Navigating Emerging Markets Matthew Strauss Vice-President, Portfolio Management and Portfolio Manager.
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<p>PowerPoint Presentation</p> <p>Navigating Emerging MarketsMatthew StraussVice-President, Portfolio Management and Portfolio ManagerEmerging marketsEmerging markets (EM) investments: longer-term perspectiveAn integral part of a fully diversified equity portfolio, not only for the strong of heart </p> <p>Risk and returnContaining volatility within emerging markets without sacrificing all of the upside </p> <p>OutlookTaking advantage of the diversified nature of emerging markets and moving beyond Brazil, Russia, India and China (BRICs) Increasing economic importanceSource: IMF & World Bank 1&2 Purchasing Power Parity 3A market that cant be ignoredEquity market capitalizationSource: World Bank4Reaping the benefitsHigher returns but with higher volatility Source: Bloomberg* YTD 31 AugEM: 6.7%; SPX: 9.4%, MXWO: 4.6%</p> <p>International: 20%, Global: 10%, Balanced 5-6%5Signatures approach to EM investmentsThe inconvenient EM truthsCyclical deal with itLess transparent cry me a riverMore political ask Obama about PutinSignatures approachIts a team 9 global sector specialist PMs (and 8 analysts), 3 macro strategists (and 2 EM analysts)Explore all sources of risks and returnActive stock, sector, country and currency managementCross-asset class expertise (e.g. rates, FX, credit, commodities, equity, property)Regulatory/policy & political risks Beyond the headlinesCountry visitsExpanding EM fixed-income capabilitiesAnalyzing companies the importance of qualityMust go beyond financials analysis and company reports (e.g. strong balance sheets, sustainability of margins, and returns on invested capital)Meeting management (e.g. corporate governance, strength, track record, accounting principles, direction) Discussions with competitors, holding companies, and subsidiaries (e.g. barriers to entry, market share, corporate governance and respect)</p> <p>Absolute returns & focusing on volatilityCI Signature Emerging Markets FundEM outlook, part I of II* Aug. 31 20142014 YTD* return- Emerging: 10.7%- Developed : 7.3%- S&P 500: 9.9%</p> <p>EM outlook, part II of IIBRICsBusiness cyclePoliticsRussia/UkraineMiddle EastTurkeyChina EM fund fully engagedChina, India, Philippines and Mexico over Brazil & RussiaSelective cyclical over over-priced defensives Financials, health care and industrials over telecom and energyPanel DiscussionFOR ADVISOR USE ONLY NOT FOR DISTRIBUTION TO CLIENTSThank youCommissions, trailing commissions, management fees and expenses may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. CI Investments, the CI Investments design, are registered trademarks of CI Investments Inc. Signature Global Asset Management is a trademark of CI Investments Inc. This communication is published by CI as a general source of information and is not intended to provide personal legal, accounting, investment or tax advice. Facts and data provided by CI and other sources are believed to be reliable when posted; however, CI cannot guarantee that they are accurate or complete or that they will be current at all times. CI and its affiliates will not be responsible in any manner for direct, indirect, special or consequential damages howsoever caused, arising out of the use of this presentation. </p>
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