Your SlideShare is downloading. ×
0
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Leo citywire final (2) [read only]
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Leo citywire final (2) [read only]

495

Published on

Published in: Business, Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
495
On Slideshare
0
From Embeds
0
Number of Embeds
15
Actions
Shares
0
Downloads
3
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. October 2013 Léopold Arminjon Fund Manager John Bennett Fund Manager This document is solely for the use of professionals and is not for general public distribution. Please see the complete disclosures of risks and other important information at the end of the document.
  • 2. 1 Equity long short: An alternative for low volatility returns
  • 3. 2 Where can you get absolute returns from? Source: Henderson Global Investors, DataStream, as at 30 August 2013 Henderson strategy returns based on the Tucana hedge fund, gross of fees, in Euros 60 70 80 90 100 110 120 130 140 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 MSCI Europe German 10 year Bond index 50% Equity/50% Bond Henderson Long short equity strategy (gross of fees) Cumulative return Annualised return Volatility 50% Equity/ 50% Bond 18.0 5.8 9.6 Henderson strategy (Net of fees) 27.9 10.6 5.5
  • 4. 3 Bond yields to trend up rather than down? 1.00 1.50 2.00 2.50 3.00 3.50 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Initial tapering comments Bernanke confirms tapering plans Bernanke tapers- tapering Bernanke continues QE Source: Henderson Global Investors, Bloomberg, as at 16 September 2013 0 2 4 6 8 10 12 14 16 18 Dec-80 Dec-82 Dec-84 Dec-86 Dec-88 Dec-90 Dec-92 Dec-94 Dec-96 Dec-98 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12 US 10 year treasury bond yield German 10 year government bond yield
  • 5. 4 Horizon Pan European Alpha Fund
  • 6. 5 The Fund Managers Léopold Arminjon joined Henderson from Gartmore in 2011 Worked on European long/short portfolios since 2007 Previously worked on the sell-side for 8 years Strategy assets of over €295m Works with a wider European equity team managing over €10bn Léopold Arminjon Fund Manager John Bennett Fund Manager Source: Henderson Global Investors, as at 31 August 2013
  • 7. 6 Overview Objective Steady capital appreciation with minimal volatility Strategy Stock picking: Highest conviction best ideas, both long-term and opportunistic Focus on liquid large and mid cap companies in European markets Risk management – Active beta management Structure Available in onshore and offshore vehicle
  • 8. 7 Risk/Return is our focus Source: Henderson Global Investors, as at 31 August 2013 Data for the AlphaGen Tucana Fund Performance: Net of fees, in Euros, COB Sharpe ratio: 30 Sept 2010 to 31 July 2013, net of fees using monthly data Cumulative performance YTD 1 year 2 year Since FM change (30 Sept ‘10) AlphaGen Tucana 10.4 15.6 23.1 27.9 MSCI Europe TR 8.9 14.7 32.9 24.8 Risk – volatility (daily basis) YTD 1 year 2 year Since FM change (30 Sept ‘10) AlphaGen Tucana 6.3 5.8 5.0 5.5 MSCI Europe TR 13.1 12.6 17.6 17.3 Sharpe ratio = 1.9x
  • 9. 8 Investment approach Seeking longs and shorts Structural change Cyclicality Opportunistic Idea sources Sell side brokers Company meetings Henderson Equity Teams Sizing Conviction Liquidity Upside to target Downside risk Portfolio construction Does the portfolio fit my view of the world? Gross exposure Net exposure Balance of the books
  • 10. 9 Total portfolio 40 – 70 stocks Typically 2-5% position size Every line is a profit centre Net exposure managed with Index futures Portfolio construction – 3 books Cyclicals book Long and short stocks Driven by emerging market growth Defensives book Long and short stocks Driven by bond yields Financials book Long and short stocks Driven by central banks
  • 11. 10 Source: Bloomberg, Henderson Global Investors, as at 6 June 2013 Data for the AlphaGen Tucana Fund Example positioning – 6 June 2013 Number of positions Exposure (%) Gross exposure (%) Net exposure (%) Long defensives 15 37.0 55.2 +18.8 Short defensives 9 -18.2 Long cyclicals 17 29.9 38.4 +21.4 Short cyclicals 5 -8.5 Long financials 10 19.4 23.4 +15.4 Short financials 2 -4.0 Short index futures 5 25.1 -25.1 Total portfolio 63 142.1 +30.5
  • 12. 11 Why is Europe good for long short funds? A structured portfolio Source: Henderson Global Investors, Bloomberg, as at 18 September 2013 30 day moving average -30 -20 -10 0 10 20 30 40 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Netmarketexposure% Defensives Cyclicals Financials Futures
  • 13. 12 Risk management Rolling Stop loss of 20% Permanent Control of market exposure, and nature of exposure (defensive, cyclical, financial) Liquidity – Portfolio can be liquidated quickly Risk oversight Independent risk team and CRO * When calculating total gross exposure, the Fund’s option exposure will be calculated by multiplying the notional amount of its options by the delta (in percentage terms)for such options. Typical exposures Gross exposure* 50% to 150% Net exposure -5 to +50% Position size 2% to 5% Number of positions 40 to 70 Rigid limits Maximum gross exposure* 200% Net exposure -75% to +75% Position size 10%
  • 14. 13 Our aim is to avoid deep drawdowns Source: Henderson Global Investors, as at 31 August 2013 Each time the Fund makes new highs it is capped at 100 Largest drawdown – MSCI Europe Starting point Draw down Recovery period March ‘11 -19.1% 21 months Largest drawdown – AlphaGen Tucana Fund Starting point Draw down Recovery period May ‘11 -3.4% 8 months Underwater chart 80 90 100 110 Oct10 Dec10 Feb11 Apr11 Jun11 Aug11 Oct11 Dec11 Feb12 Apr12 Jun12 Aug12 Oct12 Dec12 Feb13 Apr13 Jun13 Aug13 Tucana (net of fees) MSCI Europe
  • 15. 14 Smoothing market volatility Source: Henderson Global Investors, as at 31 August 2013 Basis: Benchmark is the MSCI Europe Total Return Index Rebased to 100 at 30 September 2012 Data for the AlphaGen Tucana Fund 80 90 100 110 120 130 140 Sep10 Oct10 Nov10 Dec10 Jan11 Feb11 Mar11 Apr11 May11 Jun11 Jul11 Aug11 Sep11 Oct11 Nov11 Dec11 Jan12 Feb12 Mar12 Apr12 May12 Jun12 Jul12 Aug12 Sep12 Oct12 Nov12 Dec12 Jan13 Feb13 Mar13 Apr13 May13 Jun13 Jul13 Cumulative fund return (gross) MSCI Europe %
  • 16. 15 Active management of gross and net exposure Source: Henderson Global Investors, as at 30 August 2013 Basis: Data for the AlphaGen Tucana Fund, 5 day moving average Gross and net exposure -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Gross Exposure Net Exposure
  • 17. 16 Source: Henderson Global Investors, as at 27 September 2013 Top 10 long positions Name Portfolio weight Total 4.1 Novartis 4.0 Vodafone Group 3.1 Cap Gemini 3.1 EADS 3.0 Royal Dutch Shell 3.0 Philips Electronics 2.5 Ryanair 2.2 BT Group 2.1 Veolia 2.1 Current positioning
  • 18. 17 Appendices
  • 19. 18 Performance - SICAV Source: Henderson Global Investors, as at 30 August 2013 Basis: Index is the MSCI Europe Total Return Index. Net fund returns in Euros, I share class, mid-mid. Henderson Horizon Pan European Alpha Fund Performance since fund manager change 98 100 102 104 106 108 110 112 114 31Dec12 14Jan13 28Jan13 11Feb13 25Feb13 11Mar13 25Mar13 08Apr13 22Apr13 06May13 20May13 03Jun13 17Jun13 01Jul13 15Jul13 29Jul13 12Aug13 26Aug13 Horizon Pan European Alpha Fund MSCI Europe +11.7% +8.9% %
  • 20. 19 Sector attribution Source: Henderson Global Investors, as at 30 June 2013 Basis: Desk estimates -600 -400 -200 0 200 400 600 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Utilities Telecoms Materials IT Industrials Index Health Care Financials Energy Consumer Stap. Consumer Disc. Tucana sector contribution bps
  • 21. 20 Risk parameters Rigid limits Typical exposures Structure Net exposure Gross exposure VaR Net Gross VaR Hedge -75% to +75% 200% N/A -5% to +50% 50% to 150% c. 2% to 4% SICAV N/A 200% <20% Source: Henderson Global Investors as at 31 August 2013 Basis: VaR calculation - one-tailed 99% confidence interval
  • 22. 21 Risk management – example liquidity Market Cap Gross exposure (%) >€20bn 42.5 €5bn to €20bn 40.7 €1bn to €5bn 30.5 <€1bn 4.1 Source: Factset, Henderson Global Investors, as at 30 August 2013 Data for the AlphaGen Tucana Fund
  • 23. 22 Long and short alpha -4 -2 0 2 4 6 8 10 12 14 16 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Cumulative long alpha Cumulative short alpha Alpha Calculation Long alpha = Monthly long book contribution - [average long exposure * market return] Short alpha = Monthly short book contribution - [average short exposure * market return] +14.7% +10.6% Source: Henderson Global Investors, as at 31 August 2013 Data for the AlphaGen Tucana Fund based on desk estimates. Gross of fees %
  • 24. 23 Top contributors & detractors in 2013 YTD Top winning longs (bps) Top winning shorts (bps) EADS 164 Sandvik AB 36 Roche 99 RWE AG 35 Smurfit Kappa 99 OML 34 Ryanair 79 LIF FTSE 100 INDEX 32 Ziggo 78 MFM IBEX 35 INDEX 29 Top losing longs (bps) Top losing shorts (bps) Saipem -65 CME S&P 500 -70 Vivendi -30 CME NASDAQ 100 -55 Electrolux -21 EOP CAC40 -40 FLSmidth -17 EUX EURO STOXX 50 INDEX -29 Tele2 -14 Vallourec -20 Source: Henderson Global Investors, as at 31 August 2013
  • 25. 24 Top contributors & detractors in 2012 Top winning longs (bps) Top winning shorts (bps) Pandora +91 Tenaris +44 EADS +88 Telefonica +40 Ziggo +81 Mediaset +37 Grifols +81 IBEX +34 Edenred +70 ACS +25 Top losing longs (bps) Top losing shorts (bps) Societe Generale -48 BASF -38 Mobistar -47 Midcap Index -32 Tullow -37 DSM -31 Shell -29 CAC -31 GDF -29 OMX -30 Source: Henderson Global Investors, as at 31 December 2012
  • 26. 25 AlphaGen Tucana performance statistics Since inception Source: Henderson Global Investors, as at 30 August 2013 Inception date: 18 January 2005 Basis: Net of performance & management fees, COB, Share Class ‘B’ Euro Note: * Spanish tax liability of 60 bps included Léopold Arminjon took control of the Fund on 30 September 2010 For illustrative purposes only - no representation is being made that the Fund is likely to achieve returns in the future similar to those shown. Net monthly returns – Euro class ‘B’ 2005 % 2006 % 2007 % 2008 % 2009 % 2010 % 2011 % 2012% 2013 January 1.9 4.4 4.4 -7.8 2.4 -1.0 1.5 1.7 3.2 February 1.0 2.0 -0.4 1.4 1.3 -2.3 1.9 1.0 1.6 March 0.6 2.5 5.2 -1.1 4.6 3.7 -1.3 1.2 2.3 April -0.3 1.8 2.8 2.0 2.0 0.7 1.0 -0.4 -0.2 May 3.3 -2.6 1.9 0.9 7.5 -4.1 -0.5 -0.9 2.2 June 4.0 1.6 -0.8 -2.9 0.2 -2.6 -1.1 0.8 -0.4 July 2.6 0.2 -1.1 -4.0 8.3 2.3 -0.8 0.4 1.2 August 1.3 2.2 -1.3 -0.3 7.2 -2.2 -1.1 0.3 0.1 September 4.4 0.9 1.5 -9.9 3.4 3.2 1.1 0.3 October -4.4 3.8 3.1 -6.3 -2.4 2.7 1.2 2.0 November 1.8 0.8 -3.3 0.0 -0.9 -0.5 -0.1 1.8 December 3.7 3.8 -0.5 -0.8 2.8 2.2 0.0 0.5 YTD +21.5 +23.4 +11.5 -26.0 +42.0 +2.2* +1.7 +9.1 +10.4
  • 27. 26 Léopold Arminjon – Investment Manager Léopold joined Henderson from Gartmore (Feb. 2007 to May 2001) in May 2011 as a Portfolio Manager for European Large Caps, managing long/short equity products. Previously he was at Cheuvreux (Jan. 2005 – Feb. 2007), Kepler Equities (Jan. 2001 to Jan. 2005) and Bryan Garnier (Nov. 1997 to Jan. 2001) in various TMT analyst roles. Léopold graduated from HEC (ecole des Hautes Etudes Commerciales) in 1997. Biographies John Bennett – Director of European Equities John joined Henderson in 2011 as Director of European Equities. Prior to that, John was a Senior Investment Manager in the European Equity team at Gartmore. John has a 25 year track record of managing Continental and Pan European Equities and joined Gartmore in 2010 from GAM where he spent 17 years. At GAM John managed the GAM Star Continental European Equity Fund and the GAM Star European Equity Fund. Both funds were awarded a AAA rating by S&P and together received a total of 27 performance awards at the Lipper Fund Awards 2009. John qualified in 1986 as a Member of the Chartered Institute of Bankers in Scotland.
  • 28. 27 Asim Rahman Bill Casey Europe – All cap long only Tim Stevenson Nick Sheridan UK – Long short Ben Wallace Luke Newman Henderson European Equity long short team Léopold Arminjon Fund manager John Bennett Fund manager European long short equity Source: Henderson Global Investors, as at 31 May 2013 Europe – Mid cap long only Ollie Beckett Client communication and investment support Eleanor Cameron Richard Brown Henderson Equity 50+ Fund managers
  • 29. 28 Henderson Global Investors 201 Bishopsgate, London EC2M 3AE Tel: 020 7818 1818 Fax: 020 7818 1819 hds.intdataDistGlobBSPresEquiEuropeRich BrownLeo Citywire.pptx Important Information Issued by Henderson Global Investors Limited and Henderson Global Investors Equity Planning Inc, which are subsidiaries of Henderson Group plc, which is incorporated and registered in Jersey under number 101484 with its registered office at 47 Esplanade, St Helier, Jersey JE1 0BD. Henderson Alternative Investment Advisor Limited (the “Investment Manager”) is the Investment Manager of the Funds referred to herein (the “Funds”). The Investment Manager is incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London, EC2M 3AE and is authorised and regulated by the United Kingdom Financial Conduct Authority (“FCA”). Henderson Alternative Investment Advisor Limited is registered as an investment adviser with the United States Securities and Exchange Commission (“SEC”). Henderson Global Investors Equity Planning Inc. (the “Broker-Dealer”) is a registered U.S. broker-dealer under the Financial Industry Regulatory Authority, Inc. (“FINRA”) and acts as placement agent for the Funds. The information specified in this document reflects the most current data at the time of printing. All data in this material is provided as of 1 July 2012 and its source is Henderson Global Investors Limited unless stated otherwise. Although third party data has been obtained from and is based on sources reasonably believed to be reliable, Henderson Global Investors Limited does not guarantee the accuracy of the information, which may be incomplete or condensed. Additional information may be available upon request. Opinions expressed are the Investment Manager’s present opinions only, reflecting prevailing market conditions and certain assumptions (which may not prove to be valid), and are subject to change. The information and opinions contained in this document are for background purposes only, and do not purport to be full or complete. No reliance may be placed for any purpose on the information or opinions contained in this document. None of Henderson Global Investors Limited, the Investment Manager, the Broker-Dealer, any of their affiliates or the Funds give any representation, warranty or undertaking as to, or accepts any liability for, the accuracy or completeness of the information or opinions contained in this document. Past performance is no guarantee of future results. The value of investments may go down as well as up and investors may not get back their original investment. Performance reflects the reinvestment of dividends and other earnings. Where net performance is stated, this is net of performance and management fees. These returns may be amended due to re-pricing adjustments or receipt of more accurate data, among other things, which will be reflected in the next report. This document does not constitute investment advice or a recommendation to invest in any Fund, any security or any other instrument. This document is not an offer to issue or sell, or any solicitation to buy or invest in any investment or investment vehicle, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. None of Henderson Global Investors Limited, the Investment Manager or the Broker-Dealer provides investment advice to investors in the Funds. In order to purchase an interest/shares in the Funds, investors must meet certain qualifications and complete subscription documents. Acceptance of any such subscription is at the sole discretion of the relevant Fund. The information contained herein is confidential to Henderson Global Investors Limited, the Investment Manager, the Broker-Dealer and the Funds, and is not to be disclosed to any other person, or copied or reproduced, in any form, in whole or in part, without the Investment Manager’s prior consent. This document is intended only to provide a broad overview of the Funds for discussion purposes. Recipients of this material who intend to apply for an interest/shares in a Fund are reminded that any such application must be made solely on the basis of and after carefully reading the information in the offering memorandum or listing particulars for the Funds, which covers the risks of investing in the Funds more fully. Investments in hedge funds are speculative and involve a high degree of risk. Investors could lose their entire investment. Investing in alternative investments is only appropriate for investors who are willing to bear the high economic risks of such investment, which can include: (i) a lack of liquidity in that there may be no secondary market for the Fund and none expected to develop; (ii) restrictions on transferring interests in the Fund; (iii) a potential lack of diversification and resulting higher risk due to concentration of trading authority with a single advisor; (iv) an absence of information regarding valuation and pricing; (v) delays in tax reporting; and (vi) less regulation than that governing other investment vehicles. In seeking to achieve a Fund’s objectives, the Investment Manager may use complex instruments and strategies such as: (i) leverage; (ii) short-selling; (iii) hedging; (iv) short-term trading; (v) investing in derivatives, such as options and futures contracts; (vi) investing in smaller companies, speculative instruments and privately issued securities; and (vii) investing with an emphasis on a particular sector or geographical area. A Fund investing in overseas securities is exposed to and may hold currencies other than the base currency of the Fund. As a result, exchange rate movements may cause the value of investments to increase or decrease. The strategies employed may result in the net asset value of a Fund exhibiting a higher level of risk and volatility and higher expenses than other investments. Further information, including a discussion of the risks of an investment in a particular Fund, is set out in the relevant fund’s offering memorandum (the “OM”). An investment in any fund should only be made after review of, and on the basis of the terms set out in, the OM, and following consultation with your independent financial adviser. The information in this document is qualified in its entirety by the information in the OM, which may be different from the information set out here. Audited financial statements and a semi annual report with unaudited financial information will be sent to shareholders within four months (unaudited reports) and six months (audited reports) of the period to which they relate. Class accounts for the AlphaGen Funds and Gartmore UK Small Cap Best Ideas Fund Limited will be prepared in the currency of each class in accordance with International Financial Reporting Standards. Class accounts for the other Funds will be prepared in the currency of each class in accordance with Generally Accepted Accounting Standards. A copy of the most recent financial statements will, when available, be sent to shareholders and prospective shareholders on request. The Funds and the Investment Manager may have entered into side letters with investors, which contain material terms, granting preferential portfolio transparency rights to such investors. In the United Kingdom: In the United Kingdom, this material is issued to eligible and qualifying business and professional investors. Each of the Funds is an unrecognised collective investment scheme for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (“FSMA”). This document is exempt from the restriction in section 238(1) of FSMA on the communication of an invitation or inducement to participate in a unrecognised collective investment scheme on the basis that it is issued only to and/or is directed at only persons who are categorised as a professional client or an eligible counterparty (within the meaning of the FSA Rules) in respect of interests in a Fund. The investments and investment services to which this document relates are only available to such persons and other persons should not act or rely on it. In the United States: None of the shares in the Funds have been or will be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”) or the securities laws of any U.S. state. The shares of the Funds have also not been approved or disapproved by the United States Securities and Exchange Commission, any state securities commission or other U.S. regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of their offering, accuracy or adequacy of the document and OM of each Fund. Any such representation to the contrary is a criminal offence. The Funds’ shares may only be offered or sold directly or indirectly in the United States or to any U.S. person in reliance on exemptions from registration under the 1933 Act and the securities laws of the U.S. states. In addition, none of the Funds have been and none of the Funds will be registered as an investment company under the U.S. Investment Company Act of 1940, as amended. All other jurisdictions: Availability of shares in the Funds may be limited by applicable law in certain jurisdictions and this document and any related material may not be distributed or published in any jurisdiction, except under circumstances that will result in compliance with applicable laws and regulations. Further limitations on the availability of shares in the Funds may be imposed. Please refer to each Fund’s OM in this regard. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Investors and prospective investors should consult their own advisors regarding such matters. Telephone calls may be recorded and monitored. Ref: 34I

×