asset management january 2020 · a brand-new pack of services addressed to high-performing athletes...

Asset Management

January 2020

GWL

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About Us

Founded in 2008, GWL is an independent and globally diverseAsset Management Firm.

GWL applies a disciplined approach to delivering OptimizedSolutions and Investment Management Products & Services,based on fundamental, quantitative, alternative and state-of-the-art techniques, addressing high-net-worth businesses,institutional investors and individuals.n 1957, AGF Management Limited is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses.

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Asset Management since 1992

2Global Asset Management

Our History

1992-1997: XiosBank (currently Piraeus Bank)- Private Clients Portfolio Management- XiosInvest International Funds Co., Luxembourg1997-2006: ABN Amro Asset Management- Private Clients Discretionary Portfolios- Mutual Funds Management Co.2006 – 2008: ABN Amro Bank - Asset Management Co.- Private Clients Discretionary- Select Investment Portfolios – 15 types2008 – Present: GWL Swiss Asset Management- GWL Asset Management AG- Global Equity Fund (Nassau)


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GWL - The Website

www.gwlam.com

Discretionary Advisory Digitization

Individual Clients Development Strategies

Discretionary

Tactical Allocation

Institutionals Fund Investing

Foundations Execution

Investment Companies Reporting

Funds

Asset Management

Asset Acquisitions Technology GroupInvestment Allocation Process

LegalCompliance

Audit

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Organogram

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GWLAsset Management

We help chart a path to financial health

We are a Global Investments Manager

We provide Investment Solutions for every need

We simplify a complex world

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Products

GWL’s Approach: Increase Consistency and Optimize Returns

Forecast: Long-term Strategic Asset Allocation

Outlook for each asset classDetailed review of capital markets and economic environmentFirm-wide survey of investment professionalsForecast views are established- Forecast views are incorporated in optimization- Desirable asset mixes are selected

Managed SolutionsAsset AllocationRisk ManagementProduct SolutionsSports DeskYoung Professionals

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Sports Desk

A brand-new pack of services addressed to high-performing athletes of domestic and international profile, meeting their present and future investment and financial needs.

Investment and Financial Services addressed to Athletes

Services include:• The Career Cycle• From a promising athlete to championship to stardom

to maturity to family to an alternative business / pension

• Investments in Real Estate• Own Business• Financing Family Wealth distribution matters• Taxation & Tax Planning• Estate Planning• Trusts, Foundations, etc.

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Young Professionals

Services and Products addressed to young professionals and start-ups with growth potential, meeting their present and future investment and financial needs.

Young Professionals and Start-ups Investment and Financial Services addressed to Young Professionals and Start-ups

• The Career Cycle• The Company Cycle: From a startup to maturity to market

leader to family to selling/merge the business / pension

finance.Insights provide advisors and investors with relevant, thoughtful and timely insights from AGF's leading financial minds.

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Services & Pricing

Discretionary Portfolio ManagementFoundation & Trust ServicesGlobal FundsPricing Policy: the most competitive in the market in Asset

Management and participation in Specialized InvestmentProductsIndividuals: according to strategy and selected products of the

most distinguished international investment houses inconjunction with the banking products and services of the SwissBanking Institution

Institutional: Foundations, Trusts, Global Equity Fund

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Equities

For nearly two decades, our overall goal has been to build compelling and repeatable investments,that are highly diversified across signals and regions, and within a risk-controlled framework.

We apply this systematic approach across our strategies, catering to the widespread investment needs of our clients.

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Fixed Income

We aim to generate consistent outperformance bysystematically applying investment themes across securities.

We believe that a multi-factor investment approach, harnessingunderlying drivers of performance, will generate excess returnsthat are uncorrelated to other asset classes as well astraditional fixed income managers.

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Investment Process

Fundamental InvestingWe rely on sound economic theory and analysis to help usdeliver long-term, repeatable results.

Systematically AppliedA disciplined methodology underlies everything we do. Ourinvestment process, built over 20 years, is based on acontinuous process of design, refine, test, repeat.

Monitor: Tactical & Strategic Asset AllocationWeekly meetings and real-time monitoringReview of capital markets and portfoliosAnalysis of underlying fundsAsset class signpost review

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Outline of the Investment Process (I)

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Outline of the Investment Process

UtilityFunctions

Risk Tolerance Investment Horizon Tax Status

Aversion

Tax Code

The Client

Views on

Markets

Asset Allocation Views on• Inflation • Rates• Growth

The Portfolio Manager’s Job

Countries:

Securities Selection

Which Stocks? Which Bonds? Which Real Assets?

Private Information

Trading Speed

Valuation based on:

Cash flowsCorporations

Technicals

Trading Costs:

• Commissions• Bid-Ask Spread• Price Impact

Asset ClassesStocks Bonds Real Assets

Domestic Non-Domestic

Execution• How often do you trade?• How large are your trades?• Did you use derrivativesto manage or enhance risk?

Risk & Return:• Measuring risk• Effects of

diversification

Market efficiency:- Can you beat

the Market?

Trading Systeme:

How does trading affect prices?

Market Timing

Performance Evaluation1. How much risk did the Prtfolio Manager take?2. What return did the Portfolio Manager make?3. Did the portfolio Manager underperform or outperform?

Stock Selection

Risk Models:§ VAR§ MONTE CARLO§ CAPM§ APM

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Global Asset Management

Outline of the Investment Process (II)

Risk Management (I)

Enhanced Risk Management The GWL Asset Allocation Committee (Committee) consists of senior investment professionals, who provide ongoing Asset Allocation and Risk Managementto GWL Portfolios Management each quarter.

The Committee meets to:Analyze and assess the macroeconomic environment and capital marketsForecast returns and identify market risksDetermine Asset Allocation Strategies and provide recommendations to allocate across bonds and equities

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Risk Management (II)

Each GWL Portfolio is rebalanced – based on Strategy andindividual limitations and criteria - to capitalize on long-term,strategic opportunities, while through the use of e.g. ETFs,the Portfolios are able to facilitate a shorter-term, tacticalapproach to asset allocation, aiming to maximize returns,while taking on an appropriate amount of risk.

Active Management = Better Risk - Adjusted Returns

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World stock market returns in local currency

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Asset class and style returns in local currency

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Efficient Frontier & GWL PortfoliosGWL Portfolios – Offer built-in, multi-layers diversification with ongoing monitoring designed to minimize risk and provide more consistent returns.

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GWL Portfolios

Six distinct portfolios aligned against investors’ objectives, time horizons and risk expectations. Each portfolio optimally constructed, combining a blendof equity, balanced and fixed-income funds, different styles and exposure to economic sectors to afford maximum diversificationin one simple and actively managed solution.

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Investment Profile for the Asset Management Agreement (I)

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Investment Profile for the Asset Management Agreement (II)

Global Asset Management 24

Portfolio Returns vs. Indices2003 -2006

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4 Years

2003-2006

Europe (EUR) 6,34% 6,52% 7,92% 3,86% 26,96%

MSCI Europe (Bond) 23,50% 15,82% -7,90% 11,87% 47,37%

USA (USD) 18,12% 7,80% 3,04% 9,85% 44,13%

MSCI North America (Bond) 4,47% 4,59% 3,43% 3,24% 16,67%

Europe (EUR) 17,30% 10,12% 32,88% 13,79% 95,31%

MSCI Europe (Bond) 17,03% 9,60% 22,31% 16,35% 82,53%

USA (USD) 41,34% 10,90% 10,96% 19,10% 107,15%

Dow Jones 25,32% 3,14% -0,50% 16,29% 49,56%

Equity

Retrurns of Investment PortfoliosInvestment Portfolios

Index Returns vs. Benchmark (in white)2003 2004 2005 2006

Fixed

Income


Investment Portfolio Returns

1998-2006

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Total Annualized Volatility Info Ratio

1998-2006

50% Equities

50% Bonds

60% Equities

40% Bonds

70% Equities

30% Bonds

3Yrs 5Yrs

Asset Management of Investment Portfolios

4.41

3.7% 11.6%

4.0% 12.6%

Allocation 1M 3M 6M 1Yr

17.37% 70.35 4.59

17.6% 21.8% 67.6% 106.5% 437.5% 20.55% 99.22

32.0% 107.4% 8.44% 41.26 2.60

16.2% 20.0% 60.2% 186.9% 322.7%

Passive

Investment

Active

Investment

Returns

3.0% 9.4% 12.9% 15.6% 44.3%


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Indices

Return Volatility Return Volatility

MS Euro 23,83% 13,93 -15,71% 22,1

Annual Return 3,40% -4,36%

MS Europe 27,34% 12,87 -16,08% 21,16

Annual Return 3,90% -4,47%

Managed Portfolios

Total Return

Annual Return 8,23% 5,96%

1999-2006 2007-2010

Investment Portfolio returns vs. Indices

1999-2010

61,80% 10,7 17,88% 21,95

Investment Portfolio Returns


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Russell Eurozone Index

MS Europe

Annual Return 2,8%

6,9%

5,3%

Managed Portfolios

Total Return

Annual Return

3,3%

1,1%

2,3%

1,7%

8,5%

4,75%

14,25%

MS Euro

Average Return

Average Return

Average Return

Russell Dv. Europe L. Cap Index

Comparative Returns

2011-2013

2011-2013

Investment Portfolio vs. Indices

Indices

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3-Year Return (Ref. Index)

5-Year Return (Ref. Index)

Managed Portfolio

Managed Portfolio 10,90%

Russell Dv. Europe L. Cap Index 9,98%

27,56%


3,10%


3,61%

Comparative Returns

Investment Portfolio vs. Reference Index

2014-2017

Index vs Portfolio 2014-2017

1-Year Return (Ref. Index) 10,49%

The Portfolios & World Equity Fund vs

The Harvard Endowment FundInvestment Performance 2006-2017

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60

70

80

90

100

110

120

130

140

150

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

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Global & Income Investing

Global InvestingStay on the right side of change with a global investment approach.As investors retreat in the face of uncertainty, we're exploringnew growth opportunities around the world

Overcoming UncertaintyProtecting future income and growth with a global perspectiveFixed Income Portfolios – Annual Returns

nvestStay on the right side of change with a global investment approach.

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Calculation of Returns with in-between Deposits

during the Investment Period

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GWL Newsletters - Insights

Expert commentary on news, investing, markets and finance.Insights provide advisors and investors with relevant, thoughtfuland timely insights from GWL’s experts.commentary on news, investing, markets and finance.

Insights provide advisors and investors with relevant, thoughtful and timely insights from AGF's leading financial minds.

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The Landmarks of Key Investment Decisions • Strategy (1)

1992-1997: Fixed Income (Laddered) Portfolio ManagementGreek State Bonds AAR: +7% over Greek State Treasuries

1993-1996: Investments in Internet Stocks (AOL: $2.5 - $67)

1997-1999: Investments on the ASE ABN AMRO-GR MF Ranked #1) Avg. Ann. Ret: +100%

2000-2003: Retained all positions in Greek Stocks, Investments in ABN AMRO’s EM Bond & Hedge FundsAverage Annual Return: +35%

2003-2007: Investments in EM Equity Funds, US Tech, Greek StocksAvg. Annual Return: 28%

November 2007: 90% Liquidation of Equity Positions except ORACLE, Apple ($80-350), BAIDU($76-140)

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2003-2007: Investments in EM Equity Funds, US Tech, Greek StocksAvg. Annual Return: 28%

November 2007: 90% Liquidation of Equity Positionsexcept ORACLE, Apple ($80-350), BAIDU($76-140)

2008-2009: 90% Liquidity in Time Deposits Average Annual Return: 5%

2009: 80% Equity Investments2010-2011: Investments in Precious Metals

(Gold: $900, Silver: $22)

Q2_2012: Launching of the GWL Global Equity Fund

August 2012: Overweight in Equities: Internet Stocks up to 50%

May 2014: Pro-Dollar View for a long-term rise (5/2014 €/$: 1.35–11/2016: 1.04)

November 2016: Change in Political Environment: 100% Equities invested in the USA,

Sector Allocation: 50%: Technology, 30% Banks, 15% EM - 0% Bonds GWL

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The GWL Landmarks of Key Investment Decisions • Strategy (2)

GWL Asset ManagementManaged Funds

Managed Funds

World Equity Fund

Strategic Equity Allocation Fund

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GWL Asset ManagementWorld Equity Fund

Fund Overview

The GWL World Equity Fund Ltd is an open-end Fundincorporated in the Bahamas. The Fund's investment objective isto achieve long-term capital appreciation. The Fund Intends toinvest primarily in listed equities and other global relatedsecurities (BBGID BBG0036G41N9)

Share class: Institutional ISIN BSP502281087The Fund invests, under normal circumstances, at least 80% of its

net assets plus any borrowings for investment purposes(measured at time of purchase) ("net assets") in equityinvestments, mostly in "Global Prospect View" companies.Although it invests primarily in publicly traded U.S. securities, theFund may invest up to 25% of its total assets measured at the timeof purchase ("total assets") in foreign securities, includingsecurities of issuers in countries with emerging markets oreconomies ("emerging countries") and securities quoted in foreigncurrencies.

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The GWL Asset ManagementWorld Equity Fund

July 2018

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The GWL Asset ManagementWorld Equity FundAug 2012 - July 2018

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Mar 2017-2018

39

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2018-2019

40

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Aug 2012 – July 2018

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GWL Asset Management Strategic Equity Allocation Fund

Fund Overview

Is an open-end fund. The Fund’s investment objective is toachieve long-term capital appreciation through strategic andtactical allocation in World markets with primary focus in the US.Share class: Institutional ISIN BSP8781F1070The fund allocates its invested capital within market sectors

primarily in US equities by actively allocating among the differentsectors, indexing (long or short) and cash.

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Business Plan

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Prospects

• Expansion of assets will come through:

• New clientele• Greece´s abolishment of capital controls bring more assets to Wealth Management Industry• Increase of assets of existing clientele• 2 Mutual Funds have outperformed benchmarks being the best “word of mouth” in

attracting assets• Already in talks for 2 new Trusts and Foundations• Attractive Fiduciary Deposit rates are the key in attracting deposits from existing traditional

commercial banks• Extra service concerning active management in total Wealth providing multiple solutions

GWL Our Contribution to the

Highest Degrees of Education

Sponsored Dissertations: • LSE, Propriatory Systems in Tactical Assets Allocation,

‘Optimizing the Weight Allocation Procedure in Dynamic Portfolio Management’

• Imperial College Business School, MBA Thesis: ‘Development of Digitalization Strategy for an Asset Management Firm – The Case of GWL Asset Management AG’

GWL Contact Information – Telephone Directory

Switzerland OfficesAddress: Global Wealth Asset Management AG – Churerstrasse 20, 8808 Pfaeffikon SZ, SwitzerlandTelephone Center - Switchboard: +41 55 417 04 71 Telephone Mobile: +41 78 920 52 64Banking and Custodian: UBS, EFG Bank, Zurich, Switzerland, EFG Nassau.

Information CenterAddress: Kolonaki Square, 21 Filikis Etairias Street - BS - 5th Floor, GR-106 73 AthensTelephone Center – Secretariat - Main: +30 210 3646 609 Fax: +30 210 3646 610 Information Desk: +30 210 3646 607Support: +30 210 3623 846Other Lines: +30 210 8947 105, +30 210 9611 814, +30 210 89 47 105

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asset management january 2020 · a brand-new pack of services addressed to high-performing athletes...

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