Equities   For Professional Clients onlyCitywire North 2012UB Eme rg ing M ts Eq uity I me Fund   S            arke       ...
Portfolio construction and researchEmerging Markets Equities TeamA stable and experienced team managing ca. USD 21 bn     ...
SECTION 1Emerging Markets Survey
SurveyPlease review questions on screen                                    4
SECTION 2Why EM Equities for Income?
EM Equities provide stable dividend payments• For the MSCI EM Equity index, dividend payments have steadily increased over...
EM Equities are able to keep paying sustainable dividends……supported by low debt, high earning growth potential• EM compan...
EM Equities performance from high dividend stocks is strongBack-test of a High Dividend EM Equity portfolio over 10 yearsP...
Split of MSCI World stocks yielding greater than 3%EM’s share of high yielding stocks has increased1995                   ...
EM Equities yields vary among countries and sectors  Reference Index is the MSCI EM Index    MSCI EM Index¹ (including Hon...
UBS Emerging Markets Equity Income FundCountry Positioning v MSCI EM Index                                                ...
UBS Emerging Markets Equity Income FundSector Positioning v MSCI EM Index                                                 ...
SECTION 3Portfolio Construction
Investment and Portfolio Construction ProcessUBS Emerging Markets Equity Income Fund                       Investment Univ...
Good Dividend GrowthFoschini (South Africa, Consumer Discretionary)Foschini is well positioned                            ...
Good Dividend GrowthAsustek (Taiwan, Information Technology)Asustek enjoys strong positioning within the industry         ...
SECTION 4Performance since inception
Strong Performance                                                                 Fund (%)                               ...
UBS Emerging Markets Equity IncomeRisk/    Return from launch (31 January 2011 to 31 July 2012)                           ...
Structural growth: transition to an EM-led global economyThe past ….                                                      ...
EM Earnings growth likely peaked           EM Earnings Revision                                                           ...
SummaryW invest in Emerging Markets for Income? hyA summary of benefits• Prospect of providing a rising and sustainable in...
APPENDIXAdditional information
The UBS Emerging Markets Equity Income FundInvestment goals and risk parameters:Investment goals• Focus on income generati...
UBS Emerging Markets Equity Income FundFund objective• To seek to generate income and achieve some long-term capital appre...
Urs Antonioli, CFAHead of EM EMEA & Latin America Equities and Portfolio ManagerManaging DirectorYears of investment indus...
Projit Chatterjee, CFAEquity Strategist, Global Emerging Markets and Asia Pacific Equities, Managing DirectorYears of inve...
Justin WellsEquity StrategistDirectorYears of investment industry experience: 7Education: Queen’s University of Belfast (U...
DisclaimerThis document is for Professional Clients only. It is not to be distributed to or relied upon by Retail Clients ...
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  • Which of the following EM countries offer the highest dividend yield? a) South Africa (3.3%) b) Brazil (4.9%) c) India (1.5%) Which of the following EM sectors offer the highest dividend yield? a) Telecoms (4.2%) b) IT (2.5%) c) Consumer disc (1.6%) What has been the average Pay out ratio of MSCI EM companies over last 10 years? a) 20% b) 35% (x) c) 50% How does the current pay out ratio compare to the historic average? a) higher b) ~in line c) lower (x) Over how many of the last 10 years do you think a portfolio of high yield stocks has outperformed the broader MSCI EM index a) 1-2 b) 3-5 c) 6-10 (x)
  • One of the key determinants of performance over the past 12 months has related to a single stock, BP. Very few UK Equity Income funds went unscathed from the fall out from the Gulf of Mexico disaster that began with the Deepwater Horizon explosion on the 20 th April 2010. Top six companies in FTSE 100 are almost 40% of the market cap and more than 50% of the dividend. To avoid the risk generated by the dominance of a handful of stocks we can look outside the FTSE Allshare…
  • I will start with what might be the most boring slide of this conference. On the top chart, the brown bars show that EM growth has outstripped the DW over the crisis. In fact, the EW did not have a single year of negative growth over the Global Financial crisis. Going forward, in the bottom chart, we expect EM and Asia growth to continue to be strong, averaging around 6-8% which is double that of DM. The Emerging Markets (EM) are growing so quickly that every year we have to take stock and revisit the size of EM relative to the world economy. The size of emerging markets has grown to the point where they are key drivers of the global economy. We believe that this increase in global share by EM’s will continue, because the underlying drivers of growth in EM are intact. One of the main drivers is demographics: 19 out 20 new workers in the world are coming out of EM. In the developed world, only the US has meaningful growth in working age population. This means that more production and consumption will inevitably come from EM. Any other outcome would be a global economic catastrophe. Now people mention that China and some other EM’s demographic advantage will peak because of the one-child policy. It is true that the working age population in China will peak around 2015. But if we compare the demographics of the EM and DM as we do on the right hand side chart, we see that EM demographic advantage actually is going to increase into the forseeable future. The chart shows the ratio of working age population, defined as people betwee 15-64 years old as a fraction of the whole population. As you can see, both DM and EM will suffer from a declining work force going forward, but still, EM will have a growing share of the world’s workforce
  • Ubs

    1. 1. Equities For Professional Clients onlyCitywire North 2012UB Eme rg ing M ts Eq uity I me Fund S arke ncoJustin WellsEq uity Strate g istSeptember 2012
    2. 2. Portfolio construction and researchEmerging Markets Equities TeamA stable and experienced team managing ca. USD 21 bn Geoffrey W 1ong Head Global Emerging Markets & Asia Pacific EquitiesHong Kong /Singapore Zurich /London /Chicago Manish Modi1 Cheah Yit Mee1 Projit Chatterjee1 Urs Antonioli1 Justin W ells Gabriel Csendes1 Portfolio Manager Portfolio Manager Portfolio Manager / Head of EM EMEA / Equity Strategist Portfolio Manager Asia ex Japan Asia ex Japan Equity Strategist Latin America Equities Analyst Choo Shou Pin Namit Nayegandhi Bin Shi Mark Roggensinger Gabriella Analyst Analyst Portfolio Manager Analyst Abderhalden China Analyst Matthew Adams Chan Chee Seng Yu Zhang Irina Budnikova Benita Analyst Analyst Analyst Analyst Mikolajewicz Analyst Leslie Chow Sanjeev Joshi Joanna Mak Analyst Analyst AnalystKelvin Teo Hai HuangAnalyst Analyst Jimmy Chua Paul Hillman Reginald Oh Macrina Otieno Michael Abellera Steve Herbert Head Trader Trader Trader Trader EMEA Trader Latin America Trader EMEA Dorothy Lek Han Yaw Juan Trader Trader Source: UBS Global Asset Management As at 31 July 2012 1 Member of Emerging Markets Equity Strategy Committee Equity Income Specialists 2
    3. 3. SECTION 1Emerging Markets Survey
    4. 4. SurveyPlease review questions on screen 4
    5. 5. SECTION 2Why EM Equities for Income?
    6. 6. EM Equities provide stable dividend payments• For the MSCI EM Equity index, dividend payments have steadily increased over the last ten years – Dividends have been significantly more stable than earnings – The dividend payout ratio has been stable over time and mostly in the 30 – 40% range – However it is currently still ca. 10% below world average• Potential for further increase in dividend payouts, as many companies enter mature growth phaseMSCI EM, DPS and EPS MSCI World, DPS and EPS 100 120 100 80 80 USDUSD 60 60 40 40 20 20 0 0 Dec-99 Dec-01 Dec-03 Dec-05 Dec-07 Dec-09 Dec-11 Dec-99 Dec-01 Dec-03 Dec-05 Dec-07 Dec-09 Dec-11 DPS EPS DPS EPSSource: DataStream, UBS Investment Research, as at 30 April 2012 6
    7. 7. EM Equities are able to keep paying sustainable dividends……supported by low debt, high earning growth potential• EM companies reduced their debt levels consistently during the past decade – Current net debt to equity ratios are below 25%, significantly lower than developed markets companies with a ratio of 50%• In addition, EM companies have high cash levels on their balance sheetsNet debt to Equity by region Cash/ Total Assets v Actual Payout Ratio140% 17% 50% 48%120% 16% 46%100% 15% 44%80% 42% 14% 40%60% 13% 38%40% 12% 36% 34%20% 11% 32% 0% 10% 30% 88 90 92 94 96 98 00 02 04 06 08 10 12e Apr-04 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Lat Am Asia EMEA Cash / Tot al Asset (lhs) Payout rat io (rhs)Source: Worldscope, UBS Investment Research, April 2012 7
    8. 8. EM Equities performance from high dividend stocks is strongBack-test of a High Dividend EM Equity portfolio over 10 yearsPortfolio selected from the entire universe of stocks in the MSCI EM index 120% EM M SCI universe High yield st ocks 100% 80% Ret urn by year 60% 40% 20% 0% -20% -40% -60% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 10 y ea rs (31 D ece m b e r 2001 – EM h ig h d iv id e n d 31 D e ce m b e r 2011) EM M SCI u n iv e rse p o rtfo lioAnnualised ret urn 14.5% 24.1%Annualised st andard deviat ion 25% 23%Source: UBS Investment Bank Worldscope, DatastreamNote: The above chart shows returns by calendar year to 31 December 2011. All other information is as at 31 December 2011.1 Back test rules: At each month end, the universe is restricted to stocks which are in the MSCI EM Index on that date. Each stock has a market capitalisation of at least USD 1 billion on that date. 75stocks with the highest trailing dividend yield over the previous 12 months on that date are selected. These stocks are equally weighted within the portfolio. The portfolio is rebalanced at month end andthe total returns computed in USD.Note: Back-test results or past performance are not guides for the future. No restriction to buy/sell stocks i.e. no constraint on having to actually receive dividends and payout the same as income. Ourportfolio will be selected from ca. 350-400 stocks under our research coverage. 8
    9. 9. Split of MSCI World stocks yielding greater than 3%EM’s share of high yielding stocks has increased1995 2011• Total number of stocks = 356 • Total number of stocks = 938 UK UK Developed 12% 7% Nort h Developed America Nort h 19% America 29% Emerging Emerging 33% 17% 60 stocks 302 stocks Developed Europe ex UK 20% Developed Asia Pacif ic Developed ex Japan Europe ex Developed 16% UK Japan Asia Pacif ic 26% 8% ex Japan 13%Source: Datastream, 31 December 2011Note: Only companies with market capitalisation >USD 1 billion included in survey 9
    10. 10. EM Equities yields vary among countries and sectors Reference Index is the MSCI EM Index MSCI EM Index¹ (including Hong Kong & Singapore) MSCI EM Index 7 6 6 Historic portfolio yield 5.4%² 5Gross dividend yield (% ) Gross dividend yield (% ) 5 4 4 Index Dividend Yield: 3.0% Index Dividend Yield: 3.0% 3 3 2 2 1 1 0 0 Philippines Ut ilit ies Financials Mat erials Industrials Colombia Singapore Sout h Af rica Russia China Malaysia Indonesia Chile India Telecoms Cons. St aples Thailand Taiw an Mexico Korea IT Brazil Cons. Disc. Hungary Hong Kong Turkey Poland Healt h care Peru Egypt Energy Source: UBS Investment Research, Factset, July 2012 1 Data shown is not for index as a whole but represented by the major markets within it. 2 Source: UBS Global Asset Management, B Inc share class, 31 July 2012. Historic yield is based on distributions declared over the last year as a percentage of the share price. It does not include the effect of any initial charge paid. 10
    11. 11. UBS Emerging Markets Equity Income FundCountry Positioning v MSCI EM Index • OW Taiwan, South Africa, Poland Brazil Chile • UW China, Korea, Brazil China ColombiaCzech Republic Egypt Hong Kong Port f olio % Hungary Ref erence Index % India Indonesia Israel Korea Malaysia M exico Morocco Peru Philippines Poland Russia Singapore Sout h Af rica Taiw an Thailand Turkey 0 5 10 15 20 % w eightSource: UBS Global Asset Management, Summit, as at 31 July 2012. 11
    12. 12. UBS Emerging Markets Equity Income FundSector Positioning v MSCI EM Index • OW Telecommunications andTelecommunicat ion Information Technology Services Inf ormat ion • UW Energy and Consumer Technology Staples Ut ilit ies Financials Healt h Care M at erials Indust rials Consumer Discret ionary Consumer St aples Port f olio % Energy Ref erence Index % Inf ormat ion Technology 0 5 10 15 20 25 30 % w eightSource: UBS Global Asset Management, Summit, as at 31 July 2012. 12
    13. 13. SECTION 3Portfolio Construction
    14. 14. Investment and Portfolio Construction ProcessUBS Emerging Markets Equity Income Fund Investment Universe of EM Equity team (300-400 stocks researched) Filtrate: Select high dividend stocks Remove overvalued stocks Top dividend yield stocks Remove stocks where dividends not sustainable or weak fundamentals Add stocks where dividends very stable and/or likely to increase Final portfolio construction by PMs Client portfolio 40 – 80 stocks 14
    15. 15. Good Dividend GrowthFoschini (South Africa, Consumer Discretionary)Foschini is well positioned Market Share of Modern Apparel Retail in South Africa 73%• Turnaround story 72%• Mass middle market focus 71% 70%• Gaining market share due to improving product offering and 69% attractive price points 68% 67%Solid FCF improvement story driven by 66%• Good revenue growth and stabilizing margins, scope to 2003 2004 2005 2006 2007 2008 2009 2010 2011 improve working capital Top 5 Modern Apparel Retailers• Future major acquisitions are unlikely, thereby sustaining the Foschini cash flow 13% EdconStrong corporate governance 28% Truworths Informal 9% 28% Modern• Responsible dividend discipline – flattish until top line 73% performance improved Mr Price 13%• Expected improving dividend payout ratio going forward Woolworths 10%• Prospect of further funds being returned to shareholders post the IPO of microfinance business 3 Yr 1 Yr 12 M o n th D iv id e n d D iv ide nd Yie ld FY1 FY2 G ro w th G ro w th 3.20% 3.90% 4.50% 12.97% 18.64%Source: Bloomberg, UBS Global Asset Management, July 2012 15
    16. 16. Good Dividend GrowthAsustek (Taiwan, Information Technology)Asustek enjoys strong positioning within the industry Top 5 PC vendor’s market share globally• One of the fastest growing PC brands over last 3 years• Delivered decent margins throughout, while steadily gaining market share• Has withstood the serious ‘headwinds’ impacting the wider PC industry• Strong R&D capabilities and product design have positioned it well for future challenges Source: IDCGood prospects for maintaining sustainable dividend Dividend Per Share 20• Recent corporate actions have reduced working capital requirements 15• Allowing cash dividends to increase over time 10• Future major acquisitions are unlikely, thereby sustaining the 5 cash flow 0• Payout ratio likely to be maintained 2007 2008 2009 2010 2011 2012E 2013E 2014E• Potential for special dividend upon future prospective 3 Yr 1 Yr divestments 12 M o n th D iv ide nd D iv id e n d Yie ld FY1 FY2 G ro w th G ro w th 4.90% 5.60% 6.40% 9.96% 26.36%Source: UBS Global Asset Management, July 2012 16
    17. 17. SECTION 4Performance since inception
    18. 18. Strong Performance Fund (%) Sector¹ (%) Quartile 3 Months -0.7 -2.1 1 6 Months -0.1 -2.5 1 1 Year 0.1 -9.3 1 Since launch² 3.9 -9.3 1Source: Lipper as at 31 July 2012. The performance shown is for the B Inc share class, based on NAV prices with income reinvested net of basic rate tax and in Sterling terms.1 The Fund’s Sector is IMA Global Emerging Markets.2 Launch date 31 January 2011.20%15%10% 5% 0% -5%-10%-15% 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 Mont hly perf absolut e Relat ive perf ormance cumulat iveSource: UBS Global Asset Management / FactSet, 31 July 2012Each bar relates to the discrete monthly performance of the MSCI Emerging Markets Index. The blue line relates to the cumulative performance of the fund relative to the index. 18
    19. 19. UBS Emerging Markets Equity IncomeRisk/ Return from launch (31 January 2011 to 31 July 2012) UBS EMEI MSCI Emerging Markets IMA Global Emerging Markets 19
    20. 20. Structural growth: transition to an EM-led global economyThe past …. Real GDP Growth (%)10 8 6 4 2 0-2-4-6 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Advanced economies Emerging economiesSource: IMF, UBS IB research, July 2012The future (estimated average growth rates until 2015)….86420 Asia ex Japan EM World US DM Euro areaSource: CEIC estimates & World Economic Outlook, IMF, UBS IB research and estimates, July 2012 2020
    21. 21. EM Earnings growth likely peaked EM Earnings Revision EM Earnings Growth YoY 60% 50 40 40% 30 20% Earnings Growth (%)Earnings Revisions 20 0% 10 -20% 0 -40% (10) -60% (20) -80% (30) 00 01 02 03 04 05 06 07 08 09 10 11 12 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 Source: MSCI, Datastream, IBES, UBS Quantitative Research, July 2012 21
    22. 22. SummaryW invest in Emerging Markets for Income? hyA summary of benefits• Prospect of providing a rising and sustainable income stream with the potential for capital growth from investing in EM equities• May be suitable for UK investors looking to diversify their sources of income from sole exposure to developed markets, that are burdened with debt and face demographic challengesThe UBS Emerging Markets Equity Income Fund• Benefit from the investment experience of a stable team managing in excess of USD 21 billion 1 in EM and Asian equities• Leverages UBS EM Equity team’s fundamental research based investment process. The Fund invests in established companies within EM• Fund has achieved strong performance across multiple time periods• Coupled with an historic yield of 5.4%²1 Source: UBS Global Asset Management, as at 31 July 20122 Source UBS Global Asset Management, as at 31 July 2012. B income shareclass. Historic yield is based on distributions declared over the last year as a percentage of the share price. It does not include the effect on any initial charge paid. 22
    23. 23. APPENDIXAdditional information
    24. 24. The UBS Emerging Markets Equity Income FundInvestment goals and risk parameters:Investment goals• Focus on income generation, together with long-term capital appreciation. To be achieved by investing in equity securities across EM Equity Markets and HK/SG, focusing on companies with high and/or increasing dividend distributions• Targets to exceed 120% of the yield of the MSCI EM 1Other parameters• Active risk: Not applicable as no active benchmark• Expected beta range: typical <1• Number of equity holdings: 40-80• Opportunistic allocation of up to 20% to Singapore and Hong Kong 2Portfolio exposures Re la tiv e A b so lu teSt ock w eight s Typical maximum of around 5%Sect or w eight s +/- 25% vs index 35%Count ry w eight s2 +/- 25% vs index 25%1 Gross of fees and withholding tax over a full market cycle, which is typically 3-5 years.2 Maximum 20% allocation to Hong Kong & Singapore individually or cumulatively (to comply with IMA sector requirements this figure includes the amount of cash currently held in the Fund).Otherwise, 25% absolute limit. 24
    25. 25. UBS Emerging Markets Equity Income FundFund objective• To seek to generate income and achieve some long-term capital appreciation predominantly through active management of a diversified portfolio invested in high yield equity securities across global emerging markets including Hong Kong and Singapore Fu n d d eta ils ‘A ’ sh are s ‘B’ sha res Launch dat e 31 January 2011 Ref erence index 1 M SCI Emerging M arket s Index Sect or IM A Global Emerging M arket s2 Init ial charge 4.00% 0.00% AM C 1.50% 0.90% M inimum init ial investment £1,000 £100,000 XD dat es 31 M arch, 30 Sept ember Pay dat es 31 M ay, 30 November Sedol code (Acc) B5LPBN8 B5M 1470 Sedol code (Inc) B5W93T9 B5KZ5J3 ISIN code (Acc) GB00B5LPBN84 GB00B5M 14703 ISIN code (Inc) GB00B5W93T93 GB00B5KZ5J37 ISA Yes ISA t ransf er YesSource: UBS Global Asset Management1 This is a non-benchmarked, equity income product. The dividend yield of the MSCI Emerging Markets Index is used in reference to the overall dividend yield of the Fund.2 The IMA Global Emerging Markets sector ranks Funds on a Total Return basis. It should be noted that the Fund’s primary objective is to deliver income. 25
    26. 26. Urs Antonioli, CFAHead of EM EMEA & Latin America Equities and Portfolio ManagerManaging DirectorYears of investment industry experience: 16Education: University of Fribourg (Switzerland) MBA• Urs Antonioli heads investment management and research for Emerging Europe, the Middle East and Latin America. He manages a team of analysts researching companies, industries and countries in the above region.• Urs is a member of the UBS Global Asset Management Emerging Markets Strategy Committee.• Urs began his financial career by joining the UBS Zurich graduate training programme in 1994. In 1995 he moved to UBS Asset Management to launch and manage the first UBS emerging market fund investing in Eastern European countries. From 1996 to 2000, his responsibilities comprised management of all Eastern European portfolios managed at UBS. He has spent more than eight years in research activities, specializing in energy, telecommunications, basic materials and the technology sector. He took up his present position in August 2001. 26
    27. 27. Projit Chatterjee, CFAEquity Strategist, Global Emerging Markets and Asia Pacific Equities, Managing DirectorYears of investment industry experience: 16Education: Indian Institute of Technology (India), B.Tech;Indian Institute of Management (India), MBA• Projit Chatterjee is an Equity Strategist within the Global Emerging Markets and Asia Pacific Equities team. He is a member of the Global Emerging Markets Strategy Committee and is based in the Singapore office. He is also co-manager of the GEM and Asia High Dividend funds.• Projit has primary responsibility for overall product positioning and development of Emerging Markets and Asian Equity strategies, as well as marketing and communication of these strategies to existing and prospective clients globally.• Prior to this, Projit led an acquisition project in the Indian market.• Projit joined UBS in 1997 as a Corporate Finance Analyst with UBS Investment Bank in Mumbai, India. In 1999, he moved to UBS Global Asset Management in Zurich to work in Strategic Projects, International Fund Marketing. In Zurich, Projit held various roles in the areas of strategic business development, business management and investment solutions.• Before joining UBS, Projit worked briefly as a money market and foreign exchange dealer in the treasury of Mashreq Bank, a UAE bank in Mumbai. 27
    28. 28. Justin WellsEquity StrategistDirectorYears of investment industry experience: 7Education: Queen’s University of Belfast (UK), BA (Hons); Durham University (UK), LL.B (Hons)• Justin Wells is an Equity Strategist for Emerging Market Equities, based in Zurich. He is responsible for representing the strategies managed by the EM Equities team in Zurich, including Global Emerging Markets, Latin America, Russia, and Central & Eastern Europe.• Justin joined UBS Global Asset Management in 2007 initially as a Product Development Manager. He was responsible for coordinating the launch of the Global Emerging Market HALO fund and worked with the Equities team on the Long-Short initiative. He moved to his current role in August 2010.• Prior to joining UBS, Justin worked in various roles within Equity Capital Markets, latterly as an Investment Advisor to the CIO of Shinsei Bank, Tokyo. Before pursuing a career in finance, Justin practiced as a Barrister in London for a number of years. 28
    29. 29. DisclaimerThis document is for Professional Clients only. It is not to be distributed to or relied upon by Retail Clients under any circumstances.Past performance is not a guide to future performance. The value of investments and the income from them may go down as well as upand are not guaranteed. Investors may not get back the amount originally invested. Changes in rates of exchange may cause the valueof this investment to fluctuate. Investments in less developed markets may be more volatile than investments in more establishedmarkets. The Fund is permitted to, and may, on occasion, hold a limited number of investments. As the annual management fee of theFund is charged to capital, the potential capital growth of the Fund will be reduced.This document is a marketing communication. Any market or investment views expressed are not intended to be investment research.The document has not been prepared in line with the FSA requirements designed to promote the independence of investment researchand is not subject to any prohibition on dealing ahead of the dissemination of investment research. The information contained in thisdocument should not be considered a recommendation to purchase or sell any particular security and the opinions expressed are thoseof UBS Global Asset Management and are subject to change without notice.Issued in September 2012 by UBS Global Asset Management (UK) Ltd, a subsidiary of UBS AG, 21 Lombard Street, London EC3V9AH. Authorised and regulated by the Financial Services Authority. Telephone calls may be recorded.© UBS 2012. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. 29

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