le chéile Group Income and Growth Investment Seminar 05.11.13
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Transcript of le chéile Group Income and Growth Investment Seminar 05.11.13
‘Credit Union Investments – Income and Growth’
222
Carmignac Patrimoine
333
Sales Director - UK & IrelandMark Dunn
444
Two simple questions to be answered…
� Who are Carmignac?
� What is Carmignac Patrimoine and how has it performed?
555
An independent and entrepreneurial company, focused on a single vocation
Source: Carmignac Gestion at 30/09/2013
54 BILLION IN ASSETS UNDER MANAGEMENT
1.5 BILLION EQUITY CAPITAL
228 EMPLOYEES
17 INVESTMENT FUNDS
COMMERCIAL DISTRIBUTION IN 12 COUNTRIES
666
A french asset manager, a European presence
LONDONOFFICEMILANSUBSIDIARY
2012
CREATION OFTHE COMPANY
LUXEMBOURGSUBSIDIARY
ITALY*
BELGIUM*
SWITZERLAND*
GERMANY*
SPAIN*
NETHERLANDS*
MADRID ANDMILAN OFFICES
AUSTRIA*
SWEDEN*
REGISTRATIONOF THE FUNDS INSINGAPORE FORPROFESSIONALINVESTORS
FRANKFURTSUBSIDIARY
1989 1999 2002 2003 2004 2005 2006 2008 2009 2010 2011
* Countries in which the Funds are registered
777
Carmignac Gestion : a strong brand image
Source: Financial Times, Fund Buyer Focus, 13/02/2012
1. Blackrock 3962. CARMIGNAC GESTION 183. JP Morgan
4. Fidelity
5. Schroders
6. Pictet Funds
7. M&G Investments
8. Franklin Templeton
10. DWS
216184219
252
126
9. Invesco
107148
1009
NUMBER OF FUNDS
Financial Times fm
Carmignac Gestion ranked 2nd best Fund management brand by distributors
888
ASSETS UNDERMANAGEMENT*
2007 2008 2009 2010 2011 2012 2013
A business model designed for the long term
Source : Carmignac Gestion 30/09/2013*in Euros billion,
Diversified client base
Controlled growth
• An externalized middle office : Caceis Investors Services, France• Independent and robust valuation agents: Caceis Fund Administration
(France) and Caceis Bank (Luxembourg)• European leaders in the depositary-custodian business Caceis Bank
(France) and BNP Securities Services (Luxembourg)• A combination of worldwide audit expertise
Ernst & Young Audit, Cabinet Vizzavona, KPMG, PricewaterhouseCoopers
First quality partners to support growth
999
International management teamExcellence, sharing and synergy are the cornerstones of our quality management
101010
A constant reinforcement in line with our key investment themes
Edouard CARMIGNACChairman - Manager
Frédéric LEROUXGlobal Manager
Laurent CHEBANIERAnalystCountry Risk
Julien CHERONQuantitative Analyst
MULTISTRATEGY
François-Joseph FURRYManager
Maxime CARMIGNACManager
ALTERNATIVE STRATEGIES
Rose OUAHBA• Head of Team• Manager
Charles ZERAHManager
Carlos Andres GALVISManager
Keith NEYHead of Credit
Caroline SLAMACredit Analyst
BOND MANAGEMENT
Laurent DUCOIN• Head of Team • Manager
Samir ESSAFRIManager
Markus KULESSAAnalyst
EUROPEAN EQUITIES
David FIELD• Head of Team • Manager
Simon LOVATAnalyst
COMMODITY EQUITIES
Xavier HOVASSEManager
David YOUNG PARKManager
Haiyan LI-LABBÉ
Greater China
Haiyan LI-LABBÉAnalystGreater China
Simon PICKARD• Head of Team • Manager
EMERGING EQUITIES
Matthew WILLIAMSAnalystFinancial Sector
Antoine COLONNAAnalystConsumer sector
Tim JAKSLANDAnalystInnovation Sector
Vincent STEENMANManager
Pierre VERLECredit Analyst
Edward COLE
EMEA
Edward COLEAnalystEMEA
111111
A range of 17 complementary and recognized funds
Source : Carmignac Gestion 30/09/2013© 2013 Morningstar
CARMIGNAC INVESTISSEMENT International equities 8 189 M EUR
CARMIGNAC GRANDE EUROPEEU members/candidates equities and additionally, Russian and Turkish equities 304 M EUR
CARMIGNAC EURO-ENTREPRENEURS EU small and mid-cap equities 239 M EUR
CARMIGNAC EMERGENTS Emerging markets equities 1 773 M EUR
CARMIGNAC EMERGING DISCOVERY Emerging markets small and mid cap 313 M EUR
CARMIGNAC COMMODITIES International equities - Commodities 717 M EUR
CARMIGNAC PATRIMOINE International equities and bonds 28 123 M EUR
CARMIGNAC EMERGING PATRIMOINE Emerging equities and bonds 1 486 M EUR
CARMIGNAC EURO-PATRIMOINE EU equities and bonds 669 M EUR
CARMIGNAC INVESTISSEMENT LATITUDE International equities 1 209 M EUR
CARMIGNAC GLOBAL BOND International bonds 630 M EUR
CARMIGNAC SÉCURITÉ Euro bonds 5 864 M EUR
CARMIGNAC CAPITAL PLUS Dynamic monetary investments 1 591 M EUR
CARMIGNAC COURT TERME Euro treasury bonds 608 M EUR
CARMIGNAC PROFIL RÉACTIF 100 From 0 to 100% equities 193 M EUR
CARMIGNAC PROFIL RÉACTIF 75 From 0 to 75% equities 268 M EUR
CARMIGNAC PROFIL RÉACTIF 50 From 0 to 50% equities 470 M EUR
EQU
ITIE
SDI
VERS
IFIE
DFI
XED
INCO
ME
PRO
FILE
D
DIVERSIFIED INVESTMENT UNIVERSE ROBUST ASSETS UNDER MANAGEMENT
HIGH QUALITY FUND MANAGEMENT
121212
Carmignac Patrimoine
131313
� Carmignac Patrimoine is a diversified international fund with at least 50% of assets permanently invested in fixed income and / or money market
� The flexible allocation aims to minimize the risk of capital fluctuation while seeking the best sources of return
� The recommended investment horizon is 3 years
� Its reference indicator consists of 50% MSCI World ACW (Eur) with dividends reinvested and 50% Citigroup WGBI all maturities (Eur)
Carmignac Patrimoine: objectives
141414
Carmignac PatrimoineInvestment universe
� Equity portfolio: equity exposure between 0% and 50% of the portfolio� Monetary and interest rate products: 50% minimum� Emerging equities: 25% max.� Emerging bonds: 25% max.� Modified duration of bond portfolio : -4 à +10� Minimum average rating of bond portfolio : BBB- (S&P) / Baa3 (Moody’s)� Credit derivatives: 10% max.
INVESTMENT LIMITS
� G3, Sterling, Dollar block
� Emerging currencies
CURRENCIES
� Equities listed on international markets
� Emerging market equities
INTERNATIONAL EQUITIES
PERFORMANCE DRIVERS
� Goverment / corporate bonds (developed countries)
� Goverment / corporate bonds (emerging countries)
INTERNATIONAL BONDS
151515
► Edouard Carmignac, Rose Ouahba and Frédéric Leroux are working together to define andoptimise allocation of the risk budget:
► To avoid risk accumulating across Equity and Bond portfolios► To look for the most attractive opportunities according to the relative valuations of the
bond and equity markets► Management which is both collegiate and independent:
► Each manager remains fully responsible for his or her investment decisions► Real synergy between the Equity and Bond portfolios and hedge strategies
Three managers, one objective: balanced portfolio allocation
o Equity component management:
Edouard Carmignac
o Bond component management :
Rose Ouahba
o Exposure management:
Frédéric Leroux
161616
Carmignac Patrimoine : Market Risk -Hedging
171717
Shared management of overall portfolio risk: Equities, Fixed Income and Currencies
Risque de change
Implementation of standard derivatives
A DEDICATED MANAGER: FRÉDÉRIC LEROUX
• Monitoring and detecting market risk: macro-economy, liquidity
• Creation of portfolio hedging or long exposure strategies: • The choice of instruments used• Technical analysis and transactions implementation
• Implementation of standard derivatives (with the fund manager’s approval)
181818
� For what purpose?� To maintain the absolute performance of the portfolio� To limit portfolio volatility� To limit the risk of a fall in case of unfavorable markets� To allow the manager to focus on long-term stock selection
� What types of instruments?� Equities:
• Futures on regional and sector indices (EUROSTOXX, S&P, NASDAQ, IBOV, ...)• Over-the-counter contracts: basket of stocks based on forward price of securities when
sectorial futures don’t exist• Occasional recourse to options
� Fixed income: • Futures on organised and over-the-counter markets, swaps and options
� Currencies:• Forwards contracts and options
� Based on what proportion?� Equity exposure: 0 to 50%� Maximum currency hedging: 100%
Choice of hedges
191919
Carmignac Patrimoine: an active asset allocation
* 50% MSCI AC World Index NR (Eur) + 50% Citigroup WGBI NR (Eur) Past performance is not a guarantee of future returns and may fluctuate over timeSource: Carmignac Gestion, 30/09/2013
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
12/0
6
03/0
7
06/0
7
09/0
7
12/0
7
03/0
8
06/0
8
09/0
8
12/0
8
03/0
9
06/0
9
09/0
9
12/0
9
03/1
0
06/1
0
09/1
0
12/1
0
03/1
1
06/1
1
09/1
1
12/1
1
03/1
2
06/1
2
09/1
2
12/1
2
03/1
3
06/1
3
09/1
3
Aktienexposure Aktienquote Anleihen/GeldmarkinstrumenteEquity HedgingEquity Exposure Bonds, Money Market and Cash
202020
Carmignac Patrimoine Performance
212121
Carmignac Patrimoine: reasons for investing
Source: Carmignac Gestion at 30/08/2013, Base 100 as at 07/11/1989*50% MSCI AC World (Eur) ex-dividends + 50% Citigroup WGBI (Eur)Past performance is not a reliable indicator of future performance. Performance may vary over time.
§ A solid track-record guided by the expertise of the same portfolio manager, Edouard Carmignac, since inception
§ A performing Fund even in crisis periods
Performance of Carmignac Patrimoine over 24 years
GULF WAR CREDIT CRASH
ASIAN CRISIS
INTERNET BUBBLE
11TH SEPTEMBER2011
SUBPRIME CRISIS
FINANCIAL CRISIS
Carmignac Patrimoine
+ 610%
Reference indicator*
+ 240%
Period preceding the implementation of derivatives
and hedging strategies
0
100
200
300
400
500
600
700
800
11/8
9
11/9
0
11/9
1
11/9
2
11/9
3
11/9
4
11/9
5
11/9
6
11/9
7
11/9
8
11/9
9
11/0
0
11/0
1
11/0
2
11/0
3
11/0
4
11/0
5
11/0
6
11/0
7
11/0
8
11/0
9
11/1
0
11/1
1
11/1
2
222222
Carmignac Patrimoine: a fund “without” entry point
Past performance is not a reliable indicator of future performance and varies over time.*50% MSCI AC World Free (Eur) ex-dividends + 50% Citigroup WGBI (Eur).
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
11/2
002
02/2
003
05/2
003
08/2
003
11/2
003
02/2
004
05/2
004
08/2
004
11/2
004
02/2
005
05/2
005
08/2
005
11/2
005
02/2
006
05/2
006
08/2
006
11/2
006
02/2
007
05/2
007
08/2
007
11/2
007
02/2
008
05/2
008
08/2
008
11/2
008
02/2
009
05/2
009
08/2
009
11/2
009
02/2
010
05/2
010
08/2
010
11/2
010
02/2
011
05/2
011
08/2
011
11/2
011
02/2
012
05/2
012
08/2
012
11/2
012
02/2
013
05/2
013
08/2
013
CP Benchmark (EUR) Carmignac Patrimoine
Source: Carmignac Gestion at 30/09/2013
Rolling performance over the recommended 3-year investment period
CASE : 28/05/2001Equity markets peak
1
CASE : 28/02/2003 Equity markets low
2
CASE : 31/05/2007Equity markets peak
3
+13,09%
- 18,39%
+44,46%+ 30,56%
+35,35%
+7,41%
232323
Increased equity exposure
0%
10%
20%
30%
40%
50%
60%
Equities Bonds Cash
41.1% 39.5%
19.4%
47.9%41.6%
10.5%
30/06/2013 30/09/2013
Source: Carmignac Gestion, 30/09/2013
Asset allocation
At 30/09/2013Equity exposure: 50%Modified duration: 1.5
242424Source: Carmignac Gestion, 30/09/2013
Carmignac Patrimoine: breakdown of the bond component
1,1%
15,5%
8,6%
0 %
11,4%
5.0%
1,8%
9,0%
18,4%
8,5%
4,7%
8.3%
0% 5% 10% 15% 20%
Unternehmen ohneNotierung
Unternehmensanleihenmit hoher Rendite
UnternehmensanleihenAnlagekategorie
StaatsanleihenSchwellenländer
Peripherie-Staatsanleihen
StaatsanleihenIndustrieländer
31/12/2012 30/09/2013
Developed countrygovernment bonds
Peripheralgovernment bonds
Emerging countrygovernment bonds
Investment gradecorporate bonds
High yieldcorporate bonds
Unrated corporate bonds
252525
Currencies: a balanced allocation between the dollar and euroWe are maintaining our short positions on the yen, in line with our “Japanese reflation” theme
9.2%
4.9%
1.5%
0.9%
7.1%
17.1%
20.4%
38.9%
11.7%
.3,8%
0.2%
0.3%
8.2%
-4.7%
38.1%
42.3%
-10% 0% 10% 20% 30% 40% 50%
Other
Asia (ex Japan)
Latin America
EMEA
Pound Sterling
Yen
Euro
US Dollar
Carmignac Patrimoine Reference Indicator*
Source: Carmignac Gestion, 30/09/2013
Carmignac Patrimoine: net currency exposure
* 50% MSCI AC WORLD NR (EUR) + 50% Citgroup WGBI All Maturities (EUR)
262626
Carmignac Support
272727
Transparency: we put much emphasis on reporting
Annual Performance SheetQuarterly ReportWeekly Notes Monthly Notes
282828
This presentation has been conceived for information purposes only and is intended to professional clients. It cannot be usedfor another purpose than the one it has been conceived for, and cannot be reproduced, distributed or communicated, partly orentirely, to third parties without prior written approval from Carmignac Gestion. This presentation is not an investment advicenor is it contractually binding. Due to their simplification, the information contained in this presentation are inevitably partial.This document may be subject to changes, without prior notice.
Past performance does not guarantee future returns. The value of an investment can rise or fall with market fluctuations, andshareholders may lose, as the case may be, the amount originally invested.
The access to the products and services described in this presentation may be subject to restrictions towards some persons orcountries.
The risks and fees relative to the products are described in the KIID (Key Investor Information Document).The KIID, prospectuses and annual periodic reports of the Funds are available on our website www.carmignac.com and can beobtained on demand from Carmignac Gestion. The KIID must be given to the investor before any investment.
Copyright : The data published in this presentation are the exclusive property of their owners as mentioned on each slide.
Non contractual document, redaction achieved on 23/01/2012Carmignac Gestion – Société Anonyme au capital de 15 000 000 € - RCS de Paris B 349 501 676
Agrément AMF n° GP 97-08 du 13/03/1997 24 Place Vendôme – 75001 Paris – Tel : +33 1 42 86 53 35
Disclaimer
29
Corporate & Institutional BankingCredit Union Presentation5th of November 2013
2
Ireland’s Specialist BankIreland’s Specialist Bank
Irish Expertise International Strength
Commitment to IrelandCommitment to Ireland
Addition of NCB to Investec Group 240 Employees in Dublin
13 Years in Ireland13 Years in Ireland
Acquisition of Gandon Capital Markets
GE Capital Woodchester Bank in 2000
InvestecHarcourt Street, Dublin 2
Investec Ireland: a brief history
Investec: a distinctive Specialist Bank and Asset Manager
History§ Established in 1974§ Today, an independent, specialist bank and asset
manager providing a diverse range of financial products and services
§ Employs approximately 8,100 people§ Listed on the JSE and LSE (a FTSE 250 company)§ Total Assets of £51bn§ Total Funds Under Management of £111bn
Asset Management Specialist Banking Wealth & Investment
Provides Investment Management Services Provides a broad range of services Provides investment management services and independent financial planning advice§ Advisory
§ Transactional banking§ Lending
§ Treasury and trading
§ Investment activities
Corporate / Institutional / Government Private Client (High Net Worth)
Strategy
Culture
§ Client focused approach § Not “all things to all people”§ Distinction: Nimble, innovative and high level of service
§ Flat and efficient management structure§ Strong risk management and financial discipline§ Entrepreneurial culture: material employee ownership
Source: Investec Group (consolidated) results as at 31 March 2013
Year to31 March 2013
Year to31 March 2012 % Change
Operating Profit Before Tax (£’000)* 433,170 358,625 20.8%
Total Shareholders’ Equity (£’m) 4,005 4,013 -0.2%
Total Assets (£’m) 51,000 51,550 -1.1%
Cash and Near Cash (£’m) 9,828 10,251 -4.1%
Customer Deposits (£’m) 24,532 25,344 -3.2%
Core loans and advances to customers (£’m)** 18,415 18,226 1.0%
Third party assets under management (£’m) 110,678 96,776 14.4%
Capital adequacy ratio – Investec plc 16.9% 17.5%
Tier 1 ratio – Investec plc 11.0% 11.6%
* Before goodwill, acquired intangibles, non-operating items and after non-controlling interests** Including own originated securitised assets
Investec Group Results (Consolidated): Year Ended 31 March 2013
Investec holds capital in excess of regulatory requirements. The group targets a minimum tier 1 capital ratio range of between 11% to 12% and a total capital adequacy ratio range of 15% to 18% on a consolidated basis for Investec plc and Investec Limited
None of Investec’s banking subsidiaries have required shareholder or government support during the global financial crisis
The group holds £10.4 billion of cash and near cash balances [(£5.7 billion (R75.1 billion) in Investec Limited and £4.7 billion in Investec plc], representing approximately 33% of its liability base
Financial Services Compensation Scheme, the UK government guarantees a maximum deposit of £85 000 (€100,000) per individual per institution
The Moody’s Financial Strength rating in relation to our peers: is equivalent to Royal Bank of Scotland, KBC Bank NV and higher than any of the Irish Banks including BOI and KBC Ireland.
5
Short-term F3
Long-termBBB-
FitchShort-term Prime-3
Long-termBaa3
Moody’s
Investec: Credit Ratings & Guarantees
ü Our rating reflects a strong score with respect to the “hard” financials - capital, liquidity, risk management, transparency, asset quality and profitability
ü On the Moody’s scorecard we would map directly to an A3, a high score relative to our peers
ü On the “softer” issues such as franchise value, geographical diversification and market share, Investec scores lower
ü Rating agencies have awarded rating notch uplifts to banks who have received government support. Many of these banks have failed and yet are afforded high ratings
ü IBP has not required government support and the FCA has acknowledged its sound balance sheet and stable operating fundamentals
ü The bank was approved to issue up to 3 year debt guaranteed by the UK Government. Notwithstanding this, Investec has not been awarded the benefit of rating notch uplifts to its final ratings.
Credit Ratings – Points to note
6
INVP.L Share price: £4.39 as at 01.11.13
7
This document is issued in the UK by Investec Bank plc (“Investec”), which is authorised by the Prudential Regulation Authority and regulated by theFinancial Conduct Authority and the Prudential Regulation Authority. Whilst all reasonable care has been taken to ensure that the information statedherein is accurate and opinions fair and reasonable, neither Investec nor any of its directors, officers or employees shall be held responsible in any wayfor the contents of this document. This document is produced solely for your information and may not be copied, reproduced, further distributed to anyother person or published in whole or in part for any purpose without the prior written permission of Investec.
While the information in this document has been prepared in good faith, no representation or warranty, express or implied, is or will be made and noresponsibility or liability is or will be accepted by Investec or any of its subsidiaries or affiliates or by any of their respective officers, employees oragents in relation to the accuracy, suitability or completeness of this document and any such liability is expressly disclaimed. Investec gives noundertaking to provide the recipient with access to any additional information or to update this document or any additional information, or to correct anyinaccuracies in it which may become apparent.
This document does not take into account the specific investment objectives, financial circumstances or particular needs of any recipient and it shouldnot be regarded as a substitute for the exercise of the recipient’s own judgment. Investec does not offer investment advice or make any investmentrecommendations. Recipients of this document should seek independent financial advice regarding the appropriateness or otherwise of investing inany investment strategies discussed or recommended in this document and should understand that past performance is not a guide to futureperformance and the value of any investments may fall as well as rise.
Investec in Ireland comprises Investec Ireland Limited and Investec Bank plc (Irish Branch) for regulated activities. Investec Ireland Limited is regulated by the Central Bank of Ireland. Investec Bank plc (Irish Branch) is authorised and regulated by the UK Financial Services Authority and is a member of the London Stock Exchange
The information contained herein does not purport to be comprehensive and is strictly for information purposes only. No party should treat any of the contents herein as constituting advice. While all reasonable care has been given to the preparation of this information, no warranties or representation, express or implied, are given or liability accepted by Investec or any of its directors or employees in relation to the accuracy, fairness or completeness of the information contained herein.
Disclaimer
BCP Asset Management 37
BCP Asset Management ‘Tailoring Product For the Credit Union Market’
John Calvert, CEO BCP
• Established in 1969
• One of Ireland’s largest Independently owned Product Producers– Over €1.5bn in assets under management– €340m raised in 2012– €265m raised YTD in 2013– 907 Intermediary relationships
• Key Investment Objectives:– Provide access to a range of compelling funds– But with the added benefit of downside protection– Conservative investment bias– Priority on product Innovation
BCP Asset Management 38
Key Information on BCP
Forging Key Partnerships
Advisors
Research Tools
PensionProviders
Custodians
Asset Managers
39BCP Asset Management
BCP Investment Process
BCP Asset Management 40
BCP Investment Committee
BCP Product Development
Product Traded & Launched
BCP/Bank Compliance
ReviewBroker
Feedback
Goldman Sachs, S&P, Citigroup, JP Morgan, Capital
Economics
External Research –Bloomberg,
Reuters, eVestment
Market Analysis
Pricing Requested & Terms Negotiated
Fund Manager Due
Diligence
BCP Asset Management 41
Customised BCP-Credit Union ProductsNovember - 2013
BCP Fixed Income Plan 4
• Partnership between Investec Bank and BCP targeted at CU’s• 50+ CU’s have invested to date
• Medium Term Note with 2 options:– 3yr Plan paying 2.5% pa gross– 5yr Plan paying 3.5% pa gross
• Credit risk exposure to Investec plus Basket of ‘A’ rated banks– Commerzbank– Societe Generale– Credit Agricole– Royal Bank of Scotland
• Security of Plan ranks equally with deposits • Classified as Category 3 in Guidance Notes
BCP Asset Management 42
• Innovative Capital Secure solution combining Income, Growth and Protection
• 25% invested in a 3 year high yield deposit account– Paying 3.75% AER deposit interest over 3 years
• 75% invested in a 5 year 3 month Absolute Return Bond– 80% participation in the fund performance
• 100% Capital Security provided by Investec Bank plc• Classified as Category 2 in Guidance Notes
BCP Asset Management 43
BCP Credit Union Split Deposit Absolute Return Bond 2
• 100% Capital Security provided by Investec Bank plc• Bond tracks the performance of the Carmignac ‘Patrimoine’
Fund• Patrimoine invests in Equities, Bonds and Currencies• Patrimoine has €27bn in assets and a 24 year track record• Patrimoine has returned over 8.6% per annum since its launch
in 1989• Transparent and robust investment process – regular
performance and holdings updates
BCP Asset Management 44
BCP Credit Union Split Deposit Absolute Return Bond 2
Growing Trends in CU Market
• Fixed Income still a high priority• Low deposit rates encouraging greater product innovation• Move towards active investment solutions (funds/indices)• Capital security still a high priority• Customised Bonds – BCP can create tailored bonds at €2m+
• As a result BCP have seen greater investment in traditional capital secure bonds from Credit Unions:– BCP European Equity Bond– BCP Global Equity Bond– BCP Multi Asset Bond– BCP Absolute Return Bond
BCP Asset Management 45
Compliance Disclaimer
BCP Asset Management 46
Please refer to the Brochure and Key Features for full details. With regard to the BCP CapitalSecure Bonds investors may not encash prior to the maturity dates. AER is Annual Equivalent Rateand CAR is Compound Annual Return. Under current legislation, interest on Capital Secure Bondswill be paid after deduction of DIRT, where applicable, currently 41%.
WARNING: BCP Credit Union Split Deposit Absolute Return Bond 2; If you invest in the CreditUnion Split Deposit Absolute Return Bond 2 you will not have any access to 25% of your money for3 years and 75% of your money for 5 years 3 months. The value of your investment may go down aswell as up. Past performance is not a reliable guide to future performance.
WARNING: BCP FIXED INCOME PLAN 4; If you invest in the Fixed Income Plan 4 you will not haveany access to your money for 3 or 5 years.
Presentation to Client Name
Questions?