presentación dunas capital en valencia (9 de marzo)

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PE Div. Yield (%)Name Spot T12M N12Me 2017 2016 2017

Dow Jones 16 516.50 15.01 15.02 13.50 2.85 3.02S&P 500 1 932.23 17.49 16.18 14.28 2.39 2.52

NASDAQ 100 4 201.12 20.59 17.33 15.08 1.36 1.47Russel 2000 1 033.90 32.88 22.73 18.41 1.82 2.72

Nikkei 16 026.76 17.72 16.44 14.46 2.01 2.16STOXX 600 333.92 25.52 14.99 13.28 3.81 4.07STOXX 50 2 945.75 20.63 13.16 11.74 4.14 4.41FTSE 100 6 097.09 30.57 15.88 13.54 4.44 4.68

DAX 9 495.40 20.91 12.06 10.99 3.42 3.76CAC40 4 353.55 20.31 14.18 12.68 3.86 4.01

MIB 17 623.07 - 13.43 11.01 4.46 5.08IBEX35 8 461.40 21.08 12.96 11.19 4.80 5.07PSI20 4 767.28 20.94 10.75 8.41 3.94 4.22

IBOVESPA 42 793.86 64.27 11.65 8.58 4.73 5.56Shangai Comp 2 687.98 14.44 11.42 10.13 2.46 2.73

MSCI World 1 547.17 18.44 15.59 13.76 2.86 3.03MSCI EM 740.33 11.34 11.31 9.77 3.13 3.47

US Sectors Spot T12M N12Me 2017 2016 2017S&P500 Fin. 283.610 13.05 12.36 11.21 2.67 2.83S&P500 IT 675.630 17.64 15.66 13.96 1.79 1.86

S&P500 Health 764.030 19.67 14.87 13.36 1.85 1.97S&P500 Ind. 451.920 15.86 15.24 13.95 2.54 2.72

S&P500 Discr. 590.192 19.74 17.35 15.41 1.74 1.85S&P500 Staples 521.060 21.16 20.82 18.96 2.76 2.96S&P500 Energy 423.540 25.46 53.87 22.50 3.51 3.60

S&P500 Util. 233.940 17.02 16.50 15.96 3.81 4.01S&P500 Telecom 162.380 14.45 13.25 12.81 4.85 4.95

European Sectors Spot T12M N12Me 2017 2016 2017STXE600 Fin 191.470 18.76 10.47 9.38 5.15 5.72

STXE600 Tech 328.180 23.13 18.14 15.90 2.12 2.31STXE600 Health 712.660 20.89 17.02 15.69 3.15 3.31STXE600 Indus 381.110 21.56 15.98 14.15 3.16 3.42

STXE600 BasMT 486.530 52.71 16.93 14.38 3.22 3.50STXE600 CnsSv 263.290 32.22 17.32 15.48 3.11 3.22STXE600 CnsGd 835.430 18.43 16.16 14.86 3.03 3.26

STXE600 Util. 280.810 #N/A N/A 14.09 13.74 5.21 5.26STXE600 Teleco 325.100 40.41 19.79 17.67 4.57 4.71

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Sovereign Debt Equities

Short Bunds OW Europe

OW US TIPS UW EUA

UW Peripherals UW Japan

Neutral Emerging Markets

Credit

OW Turkey, Brazil, China, Mexico e Korea

UW IG EUR e USD UW Índia, Rússia

Neutral HY USD

UW HY EUR

Emerging Markets Debt Underweight

OW Credit hard currency Neutral

Neutral Sovereign local currency Overweight

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lity

35.91% 64.09%

Equities Fixed Income

Geography Equity Indices SovereignQuasi-sovereign Credit Total

Developed 14.75% 25.54% -57.19% 4.90% 8.43% -3.57%

Euro Zone 5.96% 22.46% -86.50% 4.90% 5.76% -47.42%

Croatia 0.00% 0.00% 2.68% 0.00% 0.00% 2.68%

France 0.92% 0.74% 0.00% 0.00% 0.00% 1.66%

Germany 3.98% 14.90% -91.92% 0.82% 0.00% -72.22%

Greece 0.00% 0.00% 2.75% 0.00% 0.00% 2.75%

Netherlands 0.21% 0.00% 0.00% 0.00% 0.00% 0.21%

Portugal 0.84% 0.00% 0.00% 2.88% 5.76% 9.49%

Spain 0.00% 6.82% 0.00% 1.20% 0.00% 8.01%

North America 7.16% 0.00% 29.30% 0.00% 2.66% 39.12%

U.S. 7.16% 0.00% 29.30% 0.00% 2.66% 39.12%

Rest of Europe 1.64% 3.09% 0.00% 0.00% 0.00% 4.72%

U.K. 1.64% 3.09% 0.00% 0.00% 0.00% 4.72%

Emerging 0.25% 9.65% 1.02% 0.00% 3.63% 14.56%

Asia Pacific 0.00% 3.68% 0.00% 0.00% 0.00% 3.68%

China 0.00% 2.80% 0.00% 0.00% 0.00% 2.80%

South Korea 0.00% 0.87% 0.00% 0.00% 0.00% 0.87%

Latam 0.25% 4.38% 1.02% 0.00% 3.63% 9.29%

Brazil 0.25% 3.61% 0.00% 0.00% 2.90% 6.75%

Mexico 0.00% 0.78% 1.02% 0.00% 0.74% 2.53%

Rest of Europe 0.00% 1.60% 0.00% 0.00% 0.00% 1.60%

Turkey 0.00% 1.60% 0.00% 0.00% 0.00% 1.60%

Grand Total 15.00% 35.20% -56.17% 4.90% 12.06% 10.99%

SectorEquity

Credit TOTALEquities Index

Financial 5.64% 6.17% 1.72% 13.53%

Consumer, Cyclical 2.19% 4.28% 0.00% 6.47%

Consumer, Non-cyclical 0.40% 4.24% 1.12% 5.76%

Technology 3.14% 1.63% 0.00% 4.76%

Basic Materials 1.20% 2.14% 0.00% 3.34%

Industrial 0.00% 2.71% 0.41% 3.12%

Communications 0.24% 1.99% 1.10% 3.33%

Utilities 1.58% 1.64% 3.78% 7.00%

Energy 0.61% 0.72% 1.27% 2.59%

Diversified 0.00% 9.65% 2.66% 12.32%

TOTAL 15.00% 35.17% 12.06% 62.24%

Sovereign Quasi-sovereign Credit EMB (HC)

BB Composite Rating % USEMU

(Core)

EMU (Non-Core)

USEMU

(Core)

EMU (Non-Core)

IG IG (EMU) IG (US) HYHY

(EMU)HY (US) Sovereign

Quasi-sovereign

Credit

AAA 30.1% 29.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.8% 0.0%AA+ : AA- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

A+ : A- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%BBB+ : BBB- 2.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.9% 0.0% 0.0% 0.0% 0.0% 1.0% 0.0% 0.0%

BB+:BB- 9.5% 0.0% 0.0% 2.7% 0.0% 0.0% 1.2% 0.0% 0.0% 0.0% 0.0% 2.1% 2.7% 0.0% 0.0% 0.9%B+:B- 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.0% 0.0% 0.0% 1.9%

CCC+:CCC- 3.2% 0.0% 0.0% 2.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.4%Sem Rating 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.9% 0.0% 0.0% 0.0% 0.0% 1.7% 0.0% 0.0% 0.0% 0.3%

Total 52.7% 29.3% 0.0% 5.4% 0.0% 0.0% 4.1% 0.0% 1.9% 0.0% 0.0% 4.1% 2.7% 1.0% 0.8% 3.4%

BB Composite Rating % YTM DurationSpread

DurationMaturity Coupon

Runnning Yield

Maturity(years)

%Rate Type

%

AAA 30.1% 0.82% 1.80 0.20 3.44 0.55% 0.55% <1 20.6% Fixed Rate 51.6%AA+ : AA- 0.0% - 0.00 0.00 0.00 - - 1-3 3.1% Floating Rate 1.11%

A+ : A- 0.0% - 0.00 0.00 0.00 - - 3-5 4.5% Total 52.7%BBB+ : BBB- 2.9% 3.05% 3.51 3.44 4.81 2.75% 2.76% 5-7 7.1%

BB+:BB- 9.5% 6.00% 4.71 4.75 5.80 4.68% 4.81% 7-10 14.7%B+:B- 2.0% 21.52% 4.46 4.15 5.44 5.65% 10.56% >10 2.7%

CCC+:CCC- 3.2% 26.79% 7.69 7.29 9.56 3.98% 5.99% Total 52.7%No Rating 5.0% 18.18% 3.30 3.14 4.33 3.51% 3.78%

Total 52.7% 3.09% 1.59 1.08 2.36 1.10% 1.30%

Futures -91.9% -0.39% 8.76Total with Futures -39.2% 3.45% -6.47

Top 10 stock with look-through

Ranking Company Weight

1 APPLE INC 1.82%

2 Deutsche Bank AG 1.76%

3 Bayer AG 1.39%

4 Daimler AG 1.32%

5 Allianz SE 1.20%

6 Siemens AG 1.19%

7 BASF SE 1.19%

8 Bayerische Motoren Werke AG 1.18%

9 Barclays PLC 1.14%

10 SAP SE 1.10%

Total 13.28%

Top 10 individual stocks

Ranking Company Weight

1 APPLE INC 1.82%

2 Deutsche Bank AG 1.12%

3 CITIGROUP INC 1.08%

4 Barclays PLC 1.06%

5 BANK OF AMERICA CORP 1.03%

6 Banco Comercial Português 0.84%

7 RWE AG 0.69%

8 Bayerische Motoren Werke AG 0.68%

9 Volkswagen AG 0.51%

10 Commerzbank AG 0.46%

Total 9.28%

Exposure %Avg. Size % #

Individual Stocks 15.00% 0.41% 36

Indices 35.20%

Dividend Yield 3.10%

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