1) The document describes the NN Global Convertible Opportunities fund, which invests in convertible bonds.
2) It aims to outperform its benchmark index by 200 basis points annually through a process of bottom-up credit analysis and selecting bonds with optimal upside potential.
3) In December, the fund returned -1.47%, underperforming its benchmark by -0.03% as markets weakened amid disappointing central bank actions and slowing growth in China.
The global investment landscape was disrupted by rising bond yields, as investors contemplated a scaling back of the U.S. Federal Reserve’s bond-buying program. Within fixed income, our mortgage prepayment strategies detracted from performance but rebounded in June, while our term-structure positioning and holdings of commercial mortgage-backed securities aided results. Stock selection within directional strategies and currency positioning in non-directional strategies hampered returns in the 500 Fund and 700 Fund. We have a generally positive outlook for global economic growth and began to modestly increase the funds’ risk positioning in U.S. equities and global fixed income as the quarter concluded.
Economies worldwide have rebounded since the 2008
Financial Crisis, along with rising global equity and
tightening credit markets. Even the rebound in earnings
growth and profit margins has been remarkable. Yet, the
U.S. economic growth hasn’t broken out as hoped, after
significant global fiscal and monetary stimulus, including
slashing interest rates. Unemployment remains high and
volatility has been unnerving for investors. Learn more at: www.nafcu.org/nifcus
The global investment landscape was disrupted by rising bond yields, as investors contemplated a scaling back of the U.S. Federal Reserve’s bond-buying program. Within fixed income, our mortgage prepayment strategies detracted from performance but rebounded in June, while our term-structure positioning and holdings of commercial mortgage-backed securities aided results. Stock selection within directional strategies and currency positioning in non-directional strategies hampered returns in the 500 Fund and 700 Fund. We have a generally positive outlook for global economic growth and began to modestly increase the funds’ risk positioning in U.S. equities and global fixed income as the quarter concluded.
Economies worldwide have rebounded since the 2008
Financial Crisis, along with rising global equity and
tightening credit markets. Even the rebound in earnings
growth and profit margins has been remarkable. Yet, the
U.S. economic growth hasn’t broken out as hoped, after
significant global fiscal and monetary stimulus, including
slashing interest rates. Unemployment remains high and
volatility has been unnerving for investors. Learn more at: www.nafcu.org/nifcus
Fixed interest rate markets, global bond markets, and the competing nature of risk versus return provide an update about how governments are tracking when compared to corporates.
SandPointe
Investment Perspective
-----------------------------------------------------------------
Roger E. Brinner, PhD
Chief Market Strategist and Co-founding Partner
September 2014
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.
Factsheet for Principal Mutual Fund- WishfinAnvi Sharma
The scheme will invest 65% - 95% in Mid Cap stocks, i.e., stocks with market cap in the range of market cap of benchmark Nifty Midcap 100 Index, and 5% - 15% in Small Cap stocks, i.e., stocks with market cap lower than the market cap of the last stock in the benchmark Nifty Midcap 100 Index.
ICICI Prudential Mutual Funds Fixed income updateiciciprumf
These are interesting times. We have seen the worst growth contraction in decades but interest rates still remains higher than lows seen during other crisis.
[IT] Focuspoint Inst / Le obbligazioni convertibili e gli investimenti con vi...NN Investment Partners
Uno sguardo in dettaglio al trattamento delle obbligazioni convertibili ai sensi del nuovo regime normativo Solvency II per gli operatori assicurativi europei.
[NL] Mindscope / Beleggen in converteerbare obligaties in een klimaat van lag...NN Investment Partners
Diepgaande inzichten in onderwerpen die van invloed zijn op de wereldeconomie
NN Investment Partners verkent het gebruik van converteerbare obligaties in het asset allocatieproces.
Fixed interest rate markets, global bond markets, and the competing nature of risk versus return provide an update about how governments are tracking when compared to corporates.
SandPointe
Investment Perspective
-----------------------------------------------------------------
Roger E. Brinner, PhD
Chief Market Strategist and Co-founding Partner
September 2014
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.
Factsheet for Principal Mutual Fund- WishfinAnvi Sharma
The scheme will invest 65% - 95% in Mid Cap stocks, i.e., stocks with market cap in the range of market cap of benchmark Nifty Midcap 100 Index, and 5% - 15% in Small Cap stocks, i.e., stocks with market cap lower than the market cap of the last stock in the benchmark Nifty Midcap 100 Index.
ICICI Prudential Mutual Funds Fixed income updateiciciprumf
These are interesting times. We have seen the worst growth contraction in decades but interest rates still remains higher than lows seen during other crisis.
[IT] Focuspoint Inst / Le obbligazioni convertibili e gli investimenti con vi...NN Investment Partners
Uno sguardo in dettaglio al trattamento delle obbligazioni convertibili ai sensi del nuovo regime normativo Solvency II per gli operatori assicurativi europei.
[NL] Mindscope / Beleggen in converteerbare obligaties in een klimaat van lag...NN Investment Partners
Diepgaande inzichten in onderwerpen die van invloed zijn op de wereldeconomie
NN Investment Partners verkent het gebruik van converteerbare obligaties in het asset allocatieproces.
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
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.
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
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.
Dealing With Divergences - Blackrock 2015 OutlookJoão Pinto
2015 Investment Outlook
Economic growth and monetary policies are diverging across the world. Get ready for volatility spikes in 2015—and new opportunities.
We debated this at our 2015 Outlook Forum in mid-November in London. The semi-annual event, the seventh of its kind, was marked by intense investment debates in small and large groups.
The 20-page piece includes: our 2015 base case (see chart below); top investment ideas; in-depth sections on valuations, volatility and currencies; five interactive graphics; and spotlights on key regional investment trends.
Global equities hit another record high in December as global economic data remained robust, economic growth prospects kept being upgraded and financial conditions stayed accommodative.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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 telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
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 telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
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 telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
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 contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
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.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
[LATAM EN] Strategy Brief / Global Convertible Opportunities / December 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 31 December 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 -1.47 2.06 3.74 3.74 10.68 7.79 20.96 9.73
Benchmark -1.44 3.02 3.83 3.83 7.12 4.73 13.03 7.20
Relative Return -0.03 -0.95 -0.09 -0.09 3.56 3.06 7.93 2.53
* 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 -1.47%
gross of fees, underperforming its benchmark by -0.03%
• Global financial markets did not stage a year-end rally:
equities were mostly weaker, spreads widened, oil prices
continued to decline
• ECB stimulus measures did not meet high expectations, the
Fed on the other hand did what most expected and raised
rates for the first time since 2006
• 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 posted negative returns across the board,
the Eurostoxx 50 lost -6.81%. Spain’s IBEX equity index was particu-
larly weak (-8.11%) as elections in Spain resulted in the most frag-
mented parliament ever, raising concerns over Spain’s ongoing will-
ingness to continue on its path of austerity. On December 3rd, the
ECB announced a further cut of -0.1% in its deposit rate (to -0.3%)
and an extension of its bond-buying programme by 6 months.
Financial markets reacted disappointed, as many had expected a
deeper cut, a longer extension and possibly the announcement of
additional purchases. On the data front there were again no real sur-
prises; the Eurozone economy continues its slow march forward.
Leading indicators showed modest expansion, inflation remains low.
In the US, both the S&P 500 (-1.75%) and the technology led Nasdaq
Index (-1.98%) showed negative returns. On December 16, The
Federal Open Market Committee decided unanimously to hike the
Federal Funds Rate by +0.25%. The hike was widely anticipated and
did not affect markets much on announcement. Fed Chair Yellen
quoted the US economy’s considerable strength as the main reason
for the decision, and furthermore said the process of raising rates is
likely to proceed gradually. On the data front, leading indicators con-
tinued to show moderate expansion. The US labor market continues
to look reasonably firm, November’s nonfarm payroll number (+211k)
was stronger than expected. Unemployment remained constant at
5%, but has to be seen in the light of a very low labor participation
rate (of just 62.5%). The US Dollar weakened marginally versus the
Euro to close the year at 1.09.
In Asia, Chinese bourses posted their third consecutive positive
month after a difficult third quarter. The Shanghai Composite was
higher by +2.72%, the Shenzen Composite was better by +4.78%. In
Japan, the Topix equity index declined by -2.09%, not helped by a
stronger Yen.
Credit markets showed similar patterns in Europe and the US.
Spreads were wider in Europe (crossover +25bps, investment grade
+7bps), and the US (high yield +19bps, investment grade +4bps).
Interest rates edged higher across the board. German 10y Bund
yields closed +16bps for the month at 63bps. In the US, 10 year US
treasuries yields were higher by +6bps to close at 227bps.
Investment Performance
NN (L) Global Convertible Opportunities returned -1.47% gross of
fees, -0.03% worse than its benchmark.
The two main negative contributors to performance were electronic
component manufactures Taiyo Yuden (TAIYO, theme: electronic
components) and brand management company Iconix (ICON, theme:
US consumer growth). Despite showing strong growth in both reve-
nues and profits, TAIYO shares declined alongside other Apple suppli-
ers on reported slowing IPhone sales and subsequent broker down-
grades. We continue to believe in TAIYO’s strong product portfolio
and discounted valuation compared to peers. ICON traded lower on
the back of an SEC investigation into their accounting treatment of
joint ventures. We believe this is a formality as its accounting prac-
tices have just recently been verified by an independent audit com-
mittee.
Positive contributors for the month were Starwood Property (STWD,
theme: bank delevering) and Jarden Corporation (JAH, theme: US
consumer growth). Commercial mortgage REIT STWD gained as its
shares recovered from the fear of a rate hike that seemed to be
priced in in its share price. We believe STWD will continue to do well
as the company benefits from its scale, solid execution and conserva-
tive financing. JAH shares were higher after announcing a merger
with peer Newell Rubbermaid.
Outlook and Portfolio Positioning
Our outlook for financial markets in 2016 remains cautiously positive.
We do expect 2016 to be more challenging than 2015 as the US
Federal Reserve is now on a path of tightening, which is likely to have
effects on a global scale, particularly for emerging markets. Looking
forward we believe convertible bond investors are well positioned,
through the convex nature of the product, to navigate markets that
are likely to show 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 2016 can be achieved, but are not sure markets are
ready for sustained rate hikes. 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 emerging markets as we often struggle with the lack of vis-
ibility in these markets, we are able to maintain exposure to these
regions of high growth through convertible bonds issued by compa-
nies 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 delevering.
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 31 December 2015.
Portfolio Characteristics
Currency USD
AUM (USD mio) 285
Portfolio Equity Risk(Dist to BF) 11.6%
Equity Sensitivity 39.9%
Parity Delta 50.6%
Average Premium 37.0%
Number of Issuers 31
Portfolio Characteristics
Average CB Price % 107.4%
Average Investment Value 94.5%
Average Parity % 81.5%
Running Yield 1.2%
Effective Duration 2.33
Modified Duration 3.69
Option Adjusted Spread 183
Portfolio Characteristics
Implied Volatility 29.32
Realized Underlying Volatility 33.76
SCR Rate 1.3%
SCR Credit 7.1%
SCR Equity 11.3%
SCR FX 0.7%
SCR Market 17.6%
Portfolio characteristics by theme
*Characteristics as of 31/12/2015
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 17.5% 11.5% 39.3% 29.4 118.7 38.9
Corporate Rationalization 16.5% 9.6% 42.1% 33.5 208.4 50.1
Healthcare Spending 12.6% 17.0% 24.4% 32.4 155.8 47.9
Bank Delevering 9.2% 0.9% 26.3% 8.3 283.6 25.7
Electronic Components 8.0% 9.0% 53.5% 33.9 130.4 29.3
Agriculture/Food Supply Growth 5.6% 15.4% 39.0% 36.5 75.0 32.2
Changing Diets and Consumption 4.8% 16.6% 31.7% 32.5 271.4 41.6
US Housing 4.0% - 34.2% 8.0 350.0 28.5
Online Spending Growth 4.0% 23.2% 23.1% 33.6 75.0 52.1
US Consumer Growth 2.0% - 207.2% 30.0 609.0 13.1
Europe Rebound 3.1% 21.2% 41.5% 50.0 350.0 45.5
Japan QE 2.6% 10.7% 25.0% 26.4 50.0 52.7
Infrastructure Spending 1.7% 16.5% 36.9% 31.7 250.0 48.9
Innovative Businesses 1.9% 24.7% 5.0% 24.3 50.0 70.8
Global Aging 1.8% 19.1% 19.4% 29.2 50.0 51.4
Real Estate Exposure 1.6% 27.9% 19.1% 34.6 75.0 57.8
Demographic Transition - - - - - -
Cash 3.1% - - - - -
Total 96.9% 11.6% 37.0% 29.3 182.8 39.9
17,3%
17,0%
11,8%
9,9%
8,8%
7,5%
6,0%
4,8%
3,1%
3,0%
2,7%
1,7%
1,8%
1,5%
3,1%
0% 10% 20%
Electronics
IT
Property
Pharmaceutical
Construction
Chemicals
Retail/Wholesale
Food & Drink
Steel/Metals
Banking/Finance
Services
Industrials
Other
Utilities
Cash
SECTOR BREAKDOWN
45,1%
38,1%
13,6%
-
-
3,1%
0% 20% 40% 60%
US
Europe
Japan
Asia Ex
Japan
Other
Cash
REGION BREAKDOWN
-
-
-
7,8%
22,0%
5,1%
-
62,0%
3,1%
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
ConsumptionUS Housing Online Spending Growth
US Consumer Growth
Infrastructure Spending
Innovative Businesses
Real Estate Exposure
Global Aging
Cloud 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 31 December 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.