A forward looking approach to Cautious

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18 Νοε 2013 (πριν από 3 χρόνια και 8 μήνες)

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A forward looking approach to Cautious
investing

MGM Advantage Investment Seminars


October


November 2012

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CONFIDENTIAL


10820

Target audience

This document is only for professional investors, professional financial advisors and, at
their exclusive discretion, their clients. No other person should rely on the information
contained in this document.

If you plan to show this to your clients, please ensure that you comply with any applicable
local marketing regulations.

This document is not to be generally distributed to the public.

At front of document


before the Key Facts page

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10820

Investec Asset Management

Global specialist asset manager

As at
31 August 2012

*Permanent employees. **By value of funds for 10 years to 31 August 2012. Calculated from Lipper data

showing all funds where meaningful comparisons in their relevant peer group are available


Founded in 1991 by current leadership


Independently managed entity within

Investec Group


Origins are African


presence and

perspective is global


Investment and Operational hubs in

London & Cape Town


Client group teams in Africa, Americas, Asia,
Australia, Europe, Japan, Middle East

and the UK


Over 700 employees*


Over £60 billion in assets under management



Excellent performance


77% of funds in top
quartile within their sector over 10 years**

Short Pack

Monthly from:
G:
\
Depts
\
Performance
\
Cons
olidated Fund
Performance
\
archive
\
[YEAR]

File: Consolidated Retail
Performance [date].
xlsx

TAB: pie charts

By fund value

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Potential return

Potential risk

Managed Solutions from Investec

Growth & Protection


An actively managed multi
-
asset fund with additional
downside protection


Aims to protect at 80% of
the highest ever share
price*

Growth

& Income


Aims for growth & income


Blends equities with
complementary assets


Managed by renowned
contrarian, Alastair Mundy

Real Returns


Aims to provide investors
with a real return of CPI
+5%pa** over the long
-
term


Multi
-
asset portfolio aiming
to limit drawdown and
volatility

Growth


Aims to provide capital
growth from a diversified
equity centric portfolio


Multi
-
asset and
unconstrained


Dynamic asset allocation

Source: Investec Asset Management. For illustrative purposes only based on the risk profiles of the Funds

Dynamic Planner is a registered trademark of Distribution Technology.

Ratings as at 30 September 2012. *Protection is not guaranteed. **This is an aim and is not guaranteed

Income


Aims to provide an
attractive, sustainable yield


Seeks the most attractive
yield opportunities across a
global multi
-
asset
portfolio

Multi
-
Asset
Protector Fund

Cautious Managed
Fund

Diversified Growth
Fund

Managed Growth
Fund

Diversified Income
Fund

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Does a post
-
RDR world bring new challenges?

Advisers are looking for high
quality
and good
value
investment solutions that meet their clients’
needs and
satisfy regulatory
obligations.


Fund recommendations should deliver on clients’ risk and
investment expectations

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The story so far...


Central Banks have embarked on a policy of transferring wealth from savers to
borrowers



This should be bad for those holding cash and bonds



And not necessarily bad for those holding equities



But possibly really bad for most assets if markets lose faith in central bankers or some
nasty unintended consequences arise

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…and Mixed Investment 20%
-
60% has led the way…


Mixed Investment 20%
-
60% sector has taken £16.7bn over the last 5 years.


This represents 14.3% of total flows into all IMA sectors

The Mixed Investment 20%
-
60% sector is a top seller with Intermediaries

Source: UK Investment Management Association (IMA) on a net sales basis

1.0
2.0
3.0
4.0
5.0
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Jan -
June 2012
Total Net Sales £bn
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..but are Investors running the risk of being too cautious?


Few people save enough or own sufficient assets to provide for their retirement or other
long
-
term spending requirements


Cash returns won’t pay for your retirement



Is regret more painful than risk?


Timing the markets is impossible, investors need to have the right attitude to risk



Total or Absolute Return strategies often don’t work

Investment returns are usually essential to bridge the gap


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‘Going
up the
risk scale’
(allegedly)

Source: Adapted from Which?, September 2012

High risk

Low risk

Emerging Markets Equities

Euro, US, Japanese Equities

UK Equities

Commercial Property

High Yield Corporate Bonds

Corporate Bonds

Government bonds

Cash

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The importance of using model portfolios


Asset allocation models and model portfolios provide a consistent and repeatable way of
ensuring that the client’s attitude to risk is appropriately met from a regulatory
perspective but;



Firms
must ensure that portfolios align accurately with the risk descriptions and outputs
*


Fund recommendations should deliver on
the client’s expectations


Advisers must be aware of it’s limitations: FSA Guidance
chapter 5



Fund risk profiling provides a
bridge

between the client’s risk profile and the fund
manager



* FSA
Guidance consultation, April 2012

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The fundamental weakness of model portfolios


Expected returns, volatilities and correlations are derived from the data series history for
each asset class but how many investors do you know who invest for the past?



But you’ve got to start somewhere and who better than this chap to give us his thoughts
on this:


If “past performance is of little or no value in itself as an indicator of future
performance” (FSA 2001 report) how can it be an appropriate way to study risk?

“People are habitually guided by the


rear
-
view
mirror and, for the most part,


by the vistas immediately behind them.”


Warren
Buffett

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A typical allocation for UK model portfolios

Source:
Investec Asset Management

Risk
Level

UK Cash

UK
Corporate
Bonds

UK Index
Linked
Bonds

International
Bonds

UK Gilts

UK Equity

International
Equity

UK Property

1

100%

0%

0%

0%

0%

0%

0%

0%

2

44%

5%

0%

5%

27%

5%

4%

10%

3

5%

20%

0%

15%

25%

10%

5%

20%

4

5%

33%

0%

0%

0%

27%

16%

19%

5

5%

22%

0%

0%

0%

29%

31%

13%

6

0%

16%

0%

0%

0%

43%

33%

8%

7

0%

8%

0%

0%

0%

50%

40%

2%

8

0%

0%

0%

0%

0%

57%

43%

0%

9

0%

0%

0%

0%

0%

30%

70%

0%

10

0%

0%

0%

0%

0%

5%

95%

0%

Cautious
managed funds

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But are these portfolios sufficiently diversified?






No Index Linked Bonds = no inflation protection



No international bonds = no insulation from highly indebted countries



Over
-
reliance on UK corporate bonds = potential liquidity and credit
risks



Too much UK equity and UK property = potential increase in risk not a decrease in risk

“Advisers want to select the right funds for their customer’s risk profile”


Source: Distribution Technology

Source:
Investec Asset Management

Risk
Level

UK Cash

UK
Corporate
Bonds

UK Index
Linked
Bonds

International
Bonds

UK Gilts

UK
Equity

International
Equity

UK Property

4

5%

33%

0%

0%

0%

27%

16%

19%

5

5%

22%

0%

0%

0%

29%

31%

13%

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4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
8,000
8,500
Dec 99
Sep 00
Jun 01
Mar 02
Dec 02
Sep 03
Jun 04
Mar 05
Dec 05
Sep 06
Jun 07
Mar 08
Dec 08
Sep 09
Jun 10
Mar 11
Dec 11
Sep 12
Real terms
Nominal
Inflation has a corrosive effect on investors’ savings

Especially since the start of the global financial crisis

Source: Lipper, as at 30 September 2012

Cash rate used is LIBID GBP 3 Months (IN)

The value of £5,000 invested in cash

G:
\
Depts
\
Marketing
\
Prese
ntations
\
Hamilton Brown
Graphics
\
¬MASTER
OEIC
\
MASTER
Diversif ied
Growth
\
Evidence
\
Diversif i
ed Growth
evidence.xlsx
\
Savings
Update

Monthly

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US
Japan
China
UK
Canada
France
Germany
Italy
Spain
Norway
Russia
Australia
Hong Kong
India
Singapore
Brazil
Greece
Switzerland
Ireland
Portugal
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
2012 Budget balance as % of GDP
2012 Current account balance as % of GDP
International bonds can offer safe haven status

Source: Credit Suisse,
August 2012

\
\
mercury
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gdrive
\
Dept
s
\
EQUITY
\
UK
\
JoS
\
Pr
esentations
\
Back up
data
\
Monthly
\
Credit
Suisse risk
table_Scatter.xlsx

Update

Quarterly

Only updated
periodically

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Investors in UK equities have struggled to achieve

long
-
term real returns

Source: Bloomberg. FTSE 100 TR Index deflated by UK RPI, as at 31 August 2012

Update

Monthly

G:
\
Depts
\
Marketing
\
Prese
ntations
\
Hamilton Brown
Graphics
\
¬MASTER
OEIC
\
MASTER
Diversif ied
Growth
\
Evidence
\
Diversif i
ed Growth
evidence.xlsx
\
Real
50
60
70
80
90
100
110
Dec
-
99
Apr
-
00
Aug
-
00
Dec
-
00
Apr
-
01
Aug
-
01
Dec
-
01
Apr
-
02
Aug
-
02
Dec
-
02
Apr
-
03
Aug
-
03
Dec
-
03
Apr
-
04
Aug
-
04
Dec
-
04
Apr
-
05
Aug
-
05
Dec
-
05
Apr
-
06
Aug
-
06
Dec
-
06
Apr
-
07
Aug
-
07
Dec
-
07
Apr
-
08
Aug
-
08
Dec
-
08
Apr
-
09
Aug
-
09
Dec
-
09
Apr
-
10
Aug
-
10
Dec
-
10
Apr
-
11
Aug
-
11
Dec
-
11
Apr
-
12
Aug
-
12
FTSE 100 Real
Seamus
Vassey

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Is an investment in UK Equities diversified?

Concentrations of cap stocks in FTSE All Share, S&P 500 and MSCI World


FTSE
All
-
Share (%)

S&P
500 (%)

MSCI
World (%)

Top 10

40

21

11

Top 20

57

33

18

Top 50

75

51

30

Source: FactSet 31 July 2012

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Is an investment in UK Equities diversified?

No. of companies in each sector on a % basis

Source: FactSet 31 July 2012

0%
5%
10%
15%
20%
25%
30%
35%
Oil & Gas
Chemicals
Basic Resources
Construction & Materials
Industrial Goods & Services
Automobiles & Parts
Food & Beverage
Personal & Household
Goods
Health Care
Retail
Media
Travel & Leisure
Telecommunications
Utilities
Banks
Insurance
Real Estate
Financial Services
Technology
FTSE All-Share
MSCI World
Jo Slater

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Source: Investec Asset Management, DataStream and Bloomberg, as at 31 December 2011

Developed Market Equity: MSCI World; UK Equities: FTSE 100; Emerging Market Equity: MSCI Emerging Markets; UK Small Cap:
FTSE Small Cap ex IT; Emerging Markets Debt: JP Morgan Emerging Markets Bond Index Global Composite; Property: FTSE
NAREIT Composite; Gold: Gold; UK Gilts 25yr+: BofA Merill Lynch UK Gilts, 25+ yrs; US 30 year Treasuries: BofA Merill Lynch U
S
Treasury Current 30 year

Asset class relationships can change significantly over time

Update

Monthly

A flexible approach to cautious investing is needed

Nineties
(1990 - 1999)
Tech Bust
(2000 - 2003)
Pre GFC
(2004 - 2007)
GFC and On
(2008 - 2011)
Average over 4
periods
Developed Market Equity
100%
100%
100%
100%
100%
UK Equities
67%
90%
71%
92%
80%
Emerging Market Equity
62%
83%
81%
92%
79%
UK Small Cap
47%
77%
61%
75%
65%
Emerging Markets Debt
64%
50%
33%
71%
55%
Property
36%
35%
55%
83%
52%
Gold
-5%
2%
40%
12%
12%
UK Gilts 25yr+
31%
-26%
-12%
-7%
-4%
US 30yr Treasuries
24%
-22%
-25%
-31%
-13%
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Best and worst performing asset classes

Bonds = Citigroup WGBI TR GBP; Commodities = Dow Jones
-
AIG TR; UK Equity = FTSE 100 TR;

Property = Jones Lang LaSalle UK TR; Cash = LIBOR GBP 3 Months; High Yield Bonds = Merrill Lynch Global High Yield TR USD;

US Equity = S&P 500 TR; Japan Equity = Topix TR

Source: Lipper Hindsight to 31 December 2011

Index
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Bonds
14.03
-1.17
9.61
1.62
8.03
3.34
2.89
4.14
-6.92
9.09
53.53
-8.69
8.48
7.14
Commodities
-27.84
28.36
42.25
-17.38
13.82
11.45
1.77
35.72
-10.47
14.28
-10.9
5.87
20.5
-12.68
UK Equity
17.47
20.59
-8.23
-14.09
-22.17
17.89
11.25
20.78
14.43
7.36
-28.33
27.33
12.62
-2.18
Property
12.15
14.13
10.51
7.06
10.45
11.24
18.89
18.83
18.12
-5.47
-22.53
2.18
14.49
8.09
Cash
7.6
5.56
6.25
5.14
4.12
3.77
4.7
4.84
4.89
6.11
5.83
1.32
0.7
0.86
High Yield Bonds
1.94
5.96
1.59
5.9
-10.63
17.55
4.83
13.46
-0.41
1.28
-0.12
44.22
17.47
3.39
US Equity
27.16
24.95
-1.93
-9.56
-29.58
15.73
3.39
17.33
1.57
3.72
-12.77
12.6
18.68
2.87
Japan Equity
6.51
81.67
-27.44
-27.47
-17.63
24.67
8.57
41
-10.48
-6.78
1.32
-6.7
19.53
-11.85


Worst performing asset class


Top performing asset class

Update

End Year

A flexible approach to multi
-
asset investing is needed

Solutions for investors in a low growth, risk
off world

The Investec Cautious Managed and Multi
-
Asset Protector Funds

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Types of clients that the Funds may suit


Clients looking for a diversified portfolio with lower volatility



Clients who want long
-
term investment exposure but are uncertain on timing



Clients who have typically invested in With Profits or Managed Pension funds



Cautious investors



Investors planning for their Retirement


Annuity, SIPP & pre/post drawdown investors




Please note: this Fund is
eligible
for ISA
investment as at 1 January 2011

OEIC

Investec
Cautious Managed
Fund

A forward looking approach to cautious managed investing

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UK Equities
33.6%
Japanese
Equities
10.4%
US Equities
4.4%
European
Equities
2.0%
Gold Shares
7.3%
Cash and short
dated
Government
Bonds
14.2%
UK Index
-
Linked
Government
bonds
8.3%
US Index
-
Linked
Government
bonds
3.7%
Corporate
Bonds
5.6%
Norwegian
Government
Bonds
10.6%
Investec Cautious Managed Fund

Now a diverse portfolio of complementary assets

Sufficient flexibility to purchase a spread of assets that help to dampen
volatility

Source: Investec Asset Management, as at 25 September 2012

UK Equities
57.9%
UK Corporate
30.3%
Cash & Cash
Equiv
5.7%
Gilts
5.7%
Derivatives
0.3%
Asset allocation as at August 2006

Asset allocation as at September 2012

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Investec Cautious Managed Fund

Outperformer and portfolio diversifier

Past performance figures are not audited and should not be taken as a guide to the future

Source: Lipper, dates to 30 September 2012, NAV based, income reinvested (inclusive of management fees but excluding any
initial charge) net of UK basic rate tax, in GBP. Sector rankings based on IMA Mixed Investment 20
-
60%
Shares. Fund ratings
may be provided by independent rating agencies based on a range of investment criteria. For a full description of the ratings

please see
www.investecassetmanagement.com/ratings.
Dynamic Planner is a registered trademark of Distribution Technology

Update

Monthly

G:
\
Depts
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Marketing
\
Prese
ntations
\
Hamilton Brown
Graphics
\
¬MASTER
OEIC
\
MASTER Cautious
Managed (Alastair
Mundy)
\
Evidence
\
Master
_UK Cautious Managed
Fund.xlsx
\
Cautious_10
G:
\
Depts
\
Marketing
\
Prese
ntations
\
Hamilton Brown
Graphics
\
¬MASTER
OEIC
\
MASTER Cautious
Managed (Alastair
Mundy)
\
Evidence
\
Master
_UK Cautious Managed
Fund.xlsx
\
Ranking
Period
Sector
ranking
1 year
85/151
2 years
17/143
3 years
44/121
5 years
7/81
107.8
63.2
36.8
40.3
-
20
20
40
60
80
100
120
Sep 02
Sep 03
Sep 04
Sep 05
Sep 06
Sep 07
Sep 08
Sep 09
Sep 10
Sep 11
Sep 12
%
Investec Cautious Managed A Acc
IMA Mixed Investment 20
-
60% Shares
UK Retail Price Index
Cash (LIBID GBP 3 months)
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2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
2010
2011
2012
YTD
-
20
-
15
-
10
-
5
0
5
10
15
20
25
30
Investec Cautious Managed A Acc Net
IMA Mixed Investment 20
-
60% Shares
The Fund has outperformed the Sector in 10 of the last 12

calendar years

Update

Monthly

Past performance figures are not audited and should not be taken as a guide to the future

Source
: Lipper, total
returns from 31 December 1999 to 30 September 2012, NAV based, income reinvested (inclusive of
management fees but excluding any initial charge) net of UK basic rate tax, in GBP









=









G:
\
Depts
\
Marketing
\
Prese
ntations
\
Hamilton Brown
Graphics
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¬MASTER
OEIC
\
MASTER Cautious
Managed (Alastair
Mundy)
\
Evidence
\
Master
_UK Cautious Managed
Fund.xlsx
\
Outperf ormanc




Copy data from
G:
\
Depts
\
EQUITY
\
UK
\
Jo
S
\
Presentations
\
Back up
data
\
Monthly
\
Caut perf
YTD



2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
YTD
-
20
-
15
-
10
-
5
0
5
10
15
20
25
30
Investec Cautious Managed A Acc Net
IMA Mixed Investment 20
-
60% Shares


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5 year rolling total returns historically positive

Past performance figures are not audited and should not be taken as a guide to the future

Source
: Lipper,
08 June 1998
to
30 September 2012,
NAV based,
income reinvested (inclusive of management fees but excluding
any initial charge) net of UK basic rate tax, in GBP

Info from Jo Slater

\
\
mercury
\
gdrive
\
Dept
s
\
EQUITY
\
UK
\
JoS
\
Pr
esentations
\
Back up
data
\
Monthly
\
Rolling
performance.xls

0%
20%
40%
60%
80%
100%
120%
Sep
-
98
Mar
-
99
Sep
-
99
Mar
-
00
Sep
-
00
Mar
-
01
Sep
-
01
Mar
-
02
Sep
-
02
Mar
-
03
Sep
-
03
Mar
-
04
Sep
-
04
Mar
-
05
Sep
-
05
Mar
-
06
Sep
-
06
Mar
-
07
Sep
-
07
Mar
-
08
Sep
-
08
Mar
-
09
Sep
-
09
Mar
-
10
Sep
-
10
Mar
-
11
Sep
-
11
Mar
-
12
Sep
-
12
Update

Monthly

OEIC

Investec
Multi
-
Asset Protector Fund

(MAP)
Fund

Send to Dan
Morgan & Laura
Reyes before
sending to Philip
Saunders for sign
off

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10820

An opportunity for investors to access the market
through a

multi
-
asset portfolio aiming to provide
unlimited upside with the comfort of downside
protection*.

Investec Multi
-
Asset Protector Fund

*The Fund aims to provide downside protection at 80% of the Fund’s highest ever price

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10820

Four elements of protection

1.
Multi
-
asset universe

allows for greater diversification and potential enhanced returns for
the same or less risk as an equity
-
only portfolio

2.
Active management

aims to guard against market downturns and enhance the benefit
of market upturns

3.
Dynamic allocation

through a pre
-
defined model to the cash portfolio, seeks to ensure
the Fund is less exposed to investment markets when markets are falling

4.
Downside protection mechanism.
The Fund will invest in a derivative contract, with a
single counterparty*. The Fund aims, through this contract, to provide protection against
the risk of a decline in the share price below 80% of the highest price ever achieved;

however, such an outcome is not guaranteed


*Currently with
Deutsche Bank

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10820

MAP: The multi
-
asset investment portfolio

Target Range %

Equity

30
-
85

Bonds

10
-
70

Alternatives

0
-
40

Cash

0
-
10

Currency overlay

Currency overlay

Equities

Alternatives

Thematic

Small Cap

Mid Cap

Style

Active
Currency

Bonds

Emerging

Markets Debt

Index
Linked

Investment

Grade

High Yield

Commodities

Sector

Convertibles

Cash

Note: Cash may also be held on a non
-
discretionary basis
within the
cash portfolio

Investments by type


Investec funds


Third party active funds


Third party index funds


Exchange traded funds (ETFs)


Exchange traded commodities (ETCs)


Currency forward contracts


Equities


Fixed and floating securities


Money market instruments

These internal parameters are subject to change, not necessarily with prior notification to
shareholders

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MAP: Dynamic asset allocation


In falling markets: the Fund dynamically allocates, using the pre
-
defined ‘Investment Level Curve Model’, to the
cash portfolio


and seeks to protect previous gains and reduce falls in the Fund’s share price


In rising markets: the Fund dynamically allocates, through the ‘Investment Level Curve Model’, to the Multi
-
asset
investment portfolio


to seek to exploit growth opportunities

Please note: non
-
discretionary exposure to the cash portfolio will reduce the Fund’s ability to participate in market
rises. The greater the exposure to the cash portfolio; the lower the ability to participate in market rises. Should the
Fund hold large cash positions, the ACD would consider winding up the Fund, with FSA approval

Multi
-
asset investment portfolio

Cash portfolio

Equities

Alternatives

Bonds

Cash

0%

100%

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10820

MAP: How the protection price works

Source: Investec Asset Management

The below is a hypothetical example to show how the protection price works

Should the share price
begin to fall, the
protection price remains
at 80% of the Fund’s
highest ever share price

Should the share price then
climb above its highest ever
previous price, the protection
level would once again
ratchet up

As the share price
increases the protection
price would track it on a
daily basis, so that it
always represents 80% of
the highest ever
share

price

Initially the fund share
price equals 100. The
protection price would
therefore be equal
to

80

80
84
88
100
108
116
116
116
116
116
120
128
100
105
110
125
135
145
125
116
125
130
150
160
Price
Time periods
Protected level
Share price
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10820

£0.60
£0.70
£0.80
£0.90
£1.00
£1.10
£1.20
£1.30
£1.40
Price (GBP)
Date
Price
Protected Price
Current Floor
Investec Multi
-
Asset Protector Fund (MAP)

Prices and protection level

Past performance figures are not audited and should not be taken as a guide to the future

Source
:
Investec Asset Management, 30 September 2012, NAV based, net of fees, no initial charge in sterling

\
\
mercury
\
gdrive
\
Depts
\
M
arketing
\
Presentations
\
Ha
milton Brown
Graphics
\
¬MASTER
OEIC
\
MASTER MAP
(Philip Saunders & Max
King)
\
Evidence
\
Master
MAP.xlsx


Tab
Prices & Protection
level

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10820

0
10
20
30
40
50
60
70
80
90
100
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Distance from Share Price to the Floor (Protected Price)
Investment in the Multi
-
Asset Investment Portfolio

The ‘Investment Level Curve Model’


This is a pre
-
defined model which sets the maximum investment levels in the Multi
-
asset
investment portfolio for varying declines in Fund value from its highest ever share price and so
distance from its Protected Price


Gradual decline in the
investment level when the
Fund price is near the floor
aims to reduce the risk of being
wholly invested in cash during
prolonged market upturns

Gradual decline in the
investment level when the
Fund price is notably above the
floor. This enables the fund
manager to be significantly
invested for longer

Risk algorithm allocates funds
to cash during sharp or
prolonged market downturns,
protecting the downside risk

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10820

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Feb 09
Mar 09
Apr 09
May 09
Jun 09
Jul 09
Aug 09
Sep 09
Oct 09
Nov 09
Dec 09
Jan 10
Feb 10
Mar 10
Apr 10
May 10
Jun 10
Jul 10
Aug 10
Sep 10
Oct 10
Nov 10
Dec 10
Jan 11
Feb 11
Mar 11
Apr 11
May 11
Jun 11
Jul 11
Aug 11
Sep 11
Oct 11
Nov 11
Dec 11
Jan 12
Feb 12
Mar 12
Apr 12
May 12
Jun 12
Jul 12
Aug 12
Sep 12
Equities
Bonds
Alternatives
Property
Cash
Asset Allocation split

Source: Investec Asset Management as at
30 September 2012

Asset allocation split

Update

Monthly

G:
\
Depts
\
Marketing
\
Prese
ntations
\
Hamilton Brown
Graphics
\
¬MASTER
OEIC
\
MASTER MAP
(Philip Saunders & Max
King)
\
Evidence
\
Master
MAP.xlsx
\
Asset Allocation
split
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37

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10820

Asia 1.0%
Japan
2.7%
Small Cap 3.1%
Emerging Markets
3.5%
Core UK Equities 9.6%
Global Sector 10.1%
Core Global Equities
12.1%
Commodities 2.6%
Property 2.5%
High Yield Corporate
7.0%
Investment Grade
Corporate 12.2%
Cash 30.5%
Current strategy

Asset allocation

Source: Investec Asset Management as at
30 September 2012

The portfolio may change significantly over a short period of
time

This
is not a buy or sell recommendation for any particular
security

Data sent from
Laura Reyes

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38

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10820

27.8
4.6
1.6
34.0
-
10
-
5
0
5
10
15
20
25
30
35
40
Feb
-
09
May
-
09
Sep
-
09
Jan
-
10
Apr
-
10
Aug
-
10
Nov
-
10
Mar
-
11
Jul
-
11
Oct
-
11
Feb
-
12
Jun
-
12
Sep
-
12
Percentage Growth
1246 days f rom 30 January 2009 to 30 September 2012
Investec Multi Asset Protector A Acc Net
IMA Protected
IMA Money Market
IMA Mixed Investment 20
-
60% Shares
Investec Multi
-
Asset Protector Fund (MAP)

MAP Fund vs. Cautious Managed and Balanced Managed

Box information
from the website:


http://www.invest
ecassetmanage
ment.com/united
-
kingdom/categor
y/2998


Use
NAV price
and below it will
show the
protected
price


Max investment
level comes from
Laura Reyes

Past performance figures are not audited and should not be taken as a guide to the future


Lipper, dates to 30 September 2012, NAV based, income reinvested (inclusive of management fees but excluding any initial char
ge
)
net of UK basic rate tax, in sterling

*
Launch date
30 January 2009

G:
\
Depts
\
Marketing
\
Prese
ntations
\
Hamilton Brown
Graphics
\
¬MASTER
OEIC
\
MASTER MAP
(Philip Saunders & Max
King)
\
Evidence
\
Master
MAP.xlsx
\
Perf ormance_C
ht
Update

Monthly

30 September 2012 MAP 2

Bid price

101.3


Protected price

81.4

Effective level

of protection

80.4


Max investment
level

99.0%

30 September 2012 MAP

Bid price

127.8


Protected price

108.9


Effective level

of protection

85.2

Max investment
level

70.0%

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10820

Our conclusions


Portfolio construction strategies based on past experience are an exercise in preparing
to re
-
fight the battles of the last war: they don’t necessarily work so…



….advisers should ensure they’re picking a fund that meets the risk/return profile of the
client but which is forward looking



Investors are in severe danger of becoming locked into strategies which condemn them,
at best, to a mediocre return. “
A
voidance of risk” will be a poor excuse for disappointed
investors in the future so…



…the key to delivering attractive lower risk returns is to be flexible, forward thinking and
proactive.

Our
solutions
for UK
investors?

Investec Cautious Managed & Multi
-
Asset Protector Funds

Thank you

www.investecassetmanagement.com

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10820

Contact details

Roger Crabtree

Regional Sales Manager

Tel: +44 (0)
7825 745917

Email
: roger.crabtree@investecmail.com

Investec Asset Management

Woolgate Exchange

25 Basinghall Street

London

EC2V 5HA

United Kingdom


www.investecassetmanagement.com

Telephone calls may be recorded for training and quality assurance purposes.


Issued by Investec Asset Management,
October 2012

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10820

Important information

GSY B
OEIC
This communication is not for general public distribution. If you are a private investor and receive it as part of a general
cir
culation, please
contact us at +44 (0)20 7597 1900. The value of this investment, and any income generated from it, will be affected by change
s i
n
interest rates, general market conditions and other political, social and economic developments, as well as by specific matte
rs
relating to
the assets in which it invests. The Fund’s investment objective will not necessarily be achieved and investors are not certai
n t
o make
profits; losses may be made. Past performance should not be taken as a guide to the future. Performance would be lower had in
iti
al
charges been included and will vary between different share classes dependant upon their applicable charges. Returns to indiv
idu
al
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 opini
ons
stated
are honestly held but are not guaranteed and should not be relied upon. This is not a buy, sell or hold recommendation for an
y p
articular
security. The portfolio may change significantly over a short period of time.
This communication is provided for general information only. It is not an invitation to make an investment nor does it consti
tut
e an offer for
sale. The full documentation that should be considered before making an investment, including the Prospectus and Key Investor
Information Documents or Offering Memorandum, which set out the fund specific risks, is available from Investec Asset Managem
ent
.
This communication should not be distributed to private customers who are resident in countries where the Fund is not registe
red
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 Pro
spe
ctus,
Key Investor Information Documents and Report & Accounts may be obtained free of charge from the Swiss Representative and Pay
ing
Agent, RBC
Dexia
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
exc
lusive
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, whi
ch
is
authorised and regulated by the Financial Services Authority
, October 2012
.