M and A Leaders Forum April 2013- BSP Funds
Upcoming SlideShare
Loading in...5
×

Like this? Share it with your network

Share
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
389
On Slideshare
389
From Embeds
0
Number of Embeds
0

Actions

Shares
Downloads
0
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. ‫3102/11/4‬‫סקירה מאקרו כלכלית‬ ‫בראי קרנות הגידור‬ ‫1‬
  • 2. 4/11/2013 HF Indices Fixed Income /CreditRates/GDP/ Budget Equities Macro Analysis General Correlation Flows Fixed Income /Credit Flows Default Rates (Global, US and Europe) Corporate Issuance Sovereign debt/IG/HY Yields and Spreads Total Investment Grade and Speculative Grade Debt Maturing By Year HF Indices Equities Macro Analysis Correlation Rates/GDP/ Budget General 2
  • 3. 4/11/2013US 10 Years Govt. Bond Yield• 94% of US Investment Grade Bonds returns since 1990 is attributed to the decline in US treasury yields• 72% of US High Yield Bonds returns since 1990 is attributed to the decline in US treasury yields. With rates now near zero, there is less income and limited room for underlying rates to rally furtherUS High Yield Index Par weighted Price 87% 78% 3
  • 4. 4/11/2013 FI/Credit HF Indices Equities US Equities European Equities EM Equities Rates/GDP/ Budget S&P 500 P/E Ratio Macro S&P 500 Earning Yield Large, Mid and Small Cap Analysis Sectors Style General Correlation FlowsS&P 500 P/E Ratio 4
  • 5. 4/11/2013 Flows FI/Credit HF Indices Equities Macro Analysis Correlation Rates/GDP/ Budget S&P 500 Member 30 days rolling correlation S&P 500 Member 65 days rolling correlation GeneralS&P 500 Member 65d Rolling Correlation 5
  • 6. 4/11/2013 HF Indices FI/Credit Equities Rates/GDP/ Budget Macro Analysis General Correlation Flows Money Market Mutual Funds US Equity Mutual Funds US Bond Mutual FundsNew Cash Flow to US Equity Mutual Funds (Million USD) 6
  • 7. 4/11/2013New Cash Flow to Equities Long OnlyNew Cash Flow to US Bond Mutual Funds (Million USD) 7
  • 8. 4/11/2013 ?‫איפה להשקיע‬ 1/1994-12/2012 ‫קרנות גידור מול מניות ואג"ח מדורגות‬ 400 350 300Accumulated Returns (%) 250 200 150 100 50 0 12/93 12/95 12/97 12/99 12/01 12/03 12/05 12/07 12/09 12/11 -50 S&P 500 w/ dividends DJCS Hedge Fund Index US Investment Grade Bonds 8
  • 9. 4/11/2013 ‫מאפייני קרן הגידור‬‫קרן השקעה‬ ‫חלק מההון‬ ‫אוסף‬ ‫כלי השקעה‬ ‫הקטנת‬ ‫אלפא‬ ‫פרטית‬ ‫המושקע‬ ‫כישרונות‬ ‫מתוחכמים‬ ‫סיכון השוק‬ ‫על השוק‬ ‫שייך לבעלים‬ Hedge Fund’s Strategies Emerging Global Equity Market Dedicated Long /Short Markets Macro Natural Shorts Equity Fixed Income Distressed Event Convertibles Merger Arbitrage Securities Driven Arbitrage Arbitrage 9
  • 10. ‫3102/11/4‬‫‪Long/Short Equity Strategy‬‬ ‫מזהה חברה פוטנציאל‬ ‫מזהה חברה בקשיים‬ ‫צמיחה גבוה‬ ‫‪Short‬‬ ‫‪Long‬‬ ‫מכירה בחסר של‬ ‫קניית מניית החברה‬ ‫מניית החברה‬ ‫מדוע חשובה אלפא גבוהה ובטא נמוכה?‬‫תשואת תיק‬ ‫השקעות‬ ‫‪=α+ β‬‬ ‫‪x‬‬ ‫מדד‬ ‫השוק‬ ‫01‬
  • 11. 4/11/2013 ?‫האם התשואה מגיעה מאלפא או מביטא‬ 300 250 270%Accumulated Returns (%) 200 150 144% 100 50 0 S&P500: 25.50% -50 -100 12/00 7/01 2/02 9/02 4/03 11/03 6/04 1/05 8/05 3/06 10/06 5/07 12/07 Fund A Fund B S&P 500 w/ dividends ?‫האם התשואה מגיעה מאלפא או מביטא‬ 300 250 270% 200 150 Fundamental Value 100 A Concentrated L/S 144% Trading B 50 Oriented 0 L/S S&P500: 25.50% -50 -100 C 12/00 7/01 2/02 9/02 4/03 11/03 6/04 1/05 8/05 3/06 10/06 5/07 12/07 Fund A Fund B S&P 500 w/ dividends 11
  • 12. 4/11/2013 36 Rolling Months Beta/AlphaA Decreasing Alpha, High Beta Lehman Brothers collapse A B C 12
  • 13. 4/11/2013Example: W Investment Limited FundTrack record since inception W Investment Limited Fund VS S&P 500 W/DAccumulated Returns (%) W Investment S&P 500 W/ Dividends 13
  • 14. 4/11/2013Thank YoudLtd.Contact Us:Tel : +972-9-9614800Cell : +972-54-2045250 (Maya Sade)E-Mail : maya@bspfunds.com 14