miami citywire conf oct 2013 v02
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Is the strategic case for EMD still intact?
October 2013
Thanos Papasavvas
Fixed Income and Currency Strategist
Thanos.Papasavvas@investecmail.com
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Global specialist asset manager
Investec Asset Management
● Founded in 1991 by current leadership
● Independently managed entity within
Investec Group
● Employees have direct equity
participation in the firm
● Origins are African – presence and
perspective is global
● Investment and Operational hubs in
London & Cape Town
● Client group teams in Africa, Americas
and Japan, Asia Pacific, Europe,
Middle East and the UK
● Over 760 employees*
● Approximately US$ 100 billion in assets
under management
Client group
Investments and Client group
As at 30 June 2013
* Permanent employees
Quarterly
AfricaClient group: 76
Investment professionals: 69
UKClient group: 26
Investment professionals: 85
Americas and JapanClient group: 18
Asia PacificAsia client group: 21
Australia client group: 5
EuropeClient group: 12
Middle EastClient group: 2
USD
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\IAM
INTRO\~Evidence\IAM Intro_evidence.xlsx\Firm AUM
Over 760 employees*
Region Staff
Client group: 26
Investment professionals: 85 Plus HK Dealer
Client group: 12
Client group: 76
Investment professionals: 67
Client group: 2
Asia client group: 21
Australia client group: 5 Plus Janaya
Client group: 18 Plus FIG
Americas and Japan
UK
Europe
Africa
Middle East
Asia Pacific
Jun 13Jun 13
USD US$100.7bn
Jun 13
Quarterly
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Global43%
Emerging Markets
57%
A focus on global and emerging market investing across asset
classes
• Developed Markets
• Emerging Markets
• Multi-Strategy
Fixed Income – US$32bn
• Global
• Regional
• Emerging Markets
• Frontier Markets
Equity – US$40bn
• Global
• Emerging Markets
• Income
Multi-Asset – US$17bn
• Commodities
• Private Equity
• Private Debt
Alternative – US$6bn
AUM by asset class
AUM by underlying asset
Figures reflect assets under management on a net sourced basis. A further US$6.3bn assets under
management are third party funds on advisory platform
Source: Investec Asset Management, as at 30 June 2013
Quarterly USD
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\IAM
INTRO\~Evidence\IAM Intro_evidence.xlsx\Asset Class_tables
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\IAM
INTRO\~Evidence\IAM Intro_evidence.xlsx\Asset Class_pies
Strategy by asset class $'m
Equity US$40.1bn
Fixed Income US$31.6bn
Multi-Asset US$17.2bn
Alternative US$5.7bn
Not Specified US$270.5m
Administration US$6.0bn
Footnote US$6.3bn
Equity42%
Fixed Income34%
Multi-Asset18%
Alternative6%
Jun 13
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Fixed Income mandate range reflects our skill set
Multi-Strategy Emerging Markets
Allocation & Credit Target Return
Global Bond
Global Strategic Income
Investment Grade
High Income
Rates & Currency Liquidity
Reserve Management
Managed Currency
Global Debt & Currency Emerging Markets Local Currency Debt
Emerging Markets Hard Currency Debt
Emerging Markets Blended Debt
Emerging Markets Corporate Debt
Emerging Markets Currency
Southern African Rates Money Market
Absolute Income
Dynamic Bond
Flexible Bond
Hedge
Frontier & African Credit Credit Income
Corporate Bond
Credit Opportunities
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EM Fixed Income Assets under management
● Increased assets significantly across different strategies
● Further $650 million
managed for internal
fixed income and multi-
asset portfolios
\\mercury.iam.corp.investec.com\gdrive\Depts\Marketing\Presentations\~MA
STER PITCHBOOKS\WORKING FILES\Emerging
Market - DO NOT USE\~Evidence\Emergin
INSTITUTIONAL MASTERS and Portfolio Review USD Update: Quarterly
Assets under
management
30 June 2013 $m
Emerging Markets Local Currency Debt 12,654
369
497
446
211
Global EMD subtotal2 13,994
9,924
Bond 2,830
Cash 5,955
Multi-Strategy 1,140
3,727
Credit Income 498
High Income 404
SA Credit Opportunities 2,826
Regional EMD subtotal 13,651
27,829
Emerging Markets Hard Currency Debt
Emerging Markets Corporate Debt
Emerging Markets Currency
SA Rates
SA & African Credit
Total
Emerging Markets Blended Debt1
Emerging Market Fixed Income Strategies
1. Emerging Markets Blended Debt includes a double count of assets held within Emerging Markets Local Currency Debt,
Emerging Markets Hard Currency Debt and Emerging Markets Corporate Debt strategies. 2. The total Global EMD subtotal AUM
removes the double count of these assets. Source: Investec Asset Management, as at 30 June 2013
Global outlook
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The US is close to stepping back from QE
Unemployment rate US Unemployment
● Unemployment will take time to reach its target, which Bernanke might still adjust
● With actual tightening still 2 years away
● Recent data has been relatively disappointing with the latest Non-Farm Payrolls number below
expectations
Source: St. Louis Fed
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…but this does not mean automatic rate hikes
Japanese National Consumer Price Index
● US in the 1930’s and two decades of Japan have shown that we can deal with inflation but not
deflation
Source: Japanese Ministry of Internal Affairs and Communication
-3
-2
-1
0
1
2
3
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13
Nat'l CPI year on year % change 2% Target
Bernanke’s worst nightmare: deflation
-2.50
-2.00
-1.50
-1.00
-0.50
0.00
0.50
1.00
1.50
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13
EU Inflation Composite US Inflation Composite
Japan Inflation Composite
US, Japan and EU Inflation Composites
(Normalised)
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Eurozone stability
● Merkel expected to form coalition government and enforce the restructuring programme
● ECB will continue to do whatever is necessary to ensure economic stability
● European PMIs continue to improve
US and EU Dataflow EU Dataflow v GDP growth
Source: Investec Asset Managment, Bloomberg
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China soft-landing
● New administration still targets growth rate of 7% - 7.5% by pursuing structural change
● US, UK, Eurozone and Japanese pick-up will be supportive
● Most recent Chinese data has shown improvements, Chinese equities are up 14% from June lows
Chinese activity indicators
Source: Bloomberg, UBS estimates, CEC, August 2013
Chinese equities have recovered
1900
2000
2100
2200
2300
2400
2500
2600
Nov-11 Mar-12 Aug-12 Dec-12 May-13 Sep-13
Shanghai Composite Index
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Manufacturing PMIs have recovered from August
● Purchasing Managers’ indices in EM rose to 51.6 on average
● Inflation remains well-behaved with falling food prices and moderate domestic demand offsetting
the affects of a slightly higher oil price and currency weakness
Manufacturing PMIs Seasonally Adjusted
40.0
45.0
50.0
55.0
60.0
Average
China
Hong Kong
India
Indonesia
Korea
Singapore
Taiwan
Thailand
VietnamCzech
Hungary
Poland
Russia
Israel
South Africa
Turkey
Brazil
Mexico
Post-Crisis Average
50
Current (Aug-13)
Previous Reading
Latin
America
CEE
Asia
MEA
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
Sep 10 Jun 11 Mar 12 Dec 12 Sep 13 Jul 14
CPI
CPI F'cst
EM Inflation Forecasts
Source: Investec Asset Management, September 2013
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Sources: Citi Research, Bloomberg, 22 July 2013
Associated responses to US and China GrowthAccumulated response (over 4 quarters) of EM growth to US and
China growth shocks
Mexico: Industrial Sector v US ISM
● US and China have similar effects on EM growth
● However, the US strength is enough to offset the Chinese slowdown
Accumulated response (over 4 quarters) of EM growth to US and China growth
shocks
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
1 SD shock to US growth rate 1 SD shock to China's growth rate
LatAm Asia EMEA
%
A Strong US Economy should turn this around
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Emerging market fundamentals remain strong
Cumulative current account differences plus FDIAs a percentage of final GDP, both leading up to the Asian financial crisis and more recently
● EM debt, both external and
foreign currency-
denominated, are lower now
● EM not as vulnerable as late
90’s as some suggest
Source: Moody’s, Investec Asset Management calculations, 2013
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0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13
Local EMD
Dollar EMD
Corp EMD
Developed Govt
EMD offers value vs. developed market bonds
● EM bonds have attractive yields of
5.7 – 6.6 % with low interest rate risk
● Spreads of 3.6 – 4.5% over developed
markets attractive
● Return vs. risk very attractive as interest
rate risk currently much lower in EM
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: JP Morgan, Bloomberg, 31 August 2013. *As at 19 September 2013
Bond yields EMD vs. Global*
Update
Monthly
Data from
Duncan / Julia
or Grant
Send excel file
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\GSF\GSF
EM Blended Debt Fund\~Evidence\EM Blended
evidence.xlsx\Bond yields
Local
EMD
Hard Currency
EMD
Corp
EMD
Developed
Govt
Yield 6.5 5.8 6.0 2.5
Duration 4.8 6.9 5.2 6.7
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Return estimates over three years
● Even under the scenario currently priced into
markets, Local EMD offers attractive returns
● The returns are driven by strong components
often overlooked:
1. Yield or accrued income
2. The roll down of the curve
3. Reinvesting matured bonds at higher yields
JPM GBI-EM (Local Currency Sovereign Debt) returns
Local Currency Bond Yield in three years' time
Annualised
Crncy Apprec. 7.00% 7.20% 7.40% 7.60% 7.80% 8.00% 8.20%
3.0% 10.1% 9.8% 9.5% 9.1% 8.8% 8.5% 8.2%
2.0% 9.1% 8.8% 8.5% 8.1% 7.8% 7.5% 7.2%
1.0% 8.1% 7.8% 7.5% 7.1% 6.8% 6.5% 6.2%
0.0% 7.1% 6.8% 6.5% 6.1% 5.8% 5.5% 5.2%
-1.0% 6.1% 5.8% 5.5% 5.1% 4.8% 4.5% 4.2%
-2.0% 5.1% 4.8% 4.5% 4.1% 3.8% 3.5% 3.2%
-3.0% 4.1% 3.8% 3.5% 3.1% 2.8% 2.5% 2.2%
-4.0% 3.1% 2.8% 2.5% 2.1% 1.8% 1.5% 1.2%
-5.0% 2.1% 1.8% 1.5% 1.1% 0.8% 0.5% 0.2%
BofAML US Govt Bond – three year forecast
10-year UST Yield in three years' time
3.3% 3.5% 3.7% 3.90% 4.1% 4.3% 4.5%
2.7% 2.5% 2.4% 2.2% 2.1% 1.9% 1.7%
Source: Investec Asset Management Calculations, JPMorgan, BofAML, Bloomberg, as at 17 September
Accessing Emerging Market Debt
EMD Strategic Case
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EM Blended Debt
Accessing the emerging market themes Key drivers and relationships
Source: Investec Asset Management
EM
them
es
Asset
cla
sses
Local
Currency
Debt
Hard
Currency
Debt
EM
Currencies
EM
Corporate
Debt
EM
Equities Commodities
Inflation
improvement
Fiscal policy
strength
BOP
strength
Growing
company
earnings
Corporate
balance
sheet
strength
Higher
productivity
Infrastructure
spend
Macroeconomic strength Aggregate demand growth
Page 18 | CONFIDENTIAL
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Global Emerging Market Fixed Income team
Emerging Markets team – November 2012 – Slide 1 of 2
Leah Parento – Utilities, Consumer &
Light Industrials
Peter Eerdmans –
Asia
Werner Gey van Pittius –
MEA & CIS
Antoon de Klerk – Africa
Sergey Bolshakov – Resources
Grant Webster – MEA & CISDuncan Ngandu –
Latam & CEE
Mark Evans –
Asia
Victoria Harling – Quasi-sovereign
Tammy Lloyd – Telecom, Real Estate
& Heavy Industrials
Investment Specialists – Sovereign & Currency
Investment Specialists – Corporate
Vivienne Taberer – Latam Michail Diamantopoulos – CEE
Strategy Leaders
5 Fixed Income & Currency Dealers
Julia PoszmikEMD Investment Support
Stacy Xie – Financials
Thanos PapasavvasFixed Income & Currency Strategist
Wilfred Wee* – Asia
*New joiner May 2013
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Our philosophy in managing local EMD
● Focus on bottom-up decisions:
− Top-down decisions and market-timing are notoriously difficult
− Much easier to add value in relative country and currency positions
● Cover all the bases, don’t get caught up in a single theme:
− Market very good at getting caught up in a single theme
− Much better to analyse wide range of factors so one can be contrarian and be prepared for the next theme
● Use a structured approach to unlock a wide range of opportunities:
− Use quantitative tools and detailed scorecards to provide discipline
− Separate the analysis on local currency bonds, hard currency bonds and currency
● Apply strong diversification through a disciplined portfolio construction process:
− The best way to manage and limit risk in the portfolio
− A wide range of independent ideas should lead to much more consistent alpha
Font size
requested by FM
Page 20 | CONFIDENTIAL
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Disciplined and repeatable process driven by bottom-up views
Portfolio built bottom-up, supplemented with top-down checks and balances
Top-down
Beta
discussion
Vigorous debate
unlocks insight
across Investec’s
investment teams
FINAL
PORTFOLIO
Structured approach
captures
experience and
controls risk
Fundamentals, valuation and
market behaviour
Disciplined approach based on
“Compelling Forces”, covering
wide range of factors
Bottom-up
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-0.16
-0.14
-0.13
-0.05
-0.05
-0.02
-0.01
-0.01
0.00
0.00
0.01
0.05
0.09
0.10
0.16
0.20
0.21
-0.40 -0.20 0.00 0.20 0.40
Indonesia
Malaysia
Colombia
Philippines
Nigeria
Romania
Peru
Turkey
Poland
South Africa
Hungary
Israel
Thailand
Chile
Brazil
Mexico
Russia
Total = +0.20
Latest Dynamic portfolio – active positions
Active duration positions Active currency positions
The portfolio may change significantly over a short period of time
Source: Investec Asset Management, 30 September 2013 Off-composite index positions
\\mercury.iam.corp.investec.com\gdrive\Depts\Marketing\Presentations\~MA
STER PITCHBOOKS\WORKING FILES\Emerging
Market - DO NOT USE\~Evidence\Emergin
Update: Monthly Dynamic
-6.09%
-5.03%
-4.99%
-4.97%
-2.52%
-2.51%
-2.12%
-1.94%
-0.13%
-0.03%
0.01%
0.01%
0.04%
0.14%
1.81%
1.93%
2.13%
3.82%
4.04%
4.20%
5.02%
-0.08 -0.06 -0.04 -0.02 0.00 0.02 0.04 0.06
Taiwan dollar
Singapore dollar
Israel shekel
Chile peso
Czech koruna
Malaysia ringgit
Colombia peso
Turkey lira
Peru nuevo sol
South Africa rand
Romania leu
Thailand baht
Philippines peso
Hungary forint
Nigeria Naira
Mexico peso
Poland zloty
Indonesia rupiah
Korea won
Brazil real
Russia ruble
Total = -7.17%
Page 22 | CONFIDENTIAL
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Update
Quarterly USD
Source: Investec Asset Management GIPS Report. Data to 30 September 2013
*GIPS compliant. **Composite inception date 31 July 2006
Performance would have been lower had management fees been included
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
2006 (Jul) 2007 2008 2009 2010 2011 2012 2013 (YTD)
EM Local Currency Debt Aggregate 10.9% 20.4% -7.1% 31.5% 16.7% -2.3% 18.3% -8.0%
JPMorgan GBI-EM Global Diversified Composite Unhedged10.9% 18.1% -5.2% 22.0% 15.7% -1.8% 16.8% -7.6%
Relative performance 0.0% 2.3% -1.9% 9.5% 1.0% -0.5% 1.5% -0.5%
Investec Emerging Markets Local Currency Debt (Aggregate)Performance track record
Annualised (Gross) performance in USD*Annual (Gross) performance in USD*
-0.7%
-8.0%
-3.9%
2.1%
8.8%10.3%
-0.4%
-7.6%
-3.7%
1.8%
7.3%9.0%
-10%
-5%
0%
5%
10%
15%
3 months YTD 1 year 3 years p.a.
5 years p.a.
Since Inception
p.a.**
EM Local Currency Debt Aggregate
JPMorgan GBI-EM Global Diversif ied Composite Unhedged
-15%-10%-5%0%5%
10%15%20%25%30%35%
2006 (Jul)
2007 2008 2009 2010 2011 2012 2013 (YTD)
EM Local Currency Debt Aggregate
JPMorgan GBI-EM Global Diversif ied Composite Unhedged
Page 23 | CONFIDENTIAL
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Update
Monthly Data provided by
Mark E
Use TAB:
attribution by month
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\GSF\GSF
EM Local Currency Debt Fund\~Evidence\EMD Graphs.xlsx\attribution
Bottom 5 contributors Contribution (ann)
Indonesia -0.10%
Poland -0.07%
Czech -0.07%
Slovakia -0.07%
India -0.05%
Top 5 contributors Contribution (ann)
Russia 0.25%
Turkey 0.21%
Brazil 0.18%
South korea 0.17%
Israel 0.17%
-1.0%
-0.5%
0%
0.5%
1.0%
1.5%
2.0%
FX Beta Currency selection
Duration Beta
Country selection
Curve &issue
selection
Dollar sov debt
Credit Admin* Total
Emerging Markets Local Currency DebtPerformance attribution
Major alpha sources
(relative % contribution since inception)
Positive contributions from the key bottom-up alpha sourcesPast performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Investec Asset Management
Attribution for Emerging Market Local Currency Debt Aggregate composite,
based on actual positions and end-of-day prices. From 31 July 2006 to 30 September 2013
*Admin includes taxes, transaction costs, timing and methodology
Currency Local Debt Other
\\mercury.iam.corp.investec.com\gdrive\Depts\Marketing\Presentations\~MA
STER PITCHBOOKS\WORKING FILES\Emerging
Market - DO NOT USE\~Evidence\Emergin
Update: Monthly EMD but not the 2 currency funds
Page 24 | CONFIDENTIAL
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Why Investec Asset Management?
● Our emerging market roots give us insight into the drivers of emerging markets
● Tried and tested local bond and global currency processes
● Experienced professionals focused on local bond and currency markets
● Bottom-up process aims to generates consistent long/short alpha
● Systematic top-down review of portfolio biases
● We will limit capacity if necessary to preserve alpha opportunities
A passionate team to capture the EM opportunity
Thank you www.investecassetmanagement.com
Page 26 | CONFIDENTIAL
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Important information
It should be noted that emerging markets may have less developed political, economic and legal systems therefore these markets carry a higher
than average risk of investment and capital loss.
This communication is not for general public distribution. If you are a private investor and receive it as part of a general circulation, please contact us at +44
(0)20 7597 1900. The value of this investment, and any income generated from it, will be affected by changes in interest rates, general market conditions
and other political, social and economic developments, as well as by specific matters relating to the assets in which it invests. The Fund’s investment
objective will not necessarily be achieved and investors are not certain to make profits; losses may be made. The Fund may invest more than 35% of its
assets in securities issued or guaranteed by an EEA state. Past performance should not be taken as a guide to the future. Performance would be lower had
initial charges been included and will vary between different share classes dependant upon their applicable charges. Returns to individual investors will vary
in accordance with their personal tax status and tax domicile.
All the information contained in this communication is believed to be reliable but may be inaccurate or incomplete. Any opinions stated are honestly held but
are not guaranteed and should not be relied upon. This is not a buy, sell or hold recommendation for any particular security. The portfolio may change
significantly over a short period of time.
Please note that as the Emerging Markets Local Currency Debt Fund’s expenses are charged to capital, this has the effect of increasing the Fund’s
distribution (which may be taxable) and constraining its capital performance to an equivalent extent.
This communication is provided for general information only. It is not an invitation to make an investment nor does it constitute an offer for sale. The full
documentation that should be considered before making an investment, including the Prospectus and Key Investor Information Documents, which set out
the fund specific risks, is available from Investec Asset Management.
This communication should not be distributed to private customers who are resident in countries where the Fund is not registered for sale or in any other
circumstances where its distribution is not authorised or is unlawful. Please visit www.investecassetmanagement.com/registrations to check registrations by
country. For Funds registered in Switzerland, the Prospectus, Key Investor Information Documents and Report & Accounts may be obtained free of charge
from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Badenerstrasse 567, P.O. Box 101, CH-8066 Zurich.
In the USA, this communication should only be read by institutional investors, professional financial advisers and, at their exclusive discretion, their eligible
clients, but must not be distributed to US Persons.
THIS INVESTMENT IS NOT FOR SALE TO US PERSONS.
Telephone calls may be recorded for training and quality assurance purposes. Issued by Investec Asset Management Limited, which is authorised and
regulated by the Financial Conduct Authority, October 2013.
Page 27 | CONFIDENTIAL
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Composite disclosure
EMLCD Aggregate
Align top
Align left
C o mpo site: Emerging M arkets Lo cal C urrency D ebt (A ggregate)
A s o f: 30-Sep-2013
C o mpliance Statement
Investec Asset M anagement (IAM ) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Investec Asset M anagement has
been independently verified for the periods 01-Jan-2000 to 31-Dec-2011.The verification reports are available upon request.
Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present
performance in compliance with the GIPS standards.Verification does not ensure the accuracy of any specific composite presentation.
D efinit io n o f the F irm
For the purposes of GIPS®, the firm is defined as including all institutional and retail assets managed by the London entity of Investec Asset M anagement (IAM ).
C o mpo site D escript io n
Local currency emerging market debt, excluding tailored mandates, run against the JP M organ GBI-EM Global Diversified benchmark, targeting gross outperformance of between 1% and 4% over ro lling 3-year windows, regardless of
universe. Aggregate of Broad and Dynamic composites.
P erfo rmance
Performance stated as gross, is gross of investment management fees and where appropriate, portfo lio net of fees returns have been grossed up using their respective Total Expense Ratios. Performance stated as net, is net of the
highest standard institutional segregated portfo lio management fee shown below.Both gross and net performance are shown net of all trading expenses.All portfo lio returns are calculated net of irrecoverable tax and gross of
recoverable tax on income and capital gains, and the calculation is based on the assumption that tax is deducted from income on the ex-dividend date.
Additional information regarding the firm's policies for valuing portfo lios, calculating performance and preparing compliant presentations are available upon request.
C urrency
The currency used to report performance for this composite is as denoted on the accompanying Composite Performance Results report.
D erivat ives D isclo sure
Portfo lios in this composite regularly use bond futures, interest rate swaps, credit linked notes and fx forwards to explo it investment opportunities in emerging markets. M aximum exposure (and therefore implicit leverage) is contro lled by
a VAR limit.
D ispersio n
Dispersion is calculated as the asset weighted standard deviation of all constituent portfo lios that were included in the composite for the entire year. If a composite consists of less than five portfo lios, no measure of dispersion is
presented.
Ex-P o st Standard D eviat io n
The three year annualised standard deviation measures the variability of the composite and benchmark returns over the preceding 36 month period.Standard deviation measures are not shown where there are less than 36 monthly
observations available.
M anagement F ees
The management fee for this composite is based the highest standard institutional segregated portfo lio management fee which is 0.75% per annum.
C o mpo site C reat io n D ate
This composite was created on 01-M ar-2011.
A full composite list with descriptions is available upon request.
C o mpo site Inceptio n D ate
The inception date for this composite is 31-Jul-2006
Page 28 | CONFIDENTIAL
14873
Composite disclosure
Year
Composite
Return
Benchmark
Return
Composite 3-Yr
Ann St Dev
Benchmark 3-Yr
Ann St Dev
Number of
Portfolios
(*throughout
period) Dispersion
Market Value at
end of Period
Percentage of
Firm Assets Total Firm Assets
2013 (Aug) -8.05% -7.56% 13.45% 13.12% 15 (13) 0.41% 10,360,778,335
2012 18.30% 16.76% 13.12% 12.59% 14 (10) 0.33% 10,905,522,842 17.66% 61,748,125,093
2011 -2.27% -1.75% 14.01% 13.37% 10 (7) 0.45% 6,528,109,391 13.38% 48,804,774,923
2010 16.66% 15.68% 17.55% 15.82% 5 (2) N/A 4,911,421,443 11.45% 42,897,339,433
2009 31.47% 21.98% 17.09% 15.22% <5 N/A 905,087,311 3.04% 29,788,291,172
2008 -7.09% -5.22% N/A N/A <5 N/A 148,678,679 0.74% 20,090,966,300
2007 20.39% 18.11% N/A N/A <5 N/A 65,349,749 0.21% 30,599,090,684
2006 (Aug) 10.89% 10.91% N/A N/A <5 N/A 23,049,882 0.10% 23,778,330,870
Gross Returns as of: 30-Sep-2013
Firm: IIM London
Composite Performance Results
Composite: Emerging Markets Local Currency Debt (Aggregate)
Benchmark: JPMorgan GBI-EM Global Diversified Composite Unhedged
Base Currency: US Dollar
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