Altana Corporate Bond Fund UCITS
Altana Corporate Bond Fund UCITS Monthly Performance Report
December 2015: -1.75%*
Portfolio Manager & Chief Investment Officer: Lee Robinson
Gross NAV (since inception): 89.60
Fund AUM: $27,384,416
Fund Strategy The objective of the Altana Corporate Bonds Fund (ACBF) is to generate a positive return in all market phases by investing in a diversified portfolio of corporate bonds globally. The fund sources attractive bond investment opportunities in all major markets, seeks corporations that have an extremely high degree of repayment as well as strong defendable business models. Risks on macroeconomic, geopolitical, sector and issuer levels are limited by following a structured allocation strategy. ACBF takes global exposure either via cash bond positions or derivatives, depending on relative valuations and market opportunities.
Performance (net*) Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
YTD
2013 -0.19% +0.47% +0.75%
+1.64% +0.04% -2.12% +1.71% +0.67% +1.11% +2.37% +0.71% +1.29% +8.68%
2014 -0.25% +1.43% +1.74%
+0.63% +2.32% +1.08% -2.94% +0.08% -7.09% -1.65% -0.35% +0.78% -4.20%
2015 +1.21% +4.50% +0.58%
+2.88% +1.29% -1.98% -2.89% -0.98% -3.66% +1.27% -2.98% -1.75% -2.82%*
ITD +0.87%
*Performance (% m/m) is net of all legal, admin, trading and management fees. Latest month/YTD figures are final figures. Data is for ACBF Cayman up to April 2014, as of May 2014 data is for ACBF UCITS. 2014 YTD return is a blended figure between ACBF Cayman and ACBF UCITS. ACBF UCITS May-Dec 2014 return was -7.80%.
December 2015
Strategy statistics (December 2015)
Month return Annualised volatility
ACBF
IBOXIG
IBOXHY
-1.75%
-0.89%
-2.29%
5.52%
5.05%
3.98%
**Annualised volatility s of the strategy since inception, ie Jan 2013 ACBF / IBOXIG / IBOXHY – January 2013 = 100
Average annual return Return since inception Sharpe ratio since inception annualized Worst month Best month
0.29% 0.87% +0.05 -7.09% 4.50% 64%
Percent positive months
ACBF (subsequently ACBF UCITS) vs. benchmarks 1.23 1.21 1.19 1.17 1.15 1.13 1.11 1.09 1.07 1.05 1.03 1.01 0.99 0.97 0.95 0.93 Jan/13 Mar/13 May/13
Jul/13
Sep/13 Nov/13 Jan/14 Mar/14 May/14
Altana Corporate Bonds Fund UCITS
Jul/14
iBoxx $ Liquid High Yield Index
Sep/14 Nov/14 Jan/15 Mar/15 May/15 Altana Corporate Bonds Fund
Jul/15
Sep/15 Nov/15
iBoxx $ Liquid Investment Grade Index
Main Performance Contributors Top Performers 1 2 3 4 5
IMPERIAL TOBACCO FINANCE 5.500 22 Nov 16 REED ELSEVIER INVESTMENT 5.625 20 Oct 16 ANHEUSER-BUSCH INBEV NV EURO 6.500 23 Jun 17 BUPA FINANCE PLC 7.500 04 Jul 16 RENTKL 5.750 03/16 5.750 31-Mar-16
bps +1 +1 +1 +1 +1
Worst Performers 1 2 3 4 5
GRP ISOLUX CORSAN FIN BV EURO 6.625 15 Apr 21 GOL LUXCO SA EURO 8.875 24 Jan 22 PACIFIC RUBIALES ENERGY EURO 5.125 28 Mar 23 TAKKO LUX 2 SCA EURO 9.875 15 Apr 19 ABENGOA GREENFIELD SA EURO 5.500 01 Oct 19
bps -24 -12 -9 -9 -9
©2016 Private & Confidential | [email protected] | www.AltanaWealth.com Altana Wealth Ltd | 8 Pollen Street | London W1S 1NG | Tel: +44 (0) 20 7079 1080 | Authorised and regulated by the Financial Conduct Authority Altana Wealth SAM | 33 Avenue St Charles| Monaco 98000 | Tel: +377 97 70 56 36 | Authorised and regulated by the Commission de Contrôle des Activités Financières 1
Portfolio Activity & Outlook
Taking over the portfolio management from being just CIO didn’t happen overnight. I have held the view since mid-2015 that we are in a manufacturing and inventory lead recession. As such we have transitioned the portfolio into a more defensive position. This is largely complete. We have less than 5% of the portfolio for sale. Liquidity in December was poor as usual curtailing the sale of a small number of positions and causing the mark down of many positions by small amounts cumulating in a larger loss. Arguably we should have been more aggressive earlier but in reality liquidity has been poor in the summer period and never picked up in the Autumn. Clearly January 2016 has not been the usual liquid start to a year. I’d go as far to say this was the least liquid January for credit in memory. The plan of action is to stay in shorter duration bonds until the manufacturing economy bottoms. We want to be in senior not second lien. For example whilst we like Wind as a credit and both the senior and second lien debt we have switched to the senior at 4.5% yield rather than the second lien at 7.5%. Currently 18% of the book matures in the first half of the year and we have approximately 60% in sub-two year paper issued by high quality issuers (predominantly non-cyclical investment grade credits). To generate extra returns we have 15% in improving credits or short term events. For example we really like the Quick 2019 senior bonds at 10% yield. The takeover by Burger King has just completed, they are selling st Quick Belgium, have prepaid 20% of the bonds and very unlikely to default given we are in the 1 month of the Burger King rollout across France. Maybe they fail in the longer term but three year paper at 10% with a strong chance the bonds are refinanced by the new owner especially post the disposals is very attractive. [I’d argue the second lien are also great value but below the investment grade threshold for the UCITS fund.] On the improving side we look for companies with a steadily growing top-line, improved margin potential and reduced debt load, especially in less cyclical sectors. Premier Foods and Pizza Express being good examples in our portfolio. We have CDS protection on a few names, mostly hotel groups but overall the portfolio is just over 80% invested. We plan to take this up to the low 90% in short dated quality non-cyclical names then take advantage of special situations and liquidity weakness over what I expect to be a very nervous and fragile period. On the hiring front, we have found a highly experienced senior analyst to help run the fund who started Jan th 4 . I’ll send more details next month in the newsletter but he is off to a promising start with new ideas and quality analysis. We are pleased to announce that, Altana Corporate Bond Fund UCITS has been awarded in the 2016 Hedge Fund Awards for the Best Newcomer Credit Fund category. For more detail please visit: http://www.acquisition-intl.com/2015-altana-wealth-ltd. Written by Lee Robinson
©2016 Private & Confidential | [email protected] | www.AltanaWealth.com Altana Wealth Ltd | 8 Pollen Street | London W1S 1NG | Tel: +44 (0) 20 7079 1080 | Authorised and regulated by the Financial Conduct Authority Altana Wealth SAM | 33 Avenue St Charles | Monaco 98000 | Tel: +377 97 70 56 36 | Authorised and regulated by the Commission de Contrôle des Activités Financières 2
Risk Report*
Gross Summary Statistics Since inception of the Fund: 15 May 2014
ACBF UCITS Annualised Volatility Downside Deviation* Skewness Kurtosis Min 1D Return Max 1D Return Max Drawdown
1.2
6.85% 5.57% -0.51 3.51 -1.99% +1.75% -14.54%
December 2015 Annualised Volatility Skewness Kurtosis Min 1D Return Max 1D Return Max Drawdown Sharpe Ratio **
1.68% -0.49 -1.13 -0.27% 0.06% -1.54% -3.71
Correlation with S&P 500: 1 Month 3 Month All
ACBF UCITS - STRATEGY 1.25
1.15 1.1 1.05 1 0.95 0.9 0.85 Jan/13 Apr/13 Jul/13 Oct/13 Jan/14 Apr/14 Jul/14 Oct/14 Jan/15 Apr/15 Jul/15 Oct/15
Daily Returns 0.1% 0.1% 0.0% -0.1%
01 02 03 04 07 08 09 10 11 14 15 16 17 18 21 22 23 24 29 30 31
-0.1% -0.2%
-0.16 -0.03
-0.2%
0.29
-0.3%
-0.3%
Drawdown Jan/13Apr/13Jun/13Sep/13Dec/13Mar/14Jun/14Aug/14Nov/14Feb/15May/15Jul/15 Oct/15 0.0% -2.0% -4.0% -6.0% -8.0% -10.0% -12.0% -14.0% -16.0%
ACBF UCITS Strategy Histogram of Daily Returns Since Launch 0.25 0.2 0.15 0.1 0.05 0 -0.90% -0.75% -0.60% -0.45% -0.30% -0.15% 0.00% 0.15% 0.30% 0.45% 0.60% 0.75% 0.90%
*Using Gross Daily Performance Data **Strategy figure shows the performance of ACBF UCITS (since 05/2014 launch).
©2016 Private & Confidential | [email protected] | www.AltanaWealth.com Altana Wealth Ltd | 8 Pollen Street | London W1S 1NG | Tel: +44 (0) 20 7079 1080 | Authorised and regulated by the Financial Conduct Authority Altana Wealth SAM | 33 Avenue St Charles | Monaco 98000 | Tel: +377 97 70 56 36 | Authorised and regulated by the Commission de Contrôle des Activités Financières 3
Portfolio Overview Sectors Exposure 1 2 3 4 5 6 7
Top 10 Countries
Basic Materials Communications Consumer, Cyclical Energy Financial Industrial Consumer, Non-cyclical
Duration
Top 10 Issuers 1 2 3 4 5 6 7 8 9 10
ABENGOA SA VODAFONE GROUP PLC IMPERIAL TOBACCO FINANCE AT&T INC BUPA FINANCE PLC RENTOKIL INITIAL PLC FIAT CHRYSLER FINANCE EU GOLDMAN SACHS GROUP INC REED ELSEVIER INVESTMENT GAZPROM (GAZ CAPITAL SA) Top 10 Top 20 Top 35 Rest
4.75% 4.50% 4.42% 4.36% 4.36% 4.32% 4.20% 4.13% 3.88% 3.30% 42.22% 63.85% 74.05% -15.61%
0 to 1 1 to 2 2 to 3 3 to 4 4 to 5 32 to 33 30 to 31
69.47% 25.90% 9.17% -1.01% -19.97% 0.15% 0.50%
United Kingdom United States Russia France Italy Spain Netherlands India Greece Luxembourg
34.15% 11.40% 8.01% 2.59% 2.54% 2.26% 2.15% 2.09% 1.65% 1.31%
Portfolio Duration Modified Duration Credit Bonds Sovereign Futures Corporate Derivatives Interest Rates Bonds Sovereign Futures Corp Derivatives
-0.10 0.32 1.54 0.00 -1.22 -0.41 -0.41 0.00 0.00
Ratings
Yield Range Table < 12 months to maturity
12 - 24 months to maturity
> 24 months to maturity
0 to 4%
39.90%
21.29%
28.42%
4 to 6%
1.31%
4.06%
3.61%
6 to 8%
0.00%
0.00%
2.66%
8 to 10%
0.00%
0.00%
0.98%
> 10%
0.06%
0.00%
-18.08%
Yield
1 2 3 4 5 6 7 8 9 10
3.32% 15.94% 9.82% 3.57% 9.20% 8.01% 8.59%
NR A ABBB+ BBB BBBBB+ BB BB-
0.28% 6.46% 12.82% 10.70% 8.74% 8.68% 3.31% 4.22% 4.20%
B+ B BCCC+ C CCC A+ CCC-
4.96% 9.28% 2.02% 1.61% 0.09% 0.70% 1.26% 0.27%
For further information, please contact us at [email protected]. London: +44(0) 207 079 1088 or Monaco: +377 97 70 56 36. Disclaimer: This report is prepared by Altana Wealth Limited (“Altana”) , which is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom (FRN: 532912). The Altana Corporate Bond Fund (“ACBF”) is managed by Altana Wealth Limited and is a Sub-Fund of Altana UCITS Funds Plc an investment company with variable capital incorporated with limited liability in Ireland with registered number 540012 and established as an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities).collective investment in transferable securities under Directive 2009/62/EC. The Fund is a recognised scheme for the purposes of section 264 the Financial Services and Markets Act 2000 of the United Kingdom. Most of the protections provided by the United Kingdom regulatory system, and compensation under the United Kingdom Financial Services Compensation Scheme, will not be available. The contents of this factsheet are directed only at persons who would be defined as Professional Clients and Eligible Counterparty clients under the rules of the FCA rules. The services provided by Altana are only available to persons classified as Professional Clients and Eligible Counterparties (as defined in the FCA rules). As such, no reliance should be placed on anything contained in this factsheet by persons other than Professional Clients and Eligible Counterparty clients. In particular, persons who are Retail Clients (as defined in the FCA rules), should not act or rely upon the information provided in this factsheet and the services referred to herein will not be available to such persons. They are advised to contact their Financial Adviser. This factsheet is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. It is the responsibility of every person reading this factsheet to satisfy himself as to the full observance of the laws of any relevant country, including obtaining any government or other consent which may be required or observing any other formality which needs to be observed in that country. This document does not constitute an offer to sell, solicit or buy any investment product or service, and is not intended to be a final representation of the terms and conditions of any product or service. The investments mentioned in this document may not be suitable for all recipients and you should seek professional advice if you are in doubt. Clients should obtain legal/taxation advice suitable to their particular circumstances. This document may not be reproduced or disclosed (in whole or in part) to any other person without our prior written permission. Although information in this document has been obtained from sources believed to be reliable, Altana does not represent or warrant its accuracy, and such information may be incomplete or condensed. All estimates and opinions in this document constitute our judgment as of the date of the document and may be subject to change without notice. Altana will not be responsible for the consequences of reliance upon any opinion or statement contained herein, and expressly disclaims any liability, including incidental or consequential damages, arising from any errors or omissions. The value of investments and the income derived from them can fall as well as rise, and you may not get back the amount originally invested. Past performance is no indicator of future performance. Investment products may be subject to investment risks, including but not limited to, currency exchange and market risks, fluctuations in value, liquidity risk and, where applicable, possible loss of principal invested. The information contained in this document is merely a brief summary of key aspects of the Fund. More complete information on the Fund can be found in the prospectus or key investor information document. These documents constitute the sole binding basis for the purchase of Fund units. Issued by Altana Wealth January 2016.
©2016 Private & Confidential | [email protected] | www.AltanaWealth.com Altana Wealth Ltd | 8 Pollen Street | London W1S 1NG | Tel: +44 (0) 20 7079 1080 | Authorised and regulated by the Financial Conduct Authority Altana Wealth SAM | 33 Avenue St Charles | Monaco 98000 | Tel: +377 97 70 56 36 | Authorised and regulated by the Commission de Contrôle des Activités Financières 4
December 2015: -1.75%*
Portfolio Manager & Chief Investment Officer: Lee Robinson
Gross NAV (since inception): 89.60
Fund AUM: $27,384,416
Fund Strategy The objective of the Altana Corporate Bonds Fund (ACBF) is to generate a positive return in all market phases by investing in a diversified portfolio of corporate bonds globally. The fund sources attractive bond investment opportunities in all major markets, seeks corporations that have an extremely high degree of repayment as well as strong defendable business models. Risks on macroeconomic, geopolitical, sector and issuer levels are limited by following a structured allocation strategy. ACBF takes global exposure either via cash bond positions or derivatives, depending on relative valuations and market opportunities.
Performance (net*) Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
YTD
2013 -0.19% +0.47% +0.75%
+1.64% +0.04% -2.12% +1.71% +0.67% +1.11% +2.37% +0.71% +1.29% +8.68%
2014 -0.25% +1.43% +1.74%
+0.63% +2.32% +1.08% -2.94% +0.08% -7.09% -1.65% -0.35% +0.78% -4.20%
2015 +1.21% +4.50% +0.58%
+2.88% +1.29% -1.98% -2.89% -0.98% -3.66% +1.27% -2.98% -1.75% -2.82%*
ITD +0.87%
*Performance (% m/m) is net of all legal, admin, trading and management fees. Latest month/YTD figures are final figures. Data is for ACBF Cayman up to April 2014, as of May 2014 data is for ACBF UCITS. 2014 YTD return is a blended figure between ACBF Cayman and ACBF UCITS. ACBF UCITS May-Dec 2014 return was -7.80%.
December 2015
Strategy statistics (December 2015)
Month return Annualised volatility
ACBF
IBOXIG
IBOXHY
-1.75%
-0.89%
-2.29%
5.52%
5.05%
3.98%
**Annualised volatility s of the strategy since inception, ie Jan 2013 ACBF / IBOXIG / IBOXHY – January 2013 = 100
Average annual return Return since inception Sharpe ratio since inception annualized Worst month Best month
0.29% 0.87% +0.05 -7.09% 4.50% 64%
Percent positive months
ACBF (subsequently ACBF UCITS) vs. benchmarks 1.23 1.21 1.19 1.17 1.15 1.13 1.11 1.09 1.07 1.05 1.03 1.01 0.99 0.97 0.95 0.93 Jan/13 Mar/13 May/13
Jul/13
Sep/13 Nov/13 Jan/14 Mar/14 May/14
Altana Corporate Bonds Fund UCITS
Jul/14
iBoxx $ Liquid High Yield Index
Sep/14 Nov/14 Jan/15 Mar/15 May/15 Altana Corporate Bonds Fund
Jul/15
Sep/15 Nov/15
iBoxx $ Liquid Investment Grade Index
Main Performance Contributors Top Performers 1 2 3 4 5
IMPERIAL TOBACCO FINANCE 5.500 22 Nov 16 REED ELSEVIER INVESTMENT 5.625 20 Oct 16 ANHEUSER-BUSCH INBEV NV EURO 6.500 23 Jun 17 BUPA FINANCE PLC 7.500 04 Jul 16 RENTKL 5.750 03/16 5.750 31-Mar-16
bps +1 +1 +1 +1 +1
Worst Performers 1 2 3 4 5
GRP ISOLUX CORSAN FIN BV EURO 6.625 15 Apr 21 GOL LUXCO SA EURO 8.875 24 Jan 22 PACIFIC RUBIALES ENERGY EURO 5.125 28 Mar 23 TAKKO LUX 2 SCA EURO 9.875 15 Apr 19 ABENGOA GREENFIELD SA EURO 5.500 01 Oct 19
bps -24 -12 -9 -9 -9
©2016 Private & Confidential | [email protected] | www.AltanaWealth.com Altana Wealth Ltd | 8 Pollen Street | London W1S 1NG | Tel: +44 (0) 20 7079 1080 | Authorised and regulated by the Financial Conduct Authority Altana Wealth SAM | 33 Avenue St Charles| Monaco 98000 | Tel: +377 97 70 56 36 | Authorised and regulated by the Commission de Contrôle des Activités Financières 1
Portfolio Activity & Outlook
Taking over the portfolio management from being just CIO didn’t happen overnight. I have held the view since mid-2015 that we are in a manufacturing and inventory lead recession. As such we have transitioned the portfolio into a more defensive position. This is largely complete. We have less than 5% of the portfolio for sale. Liquidity in December was poor as usual curtailing the sale of a small number of positions and causing the mark down of many positions by small amounts cumulating in a larger loss. Arguably we should have been more aggressive earlier but in reality liquidity has been poor in the summer period and never picked up in the Autumn. Clearly January 2016 has not been the usual liquid start to a year. I’d go as far to say this was the least liquid January for credit in memory. The plan of action is to stay in shorter duration bonds until the manufacturing economy bottoms. We want to be in senior not second lien. For example whilst we like Wind as a credit and both the senior and second lien debt we have switched to the senior at 4.5% yield rather than the second lien at 7.5%. Currently 18% of the book matures in the first half of the year and we have approximately 60% in sub-two year paper issued by high quality issuers (predominantly non-cyclical investment grade credits). To generate extra returns we have 15% in improving credits or short term events. For example we really like the Quick 2019 senior bonds at 10% yield. The takeover by Burger King has just completed, they are selling st Quick Belgium, have prepaid 20% of the bonds and very unlikely to default given we are in the 1 month of the Burger King rollout across France. Maybe they fail in the longer term but three year paper at 10% with a strong chance the bonds are refinanced by the new owner especially post the disposals is very attractive. [I’d argue the second lien are also great value but below the investment grade threshold for the UCITS fund.] On the improving side we look for companies with a steadily growing top-line, improved margin potential and reduced debt load, especially in less cyclical sectors. Premier Foods and Pizza Express being good examples in our portfolio. We have CDS protection on a few names, mostly hotel groups but overall the portfolio is just over 80% invested. We plan to take this up to the low 90% in short dated quality non-cyclical names then take advantage of special situations and liquidity weakness over what I expect to be a very nervous and fragile period. On the hiring front, we have found a highly experienced senior analyst to help run the fund who started Jan th 4 . I’ll send more details next month in the newsletter but he is off to a promising start with new ideas and quality analysis. We are pleased to announce that, Altana Corporate Bond Fund UCITS has been awarded in the 2016 Hedge Fund Awards for the Best Newcomer Credit Fund category. For more detail please visit: http://www.acquisition-intl.com/2015-altana-wealth-ltd. Written by Lee Robinson
©2016 Private & Confidential | [email protected] | www.AltanaWealth.com Altana Wealth Ltd | 8 Pollen Street | London W1S 1NG | Tel: +44 (0) 20 7079 1080 | Authorised and regulated by the Financial Conduct Authority Altana Wealth SAM | 33 Avenue St Charles | Monaco 98000 | Tel: +377 97 70 56 36 | Authorised and regulated by the Commission de Contrôle des Activités Financières 2
Risk Report*
Gross Summary Statistics Since inception of the Fund: 15 May 2014
ACBF UCITS Annualised Volatility Downside Deviation* Skewness Kurtosis Min 1D Return Max 1D Return Max Drawdown
1.2
6.85% 5.57% -0.51 3.51 -1.99% +1.75% -14.54%
December 2015 Annualised Volatility Skewness Kurtosis Min 1D Return Max 1D Return Max Drawdown Sharpe Ratio **
1.68% -0.49 -1.13 -0.27% 0.06% -1.54% -3.71
Correlation with S&P 500: 1 Month 3 Month All
ACBF UCITS - STRATEGY 1.25
1.15 1.1 1.05 1 0.95 0.9 0.85 Jan/13 Apr/13 Jul/13 Oct/13 Jan/14 Apr/14 Jul/14 Oct/14 Jan/15 Apr/15 Jul/15 Oct/15
Daily Returns 0.1% 0.1% 0.0% -0.1%
01 02 03 04 07 08 09 10 11 14 15 16 17 18 21 22 23 24 29 30 31
-0.1% -0.2%
-0.16 -0.03
-0.2%
0.29
-0.3%
-0.3%
Drawdown Jan/13Apr/13Jun/13Sep/13Dec/13Mar/14Jun/14Aug/14Nov/14Feb/15May/15Jul/15 Oct/15 0.0% -2.0% -4.0% -6.0% -8.0% -10.0% -12.0% -14.0% -16.0%
ACBF UCITS Strategy Histogram of Daily Returns Since Launch 0.25 0.2 0.15 0.1 0.05 0 -0.90% -0.75% -0.60% -0.45% -0.30% -0.15% 0.00% 0.15% 0.30% 0.45% 0.60% 0.75% 0.90%
*Using Gross Daily Performance Data **Strategy figure shows the performance of ACBF UCITS (since 05/2014 launch).
©2016 Private & Confidential | [email protected] | www.AltanaWealth.com Altana Wealth Ltd | 8 Pollen Street | London W1S 1NG | Tel: +44 (0) 20 7079 1080 | Authorised and regulated by the Financial Conduct Authority Altana Wealth SAM | 33 Avenue St Charles | Monaco 98000 | Tel: +377 97 70 56 36 | Authorised and regulated by the Commission de Contrôle des Activités Financières 3
Portfolio Overview Sectors Exposure 1 2 3 4 5 6 7
Top 10 Countries
Basic Materials Communications Consumer, Cyclical Energy Financial Industrial Consumer, Non-cyclical
Duration
Top 10 Issuers 1 2 3 4 5 6 7 8 9 10
ABENGOA SA VODAFONE GROUP PLC IMPERIAL TOBACCO FINANCE AT&T INC BUPA FINANCE PLC RENTOKIL INITIAL PLC FIAT CHRYSLER FINANCE EU GOLDMAN SACHS GROUP INC REED ELSEVIER INVESTMENT GAZPROM (GAZ CAPITAL SA) Top 10 Top 20 Top 35 Rest
4.75% 4.50% 4.42% 4.36% 4.36% 4.32% 4.20% 4.13% 3.88% 3.30% 42.22% 63.85% 74.05% -15.61%
0 to 1 1 to 2 2 to 3 3 to 4 4 to 5 32 to 33 30 to 31
69.47% 25.90% 9.17% -1.01% -19.97% 0.15% 0.50%
United Kingdom United States Russia France Italy Spain Netherlands India Greece Luxembourg
34.15% 11.40% 8.01% 2.59% 2.54% 2.26% 2.15% 2.09% 1.65% 1.31%
Portfolio Duration Modified Duration Credit Bonds Sovereign Futures Corporate Derivatives Interest Rates Bonds Sovereign Futures Corp Derivatives
-0.10 0.32 1.54 0.00 -1.22 -0.41 -0.41 0.00 0.00
Ratings
Yield Range Table < 12 months to maturity
12 - 24 months to maturity
> 24 months to maturity
0 to 4%
39.90%
21.29%
28.42%
4 to 6%
1.31%
4.06%
3.61%
6 to 8%
0.00%
0.00%
2.66%
8 to 10%
0.00%
0.00%
0.98%
> 10%
0.06%
0.00%
-18.08%
Yield
1 2 3 4 5 6 7 8 9 10
3.32% 15.94% 9.82% 3.57% 9.20% 8.01% 8.59%
NR A ABBB+ BBB BBBBB+ BB BB-
0.28% 6.46% 12.82% 10.70% 8.74% 8.68% 3.31% 4.22% 4.20%
B+ B BCCC+ C CCC A+ CCC-
4.96% 9.28% 2.02% 1.61% 0.09% 0.70% 1.26% 0.27%
For further information, please contact us at [email protected]. London: +44(0) 207 079 1088 or Monaco: +377 97 70 56 36. Disclaimer: This report is prepared by Altana Wealth Limited (“Altana”) , which is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom (FRN: 532912). The Altana Corporate Bond Fund (“ACBF”) is managed by Altana Wealth Limited and is a Sub-Fund of Altana UCITS Funds Plc an investment company with variable capital incorporated with limited liability in Ireland with registered number 540012 and established as an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities).collective investment in transferable securities under Directive 2009/62/EC. The Fund is a recognised scheme for the purposes of section 264 the Financial Services and Markets Act 2000 of the United Kingdom. Most of the protections provided by the United Kingdom regulatory system, and compensation under the United Kingdom Financial Services Compensation Scheme, will not be available. The contents of this factsheet are directed only at persons who would be defined as Professional Clients and Eligible Counterparty clients under the rules of the FCA rules. The services provided by Altana are only available to persons classified as Professional Clients and Eligible Counterparties (as defined in the FCA rules). As such, no reliance should be placed on anything contained in this factsheet by persons other than Professional Clients and Eligible Counterparty clients. In particular, persons who are Retail Clients (as defined in the FCA rules), should not act or rely upon the information provided in this factsheet and the services referred to herein will not be available to such persons. They are advised to contact their Financial Adviser. This factsheet is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. It is the responsibility of every person reading this factsheet to satisfy himself as to the full observance of the laws of any relevant country, including obtaining any government or other consent which may be required or observing any other formality which needs to be observed in that country. This document does not constitute an offer to sell, solicit or buy any investment product or service, and is not intended to be a final representation of the terms and conditions of any product or service. The investments mentioned in this document may not be suitable for all recipients and you should seek professional advice if you are in doubt. Clients should obtain legal/taxation advice suitable to their particular circumstances. This document may not be reproduced or disclosed (in whole or in part) to any other person without our prior written permission. Although information in this document has been obtained from sources believed to be reliable, Altana does not represent or warrant its accuracy, and such information may be incomplete or condensed. All estimates and opinions in this document constitute our judgment as of the date of the document and may be subject to change without notice. Altana will not be responsible for the consequences of reliance upon any opinion or statement contained herein, and expressly disclaims any liability, including incidental or consequential damages, arising from any errors or omissions. The value of investments and the income derived from them can fall as well as rise, and you may not get back the amount originally invested. Past performance is no indicator of future performance. Investment products may be subject to investment risks, including but not limited to, currency exchange and market risks, fluctuations in value, liquidity risk and, where applicable, possible loss of principal invested. The information contained in this document is merely a brief summary of key aspects of the Fund. More complete information on the Fund can be found in the prospectus or key investor information document. These documents constitute the sole binding basis for the purchase of Fund units. Issued by Altana Wealth January 2016.
©2016 Private & Confidential | [email protected] | www.AltanaWealth.com Altana Wealth Ltd | 8 Pollen Street | London W1S 1NG | Tel: +44 (0) 20 7079 1080 | Authorised and regulated by the Financial Conduct Authority Altana Wealth SAM | 33 Avenue St Charles | Monaco 98000 | Tel: +377 97 70 56 36 | Authorised and regulated by the Commission de Contrôle des Activités Financières 4
