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Introduction
TerraEquitas SRI Asset Allocator
Contents
3 Introduction to Banque Heritage
9 Focus on EAM services
13 Macro views
14 Socially Responsible Investments 2.0
22 TerraEquitas SRI Allocator
28 Appendice
32 Disclaimer
27 Contacts
Investment Services July 202
July 20Investment Services3
Banque Heritage in a nutshell
Active
industry
consolidator
Family
owned
From 5 to
3’000 clients
230
employees
170 years of
merchant
history
Founded in
1986 as a
family office
Banking
license in
2004
CHF 4.9bn
AuM
July 20Investment Services4
Timeline
Banque Heritage is a young, yet active financial institution
• Strong growth, both organic and through acquisitions
• Truly Swiss footprint, with offices in Geneva, Zurich and Sion
• Always looking for new and innovative partnerships
July 20Investment Services5
Ownership
Banque Heritage is controlled by the Esteve
Family who is also the primary shareholder of
ECOM Agroindustrial:
• Majority owner
• No dividend distribution policy
• Stable and strong supporter of expansion
plans
76%
17%
7%
Ownership Structure
Esteve Family
Private & Management
Treasury
ECOM: A leading global commodity merchant
July 20Investment Services6
Human size, strong fundamentals
10.00%
15.00%
20.00%
25.00%
30.00%
Solvency Ratio
July 20Investment Services7
A full range of services
Private Banking
Custody
E-banking
Card solutions
Safekeeping
Trading access
FX trading platform
Dedicated RMs
Asset Management
Advisory
Discretionary management
Macro research
Equity / Bond lists
In-house specialty products
Open architecture
Structured products
Asset Services
Transaction services
Global custody
Credit facilities
Lombard loans
Succession & Estate planning
Manager on-boarding
Tax advice
July 20Investment Services8
Our edge
Flat
structure
. Access to senior management
. Rapid decision making process
. Low turnover ensures long-lasting quality
relationships
Aligned
interests
. Shareholders invest alongside our
clients
. Family office roots ensure the perennial
nature of our institution
. Our entrepreneurial mindset allows us
to seize opportunities, to the benefit of
our clients
AM
offering
. Full asset management and investment services
offering
. Access to macro research and investment ideas
out of the box
. Regulatory support for MIFID II / LSFIN
Reactivit
y
. 60% of the bank’s AuM come from
countries with high economic growth
.Used to fast changing environments
. We identify upcoming problems and
seek solutions proactively
July 20Investment Services9
EAM services, at the heart of our business
33% of our
AuM and 25%
of our revenues
Dedicated team
of 12
60 active
counterparties
Flexible
approach
Full investment
services
Chief Executive
Officer
Marcos Esteve
Head of PB &
Investment
Services
François Oesch
Head EAM &
Zurich Team
Martin Brenner
Zurich
4 RMs & 1
Assistant
Head EAM
Geneva
Luciano Ciriolo
Geneva
3 RMs and 2
Assistants
July 20Investment Services10
Partnership with external asset managers
Acquisition Relationship
Management
Risk
Assessment /
Client
Profiling
Advisory
Discretionary
Management
Client
Reporting
Implementation
Execution &
Support
Custody
Services
Producer Internalized Delegated to Banque Heritage
External Financial
Advisor
Internalized Delegated to Banque Heritage
External Asset
Manager
Internalized Delegated to Banque Heritage
A flexible and bespoke framework that suits your needs
Our value-added services include:
• Stable and senior RM team
• Multicultural, multilingual
• Extras: private placements, after hour trading, etc.
• Deep knowledge of both onshore & offshore markets
Investment
Services
Private
Banking
External Asset
Managers
Asset
Services
The Banque Heritage Investment Services
department is a full-fledged asset management
platform working exclusively to the benefit of
Banque Heritage’s various lines of business.
Investment Services are fully integrated across
our institution’s entire value chain, offering
among others:
• Macro & strategy research
• Direct investment advisory
• Fund advisory
• Bespoke products
• Discretionary management services
Investment services
Investment Services July 2011
Investment services team
Investment Services July 2012
Specialists
Implementation&
Advisory
Jean-Christophe Rochat,
CIIA
Advisory
Onur Von Burg, CIIA
Discretionary Portfolio
Management / Advisory
Toni Apostoloski
Discretionary Portfolio
Management / Investment
Proposals
Jean-Christophe Rochat,
CIIA
Team Head
Jean-Charles
Crouzet
Strategy
Markus Koch,
CFA
Fixed Income
Stéphane
Trezzini
European
Equities
Michel
Mazenauer,
CAIA
US Equities &
Alternatives
Mikaël
Safrana, CIIA
Funds, Private
Markets & Alt.
UCITS
July 20Investment Services13
Macro views – Global economic environment
Our Scenario
 The peak of globalisation is probably behind us.
 The rising risk of the US/China trade conflict has been
very impactful on financial market volatility.
 This trade war seems to matter because it happens in a
context of policy tightening and a softer global economy.
 Despite a resilient US economy, the rest of the world has
entered a soft patch: Europe, Japan and China.
 Corporate profits and large share buy-backs are clearly
supporting risk assets.
 As a result, the positioning of our portfolio has slightly
changed over the past month as we have reduced our
equity allocation to U/W and we have decided to increase
the duration of our sovereign bond investments back to
neutral and take our commodity exposure to a slight
overweight.
Tailwinds
 Large central banks’ balance sheets
 Buoyant investors’ sentiment
 Strong earnings momentum globally
Headwinds
 Synchronised normalisation of monetary policies on a
global scale
 Trade wars & (geo)political risks
 Asset valuations are stretched
Things to monitor
- - Accelerating inflation in DM countries
UW OW
Equity
Fixed Income
Alternative Investments
UW OW
UW OW
Commodities
UW OW
Cash
UW OW
Current Tailwinds
Central Banks Balance Sheets, Earnings Growth & Corporate Buy-backs
Source: Banque Heritage, Bloomberg14
 Central banks are still providing a non-negligible tailwind to the markets. $22.6 trillion total assets, $3 trillion over past year
 Trump’s tax reform and spending bills favour equity buy-backs and improve corporate earnings (+18% expected for Q1)
 S&P companies are expected to spend $800bil in stock buy-backs & another $500bil in dividend. Total $1.3 trillion,. a +23%
increase over last year
 A weak US Dollar is also helping companies generating a good share of their sales abroad
July 20
Current Tailwinds
A Resilient US Economic Backdrop
Source: Banque Heritage, Bloomberg15
 Macroeconomic indicators still solid in the US:
 Housing
 Job market
 Freight volumes (+12% YoY)
 Consumer sentiment
 Second longest economic cycle supported by strong sentiment post Trump election. Tax reform and unfunded spending
revived the cycle’s strength
 Main question remains: have we reached the end of the current economic cycle?
Small Business Sentiment (Blue) vs.
U. of Michigan Sentiment
July 20
Current Headwinds
 From 2012 to 2016, for every rate hike, global central banks implemented 3 rate cuts. Since 2016, for every cut, there is 1.75
rate hike
 The chart below shows central banks target rates for the Fed, ECB, BoE and BoJ. The GDP-weighed five year change in target
rates turned positive in September 2017.
 The bottom right chart highlights the fact that the correlation between financial stress and the average number of rate hikes
expected by the fed, ECB, BoE and BoC is no longer negative.
 We are transitioning from a global synchronised QE into a global synchronised QT
Synchronised Interest Rates Normalisation,
Source: Bianco Research16 July 20
Current Headwinds
 Absolute and relative macroeconomic data weaker around the global (except the US) as shown below
 Europe has clearly decelerated at quite a fast pace. Slowdown led by Germany (impact from trade war and a strong €)
but also France
 Strong Yen is starting to bite into Japan’s macro backdrop too. Domestic scandal involving PM Abe could slow reforms
 But China shows growing signs of momentum loss: decreasing loan growth, decreasing IP and fixed assets
investments.
 Shift from an economy based on investments to one based on consumption still current. Expect lower Chinese growth
level going
Global Slow Down Led By Europe and China
Source: Bianco Research, Bloomberg, Heritage17 July 20
Things to Monitor
 The chart below highlights the fact that inflation’s momentum outside the US has slowed back to one-year averages after a very
concerted period of growth from October 2016 through March 2017.
 Wage Inflation gauges in the US are still trending up but are lagging the unemployment rate, the NFIB small business hiring
plans and the output gap.
 History shows that wages have a 1-year lag with the unemployment rate before they rise (bottom right chart)
 The weaker US Dollar acts as an inflation accelerator
 Fed members are slowly becoming more hawkish. A gap opens between Fed’s projections and the market’s expectations.
Is Inflation on the Verge of Accelerating? Mounting Geopolitical Tensions?
Source: Bianco Research, GaveKal18 July 20
Risk Environment: Uncertainties Building
Long-Term Tactical Matrix: The Goldilocks Scenario is Clearly At risk
Growth
Expensive
Cheap
Contracting Expanding
NEGATIVE NEUTRAL POSITIVE
CAUTION
WARRANTED
CONFIDENCE
WARRANTED
Valuations
 Stock markets’ volatility remains elevated but bonds and
currencies volatilities subdued.
 Investors sentiment is diminishing but stock market goes higher.
Feels like it is climbing a wall of worries. Earnings season kick off
is to blame for that as traders are positioning from the long side.
 Rebound done on low volumes for now. Caution still required.
 The risk model below in grey is the aggregation of all asset class
volatilities.
Source: Banque Heritage, Bloomberg19 July 20
July 20Investment Services20
Asset Allocation
 U/W EQUITIES
o U/W US
• O/W Financials, Energy
• U/W Telecom, Real Estate, Utilities
o U/W Europe
• O/W Financials, Energy, IT
• U/W Utilities
 U/W FIXED INCOME
o U/W Sovereign Bonds
• Neutral Duration
o U/W Credit
 O/W Alternatives
o O/W Global Macro
o O/W Relative Value
 O/W Commodities
o O/W Precious Metals
 Currencies
o O/W Yen
o U/W CHF vs. EUR
o Neutral USD
UW OW
Equity
Fixed Income
Alternative Investments
UW OW
UW OW
Commodities
UW OW
Cash
UW OW
TerraEquitas
July 20Investment Services21
Prise de conscience
Quelques dates importantes
Investissements socialement responsables
Notre mission
Le produit
Les investisseurs
Engagement auprès des ONG de développement
July 20Investment Services22
Prise de conscience
• L’explosion démographique que vit
actuellement l’Humanité rend évidente la
nécessité de prendre en charge le devenir de
notre nombre qui, d’après les estimations de
l’ONU, devrait dépasser 9 milliards d’âmes d’ici
2050.
• Si tous les habitants de la terre adoptaient le
mode de vie Suisse, il faudrait 2.8 planètes pour
satisfaire les besoins de l’humanité (WWF,
rapport planète vivante 2014).
• Nous consommons plus que nous ne
pouvons produire !
• A long terme, cela provoquera un recul de la
biodiversité entraînant raréfaction des ressources
et amenant inévitablement faim, instabilité et
conflits armés.
• Nous devons rechercher un nouvel équilibre
afin d’assurer une meilleure existence pour les
générations futures.
• C’est cela notre mission !
0
1
2
3
4
5
6
7
8
9
10
19501960197019801990200020102020203020402050
World Population: 1950-2050
Source: U.S. Census Bureau, International Data Base, July 2015
July 20Investment Services23
Quelques dates importantes
1976 : Catastrophe de Seveso
1984 : Catastrophe de Bhopal
1986 : Catastrophe de Tchernobyl
1989 : Marée noire de Exxon Valdez
1999 : Marée noire d’Erika
2000 : Naufrage du Levoli Sun
2001 : Explosion de AZF de Toulouse
2002 : Marée noire du pétrolier Prestige
2006 : Affaire du Pétrolier Probo Koala
2010 : Explosion d’une plateforme BP en Louisiane
2011 : Accident nucléaire de Fukushima
July 20Investment Services24
Investissement socialement responsable
• On parle d’investissement éthique, responsable, social,
communautaire, durable mais plus communément d’investissement
socialement responsable (ISR)
• Il intègre les éléments non strictement financiers dans l’allocation
d’actifs et essaie d’atteindre un certain niveau de performances mais
pas à n’importe quel prix et de réconcilier éthique et finance.
• La Suisse a été un pionnier en ce qui concerne l’intégration du risque
environnemental, qu’il s’agisse de critères d’exclusion, de meilleures
sociétés ou environnementaux, sociaux et de bonne gouvernance.
• Deux questions se sont posées :
• Les bénéfices à long terme d'une sélection ISR compensent ils le risque de
concentration dans l’univers d’investissement ?
• S’agit il d’un phénomène de niche ou y a-t-il un véritable engouement pour ce type
d’investissement ?
July 20Investment Services25
Mission
• Il s’agit de mieux répartir les richesses et de réduire les inégalités
• Il s’agit d’aider l’ensemble des êtres humains sur la planète sans aucune
discrimination à se développer et obtenir les moyens économiques
nécessaires à une meilleure qualité de vie.
• Il s’agit, au delà des critères d’investissements ISR, définissant un cadre
de sélection de titres et une performance pour les investisseurs,
De partage
Pour cela, des Organisations non Gouvernementales (ONG) ou des
associations ayant les projets de développement les plus prometteurs,
recevront une partie des frais de fonctionnement du produit.
Produit - TerraEquitas SRI Asset Allocator
Nous avons créé un produit financier unique permettant d’associer performance pour les
investisseurs et aide au développement économique par le biais des ONG.
Disposer de nos richesses est une chance. Nous voulons aider l’ensemble des êtres humains,
sans aucune discrimination, à se développer et à obtenir les moyens économiques nécessaires
à une meilleure qualité de vie.
Dans ce but, nous lançons un produit d’allocation d’actifs à caractère socialement
responsable de la plus haute qualité, dont les critères d’investissement sont conformes aux 17
principes du pacte mondial des nations unies. Il s’agit de réconcilier la finance avec l’individu
et ses véritables aspirations. On peut les résumer ainsi:
Les investisseurs privés et institutionnels qui investissent dans le fonds soutiennent les projets
de développement d’une fédération d’ONG par le versement d’une partie des frais de
fonctionnement du fonds à ces ONG. Celles-ci sont sollicitées à investir leurs liquidités dans le
fonds.
Paix, justice,
droits humains
Santé Education
Infrastructures
& Activités
Energies
renouvelables
Habitat
July 20Investment Services26
July 20Investment Services27
Investisseurs
Investisseurs
privés
Investisseurs
institutionnels
Fonds
ISR
ONG 1 ONG 2 ONG 3 ONG n…
Engagement auprès des ONG de développements
Aide
octroyée
aux grandes
comme aux
petites ONG
Diversificati
on des
projets afin
de
maximiser
l’impact
Rapport et
suivi des
projets
Allocation
dynamique
année
après
année
Sélection
rigoureuse
des ONG
July 20Investment Services28
Les ONG peuvent parfois être soutenues par la DDC ou être choisies avec rigueur parmi celles qui ont :
• Les projets les plus prometteurs
• Un rapport favorable entre les frais de fonctionnement et ceux pour soutenir les projets
OBJECTIF
 Offrir un produit d’allocation d’actifs global, balancé et diversifié, dans le cadre d’une
gestion socialement responsable
TYPE DE GESTION
 Horizon à moyen / long terme visant à générer un niveau modéré de revenus annuels.
L’appréciation en capital est une composante clé du rendement total du portefeuille.
FRAIS DES GESTION  1.40% + 0.20% (reversé aux ONGs)
DEVISE DE REFERENCE  EUR – disponible en CHF hedgé
INVESTISSEMENTS
AUTORISES
 Obligations d’états
 Obligations d’entreprises Investment Grade & HY
 Actions européennes & américaines
 Actions des pays émergents
 Immobilier liquide
EMETTEUR  Exane
CONSEIL STRATEGIQUE  Bluecap SA
REGLES
ADDITIONNELLES
 Chaque sous-jacent doit posséder une notation ISR. Le portefeuille global doit afficher
un score ISR de haute qualité
 Allocation maximum par position: 15%
Aperçu du produit
July 20Investment Services29
Une gestion robuste et dynamique
Philosophie d’investissement
Une gestion prudente et
raisonnée:
- Un contrôle constant des
risques
- Une approche basée sur la
préservation du capital et la
puissance des intérêts
composés
- De fortes convictions et
l’adossement à des expertises
externes de renom
Allocation stratégique
Revue annuelle de nos
différents scénarios et
allocation de référence sur la
période:
- Eléments géopolitiques
- Tendances macro-
économiques
- Valorisations long terme
- Caractéristiques propres à
chaque classe d’actifs
Allocation Tactique
Revue mensuelle et
positionnement tactique:
- Analyse technique
- Valorisations court terme
- Momentum
- Valeur relative
- Opportunités d’arbitrage
Implémentatio
n Portefeuille
- Sélection bottom-up sur
base financière et extra
financière
- Pondérations
- Revues régulières de
métriques financières:
alpha, beta, sharpe,
upside/downside capture,
etc.
- Ajustements
opportunistes
July 20Investment Services30
Une sélection de fonds « best in class »
• 70’000+ fonds
• Filtre quantitatif (taille,
historique, juridiction, etc.)
• Analyse qualitative
Base de données Morningstar
• 355 fonds
• Organisme reconnu de notation ISR
• Fonds doit être présent dans leur liste
• Si pas présent ou performance
financière trop faible, sélection sur base
du 2e filtre
Label ISR Novethic
• Sélection de fonds notés au moins «above
average» selon la méthodologie de classement
Morningstar
• Notation moyenne du portefeuille >= «above
average»
2e Filtre ISR
• Construction du portefeuille
• Poids établis sur la base de l’allocation d’actifs
8-12
Positions
July 20Investment Services31
July 20Investment Services32
Current Allocation
July 20Investment Services33
Performance
Performance since launch (as of 12.04.2018) : -2.28%
Annualized volatility: 5.34%
• In line with Euro Stoxx 50 (-2.17%)
• Above SIX SMI in EUR (-10.43%)
• Below Barclays Pan European Aggregate 5-7 YR
(0.3%)
Une équipe de spécialistes
Eric Serra, Bluecap SA
Master en gestion internationale, HEC Genève (mémoire
sur les ISR en Suisse)
Actif depuis les années 80 (Crédit Suisse, Banca Monte
dei Paschi, Bank Von Erst)
Indépendant depuis 2003, Président de la commission
d’éthique des Conseils en Gestion Indépendants.
Jean-Christophe Rochat, Banque Heritage SA
Master en finance d’entreprises, Université Lyon III
Titulaire du CIIA, SFAA
Managing Director, en charge de l’asset management
Analyste / Gérant SRI Global Equity Fund, Lombard
Odier 2005-2009
Mikaël Safrana, Banque Heritage SA
B.Com en Finance & Stratégie de l’Université McGill à
Montréal. Titulaire du CIIA, SFAA
Directeur, en charge de la sélection de fonds long-only
En charge de la politique ISR de la banque Lombard
Odier de 2009 à 2011
Bluecap est une société dont
l'activité englobe la gestion
de patrimoine, principalement
d'avoirs privés, et le service
de conseil en prévoyance
Banque Heritage est une
banque privée sous
supervision de la FINMA
active dans la gestion de
fortune et la gestion de
produits d’investissement
innovants. Ses actifs
s’élèvent à CHF 5 milliards.
July 20Investment Services34
Appendice
July 20Investment Services35
Fund selection methodology
Universe
Screening
• Based on the Morningstar Database
• Limits by size, domicile, currencies, liquidity, fees, etc.
• Can include multiples, KPIs based, mixed searches, etc.
Performanc
e Reporting
• Typically on 5y figures, sometimes 3y
• Quantitative screen based on «buy & hold» metrics
• Aims to identify funds with the best risk / return characteristics. Focus on volatility & behavior profile
• Establishes a ranking and basis for qualitative assessment
Qualitative
Assessmen
t
• Depending on the strategy, focuses on the top 5 to 12 peers
• Compares performance (discrete & rolling), upside/downside capture, risk/return,
style, sector exposure, etc.
Selection
• A shortlist of 3 funds is further established based on the above and in-
depth reviewed
• Uses conference calls, on-site visits, due diligence questionnaires, open
source information
• Selection of one final products. Internal documentation drafting
Review
• Recommended funds are reviewed between every
quarter and year, depending on the strategy
• Typically includes yearly on-site visits
• Uses quantitative filters to identify style drift, liquidity
mismatch, poorer performance, etc.
July 20Investment Services36
SRI fund research tool
July 20Investment Services37
Factsheet
July 20Investment Services38
This document, as well as the information contained herein, is intended for informational purposes only and should not be construed
as an offer, solicitation or recommendation to buy, sell or subscribe to any financial instrument or banking services mentioned herein,
nor should be construed or considered as a contractual document.
This document is not directed at, intended for distribution to or publication for use by any person in any jurisdiction where such
distribution, publication, availability or use would be contrary to applicable law or would subject Heritage Bank Ltd, or any of its
affiliates, to any registration, licensing or other requirement within such jurisdiction. If you have any specific questions regarding
distribution restrictions please contact your relationship manager.
This document is not the result of a financial analysis within the meaning of the Swiss Banking Directive on Independence Financial
Research, which does not apply to this publication. Accordingly, the views expressed in this document are no official
recommendations of the Bank and should be considered as short term market comments for informational purposes only. As such,
the views herein are only indicative and may be subject to frequent changes without prior notice.
The opinions contained in this document do not take into consideration specific investment objectives, financial situation or particular
needs of any person who may receive this document. Each person must make his own independent analysis of the risks (including
legal, regulatory, tax) together with professional advisors, if necessary, before making any investment decision regarding any financial
instrument or financial market mentioned herein.
All information and opinions as well as prices, market valuations and calculations contained herein are subject to change without
notice. Its content is intended for the recipient only and should not be reproduced, published, circulated or disclosed to any other
person without prior consent of Heritage Bank Ltd. herein.
This document is intended primarily for internal staff of the Heritage Group but may be distributed upon request to institutional or
qualified investors but not to retail investors. Investors shall in particular bear in mind that past performance should not be taken as an
indication or guarantee of current or future performance and no representation or warranty, expressed or implied, is made by Heritage
Bank regarding future performance.
The information contained herein has been obtained from sources believed to be reliable, however Heritage Bank does not make any
representation whatsoever as to its accuracy or completeness. Accordingly, Heritage Bank accepts no liability for any loss arising
from the use of this document.
Investment Services July 2039
Contacts
Banque Heritage SA
Investment Services
61, Route de Chêne
Case Postale 6600
1211 Genève 6
Switzerland
Tel: +41 58 2200 000
pbis@heritage.ch
www.heritage.ch

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April2018 presentation

  • 2. Contents 3 Introduction to Banque Heritage 9 Focus on EAM services 13 Macro views 14 Socially Responsible Investments 2.0 22 TerraEquitas SRI Allocator 28 Appendice 32 Disclaimer 27 Contacts Investment Services July 202
  • 3. July 20Investment Services3 Banque Heritage in a nutshell Active industry consolidator Family owned From 5 to 3’000 clients 230 employees 170 years of merchant history Founded in 1986 as a family office Banking license in 2004 CHF 4.9bn AuM
  • 4. July 20Investment Services4 Timeline Banque Heritage is a young, yet active financial institution • Strong growth, both organic and through acquisitions • Truly Swiss footprint, with offices in Geneva, Zurich and Sion • Always looking for new and innovative partnerships
  • 5. July 20Investment Services5 Ownership Banque Heritage is controlled by the Esteve Family who is also the primary shareholder of ECOM Agroindustrial: • Majority owner • No dividend distribution policy • Stable and strong supporter of expansion plans 76% 17% 7% Ownership Structure Esteve Family Private & Management Treasury ECOM: A leading global commodity merchant
  • 6. July 20Investment Services6 Human size, strong fundamentals 10.00% 15.00% 20.00% 25.00% 30.00% Solvency Ratio
  • 7. July 20Investment Services7 A full range of services Private Banking Custody E-banking Card solutions Safekeeping Trading access FX trading platform Dedicated RMs Asset Management Advisory Discretionary management Macro research Equity / Bond lists In-house specialty products Open architecture Structured products Asset Services Transaction services Global custody Credit facilities Lombard loans Succession & Estate planning Manager on-boarding Tax advice
  • 8. July 20Investment Services8 Our edge Flat structure . Access to senior management . Rapid decision making process . Low turnover ensures long-lasting quality relationships Aligned interests . Shareholders invest alongside our clients . Family office roots ensure the perennial nature of our institution . Our entrepreneurial mindset allows us to seize opportunities, to the benefit of our clients AM offering . Full asset management and investment services offering . Access to macro research and investment ideas out of the box . Regulatory support for MIFID II / LSFIN Reactivit y . 60% of the bank’s AuM come from countries with high economic growth .Used to fast changing environments . We identify upcoming problems and seek solutions proactively
  • 9. July 20Investment Services9 EAM services, at the heart of our business 33% of our AuM and 25% of our revenues Dedicated team of 12 60 active counterparties Flexible approach Full investment services Chief Executive Officer Marcos Esteve Head of PB & Investment Services François Oesch Head EAM & Zurich Team Martin Brenner Zurich 4 RMs & 1 Assistant Head EAM Geneva Luciano Ciriolo Geneva 3 RMs and 2 Assistants
  • 10. July 20Investment Services10 Partnership with external asset managers Acquisition Relationship Management Risk Assessment / Client Profiling Advisory Discretionary Management Client Reporting Implementation Execution & Support Custody Services Producer Internalized Delegated to Banque Heritage External Financial Advisor Internalized Delegated to Banque Heritage External Asset Manager Internalized Delegated to Banque Heritage A flexible and bespoke framework that suits your needs Our value-added services include: • Stable and senior RM team • Multicultural, multilingual • Extras: private placements, after hour trading, etc. • Deep knowledge of both onshore & offshore markets
  • 11. Investment Services Private Banking External Asset Managers Asset Services The Banque Heritage Investment Services department is a full-fledged asset management platform working exclusively to the benefit of Banque Heritage’s various lines of business. Investment Services are fully integrated across our institution’s entire value chain, offering among others: • Macro & strategy research • Direct investment advisory • Fund advisory • Bespoke products • Discretionary management services Investment services Investment Services July 2011
  • 12. Investment services team Investment Services July 2012 Specialists Implementation& Advisory Jean-Christophe Rochat, CIIA Advisory Onur Von Burg, CIIA Discretionary Portfolio Management / Advisory Toni Apostoloski Discretionary Portfolio Management / Investment Proposals Jean-Christophe Rochat, CIIA Team Head Jean-Charles Crouzet Strategy Markus Koch, CFA Fixed Income Stéphane Trezzini European Equities Michel Mazenauer, CAIA US Equities & Alternatives Mikaël Safrana, CIIA Funds, Private Markets & Alt. UCITS
  • 13. July 20Investment Services13 Macro views – Global economic environment Our Scenario  The peak of globalisation is probably behind us.  The rising risk of the US/China trade conflict has been very impactful on financial market volatility.  This trade war seems to matter because it happens in a context of policy tightening and a softer global economy.  Despite a resilient US economy, the rest of the world has entered a soft patch: Europe, Japan and China.  Corporate profits and large share buy-backs are clearly supporting risk assets.  As a result, the positioning of our portfolio has slightly changed over the past month as we have reduced our equity allocation to U/W and we have decided to increase the duration of our sovereign bond investments back to neutral and take our commodity exposure to a slight overweight. Tailwinds  Large central banks’ balance sheets  Buoyant investors’ sentiment  Strong earnings momentum globally Headwinds  Synchronised normalisation of monetary policies on a global scale  Trade wars & (geo)political risks  Asset valuations are stretched Things to monitor - - Accelerating inflation in DM countries UW OW Equity Fixed Income Alternative Investments UW OW UW OW Commodities UW OW Cash UW OW
  • 14. Current Tailwinds Central Banks Balance Sheets, Earnings Growth & Corporate Buy-backs Source: Banque Heritage, Bloomberg14  Central banks are still providing a non-negligible tailwind to the markets. $22.6 trillion total assets, $3 trillion over past year  Trump’s tax reform and spending bills favour equity buy-backs and improve corporate earnings (+18% expected for Q1)  S&P companies are expected to spend $800bil in stock buy-backs & another $500bil in dividend. Total $1.3 trillion,. a +23% increase over last year  A weak US Dollar is also helping companies generating a good share of their sales abroad July 20
  • 15. Current Tailwinds A Resilient US Economic Backdrop Source: Banque Heritage, Bloomberg15  Macroeconomic indicators still solid in the US:  Housing  Job market  Freight volumes (+12% YoY)  Consumer sentiment  Second longest economic cycle supported by strong sentiment post Trump election. Tax reform and unfunded spending revived the cycle’s strength  Main question remains: have we reached the end of the current economic cycle? Small Business Sentiment (Blue) vs. U. of Michigan Sentiment July 20
  • 16. Current Headwinds  From 2012 to 2016, for every rate hike, global central banks implemented 3 rate cuts. Since 2016, for every cut, there is 1.75 rate hike  The chart below shows central banks target rates for the Fed, ECB, BoE and BoJ. The GDP-weighed five year change in target rates turned positive in September 2017.  The bottom right chart highlights the fact that the correlation between financial stress and the average number of rate hikes expected by the fed, ECB, BoE and BoC is no longer negative.  We are transitioning from a global synchronised QE into a global synchronised QT Synchronised Interest Rates Normalisation, Source: Bianco Research16 July 20
  • 17. Current Headwinds  Absolute and relative macroeconomic data weaker around the global (except the US) as shown below  Europe has clearly decelerated at quite a fast pace. Slowdown led by Germany (impact from trade war and a strong €) but also France  Strong Yen is starting to bite into Japan’s macro backdrop too. Domestic scandal involving PM Abe could slow reforms  But China shows growing signs of momentum loss: decreasing loan growth, decreasing IP and fixed assets investments.  Shift from an economy based on investments to one based on consumption still current. Expect lower Chinese growth level going Global Slow Down Led By Europe and China Source: Bianco Research, Bloomberg, Heritage17 July 20
  • 18. Things to Monitor  The chart below highlights the fact that inflation’s momentum outside the US has slowed back to one-year averages after a very concerted period of growth from October 2016 through March 2017.  Wage Inflation gauges in the US are still trending up but are lagging the unemployment rate, the NFIB small business hiring plans and the output gap.  History shows that wages have a 1-year lag with the unemployment rate before they rise (bottom right chart)  The weaker US Dollar acts as an inflation accelerator  Fed members are slowly becoming more hawkish. A gap opens between Fed’s projections and the market’s expectations. Is Inflation on the Verge of Accelerating? Mounting Geopolitical Tensions? Source: Bianco Research, GaveKal18 July 20
  • 19. Risk Environment: Uncertainties Building Long-Term Tactical Matrix: The Goldilocks Scenario is Clearly At risk Growth Expensive Cheap Contracting Expanding NEGATIVE NEUTRAL POSITIVE CAUTION WARRANTED CONFIDENCE WARRANTED Valuations  Stock markets’ volatility remains elevated but bonds and currencies volatilities subdued.  Investors sentiment is diminishing but stock market goes higher. Feels like it is climbing a wall of worries. Earnings season kick off is to blame for that as traders are positioning from the long side.  Rebound done on low volumes for now. Caution still required.  The risk model below in grey is the aggregation of all asset class volatilities. Source: Banque Heritage, Bloomberg19 July 20
  • 20. July 20Investment Services20 Asset Allocation  U/W EQUITIES o U/W US • O/W Financials, Energy • U/W Telecom, Real Estate, Utilities o U/W Europe • O/W Financials, Energy, IT • U/W Utilities  U/W FIXED INCOME o U/W Sovereign Bonds • Neutral Duration o U/W Credit  O/W Alternatives o O/W Global Macro o O/W Relative Value  O/W Commodities o O/W Precious Metals  Currencies o O/W Yen o U/W CHF vs. EUR o Neutral USD UW OW Equity Fixed Income Alternative Investments UW OW UW OW Commodities UW OW Cash UW OW
  • 21. TerraEquitas July 20Investment Services21 Prise de conscience Quelques dates importantes Investissements socialement responsables Notre mission Le produit Les investisseurs Engagement auprès des ONG de développement
  • 22. July 20Investment Services22 Prise de conscience • L’explosion démographique que vit actuellement l’Humanité rend évidente la nécessité de prendre en charge le devenir de notre nombre qui, d’après les estimations de l’ONU, devrait dépasser 9 milliards d’âmes d’ici 2050. • Si tous les habitants de la terre adoptaient le mode de vie Suisse, il faudrait 2.8 planètes pour satisfaire les besoins de l’humanité (WWF, rapport planète vivante 2014). • Nous consommons plus que nous ne pouvons produire ! • A long terme, cela provoquera un recul de la biodiversité entraînant raréfaction des ressources et amenant inévitablement faim, instabilité et conflits armés. • Nous devons rechercher un nouvel équilibre afin d’assurer une meilleure existence pour les générations futures. • C’est cela notre mission ! 0 1 2 3 4 5 6 7 8 9 10 19501960197019801990200020102020203020402050 World Population: 1950-2050 Source: U.S. Census Bureau, International Data Base, July 2015
  • 23. July 20Investment Services23 Quelques dates importantes 1976 : Catastrophe de Seveso 1984 : Catastrophe de Bhopal 1986 : Catastrophe de Tchernobyl 1989 : Marée noire de Exxon Valdez 1999 : Marée noire d’Erika 2000 : Naufrage du Levoli Sun 2001 : Explosion de AZF de Toulouse 2002 : Marée noire du pétrolier Prestige 2006 : Affaire du Pétrolier Probo Koala 2010 : Explosion d’une plateforme BP en Louisiane 2011 : Accident nucléaire de Fukushima
  • 24. July 20Investment Services24 Investissement socialement responsable • On parle d’investissement éthique, responsable, social, communautaire, durable mais plus communément d’investissement socialement responsable (ISR) • Il intègre les éléments non strictement financiers dans l’allocation d’actifs et essaie d’atteindre un certain niveau de performances mais pas à n’importe quel prix et de réconcilier éthique et finance. • La Suisse a été un pionnier en ce qui concerne l’intégration du risque environnemental, qu’il s’agisse de critères d’exclusion, de meilleures sociétés ou environnementaux, sociaux et de bonne gouvernance. • Deux questions se sont posées : • Les bénéfices à long terme d'une sélection ISR compensent ils le risque de concentration dans l’univers d’investissement ? • S’agit il d’un phénomène de niche ou y a-t-il un véritable engouement pour ce type d’investissement ?
  • 25. July 20Investment Services25 Mission • Il s’agit de mieux répartir les richesses et de réduire les inégalités • Il s’agit d’aider l’ensemble des êtres humains sur la planète sans aucune discrimination à se développer et obtenir les moyens économiques nécessaires à une meilleure qualité de vie. • Il s’agit, au delà des critères d’investissements ISR, définissant un cadre de sélection de titres et une performance pour les investisseurs, De partage Pour cela, des Organisations non Gouvernementales (ONG) ou des associations ayant les projets de développement les plus prometteurs, recevront une partie des frais de fonctionnement du produit.
  • 26. Produit - TerraEquitas SRI Asset Allocator Nous avons créé un produit financier unique permettant d’associer performance pour les investisseurs et aide au développement économique par le biais des ONG. Disposer de nos richesses est une chance. Nous voulons aider l’ensemble des êtres humains, sans aucune discrimination, à se développer et à obtenir les moyens économiques nécessaires à une meilleure qualité de vie. Dans ce but, nous lançons un produit d’allocation d’actifs à caractère socialement responsable de la plus haute qualité, dont les critères d’investissement sont conformes aux 17 principes du pacte mondial des nations unies. Il s’agit de réconcilier la finance avec l’individu et ses véritables aspirations. On peut les résumer ainsi: Les investisseurs privés et institutionnels qui investissent dans le fonds soutiennent les projets de développement d’une fédération d’ONG par le versement d’une partie des frais de fonctionnement du fonds à ces ONG. Celles-ci sont sollicitées à investir leurs liquidités dans le fonds. Paix, justice, droits humains Santé Education Infrastructures & Activités Energies renouvelables Habitat July 20Investment Services26
  • 28. Engagement auprès des ONG de développements Aide octroyée aux grandes comme aux petites ONG Diversificati on des projets afin de maximiser l’impact Rapport et suivi des projets Allocation dynamique année après année Sélection rigoureuse des ONG July 20Investment Services28 Les ONG peuvent parfois être soutenues par la DDC ou être choisies avec rigueur parmi celles qui ont : • Les projets les plus prometteurs • Un rapport favorable entre les frais de fonctionnement et ceux pour soutenir les projets
  • 29. OBJECTIF  Offrir un produit d’allocation d’actifs global, balancé et diversifié, dans le cadre d’une gestion socialement responsable TYPE DE GESTION  Horizon à moyen / long terme visant à générer un niveau modéré de revenus annuels. L’appréciation en capital est une composante clé du rendement total du portefeuille. FRAIS DES GESTION  1.40% + 0.20% (reversé aux ONGs) DEVISE DE REFERENCE  EUR – disponible en CHF hedgé INVESTISSEMENTS AUTORISES  Obligations d’états  Obligations d’entreprises Investment Grade & HY  Actions européennes & américaines  Actions des pays émergents  Immobilier liquide EMETTEUR  Exane CONSEIL STRATEGIQUE  Bluecap SA REGLES ADDITIONNELLES  Chaque sous-jacent doit posséder une notation ISR. Le portefeuille global doit afficher un score ISR de haute qualité  Allocation maximum par position: 15% Aperçu du produit July 20Investment Services29
  • 30. Une gestion robuste et dynamique Philosophie d’investissement Une gestion prudente et raisonnée: - Un contrôle constant des risques - Une approche basée sur la préservation du capital et la puissance des intérêts composés - De fortes convictions et l’adossement à des expertises externes de renom Allocation stratégique Revue annuelle de nos différents scénarios et allocation de référence sur la période: - Eléments géopolitiques - Tendances macro- économiques - Valorisations long terme - Caractéristiques propres à chaque classe d’actifs Allocation Tactique Revue mensuelle et positionnement tactique: - Analyse technique - Valorisations court terme - Momentum - Valeur relative - Opportunités d’arbitrage Implémentatio n Portefeuille - Sélection bottom-up sur base financière et extra financière - Pondérations - Revues régulières de métriques financières: alpha, beta, sharpe, upside/downside capture, etc. - Ajustements opportunistes July 20Investment Services30
  • 31. Une sélection de fonds « best in class » • 70’000+ fonds • Filtre quantitatif (taille, historique, juridiction, etc.) • Analyse qualitative Base de données Morningstar • 355 fonds • Organisme reconnu de notation ISR • Fonds doit être présent dans leur liste • Si pas présent ou performance financière trop faible, sélection sur base du 2e filtre Label ISR Novethic • Sélection de fonds notés au moins «above average» selon la méthodologie de classement Morningstar • Notation moyenne du portefeuille >= «above average» 2e Filtre ISR • Construction du portefeuille • Poids établis sur la base de l’allocation d’actifs 8-12 Positions July 20Investment Services31
  • 33. July 20Investment Services33 Performance Performance since launch (as of 12.04.2018) : -2.28% Annualized volatility: 5.34% • In line with Euro Stoxx 50 (-2.17%) • Above SIX SMI in EUR (-10.43%) • Below Barclays Pan European Aggregate 5-7 YR (0.3%)
  • 34. Une équipe de spécialistes Eric Serra, Bluecap SA Master en gestion internationale, HEC Genève (mémoire sur les ISR en Suisse) Actif depuis les années 80 (Crédit Suisse, Banca Monte dei Paschi, Bank Von Erst) Indépendant depuis 2003, Président de la commission d’éthique des Conseils en Gestion Indépendants. Jean-Christophe Rochat, Banque Heritage SA Master en finance d’entreprises, Université Lyon III Titulaire du CIIA, SFAA Managing Director, en charge de l’asset management Analyste / Gérant SRI Global Equity Fund, Lombard Odier 2005-2009 Mikaël Safrana, Banque Heritage SA B.Com en Finance & Stratégie de l’Université McGill à Montréal. Titulaire du CIIA, SFAA Directeur, en charge de la sélection de fonds long-only En charge de la politique ISR de la banque Lombard Odier de 2009 à 2011 Bluecap est une société dont l'activité englobe la gestion de patrimoine, principalement d'avoirs privés, et le service de conseil en prévoyance Banque Heritage est une banque privée sous supervision de la FINMA active dans la gestion de fortune et la gestion de produits d’investissement innovants. Ses actifs s’élèvent à CHF 5 milliards. July 20Investment Services34
  • 36. Fund selection methodology Universe Screening • Based on the Morningstar Database • Limits by size, domicile, currencies, liquidity, fees, etc. • Can include multiples, KPIs based, mixed searches, etc. Performanc e Reporting • Typically on 5y figures, sometimes 3y • Quantitative screen based on «buy & hold» metrics • Aims to identify funds with the best risk / return characteristics. Focus on volatility & behavior profile • Establishes a ranking and basis for qualitative assessment Qualitative Assessmen t • Depending on the strategy, focuses on the top 5 to 12 peers • Compares performance (discrete & rolling), upside/downside capture, risk/return, style, sector exposure, etc. Selection • A shortlist of 3 funds is further established based on the above and in- depth reviewed • Uses conference calls, on-site visits, due diligence questionnaires, open source information • Selection of one final products. Internal documentation drafting Review • Recommended funds are reviewed between every quarter and year, depending on the strategy • Typically includes yearly on-site visits • Uses quantitative filters to identify style drift, liquidity mismatch, poorer performance, etc. July 20Investment Services36
  • 37. SRI fund research tool July 20Investment Services37
  • 39. This document, as well as the information contained herein, is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation to buy, sell or subscribe to any financial instrument or banking services mentioned herein, nor should be construed or considered as a contractual document. This document is not directed at, intended for distribution to or publication for use by any person in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or would subject Heritage Bank Ltd, or any of its affiliates, to any registration, licensing or other requirement within such jurisdiction. If you have any specific questions regarding distribution restrictions please contact your relationship manager. This document is not the result of a financial analysis within the meaning of the Swiss Banking Directive on Independence Financial Research, which does not apply to this publication. Accordingly, the views expressed in this document are no official recommendations of the Bank and should be considered as short term market comments for informational purposes only. As such, the views herein are only indicative and may be subject to frequent changes without prior notice. The opinions contained in this document do not take into consideration specific investment objectives, financial situation or particular needs of any person who may receive this document. Each person must make his own independent analysis of the risks (including legal, regulatory, tax) together with professional advisors, if necessary, before making any investment decision regarding any financial instrument or financial market mentioned herein. All information and opinions as well as prices, market valuations and calculations contained herein are subject to change without notice. Its content is intended for the recipient only and should not be reproduced, published, circulated or disclosed to any other person without prior consent of Heritage Bank Ltd. herein. This document is intended primarily for internal staff of the Heritage Group but may be distributed upon request to institutional or qualified investors but not to retail investors. Investors shall in particular bear in mind that past performance should not be taken as an indication or guarantee of current or future performance and no representation or warranty, expressed or implied, is made by Heritage Bank regarding future performance. The information contained herein has been obtained from sources believed to be reliable, however Heritage Bank does not make any representation whatsoever as to its accuracy or completeness. Accordingly, Heritage Bank accepts no liability for any loss arising from the use of this document. Investment Services July 2039
  • 40. Contacts Banque Heritage SA Investment Services 61, Route de Chêne Case Postale 6600 1211 Genève 6 Switzerland Tel: +41 58 2200 000 pbis@heritage.ch www.heritage.ch