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Nma dynamic real return presentation sept 13

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  • 1. Threadneedle Dynamic Real Return Fund Toby Nangle – Head of Multi-Asset September 2013 June 2013 For institutional investors Brighton – NMA Conference
  • 2. Threadneedle Investments Asset allocation is central to our business Source: Threadneedle, as at 30 June 2013. AUM includes externally managed funds under administration. 1 Assets under management Client breakdown  An established global asset manager  Founded 1994  AUM £83.5 billion  153 investment professionals and 710 employees  £32.2 billion AUM in asset allocation fund and mandates  Sole focus is active management of client assets  Offers a broad spectrum of capabilities  Equities  Fixed Income  Commodities  Multi-asset  Property  Owned by Ameriprise Financial Inc. Fixed income 35.0% Equities 55.4% Property 6.8%Cash 2.8% Multi-Asset 38.6% Other 61.4% Retail 32.6% Institutional 67.4%
  • 3. 1 10 100 1,000 1870 1890 1910 1930 1950 1970 1990 2010 Real UK TRR (BarCap) Real US Equity Prices (Shiller) 1929 Bretton Woods/ OPEC Crisis/ UK Secondary Banking Crisis Tech Bubble GFC WWII 1921 UK Depression WWI Why Multi-Asset? We present a volatility-controlled approach to investing that seeks to capture equity-like returns with less volatility Sources: Threadneedle, Barclays Capital and Robert Shiller, (http://www.econ.yale.edu/~shiller/data/ie_data.xls), as at December 2012.  We believe that  Equities will continue to deliver attractive long-term returns  Equities are volatile and can underperform when investors most need good returns  Volatility is here to stay  Multi-asset investing can provide attractive positive returns whilst helping to keep volatility in check 40%+ equity market drawdowns 2
  • 4. The World is Our Oyster! Calendar Year Returns in GBP, 2000-2012 The spread between strongest and weakest asset classes is substantial even in ‘boring’ years Sources: Bloomberg, December 2012. 3 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Comdty UK Corp Bds Comdty EM Eq EM Eq EM Eq Euro Eq EM Eq Global Govt Bds EM Eq Gold I/L Gilts Global HY Bds Global Govt Bds Gold Gold Global HY Bds Global HY Bds Japan Eq EM Eq Gold Gold Global HY Bds EM Eq Gilts UK Corp Bds UK Corp Bds Global HY Bds UK Corp Bds Euro Eq Euro Eq Comdty UK Eq Comdty Gilts UK Eq Comdty Gold Euro Eq Gilts Gilts Gilts Japan Eq UK Eq Gold Global HY Bds Euro Eq I/L Gilts Euro Eq Japan Eq UK Corp Bds EM Eq I/L Gilts Global Govt Bds I/L Gilts UK Eq I/L Gilts Euro Eq Gold Global Govt Bds Japan Eq UK Corp Bds US Eq Global Govt Bds US Eq Gold EM Eq Global Govt Bds US Eq Japan Eq UK Eq I/L Gilts I/L Gilts UK Corp Bds US Eq Global HY Bds Global HY Bds UK Eq Euro Eq I/L Gilts Global HY Bds Comdty UK Corp Bds US Eq US Eq UK Eq Comdty Gold UK Eq US Eq Japan Eq UK Eq US Eq EM Eq Gold Gilts I/L Gilts UK Corp Bds Gilts US Eq Comdty UK Corp Bds UK Eq Gilts US Eq UK Eq Japan Eq UK Corp Bds US Eq UK Corp Bds Gilts US Eq Euro Eq I/L Gilts Global Govt Bds Euro Eq Gold Global HY Bds Comdty UK Eq I/L Gilts Global Govt Bds Gilts Japan Eq Global HY Bds Global HY Bds Gilts I/L Gilts Comdty I/L Gilts Japan Eq Euro Eq Euro Eq Global Govt Bds Comdty Global HY Bds Global Govt Bds UK Corp Bds UK Eq Japan Eq Euro Eq Japan Eq Global Govt Bds EM Eq Japan Eq US Eq Gilts Gold Global Govt Bds Comdty Japan Eq EM Eq Global Govt Bds Gilts EM Eq Comdty Emerging Market Equities -25% 0% -15% 41% 17% 50% 17% 38% -36% 62% 23% -18% 13% US Equities -5% -10% -30% 16% 3% 18% 1% 5% -14% 15% 20% 2% 11% European Equities -0% -18% -26% 25% 13% 22% 18% 13% -27% 23% 8% -10% 15% UK Equities -4% -12% -23% 19% 11% 20% 15% 7% -30% 29% 13% -2% 10% Japanese Equities -22% -27% -19% 23% 8% 40% -6% -5% -4% -4% 20% -14% 4% Commodities 43% -17% 14% 12% 2% 35% -10% 15% -12% 7% 21% -13% -5% Gold 2% 5% 13% 8% -2% 31% 8% 29% 44% 12% 34% 11% 2% Conventional Gilts 9% 3% 9% 2% 7% 8% 0% 5% 14% -1% 7% 17% 3% Global Government Bonds 10% 2% 8% 4% 3% 4% -7% 9% 51% -7% 9% 7% -3% I/L Gilts 4% -1% 8% 7% 8% 10% 3% 8% 4% 6% 9% 20% 1% UK Corporate Bonds 10% 7% 10% 7% 7% 9% 1% 1% -9% 15% 9% 7% 15% Global HY Bonds -6% 5% 0% 31% 15% 5% 11% 2% -27% 59% 15% 3% 19%
  • 5. Asset Allocation Team Drawing on the resources of our entire investment platform via our most experienced investors Source: Threadneedle, as at July 2013. 1 An employee of Columbia Management. Jim Cielinski Head of Fixed Income 30 years experience 3 years at Threadneedle William Davies Deputy Head of Equities 28 years experience 18 years at Threadneedle Matthew Cobon Head of Government & FX 17 years experience 3 years at Threadneedle Rajeev Kapur Portfolio Construction & Implementation 10 years experience 4 years at Threadneedle Portfolio Construction & Implementation Asset Allocation Strategy Toby Nangle Asset Allocation 16 years experience 2 years at Threadneedle Alex Lyle Asset Allocation 33 years experience 33 years at Threadneedle Leigh Harrison Head of Equities 30 years experience 7 years at Threadneedle Mark Burgess Chief Investment Officer 27 years experience 3 years at Threadneedle Robert Webb Portfolio Construction & Implementation 5 years experience 5 years at Threadneedle 4
  • 6. Threadneedle Dynamic Real Return Fund  Drawing on the ideas of our entire investment platform via our most experienced investors  Full look-through to all positions better enables portfolio construction  No double charging Effective governance  Targeting CPI+4% in line with long-run real return of equities  Aiming for equity-like returns with up to two-thirds of equity volatility  A volatility-controlled strategy that seeks to capture market upside in uncertain times Real returns & lower volatility Dynamic & unconstrained  Long-only, unleveraged, risk-controlled, index-unconstrained  Dynamically managed asset allocation; there is no ‘neutral’  Uses direct holdings, derivatives, ETFs, and in-house funds Key Characteristics A collaborative and risk-oriented approach 5 Any target returns stated on these slides are internal fund manager targets and do not form part of the funds objectives.
  • 7. Why target CPI+4%? Targeting an equity-like return 6 -6% -4% -2% 0% 2% 4% 6% 8% 10% 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 15yr Annualised Real Return of UK Equities 30yr Annualised Real Return of UK Equities Long-Run Equity Returns over Inflation Source: Bank of England, Barclays Capital and Threadneedle, 31 December 2012. Any target returns stated on these slides are internal fund manager targets and do not form part of the funds objectives
  • 8.  We expect equities to deliver positive and attractive total returns over the medium-term  The GAA Fund aims to deliver 100% of equity returns with up to two-thirds of ex post equity risk, over a 3-5yr horizon  We aim to do this by actively managing the portfolio’s asset allocation, and adding value at the stock and sector level  On a monthly basis we:  Show the range of opportunities available to investors investing in static asset allocations of US and Global equities and bonds, making transparent to clients our success in harvesting returns  Show portfolio exposures and changes, providing the rationale for these changes Example Historic Risk1 and Return – 3yrs Threadneedle (Lux) Global Asset Allocation Fund Source: Threadneedle, as at March 2013. Performance is shown on a gross basis, and expressed in US$. Gross performance based on Global Close prices, unadjusted income reinvested, and the TER (Total Expense Ratio). Past performance is not a guide to future returns. 1 Risk: Annualised Standard Deviation of monthly returns. Equity-like returns with up to two-thirds equity volatility 100% UST Index 100% Global Equity Index GAA Performance Target Performance 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Annualised Volatility of Return AnnualisedReturn 7
  • 9. Asset Allocation Strategy output – our current views (September 2013) Where should we be invested & how much risk should we be taking? Source: Threadneedle, as at September 2013. Strongly Dislike Dislike Neutral Favour Strongly Favour Asset Allocation Government I/L Cash Credit Equity Commodity Property Equity Region EU x UK US UK EM Pac x Japan Japan Global Equity Sector Energy Utilities Telco Fins Materials Industrials Health Staples Technology Consumer Cyclicals Bond - FX Hdgd Japan Germany US UK Nordic Australia EM Local Credit Corporate IG EMD Corporate HY Commodity Base Metals Softs Grains Livestock Precious Energy FX AUD JPY Euro GBP Nordics USD X 8 Current risk appetite
  • 10. Threadneedle Dynamic Real Return Portfolio Sizing risk budgets in line with asset allocation strategy output Source: Threadneedle, as at 30 June 2013. 1 Uses ten years of equally-weighted monthly returns to June 2013 and assumes that no risk is added or subtracted from stock-selection. For reference, the measure of historical volatility calculated for MSCI ACWI over the same sample window was 16.7%. 9 Dev Equity 40.0% EM Equity 5.0% DM Govt 22.4% I/L Bonds 1.5% HY Credit 7.5% Commodity 4.7% EM Local 7.0% IG Credit 5.0% Cash 7.0% JPY 8% EM 8% Commodity 5% USD 13% GBP 68% Portfolio disaggregation of risk1 Portfolio anticipated volatility of 6.8% p.a. - 2% 4% 6% 8% 10% 12%
  • 11. Threadneedle Dynamic Real Return Fund Investment Objective To achieve a positive real rate of return from capital appreciation and income over the medium to long term, at least above the rate of inflation (defined as the Consumer Price Index). Regardless of market conditions, it also aims to provide a positive return over a maximum period of 3 years Neutral Allocation Unconstrained by any index Asset allocation parameters Dynamic asset allocation can vary significantly to reflect Threadneedle’s asset allocation views:  Equities range: 0-75%  Fixed income range: 0-100%  Commodities range: 0-20%  Property range: 0-20%  Alternatives range: 0-10% Implemented via direct investments, derivatives, and internal funds. Where internal funds are used there is no double-charging and risk management systems have full position- level look-through Approach Long-only, unleveraged Legal structure NURS Dealing Daily Fees AMC: 75 bps (Z-class), OCF: 97bps Base currency GBP 10 1 Any target returns stated on these slides are internal fund manager targets and do not form part of the funds objectives. Key characteristics
  • 12. Investment process in practice 3
  • 13. Investment process in practice – Japanese Equities 1. Economic Research 1 Updated as at 25 April 2013. 12 Threadneedle Macro Research Japan economic forecasts1 “After the BOJ this morning we had a meeting with CB Richard Ellis the property guys and they are having a great time. And all the companies I've seen so far will need to revise up their forecasts.” E-mail from Sarah Williams, Head of Japanese Equities, Tokyo 4th June 47 company meetings held in May Threadneedle Micro Research End-2013 End-2014 2011 2012 Current (T) (cons) (T) (cons) GDP (year/year) -0.5 2.0 0.7 1.5 1.0 1.3 1.5 1.3 Headline inflation (year end) -0.3 0.0 -0.7 0.0 -0.2 0.1 2.0 1.9
  • 14. Investment process in practice – Japanese Equities 2. Valuation Research Fair valuation taking consensus estimates 13 Forward Japanese Inflation Expectations Priced into Fixed Income Markets Cross-Asset Valuation Framework -1.0 -0.5 - 0.5 1.0 1.5 2.0 2.5 3.0 Mar 13 Sep 13 Mar 14 Sep 14 Mar 15 Sep 15 Mar 16 Sep 16 Mar 17 Interpolated12mthCPIDiscounted Valuation criteria met (05/06/13) Economic criteria met (22/05/13) UK US Braz France Japan Spain ACWI EM Germany HSI Spain Mexico Germany US Agg France UK US Japan Italy Ireland EMBI GBI - EM y = 0.3209x + 0.0312 R2 = 0.8505 0% 2% 4% 6% 8% 10% 12% -5% - +5% +10% +15% +20% (Annualised Vol of 36mth Monthly Returns X Correlation to MSCI ACWI) YTMorImpliedCostofEquityCapital Equity Fixed Income Source: Bloomberg and Threadneedle, June 2013.
  • 15. Investment process in practice – Japanese Equities 3. Strategy End of deflation transforms Japan RoE 14 Australia US Switz UKCanada Germany Japan EM 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3% 5% 7% 9% 11% 13% 15% Return on Equity Price/Book End of Deflation transforms RoE Transformed RoE gives scope for re-rating within equity markets Source: Threadneedle, June 2013
  • 16. -40% -20% 0% 20% 40% 60% 80% Jun 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Feb 13 Mar 13 Apr 13 May 13 Jun 13 3mthrollingreturnDecomposedbyChangetoEPS&Change inMultiple 10 11 12 13 14 15 16 17 18 19 20 12mthForwardP/E 3mth Chg in 12mth Fw d EPS 3mth Chg in 12mth Fw d PE 3mth Return 12mth fw d PE Investment process in practice – Japanese Equities Summary Topix 3mth rolling return decomposed by changes to 12mth forward P/E changes and 12mth forward EPS changes 15 Threadneedle Upgraded Macro Forecasts Abe wins opposition leadership election PM Noda calls General Election; Short TOPIX vs S&P cut from absolute return funds Threadneedle overweight Japan initiated Threadneedle Micro field research Source: Bloomberg and Threadneedle, June 2013.
  • 17. Investment process in practice – Japanese Equities Sizing the position 8% NAV Japanese Equity position contributes 1% to portfolio risk 16 Highly correlated volatile assets: High barriers to entry Negatively correlated assets: Low barriers to entry AA - Broad Categories NAV Risk Of Total Equity Dev Equity 40.0% 4.72% 69.8% EM Equity 5.0% 45.01% 0.89% 13.1% 83.0% Comdty Commodity 4.7% 4.74% 0.27% 3.9% Govt Govt Bonds 22.4% -0.09% -1.4% I/L Bonds 1.5% 23.87% 0.03% 0.4% -1.0% Credit Credit 12.5% 0.55% 8.2% EM Local 7.0% 19.50% 0.19% 2.9% 11.0% Cash & FX FX 0.0% 0.19% 2.9% Cash 8.4% 8.40% 0.01% 0.1% 3.0% Property Property 0.0% - - - 6.8% Confidence Worst Mth 1mth Hist VaR 95% -3.55% -9.87% 1mth Para Var 95% -3.21% Ex Ante StDev 6.76% As % of MSCI AC 42% Diversity Benefit 4.2% Overall Portfolio Vol - 5% 10% 15% 20% 25% 30% 35% -1.0 -0.5 0.0 0.5 1.0 Correlation to Total Portfolio VolatilityofReturn Total Portfolio 02:01 02:02 02:03 02:04 03:01 03:02 03:03 03:04 03:05 04:03 05:02 05:03 Bubble denotes size of position as % NAV Australian Bonds 14% NAV UK Equities 20% NAV Energy US HY 4.6% NAV Japan Equity 8% NAV EM Equities 5% NAV Source: Threadneedle, June 2013.
  • 18. -30% -10% 10% 30% 50% 70% 2005 2006 2007 2008 2009 2010 2011 2012 2013 Contribution of mining capex to growth in GDP over 4 quarters Example: Australian Bonds Economic Research MacroResearch 17 MicroResearch Mining capex accounted c.60% of GDP growth over the last four quarters “The overall tone was pretty downbeat. I think some investors went to Barcelona intending to do some bottom fishing, but actually it is hard to find stocks that look cheap once you put in truly conservative commodity price forecasts.” E-mail from Georgina Hellyer, Commodities Analyst, Emerging Market Equities, after meeting management from 15 companies In Barcelona, May 2013 25 30 35 40 45 50 55 60 65 70 Dec- 05 Dec- 06 Dec- 07 Dec- 08 Dec- 09 Dec- 10 Dec- 11 Dec- 12 PMI -25 -20 -15 -10 -5 0 5 10 15 20 BusienssConditions PMI - Production NAB Business Conditions Away from mining, the economy is weak and has been deteriorating Source: Bloomberg and Threadneedle, June 2013
  • 19. UK US Braz France Japan Spain ACWI EMGermany HSI Spain Mexico Germany US Agg Australia UK US Japan Italy Ireland EMBI GBI - EM y = 0.3107x + 0.0323 R2 = 0.8344 0% 2% 4% 6% 8% 10% 12% -5% - +5% +10% +15% +20% (A nnualised Vo l o f 36mth M o nthly R eturns X C o rrelatio n to M SC I A C WI) YTMorImpliedCostofEquityCapital Equity Fixed Income Example: Australian Bonds Valuation Research One cut gently being priced in, and a yieldy negative correlator vs equities 18 90 Day Australian Bank Bill Future Curve Cross-Asset Valuation Framework 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jul-30 2013 Jun-30 2013 Dec-31 2012 Source: Bloomberg and Threadneedle, June 2013.
  • 20. Example: Australian Bonds Sizing the position in the portfolio 14% NAV Australian bond position reduces portfolio risk by 0.15% 19 Highly correlated volatile assets: High barriers to entry Negatively correlated assets: Low barriers to entry AA - Broad Categories NAV Risk Of Total Equity Dev Equity 40.0% 4.72% 69.8% EM Equity 5.0% 45.01% 0.89% 13.1% 83.0% Comdty Commodity 4.7% 4.74% 0.27% 3.9% Govt Govt Bonds 22.4% -0.09% -1.4% I/L Bonds 1.5% 23.87% 0.03% 0.4% -1.0% Credit Credit 12.5% 0.55% 8.2% EM Local 7.0% 19.50% 0.19% 2.9% 11.0% Cash & FX FX 0.0% 0.19% 2.9% Cash 8.4% 8.40% 0.01% 0.1% 3.0% Property Property 0.0% - - - 6.8% Confidence Worst Mth 1mth Hist VaR 95% -3.55% -9.87% 1mth Para Var 95% -3.21% Ex Ante StDev 6.76% As % of MSCI AC 42% Diversity Benefit 4.2% Overall Portfolio Vol - 5% 10% 15% 20% 25% 30% 35% -1.0 -0.5 0.0 0.5 1.0 Correlation to Total Portfolio VolatilityofReturn Total Portfolio 02:01 02:02 02:03 02:04 03:01 03:02 03:03 03:04 03:05 04:03 05:02 05:03 Bubble denotes size of position as % NAV Australian Bonds 14% NAV UK Equities 20% NAV Energy US HY 4.6% NAV Japan Equity 8% NAV EM Equities 5% NAV Source: Threadneedle, June 2013.
  • 21. Historic asset allocation by asset classHistoric asset allocation by currency Actively implementing our evolving asset allocation views Dynamic, active, index-unconstrained Source: Threadneedle, as at 31 May 2013. Data is shown is for the Threadneedle (Lux) Global Asset Allocation Fund. 20 0 10 20 30 40 50 60 70 80 90 100 Aug- 12 Sep- 12 Oct- 12 Nov- 12 Dec- 12 Jan- 13 Feb- 13 Mar- 13 Apr- 13 May- 13 USD AUD CAD Europe x UK GBP JPY Commod EM MXN PLN 0 10 20 30 40 50 60 70 80 90 100 Aug- 12 Sep- 12 Oct- 12 Nov- 12 Dec- 12 Jan- 13 Feb- 13 Mar- 13 Apr- 13 May- 13 Dev Equity EM Equity HYCredit IG Credit EM Local Commodities Dev Govt Cash
  • 22. Appendix: Biographies AP3
  • 23. Biography TOBY NANGLE Head of Multi-Asset Toby Nangle joined Threadneedle as Head of Multi-Asset in 2012. In this role he is responsible for managing and co-managing a range of multi-asset portfolios, as well as providing strategic and tactical input to the Threadneedle asset allocation process. Prior to joining Threadneedle Toby worked at Baring Asset Management, initially in the fixed income team and subsequently as Director of the Multi-Asset Group. He holds degrees in History and International Relations from the University of Cambridge. Threadneedle start date: 2012 Industry start date: 1997 22
  • 24. Key Risks of the Threadneedle Dynamic Real Return Fund 23 Investment risk – The value of investments can fall as well as rise and investors might not get back the sum originally invested. Investment in funds – The Investment Policy allows the fund to invest principally in units of other collective investment schemes. Investors should consider the investment policy and asset composition in the underlying funds when assessing their portfolio exposure. Currency risk – Where investments are made in assets that are denominated in multiple currencies, changes in exchange rates may affect the value of the investments. Investor currency risk – Where investments in the fund are in currencies other than your own, changes in exchange rates may affect the value of your investments. No capital guarantee – Positive returns are not guaranteed and no form of capital protection applies. Issuer risk – The fund invests in securities whose value would be significantly affected if the issuer either refused to pay or was unable to pay or perceived to be unable to pay. Inflation risk – Most bond and cash funds offer limited capital growth potential and an income that is not linked to inflation. Therefore, inflation can affect the real value of capital and income over time. Interest rate risk – Changes in interest rates are likely to affect the fund’s value. In general, as interest rates rise, the price of a fixed rate bond will fall, and vice versa. Valuation risks – The fund’s assets may sometimes be difficult to value objectively and the actual value may not be recognised until assets are sold. Investment in derivatives – The Investment Policy of the fund allows it to invest materially in derivatives. Volatility risk – The fund may exhibit significant price volatility.
  • 25. Important information 24 Information for Investment Professionals Only. Past performance is not a guide to future performance. The value of investments and any income is not guaranteed and can go down as well as up and may be affected by exchange rate fluctuations. This means that an investor may not get back the amount invested. The dealing price may include a dilution adjustment where the fund experiences large inflows and outflows of investment. Further details are available in the Prospectus. Threadneedle Opportunity Investment Funds ICVC (“TOIF”) is an open-ended investment company structured as an umbrella company, incorporated in England and Wales, authorised and regulated in the UK by the Financial Conduct Authority (FCA) as a Non-UCITS scheme. This material is for information only and does not constitute an offer or solicitation of an order to buy or sell any securities or other financial instruments, or to provide investment advice or services. Subscriptions to a Fund may only be made on the basis of the current Prospectus and the Key Investor Information Document, as well as the latest annual or interim reports and the applicable terms & conditions. Please refer to the ‘Risk Factors’ section of the Prospectus for all risks applicable to investing in any fund and specifically this Fund. The above documents are available in English only and may be obtained free of charge on request from Threadneedle Investments at PO Box 10033, Chelmsford, Essex CM99 2AL. Tax treatment depends on individual circumstances. Tax concessions are not guaranteed and tax legislation may change in the future. The mention of any specific shares or bonds should not be taken as a recommendation to deal. The mention of any specific shares or bonds should not be taken as a recommendation to deal. Threadneedle Investments does not give any investment advice. If you are in doubt about the suitability of any investment, you should speak to your financial adviser. The fund characteristics described above are internal guidelines (rather than limits and controls). They do not form part of the fund’s objective and policy and are subject to change without notice in the future. The research and analysis included in this document has been produced by Threadneedle Investments for its own investment management activities, may have been acted upon prior to publication and is made available here incidentally. Any opinions expressed are made as at the date of publication but are subject to change without notice and should not be seen as investment advice. Information obtained from external sources is believed to be reliable but its accuracy or completeness cannot be guaranteed. This document is a marketing communication. The research and analysis included in this document have not been prepared in accordance with the legal requirements designed to promote its independence and have been produced by Threadneedle Investments for its own investment management activities, may have been acted upon prior to publication and is made available here incidentally. Any opinions expressed are made as at the date of publication but are subject to change without notice and should not be seen as investment advice. Information obtained from external sources is believed to be reliable but its accuracy or completeness cannot be guaranteed. This presentation and its contents are confidential and proprietary. The information provided in this presentation is for the sole use of those attending the presentation. It may not be reproduced in any form or passed on to any third party without the express written permission of Threadneedle Investments. This presentation is the property of Threadneedle Investments and must be returned upon request. Issued by Threadneedle Investment Services Limited. Registered in England and Wales, Registered No. 3701768, St Mary Axe, London EC3A 8JQ, United Kingdom. Authorised and regulated in the UK by the Financial Conduct Authority. Threadneedle Investments is a brand name and both the Threadneedle Investments name and logo are trademarks or registered trademarks of the Threadneedle group of companies.