external EM external DM exp. US EM external Euro EU Credit Global High S&P 500 S&P 500 EuroStoxx EU Credit S&P 500 Treasury debt debt debt (MSCI) debt Treasury 6.35% Yield 2.44% 26.38% 13.62% 6.79% 10.52% 1.16% 8.23% 11.73% 10.73% -10.91% 27.75% 12.04% 2.63% EM external Euro Global High Global High Euro Global High EM external Global High S&P 500 EM external S&P 500 US Credit EU Credit EM (MSCI) debt Treasury Yield Yield Treasury Yield 1.28% debt 1.36% Yield 2.41% 8.99% debt 6.28% 23.45% 8.47% 2.17% 9.92% 25.66% 6.48% 12.20% -25.24% 0.70% US DM exp. US EuroStoxx EM (MSCI) EM (MSCI) EuroStoxx EU Credit Global High EM external US Credit S&P 500 EuroStoxx S&P 500 US Credit Treasury (MSCI) -2.69% -4.91% -7.97% 15.68% 7.47% Yield 5.65% debt 9.88% 5.11% -38.49% 21.14% 0.00% 0.66% 5.87% 9.48% Asia Pacific Euro Asia Pacific DM exp. US DM exp. US Asia Pacific S&P 500 S&P 500 US Credit EU Credit US Credit S&P 500 US Credit US Credit (MSCI) Treasury (MSCI) (MSCI) (MSCI) - (MSCI) -10.14% -13.04% 7.70% 4.09% 4.26% 3.53% 16.04% 8.97% -9.79% 6.94% -43.23% 4.90% 14.82% 0.59% DM exp. US DM exp. US US Euro Euro EuroStoxx EU Credit EuroStoxx S&P 500 EuroStoxx EU Credit EU Credit EuroStoxx EU Credit (MSCI) (MSCI) Treasury Treasury Treasury -20.25% 6.34% 6.90% 3.00% -44.37% 14.41% 4.79% -17.05% 0.53% -15.21% -17.52% 3.08% 3.07% 8.67% Asia Pacific Asia Pacific Euro US Euro DM exp. US Euro Euro Asia Pacific Asia Pacific S&P 500 US Credit Global High EM (MSCI) (MSCI) (MSCI) Treasury Treasury Treasury (MSCI) Treasury Treasury (MSCI) - (MSCI) -23.37% 5.24% Yield 1.95% 0.46% -29.20% -21.84% 3.13% 2.79% 1.84% -45.09% 4.16% 1.02% 17.31% 8.19% DM exp. US US US US US US EM (MSCI) EuroStoxx US Credit EU Credit EU Credit EM (MSCI) EuroStoxx EM (MSCI) (MSCI) Treasury Treasury Treasury Treasury Treasury -31.80% -37.30% 1.96% 0.47% 0.34% -54.48% -5.81% -20.41% -22.61% 2.24% 3.54% -3.57% 1.42% -0.65%Sources: Bloomberg, Amundi. Data as of 23rd October 2012. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 3Information given for indicative purposes only.Past market data are no reliable indicators for current or future data.
    • A challenging environment for government bonds In the prevailing low rate environment, a global fixed income manager can add value through active duration management and asset class diversification.Information given for indicative purposes only. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 4Past market data are no reliable indicators for current or future data.
    • Portfolio construction is as important as market views Active management is not only a function of views. The “risk paradigm” has important implications for portfolio construction. The “risk on / risk off” behaviour prevailing on financial markets today is an important consideration when deciding on the amount of risk to deployed. “Safe Haven” Assets “Risky” AssetsSource: Amundi as at end 2011. Factor analysis of mixed ‘macro’ asset factors, 2011 sample. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 5Information given for indicative purposes only.
    • The broadest fixed income investment universe The most global benchmark universe: Barclays Global Aggregate Amundi Funds Bond Global Aggregate • Global Investment Grade  Use of the broadest benchmark available • 78% sovereign, 17% credit, 5% covered &  Investment in currency on top of that ABS  Possibility to invest in High Yield (<20%) • > 13,000 issues & 2,500 issuers or emerging market debt (<33%) if market conditions are right • > 70 Countries Government Bonds Off-benchmark universe Benchmark universe Global Currencies Global Investment Grade Global HY & EM Covered Bonds & ABSSource: Amundi, September 2012. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 6Information given for indicative purposes only, may change without prior notice.The percentages given for high yield and emerging market debt are internal constraints only.
    • Why is global aggregate relevant? All-weathered universeSource: Barclays. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 7Past performance does not prejudge future results, nor is it a guarantee of future returns.
    • Amundi Funds Bond Global Aggregate: best GFI performer since inception A “full cycle” productSources: Morningstar, Amundi. Data as at end-September 2012. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 8Past performance does not prejudge future results, nor is it a guarantee of future returns.Data Source - ©[2012] Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is notwarranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is noguarantee of future results. The rating concerns the IU class. Performance for Amundi Funds Bond Global Aggregate aU-C and Templeton Global Total Return A Acc $ for September 2012.
    • Long-term macro-management in a global aggregate universe The broadest universe  Bonds, investment grade credit, emerging bonds, high yield, ABS and currencies Flexible style adapted to  Combining long-term macro-views with short-term tactical “full cycle” management management  Dynamic asset allocation to tap value wherever it exists  $490M AuM with a focus to invest in liquid assets Proven track record,  7-year track record for the flexible bond process (Aggregate) stability and resources and managed by Hervé Hanoune since 2008  Supported by all the London global fixed income teams and the infrastructure of Amundi Group worldwide Ambitious returns &  12.2% annualised net performance since inception versus conviction 5.4% for the reference indicatorSource: Amundi, September 2012. Information given for indicative purposes only, may change without prior Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 9notice.The sub-fund does not offer any capital or performance guarantee.Please refer to Amundi Funds prospectus for further details about the assets authorised in the sub-fund andregarding the investment and management style of the sub-fund.
    • Attractive performance Calendar Year Net Performance* as at 28th September 2012 31.67% 17.72% 12.20% 10.78% . 7.79% 5.58% 5.09% 4.61% 5.40% 4.78% 5.41% 0.08% 1.07% -4.92% 2007 2008 2009 2010 2011 2012 Since Inception (Annualised) Amundi Funds Bond Global Aggregate IU (C) Barclays Global Aggregate (Hedged USD) Annualized Annualized Information performance out-performance ratio 1 year +19.54% +13.83% 2.7 3 years +8.56% +3.53% 0.6 Since Oct. 2007 +12.20% +6.79% 1.0* Net of management fee of 0.45% p.a., admin fee of 0.2%. and perf. fee of 20% above benchmark p.a.Source: Amundi – Since inception performance from adoption of current investment process. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 10Net performance of Amundi Funds Bond Global Aggregate (IU-C).Past performance does not prejudge future results, nor is it a guarantee of future returns.
    • A “full cycle” product: sources of excess return are dynamic over time Portfolio attribution 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% 2008 2009 2010 2011 2012 Duration Country Allocation Curve Allocation Credit Allocation Trading Emerging Debt CurrencyPerformance attribution expressed as an absolute percentage of the contribution gross performance.Gross portfolio attribution of Amundi Funds Bond Global Aggregate for 2010 to 2012.Gross portfolio attribution of the strategy for 2008 and 2009 (for information purposes only).Source: Amundi. Data as at September 2012. Information given for indicative purposes only. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 11Past performance does not prejudge future results, nor is it a guarantee of future returns.
    • Complementary management style and drivers of returns Amundi Funds Bond Global Aggregate is different from the competition  Perfect complement to competitors in the global fixed income space  50/50 portfolio provides noticeably lower risk and excellent returns Top-Down Multi-dimensional management provides different sources of alpha Risk Budgeting Bottom-Up Strong internal research lets portfolio construction contribute to returns Benchmark Agnostic approach emphasizes total return, tapping value Agnostic wherever it exists while providing diversification  Recent performance is driven by credit & developed FX strategies  Bond market stress still provides a buying opportunitySource: Amundi. Information given for indicative purposes only. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 12Past performance does not prejudge future results, nor is it a guarantee of future returns.Past market data are no reliable indicators for current or future data.
    • Alpha creationThree normally low-correlated asset classes / three angles Strategic views Directional Relative Value Tactical management Country allocation Bond selection Bonds Duration Curve allocation Short-term trading G4 allocation EM currency allocation Currencies $ exposure Intra-bloc allocation Short-term trading Market/industry Credit Credit exposure Macro sector allocation Bond selection EMD relative value External / Local debt Corporate Emerging Emerging exposure Region, country, curve Bond selection Emerging Exposure Short-term tradingSource: Amundi. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 13Information given for indicative purposes only, may change without prior notice.
    • A clear decision-making processCore views Qualitative views expressed as a score, on a 9-point scale from very negative (-4) to very positive (+4) Made upon any type of argument (macro-eco, valuation, flows,…) Meetings as market conditions dictate Multiple investment horizons Views only on strategies where we have a strong conviction Formalised in a single documentSource: Amundi. Views as at 18/09/12. See also disclaimer page. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 14
    • Strategic orientation 2012-2013 Global growth remains anaemic and heterogeneous. The Eurozone and the UK are flirting with recession while the Chinese and Japanese economies have surprised to the downside. The US, to the contrary, are continuing to deliver positive macro surprises. G-4 central banks have taken monetary accommodation to a new level. As a result, financial and macroeconomic tail risks have been capped. Overall, macro visibility has improved as risks from the negative confidence effect of the Eurozone crisis have eased and reduced tail risk has led to a reduction in uncertainty. Strong flows continue to support emerging and credit  the “hunt” for yield in a low rate environment. As macro calls are disturbed by political decisions and unorthodox Central Bank policies, investment horizon has shortened. High uncertainty and low visibility where active management & portfolio construction are key.Source: Amundi. Information given for indicative purposes only. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 15Past market data are no reliable indicators for current or future data.
    • Amundi Funds Bond Global Aggregate today Equilibrate risk allocation Yield 4.21% Attractive yield Duration 3.8 Average Rating BBB+ Limited specific risk Number of securities 190 Asset Allocation Geographic Allocation Rating breakdownSource: Amundi. Data as of end-October 2012. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 16Past performance does not prejudge future results, nor is it a guarantee of future returns.Strategies given for indicative purposes only, may change without prior notice.
    • A constructive view on credit Overweight: – Short-term credit vs. long-term credit to capture attractive spreads – US and European core countries of issuers with recent reinforcement of peripherals Attractive valuation’s on prime quality MBS Active use of credit derivatives to protect the sub-fund vs. adverse scenarios Benefit from attractive yields & flows to support EM Issuer selection supported by recommendations from a large and experienced credit research team Breakdown by sector Breakdown by senioritySource: Amundi. Portfolio data as of end-October 2012. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 17Past performance does not prejudge future results, nor is it a guarantee of future returns.Strategies given for indicative purposes only, may change without prior notice.
    • The next driver of returns: many currencies are still far from their fair value Breakdown by currency  Preference: – USD vs. developed markets currencies – Emerging markets currencies vs. developed markets currencies  Use of options in order to increase convexity  Tail risk hedgeSource: Amundi. September 2012. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 18Strategies given for indicative purposes only, may change without prior notice.
    • Clearly defined guidelines in more detail Management reference  Barclays Global Aggregate USD Hedged indicator Tracking-Error (ex-ante)  Maximum 4.5% p.a. (with 66% confidence level)1 Interest rate risk  Active modified duration management within [0;8] bracket1 Currency risk  Hedged reference indicator but active currency management Investment universe  Minimum 2/3 of assets to be invested in : - OECD government bonds - OECD corporate bonds - Investment grade ABS/MBS  Minimum 80% of assets invested in investment grade instruments  Typically, 100+ cash securities in the portfolio1, active use of CDS  Morningstar Rating TM- OverallSource: Amundi, September 2012. Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 191 Internal guidelines given for indicative purposes only. May change without prior notice.Please refer to Amundi Funds prospectus for further details about the investment and management style of the sub-fund.Data Source - ©[2012] Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is notwarranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is noguarantee of future results. The rating concerns the IU class. Data as at end-August 2012.
    • DisclaimerThis document contains information about Amundi Funds Bond Global Aggregate (the “Sub-Fund”), a sub-fund of Amundi Funds (the “SICAV”), an undertaking for collectiveinvestment in transferable securities existing under Part I of the Luxembourg law of 17 December 2010, organised as a société d’investissement à capital variable and registeredwith the Luxembourg Trade and Companies Register under number B68.806. The SICAV has its registered office at 5, allée Scheffer, L-2520 Luxembourg.Amundi Funds has been authorised for public sale by the Commission de Surveillance du Secteur Financier in Luxembourg.Subscriptions in the Sub-Funds will only be accepted on the basis of the SICAV’s latest complete prospectus and/or the Key Investor Information Document (KIID) of the sub-fund, its latest annual and semi-annual reports and its articles of incorporation that may be obtained, free of charge, at the registered office of the SICAV or respectively at that ofthe representative agent duly authorized and agreed by the relevant authority of each relevant concerned jurisdiction.Consideration should be given to whether the risks attached to an investment in the Sub-Funds are suitable for prospective investors who should ensure that they fullyunderstand the contents of this document. A professional advisor should be consulted to determine whether an investment in the Sub-Funds is suitable.The value of, and any income from, an investment in the Sub-Funds can decrease as well as increase. The Sub-Funds have no guaranteed performance. Further, pastperformance is not a guarantee or a reliable indicator for current or future performance and returns. The performance data do not take account of the commissions and costsincurred on the issue and redemption of units.This document does not constitute an offer to buy nor a solicitation to sell in any country where it might be considered as unlawful, nor does it constitute public advertising orinvestment advice.The information contained in this document is deemed accurate as at November 2012.This material is solely for the attention of institutional, professional, qualified or sophisticated investors and distributors. It is not to be distributed to the general public, privatecustomers 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 in financialinstruments (“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 theprovisions of the Swiss Collective Investment Schemes Ordinance of 23 June 2006 (CISA), the Swiss Collective Investment Schemes Ordinance of 22 November 2006 (CISO)and the FINMA’s Circular 08/8 on Public Offering within the meaning of the legislation on Collective Investment Schemes of 20 November 2008. In no event may this material bedistributed in the European Union to non “Professional” investors as defined in the MIFID or in each local regulation, or in Switzerland to investors who do not comply with thedefinition of “qualified investors” as defined in the applicable legislation and regulation. Amundi, French joint stock company (“Société Anonyme”) with a registered capital of € 584 710 755 and approved by the French Securities Regulator (Autorité des Marchés Financiers-AMF) under number GP 04000036 as a portfolio management company 90 boulevard Pasteur -75015 Paris- France – 437 574 452 RCS Paris. www.amundi.com- www.amundi-funds.com Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 20