6964 scv dynamic bond_citywire_0513
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Jupiter Dynamic Bond (SICAV)
May 2013
FOR PROFESSIONAL AUDIENCES ONLY. NOT FOR RETAIL INVESTORS.
Jupiter Dynamic Bond
Aims to achieve a decent income with prospect of capital growth
Combines top-down strategic asset allocation with bottom-up security selection ‘Go anywhere’ strategy: Global investment universe Is able to invest across a range of fixed income securities i.e.:
Government bonds
Investment grade bonds
High yield bonds
Preference shares
Convertible bonds
and other bonds
Flexible Duration Approach
Can invest in all parts of the ratings spectrum from investment grade to high yield
At least 80 % of the currency is either denominated in the base currency or hedged back to the base currency*
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*Fund manager limit, not fund / sector restriction.
Agenda
Performance
Manager’s current thinking
Valuations – There are still some diamonds in the rough
Stock Examples
Portfolio Features
2
3
Track record – Jupiter Dynamic Bond SICAV
Performance since launch
Source: FE, bid to bid, gross income reinvested in EUR, net of fees 08.05.12 to 30.04.13. Fund launched 08.05.12. Past performance is no guide to the future.
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otal
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Jupiter Dynamic Bond I Inc EUR TR in EU 14.6 Jupiter Dynamic Bond L Inc EUR TR in EU 13.7Barclays Pan-European Aggregate: Corporate TR in EU 8.8 FO Fixed Int Global TR in EU 4.4
Track record – UK-domiciled bond fund 4
Ranked 2nd in sector since launch (02.06.08)
Source: FE, bid to bid, net income reinvested in GBP to 30.04.13. Fund launched 02.06.08. Ranked 2 / 50 in IMA Sterling Strategic Bond sector since launch. Past performance is no guide to the future.
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UK-domiciled bond fund in GB 72.63 iBoxx Stg NON-GILTS ALL MATURITIES TR in GB 49.98IMA Sterling Strategic Bond TR in GB 39.03
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Track record – UK-domiciled bond fund
Performance
Source: FE, bid to bid, net income reinvested to 30.04.13. Fund launched 02.06.08. Past performance is no guide to the future.
Cumulative 1 year % 3 year % Since launch %
UK-domiciled bond fund 12.42 27.73 72.63
IBOXX Stg Non Gilts All Maturities 15.14 30.48 49.98
IMA Sterling Strategic Bond sector average 12.81 23.14 39.03
Sector ranking 42 / 69 13 / 60 2 / 50
Discrete years 2012 % 2011 % 2010 % 2009 %
UK-domiciled bond fund 16.09 4.50 11.19 42.52
IMA IBOXX Stg Non Gilts All Maturities 13.05 6.91 8.38 10.78
Sterling Strategic Bond sector average 13.39 2.71 8.09 20.75
Sector ranking 26 / 69 19 / 65 13 / 61 2 / 55
Agenda
Performance
Manager’s current thinking
Valuations – There are still some diamonds in the rough
Stock Examples
Portfolio Features
6
Post “Whatever it Takes” speech, where are we now?
Major central banks appear to have backstopped markets… for now
US appears to be establishing sustainable economic recovery. Positive tailwinds from the Far East. Don’t underestimate Japan!
Europe: Macro picture looks bad. Core Europe now beginning to suffer. Expect gradual shift from Brussels Consensus to Fiscal Realism
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Don’t fight the FED… or the ECB, BofE, BofJ, SNB
“If you give me a trillion dollars, I’ll show you a good time too” Jim Rogers
Fund manager views at the time of writing and will change in the future. *Source: FED, BoJ, BoE, ECB, PBoC. JPMAM estimates, May 2013.
To infinity… and beyond!*
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Europe: Austerity + bank recaps + political uncertainty = recession
Manufacturing activity Non-manufacturing activity
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US Eurozone UK
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US Eurozone UK
Expansion
Contraction
Source: Bloomberg as at 30.04.13.
Expansion
Contraction
Sustainable economic recovery taking shape in the US 9
Housing is a big part of consumer net worth
Broadly speaking, makes more sense to buy than rent Source: 1) Bloomberg as at 30.04.13. 2) JP Morgan, AxioMetrics, CoreLogic, Freddie Mac June 2012. Fund manager views at the time of writing and will change in the future.
NAHB housing market index1 Where buying is cheaper than renting2
% of metropolitan statistical areas Last price Last price
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NA HB Housing Market Index (LHS)US Consumer Confidence (RHS)
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Consumer net worth on track to make new high
This reflects increases in house prices, stock prices, cash, bonds, insurance, etc., as well as declines in mortgage debt Source: US Consumer Net Worth (ISI) Q1 2013 $64.3 e.
Comparing deleverage across sectors and regions 11
Sector debt (% GDP) 1993 1998 2003 2008 2012*
Government US 65.9 54.2 49.1 65.7 90.1
UK 44.5 47.8 37.0 52.6 91.5
Germany 44.2 62.6 65.8 71.1 89.9
Japan 69.5 107.6 156.0 190.5 229.5
Financial US 21.0 33.6 43.8 63.8 40.6
UK 74.5 0.3 133.2 206.3 201.3
Germany na 69.0 92.1 92.7 90.4
Japan 117.0 114.0 106.2 119.2 115.2
Non-financial US 55.8 61.0 65.2 82.0 76.9
UK 63.2 65.8 86.2 121.4 108.9
Germany 55.1 54.9 62.5 61.2 60.9
Japan 145.3 135.3 108.1 99.9 95.1
Household US 61.7 65.4 82.9 97.2 82.7
UK 65.2 63.4 82.8 102.2 94.8
Germany 54.5 68.9 71.6 62.5 58.3
Japan 67.1 72.8 70.5 67.9 66.0
Source: HSBC, Haver Analytics, national sources, McKinsey, 2012. *US, Japan and Germany as of Q2 2012, UK as of Q1 2012.
Hedges against tail-end risks
Long Australian government bonds
Safe haven
Pristine finances
Resource rich
Housing bubbles?
Short US Treasuries (2 year and 5 year futures)
Trade is asymmetric
Cheap hedge against US economic recovery
Short 10 Year French Sovereigns
We believe trade is asymmetric
Cheap hedge against deteriorating French economy and resurfacing of Euro risk
Current active bets of the Jupiter Dynamic Bond SICAV
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The fund manager has the power to use derivatives but it is intended that these will only be used for efficient portfolio management and not for investment purposes Fund manager views at the time of writing and will change in the future.
Agenda
Performance
Manager’s current thinking
Valuations – There are still some diamonds in the rough
Stock Examples
Portfolio Features
13
Corporate bond valuations 14
IG Non-Financials Saw Small Uptick in Leverage**
*Source: RBS Credit Strategy, Bloomberg, 27.11.12. **Source: Morgan Stanley Research, Bloomberg, Markit, Company Data as at 28.08.12.
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Net Leverage Gross LeverageSPL (RHS) Avg SPL (RHS)
European Investment Grade spreads*
Still scope for further tightening in BBB’s
ASW spreads by rating, bp
European banks vs. rest of the world 15
Source: RBS Credit Strategy, Bloomberg, Wikipedia, March 2013.
Europe is overbanked. Private sector deleveraging has just started
Aggregate balance sheets for all European banks, €tn
Balance sheets are still growing. RWA decline conceals higher sovereign exposure
Looking beyond the aggregate picture, few banks have deleveraged proactively
Source: RBS Credit Strategy, Bloomberg, ECB, Federal Reserve, March 2013. *Q3 11 or latest available financial statement data for constituent banks. Fund manager views at the time of writing and will change in the future.
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Man vs. bank: Size of bank assets vs. GDP 17
Source: RBS Credit Strategy, ECB, RBA, Federal Reserve, BoJ, March 2013.
Europe’s banks: Still restructuring 18
Source: RBS Credit Strategy, Bloomberg, March 2013.
Assets: Bad loans continue to rise in the periphery, stable in core Europe 19
NPL ratios are increasing in Greece, Ireland, Italy, Portugal and Spain
Increasing bad loans will continue to hurt peripheral banks and erode capital
Periphery NPL ratios are accelerating NPLs remain low in core Europe
Source: RBS Credit Strategy, Bloomberg, Banco de Espana, March 2013. *The recent decline in Spanish NPLs is partly due to SAREB, which has taken over 50bn of assets off bank balance sheets.
NPL ratio, % of total loans NPL ratio, % of total loans*
Liabilities: Too much debt, too little capital 20
Average cost of debt capital and capital structure at the bank level
Regulators are pushing banks towards more equity and more secured funding, less senior / sub debt Source: RBS Credit Strategy, company reports, Bloomberg, March 2013. Note: Senior = Senior Unsecured and Senior Secured.
Capital structure of banks and weighted average cost of capital
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Exposure to banks
Portfolio features of the Jupiter Dynamic Bond Fund – Exposure to Banks
Distribution by types of bank debt
Banks: Still selective
Sticking to leading UK, German, US and Norwegian banks
Source: Jupiter as at 30.04.13.
LT2 6.8%
Tier1 9.4%
Tier2 0.9%
N/A 51.6%
Cash 5.6%
Senior sec 1.8%
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Banks
Progress against plan: RBS 22
Capital, funding and liquidity positions robust
Safety and soundness remains a key priority
Group: Key performance indicators Worst point Q3 2012 Medium-term target
Balance sheet & risk (group):
Loan: deposit ratio (net of provisions) 154%1 102% c.100%
Short-term wholesale funding2 £297bn3 £49bn <10% TPAs
Liquidity portfolio4 £90bn3 £147bn >1.5x STWF
Leverage ratio5 28.7x6 15.4x <18x
Core Tier 1 Capital ratio 4%7 11.1%8 >10%
Value drivers (core)
Return on Equity (RoE)10 -31%9 10% >12%
Cost: Income ratio12 97%11 59% <55%
Achieved
Source: RBS Group October 2012. 1) As at October 2008. 2) Amount of unsecured wholesale funding under 1 year including banks deposits <1 year excluding derivatives collateral. 3) As at December 2008. 4) Eligible assets held for contingent liquidity purposes including cash, government issued securities and other securities eligible with central banks. 5) Funded tangible assets divided by Tier 1 Capital. 6) As of June 2008. 7) As of 01.01.08. 8) Includes APS benefit of 0.7%, CT1 ex. APS 10.4%. 9) Group return on tangible equity for 2008. 10) Indicative: Core attributable profit taxed at 28% on attributable core average tangible equity (c.80% of group tangible equity based on RWAs). 11) 2008. 12) Adjusted cost: Income ratio net of insurance claims.
23
High Yield: coupon clipping year
Geographic exposure still important
Prefer secured debt & defensive industries
Outside the box themes: oil rig financing and pub securitisation
High yield valuations
Financial repression, low default rates, low growth and low inflation could push spreads tighter
Source: Moody’s, JP Morgan, as at 31.01.13. Note: Default rates are sourced from Moody’s. The inclusion of banks in their data tends to inflate default rates, particularly in 2009 – 2010.
European high yield spreads and default rates
Quality junk: Two thirds of EHY are BB credits vs. just 26% in 2006
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High yield default rate High yield spreads
14 year average = 712 bp
14 year average = 4.6%
24
European HY fundamentals
HY balance sheets improving. Metrics better than 2000 – 2002 cycle
“Good quality issuance”
Uncertain economic outlook favours senior secured
FCF is above long-term averages LTM FCF to debt
LTM interest coverage still below average Interest coverage
HY non-financial leverage: Net down, gross up Net debt / EBITDA
Source: Morgan Stanley Research, Bloomberg, Company Data, 31.09.12. Fund manager views at the time of writing and will change in the future.
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Interest Coverage Avg
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LTM FCF to Debt Avg
Prefer Euro HY to US HY 25
HY gives more pickup in Europe* M&A activity booming in the US**
Source: *RBS Credit Strategy, iBoxx. **RBS Credit Strategy, Bloomberg. As at March 2013.
(Total deals volume, $bn) (BB premium over BBB, bp)
Yields are declining across credit and HY bonds globally, M&A activity accelerating in US
Issuers are becoming more aggressive 26
Structured credit comes back* Credit quality is deteriorating**
Source: *RBS Credit Strategy, S&P, LCD. **RBS Credit Strategy, Bloomberg As at March 2013.
(Triple-C bonds, % of HY market) (CLO issuance, $bn)
Structured products have recovered in US, while no signs of recovery in Europe
Agenda
Performance
Manager’s current thinking
Valuations – There are still some diamonds in the rough
Stock Examples
Portfolio Features
27
Spirit Pub Company Plc.
One of the largest pub groups in the UK. Portfolio of brands with focus on eating-out market. Pubs located favourably. Bias towards south
Company’s debt consists of approx. £870m legacy securitisation put in place Nov. 2004 5 pari passu tranches, all rated Ba2 / BB-
Business demerged from Punch Taverns Aug. 2011. Bonds traded off 2H 2011 amidst economic stress and deteriorating operating environment Secular decline in beer drinking
Negative impact of the smoking ban
Higher taxation – increases in duty and VAT hike
Difficult macro economic backdrop: Stagnant UK wages and rising unemployment
28
Source: Jupiter September 2011.
Spirit Pub Company Plc. – Investment Thesis
Solid turnaround story Whilst leased pubs (30% of portfolio) have performed poorly, the managed
division (70%) seen decent growth as the eating-out market more resilient than expected
Benefit from growing eating-out
Dispose of weak leased pubs
Convert leased portfolio to franchised or managed pubs
Bonds benefit from maintenance covenants… Spirit required to maintain certain levels of cash flow cover with a loan to value
covenant that activates below certain thresholds
Restrictions on acquisitions and disposals
Annual 3rd party property valuation
…backed by substantial security package Portfolio of 1,179 pubs. EBITDA of £141m and LTV of 65%
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Source: Jupiter December 2012.
Positions across 3 tranches of notes
Current yields to redemption: Class A3 Bonds: 4.7%
Class A4 Bonds: 7.0%
Class A5 Bonds: 6.8%
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Marine Accurate Well (Maracc) – a stable platform?
The “Island Innovator” rig A premium unit valued at $655m
Capable of drilling and well intervention
Equipped for harsh environment operations
Safer and more efficient than conventional rigs
Contracted day rate: $470,000
Capable of drilling in water depths up to 600m
Perform well intervention work up to 2000m
Delivered from Cosco (China) 2012
Source: Jupiter, Maracc, 2013. Note: Picture has been approved by Maracc to be used within this presentation.
Unique approach – to incorporate well intervention and drilling capabilities into the same semi-submersible unit
$370m contract with Lundin Norway for 12 wells Assumed duration: 2 years at $470 k/d
Options to extend drilling by a further 12 wells
Expected commencement of drilling: 14th June 2013
To operate on the Norwegian Continental Shelf (NCS)
Major shareholders include: 18.5% – Chouest family – the biggest offshore vessel operator in
the US with an industry leading fleet
18.5% – Ulstein family – Morten Ulstein is CEO of Maracc and founder of the Island Offshore group
Marine Accurate Well (Maracc) – a stable platform? 31
Supply and demand balance
Source: Jupiter, Maracc, NPD, RS Platou Markets AS, Nor-Ocean Offshore AS, 2013.
USD 140m 9.5% second lien bond outstanding
Demand is set to outstrip rig supply on the Norwegian Continental Shelf (NCS)
More contracts to come for Maracc…
Declining LTV profile
Bondholder security improves over time due to rapid deleveraging of the senior bank facility
USD340m amortising 1st lien ranks ahead of bonds
Marine Accurate Well (Maracc) – a stable platform? 32
Floater Rig Day Rates
Source: Jupiter, Maracc, RS Platou Offshore, OSD-Petrodata, RS Platou Markets, 2013.
Barriers to entry for the NCS → fewer competitors, longer contracts and higher rates
Floater Rig Utilisation
NCS utilisation rates have been running at ~100% since 2005
Other markets are far more volatile
Norwegian Continental Shelf (NCS) is largely insulated from the international drilling market
UDW rigs in strong demand - Day rates back at record highs 33
Ultra deepwater rigs >7500 ft Ultra deepwater rigs >7500 ft day rates
Source: Mailto, Paretosec, 2013.
($/day) (Demand & supply) (Utilisation total %)
Agenda
Performance
Manager’s current thinking
Valuations – There are still some diamonds in the rough
Stock Examples
Portfolio Features
34
35
Jupiter Dynamic Bond Fund (SICAV) Portfolio breakdown
Jupiter Dynamic Bond Fund (SICAV)
Average rating BB+
Holdings in PIIGS: 6%*
Source: Jupiter as at 30.04.13. The fund manager has the power to use derivatives but it is intended that these will only be used for efficient portfolio management and not for investment purposes. *Source: Jupiter as at 02.05.13.
-30%-20%-10%
0%10%20%30%40%50%60%70%80%
Sovereign(long)
Sovereign(short)
High Yield InvestmentGrade
Cash
-15%-10%
-5%0%5%
10%15%20%25%30%35%40%
Uni
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Kin
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Far E
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x Ja
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Jupiter Dynamic Bond Fund (SICAV) 36
Top 10 holdings by issuer
Issuer %
Australia Government 4.75% 21/04/27 6.71
Mexican Bonos 5% 15/06/17 3.14
Australia Government 5.5% 21/04/23 2.32
Eksportfinans 5.5% 26/06/17 2.14
Punch Taverns 7.274% 15/04/22 2.11
Pagejaunes 8.875% 01/06/18 1.81
Lowell Group 10.75% 01/04/19 1.79
Unique Pub Finance 6.542% 30/03/21 1.58
Welltec 8% 01/02/19 1.44
Beazley Group 7.25% VRN 17/10/26 1.33
Source: Jupiter as at 30.04.13.
Portfolio features
Jupiter Dynamic Bond (SICAV)
37
Effective yield*: 5.86 % (gross basis)
Duration of portfolio**: 3 years
Invest in all parts of the ratings spectrum
Credit rating: BB+***
Fund manager tends to have a 10% limit in convertibles
*Source = HSBC, 08.04.13, EUR Institutional class. **Source = Jupiter 31.03.13. ***Source: Jupiter as at 30.04.13. Yields quoted are not guaranteed and may change in the future.
38
Portfolio features of the Jupiter Dynamic Bond (SICAV)
Change in duration since launch
Source: Jupiter, 30.04.13
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Year
s
Average duration
39
Strategic asset allocation since launch
Truly strategic. Exploiting opportunities across the ratings spectrum
Jupiter Dynamic Bond (SICAV)
Source: Jupiter as at 30.04.13. The fund manager has the power to use derivatives but it is intended that these will only be used for efficient portfolio management and not for investment purposes.
-40%
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120%
May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13
Sovereign (long) Sovereign (short) High Yield Investment Grade Cash
40
Strategic asset allocation since launch
Track record
UK-domiciled bond fund
Source: Jupiter as at 30.04.13. The fund manager has the power to use derivatives but it is intended that these will only be used for efficient portfolio management and not for investment purposes.
-60%
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Jun-08 Oct-08 Feb-09 Jun-09 Oct-09 Feb-10 Jun-10 Oct-10 Feb-11 Jun-11 Oct-11 Feb-12 Jun-12 Oct-12 Feb-13
Sovereign (long) Sovereign (short) High Yield Investment Grade Cash
41
Portfolio features of the UK-domiciled bond fund
Change in duration since launch
Source: Jupiter, 30.04.13.
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42
Jupiter Dynamic Bond Fund (SICAV)
Regional breakdown Credit rating breakdown
Source: Jupiter as at 30.04.13. *The fund manager has entered into short positions via bond futures with a notional value of €-99.35m (-24.11%) in order to hedge the Fund's interest rate and sovereign exposure to France, Germany and the United States. ** This includes unrealised gains made from currency hedges. FOR
Region %
United Kingdom 33.32
Europe 31.06
North America 9.71
Far East Ex Japan 9.03
South America 4.53
Eastern Europe 3.23
South Africa 1.92
Middle East 0.43
Total 93.23
Credit Rating Breakdown %
AAA 9.03
A 1.63
BBB 17.75
BB 19.59
B 27.82
CCC 5.26
D 0.32
NR 11.83
Sub Total 93.23
Unrealised Loss from Other Financial Instruments* -0.01
Cash** 6.78
Total 100.00
Appendix
44
Flexible Fixed Income strategy
Proven, experienced manager with award-winning track record
15 years experience in sovereign and credit markets
Joined Jupiter in June 1997 and has been a member of the Fixed Interest team since 1998
Launched a Global Strategic Bond strategy in 2008
Manages the fixed interest component of two UK-domiciled bond / equity funds
Qualified in Economics at Middlesex University
Ariel Bezalel Fixed Income Fund Manager Fund Management Director
AUM: €2.3bn*
*Source: Jupiter as at 31.03.13. Note: Years of experience as at 07.05.13. Past performance is no guide to the future.
45
Fixed Interest and Multi-Asset Team
*Source: Jupiter as at 31.03.13. Note: Years of experience as at 07.05.13. Past performance is no guide to the future. Note: Miles Geldard was recognised in the Sauren Awards with two gold medals in the convertibles category, two gold medals in the absolute return category and two gold medals in the multi strategy international category. Ariel Bezalel won the “Best Strategic Bond Fund Manager” at the Investment Week Fund Manager of the Year awards.
Ariel Bezalel Fixed Income
Fund Manager
15 years industry exp.
Hilary Blandy Fixed Income
Senior Credit Analyst
11 years industry exp.
Lee Manzi Multi-Asset
Fund Manager
15 years industry exp.
Miles Geldard Head of Team &
Fund Manager
30 years industry exp.
Nicole Weiss Fixed Income Credit Analyst
(Maternity leave)
13 years industry exp.
Rhys Petheram Fixed Income
Fund Manager
12 years industry exp.
Joseph Chapman Multi-Asset
Quantitative Analyst
2 years industry exp.
Total Assets: €3.7bn*
Michael Poole Specialist Dealer
9 years industry exp.
Steve Naish Specialist Dealer
27 years industry exp.
Convertibles Absolute Return
Luca Evangelisti Fixed Income Credit Analyst
5 years industry exp.
Harry Richards Fixed Income Credit Analyst
2 year industry exp.
46
Track record – UK-domiciled bond fund
Monthly returns since launch
Source: FE, bid to bid, net income reinvested in GBP 30.06.08 to 30.04.13. Fund launched 02.06.08. The fund manager has the power to use derivatives but it is intended that these will only be used for efficient portfolio management and not for investment purposes. Past performance is no guide to the future.
-8-7-6-5-4-3-2-101234567
Jun
08Ju
l 08
Aug
08
Sep
08O
ct 0
8N
ov 0
8D
ec 0
8Ja
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Feb
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ar 0
9A
pr 0
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ay 0
9Ju
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Jul 0
9A
ug 0
9Se
p 09
Oct
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09
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09
Jan
10Fe
b 10
Mar
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Apr
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May
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10Ju
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Sep
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0N
ov 1
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0Ja
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Feb
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ar 1
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pr 1
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ay 1
1Ju
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Jul 1
1A
ug 1
1Se
p 11
Oct
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11
Jan
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b 12
Mar
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Apr
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12
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ct 1
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2D
ec 1
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n 13
Feb
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ar 1
3A
pr 1
3
% G
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UK-domiciled bond fund Acc in GB IMA Sterling Strategic Bond TR in GB
47
Fund details
Luxembourg-domiciled UCITS SICAV, unsophisticated
Institutional and retail share classes – (minimum investment €10m and €1,000 respectively)
Daily dealing and pricing; cut-off at 1pm* (LUX time)
Settlement period: T+3
EUR-based fund with USD, GBP and CHF share classes (passive currency hedging)
Custodian – HSBC Securities Services (Luxembourg) S.A.
Benchmark: Barclays Capital Euro – Aggregate Corporate Index
Management fees: L Class 1.25%
I Class 0.50%
*We recommend that you submit orders before 12.45 in order to ensure that it is processed in time for the cut-off.
48
Class name and class currency Class L Euro
Class L US Dollar
Class L Sterling
Class L Swiss Franc Class I Euro
Class I Euro
Accumulation Class I US
Dollar Class I Sterling
Class I Swiss Franc
ISIN LU0459992896 LU0459992979 LU0459993191 LU0750223447 LU0750223520 LU0853555893 LU0750223876 LU0750223959 LU0750224098
WKN A0YC40 A0YC41 A0YC42 A1JUF3 A1JUF4 A1J8EU A1JUF5 A1JUF6 A1JUF7
Clearstream common code
45999289 45999297 45999319 000075022344 000075022352 85355589 000075022387 000075022395 000075022409
SEDOL B58YQ00 B56LFY0 B56LCL6 B7NFNX4 B7NFPD8 B92QYR3 B7NM443 B7NM4P4 B7NM8G3
Benchmark ticker code .BCPEACOR .BCPEACOR .BCPEACOR .BCPEACOR .BCPEACOR .BCPEACOR .BCPEACOR .BCPEACOR .BCPEACOR
Passive currency hedging
No Yes Yes Yes No No Yes Yes Yes
Source: Jupiter, 2012.
Jupiter Dynamic Bond Fund (SICAV)
Disclosure
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Jupiter Asset Management Limited (‘JAM’) is registered in England and Wales (no. 2036243). The registered office is 1 Grosvenor Place, London SW1X 7JJ. JAM is authorised and regulated by the Financial Conduct Authority whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS.
This presentation is intended for investment professionals and not for the benefit of private retail investors. However anyone attending the presentation or who has the opportunity to view the accompanying slides should bear in mind that the value of an investment in a unit trust and the income from it can go down as well as up. It may be affected by exchange rate variations and you may not get back the amount invested. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term. Quoted yields are not guaranteed. Past performance should not be seen as a guide to future performance.
Jupiter Dynamic Bond: The manager has the power to invest a significant proportion of the portfolio in high yield bonds (a type of bond with a low rating from a credit rating agency). While such bonds may offer a higher income the interest paid on them and their capital value is at greater risk, particularly during periods of changing market conditions. Due to the overall structure of the portfolio, the level of quarterly income payments will not be constant and will fluctuate. This Fund can invest more than 35% of its value in securities issued or guaranteed by an EEA state. The Key Investor Information Document (KIID) and Prospectus are available from Jupiter on request. The KIID is available from Jupiter on request in the following languages: English, Dutch, Finnish, Swedish, Portuguese, French and German.
For your security we may record or randomly monitor all telephone calls. If you are unsure of the suitability of an investment please contact your financial advisor. Any data or views given should not be construed as investment advice. Every effort is made to ensure the accuracy of the information but no assurance or warranties are given.