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Microsoft power point cw sw retreat april 2013 [read-only] Presentation Transcript

  • 1. For professional use only – Not for Public distributionEmerging Market Debt: a primedestination for global investorsMax Wolman, Portfolio ManagerAberdeen Asset ManagementCitywire South West RetreatApril 2013
  • 2. Overview• Emerging Market Debt: a mainstream asset class• Looking ahead: what does the future hold• Using EMD in client portfolios• Aberdeen Emerging Markets Bond Fund• Appendices1
  • 3. Emerging Market Debt: a mainstream asset class
  • 4. The perception of risk versus the reality3Country A Country BSource: IMF World Economic Outlook, Apr 12; Bloomberg, Jan 13Public Debt (% GDP) 111.7 43.2Fiscal Deficit (% GDP) -7.3 -2.3GDP Growth (%) 2.1 3.510 Year Yield (%) 1.9 5.4
  • 5. General Government Debt (% GDP) vs Government Balance (% GDP)BelgiumFranceGermanyGreeceIrelandItalyLuxembourgNetherlandsPortugalSlovak RepublicSloveniaSpainAustraliaCanadaNorwaySwedenSwitzerlandUKUSAChinaIndiaIndonesiaKoreaMalaysiaPhilippinesThailandVietnam BelarusCroatiaEgyptGeorgiaHungaryIraqIvory CoastJordanKazakhstanLatviaLebanonLithuaniaNamibiaPolandQatarRomaniaRussiaSaudi ArabiaSenegalSerbiaSouth AfricaTurkeyUAEUkraineArgentinaBarbadosBrazilChileColombiaCosta RicaDominican RepublicEcuadorEl SalvadorGuatemalaJamaicaMexicoPanamaPeruUruguayVenezuela0102030405060708090100110120130140150160-11 -10 -9 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17Eurozone G10 Asia CEEMEA LatAmJapanDeveloped countriesEmerging countriesEM economies have considerably lower debt levels...Source: IMF, World Economic Outlook Database, May 12Japans Govt. Debt is 236%General Government Balance for 2012 (% of GDP)GrossGeneralGovernmentDebtfor2012(%ofGDP)4
  • 6. ... in contrast to the developed market fiscal cliff…5Average credit rating of Developed markets vs Emerging MarketsSource: Morgan Stanley, Fitch, Moody’s, Standard & Poor’sDM (RHS) EM (LHS)1996 1997 1998 1999 2000 2001 2003 2005 2007 2009 2011BB-BBBB+BBB-BBB2002 2010200820062004 20132012A+AA-AAAA+• External debt is 62% investment grade• Average credit quality is BBB-• Domestic debt is 83% investment grade• Average credit quality is BBB+
  • 7. • External debt is 62% investment grade• Average credit quality is BBB-• Domestic debt is 83% investment grade• Average credit quality is BBB+S&P breakdown of EMBI Global Diversified Index S&P breakdown of GBI-EM Global Diversified Index… for investment grade credit qualityAA8.4%A3.4%BBB17.4%BB19.3%B50.0%NR1.5%A56.7%BBB26.3%BB17.0%Source: JP Morgan, Dec 12Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.Generally the credit ratings range from AAA (highest) to D (lowest). Where bonds held in the fund are rated by multiple rating agencies (Moodys, S&P and Fitch), the lower of the ratings is used. This may not beconsistent with data from the benchmark provider.6
  • 8. The EMD universe has grown rapidly …7Total EMD market: USD 7.7trn01,0002,0003,0004,0005,0006,0007,0008,0009,0002007 2008 2009 2010 2011Local Sovereign USD Sovereign USD CorporateSize of the EMD market by investment typeSource: BIS, Bondradar, JP Morgan, Sep 12USDCorporate$1,023 bn(13%)Local Sovereign$6,000 bn(78%)USDSovereign$549bn(9%)
  • 9. 20108• By 2050 Emerging Markets are forecast to represent 69% of world GDP versus 40% now• With a growing, financially independent, aspirational middle classSource: Citi Mar 11; GDP measured in 2010 PPP USD2050f... and are likely to be the main drivers of future growthNorthAmerica22%Europe23%Other9%Japan6%EmergingMarkets40%Europe9%Japan2%EmergingMarkets69%Other9%NorthAmerica11%
  • 10. Country 10 year bond yield (%) Inflation y-o-y (%) Real yield (%) Credit rating (S&P)Brazil 9.1 5.5 3.6 A-Colombia 5.4 2.4 3.0 BBB+Malaysia 3.5 1.3 2.2 AMexico 5.5 4.2 1.3 A-South Africa 6.6 5.6 1.0 A-Poland 3.8 2.8 1.0 AHungary 6.1 5.2 0.9 BBIndonesia 5.1 4.3 0.8 BB+US 1.9 1.8 0.1 AA+Germany 1.5 2.1 -0.6 AAAUK 2.0 2.7 -0.7 AAASource: S&P, Bloomberg, Jan 13… and real yields remain positive…9
  • 11. The same perceptions exist for EM companies…101. Total capital/risk weighted assets2. Mid yield to maturitySource: Company presentations and reporting, figures for Q1 2012. Yield as at Jan 13.Securities selected for illustrative purposes only.Company A Company BNet interest margin (%) 2.6 5.5Return on common equity(%)11.0 20.5Total capital ratio1 (%) 14.9 15.1Yield of representative2016 senior bond2 (%)1.4 2.1A2 ratedMexican bankA2 ratedUS bank
  • 12. EM corporates have lower leverage in the sameratings buckets …… but trade at wider spreads11Source: BofA Merrill Lynch Global Research, Sep 12… and wider spreads despite lower leverage0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0ABBBBBBNet Leverage, xEM Corporates US Corporates0 25 50 75 100 125 150 175 200 225 250 275 300 325ABBBBBBSpread per Turn of Net Leverage, bps/xEM Corporates US Corporates
  • 13. Looking ahead: what does the future hold
  • 14. EMD 2013 outlook• EMD providing a haven for investors diversifying out of developed markets• Structural redeployment by global asset allocators away from core developed bondmarkets will continue to ensure inflows into EM bond markets.• Modest supply in external sovereign bonds will be easily absorbed by demand forassets offering yield, which should prevent any significant spread widening.• Limited supply in hard currency sovereigns paves way for greater opportunities inemerging market corporates• Reduced tail risk in Europe, increased allocations to EM equities and robust FDIinflows will be supportive for EM currencies.• Renewed tolerance for modest currency appreciation by Chinese policy-makers willallow other EM countries to accommodate some appreciation pressures.• Chinese cyclical slowdown has passed, refocusing attention on its structural demandfor commodities to fuel its infrastructure investment requirements.• Biggest risk to EM would be overly strong US economic data which could threaten the“lower for longer” environment.13
  • 15. Breakdown of JPM GBI-EM GD returnsEM currencies poised to pull their weight in 201314Source: JP Morgan, 31 Dec 1280859095100105110115120125130May 11 Jul 11 Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Nov 12GBI-EM GD Total Return (in USD) GBI-EM Global Div Rates (Local Bond) Returns GBI-EM GD FX Return (USD)EM FX returns only contributed 3% out of16.7% in EM local currency in 2012Total return(USD from May 11 to Dec 12)Rates return(Local Bond from May 11 to Dec 12)FX return(Local vs USD from May 11 to Dec 12)6.22% 21.22% -12.30%Total return (USD since Jun 12) Rates return (Local Bond since Jun 12) FX return (Local vs USD since Jun12)15.62% 9.35% 5.73%
  • 16. Hourly wage in manufacturingMexico: still gaining export competitiveness vs China* Estimate for ChinaSource: ILO and INEGI, Oct 12• The convergence in costs with China has led to an increase in market share and inforeign direct investment flows in manufacturing15Dollars China Mexico2.52.01.51.00.50.020022003200420052006200720082009*2010*2011*3.0237.9%7.3%
  • 17. Using EMD in client portfolios
  • 18. 5-year risk vs returnRisk & return data support the case for EMD17Source: L-IM. All figures were correct at the close of business on 31st December 2012IMA £ Corporate BondIMA £ High YieldIMA GlobalIMA Global BondsIMA Global EmergingMarketsIMA UK Equity IncomeJPM EMBI GlobalDiversified0.002.004.006.008.0010.0012.0014.0016.0018.000.00 5.00 10.00 15.00 20.00 25.00BenchmarkAnnualisedRisk / Annualised Standard
  • 19. A blended approach can offer the best risk/return profile18JPM EMBI Global diversified vs JPM GBI-EM Global diversified (Jan 03 – Jun 12)Source: Aberdeen Asset Management, Jun 12Note: Annualised return = 10.65% , Annualised volatility = 9.10%9.0 9.5 10.0 10.5 11.0 11.5 12.010.010.511.011.512.012.5%100% JPMGBI-EMGlob. Div.100% JPM EM Bond Glob. Div.13% JPM GBI-EM GD87% JPM EMBI GD
  • 20. Strategic Bond funds are not the answer19Why?• They don’t have the necessary skill sets and invest across the ‘traditional’ creditspectrum of government bonds, credit and high yield• This creates a strong argument for holding dedicated Emerging Market Debt exposurealongside ‘strategic’ exposureUK 47.9Developed Europe (ex UK) 28.1North America 14.2Australia and New Zealand 1.9South and Central America 0.6Middle East and Africa 0.5Emerging Europe 0.5Developed Asia 0.2Emerging Asia 0.1Japan 0.01Non-classified 2.6Managed fund 1.9Cash and equivalent 1.6• The average* strategic bond fund allocates only 1.7% to Emerging Market DebtNB Due to rounding effects the total does not add up to 100%* Based on the weightedaverage of the top 10 GBPStrategic bond funds (IMA),Jan 13Source: Aberdeen,Hargreaves Lansdown andLipperDeveloped92.3%Cash andequivalent1.6%Emerging Markets1.7%Non-classified2.6%Managed fund1.9%Strategic Bond funds are not very ‘strategic’ in our view
  • 21. Summary• EMD is supported by better fundamentals than developed markets• Perceptions are often counter to this reality in both countries and companies• This is a rapidly growing asset class which is predominantly investment grade• Inflows are structural and should remain steady amid search for yield• EMD offers attractive return opportunities20
  • 22. Aberdeen Emerging Markets Bond Fund
  • 23. Aberdeen Emerging Markets Bond Fund• Aberdeen’s flagship onshore ‘blended’ EMD fund• An emerging market debt solution investing across entire EMD universe• Provides investors with an attractive level of income and capital return• Active allocation between sub asset classes provides diversified sources of return• Offers compelling risk return characteristics22A true emerging market debt solution
  • 24. Aberdeen Global – Select Emerging Markets Bond Fund230%10%20%30%40%50%60%70%80%90%100%Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12LC Sovereign HC Sovereign/Quasi HC Corporates FX exposureSource: Aberdeen Asset Management, 30 Sep 12Aberdeen Global – Select Emerging Markets Bond FundAllocation historyAberdeen Global – Select Emerging Markets Bond Fund
  • 25. Key positions% Index Portfolio SovereignUS$bondsCorporateUS$bondsSovereignLocalbondsCurrencyexposureBrazil 6 9 1 5 3Ivory Coast 1 1 1Mexico 6 12 7 1 4 4Philippines 5 1 1Serbia 1 3 3S. Africa 3 6 2 4 2UAE 5 3 2Uruguay 2 2 2 224Source: Aberdeen AssetManagementPositions for theAberdeen EmergingMarkets Bond Fund,31 Jan 2013.Index: JPM EMBI GDBenchmark aware not benchmark driven
  • 26. Aberdeen Emerging Markets Bond FundKey fund facts as at 31 March 13Source: Lipper, as at 31Jan 13. Basis: TotalReturn, NAV to NAV, UKNet Income Reinvested,Share Class A Acc. Pastperformance is not aguide to future resultsPerformance (Gross) Key factsFund Size £77.4 millionLaunch date 9 Mar 11Investment Team Emerging Markets Bond TeamSector IMA Global Bonds SectorNumber of holdings 126Yield 4.8%**ISIN GB00B5BV9P41AMC 1.00%% 3 months 1 year Annualised sinceinceptionFund 1.25 14.37 13.14Benchmark -2.29 9.86 10.28Difference +3.54 +4.51 +2.8625** As at 31 Jan 13. TheDistribution Yield reflectsthe amounts that may beexpected to be distributedover the next 12 monthsas a percentage of themid-market share price ofthe fund at the dateshown. The Distributionand Underlying Yields arebased on a snapshot ofthe portfolio on that day.The yields do not includeany preliminary chargeand investors may besubject to tax ondistributions. The fundmay distribute couponincome and a portion ofthe fund’s income ischarged to capital. Thishas the effect ofincreasing thedistributions for the yearand constraining thefund’s capitalperformance to anequivalent extent* Benchmark: 100% JP Morgan EMBI Global Diversified90100110120130140Feb11Mar11Apr11May11Jun11Jul11Aug11Sep11Oct11Nov11Dec11Jan12Feb12Mar12Apr12May12Jun12Jul12Aug12Sep12Oct12Nov12Dec12Jan13Feb13Mar13Fund (Gross) JPM EMBI GD GBPPerformance (Gross)
  • 27. Aberdeen Global – Select Emerging Markets Bond FundKey fund facts as at 31 March 13Source: Aberdeen AssetManagers, BPSS,Datastream, Gross, USD,50150250350450550Sep 01 Sep 02 Sep 03 Sep 04 Sep 05 Sep 06 Sep 07 Sep 08 Sep 09 Sep 10 Sep 11 Sep 12Fund (Gross) JPM EMBI GD USDPerformance (Gross)Performance (Gross)Key factsFund Size US$3.07 billionLaunch date 15 Aug 01Investment Team Emerging Markets Bond TeamBenchmark JPM EMBI GD USDNumber of holdings 158% in top ten holdings 24.3%ISIN LU0132414144Annual Management Charge (AMC) 1.50%Valoren 4983937Share class A2 AccTotal Expense Ratio (TER) 1.68%Fund domicile Luxembourg% YTD 1 year Annualised3 years 5 years LaunchFund -0.90 12.56 11.98 11.21 14.25Benchmark* -2.26 10.11 9.87 9.44 10.61Difference +1.36 +2.45 +2.10 +1.77 +3.64* Benchmark: JP MorganEMBI Global DiversifiedRisk analysis 3 yearsTracking error 2.60Information ratio 0.78Sharpe ratio 1.4426
  • 28. Aberdeen Emerging Markets Bond FundCurrent positionsCountry Portfolio (%)Benchmark (%)(%) of total fundHard currency Local currency FX (% of portfolio)Sovereign/Quasi CorporateArgentina 0.5 1.5 0.5Brazil 8.9 5.9 1.0 4.3 3.6Chile 0.4 3.2 0.4Colombia 0.7 4.1 0.7Costa Rica 0.5 0.5 0.5Dominican Republic 1.6 0.8 1.4 0.2El Salvador 0.6 1.7 0.3 0.3Guatemala 1.0 0.5 1.0Honduras 1.1 1.1Mexico 10.8 5.3 5.9 0.8 4.1 4.1Panama 0.5 2.7 0.5Peru 1.8 3.5 1.8 1.8Uruguay 2.4 1.9 0.3 2.1 2.1Venezuela 4.7 4.5 4.7Other* 1.2Latin America total 35.5 36.8 17.2 6.7 11.6 8.0Croatia 2.0 2.0 2.0Egypt 1.0 0.6 1.0Georgia 0.5 0.4 0.5Hungary 1.5 2.5 1.5Ivory Coast 1.1 0.7 1.1Kazakhstan 0.7 3.2 0.3 0.4Latvia 1.1 0.9 1.1Lithuania 2.4 2.5 2.4Namibia 0.6 0.2 0.6Nigeria 1.0 0.2 1.0Qatar 1.0 1.0Romania 2.3 0.8 2.3Russia 8.9 5.6 0.8 5.6 2.5 0.1Serbia 3.3 1.2 3.3South Africa 5.0 3.3 2.4 2.6 1.9Tanzania 0.6 0.6Turkey 5.2 5.6 2.2 1.4 1.6UAE 4.0 2.6 1.4Other** 14.4Europe/Middle East/Africa total 42.2 44.1 25.7 9.8 6.7 2.0* Belize, Chile, Ecuador,Jamaica** Belarus, Bulgaria,Gabon, Ghana, Iraq,Jordan, Lebanon, Poland,Ukraine, ZambiaSource: Aberdeen AssetManagementPositions for theAberdeen EmergingMarkets Bond Fund,22 March 2012
  • 29. Aberdeen Global – Emerging Markets Corporate Bond FundKey fund facts as at 31 March 13Source: Aberdeen AssetManagers, BPSS,Datastream, Gross, USDPerformance (Gross)90100110120130Jan 11 Apr 11 Jul 11 Oct 11 Jan 12 Apr 12 Jul 12 Oct 12 Jan 13Fund (Gross) JPM CEMBI BDPerformance (Gross) Key factsFund Size US$322 millionLaunch date 30 Dec 10Investment Team Emerging Markets Bond TeamBenchmark JPM CEMBI Broad DiversifiedNumber of holdings / issuers 146 / 118% in top ten holdings 12.7%ISIN LU0566480116Valoren 12575568Annual Management Charge (AMC) 1.50%Share class A2 AccTotal Expense Ratio (TER) 1.73%Fund domicile Luxembourg* Benchmark: JP Morgan CEMBI Broad Diversified** Annualised28Risk analysis Since launchTracking error 3.10Information ratio 0.56Sharpe ratio 1.06% YTD 1 year Annualised2 years 5 years LaunchFund 0.30 12.42 9.33 -- 9.59Benchmark* 0.93 10.57 8.13 -- 7.96Difference -0.63 +1.85 +1.20 -- +1.64
  • 30. Country Portfolio % Benchmark % Difference %Brazil 8.64 5.88 2.76Chile 2.11 4.12 -2.01Colombia 3.02 3.85 -0.83Dominican Republic 2.09 0.23 1.87El Salvador 2.66 0.29 2.37Guatemala 1.21 0.19 1.02Mexico 8.76 6.02 2.75Peru 5.34 3.72 1.62Latam Other* 0.00 2.92 -2.92Latam total 33.84 27.22 6.62Abu Dhabi 2.03 4.49 -2.46Dubai 4.77 0.65 4.12Egypt 1.03 0.33 0.71Georgia 0.49 0.00 0.49Kazakhstan 1.10 1.48 -0.38Nigeria 1.77 0.70 1.07Russia 12.34 5.97 6.37Turkey 5.15 4.20 0.95Ukraine 4.02 1.12 2.90EMEA Other** 0.00 13.85 -13.85EMEA total 32.70 32.79 -0.09China 4.42 6.74 -2.32Hong Kong 4.16 5.75 -1.59India 4.82 5.53 -0.71Indonesia 4.52 2.35 2.17Malaysia 0.70 2.41 -1.71Mongolia 0.82 0.23 0.59Philippines 1.37 2.12 -0.75Singapore 1.84 4.45 -2.62South Korea 3.46 5.81 -2.35Thailand 2.84 3.67 -0.84Asia Other*** 0.00 0.90 -0.90Asia total 28.95 39.95 -11.00US/Cash/Other 4.51 0.00 4.51Total 100.0 100.0Sector Portfolio % Benchmark %Capital Goods 0.45 0.44Consumer Discretionary 4.22 3.07Consumer Staples 6.37 3.32Energy 13.02 14.01Financials 30.46 35.87Health Care 0.00 1.83Industrials 4.46 6.13Information Technology 0.82 0.99Materials 11.49 11.02Real Estate 10.63 4.93Telecommunication Services 6.21 9.87Utilities 7.37 8.49Cash 4.51 0.00Total 100.00 100.00Rating Portfolio % Benchmark %AAA 0.00 0.22AA 2.87 6.77A 6.50 26.61BBB 33.43 39.59BB 31.64 12.00B 16.48 9.87CCC 0.00 0.21CC 0.00 0.02NR 0.00 0.00NA 4.57 4.73Cash 4.51 0.00Total 100.0 100.0Aberdeen Global – Emerging Markets Corporate Bond Fund29Current positionsSource: Aberdeen AssetManagementPositions for theAberdeen GlobalEmerging MarketsCorporate Bond Fund,31 Mar 13* Argentina, Barbados,Jamaica, Venezuela,Paraguay** Bahrain, Croatia,Czech Republic,Hungary, Israel, Kenya,Kuwait, Lebanon, Oman,Poland, Qatar, SaudiArabia, South Africa*** Macau,Taiwan
  • 31. Appendices
  • 32. Why Aberdeen?31Source: Aberdeen Asset Management,31 Dec 12Unparalleled depth and breadthLondonSão PauloBudapestBangkokKuala LumpurSingapore• Combined emerging market debt and equity expertise• Local presence, with over 70 EM investment professionals worldwide• Over $100bn in EM assets, with $11bn in EMD• Over 50 countries and 1,000 companies researchedHong Kong
  • 33. Our strategies32EMD Plus: invests in hard currency sovereign, quasi sovereign and corporate bonds, localcurrency sovereigns and currencies• Pooled fund: Aberdeen Global – Select Emerging Markets Bond Fund ($3,039m)• Benchmark: JP Morgan EMBI Global Diversified• AUM: $4,898mEMD Local Currency: invests primarily in local currency sovereign bonds and currencies• Pooled fund: Aberdeen Global – Emerging Markets Local Currency Bond Fund ($463m)• Benchmark: JP Morgan GBI-EM Global Diversified• AUM: $4,343mEMD Core: invests primarily in hard currency sovereign and quasi sovereign bonds• No pooled fund• Benchmark: JP Morgan EMBI Global Diversified• AUM: $2,109mEMD Corporate: invests primarily in hard currency corporate bonds• Pooled fund: Aberdeen Global – Emerging Markets Corporate Bond Fund ($308m)• Benchmark: JP Morgan CEMBI Broad Diversified• AUM: $510m*As of 28 Feb 13. *$1,463m including off benchmark allocations to EM corporates within our EMD Plus strategyTotal AUM: $11.9bnTotal AUM: $11.9bn
  • 34. EMD Plus1EMD Local Currency3 EMD Core4EMD Corporate2Annualised performance33-5051015YTD 1 year 3 years 5 years Sinceinception%Composite Benchmark05101520YTD 1 year 2 years Since inception%Composite BenchmarkAs at 28 Feb 20131 Inception: 1 Aug 99Benchmark: JPMEMBI Global Div.2 Inception: 1 Feb 11Benchmark: JPMCEMBI Broad Div.3 Inception: 1 May 09Benchmark: JPM GBI-EM Global Div.4 Inception: 1 Jan 96Benchmark: JPMEMBI Global Div.Source: AberdeenAsset Management.Total return, gross offees in USD.Consistent long term performance-505101520YTD 1 year 3 years 5 years Sinceinception%Composite Benchmark0510YTD 1 year 2 years Sinceinception%Composite Benchmark
  • 35. The investment team• Experienced, stable and growing team• Broad range of specialist skills across the asset class• Formal weekly portfolio review and six-weekly strategy meetings• Monthly meetings with EM equity, global macro, US and Asian fixed income teams34Brett Diment(21 years)Edwin Gutierrez(16 years)Kevin Daly(24 years)Esther Chan(9 years)Max Wolman(13 years)Siddharth Dahiya(7 years)Andrew Stanners(12 years)Viktor Szabo(12 years)Ewa Gray(9 years)Anthony Simond(4 years)Flora Sexton(6 years)Strong challenge culture(-) denotes yearsindustry experienceSource: AberdeenAsset Management,31 Dec 2012Kathy Collins(5 years)Debora Confortini(4 years)Imre Tajti(10 years)
  • 36. Global Emerging Market (GEM) Equity Flows (US$bn)Inflows into GEMs will be supportive for EM currencies35Source: EPFR , Barclays Capital, 31 Dec 2012-15-10-50510152025Dec 02 Dec 03 Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12• GEMs benefitting from renewed flows into global equity markets• Valuations looking more attractive despite reduced earnings outlook
  • 37. Past performance is not a guide to future returns. The value of investments, and the income fromthem, can go down as well as up and your clients may get back less than the amount invested.The views expressed in this presentation should not be construed as advice on how to construct aportfolio or whether to buy, retain or sell a particular investment. The information contained in thepresentation is for exclusive use by professional customers/eligible counterparties (ECPs) and not thegeneral public. The information is being given only to those persons who have received this documentdirectly from Aberdeen Asset Management (AAM) and must not be acted or relied upon by personsreceiving a copy of this document other than directly from AAM. No part of this document may becopied or duplicated in any form or by any means or redistributed without the written consent of AAM.The information contained herein including any expressions of opinion or forecast have been obtainedfrom or is based upon sources believed by us to be reliable but is not guaranteed as to the accuracyor completeness.Issued by Aberdeen Asset Managers Limited which is authorised and regulated by the FinancialConduct Authority in the United Kingdom.36Not for public distributionFor professional use only