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Presentation ethna funds_citywire_zurich_26.06.2012 Presentation ethna funds_citywire_zurich_26.06.2012 Presentation Transcript

  • ETHNA | FUNDS«The art of balancing risk andreturn»Citywire Zurich, 26 June 2012Not for distribution and only for professional investors!
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 3 INDEX 1 ETHNA FUNDS 2 ETHNA-AKTIV E 3 AWARDS
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 41 ETHNA FUNDS View slide
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 5TIMELESS VALUES FOR SUBSTAINABLE GROWTH ANDPERMANENT SUCCESS2002 2007 2009Establishment of the balanced Expansion of the funds on offer by Complementing of Ethna Fundsasset management fund the launch of a risk-minimised asset product portfolio by launching aEthna-AKTIV E by management fund profit-oriented asset managementLuca Pesarini and Arnoldo fundValsangiacomo 2008 2010 Strengthening of the Foundation of the fund management team investment company Guido Barthels, who is ETHENEA Independent specialized in capital Investors S.A. in markets and bonds September View slide
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 6THE FUND MANAGEMENT OF ETHNA FUNDS Investment Company ETHENEA Independent Investors S.A. Fund Funds (not allowed for public distribuition in Ethna-AKTIV E (not allowed for public distribuition in Switzerland) Switzerland) Assets under management: 3.23 Billion Euro (as of 31.05.2012) Fund Management Guido Barthels Luca Pesarini Arnoldo Valsangiacomo Chief Investment Officer Founder/Managing Partner Managing Partner
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 7INVESTMENT PHILOSOPHYPreservation of the invested capital and a positive absolute return everyyear.• The highest commandment is always: Preserve your capital, because years with a negative return decide on the long-term success or failure of an investment.Avoiding of unnecessary risks thanks to a balanced investment-strategy.• Risk minimization due to a broad diversification of the portfolios in different sectors and asset-classes.Low fund price volatility.• The pure volatility of an investment does not bring additional return to the investor, but only fear.
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 8INVESTMENT CLASSES OF THE ETHNA FUNDS Cash Bonds Equities Futures and Options
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 9INVESTMENT PROCESS OF THE ETHNA FUNDS TOP DOWN INPUTS Global Macroeconomic Analysis Region and Country Analysis PRE TRADE Sector Analysis POST TRADE Asset Allocation Target Investment Performance Risk Return and Universe Volatility PORTFOLIO Risk Investment Stop Loss / Limits Framework Guidelines Target Relative Idea Financial Fundamental Technical Value Generation Analysis Analysis Analysis Analysis BOTTOM UP TOOLS
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 10INVESTMENT CLASSES IEquities• Country focus is Germany, Switzerland and the Euro-Zone.• Investments can and will be made in securities from OECD-countries, namely the US and Canada.• The fund management primarily buys high dividend-yield blue chips, but also small and mid-caps after thorough individual check-ups and case-by-case analysis.• The portfolio is extremely diversified. No performance contribution by risk-taking, i.e. investing/concentrating on a few stocks.Bonds• Mainly debentures from the public sector, international organizations and companies with a good credit rating.• Every bond position in the portfolio can be up to a maximum of 5 %.
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 11INVESTMENT CLASSES IICash/Liquidity• Cash is deposited with first class rated banks, following market conditions.• Depending on the market situation, 100 per cent of the assets of the fund may also be moved into term deposits and money market instruments.• Reference currency is the Euro.Financial Market-Instruments and Derivatives• Futures and options can be flexibly used as a hedging strategy for existing portfolio investments as well as a short-term investment vehicle in critical market situations.
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 12OVERVIEW ETHNA FUNDS Fund AKTIV E Fund Wealth Management Yes Yes Yes Fund ISIN (distributing) Not allowed for public LU0136412771 (A) Not allowed for public ISIN (accumulating) distribution in Switzerland LU0431139764 (T) distribution in Switzerland ISIN (CHF, distributing) LU0666480289 (CHF-A) ISIN (CHF, accumulating) LU0666484190 (CHF-T) Maximum Equity 0 % - 10 % 0 % - 49 % 30 % - 70 % Ratio Focus Bonds Focus Equities Investment Universe World (OECD) World (OECD) World (OECD) primarily Europe Target Return up to 5 % 5 % - 10 % 10 % plus Target Volatility below 4 % below 6 % ca. 10 % Launch 02.04.2007 15.02.2002 (A) 10.11.2009 01.07.2009 (T) NAV (per 31.05.2012) € 463.91 mio. € 2,738.64 mio. € 22.56 mio.
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 132 ETHNA-AKTIV E
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 14INVESTMENT OBJECTIVES ETHNA-AKTIV E• Main objective of the Ethna-AKTIV E fund is to achieve an absolute positive return in every market situation.• Targeted return is 5 % - 10 % p. a. with a volatility below 6 %.• Following capital markets, the equity ratio will be actively adjusted between 0 % - 49 %.• Thanks to a well-balanced investment strategy, needless risks shall be avoided. A low volatility (in conjunction with a low tracking error, no cluster risks & liquid assets) is another main target.
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 15PERFORMANCE ETHNA-AKTIV E SINCE LAUNCH Ethna-AKTIV E (A) 60 % IBOXX € Total Return & 40 % Stoxx Europe 600 NTR140% Ethna-AKTIV E (A): +124,29 %120% IBOXX / Stoxx Europe 600 NTR: +49,77 %100%80%60%40%20% 0%-20%-40% 02/2002 02/2003 02/2004 02/2005 02/2006 02/2007 02/2008 02/2009 02/2010 02/2011 02/2012Current State: 31.05.2012Source: Bloomberg, Union Investment Financial Services, LRI Invest, ow n calculation ETHENEA
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 16MONTHLY PERFORMANCE OF THE ETHNA-AKTIV E SINCE LAUNCH Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2002 0.10% 1.20% -0.77% -2.43% -3.34% 1.98% 0.48% 1.11% 0.57% 0.77% -1.95% -2.40% 2003 0.59% 0.20% 0.63% 3.80% 0.51% 4.24% 2.36% 3.67% 0.39% 3.12% -0.37% 1.71% 22.79% 2004 2.25% 2.51% -2.02% 1.75% -0.96% 2.40% -4.00% -0.75% 0.53% 1.87% 6.18% 1.58% 11.55% 2005 3.14% 4.21% 0.13% 0.42% 0.73% 3.52% 4.67% 0.46% 2.10% -1.89% -0.14% 1.50% 20.30% 2006 1.78% 3.68% 4.51% 1.76% -3.38% -1.20% 0.21% 0.89% 1.33% 0.75% 0.10% 1.66% 12.52% 2007 1.15% 0.68% 1.06% 0.73% 0.35% -0.72% -0.67% -1.87% 0.20% 3.28% -1.81% -0.31% 1.96% 2008 -2.78% -0.17% -0.75% -0.06% -0.06% -0.06% 0.06% 0.69% -3.82% -0.43% 2.03% 1.50% -3.90% 2009 0.64% 0.62% 0.71% 1.97% 1.61% 0.38% 2.90% 1.04% 1.57% 0.45% 0.35% 1.45% 14.54% 2010 1.39% 0.65% 3.37% 0.69% -1.47% 0.68% 1.07% 1.08% 0.20% 0.93% -1.66% 2.70% 9.93% 2011 0.03% 0.49% -0.59% 0.56% 1.57% -1.57% 0.70% -2.63% -2.40% 1.29% -2.59% 3.47% -1.86% 2012 1.51% 1.20% -0.21% -0.34% 0.19% 2.37%% positive months: 71,77% best month: 6,18% Annualized volatility: 3.90%% negative months: 28,23% worst month: -4,00%Source: LRI Invest, Union Investment Financial Services, own calculation ETHENEA, Class A
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 17 ASSET ALLOCATION – ETHNA-AKTIV E ALLOCATION* Equities Others Bonds Cash 100% 90% 80% 70% 60% 50%% of the Portfolio 40% 30% 20% 10% 0% 06/2009 12/2009 06/2010 12/2010 06/2011 12/2011 Current State: 31.05.2012 *Sim plified display. This inform ation is confidential and not intended to be passed on to third parties. Source: LRI Invest, Union Investment Financial Services, ow n calculation ETHENEA
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 1890 DAYS VOLATILITY 90T Vola REX Index 90T Vola Stoxx 600 Europe NTR 90T Vola Ethna-AKTIV E (A) 90T Fund Ethna-GLOBALpublic distribution in Switzerland Vola not allowed for Defensiv (T) 90T FundEthna-GLOBAL public distribution in Switzerland Vola not allowed for Dynamisch (T)60%50%40%30%20%10% 0% 11/2005 11/2006 11/2007 11/2008 11/2009 11/2010 11/2011Current State: 31.05.2012Source: Bloomberg, Union Investment Financial Services, LRI Invest, ow n calculation ETHENEA
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 19 PORTFOLIO STRUCTURE AND CURRENCY ALLOCATION OF ETHNA-AKTIV E PORTFOLIO STRUCTURE CURRENCY ALLOCATION 1,8 % AUD 3,7 % CHF 5,7 % Bonds EUR 73,2 % 30,3 % Equities GBP -1,7 % Cash NOK 58,8 % 6,6 % Others SEK 0,4 % 9,1 % USD 12,1 %Current State: 25.06.2012 Current State: 25.06.2012Source: Union Investment Financial Services, own calculation ETHENEA Source: Union Investment Financial Services, own calculation ETHENEA
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 20 PORTFOLIO COMPOSITION OF ETHNA-AKTIV E BY ISSUER RATING 1,8 % Ethna-AKTIV E 17,7 % % of Total NAV AAA 30,3 % 2,9 % 31.5% AA 49.6% A 10,9 % BBB NON IG Not rated Equities 9,1 % Cash 18,1 % 7,1 % Others 2,0 %Current State: 25.06.2012Source: Union Investment Financial Services, own calculation ETHENEA
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 21 PORTFOLIO COMPOSITION OF ETHNA-AKTIV E Ethna-AKTIV E 20 18,9 % of total NAV 15 10 7,6 7,1 6,4 5,3 4,7 5 3,2 2,4 2,4 2,3 1,6 1,5 1,3 1,3 1,8 0,9 0,8 0,6 0 Bonds Equities *including 7 other countriesCurrent State: 31.05.2012Source: Union Investment Financial Services, ow n calculation ETHENEA
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 22 PORTFOLIO COMPOSITION OF ETHNA-AKTIV E 18 Ethna-AKTIV E 15,6 16 % of total NAV 14 12 10,3 10 8,8 8 6,7 6 3,7 3,3 4 2,4 2,3 1,9 2 1,5 1,4 1,4 1,4 1,2 1,1 1,1 1,1 1,0 1,0 0,8 0,7 0,6 0,6 0,6 0 Bonds Equities *including 9 other sectorsCurrent State: 31.05.2012Source: Union Investment Financial Services, ow n calculation ETHENEA
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 233 AWARDS
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 24AWARDS 2012 | 2011 | 2010 | 2009 Morningstar Award Netherlands 2011 Ethna-AKTIV E was awarded the 1st prize at the Dutch Morningstar Awards 2011 in the category “Mixed Funds”. German Fund Award 2011 Ethna-GLOBAL Defensiv wins 1st prize in the category „Mixed Funds Global Conservative, 3 years“ and Ethna-AKTIV E is winner of the German Fund Award in the category “Balanced Wealth Management Funds Europe, over 3 years and over 5 years". Austrian Fund Award 2011 Ethna-AKTIV E wins the 1st prize in the category “Balanced Wealth Management Funds Europe, over 3 years“ and 2nd prize in the the category “Balanced Wealth Management Funds Europe, over 5 years". Ethna-GLOBAL Defensiv was awarded with the 1 prize in the category „Mixed Funds Global Conservative, 3 years“. Lipper Fund Award 2012, 2011, 2010 and 2009 The renowned Fund Rating-Agency Lipper has awarded the balanced Ethna-AKTIV E fund for its outstanding risk-adjusted outperformance. Ethna-AKTIV E received the highest ratings for consistent earnings over a 3 year and 5 year period and became winner in its peer group "Mixed Asset EUR Flexible Europe". Euro Fund Award 2010 and 2009 Number 1 in the balanced fund category (Equities and Bonds). Ethna-AKTIV E obtained this ranking after the analysis of Euro-Fund-Statistics, in comparison with 75 other funds.
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 25CONTACT ETHENEA Independent Investors S.A. 9a, rue Gabriel Lippmann • L-5365 Munsbach Phone +352 276 921 10 • Fax: +352 276 921 99 info@ethnafunds.com • www.ethnafunds.com • www.ethenea.com
  • ETHNA FUNDS I Citywire Zurich, 26 June 2012 Page 26DISCLAIMERAn investment in investment funds, as with all securities and comparable financial assets, carries the risk of capital or currency losses. Consequently, the unit price and theyield are variable and cannot be guaranteed. The costs of a fund investment have an effect on the actual profit. No guarantee can be given that the investment objectiveswill be achieved. The statutory sales documents (sales prospectuses and reports) provide detailed information on potential risks and form the sole legal basis for a purchaseof units. These documents can be obtained free of charge from the management company, ETHENEA Independent Investors S.A., the custodian bank, as well as therelevant national paying and information agents. These are: Germany: DZ BANK AG, Deutsche Zentral-Genossenschaftsbank, Platz der Republik, D-60265 Frankfurt amMain; Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Vienna; Switzerland: IPConcept (Switzerland) AG, In Gassen 6, Postfach 2918, CH-8022 Zurich; Belgium: CACEIS Belgium SA/NV, Avenue du Port, Havenlaan 86C b 320, B-1000 Brussels; DEUTSCHE BANK NV, Marnixlaan 13-15, B-1000Brussels; Luxembourg: DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Luxembourg-Strassen; Liechtenstein: Volksbank AG, Feldkircher Strasse 2, FL-9494Schaan; France: CACEIS Bank, 1/3, Place Valhubert, F-75013 Paris; Italy: State Street Bank S.p.A., Via Col Moschin, n. 16, IT-20136 Milan; Spain: CAPITALSTRATEGIES PARTNERS, A.V., S.A., C/ Joaquín Bau, 7. 3ºI., ES-28036 Madrid; RBC Dexia, 20, Fernando el Santo, ES-28010 Madrid. The sales documents are alsoavailable at www.ethenea.com/fonds. Key investor information documents are available in the official language of the country of distribution.All information published here constitutes a product description only. It does not constitute investment advice, an offer to enter into an agreement for the provision ofadvice or information, or an offer to buy or sell securities. The contents have been carefully researched, compiled and checked. No guarantee can be given for correctness,completeness or accuracy. The information includes past data which are no indicator of future performance. The management fee, custodian bank fee and all otheradditional costs are taken into account in the calculation of the unit price as stated in the provisions of the contract. Performance is calculated using the BVI method(German federal association for investment and asset management), which means that the calculations do not include an issuing charge, transaction costs (such as orderfees and brokerage fees), custodian bank fees, or other management fees. Including the issuing surcharge would reduce performance.The performance shown is not a reliable indicator of future performance. All information (unless otherwise indicated) is valid as of 25.06.2012. This document is MIFID-compliant.ETHENEA Independent Investors S.A. • 9a, rue Gabriel Lippmann • L-5365 Munsbach • R.C.S. Luxembourg B 155427Phone +352 276 921 10 • Fax +352 276 921 99 • info@ethenea.com • www.ethenea.com