Post on 14-Apr-2017
Performance creates trust
Vontobel Asset Management
For institutional investors use only / not for public viewing or distribution
Bonos de Alta Rentabilidad: Retornos elevados y un riesgoasumible
David Walls
October 2015
For institutional investors use only / not for public viewing or distribution
Sumario
August 2015
Slide 2
Los cupones altos generan beneficios
El analísis de crédito reduce los riesgos
Un enfoque flexible y global añade valor
For institutional investors use only / not for public viewing or distribution
Históricamente, retornos superiores con una volatilidad más bajaque la renta variable
Retorno total de un índice 50/50 Europa/EEUU (anualizado, divisa local)
1
Period: 10 years to December 20144
Source: Vontobel, Bloomberg, Merrill Lynch. Past performance is no guide to current or future performance.
0
50
100
150
200
250
Dec-04 Dec-06 Dec-08 Dec-10 Dec-12 Dec-14
Total return, rebased to 100
High yield bonds Equities Investment grade bonds Government bonds
Retorno Volatilidad
11.2%7.9%
15.6%6.8%
4.5%5.1%4.5%4.8%
Page 3
For institutional investors use only / not for public viewing or distribution
Componente óptimo para una cartera diversificada
Rentabilidad-riesgo(1998-Jul2015)
Source: Vontobel, Bloomberg, Merrill Lynch.
Past performance is no guide to current or future performance.
Page 4
Alta Rentabilidad, en la frontera eficiente
US Small Cap
Commodities
S&P 500
Index
US Corp
Global Corp
Global High
Yield
Euro Govt
US treasury
Index_ML
4%
5%
6%
7%
8%
9%
10%
0% 5% 10% 15% 20% 25%
An
nu
al
retu
rn
Annual standard deviation
4.5%
5.0%
5.5%
6.0%
6.5%
3.0% 4.0% 5.0% 6.0% 7.0%
An
nu
al
retu
rn
Annual standard deviation
74% High Yield
26% Treasury
0 % High Yield
100% Treasury
22% High Yield
78% Treasury
High Yield: Merrill Lynch Global High Yield Index, Treasury: JPM GBI US Index
Period: 1998-Jul2015.
For institutional investors use only / not for public viewing or distribution
Aportación media a la rentabilidad anual durante los dos últimos ciclos de crédito
Cupones altos, una fuente constante y fiable de retornos positivos
� El cupón es el principal
contribuyente al retorno total del los
bonos de Alto Rendimiento
� Los impagos crean pérdidas
permanentes y deben evitarse
� La revalorización del precio puede
generar retornos positivos, pero son
menos consistentes que aquellos que
ofrece el cupón
August 2015
Slide 5
Source: Vontobel, Merrill Lynch, Moody’s. Data covers the period from 2000 to 2014. Past performance is no guide to current or future performance.
Retorno
Total
8.2%
Revalorización
del precio
3.4%
Pérdidas
por
impago
-3.8%
Cupón
8.6%
+ + =
For institutional investors use only / not for public viewing or distribution
Analísis de crédito: evitar la devaluación del crédito y los impagos
August 2015
Slide 6
Diferenciación
Cash-flows
Analísis riguroso y
seguimiento constante, de
los emisores de deuda y de los factores cualitativos
Liquidez
Estructura de capital
Impulsoressectoriales
For institutional investors use only / not for public viewing or distribution
Impulsores sectoriales
August 2015
Slide 7
Estructural
Cíclico
Competencia
For institutional investors use only / not for public viewing or distribution
Diferenciación
August 2015
Slide 8
� ¿Qué diferencia a las compañías sostenibles frente a la competencia?
For institutional investors use only / not for public viewing or distribution
Cash-flow
August 2015
Slide 9
Estabilidad y visibilidad
Despliegue
USD
mm
EUR m
m
For institutional investors use only / not for public viewing or distribution
Liquidez
August 2015
Slide 10
� Disponibilidad
� Confianza
� Flexibilidad
For institutional investors use only / not for public viewing or distribution
Estructura de capital
August 2015
Slide 11
¿La estructura de capital casa con el modelo de negocio y
el cash-flow esperado?
For institutional investors use only / not for public viewing or distribution
Mercado de Alta Rentabilidad que mejor ha rendido, U.E vs. EEUU (Diferencia en retorno anual)
� Las valoraciones en diferentes
segmentos del mercado de alto
rendimiento no siempre reflejan los
análisis fundamentales
� Los inversores con un mandato
flexible y global pueden
aprovecharse de estas distorsiones
� La capacidad para identificar e
invertir en los segmentos más
atractivos del mercado mundial de
bonos de alto rendimiento
August 2015
Slide 12
Source: Vontobel Asset Management, Bloomberg. Past performance is no guide to current or future performance.
El enfoque de una inversión flexible y global, una propuesta con valor añadido
1%
12%
5%
16%
7%
1%
4% 4%
2%3%
5%
23%
1%
7%
13%
3% 3%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
For institutional investors use only / not for public viewing or distribution
Las diferencias en la distribución por sectores de referencia entre Estados Unidos y Europa
� Ventajas del enfoque global para
una buena selección sectorial
� Las diferencias sectoriales
inherentes a los índices
proporcionan una ventaja para los
inversores con flexibilidad
geográfica, ya que pueden
beneficiarse de las obligaciones
sectoriales del resto de inversores
con índices estándar
August 2015
Slide 13
Source: Vontobel Asset Management, Bloomberg. Past performance is no guide to current or future performance.
El enfoque de una inversión flexible y global, una propuesta con valor añadido
-25
-20
-15
-10
-5
0
5
10
15
Energy
Hea
lthca
re
Finan
cial Service
s
Tech
nology & Electronics
Med
ia
Leisure
Retail
Rea
l Estate
Consu
mer Goods
Services
Tran
sportation
Basic Industry
Capital Goods
Utility
Teleco
mmunications
Insu
rance
Automotive
Ban
king
Industries with higher weight in US HY index
Industries with higher weight in Euro HY index
Difference
in perce
ntagepoints
For institutional investors use only / not for public viewing or distribution
Manteniendo la flexibilidad de la cartera
� Liquidez del trading muy
disminuida
� Vender en el momento
adecuado es tan importante
cómo la selección del fondo
� La cartera debe estarconstruida de tal manera queel cierre de una posiciónpueda hacerse de manerarápida y líquida
Source: Citi, November 2013
Entrada sin salida
Page 14
For institutional investors use only / not for public viewing or distribution
Conclusiones
August 2015
Slide 15
El cupón es un canalizador de retornos,constantes, con una media del 8,6% anual desdeel año 2000
El análisis de crédito es la clave para evitar la devaluación del crédito y los impagos
Un enfoque flexible y global añade valor
For institutional investors use only / not for public viewing or distribution
Gráfica de rendimiento frente a índice y competidores
Rendimiento del fondo Vontobel High Yield Bond (hasta Septiembre de 2015, Clase Retail)
Past performance is no guide to future performance. Source: Morningstar, Vontobel.
100
105
110
115
120
125
130
Jun
12
Au
g 1
2
Okt
12
De
z 1
2
Fe
b 1
3
Ap
r 1
3
Jun
13
Au
g 1
3
Okt
13
De
z 1
3
Fe
b 1
4
Ap
r 1
4
Jun
14
Au
g 1
4
Okt
14
De
z 1
4
Fe
b 1
5
Ap
r 1
5
Jun
15
Au
g 1
5
Okt
15
Robeco Capital Growth Funds -
Vontobel Fund - High Yield Bond
Vontobel Benchmark
Merrill Lynch Global HY Index
October 2015
Slide 16
Peer group
Peer high
Peer low
For institutional investors use only / not for public viewing or distribution
Historial
Amplio historial del equipo de bonos de Alto Rendimiento
¿Qué nos hace especiales?
Rentabilidad bruta indexada
� Enfoque estilo “Boutique”- Búsqueda cuidadosa- Selección de crédito fiable- Actuar rapidamente- Gestión activa del riesgo- Liquidez
� Un fondo flexible y global- Alocación en los segmentos más
atractivos del mercado de bonos de Alta Rentabilidad
� Grupo de especialistas en Alta Rentabilidad- Experiencia en búsqueda, gestión de
carteras y “trading”- Especialistas en Europa y en EEUU
Descripción El fondo se compone de todas las clases
de fondos de acciones con una
estrategia de inversión en bonos de Alta
Rentabilidad
ReferenciaMerrill Lynch Customized High Yield 50%
EUR 50% USD Hedged
Divisa EUR
Fecha de lanzamiento
1.7.2012
Periodo 1.7.2012 – 30.9.2015
Disclaimer: Past performance is no guide to future performance.Source: Vontobel Asset Management
Stefan ChappotGestor de Cartera
David WallsGestor de Cartera
% Retorno bruto anual
October 2015
Slide 17
3 años (aprox.) Composición Referencia
Volatilidad (p.a.) 4.30 % 4.39 %
Ratio de Sharpe (p.a.) 1.32 0.93
Tracking-Error (p.a.) 1.12 %
Beta 0.95
Information Ratio (p.a.) 1.42
Correlation 0.97
100103106109112115118121124127130133
Jul 12
Aug 12
Oct 12
Dec 12
Feb 13
Apr 13
Jun 13
Aug 13
Oct 13
Dec 13
Feb 14
Apr 14
Jun 14
Aug 14
Oct 14
Dec 14
Feb 15
Apr 15
Jun 15
Aug 15
Benchmark Composite
-4.07
-1.75 -1.84
5.796.95
-4.10
-2.25 -2.45
4.215.41
-6
-4
-2
0
2
4
6
8
QTD YTD 1 Year 3 Years SinceInception
Composite Benchmark
For institutional investors use only / not for public viewing or distribution
Estas marcas no son desdeñables
Marcas de los emisores de bonos de alto rendimiento seleccionados
October 2015
Slide 18
For institutional investors use only / not for public viewing or distribution
Disclaimer
Important legal notice:This document is for information purposes only and nothing contained in this document should constitute a solicitation, or offer, or recommendation, to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. Prospective investors must rely on their own examination of the legal, taxation, financial and other consequences of an investment in the funds, including the merits of investing and the risks involved. Prospective investors should not treat the contents of this document as advice relating to legal, taxation or investment matters. Before entering into an agreement in respect of an investment referred to in this document, you should consult your own professional and/or investment advisers as to its suitability for you. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Past performance is not a guide to current or future performance. Performance data does not take account of commission or costs charged when units are issued or redeemed. An investment in a sub-fund of the Vontobel Fund carries various risks which are explained in the sales prospectus. In particular, we wish to draw your attention to the following risks:• Investments in the securities of emerging-market countries may exhibit considerable price volatility and – in addition to the unpredictable social, political and economic environment –
may also be subject to general operating and regulatory conditions that differ from the standards commonly found in industrialised countries. The currencies of emerging-market countriesmay exhibit wider fluctuations.
• Investments in riskier, higher-yielding bonds are generally considered to be more speculative in nature. These bonds carry a higher credit risk and their prices are more volatile than bondswith superior credit ratings. There is also a greater risk of losing the original investment and the associated income payments.
• Commodity investments can be very volatile and are prone to sudden swings over the long run. Governments may at times intervene directly in certain commodity markets. Theseinterventions can cause significant swings in the prices of different commodities.
• Investments in derivatives are often exposed to the risks associated with the underlying markets or financial instruments, as well as issuer risks. Derivatives tend to carry more risk thandirect investments.
Although Vontobel Asset Management AG ("Vontobel") believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this document. Vontobel explicitly reserves the right to change, amend or delete parts of this document or the document as a whole without further notice. All herein publicized information, particularly share prices, calculation data or forecasts are based on the best knowledge and/or the market estimation as at the date indicated in the presentation. This document may not be reproduced, redistributed or republished for any purpose without the written permission of Vontobel. The fund and its subfunds are included in the register of Netherland's Authority for the Financial Markets as mentioned in article 1:107 of the Financial Markets Supervision Act (“Wet op het financiële toezicht”). In Spain, funds authorised for distribution are recorded in the register of foreign collective investment companies maintained by the Spanish CNMV (under number 280). The funds authorised for distribution in the United Kingdom can be viewed in the FCA register under the Scheme Reference Number 466623. Please refer for more information on the Vontobel Fund, a regulated collective investment scheme under Luxemburg law, to the latest prospectus, annual and semi-annual reports as well as the key investor information documents (“KIID”). Interested parties may obtain these documents free of charge from the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Vienna, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Grosse Gallusstrasse 18, 60311 Frankfurt/Main, from the authorised distribution agencies, and from the offices of the fund at 11-13 Boulevard de la Foire, L-1528 Luxembourg. They may also download these documents from our website at vontobel.com/am.
Further information for UK:This communication is directed only at recipients who are eligible counterparties or professional clients, as defined in the “Glossary to the Financial Conduct Authority’s Handbook of Rules and Guidance”. Any investment or service to which this communication relates is only available to and will only be engaged in with such persons. Any other persons who receive this communication should not rely on or act upon this communication. This information was approved by Vontobel Asset Management SA, London Branch, which has its registered office at Third Floor, 22 Sackville Street, London W1S 3DN and is authorised by the Commission de Surveillance du Secteur Financier (CSSF) and subject to limited regulation by the Financial Conduct Authority (FCA). Details about the extent of regulation by the FCA are available from Vontobel Asset Management SA, London Branch, on request.
Further information for Singapore and Hong Kong:The fund and its subfunds are not available to retail investors in Singapore or Hong Kong. Selected sub-funds of the fund are currently recognized as restricted schemes by the Monetary Authority of Singapore. These sub-funds may only be offered to certain prescribed persons on certain conditions as provided in the “Securities and Futures Act”, Chapter 289 of Singapore. The fund is not authorised by the Securities and Futures Commission of Hong Kong. It may only be offered to those investors qualifying as professional investors under the Securities and Futures Ordinance. The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution and if you are in any doubt about any of the contents of this document, you should obtain independent professional advice. This information was approved by Vontobel Asset Management Asia Pacific Ltd., which has its registered office at 3601 Two International Finance Center / 8 Finance Street, Central, Hong Kong.
August 2015
Slide 19