Presentation ethna funds_citywire_zurich_26.06.2012

«The art of balancing risk and return»

ETHNA | FUNDS

Citywire Zurich, 26 June 2012

Not for distribution and only for professional investors!

ETHNA FUNDS I Citywire Zurich, 26 June 2012

INDEX

1 ETHNA FUNDS

2 ETHNA-AKTIV E

3 AWARDS


1 ETHNA FUNDS


TIMELESS VALUES FOR SUBSTAINABLE GROWTH ANDPERMANENT SUCCESS

2002Establishment of the balancedasset management fundEthna-AKTIV E byLuca Pesarini and Arnoldo Valsangiacomo

2007Expansion of the funds on offer bythe launch of a risk-minimised assetmanagement fund

2008Strengthening of thefund management teamGuido Barthels, who isspecialized in capitalmarkets and bonds

2009Complementing of Ethna Funds product portfolio by launching a profit-oriented asset managementfund

2010 Foundation of theinvestment companyETHENEA Independent Investors S.A. in September


ETHENEA Independent Investors S.A.

Guido BarthelsChief Investment Officer

Luca PesariniFounder/Managing Partner

Arnoldo ValsangiacomoManaging Partner

Fund(not allowed for public distribuition in

Switzerland) Ethna-AKTIV E

Funds(not allowed for public distribuition in

Switzerland)

Investment Company

Assets under management: 3.23 Billion Euro (as of 31.05.2012)

THE FUND MANAGEMENT OF ETHNA FUNDS

Fund Management


Preservation of the invested capital and a positive absolute return every year. • The highest commandment is always: Preserve your capital, because years

with a negative return decide on the long-term success or failure of an investment.

Avoiding of unnecessary risks thanks to a balanced investment-strategy.• Risk minimization due to a broad diversification of the portfolios in different

sectors and asset-classes.

Low fund price volatility.• The pure volatility of an investment does not bring additional return to the

investor, but only fear.

INVESTMENT PHILOSOPHY


BondsCash

Equities Futures and Options

INVESTMENT CLASSES OF THE ETHNA FUNDS


INVESTMENT PROCESS OF THE ETHNA FUNDS

PORTFOLIO

IdeaGeneration

Financial Analysis

Fundamental Analysis

Technical Analysis

Relative Value

Analysis

BOTTOM UP TOOLS

PRE TRADE POST TRADE

Target Return and

Volatility

Investment Universe

RiskFramework

Investment Guidelines

Performance Risk

Stop Loss / Target

Limits

Global Macroeconomic Analysis

Region and Country Analysis

Sector Analysis

Asset Allocation

TOP DOWN INPUTS


Bonds• Mainly debentures from the public sector, international organizations

and companies with a good credit rating.

• Every bond position in the portfolio can be up to a maximum of 5 %.

Equities• Country focus is Germany, Switzerland and the Euro-Zone.

• Investments can and will be made in securities from OECD-countries,namely the US and Canada.

• The fund management primarily buys high dividend-yield blue chips,but also small and mid-caps after thorough individual check-ups andcase-by-case analysis.

• The portfolio is extremely diversified. No performance contribution byrisk-taking, i.e. investing/concentrating on a few stocks.

INVESTMENT CLASSES I


Cash/Liquidity

Financial Market-Instruments and Derivatives

• Futures and options can be flexibly used as a hedging strategy forexisting portfolio investments as well as a short-term investmentvehicle in critical market situations.

• Cash is deposited with first class rated banks, following marketconditions.

• Depending on the market situation, 100 per cent of the assets of thefund may also be moved into term deposits and money marketinstruments.

• Reference currency is the Euro.

INVESTMENT CLASSES II


Fund AKTIV E Fund

Wealth Management Fund

Yes Yes Yes

ISIN (distributing)ISIN (accumulating)ISIN (CHF, distributing)ISIN (CHF, accumulating)

Not allowed for publicdistribution in Switzerland

LU0136412771 (A)LU0431139764 (T)LU0666480289 (CHF-A)LU0666484190 (CHF-T)

Not allowed for publicdistribution in Switzerland

Maximum Equity Ratio

0 % - 10 %Focus Bonds

0 % - 49 % 30 % - 70 %Focus Equities

Investment Universe World (OECD) World (OECD)primarily Europe

World (OECD)

Target Return up to 5 % 5 % - 10 % 10 % plus

Target Volatility below 4 % below 6 % ca. 10 %

Launch 02.04.2007 15.02.2002 (A)01.07.2009 (T)

10.11.2009

NAV (per 31.05.2012) € 463.91 mio. € 2,738.64 mio. € 22.56 mio.

OVERVIEW ETHNA FUNDS


2 ETHNA-AKTIV E


INVESTMENT OBJECTIVES ETHNA-AKTIV E

• Main objective of the Ethna-AKTIV E fund is to achieve an absolutepositive return in every market situation.

• Targeted return is 5 % - 10 % p. a. with a volatility below 6 %.

• Following capital markets, the equity ratio will be actively adjustedbetween 0 % - 49 %.

• Thanks to a well-balanced investment strategy, needless risks shall beavoided. A low volatility (in conjunction with a low tracking error, nocluster risks & liquid assets) is another main target.


PERFORMANCE ETHNA-AKTIV E SINCE LAUNCH

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

02/2002 02/2003 02/2004 02/2005 02/2006 02/2007 02/2008 02/2009 02/2010 02/2011 02/2012

Ethna-AKTIV E (A) 60 % IBOXX € Total Return & 40 % Stoxx Europe 600 NTR

Current State: 31.05.2012Source: Bloomberg, Union Investment Financial Services, LRI Invest, ow n calculation ETHENEA

Ethna-AKTIV E (A): +124,29 %IBOXX / Stoxx Europe 600 NTR: +49,77 %


MONTHLY PERFORMANCE OF THE ETHNA-AKTIV E SINCE LAUNCH

Source: LRI Invest, Union Investment Financial Services, own calculation ETHENEA, Class A

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2002 0.10% 1.20% -0.77% -2.43% -3.34% 1.98% 0.48% 1.11% 0.57% 0.77% -1.95% -2.40%

2003 0.59% 0.20% 0.63% 3.80% 0.51% 4.24% 2.36% 3.67% 0.39% 3.12% -0.37% 1.71% 22.79%

2004 2.25% 2.51% -2.02% 1.75% -0.96% 2.40% -4.00% -0.75% 0.53% 1.87% 6.18% 1.58% 11.55%

2005 3.14% 4.21% 0.13% 0.42% 0.73% 3.52% 4.67% 0.46% 2.10% -1.89% -0.14% 1.50% 20.30%

2006 1.78% 3.68% 4.51% 1.76% -3.38% -1.20% 0.21% 0.89% 1.33% 0.75% 0.10% 1.66% 12.52%

2007 1.15% 0.68% 1.06% 0.73% 0.35% -0.72% -0.67% -1.87% 0.20% 3.28% -1.81% -0.31% 1.96%

2008 -2.78% -0.17% -0.75% -0.06% -0.06% -0.06% 0.06% 0.69% -3.82% -0.43% 2.03% 1.50% -3.90%

2009 0.64% 0.62% 0.71% 1.97% 1.61% 0.38% 2.90% 1.04% 1.57% 0.45% 0.35% 1.45% 14.54%

2010 1.39% 0.65% 3.37% 0.69% -1.47% 0.68% 1.07% 1.08% 0.20% 0.93% -1.66% 2.70% 9.93%

2011 0.03% 0.49% -0.59% 0.56% 1.57% -1.57% 0.70% -2.63% -2.40% 1.29% -2.59% 3.47% -1.86%

2012 1.51% 1.20% -0.21% -0.34% 0.19% 2.37%

% positive months: 71,77% best month: 6,18%

% negative months: 28,23% worst month: -4,00%

Annualized volatility: 3.90%


ASSET ALLOCATION – ETHNA-AKTIV E

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

06/2009 12/2009 06/2010 12/2010 06/2011 12/2011

% o

f the

Por

tfolio

ALLOCATION* Equities Others Bonds Cash

Current State: 31.05.2012*Simplified display. This information is confidential and not intended to be passed on to third parties. Source: LRI Invest, Union Investment Financial Services, ow n calculation ETHENEA


90 DAYS VOLATILITY

0%

10%

20%

30%

40%

50%

60%

11/2005 11/2006 11/2007 11/2008 11/2009 11/2010 11/2011

90T Vola REX Index 90T Vola Stoxx 600 Europe NTR90T Vola Ethna-AKTIV E (A) 90T Vola Ethna-GLOBAL Defensiv (T)90T Vola Ethna-GLOBAL Dynamisch (T)

Current State: 31.05.2012Source: Bloomberg, Union Investment Financial Services, LRI Invest, ow n calculation ETHENEA

Fund not allowed for public distribution in SwitzerlandFund not allowed for public distribution in Switzerland


PORTFOLIO STRUCTURE AND CURRENCY ALLOCATIONOF ETHNA-AKTIV E

Current State: 25.06.2012Source: Union Investment Financial Services, own calculation ETHENEA


58,8 %

9,1 %

30,3 %

1,8 %

PORTFOLIO STRUCTURE

Bonds

Equities

Cash

Others

3,7 %

5,7 %

73,2 %

-1,7 %

6,6 %

0,4 %

12,1 %

AUD

CHF

EUR

GBP

NOK

SEK

USD

CURRENCY ALLOCATION


31.5%49.6%

PORTFOLIO COMPOSITION OF ETHNA-AKTIV EBY ISSUER RATING

17,7 %

2,9 %

10,9 %

18,1 %

7,1 % 2,0 %

9,1 %

30,3 %

1,8 %

AAA

AA

A

BBB

NON IG

Not rated

Equities

Cash

Others

Ethna-AKTIV E

% of Total NAV



18,9

7,6 7,1 6,45,3 4,7

3,2 2,4 2,4 2,3 1,6 1,5 1,3 1,3 0,9 0,8 0,61,8

0

5

10

15

20

Bonds Equities

Ethna-AKTIV E

% of total NAV

*including 7 other countries

Current State: 31.05.2012Source: Union Investment Financial Services, ow n calculation ETHENEA

PORTFOLIO COMPOSITION OF ETHNA-AKTIV E


15,6

10,38,8

6,7

3,7 3,32,4 2,3

1,5 1,4 1,4 1,4 1,2 1,1 1,1 1,1 1,0 1,0 0,8 0,7 0,6 0,6 0,61,9

0

2

4

6

8

10

12

14

16

18

Bonds Equities

Ethna-AKTIV E

% of total NAV

*including 9 other sectors

Current State: 31.05.2012Source: Union Investment Financial Services, ow n calculation ETHENEA

PORTFOLIO COMPOSITION OF ETHNA-AKTIV E


3 AWARDS


AWARDS 2012 | 2011 | 2010 | 2009

Morningstar Award Netherlands 2011Ethna-AKTIV E was awarded the 1st prize at the Dutch Morningstar Awards 2011 in thecategory “Mixed Funds”.

German Fund Award 2011Ethna-GLOBAL Defensiv wins 1st prize in the category „Mixed Funds GlobalConservative, 3 years“ and Ethna-AKTIV E is winner of the German Fund Award in thecategory “Balanced Wealth Management Funds Europe, over 3 years and over 5 years".

Austrian Fund Award 2011Ethna-AKTIV E wins the 1st prize in the category “Balanced Wealth Management FundsEurope, over 3 years“ and 2nd prize in the the category “Balanced Wealth ManagementFunds Europe, over 5 years". Ethna-GLOBAL Defensiv was awarded with the 1 prize in thecategory „Mixed Funds Global Conservative, 3 years“.

Lipper Fund Award 2012, 2011, 2010 and 2009The renowned Fund Rating-Agency Lipper has awarded the balanced Ethna-AKTIV E fundfor its outstanding risk-adjusted outperformance. Ethna-AKTIV E received the highestratings for consistent earnings over a 3 year and 5 year period and became winner in its peergroup "Mixed Asset EUR Flexible Europe".

Euro Fund Award 2010 and 2009 Number 1 in the balanced fund category (Equities and Bonds). Ethna-AKTIV E obtainedthis ranking after the analysis of Euro-Fund-Statistics, in comparison with 75 other funds.


CONTACT

ETHENEA Independent Investors S.A.9a, rue Gabriel Lippmann • L-5365 MunsbachPhone +352 276 921 10 • Fax: +352 276 921 [email protected] • www.ethnafunds.com • www.ethenea.com


An investment in investment funds, as with all securities and comparable financial assets, carries the risk of capital or currency losses. Consequently, the unit price and the

yield are variable and cannot be guaranteed. The costs of a fund investment have an effect on the actual profit. No guarantee can be given that the investment objectives

will be achieved. The statutory sales documents (sales prospectuses and reports) provide detailed information on potential risks and form the sole legal basis for a purchase

of units. These documents can be obtained free of charge from the management company, ETHENEA Independent Investors S.A., the custodian bank, as well as the

relevant national paying and information agents. These are: Germany: DZ BANK AG, Deutsche Zentral-Genossenschaftsbank, Platz der Republik, D-60265 Frankfurt am

Main; Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Vienna; Switzerland: IPConcept (Switzerland) AG, In Gassen 6, Postfach 2918, CH-

8022 Zurich; Belgium: CACEIS Belgium SA/NV, Avenue du Port, Havenlaan 86C b 320, B-1000 Brussels; DEUTSCHE BANK NV, Marnixlaan 13-15, B-1000

Brussels; Luxembourg: DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Luxembourg-Strassen; Liechtenstein: Volksbank AG, Feldkircher Strasse 2, FL-9494

Schaan; France: CACEIS Bank, 1/3, Place Valhubert, F-75013 Paris; Italy: State Street Bank S.p.A., Via Col Moschin, n. 16, IT-20136 Milan; Spain: CAPITAL

STRATEGIES PARTNERS, A.V., S.A., C/ Joaquín Bau, 7. 3ºI., ES-28036 Madrid; RBC Dexia, 20, Fernando el Santo, ES-28010 Madrid. The sales documents are also

available at www.ethenea.com/fonds. Key investor information documents are available in the official language of the country of distribution.

All information published here constitutes a product description only. It does not constitute investment advice, an offer to enter into an agreement for the provision of

advice or information, or an offer to buy or sell securities. The contents have been carefully researched, compiled and checked. No guarantee can be given for correctness,

completeness or accuracy. The information includes past data which are no indicator of future performance. The management fee, custodian bank fee and all other

additional costs are taken into account in the calculation of the unit price as stated in the provisions of the contract. Performance is calculated using the BVI method

(German federal association for investment and asset management), which means that the calculations do not include an issuing charge, transaction costs (such as order

fees and brokerage fees), custodian bank fees, or other management fees. Including the issuing surcharge would reduce performance.

The performance shown is not a reliable indicator of future performance. All information (unless otherwise indicated) is valid as of 25.06.2012. This document is MIFID-

compliant.

ETHENEA Independent Investors S.A. • 9a, rue Gabriel Lippmann • L-5365 Munsbach • R.C.S. Luxembourg B 155427Phone +352 276 921 10 • Fax +352 276 921 99 • [email protected] • www.ethenea.com

DISCLAIMER

Presentation ethna funds_citywire_zurich_26.06.2012

Economy & Finance

Transcript of Presentation ethna funds_citywire_zurich_26.06.2012