presentación evento bilbao (2 marzo 2016)

A B E R D E E N - M & G - V O N T O B E L

¿CÓMO INVERTIR EN UN

ENTORNO DE TIPOS BAJOS?

M E S A R E D O N D A F O N D O S D E I N V E R S I Ó N – B I L B A O , 2 D E M A R Z O

¿Dónde invertir en un mercado de divergencias?


La trilogía de 2016:

¿De verdad podemos resumir todo en

China, Petróleo, Tipos de Interés EEUU?

Bueno vale! Incluso el Brexit?

¿Qué descuentan los.mercados?..



¿Qué descuentan los.mercados?..

• ¿#Cuál#es#la#valoración#real#de#los#activos#en#un#

mundo#de#inyecciones#masivas#de#liquidez?

• ¿Son#capaces#de#ser#rentables#los#bancos#con#

estos#niveles,#o#incluso#más#bajos,#de#tipos#de#

interés?

• ¿Es#efectiva#la#política#llevada#a#cabo#por#los#

Bancos#Centrales,#o#nos#abocará#a#una#guerra#

entre#los#mismos#con#el#fin#de#impulsar#la#

competitividad#a#basa#de#una#divisa#débil?#


¿Dónde invertir en un mercado de divergencias? ¿Estamos entrando en recesión?



Valoración de los distintos activos

Sample'of'assets,'showing' real'yield'against'an'assessment'of'neutrality

!3%

!1%

1%

3%

5%

7%

9%

11%

13%

RentabilidadReal*

NeutralityPor$encima$de$la$neutralidad$– barato?

Por debajo de$la$neutralidad –caro?

Source:( M&G,(Datastream,( 21(January( 2016.( *Real(yield( for(equity( is(defined( as(an( inflationAadjusted( inverted( p/e( ratio,(using(forward(consensus( data



¿Qué hará el Eurostoxx 50 de hoy a 1 año?Escenario para Europa: Lento crecimiento y una pírrica inflación…



¿Dónde hallar el verdadero Valor? ROE & EPS Growth : Motor de nuestra gama

TRANSPARENCIA*ROBUSTAS

BENEFICIOS*PREDECIBLES**/*ALTO*ROE**

Divergencia de tipos de interés y alta volatilidad

EEUU

¿Cómo evoluciona el S&P 500 durante períodos de subida de tipos de interés?

Reino Unido

¿Quién será el siguiente en subir tipos de interés?

Europa

¿Cómo le afecta a la bolsa el QE en Europa?

Emergentes

Las materias primas y la deuda emitida en dólares, dos riesgos del 2016

Las gestoras de fondos responden …


* Rentabilidades pasadas no garantizan rentabilidades futuras. Rentabilidad a fecha 29/02/2016. ** Rentabilidad a un año acumulada.

Vontobel Fund- EUR Corporate

Bond Mid Yield

RF Deuda Corporativa EUR

Rentabilidad 3 años: 4,26%

Volatilidad 3 años: 3,70%

Vontobel Fund- European Equity

RV Europa Cap. Grande Growth



Vontobel Fund- Bond Global Aggregate

RF Flexible Global-EUR Cubierto

Rentabilidad YTD: -1,84% ** Volatilidad YTD: 4,91% **


Vontobel Fund- EUR Corporate Bond Mid Yield


Track record

Disclaimer: Mondher Bettaieb has taken over the management of the fund on June 1st 2010. Past performance is no guide to future performance.Source & Copyright: Citywire (as of 15.01.2016), Vontobel Asset Management; Morningstar Awards 2015 (c). Morningstar, Inc. All Rights Reserved. Awarded to Vontobel Fund – EUR Corporate Bond Mid Yield B best EUR Corporate Bond Fund in Austria, Germany, Italy, Spain, Luxembourg and Finland.

! Portfolio manager with 20 years of corporate credit experience as analyst and investment professional

! Portfolio manager supported by strong team of 5 professionals concentrating on corporate credit

! Focused portfolio concentrated on high conviction bond picks enhanced by active segment allocation depending on risk environment

Indexed gross return

Mondher Bettaieb LoriotHead of Corporate BondsPortfolio Manager

Gross return p.a. %

Description Vontobel Fund - EUR Corporate Bond Mid Yield (Institutional Share Class; LU0278087860); The composite consists of all fund share classes with a Mid Yield Bond investment strategy.

Benchmark Merrill Lynch Corporate A-BBB

Currency EUR

Time period 1.6.2010 − 31.01.2016

3 years (gross) Composite Benchmark

Volatility (p.a.) 3.66 % 2.82 %

Sharp Ratio (p.a.) 1.69 1.38

Tracking-Error (p.a.) 1.32 %

Beta 1.23

Information Ratio (p.a.) 1.73

Correlation 0.95

95100105110115120125130135140145150155

Jun

10A

ug 1

0N

ov 1

0Fe

b 11

May

11

Aug

11

Nov

11

Feb

12M

ay 1

2A

ug 1

2N

ov 1

2Fe

b 13

May

13

Aug

13

Nov

13

Feb

14M

ay 1

4A

ug 1

4N

ov 1

4Fe

b 15

May

15

Aug

15

Nov

15

Benchmark Composite

-0,15 -0,15-0,56

6,28

7,56

0,46 0,46

-0,84

4,00

5,17

-2,0

-1,0

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

QTD YTD 1 Year 3 Years 5 Years

Composite Benchmark


Vontobel Fund- Bond Global Aggregate

Track record What makes us special?

Hervé HanouneHead of Fixed IncomePortfolio Manager

! Portfolio manager with a strong 20-year track-record in global aggregate investing

! Support from credit and emerging-market specialists to seize global opportunities

! Active approach to take value wherever it exists

Net return p.a. %Indexed net return

Disclaimer: Past performance is no guide to future performance. Performance data does not take account of commission or costs charged when units are issued or redeemed.Source & Copyright: Citywire (as of 15.01.2016), Vontobel Asset Management, Bloomberg

Description Hervé Hanoune was the portfolio manager for the Amundi Funds - Bond Global Aggregate (LU0319687637) from 01Jul08 until 31Mar14. He took over the Vontobel Fund - Bond Global Aggregate (LU0278091383) from 01 Sept14. For the period 01Apr14 until 31Aug14, the strategy was unmanaged and is replicated by the benchmark.

Benchmark Barclays Global Aggregate Hedged

Currency USD

Time period 31.7.2008 – 31.01.2016

3 years Fund Benchmark

Volatility (p.a.) 3.67 % 2.69 %

Sharp Ratio (p.a.) 1.27 1.18

Tracking Error (p.a.) 3.08 %

Beta 0.77

Information Ratio (p.a.) 0.48

Correlation 0.57

90100110120130140150160170180190200210220

Aug

08

Nov

08

Mar

09

Jul 0

9N

ov 0

9M

ar 1

0Ju

l 10

Nov

10

Mar

11

Jul 1

1N

ov 1

1M

ar 1

2Ju

l 12

Nov

12

Mar

13

Jul 1

3N

ov 1

3M

ar 1

4Ju

l 14

Nov

14

Mar

15

Jul 1

5N

ov 1

5

Amundi AM Strategy not managedBenchmark Manager track record

-0,73 -0,73

2,30

4,945,82

10,45

1,46 1,460,62

3,454,24 4,71

-2,0

0,0

2,0

4,0

6,0

8,0

10,0

12,0

QTD YTD 1 Year 3 Years 5 Years Since Inception

Manager track record Benchmark


Vontobel Quality Growth Funds – Fund, Benchmark and Relative Returns

Source: Vontobel Asset Management AG. Table shows performance relative to the fund›s benchmark over the selected time periods and the reference currency. Calculation of the performance figures is based on the B share class with a 50% reduction in the management fee. An institutional share class (I) is available for institutional investors. The I share class has a 50% reduced management fee compared to the B share class. The I share classes were launched subsequently to the B share class data above. Past performance is not a reliable indicator of current or future performance. Performance data does not take account of commission or costs charged when units are issued or redeemed.

M&G Dynamic Allocation

Mixto Flexible EUR- Global



M&G Global Floating Rate

High Yield

RF Bonos Alto Rendimiento Global

Rentabilidad 1 año: -2,09% **

Volatilidad 1 año: 2,52%

M&G Pan European Dividend

RV Europa Alto Dividendo





M&G Pan European Dividend - RV Europa Alto Dividendo


Phil Cliff’s performance track recordTen years of excellent returns in European equities

100

150

200

250

300

350

400

Returns.in.euros.(rebased.to.100.as.at.12.July.2004).

Career%cumulative%return:%164%

MSCI%Europe%Index%cumulative%return:%106%

Pan%European%Accelerando%Fund:%76.2%

MSCI%Europe%Index:61.5%

Quartile%ranking1:%1

European%Focus%Fund:G0.4%

MSCI%Europe%Index:%G11.5%


Pan%European%Dividend%Fund:%50.3%

MSCI%Europe%Index:%44.4%


Threadneedle%(July.04.– August.07).

Occam(September.08.–October.11)

M&G(April.12–Present)

Career%annualised%returns*:

Phil. Cliff’s.funds:.10.2%.pa

MSCI.Europe.Index:.7.5%.pa

*Phil&Cliff&combined&performance&of&the&following&funds&and&periods:&Threadneedle&Pan&European&Focus&RN&EUR&(formerly&the&Pan European&Accelerando&fund)&from&12&July&2004&to&16&August&2007,&Liontrust Pan&European&Fund&A&EUR&(formerly&the&Occam&European&Focus&fund)&from&8&September&2008&to&3&October&2011&and&M&G&Pan&European Dividend&EUR&A&from&2&April&2012&to&31&January&2016.&Annualised&returns&over&period&whilst&managing&funds.&

M&G Pan European Dividend - RV Europa Alto Dividendo


Diversified sources of performance

Different(parts(of(the(portfolio(perform(at(different(times

Basket'‘hit’' rate' Up'market Down'market

Quality 39% 83%

Assets 68% 61%

Rapid'growth 68% 56%

Different(parts(of(the(portfolio(perform(at(different(times


M&G Dynamic Allocation - Mixto Flexible EUR- Global

Los pilares esenciales de nuestra estrategia de inversión

Un#enfoque#sólido#y#repetible

Objetivos*del*fondo

Gestión*de*riesgos

Construcciónde*cartera*

Comportamiento*de*los*inversores

Volatilidad*del*mercado

Evaluación*táctica

Preciosde*los*activos

Análisis*fundamental

Evaluación*estratégica


M&G Dynamic Allocation - Mixto Flexible EUR- Global

Cumpliendo nuestra proposición

5,8%

7,0%

3,9%

7,3%

0%

1%

2%

3%

4%

5%

6%

7%

8%

Rentabilidad6anualizada Volatilidad6anualizada

M&G6Dynamic6Allocation6Fund6 Morningstar6EUR6Flexible6Allocation6sector

Source:( Datastream,( Morningstar,( Inc.,(Pan( European( database,( from(31( December(2009( to(31(December( 2015,( euro(A(class(shares, net( income(reinvested,( price(to(price


M&G Global Floating Rate High Yield - RF Bonos Alto Rendimiento Global

96

98

100

102

104

106

108

110

112

114

116

Total-return-(rebased-to-100)

Performance*of*global* IG,*global*HY*and*global*HY*FRN

Comparing fixed income asset classes

High%yield%FRN%has%delivered%lower%volatility%while%generating%income

Volatility* caused*by*‘taper*tantrum’

Global*HY

Global*HY*FRN*Global*IG

Government*bondsellAoff*in*Q2*2015US*HY*sellAoff*as*

oil* prices*plunge,*then*rallies*harder


M&G Global Floating Rate High Yield - RF Bonos Alto Rendimiento Global

0% 10% 20% 30% 40%

EM

Periphery

UK

Core4Europe4&4Nordics

US

Neutral4position Fund0% 30% 60% 90%

A4&4above

BBB

BB

B

CCC4&4below

NA/NR

Fund positioning

By#region

By#rating

68,6%

29,3%

2,1%

Senior4securedSenior4unsecuredJunior

By#sector By#financial#tier

0%

5%

10%

15%

20%

25%

30%

35%

Aberdeen Global II European Convertibles Bond Fund

RF Convertibles Europa

Rentabilidad 3 años: 4,56% Volatilidad 3 años: 6,47%

Aberdeen Global – Select Euro

High Yield Bond Fund

RF Bonos Alto Rendimiento EUR

Rentabilidad 3 años: 4,24% Volatilidad 3 años: 3,94%

Aberdeen Global Asia Pacific Equity Fund

RV Asia Pacífico (ex-Japón)

Rentabilidad 3 años: -3,29%




Aberdeen Global – Select Euro High Yield Bond Fund


High%Yield Europeo:%Rentabilidad%atractiva%con%respecto%a%otros%activos

Rentabilidades pasadas no-garantizan rentabilidades futurasFuente:% Bloomberg,% RIMES?%Returns% in% local%currency%to%31%Dec%15

50

100

150

200

250

300

350

400

450

500

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Euro%High%Yield Bunds EUROSTOXX S&P500 MSCI%EM%Equity EU%IG%Corp


Aberdeen'Global'– Select'Euro'High'Yield'Bond'Fund:'Rentabilidad

Sobresaliendo frente.a.la.masa

Resultados.positivos: 9'de'los'últimos'13'años

Top.quartile.Manager: 7'de'los'últimos'13'años

As'at'31'Dec'15

Source:' Lipper' to'31'Dec'14,' Morningstar' thereafter

^'EHY'Universe

% Annualised.performance3.months 6.months 1.year 2.years 3.years 5.years

Fondo* O0.75 O0.62 3.20 3.14 4.61 5.30

Media'del'sector O2.35 O2.46 O0.99 1.27 3.34 4.33

Quartile 1 1 1 1 1 2

*'net' of'annual' charges,' EUR

Fuente:' Morningstar,' 31'Jan'16

Rentabilidades pasadas no.son.garantía de.rentabilidades futuras

Aberdeen Global – Select Euro High Yield Bond Fund


Fuente:' Aberdeen' Asset'Management,' Bloomberg

Beneficios)del)activo

Rentabilidad'de'los'convertibles'en'2015:'ilustrando'sus'beneficios

95

100

105

110

115

120

125

dic'14 ene'15 feb'15 mar'15 abr'15 may'15 jun'15 jul'15 ago'15 sep'15 oct'15 nov'15 dic'15

Thomson'Reuters'Europe Stoxx'Europe'600'(Total'Return)



Aberdeen'Global'II'– European'Convertibles'Bond'FundRentabilidad'en'Euros

Rentabilidaddesde lanzamiento

(acumulado)

Rentabilidad %

2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Fondo 108.33 9.86 5.07 9.99 17.66 B8.22 12.61 31.10 B22.73 3.56 14.21 12.20

Indice 98.49 8.83 4.69 11.69 18.46 B9.37 11.31 37.76 B27.09 2.16 16.59 12.01

B3,09 B3,88B2,83 B3,09

1,50

6,08 7,018,25

5,73 5,11

B4,18B5,51 B5,13 B4,18

B0,65

4,34

6,848,08

5,44 4,77

B10

B5

0

5

10

15

20

25

1Mo. 3Mo. 6Mo. YTD 1Yr. 2Yrs'(ann.) 3Yrs'(ann.) 4Yrs'(ann.) 5Yrs'(ann.) Retrun'since'inception' (ann.)

Performance' %Account Benchmark

Rentabilidades= pasadas= no=son=garantía= de=rentabilidades= futuras



Asia%– La%gran%foto de%fondo

Fuente: IMF, OECD, World Population Statistics, Aberdeen Asset Management, 31 Aug 15

Más$del$50%$de$la$población$mundial

Aprox$30%$del$PIB$mundial$(50%$en$2050)

Aprox$50%$de$las$reservas$mundiales

Mayor$capacidad$de$políticas$económicas$y$monetarias



Aberdeen'Global'Asia'Pacific Equity Fund:'Importante'no'seguir'a'las'masas

Con'fines'meramente' ilustrativosIndice:' MSCI'AC'Asia'Pacific'ex'JapanFuente:' MSCI,'Aberdeen' Asset' Management,' 31' Dec'15

El#índice#es#una#medida,#no#un#indicador#de#construcción#de#

carteras

Posicionamiento#por#países#(%) Posicionamiento#por#sectores#(%)

G20

G16

G12

G8

G4

0

4

8

12

16

Singapore

Hong'Kong

India

UK

Philippines

Sri'Lanka

Thailand

Malaysia

Indonesia

New'Zealand

Taiwan

Korea

Australia

China

G8

G6

G4

G2

0

2

4

6

8

Financials

Materials

Industrials

Telecom'Services

Consumer'Staples

Healthcare

Energy

Utilities

Consumer'Discretionary

Information'Technology


¿ PREGUNTAS ?

presentación evento bilbao (2 marzo 2016)

Economy & Finance