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Loomis Sayles Absolute Strategies Bond FundProduct Overview with Matt Eagan
1 June 2011Natixis International Funds (Lux) IThis material is provided for information only to Professional or Qualified Investors. It must not be distributed to Retail Investors.
*Natixis Global Asset Management Overview1 As of 31 March 2011. 2 Source: Cerulli Associates, Global Markets 2010 June 2010, based on total assets under management as of 31 December 2009. 3 Source: IPE Survey, Listing of asset managers active in the European marketplace - June 2010, based on total assets under management as of 31 December 2009. 4 Divisions of Natixis Asset Management Advisors. 5 Natixis Caspian Private Equity is a joint venture between Natixis Global Asset Management, Natixis Private Equity and Caspian Capital Management. Each of our affiliates manages their clients assets independentlyUSD 753 billion (EUR 530 billion) under management115th largest asset management company worldwide211th largest asset management company in Europe3Diversified product line and client base2,932 employees worldwideLocal representation in key marketsAsset management affiliates by domicileGlobal, affiliate-based organizationH2O Asset ManagementOssiam
*Loomis, Sayles & Company, L.P.OverviewLoomis Sayles has served the needs of institutional and individual investors for more than 80 years. As an actively managed, multi-style investment manager, the firm offers both traditional and highly specialized asset classes. Employing an opportunistic approach, balanced with disciplined, bottom-up research and quantitative risk analysis, the investment teams strive to produce above-average returns across asset classes and categories.
Headquarters: BostonFounded: 1926Assets Under Management: US$ 156 billion/ 110 billion (as of 31/3/2011)
*Expertise in all sectors of the fixed income market20 fixed income portfolio managers with an average of 26 years experience 22 senior fundamental credit analysts with an average of 20 years experience and 16 credit research analysts and associates5 securitized asset analysts with an average of 11 years experience6 global sovereign analysts/strategists with an average of 20 years experience10 quantitative analysts with an average of 9 years experience37 specialized bond traders and compliance specialists with an average of 15 years of experience
Fixed IncomeAs of 31 March 2011; Years experience indicates industry experience.Performance-driven bond manager offering a broad range of fixed income strategies
*USD 140 Billion as of 31 March 2011As of 31 March 2011Loomis Sayles Fixed Income AUM
ASSETS ($ billions)US Investment Grade Corporates38US High Yield Corporates24Non-US Corporates23Sovereigns17US Governments10Securitized9Convertible/Preferreds8Short Term Investments4Other4Bank Loans3
*Research: Coverage Spans the GlobeWe follow and rate81 countries23 developed markets58 emerging markets*1058 corporate credits and 242 bank loans (includes 144a and other non-index eligible issuers)Industry coverage conducted on a global basis, across quality spectrum and includes:96% of investment grade issuers in the Barclays Capital Corporate Index86% of investment grade issuers in the Barclays Capital Global Aggregate Credit Index 87% of high yield issuers in the Barclays Capital High Yield IndexAbility to provide an in-depth credit analysis of all sectors in the Barclays Securitized Index including commercial real estate, residential real estate, and asset-backed-related
As of 1 January 2011. *Emerging market countries include any country determined by Loomis Sayles to have an emerging market economy, taking into account a number of factors, which may include whether the country has a low-to-middle-income economy according to the International Bank for Reconstruction and Development (the World Bank), the country's foreign currency debt rating, its location and neighboring countries, its political and economic stability and the development of its financial and capital markets. These countries include those located in Latin America, Asia, Africa, the former Soviet Union, the Middle East and the developing countries of Europe, primarily Eastern Europe. A complete list of emerging market countries, as defined by Loomis Sayles, is available upon request.
Coverage percentages above are based on market value of issuers covered. Covered issuers include those under coverage (followed closely and rated by Loomis Sayles research department) and under shadow coverage (followed by Loomis Sayles research department but not rated).
*Research: The Cornerstone of Our BusinessCredit researchDirector 28 years experience22 senior credit analysts 20 years average experience8 credit analysts 7 years average experience8 research associates
Product specific research
15 equity product analysts/associate12 years average experience
9 fixed income product analysts/associate 10 years average experienceSecuritized asset researchSenior Strategist14 years experience
5 securitized asset analysts11 years average experience
Quantitative research & risk analysisDirector24 years experience14 quantitative research analysts 5 PhDs11 years average experience
6 global sovereign analysts/strategist 20 years average experience
Macro strategyDirector CFA- 31 years experienceSenior Global Macro Strategist- 16 years experienceChief Economist - 31 years experienceManager, Strategy Analytics - 17 years experience4 analysts/associate- 7 years average experienceEquity research2 Co-Directors 33 years average experience15 global sector analysts 17 years average experience4 junior analysts/research associate
Purpose: supports Loomis Sayles strength security selection$57 million research budget for 2011Proprietary, one of the oldest proprietary rating systems in the countryIndustry coverage conducted on a global basis, across quality spectrumCareer analysts compensated for their effectivenessCareer analysts integrated into sector teams
As of 31 March 2011; Years experience indicates industry experience.
*Loomis Sayles Fixed Income Research TeamSenior Credit Analysts Coverage by sector / industry
Ken HeffnerChemicalsEnergyPaula ReitersRetailersTextilePharmaceuticalsJanet SungInsuranceFinanceBeth SchroederBankingBrokerageMark RavanesiPaperPackagingMetals & MiningJim BarrREITsAirlines (EETCs)Transportation ServicesDiversified MfgIndustrial OtherPaul HansonRestaurantsConsumer Cyclical ServicesConsumer ProductsSupermarkets and DrugstoresDiana MonteithBiotechnologyConvertibles Distressed/SpecialSituationsMatt WelchTechnologyEmerging MarketsSteve BocamazoEnvironmental ServicesAerospace & DefenseAutomotiveConstruction MachineryRailroadsTobacco Elisabeth ColleranTelecomEmerging MarketsCarol GentileEntertainmentMedia-CableMedia-NonCableMark LaRochelleNewspapersFood and BeverageShannon OMaraBuilding MaterialsElectricHome ConstructionPipelinesNatural GasJoanne McIntoshGamingElectricLodgingPipelinesNatural GasChris KellerEuropean CreditsRyan MacKayHealth CareTechnologyHealth Insurance Ed ThauteEuropean CreditsGlobal BanksRyan McGrailEnergyMLPCharles KishpaughMunicipal CreditsJoy MolackMunicipal CreditsGSEsAs of 31 March 2011
**There is no guarantee that any investment or return objective will be realized or that the strategy will be able to generate any positive or excess return. (Return objective is based on risk volatility of the strategy.)** As a % of capital, excluding the use of futures and related options.Absolute Strategies BondProduct overviewSeeks consistent returns through all market environmentsReturn Objective*: Greater of 3-month US LIBOR plus 200-400 basis points or 6% over a market cycle
Targets yield curve, credit spread, and currency opportunities
Utilizes a disciplined risk management process that targets absolute volatility and seeks to mitigate downside tail riskRisk Objective: Annualized standard deviation of 400 to 600 basis points
Employs long and short investment strategiesTotal long or short exposure will not exceed 100% short and 100% long on a notional basis**
Why Loomis Sayles?
Experience investing with an absolute return frame of reference
Experienced global macro investor in the multi-sector space
Idea generation from recognized fundamental & quantitative research and trading capabilities
Extensive coverage of cash and derivative markets
Sophisticated portfolio management tools and compliance infrastructure
Significant quantitative research capability
Why Absolute Strategies?
Pursues absolute returns
Expansive market opportunities
Diversity of alpha sources
Utilizes long and short capabilities
Seeks to actively manage systemic risk
Low correlation with most traditionalasset categories
Absolute Strategies BondProduct overview (conti)
*Highly experienced, seasoned team
Matthew Eagan, CFA 21 years in the industry
Kevin Kearns25 years in the industry
Todd Vandam, CFA17 years in the industry Portfolio management Key supportPortfolio Analysis & Research
A. DiCensoK. HeffnerM. MurphyL. SarloT. StolbergSector TeamsU.S. GovernmentSecuritized AssetsInvestment Grade/Global CreditHigh Yield/Bank LoansConvertiblesEmerging MarketsDeveloped Non-U.S. Markets Firmwide resourcesProduct ManagerRoger AckermanRisk AnalysisKarl DavisQuantitative ResearchRisk AnalysisDirector10 Fixed Analysts4 Equity AnalystsEquity Research2 Co-Directors15 Sector Analysts4 Jr. Analysts/Research Associate Fixed Income TradingDirector22 Traders14 Portfolio SpecialistsTrading Risk ManagerSecuritized Asset ResearchSenior Strategist5 AnalystsSovere