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EDM Ahorro Fund


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Solvency control & minimum volatility. Short term credit since 1991.

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EDM Ahorro Fund

  1. 1. EDM Ahorro Solvency control & minimum volatility Short term credit since 1991March 2012 This document is intended solely for professional investors according to the MIFID definition
  2. 2. Index EDM Ahorro 1- Fund’s Performance 2- Portfolio 3- About EDM Asset Mangement 4- Annex 2
  3. 3. Fund’s performance 3
  4. 4. Fund’s performance EDM Ahorro Excellent Risk-Return Ratio Relative Year EDM AHORRO INFLATION Performance 2000 2,39% 2,48% -0,09% 2001 4,49% 2,05% 2,45% 2002 2,19% 2,28% -0,09% 2003 2,22% 1,97% 0,25% 2004 1,61% 2,36% -0,75% 2005 1,18% 2,22% -1,05% 2006 0,01% 1,92% -1,91% 2007 1,58% 3,07% -1,49% 2008 3,15% 1,58% 1,56% 2009 6,94% 0,93% 6,01% 2010 1,73% 2,21% -0,48% 2011 2,00% 2,01% -0,01% Total Return 33,60% 28,10% 5,50% Annual Return 2,44% 2,10% 0,34% Annualized Volatility 1,29% 1,50% -0,21% EDM return data is expressed in euros and stated net of expenses and fees. 4
  5. 5. Ratings & Awards EDM Ahorro Expansión Awards 2011 Morningstar Awards 2012Best Fixed Income Short Term Fund Best Fixed IncomeShort Term FundRating Lipper: Rating Morningstar 3Y: Rating Morningstar 5Y: Rating Interactive Data: 5
  6. 6. Performance & Ranking EDM Ahorro Beating the Peer Group 5 Years 3 Years 3 Years 2011 2010 2009 2008 YTD Fund / Category Return Return Volatility Return Return Return Return 16,26 10,30 1,94 3,01 EDM Ahorro 2,00 1,73 6,94 3,15 7,92 4,42 1,34 1,66 Europe Diversified Bond (Category) 0,49 0,66 3,71 0,70 8,66 9,73 2,49 2,61 Europe Corporate Bond (Category) -0,25 1,98 8,28 -3,23 Allfunds Bank’s Ranking: 5 YEARS 3 YEARS 1 YEAR VOLATILITY EDM Ahorro 18,22% 12,19% 3,95% 1,38% Euro Fixed Income 12,94% 23,52% 3,26% 3,57% Data as of: January 2012 6
  7. 7. Performance EDM Ahorro EDM Ahorro vs. Inflation since fund’s inception + 130 % + 93 % 7 EDM AHORRO CPI
  8. 8. Portfolio 8
  9. 9. Portfolio EDM Ahorro Portfolio’s construction • Objective: to preserve capital, above the rate of inflation • Rigorous analysis of solvency by issuer • Global issuers with no currency risk (100% Euro) • Historical default rate: 0% • Short duration: from 1 to 3 years • Actively managing fund duration (current: 1.6 years) • Widely diversified portfolio (85 issues) • Investment Grade corporate credit predominates (80%) • Limited exposure to government debt (highly diversified) • Current portfolio returns of over 3.5% 9
  10. 10. Portfolio EDM Ahorro Limits on concentration • Maximum weighting of Spain: 50% • Maximum weighting of the financial sector (including bonds): 30% • Maximum weighting of regional governments: 20% • Maximum high yield weighting: 10% • Maximum weighting of bank deposits: 10% • Maximum exposure to a single security: 5% 10
  11. 11. Portfolio EDM Ahorro EDM AHORRO,FI (31.12.2011) PORTFOLIO RATING CASH % FIXED INCOME INVESTMENT GRADE % Spanish Treasury Biels (1 Week) 5,52% B EDP FINANCE EM.0310 3,25% VT.0315 0,93% Aaa 8% B AMADEUS CAP EM.0711 4,875% VT.0716 0,93% B PETROBRAS INTL EM.1211 4.875% VT.0318 0,95% Aa1 1% DEPOSITS % B ADIDAS INTL EM.0709 4,75% VT.0714 0,98% Deposits 1,13% B ALSTOM EM.0210 4,125% VT. 0217 0,91% Aa2 1% B GAZPRU CAPITAL EM.1205 4,56% VT.1212 1,13% B BANESTO CED.EM.0910 3,625% VT.0915 1,06% Aa3 5% PUBLIC DEBT % B BANCO SABADELL EM.0211 4,50% VT.0213 0,91% B BTPS EM.0802 4,75% VT.0213 1,13% B B.SABADELL CED.EM.0910 3,25% VT.0912 1,08% A1 17% B IRISH GOVT EM.0309 3.9% VT.0312 1,10% B BANKIA EM.0910 3,50% VT.0313 1,08% B IRISH GOVT EM.0102 5% VT.0413 1,08% B HUTCH WHAMPOA EM.1109 4,75% VT.1116 0,97% A2 6% B COMUNIDAD MADRID EM.0904 4,2% VT0914 0,89% B CASINO GUICH EM.1011 4,472% VT.0416 0,93% B COMUNIDAD MURCIA EM.0511 CUPONO V.0512 0,87% B VW CREDIT EM.1009 3,375 % VT.1012 0,75% A3 11% B XUNTA GALICIA EM.0611 6,22% VT.1114 0,92% B ARKEMA EM.1010 4% VT.1017 0,90% B XUNTA GALICIA EM.1111 6,72% VT.1113 0,92% B PEUGEOT EM.0110 3,875% VT. 0113 1,10% Baa1 17% B ESTADO EM.0497 6,25% VT.0412 0,91% B ARCELOMITTAL EM.0609 8,25% VT.0613 0,98% B GENCAT EM.0407 4,125% VT.0413 1,06% B DEUTSCHE B.FIN.EM.1104 4,25% VT.1116 1,01% B GENCAT EM.0305 3,875% VT.0915 0,74% B REDES ENERGETICAS 6,375% VTO.101213 0,67% Baa2 16% B GENCAT EM.0402 5,20% VT.0912 0,79% B VINCI EM.0309 7,375%,TV.0319 1,09% B ICO CRDT OFCL EM.2010 2,875% VT.1113 0,89% B BERTELSMANN EM.0109 7,875% VT.0114 1,05% Baa3 9% B ICO CRDT OFCL EM.1009 FRN VT.1015 0,76% B CARREFOUR EM.1106 4,375% VT.1116 0,93% B ICO EM.0311 FRN VTO.0314 0,87% B SODEXO EM.0109 6,25% VT.0115 1,24% HY 8% B JUNTA ANDALUCIA EM.0708 5,125% VT.0713 0,90% B BBVA EM.0711 3,500% VT.0713 1,09% B FUND ORD.BK RESTR.EM.1011 4,4% VT.1013 0,92% B RCI BANQUE EM.1011 5,625% VT.1015 0,92% WR 1% B FADE EM.0111 4,8% VT.0314 0,94% B CALSBERG BREW. EM.1010 3,375% VT.1017 0,92% B FADE EM.0211 5% VT.0615 0,94% B AREVA EM.10/11 4,625% VT.1017 0,88% Total Public Debt 16,63% B VIVENDI EM.0109 7,75% VT.0114 1,01% B KPN EM.0209 7,5% VT.0219 1,13% FIXED INCOME (FLOATING) % B ELSEVIER FINANCE EM.0409 6,5% VT.0413 1,19% B BANESTO F. EM.0110 EURIBOR+50 VT.0113 1,07% B GAS NATURAL EM.0709 5,25% VT.0714 1,15% B SANTANDER EM.0110 FRN VT.0113 0,18% B GAS NATURAL EM.1109 4,375% VT.1116 0,89% Fixed Deposits 1% MM B SANTANDER EM.0411 FRN VT.0413 1,42% B NOKIA CORPORAT. EM.0209 5,50% VT.0214 1,18% Income Treasury B ERICSSON LM EM.0607 FRN VT.0614 0,73% B REPSOL EM.0703 5% VT.0713 1,17% 13% B VODAFONE EM.0607 FRN VT.0614 1,14% B REPSOL INTL EM.1211 4,25% VT.0216 0,93% (Floating) B TELECOM IT. EM.1205 FRN VT.1212 0,79% B TELECOM ITAL EM.0111 5,125% VT.0116 0,88% 12% Public Debt B CEDULAS CAJAS G. EM.1205 FRN VT.1212 1,73% B IBERDROLA FIN EM.1010 3,500% VTO.1016 0,88% B ENEL INVEST. EM.0607 FRN VT.0614 1,00% B CEDULAS LA CAIXA EM.0211 5,0% VT.0216 0,92% 17% B BBVA SENIOR FIN. EM.0110 FRN VT0113 1,77% B METRO AG EM.0709 5,75% VT.0714 0,79% B BANCO BPI EM.0110 EURIBOR+80 VT.0112 1,08% B ENEL FIN.INTL NV EM.1011 4,625 VT.0615 0,56% B BANKINTER EM.0110 FRN VT.0113 1,41% B EDP FINANCE EM.0606 4,25% VT.0612 1,51% Total Fixed Income (Floating) 12,32% B CAP GEMINI SOGETI.1111 5,25% VTO.1116 0,94% B EUTELSAT SA EM.1211 5% VT.0119 0,93% FIXED INCOME INVESTMENT GRADE % B PORTUGAL TEL EM.0306 4,75% VT.0312 0,91% B TELEFONICA EUR EM.0203 5,125% VT.0213 0,78% B PORTUGAL TEL EM.0409 6,00% VT.0413 0,94% B TELEFONICA EM.0109 5,431% VT.0214 1,15% B PORTUGAL TEL EM.0211 5,625% VT.0216 0,75% B TELEFONICA EM.0211 4,750% VT.0217 0,90% B THAMES WATER EM.0209 6,125% VT.0213 0,99% B TELEFONICA EM.1111 4,967% VT.0216 0,75% B ABERTIS INF. EM.1009 4.625% VT.1016 0,87% B BBVA VIZCAYA ARG. EM.1009 3% VT1014 0,87% B CRITERIA CAIXACO EM.1109 4,125% VT1114 1,06% Fixed 11 B BANKINTER CED.EM.0910 3,75% VT.0913 1,08% PG BANKINTER VT.040112 4,59%Income 57% Total Fixed Income Investment Grade 57,09%
  12. 12. About EDM Asset Management 12
  13. 13. About EDM Asset Management • 23 Years´s experience: founded in 1989 • Leading independent manager in Spain: AUM € 1.2 bn • 380 M€ AUM in Fixed Income • Independent: - Fully owned by the Group´s Management - Focused exclusively on Asset Management M€ 1.300 1.234 M€ 1.200 1.100 1.000 900 800 700 600 500 400 300 200 100 0 20 7 20 0 20 4 20 6 20 8 20 9 20 5 20 2 20 3 19 7 20 1 ) 19 0 20 20 0 19 9 19 4 19 6 19 8 20 9 19 5 19 2 19 3 19 1 12 11 eb 0 9 13 0 0 0 0 0 0 0 0 0 8 9 9 9 9 9 9 9 9 9 1 19 (F
  14. 14. About EDM Asset Management EDM Senior Managers Eusebio Díaz-Morera, 66 Antonio Estabanell, 52 EXECUTIVE CHAIRMAN CEO Graduated in Economy from Barcelona Holds an MBA from ESADE University University and MBA from IESE (Barcelona). (Barcelona). Worked at KPMG and two Before founding EDM in 1989, he was international food companies in the Financial General Director of PAS (Fund Management Area. Joined EDM in 1990 and since then has and Corporate Finance), Chairman of Caja de been involved in all investment management Barcelona (Savings Bank), Chairman of activity within the company. Until 2010 he was Banca Catalana, and Chairman of Tunel del the Managing Director and CIO. Cadí (tollway concession) Javier Prada, 62 Luis Fortuny , 45 DIRECTOR HEAD OF BACK-OFFICE & COMPLIANCE Graduated in Law, he holds a Master in Graduated in Economics and Finances from Finance (University of Paris). He started his UAB. In 2006, he received a BA degree in PDD career in Banif Private Bank (Santander) from IESE Business School. He was working at where he was Regional Manager and Former SONY from 1990 to 2000 as Accounting Managing Director. In 1991 he joined Manager and Control Manager. He was Senior Indosuez-Credit Agricole where he was Private Consultant at Cap Gemini Ernst & Young. He Banking General Manager and Regional was also Finance Director at Baker & Mc President. He joined EDM in 2005. Kenzie (Law firm). He joined EDM in 2008.
  15. 15. About EDM Asset Management Investment team Juan Grau. EDM Gestión, SGIIC President Adolfo Monclús Ricardo Vidal Co-CIO Co-CIO Retail Consumption Business Services TMT’s TMT’sKarina Sirkia Gonzalo Cuadrado Beatriz López Albert FayosFixed Income Pharmacy Food/Beverages Specialised IndustriesCorporate Debt IG Construction Medical Devices Financials Infrastructure Insurance • No distinction between analyst & portfolio manager • Collective discussion & Individual decision • Investment Team over the last 6 years: Non-existent staff turnover 15
  16. 16. About EDM Asset Management Investment team Juan Grau, 66. EDM Gestión, SGIIC President He worked in several industrial companies as CFO during 16 years. Joined EDM in 1989 where he has always worked on Investment Management as a fund manager. Holds a degree in Economics and a PDE IESE Business School. Manager of EDM Inversion since 1989. Ricardo Vidal, 42. CO-CIO Consumption Sector Specialist Holds an MBA from ESADE University (Barcelona). Worked at Banco Vitalicio (Insurance Company) and Gesindex SGIIC (Financial Services) from 1993 until 1997. Holds the Certified of European Financial Analyst (CEFA). Joined EDM in July 1997. Adolfo Monclús, 38. CO-CIO Retail, Business Services and TMT´s Sector Specialist Graduated in Business Administration by the Universitat Internacional de Catalunya & in Economics Finance by Bentley College (USA). Holds an International MBA from Instituto de Empresa (Madrid). Worked at Argentaria and BBVA in the Mid-Corporate Banking area. Joined EDM in July 2005 after finishing his MBA. 16
  17. 17. Acerca de EDM Investment team Karina Sirkia, 39. Fixed Income and Corporate Debt IG Specialist Graduated in Economics from Universitat Pompeu Fabra, Barcelona (1993-1997), followed by a Master of Science in Economics, Universitat Pompeu Fabra (1.998). She started her career at GAUDIT Consultores and FIMARGE S.A. Sociedad Gestora de Inversiones. She has been fixed income manager at EDM since 2001. Gonzalo Cuadrado, 41. Pharmacy, construction and infrastructure Sector Specialist Graduated in Economy by UB. Holds a Master in Finances by the IEF, the CEFA, the CIIA and the CAIA. Holds the “Certificado de Experto en Valoración de Empresas”(CEVE) by IEAF. Worked as a fund manager and analyst in Caixa Penedès. Analyst and asset manager in EDM since 2004. Beatriz López, 34. Medical, Food and Insurance Specialist Graduated in Economics from Universitat Pompeu Fabra (UPF) in 1999, followed by a Master’s Degree in Finance from CEMFI (Bank of Spain) in 2001. Holds the Chartered Alternative Investment Analyst (CAIA) by the CAIA Association. She started her career at Banco Sabadell, where she became Senior Equity Analyst. Joined EDM in 2007 as a Financial Analyst and Fund Manager. Alberto Fayos, 39. Specialised industries and Financials Sector Specialist Holds a Bachelor’s Degree in Actuarial and Finances and a Degree in Statistics from University of Barcelona (UB). Holds the Certified European Financial Analyst (CEFA). Worked at Gaesco Gestión SCIIC from 1997 until 2005. Worked at Banc Sabadell Gestión SGIIC from 2006 until 2009. Joined the Investment 17 Department of EDM in March 2009, where he is analyst and portfolio manager.
  18. 18. Annex 18
  19. 19. Annex EDM Ahorro Investment strategy and philosophy EDM Ahorro invests in short and medium-term government and corporate euro-denominated bonds (mainly from European issuers). In the past the fund held a very significant position in government bonds, but more recently has invested mostly in stable and high-quality corporate bonds. Over the last year and a half the weighting of government bonds has grown, reaching up to 25% on occasions. This is a highly conservative fund that seeks stable yields with no surprises, generated chiefly via coupon rates. The bond term is typically between 1 and 2 years (currently standing at 1.72 years). Interest risk is therefore confined. Bond durations are typically short, although they have stretched to 2.5 years on occasions. The fund invests in high-quality bonds, although there have been exceptions of investments in lower quality bonds. Nearly 100% of the portfolio is “investment grade”, including BBB exposure of close to 45%. The portfolio has practically no illiquid securities, no currency risk and does not use derivatives. Fund background Early in the 2000s, when there was a very flat debt curve but attractive interest rates (4.5% 2Y Spanish rate), the EDM Ahorro portfolio had a short term. As there was little carry, no risk was assumed. The portfolio’s short duration meant that we did not benefit from the sharp decline in interest rates seen in 2002-2003. During these years credit had a greater weighting in the portfolio than debt. 19
  20. 20. Annex EDM Ahorro From early 2003 until late 2005, Spanish and other euro country sovereign bond yields were at record lows with flat yield curves. The particular sensitivity of long tranches with low interest rates led us to adopt a highly cautious approach to the yield curve, keeping the portfolio term very short. Meanwhile, credit spreads tightened to record lows in 2003 and then held stable until mid-2007. Due to this very low-risk premium, between 2004 and 2006 we gave a greater weighting to public debt, reaching 65% of the fund. In 2006, amid a sharp spike in debt interest rates, the fund’s short duration led to good results. At the time numerous structured credit issuances were being made, such as CDOs (Collateralised Debt Obligations) and CDO-squared (CDOs of CDOs). Investors were driven towards profitable instruments such as CDOs thanks to very low debt interest rates and credit spreads. At EDM Asset Management, we invest only in assets that we fully understand. Therefore we opted not to invest in these instruments, which, initially appeared attractive. When the sub-prime crisis hit, most of these instruments suffered enormous losses. In 2007 credit spreads began to rally. Several primary issues were made at attractive spreads and we saw a return to value from such assets. In 2007 we began to rotate our sovereign debt portfolio, where we identified growing risk on the credit side. In 2008 the portfolio was entirely comprised of credit with a duration of less than 1 year. The following year, in 2009, the fund subscribed to several primary credit issuances from companies selected by EDM with highly attractive spreads. The duration of the portfolio grew as we acquired somewhat longer terms, but very attractive credit. The fund saw good results in 2009 thanks to its strong position in credit and a near complete absence of debt, as well as a longer yet still defensive term, all while corporate bond spreads were narrowing rapidly. Having no position in fixed income instruments was also very positive 20
  21. 21. Annex EDM Ahorro In 2010 credit was again relatively expensive compared to debt. The debt crisis triggered significant growth in Spanish bond spreads compared to Central European bonds, making the former more attractive than credit and German bonds. We gradually began to increase the weighting of Spanish and similar debt (agencies and regions) in the portfolio, subscribing to certain primary issuances. Likewise, we began to invest modestly in financial entities via mortgage- backed securities. In 2011 deteriorating financial forecasts, along with a sluggish political response to the European sovereign debt crisis, caused panic to sweep the markets, triggering a slump in Spanish government debt prices on at least two occasions. As we saw no insolvency problems for the country, we decided to significantly increase the fund’s exposure to Spanish sovereign debt (at highly attractive returns) when this occurred. The first occasion came in July when the possibility of recession began to loom larger, triggering a risk-off period in the markets and causing heavy declines in peripheral European debt. On 8 August, following S&P’s decision to downgrade its U.S. credit rating, the ECB began buying up Spanish and Italian bonds on the market and lowered debt rates by a further 100bp to 5%. On that very day we reduced our exposure to debt from 30% to 18%. The second occasion came in November, when the markets were again swept by panic. On this occasion we increased our exposure to peripheral government bonds (mostly Spanish) to nearly 40%, to subsequently reduce this exposure by more than half in December when the ECB’s 3-year liquidity auction, as well as other support measures for the financial system, returned calm and confidence to the markets. Other investments of interest made in 2011 included the purchase of high-quality senior financial entity securities (Santander and BBVA) in the form of very short-term floating bonds with yields of over 5%. These rallied significantly in price in the second half of the year thanks to the December liquidity auction, when we took the opportunity to reduce some of our positions. 21
  22. 22. Annex EDM Ahorro Late in the year, with confidence returning to the markets, the primary corporate credit market improved and we took up several non-peripheral, non-financial credit issuances, aimed at diversifying the portfolio in terms of core / peripheral exposure. In 2011, as prospects of a recession going forward began to look stronger, with no inflationary pressure and a sharper yield curve, we decided to extend the duration of the fund, investing in somewhat longer term corporate bonds, most of which were bought in the primary market. Thus the duration of the bond portfolio at year-end stood at slightly over 2 years. In early 2012 the duration of the bond portfolio increased somewhat. At the beginning of March the portfolio duration stood at over 2.3 years, although a strong influx of money into the fund over the last week meant an exceptionally high level of cash and put the term at less than 2 years. More attractive non-financial corporate bonds were issued in January, in which we took positions, but a sharp rally in corporate bond prices (and narrowing spreads) in January and February made it increasingly difficult to identify high- quality corporate bonds with attractive yields. There are, however, certain sectors within investment grade bonds where we do see value. These include regional government debt. Despite the financing difficulties that some regional governments are facing, Spain’s central government has shown a clear intention of providing support. Firstly, it stated that no regional government would be allowed to fail, and secondly, it has adopted specific measures to help the most indebted regions to refinance their debt. The credit facilities made available to pay off regional debt and government suppliers are an indication of this. The regions with the worst problems may also be allowed to issue some kind of sovereign guarantee on the markets (hispabonds). Given these circumstances and the high yields offered by some regional debt, we have acquired such bonds with short maturities. 22
  23. 23. Annex EDM Ahorro Turning to financial entities, we have not held subordinated bonds in recent years, but price slumps in late 2011 and early 2012 saw us take small positions in good-quality subordinated bonds from banks such as BBVA and Santander. Bonds have performed spectacularly well in the first two months of 2012, largely thanks to liquidity injections from the ECB and progress towards a solution for the Greek debt crisis. Both corporate credit and peripheral sovereign debt prices have rallied significantly and yields have fallen. Despite this, we expect to see further episodes of panic sweeping the markets. We are therefore in no hurry to invest the fund’s cash at any price. Our intention is to take advantage of market corrections to further build the portfolio, both in credit and government bonds, at more attractive yields and spreads than currently available. 23
  24. 24. Summary EDM Ahorro EDM AHORRO CURRENCY Euro IDENTITY NAV 22,86 € German Tax Transparency FUND AUM 64.300.000 € UCITS EUROPEAN PORTFOLIO AUM 380.000.000 € LEGAL STRUCTURE ES & PT- FI INCEPTION DATE 01/04/1991 INCOME DISTRIBUTION Retained MANAGEMENT FEE (Private) 0,75% CUSTODIAN FEE 0,08% TOTAL EXPENSE RATIO 0,83% FUND MANAGERS Karina Sirkia MANAGER EDM Gestión SGIIC EU TAX DIRECTIVE CUSTODIAN Bankinter, S.A. Eu Tax Directive Start Date 01/05/2012 AUDITOR KPMG Auditores, S.L. Eu Tax End Date 30/04/2013 DOMICILE Spain Eu Tax Directive Status Out of Scope DEALING Daily Eu Tax Directive 15% Threshold No CATEGORY Euro Fixed Income Eu Tax Directive 40% Threshold No HOLDING BASED CLASSIFICATION Euro Corporate Fixed Income Prospectus vs Asset Allocation No MORNINGSTAR CLASSIFICATION Europe Diversified Bond-Short Term NAV Taxable Interest Income Accrued No LIPPER CLASSIFICATION Bond Eur Dividend Taxable Interest Incime Accrued No COUNTRIES REGISTERED FOR SALE DISTRIBUTION PLATFORMS Spain ("Traspasable") Inversis Banco CROSS REFERENCES CROSS REFERENCES ISIN ES0168673038 F&E FUND CODE 37768 ISIN CURRENCY CLASS ES0168673038.EUR F&E GROUP CODE 21027 CNMV CODE 71 PERM ID 18060016051 BLOOMBERG EDMAHOR SM RIC 0168673038.ES REUTERS 0168673038.ES RIC LP60016051 LIPPER 60016051 VALOR 467142 WKN- GERMAN A0RLJ8 24
  25. 25. Ignacio Pedrosa Head of Investor Relations +34 636814186 +34 914110398 ipedrosa@edm.esLEGAL NOTICE1) This information represents disclosure by EDM and is intended merely to inform those to whom it is addressed in compliance with the code of cunsuct applying to all investment services in Spain. For this reasonefforts have been made to ensure that it is sufficient and understandable to anybody likely to receive it.Given that the information may refer to or include separate additional documentation, the recipient is invited to request this from EDM.If, within the body of information in this notification, there should be any offer regarding products, financial instruments or services, the recipients thereof also have at their disposition supplementary or additionaldocumentation which will enable them to authorise all the terms and conditions pertaining to the offer of interest to them.2) EDM is a securities broker registered in Spain (Avda. Diagonal 399 3º 1ª, 08008 Barcelona) and is authorised to provide investment services with regard to securities and financial instruments for clients, in relationto whom it is subject to the supervision of the Comisión Nacional del Mercado de Valores (National Securities Market Commission) (CNMV, Paseo de la Castellana 19, 28046 Madrid), where it is registered undernumber 139. The broker is a member of the Fondo de Garantía de Inversiones (FOGAIN, the Investment Guarantee Fund).3) The recipients of this information should bear in mind that any results or data provided may be subject to fees, commission, taxes, expenses or duties, which could lead to a reduction in the gross return, whichwill depend on the particular nature of each case.4) It is here left on record that the instruments described in this information are subject to the impact of various common causes, such as:i- Alterations to the markets due to unforeseen circumstancesi- Liquidity risks and others which affect the progress of the investment.5) Within this information here figures appear that refer to past returns for the products mentioned. It is obvious that such information should be used as a reference and as valid background data to reach one’sown conclusions, but under no circumstances should it be employed as an indicator guaranteeing future performance.By the same token, the information contained that might simulate future trends for any product and its performance must, for identical reasons as those cited for past data, be considered as a valid reference toreach one’s own conclusions but in no way seen as a guarantee of returns that will be obtained.6) Within this documentation there may be figures based on currencies other than those used by recipients hereof. For this reason consideration should be given to any possible change upwards or downwards in thevalue of the currency and how this affects the results for the products or instruments proposed.Este documento está dirigido exclusivamente a inversores profesionales según su definición MIFID