le chéile Group Income and Growth Investment Seminar 05.11.13

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'Credit Union Investments - Income and Growth' Seminar 05.11.13

Speakers on the day:
Mark Dunn, Sales Director, Carmignac Gestion
Aidan Ryan, Retail Deposits, Investec Bank
John Calvert, CEO, BCP Asset Management


www.lecheilegroup.ie

Published in: Economy & Finance, Business
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le chéile Group Income and Growth Investment Seminar 05.11.13

  1. 1. ‘Credit Union Investments – Income and Growth’
  2. 2. Carmignac Patrimoine 2
  3. 3. Mark Dunn Sales Director - UK & Ireland 3
  4. 4. Two simple questions to be answered… „ Who are Carmignac? „ What is Carmignac Patrimoine and how has it performed? 4
  5. 5. An independent and entrepreneurial company, focused on a single vocation 54 BILLION IN ASSETS UNDER MANAGEMENT 1.5 BILLION EQUITY CAPITAL 228 EMPLOYEES 17 INVESTMENT FUNDS COMMERCIAL DISTRIBUTION IN 12 COUNTRIES Source: Carmignac Gestion at 30/09/2013 5
  6. 6. A french asset manager, a European presence CREATION OF THE COMPANY 1989 1999 LUXEMBOURG SUBSIDIARY ITALY* GERMANY* BELGIUM* 2002 2003 2004 SWITZERLAND* NETHERLANDS* 2005 SPAIN* 2006 2008 FRANKFURT AUSTRIA* 2009 MADRID AND MILAN OFFICES SUBSIDIARY 2010 2011 SWEDEN* REGISTRATION OF THE FUNDS IN SINGAPORE FOR PROFESSIONAL INVESTORS * Countries in which the Funds are registered 6 2012 LONDON OFFICE MILAN SUBSIDIARY
  7. 7. Carmignac Gestion : a strong brand image Financial Times fm Carmignac Gestion ranked 2nd best Fund management brand by distributors NUMBER OF FUNDS 1. Blackrock 396 2. CARMIGNAC GESTION 18 3. JP Morgan 252 4. Fidelity 216 5. Schroders 184 6. Pictet Funds 219 7. M&G Investments 126 8. Franklin Templeton 107 148 1009 9. Invesco 10. DWS Source: Financial Times, Fund Buyer Focus, 13/02/2012 7
  8. 8. A business model designed for the long term Controlled growth ASSETS UNDER MANAGEMENT* 2007 2008 Diversified client base 2009 2010 2011 2012 2013 First quality partners to support growth • An externalized middle office : Caceis Investors Services, France • Independent and robust valuation agents: Caceis Fund Administration (France) and Caceis Bank (Luxembourg) • European leaders in the depositary-custodian business Caceis Bank (France) and BNP Securities Services (Luxembourg) • A combination of worldwide audit expertise Ernst & Young Audit, Cabinet Vizzavona, KPMG, PricewaterhouseCoopers Source : Carmignac Gestion 30/09/2013 *in Euros billion , 8
  9. 9. International management team Excellence, sharing and synergy are the cornerstones of our quality management 9
  10. 10. A constant reinforcement in line with our key investment themes Edouard CARMIGNAC Chairman - Manager BOND MANAGEMENT EUROPEAN EQUITIES Rose OUAHBA • Head of Team • Manager Laurent DUCOIN • Head of Team • Manager Frédéric LEROUX Global Manager Charles ZERAH Manager Samir ESSAFRI Manager Laurent CHEBANIER Analyst Country Risk Carlos Andres GALVIS Manager MULTISTRATEGY Julien CHERON Quantitative Analyst ALTERNATIVE STRATEGIES Markus KULESSA Analyst Keith NEY Head of Credit COMMODITY EQUITIES Caroline SLAMA Credit Analyst David FIELD • Head of Team • Manager François-Joseph FURRY Manager Maxime CARMIGNAC Manager Vincent STEENMAN Manager Pierre VERLE Credit Analyst Simon LOVAT Analyst Antoine COLONNA Analyst Consumer sector Matthew WILLIAMS Analyst Financial Sector 10 EMERGING EQUITIES Simon PICKARD • Head of Team • Manager Xavier HOVASSE Manager David YOUNG PARK Manager Haiyan LI-LABBÉ Analyst Greater China Edward COLE Analyst EMEA Tim JAKSLAND Analyst Innovation Sector
  11. 11. A range of 17 complementary and recognized funds DIVERSIFIED INVESTMENT UNIVERSE ROBUST ASSETS UNDER MANAGEMENT EU small and mid-cap equities 239 M EUR CARMIGNAC EMERGENTS Emerging markets equities Emerging markets small and mid cap 313 M EUR CARMIGNAC COMMODITIES International equities - Commodities 717 M EUR CARMIGNAC PATRIMOINE International equities and bonds CARMIGNAC EMERGING PATRIMOINE Emerging equities and bonds CARMIGNAC EURO-PATRIMOINE EU equities and bonds 669 M EUR CARMIGNAC INVESTISSEMENT LATITUDE International equities 1 209 M EUR CARMIGNAC GLOBAL BOND International bonds CARMIGNAC SÉCURITÉ Euro bonds 5 864 M EUR CARMIGNAC CAPITAL PLUS Dynamic monetary investments 1 591 M EUR CARMIGNAC COURT TERME Euro treasury bonds 608 M EUR CARMIGNAC PROFIL RÉACTIF 100 From 0 to 100% equities 193 M EUR CARMIGNAC PROFIL RÉACTIF 75 From 0 to 75% equities 268 M EUR CARMIGNAC PROFIL RÉACTIF 50 DIVERSIFIED 304 M EUR CARMIGNAC EURO-ENTREPRENEURS FIXED INCOME EU members/candidates equities and additionally, Russian and Turkish equities CARMIGNAC EMERGING DISCOVERY PROFILED International equities CARMIGNAC GRANDE EUROPE EQUITIES CARMIGNAC INVESTISSEMENT From 0 to 50% equities 470 M EUR Source : Carmignac Gestion 30/09/2013 © 2013 Morningstar 8 189 M EUR 1 773 M EUR 28 123 M EUR 1 486 M EUR 630 M EUR 11 HIGH QUALITY FUND MANAGEMENT
  12. 12. Carmignac Patrimoine 12
  13. 13. Carmignac Patrimoine: objectives „ Carmignac Patrimoine is a diversified international fund with at least 50% of assets permanently invested in fixed income and / or money market „ The flexible allocation aims to minimize the risk of capital fluctuation while seeking the best sources of return „ The recommended investment horizon is 3 years „ Its reference indicator consists of 50% MSCI World ACW (Eur) with dividends reinvested and 50% Citigroup WGBI all maturities (Eur) 13
  14. 14. Carmignac Patrimoine Investment universe PERFORMANCE DRIVERS INTERNATIONAL BONDS INTERNATIONAL EQUITIES „ Equities listed on international markets „ Emerging market equities „ „ Goverment / corporate bonds (developed countries) Goverment / corporate bonds (emerging countries) CURRENCIES „ G3, Sterling, Dollar block „ Emerging currencies INVESTMENT LIMITS „ „ „ „ „ „ „ Equity portfolio: equity exposure between 0% and 50% of the portfolio Monetary and interest rate products: 50% minimum Emerging equities: 25% max. Emerging bonds: 25% max. Modified duration of bond portfolio : -4 à +10 Minimum average rating of bond portfolio : BBB- (S&P) / Baa3 (Moody’s) Credit derivatives: 10% max. 14
  15. 15. Three managers, one objective: balanced portfolio allocation o Equity component management: Edouard Carmignac o Bond component management : Rose Ouahba o Exposure management: Frédéric Leroux ► Edouard Carmignac, Rose Ouahba and Frédéric Leroux are working together to define and optimise allocation of the risk budget: ► To avoid risk accumulating across Equity and Bond portfolios ► To look for the most attractive opportunities according to the relative valuations of the bond and equity markets ► Management which is both collegiate and independent: ► Each manager remains fully responsible for his or her investment decisions ► Real synergy between the Equity and Bond portfolios and hedge strategies 15
  16. 16. Carmignac Patrimoine : Market Risk Hedging 16
  17. 17. Shared management of overall portfolio risk: Equities, Fixed Income and Currencies A DEDICATED MANAGER: FRÉDÉRIC LEROUX • Monitoring and detecting market risk: macro-economy, liquidity • Creation of portfolio hedging or long exposure strategies: • The choice of instruments used • Technical analysis and transactions implementation • Implementation of standard derivatives (with the fund manager’s approval) Risque de change 17
  18. 18. Choice of hedges „ For what purpose? „ „ „ „ To maintain the absolute performance of the portfolio To limit portfolio volatility To limit the risk of a fall in case of unfavorable markets To allow the manager to focus on long-term stock selection „ What types of instruments? „ Equities: • • • Futures on regional and sector indices (EUROSTOXX, S&P, NASDAQ, IBOV, ...) Over-the-counter contracts: basket of stocks based on forward price of securities when sectorial futures don’t exist Occasional recourse to options „ Fixed income: • Futures on organised and over-the-counter markets, swaps and options „ Currencies: • Forwards contracts and options „ Based on what proportion? „ Equity exposure: 0 to 50% „ Maximum currency hedging: 100% 18
  19. 19. Carmignac Patrimoine: an active asset allocation Aktienexposure Equity Exposure Aktienquote Equity Hedging Anleihen/Geldmarkinstrumente Bonds, Money Market and Cash 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% * 50% MSCI AC World Index NR (Eur) + 50% Citigroup WGBI NR (Eur) Past performance is not a guarantee of future returns and may fluctuate over time Source: Carmignac Gestion, 30/09/2013 19 09/13 06/13 03/13 12/12 09/12 06/12 03/12 12/11 09/11 06/11 03/11 12/10 09/10 06/10 03/10 12/09 09/09 06/09 03/09 12/08 09/08 06/08 03/08 12/07 09/07 06/07 03/07 12/06 0%
  20. 20. Carmignac Patrimoine Performance 20
  21. 21. Carmignac Patrimoine: reasons for investing § A solid track-record guided by the expertise of the same portfolio manager, Edouard Carmignac, since inception § A performing Fund even in crisis periods Performance of Carmignac Patrimoine over 24 years 800 Carmignac Patrimoine + 610% Period preceding the implementation of derivatives and hedging strategies 700 600 SUBPRIME CRISIS 500 INTERNET BUBBLE 400 Reference indicator* + 240% ASIAN CRISIS 300 CREDIT CRASH GULF WAR 200 FINANCIAL CRISIS 100 Source: Carmignac Gestion at 30/08/2013, Base 100 as at 07/11/1989 *50% MSCI AC World (Eur) ex-dividends + 50% Citigroup WGBI (Eur) Past performance is not a reliable indicator of future performance. Performance may vary over time. 21 11/12 11/11 11/10 11/09 11/08 11/07 11/06 11/05 11/04 11/03 11/02 11/00 11/99 11/98 11/97 11/96 11/95 11/94 11/93 11/92 11/91 11/90 11/89 0 11/01 11TH SEPTEMBER 2011
  22. 22. Carmignac Patrimoine: a fund “without” entry point Rolling performance over the recommended 3-year investment period CASE 2 : 28/02/2003 Equity markets low CASE 1 : 28/05/2001 Equity markets peak CP Benchmark (EUR) CASE 3 : 31/05/2007 Equity markets peak Carmignac Patrimoine 50% 40% 30% 20% 10% 0% +44,46% +35,35% + 30,56% +7,41% -10% +13,09% -20% Source: Carmignac Gestion at 30/09/2013 Past performance is not a reliable indicator of future performance and varies over time. *50% MSCI AC World Free (Eur) ex-dividends + 50% Citigroup WGBI (Eur). 22 08/2013 05/2013 02/2013 11/2012 08/2012 05/2012 02/2012 11/2011 08/2011 05/2011 02/2011 11/2010 08/2010 05/2010 02/2010 11/2009 08/2009 05/2009 02/2009 11/2008 08/2008 05/2008 02/2008 11/2007 08/2007 05/2007 02/2007 11/2006 08/2006 05/2006 02/2006 11/2005 08/2005 05/2005 02/2005 11/2004 08/2004 05/2004 02/2004 11/2003 08/2003 05/2003 02/2003 11/2002 -30% - 18,39%
  23. 23. Increased equity exposure At 30/09/2013 Equity exposure: 50% Modified duration: 1.5 Asset allocation 60% 50% 47.9% 41.1% 39.5% 41.6% 40% 19.4% 30% 10.5% 20% 10% 0% Equities Bonds 30/06/2013 30/09/2013 Source: Carmignac Gestion, 30/09/2013 23 Cash
  24. 24. Carmignac Patrimoine: breakdown of the bond component Staatsanleihen Developed country government bonds Industrieländer 8.3% 5.0% 4,7% Peripheral Peripheriegovernment bonds Staatsanleihen 11,4% 8,5% Emerging country Staatsanleihen government bonds Schwellenländer 0% Investment grade Unternehmensanleihen corporate bonds Anlagekategorie 18,4% 8,6% High yield Unternehmensanleihen corporate bonds mit hoher Rendite 9,0% 15,5% 1,8% 1,1% Unternehmen ohne Unrated corporate bonds Notierung 0% 5% 10% 31/12/2012 Source: Carmignac Gestion, 30/09/2013 24 30/09/2013 15% 20%
  25. 25. Currencies: a balanced allocation between the dollar and euro We are maintaining our short positions on the yen, in line with our “Japanese reflation” theme Carmignac Patrimoine: net currency exposure 42.3% 38.9% 38.1% US Dollar Euro 20.4% Yen -4.7% 17.1% 8.2% 7.1% Pound Sterling EMEA Latin America Asia (ex Japan) 0.3% 0.9% 0.2% 1.5% .3,8% 4.9% 11.7% 9.2% Other -10% 0% 10% Carmignac Patrimoine * 50% MSCI AC WORLD NR (EUR) + 50% Citgroup WGBI All Maturities (EUR) Source: Carmignac Gestion, 30/09/2013 25 20% 30% Reference Indicator* 40% 50%
  26. 26. Carmignac Support 26
  27. 27. Transparency: we put much emphasis on reporting Weekly Notes Quarterly Report Monthly Notes 27 Annual Performance Sheet
  28. 28. Disclaimer This presentation has been conceived for information purposes only and is intended to professional clients. It cannot be used for another purpose than the one it has been conceived for, and cannot be reproduced, distributed or communicated, partly or entirely, to third parties without prior written approval from Carmignac Gestion. This presentation is not an investment advice nor is it contractually binding. Due to their simplification, the information contained in this presentation are inevitably partial. This document may be subject to changes, without prior notice. Past performance does not guarantee future returns. The value of an investment can rise or fall with market fluctuations, and shareholders may lose, as the case may be, the amount originally invested. The access to the products and services described in this presentation may be subject to restrictions towards some persons or countries. The risks and fees relative to the products are described in the KIID (Key Investor Information Document). The KIID, prospectuses and annual periodic reports of the Funds are available on our website www.carmignac.com and can be obtained on demand from Carmignac Gestion. The KIID must be given to the investor before any investment. Copyright : The data published in this presentation are the exclusive property of their owners as mentioned on each slide. Non contractual document, redaction achieved on 23/01/2012 Carmignac Gestion – Société Anonyme au capital de 15 000 000 € - RCS de Paris B 349 501 676 Agrément AMF n° GP 97-08 du 13/03/1997 24 Place Vendôme – 75001 Paris – Tel : +33 1 42 86 53 35 28
  29. 29. Corporate & Institutional Banking Credit Union Presentation 5th of November 2013 29
  30. 30. 2 Investec Ireland: a brief history 13 Years in Ireland Acquisition of Gandon Capital Markets GE Capital Woodchester Bank in 2000 Commitment to Ireland Addition of NCB to Investec Group 240 Employees in Dublin Investec Harcourt Street, Dublin 2 Ireland’s Specialist Bank Irish Expertise International Strength
  31. 31. Investec: a distinctive Specialist Bank and Asset Manager History § § § § § § Strategy Established in 1974 Today, an independent, specialist bank and asset manager providing a diverse range of financial products and services Employs approximately 8,100 people Listed on the JSE and LSE (a FTSE 250 company) Total Assets of £51bn Total Funds Under Management of £111bn § § § Client focused approach Not “all things to all people” Distinction: Nimble, innovative and high level of service Culture § § § Flat and efficient management structure Strong risk management and financial discipline Entrepreneurial culture: material employee ownership Corporate / Institutional / Government Asset Management Provides Investment Management Services Private Client (High Net Worth) Specialist Banking Provides a broad range of services § Advisory § Lending § Treasury and trading § Provides investment management services and independent financial planning advice Transactional banking § Wealth & Investment Investment activities Source: Investec Group (consolidated) results as at 31 March 2013
  32. 32. Investec Group Results (Consolidated): Year Ended 31 March 2013 Year to 31 March 2013 Year to 31 March 2012 % Change 433,170 358,625 20.8% 4,005 4,013 -0.2% 51,000 51,550 -1.1% 9,828 10,251 -4.1% Customer Deposits (£’m) 24,532 25,344 -3.2% Core loans and advances to customers (£’m)** 18,415 18,226 1.0% 110,678 96,776 14.4% Capital adequacy ratio – Investec plc 16.9% 17.5% Tier 1 ratio – Investec plc 11.0% 11.6% Operating Profit Before Tax (£’000)* Total Shareholders’ Equity (£’m) Total Assets (£’m) Cash and Near Cash (£’m) Third party assets under management (£’m) * Before goodwill, acquired intangibles, non-operating items and after non-controlling interests ** Including own originated securitised assets
  33. 33. 5 Investec: Credit Ratings & Guarantees Fitch Moody’s Short-term F3 Short-term Prime-3 Long-term Long-term BBB- Baa3 The Moody’s Financial Strength rating in relation to our peers: is equivalent to Royal Bank of Scotland, KBC Bank NV and higher than any of the Irish Banks including BOI and KBC Ireland. Financial Services Compensation Scheme, the UK government guarantees a maximum deposit of £85 000 (€100,000) per individual per institution The group holds £10.4 billion of cash and near cash balances [(£5.7 billion (R75.1 billion) in Investec Limited and £4.7 billion in Investec plc], representing approximately 33% of its liability base None of Investec’s banking subsidiaries have required shareholder or government support during the global financial crisis Investec holds capital in excess of regulatory requirements. The group targets a minimum tier 1 capital ratio range of between 11% to 12% and a total capital adequacy ratio range of 15% to 18% on a consolidated basis for Investec plc and Investec Limited
  34. 34. 6 Credit Ratings – Points to note ü Our rating reflects a strong score with respect to the “hard” financials - capital, liquidity, risk management, transparency, asset quality and profitability ü On the Moody’s scorecard we would map directly to an A3, a high score relative to our peers ü On the “softer” issues such as franchise value, geographical diversification and market share, Investec scores lower ü Rating agencies have awarded rating notch uplifts to banks who have received government support. Many of these banks have failed and yet are afforded high ratings ü IBP has not required government support and the FCA has acknowledged its sound balance sheet and stable operating fundamentals ü The bank was approved to issue up to 3 year debt guaranteed by the UK Government. Notwithstanding this, Investec has not been awarded the benefit of rating notch uplifts to its final ratings.
  35. 35. 7 INVP.L Share price: £4.39 as at 01.11.13
  36. 36. Disclaimer This document is issued in the UK by Investec Bank plc (“Investec”), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Whilst all reasonable care has been taken to ensure that the information stated herein is accurate and opinions fair and reasonable, neither Investec nor any of its directors, officers or employees shall be held responsible in any way for the contents of this document. This document is produced solely for your information and may not be copied, reproduced, further distributed to any other person or published in whole or in part for any purpose without the prior written permission of Investec. While the information in this document has been prepared in good faith, no representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by Investec or any of its subsidiaries or affiliates or by any of their respective officers, employees or agents in relation to the accuracy, suitability or completeness of this document and any such liability is expressly disclaimed. Investec gives no undertaking to provide the recipient with access to any additional information or to update this document or any additional information, or to correct any inaccuracies in it which may become apparent. This document does not take into account the specific investment objectives, financial circumstances or particular needs of any recipient and it should not be regarded as a substitute for the exercise of the recipient’s own judgment. Investec does not offer investment advice or make any investment recommendations. Recipients of this document should seek independent financial advice regarding the appropriateness or otherwise of investing in any investment strategies discussed or recommended in this document and should understand that past performance is not a guide to future performance and the value of any investments may fall as well as rise. Investec in Ireland comprises Investec Ireland Limited and Investec Bank plc (Irish Branch) for regulated activities. Investec Ireland Limited is regulated by the Central Bank of Ireland. Investec Bank plc (Irish Branch) is authorised and regulated by the UK Financial Services Authority and is a member of the London Stock Exchange The information contained herein does not purport to be comprehensive and is strictly for information purposes only. No party should treat any of the contents herein as constituting advice. While all reasonable care has been given to the preparation of this information, no warranties or representation, express or implied, are given or liability accepted by Investec or any of its directors or employees in relation to the accuracy, fairness or completeness of the information contained herein.
  37. 37. BCP Asset Management ‘Tailoring Product For the Credit Union Market’ John Calvert, CEO BCP BCP Asset Management 37
  38. 38. Key Information on BCP • Established in 1969 • One of Ireland’s largest Independently owned Product Producers – Over €1.5bn in assets under management – €340m raised in 2012 – €265m raised YTD in 2013 – 907 Intermediary relationships • Key Investment Objectives: – Provide access to a range of compelling funds – But with the added benefit of downside protection – Conservative investment bias – Priority on product Innovation BCP Asset Management 38
  39. 39. Forging Key Partnerships Advisors Asset Managers Research Tools Pension Providers Custodians BCP Asset Management 39
  40. 40. BCP Investment Process Goldman Sachs, S&P, Citigroup, JP Morgan, Capital Economics BCP Product Development External Research – Bloomberg, Reuters, eVestment Pricing Requested & Terms Negotiated Market Analysis Fund Manager Due Diligence BCP Investment Committee Product Traded & Launched BCP/Bank Compliance Review Broker Feedback BCP Asset Management 40
  41. 41. Customised BCP-Credit Union Products November - 2013 BCP Asset Management 41
  42. 42. BCP Fixed Income Plan 4 • Partnership between Investec Bank and BCP targeted at CU’s • 50+ CU’s have invested to date • Medium Term Note with 2 options: – 3yr Plan paying 2.5% pa gross – 5yr Plan paying 3.5% pa gross • Credit risk exposure to Investec plus Basket of ‘A’ rated banks – – – – Commerzbank Societe Generale Credit Agricole Royal Bank of Scotland • Security of Plan ranks equally with deposits • Classified as Category 3 in Guidance Notes BCP Asset Management 42
  43. 43. BCP Credit Union Split Deposit Absolute Return Bond 2 • Innovative Capital Secure solution combining Income, Growth and Protection • 25% invested in a 3 year high yield deposit account – Paying 3.75% AER deposit interest over 3 years • 75% invested in a 5 year 3 month Absolute Return Bond – 80% participation in the fund performance • 100% Capital Security provided by Investec Bank plc • Classified as Category 2 in Guidance Notes BCP Asset Management 43
  44. 44. BCP Credit Union Split Deposit Absolute Return Bond 2 • 100% Capital Security provided by Investec Bank plc • Bond tracks the performance of the Carmignac ‘Patrimoine’ Fund • Patrimoine invests in Equities, Bonds and Currencies • Patrimoine has €27bn in assets and a 24 year track record • Patrimoine has returned over 8.6% per annum since its launch in 1989 • Transparent and robust investment process – regular performance and holdings updates BCP Asset Management 44
  45. 45. Growing Trends in CU Market • • • • • Fixed Income still a high priority Low deposit rates encouraging greater product innovation Move towards active investment solutions (funds/indices) Capital security still a high priority Customised Bonds – BCP can create tailored bonds at €2m+ • As a result BCP have seen greater investment in traditional capital secure bonds from Credit Unions: – – – – BCP European Equity Bond BCP Global Equity Bond BCP Multi Asset Bond BCP Absolute Return Bond BCP Asset Management 45
  46. 46. Compliance Disclaimer Please refer to the Brochure and Key Features for full details. With regard to the BCP Capital Secure Bonds investors may not encash prior to the maturity dates. AER is Annual Equivalent Rate and CAR is Compound Annual Return. Under current legislation, interest on Capital Secure Bonds will be paid after deduction of DIRT, where applicable, currently 41%. WARNING: BCP Credit Union Split Deposit Absolute Return Bond 2; If you invest in the Credit Union Split Deposit Absolute Return Bond 2 you will not have any access to 25% of your money for 3 years and 75% of your money for 5 years 3 months. The value of your investment may go down as well as up. Past performance is not a reliable guide to future performance. WARNING: BCP FIXED INCOME PLAN 4; If you invest in the Fixed Income Plan 4 you will not have any access to your money for 3 or 5 years. BCP Asset Management 46
  47. 47. Questions? Presentation to Client Name

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