UBS Global Asset Management

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UBS Global Asset Management

  1. 1. Introduction to UBS Global Asset Management Global Tactical Portfolio Strategist Hosted by: Derek Sasveld, CFA Director, Strategy Analyst, Asset Allocation and Risk Management
  2. 2. Overview u Our Goals: Deliver long-term value-added investment performance and outstanding client service u Robust global infrastructure — Assets under management total USD 403 Billion, with USD 196 Billion institutional assets and USD 207 Billion mutual fund assets — Over 3,000 people employed in over 15 countries — Supported by the resources of UBS AG, one of the world's largest financial institutions u Disciplined, structured and insightful investment research u Dedicated risk analysis team with proprietary state-of-the-art risk management tools u Global investment capabilities, local client service — Benefit from 30 years experience in international, global and private markets — Seasoned professionals provide single point of contact Note: Assets represented are totals for the UBS Global Asset Management Business Group through 3/31/02.
  3. 3. Expertise in Every Major Asset Class Total Assets By Mandate Type As of March 31, 2002 Total Assets – USD 403 Billion Alternative Investments 7% - USD 28 Billion Private Equity 1% - USD 6 Billion Asset Allocation 22% USD 87 Billion Fixed Income USD 181 Billion 45% USD 101 Billion Equities 25% Note: Assets represented are totals for the UBS Global Asset Management Business Group
  4. 4. Experienced Leadership Investment Management & Research Investment Management & Research Jeff Diermeier, CIO (26) Asset Fixed Equities Allocation/ Income Risk Tom Management John Penicook Investment Madsen Brian Singer (18) Planning & (22) (20) Coordination Peter Morant (22) Real Private Estate Quantitative Equity1 Jim O’Keefe J. Diermeier B. French (28) (26) (25) 1Adams Street Partners LLC, a minority-owned subadvisor to UBS Global Asset Management (Americas) Inc. Numbers in parentheses represent years of investment experience
  5. 5. The Depth of Our Organization 451 Investment Specialists Worldwide Structured Real Estate & Investments - 60 Timber - 115 Asset Allocation & Risk Mgmt - 43 Invest. Planning & Coord. - 3 Fixed Income - 86 Equities - 149 Members of the Investment Management & Research Team
  6. 6. Asset Allocation: Philosophy u Setting a policy benchmark tailored to client objectives is the key determinant of long term performance. — Full consideration of entire investable capital market. — Asset classes blend to create unique portfolio risk and return characteristics. u Active asset allocation opportunities are created by markets during periods of imbalance with fundamental value. u Performance is maximized through the active management of portfolio risk governed by the accurate recognition of market price/fundamental value discrepancies. u Performance is a function of asset class mix decisions across markets combined with active strategies within each asset class.
  7. 7. Philosophy: Commitment to Price/Value u Tried and tested over long periods — Fundamentally sound — Price-driven Fashion u A combination of forward-looking Fair research with a disciplined, thoughtful Value platform Fashion Price u Solid commitment from UBS Global Asset Management Value Time Market behavior creates pricing anomalies & opportunities
  8. 8. Investment Process: From Asset Valuation to Strategy Static Dynamic Risk Valuation Strategy Models Models Models Fundamental Anchor Market Pricing Capture Opportunity u Valuation Models ¨ ‘Dynamic’ Market Models ¨ Weigh potential return — fundamentals — investors shift against risks determine fair value between pricing — risk exposures models — risk budgets — discounted cash — standard models do ¨ Strategy position flow not fairly evaluate magnitudes consistent unique situations with client risk and return u Other ‘static’ models ¨ Broad strategic concerns preferences — fair value models ¨ Assessment of risk and ¨ Continuous feedback — macroeconomic uncertainty through performance — liquidity attribution — market factors u Bottom-up valuation from UBS analysts
  9. 9. Insight into Our Leading Risk Management Capabilities u Industry leader in risk management; broad- based capabilities consistent with firm’s Geometric Example investment process u Provide risk analysis and management for all asset classes Portfolio — Enhance investment process using state-of-the-art, proprietary tools for Ta Tra quantitative risk management isk ckii kn — Integrate risk analysis with investment lio R ng tfo gE decisions Por Residual Err rro — Analyze absolute and relative portfolio Risk r risk factors down to individual security Correlation= level Cos(angle) Cash Benchmark u Deliver additional client service capabilities Benchmark Risk — Advise on managing the balance between risk and return — Consult on risk analysis for client portfolios and investments u Design and implement specialized investment vehicles which require high degree of risk management expertise
  10. 10. Setting Standard Model Portfolios ¨ The six AssetMark profiles have policies and strategies that are set according to their risk targets relative to our institutional model portfolio Aggressive Growth Growth Balanced Growth Return Institutional Model Balanced Balanced Income Capital Preservation Conservative Moderate Aggressive Risk
  11. 11. UBS Funds Featured in the Asset Allocation Program u U.S. Funds — U.S. Equity Fund — U.S. Bond Fund — U.S. Small Cap Growth Fund — High Yield Fund u Global/International Funds — Global Balanced Fund — Global Bond Fund — Global Equity Fund — International Equity Fund Mutual funds are sold by prospectus, which includes additional information on risks, charges and expenses. Investors should read it carefully before investing or sending money.
  12. 12. Distinguishing Characteristics u Focus on global, long-term fundamental research u Consistent and disciplined application of judgment within a systematic framework u Continuity and depth among key investment professionals u Superior long-term investment performance -- with attention to risk as well as return in portfolio construction u Emphasis on excellent client service u Commitment to form a strategic partnership with our clients

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