The document summarizes the NN Global Convertible Opportunities strategy. It is an actively managed long-only strategy that invests in convertible bonds globally. The strategy aims to outperform its benchmark, the Thomson Reuters Global Focus Hedged Convertible Index, by 200 basis points annually. It is managed by an experienced team using a theme-based approach to security selection and portfolio construction. Key elements of the strategy include a focus on balanced convertibles, downside protection, limited equity risk, and strong equity upside participation.
Hdfc Prudence Fund - What a successful journey so far...Pradip Chinnakonda
One of my favourite Fund, a fund managed by Shri Prashant Jain who has brought laurels to HDFC AMC and himself. The dividend yield consistency is so good that we have started recommending this fund as a pension fund. A fund which all investor should have in their portfolio.
Hdfc Prudence Fund - What a successful journey so far...Pradip Chinnakonda
One of my favourite Fund, a fund managed by Shri Prashant Jain who has brought laurels to HDFC AMC and himself. The dividend yield consistency is so good that we have started recommending this fund as a pension fund. A fund which all investor should have in their portfolio.
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
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Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, ...
Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, ...
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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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.
Alex Wynaendts, Aegon’s CEO, provides an update at the Analysts & Investors conference in New York on the progress made executing the company’s strategy and delivering on financial targets.
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.
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.
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 what'sapp contact of my personal pi merchant to trade with.
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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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This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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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.
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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.
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Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
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As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
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[LATAM 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
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NN Global Convertible Opportunities - Strategy Brief
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