1) The document describes the NN Global Convertible Opportunities fund, which invests in convertible bonds.
2) The fund aims to outperform its benchmark index by 200 basis points annually through a bottom-up security selection process and top-down theme-based allocation.
3) In November 2015, the fund returned -0.77%, underperforming its benchmark due to losses in online travel and brand management stocks, while gains in electronics and consulting stocks provided positive contributions.
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The annual event features two concurrent seminars, Business Journalism Professors and Strictly Financials for journalists.
For more information about business journalism training, please visit http://businessjournalism.org.
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The Global Value Equity portfolio performed strongly in January with most contribution coming from our stock selection, driven by CNP Assurances and Almirall, with almost no help from our sector allocation
Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, ...
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Optimal investment strategies for Sovereign Wealth Funds Alexandre Kateb
A presentation with some facts about sovereign wealth funds and some theory supporting the design of optimal strategies of SWFs. I present in detail the example of an oil stabilization fund with a critical discussion of a model outlined by the IMF staff. This should be viewed as a modest introduction to the subject and a work in progress as I will develop this topic more in depth in the coming months.
Garry Trennepohl presents "Decoding Financial Statements" during the Reynolds Center for Business Journalism's annual Business Journalism Week, Jan. 4, 2014. Trennepohl is the ONEOK Chair of Finance at Oklahoma State University.
The annual event features two concurrent seminars, Business Journalism Professors and Strictly Financials for journalists.
For more information about business journalism training, please visit http://businessjournalism.org.
Analyse of the endowment model employed by Harvard and Yale and identify the reasons why Harvard made more losses than the other endowment funds in 2009
Global Value Equity Portfolio - February 2011Trading Floor
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This ppt is made by Mr. arkab khan pathan under guidance of Mrs. RAKHI GOAR. this ppt contain the detail and all the lecture notes of HEG.
THANK YOU.
Arkab khan
Porto Atlântico Business Square, Lançamento do primeiro complexo do Porto Mar...Suely Maia
Porto Atlântico -O empreendimento será dividido em duas etapas: Porto Atlântico Leste (1ª fase) e Oeste (2ª fase). PORTO ATLÂNTICO LESTE: 04 torres, todas com 60m de altura, sendo: 01 torre corporativa; 01 torre comercial; 02 torres hoteleiras (Alas A e B); 01 mall de lojas (todas com pé direito duplo e com infra de gás).
Faça sua reserva: 2556-5838
En esta presentación abordaremos la influencia que tiene el uso de la tecnologías en las instituciones escolares y a partir de encuestas realizadas podremos analizar el uso de estas herramientas tecnologicas
D'oro Botafogo, Lançamento, 3 quartos, Botafogo, Apartamentos no Rio,Suely Maia
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Certitude Global Investing Insights - May 2013certitudeglobal
The Certitude Global Insights is produced each quarter, and provides a summary of key global investment themes over the last quarter coupled with investment insights from our fund managers. Highlights this quarter include: 10 Reasons for Global Equity Income, Breaking the Bad News Cycle, Watch Capital Flows for the Central Bank’s Next Move & Easy Eurozone Trades are Running Out of Road.
Global synchronization provide upward bias to Equity based investments once again. In depth look at how Janney breaks down the year ahead and where to invest to take advantage of the reemergence of Global Growth.
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Through all the market traumas of recent years, the crises in Greece, slowdown scares in China, US political gridlock, the collapse in oil prices, the wars and the migrant flows, investors prepared to weather short-term volatility have seen handsome returns on developed-economy equities since the depths of the financial crisis in 2008, with EUR and USD investors seeing only one modestly down year in 2011. There has also been good performance from high yield and investment grade corporate bonds, the laggards (since 2011) being investments connected to commodities and emerging markets.
Our analysis, set out in this Outlook, suggests that 2016 may deliver a fairly similar pattern. Temporary traumas could emanate from Federal Reserve tightening, reduced bond liquidity, renewed growth scares in China or geopolitics, but behind these is an underlying picture of ongoing expansion. The global economy is neither pushed up against capacity limits nor facing severe slack (except for commodities and energy), banking systems are healthy and debt levels seem more amber than red. Rapid growth seems unlikely, given aging populations (bar Africa and India) and sharing economy technologies that do not generate much Gross Domestic Product, but sensibly-priced assets do not need a booming economy to generate reasonable returns. At the time of writing (in late 2015), high yield and investment grade credits have spreads just above their quarter-century averages, giving them scope to weather gradual Fed tightening. Developed equities have valuations somewhat above historic norms on a price-earnings basis, but not on a price-book basis, and operational leverage (especially in the Eurozone) and consolidating oil prices should allow earnings growth to move from last year's negatives into the mid- to high-single digits. In short, we think developed equities and credits are well placed for another year of reasonable returns, with the dollar likely to be strong again as the Fed leads the monetary cycle. As for emerging markets, and the commodities on which many depend, a convincing general recovery looks some time away, but there is scope for some to move ahead of the pack, as discussed in a special article.
Of course there can always be risks that are not visible and Fed tightening has a habit of teasing these out, although usually not within its first year. But, equally, there could be upside surprises, if the USA finally moves toward solutions on taxing repatriated corporate cash and infrastructure spending or, more simply, the signals of rising confidence already visible in US and European consumer surveys translate into faster spending. We trust our readers will find the Investment Outlook 2016 to be of considerable interest for the coming year.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the what'sapp contact of my personal vendor.
+12349014282
#pi network #pi coins #legit #passive income
#US
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
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financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
[ES] Strategy Brief / Global Convertible Opportunities / November 2015
1. formerly known as
Ivan Nikolov
Senior Portfolio Manager
Experience since: 2008
With ING/NN since: 2015
Integrated in the Global Credit boutique with access to
the NN Equity research team of 25 Analysts
www.nnip.com
Month ending 30 November 2015For professional use only
Tarek Saber
Lead Portfolio Manager
Experience since: 1986
With ING/NN since: 2014
Jasper van Ingen
Senior Portfolio Manager
Experience since: 2002
With ING/NN since: 2014
NN Global Convertible Opportunities
Strategy Brief
Portfolio management Strategy description
The NN (L) Global Convertible Opportunities fund invests long-only in a port-
folio of thoroughly researched convertible bonds. Convertible bonds are sen-
ior unsecured bonds that are convertible into shares at a fixed price, they typi-
cally have short durations and are well suited to diversify classic portfolios of
stocks and bonds.
The fund is actively managed and invested in balanced convertibles that pro-
vide asymmetrical returns.
Objective
The fund aims to outperform the global convertible universe (measured by
the Thomson Reuters Global Focus Index – Hedged) by 200bps pa.
Investment Process
The investment process is designed to capture the benefits of convertible
bonds: downside protection and equity upside participation.
The team is very selective with regard to the credit quality of the issuers it
selects through in-depth in house analysis.
Convertibles from screened issuers are chosen for both their equity potential
and convex structure.
Investments are grouped by theme rather than by sector, where a theme is
a name given to the (main) common driver of a group of investments. We
find that a thematic approach allows us to express our top down views
more accurately than a traditional sectoral approach, as sectors often
have a very dispersed set of return drivers.
Aggregate risks of the portfolio such as equity risk and equity sensitivity are
closely monitored, and sector concentration is limited to 20% for any single
sector.
Contribution to process and returns
Key Elements of the Strategy
• Experienced convertible team with access to broad research
resources within NN IP
• High conviction process with proven track record
• Process designed to maximize the benefits of convertible investment
with downside protection , limited equity risk and strong equity
upside participation
• Focus on mixed convertibles with reasonable valuations
Security Selection
Based on both bottom up credit
research aimed at providing capi-
tal protection, and convertible
selection with optimal convex
characteristics
Top Down Allocation
Theme based underlying
equity selection with identified
catalysts
HIGH HIGH
LOW LOW
NN Investment Partners at a Glance
NN Investment Partners is the asset manager of NN
Group N.V., a publicly traded corporation. NN IP is
head-quartered in The Hague, The Netherlands. NN IP
manages in aggregate approximately EUR 180bln* (USD
202bln*) in assets for institutions and individual investors
worldwide. NN IP employs over 1200 staff and is active in
16 countries across Europe, Middle East, Asia and U.S.
*Figures as of 30 September 2015
For more information on NN IP’s investment strategies or our
mutual funds, please contact your sales representative or
relationship manager.
Or visit our website www.nnip.com
2. formerly known as
1 Month 3 Months YTD 1 Year 3Years (Ann.)* 2014 (Ann.)* 2013 (Ann.)* Inception*
NN (L) Global Convertible Opportunities -0,77 2,72 5,30 5,84 11,73 7,79 20,96 10,42
Benchmark 0,16 3,24 5,35 4,70 8,24 4,73 13,03 7,81
Relative Return -0,93 -0,52 -0,06 1,14 3,49 3,06 7,93 2,61
* Source: NN IP Performance Measurement. Returns are presented after all transaction costs, but before management fees.
Returns include the reinvestment of income.
Benchmark: Thomson Reuter Global Focus Hedged (USD)
Tracking date: first month end date after inception (April 2012).
Past performance is no guarantee of future results and the possibility of loss does exist.
2
NN Global Convertible Opportunities - Strategy Brief
Main Points
• NN (L) Global Convertible Opportunities returned -0.77%
gross of fees, underperforming its benchmark by -0.93%
• After a very strong month of October, convertible bond
returns were more muted in November, in line with most
global equity and corporate bond markets
• Global commodity markets continue to struggle, as finan-
cial markets await the next move of the ECB and Federal
Reserve in December
• We maintain our cautious stance on global financial mar-
kets and choose to take conviction based positions in busi-
nesses that are likely to benefit from favorable (sub)sector
dynamics, using a theme based framework
Market Review
European equity markets showed positive returns in a month that
will be remembered for its tragic events in Paris. The Eurostoxx 50
gained +2.58%, the German DAX equity index was particularly firm
and advanced by +4.90%, helped by a weakening euro. Expectations
of monetary policy divergence (more policy easing in Europe, policy
tightening in the US) pushed the euro further down from 1.10 to 1.06
versus the US Dollar during the course of the month. On the data
front there were no real surprises; the Eurozone economy seems to
continue its slow yet steady march forward. Leading indicators con-
tinue to show modest expansion, economic sentiment is improving,
year on year euro area GDP growth came in at +1.6%.
In the US, both the S&P 500 (+0.05%) and the technology led Nasdaq
Index (+1.09%) showed positive returns. The S&P 500 has been very
volatile during the month, as it recovered from a c.-3% drawdown
intra month. Strong employment data, nonfarm payrolls exceeded
expectations at +271k in October, caused the odds of a December
rate hike in to increase to c.75%. Leading indicators showed similar
positive signs. As mentioned earlier, the US Dollar continued its path
of strengthening versus the euro on the back of expected monetary
policy divergence.
In Asia, Chinese bourses continued to recover from a very weak Q3.
The Shanghai Composite was higher by +1.86%, the Shenzen
Composite was better by +9.37%. Even though economic indicators
continue to come in fairly weak, fears of a significant slowdown
appear to have receded. In Japan, the economy slipped into a techni-
cal recession, printing its second consecutive quarter of economic
contraction. This is the fourth such recession in 5 years, and shows
that the so called Abenomics programme is struggling to lift eco-
nomic activity. The Topix equity index nonetheless advanced by
+1.42%.
Credit markets showed different patterns in Europe and the US.
Spreads were tighter in Europe (crossover -8bps, investment grade
-1bp), and wider the US (high yield +24bps, investment grade +5bps).
Interest rates showed equally mixed paths. German 10y Bund yields
closed -4bps lower for the month at 47bps. In the US, 10 year US
treasuries yields were higher by +6bps to close at 221bps.
Investment Performance
NN (L) Global Convertible Opportunities returned -0.77% gross of
fees, -0.93% worse than its benchmark.
The two main negative contributors to performance were online
travel agent Priceline (PCLN, theme: online spending) and brand
management company Iconix (ICON, theme: US consumer growth).
Even though PCLN beat expectations both on revenues and profits in
Q3, investors were disappointed in the companies’ Q4 guidance. On
top of that, sentiment was hurt by a fear people would travel less as
a result of the tragic events in Paris during the month. ICON traded
lower on the back of the (pre-announced) restatement of some of
their past accounts.
Positive contributors for the month were Taiyo Yuden (TAIYO, theme:
electronic components) and Huron Consulting (HURN, theme: health-
care spending). Electronic component manufacturer TAIYO gained on
the back of positive results and subsequent broker upgrades.
Consultancy firm HURN shares recovered after a tough month of
October when they published their Q3 results that disappointed
investors.
Outlook and Portfolio Positioning
Our outlook on financial markets remains cautiously positive.
Looking forward we believe convertible bond investors are well posi-
tioned, through the convex nature of the product, to navigate mar-
kets that are likely to show more divergence, and possibly even
decoupling, going forward.
In Europe, we believe QE will continue to support risk asset valua-
tions, should spur growth and employment, and will eventually lead
to inflation. With respect to the US, we believe it’s expected growth
rate of 2-3% in 2015 can be achieved, but are not sure markets are
ready for the anticipated path of tightening, now expected to start
in Q4 2015. As for Japan, we believe financial stimulus measures will
continue to support risk asset valuations. Our Fund tends to be
underweight convertible bonds that are issued in China and emerg-
ing markets as we often struggle with the lack of visibility in these
markets, we are able to maintain exposure to these regions of high
growth through convertible bonds issued by companies in developed
markets.
We continue to be invested in a portfolio of convertible bonds that
have solid credit fundamentals and either material equity upside, an
attractive yield, or both. In identifying investment opportunities we
use themes to group drivers of return. Our four biggest themes are
currently Cloud computing, Corporate Rationalization, Healthcare
spending and Bank deleveraging.
Reference performance for this strategy: NN (L) Global Convertible Opportunities (I Cap USD, Hedged), gross of fees*
3. formerly known as
Portfolio highlights*
* Source: NN Investment Partners. All data are expressed as of 30 November 2015.
Portfolio Characteristics
Currency USD
AUM (USD mio) 300
Portfolio Equity Risk(Dist to BF) 13,5%
Equity Sensitivity 44,0%
Parity Delta 54,6%
Average Premium 35,5%
Number of Issuers 32
Portfolio Characteristics
Average CB Price % 110,3%
Average Investment Value 94,8%
Average Parity % 85,7%
Running Yield 1,1%
Effective Duration 2,28
Modified Duration 3,83
Option Adjusted Spread 179
Portfolio Characteristics
Implied Volatility 30,14
Realized Underlying Volatility 34,78
SCR Rate 1,3%
SCR Credit 7,2%
SCR Equity 12,9%
SCR FX 1,0%
SCR Market 19,3%
Portfolio characteristics by theme
*Characteristics as of 31/11/2015
10 largest positions
Convertible Name Holdings
Citrix 0.5% 2019 7,1%
Alcatel 0% 2019 6,5%
Starwood 4.55% 2018 5,9%
RAG/Evonik 0% 2021 5,3%
Taiyo Yuden 0% 2021 4,9%
Sandisk 0.50% Oct-2020 4,6%
Fresenius Medical 1.125% 2020 4,5%
Balfour Beatty 1.875% 2018 4,4%
Qiagen 0.375% 2019 4,2%
OCI 3.875% 2018 4,2%
Theme Holdings Distance
to BF
Premium Implied
Volatility
OAS Equity
Sensitivity
Cloud Computing 18,8% 12,7% 37,7% 30,3 119,6 40,8
Corporate Rationalization 17,5% 10,9% 38,3% 34,4 177,7 55,4
Healthcare Spending 12,1% 17,6% 27,4% 35,3 156,3 46,6
Bank Delevering 8,8% 0,4% 23,6% 8,0 283,5 21,7
Electronic Components 8,1% 14,5% 37,6% 34,9 129,9 41,3
Agriculture/Food Supply Growth 5,3% 17,2% 31,8% 34,5 75,0 37,9
Changing Diets and Consumption 4,6% 23,0% 18,5% 30,0 262,2 57,6
US Housing 4,1% 3,0% 33,8% 15,3 350,0 30,9
Online Spending Growth 3,8% 22,4% 24,1% 32,9 75,0 50,4
US Consumer Growth 3,2% 7,8% 175,9% 28,7 502,5 28,3
Europe Rebound 3,0% 20,5% 42,2% 50,1 350,0 45,0
Japan QE 2,4% 12,0% 23,9% 25,6 50,0 54,1
Infrastructure Spending 1,9% 26,2% 24,0% 33,5 250,0 59,1
Innovative Businesses 1,8% 25,6% 4,2% 24,0 50,0 73,2
Global Aging 1,7% 21,9% 15,2% 28,5 50,0 56,8
Real Estate Exposure 1,6% 29,5% 17,2% 34,4 75,0 60,6
Cash 1,3% - - - - -
Total 98,7% 13,5% 35,5% 30,1 178,7 44,0
18,5%
18,3%
11,6%
9,4%
8,6%
7,1%
7,0%
4,6%
3,0%
2,9%
2,7%
1,9%
1,7%
1,4%
1,3%
0% 10% 20%
Electronics
IT
Property
Pharmaceutical
Construction
Chemicals
Retail/Wholesale
Food & Drink
Steel/Metals
Banking/Finance
Services
Industrials
Other
Utilities
Cash
SECTOR BREAKDOWN
47,2%
38,2%
13,2%
-
-
1,3%
0% 20% 40% 60%
US
Europe
Japan
Asia Ex
Japan
Other
Cash
REGION BREAKDOWN
-
-
-
7,5%
22,5%
7,3%
-
61,3%
1,3%
0% 20% 40% 60% 80%
AAA
AA
A
BBB
BB
B
CCC
NR
Cash
RATING BREAKDOWN
Cash
Corporate Rationalization
Healthcare Spending
Bank Delevering
Electronic Components
Agriculture/Food Supply Growth
Changing Diets and
Consumption
US Housing
Online Spending GrowthUS Consumer Growth
Infrastructure Spending
Innovative Businesses
Real Estate Exposure
Global AgingCloud Computing
Europe Rebound
Japan QE
0
10
20
30
40
50
60
70
80
90
0% 5% 10% 15% 20% 25% 30%
EquitySensitivity(%)
Distance to Bond Floor(Equity Risk %)
RISK CHARACTERISTICS BY THEME
3
Month ending 30 November 2015
4. formerly known as
Share Class ISIN Currency Max Management Fee (%) Fixed Service Fee (%) Minimum Investment
I Capitalisation LU1165177442 USD 0,65 0,25 €250,000
I Capitalisation LU1165177285 EUR 0,65 0,25 €250,000
I Capitalisation LU1165177368 GBP 0,65 0,25 €250,000
P Capitalisation LU1165177103 EUR 1,3 0,3 -
Objective
Investment objective Aim to outperform the Thomson Reuters Global Focus Hedge benchmark by 200 basis points per year
Benchmark Thomson Reuters Global Focus Hedged Convertible Index
Tracking error Target 4%
Other Characteristics
Investment universe Global convertibles
Focus on mixed convertibles
Credit Quality Expected average implied rating in the BB Range
Currency Exposure None - Fully hedged
Sector exposure Single sector exposure capped at 20%
Regional Exposure No Limits, but bias towards OECD countries
Key characteristics of the strategy
4
NN Global Convertible Opportunities - Strategy Brief
Disclaimer
The elements contained in this document have been prepared solely for the purpose
of information and do not constitute an offer, in particular a prospectus or any invi-
tation to treat, buy or sell any security or to participate in any trading strategy. This
document is intended only for MiFID professional investors. While particular atten-
tion has been paid to the contents of this document, no guarantee, warranty or rep-
resentation, express or implied, is given to the accuracy, correctness or complete-
ness thereof. Any information given in this document may be subject to change or
update without notice. Neither NN Investment Partners Holdings N.V. nor any other
company or unit belonging to the NN Group or the ING Group, nor any of its officers,
directors or employees can be held direct or indirect liable or responsible with
respect to the information and/or recommendations of any kind expressed herein.
The information contained in this document cannot be understood as provision of
investment services. If you wish to obtain investment services please contact our
office for advice. Use of the information contained in this document is solely at your
risk. Investment sustains risk. Please note that the value of your investment may rise
or fall and also that past performance is not indicative of future results and shall in
no event be deemed as such. This document and information contained herein must
not be copied, reproduced, distributed or passed to any person at any time without
our prior written consent. Any claims arising out of or in connection with the terms
and conditions of this disclaimer are governed by Dutch law.
The fund is a subfund of NN (L) (SICAV), established in Luxembourg. NN (L) is duly
authorised by the Commission de Surveillance du Secteur Financier (CSSF) in
Luxembourg. Both funds are registered with the CSSF.
For more detailed information about the investment fund we refer to the prospectus
and the corresponding supplements. In relation to the investment fund mentioned in
this document a Key Investor Information Document (KIID) has been published con-
taining all necessary information about the product, the costs and the risks which
may occur. Do not take unnecessary risk. Read the prospectus and the KIID before
investing. Investments are accompanied by risks. The value of your investments
depends in part upon developments on the financial markets. In addition, each fund
has its own specific risks. See the prospectus for fund-specific costs and risks. The
prospectus, supplement and the Key Investor Information Document are available
on the following website: www.nnip.com. This document is not directed at, and must
not be acted upon by citizens of the United States (US) and is otherwise only
directed at persons residing in jurisdictions where the relevant share classes/(sub)
funds are authorised for distribution or where no such authorisation is required.