presentación fe vontobel

Performance creates trust

Vontobel Asset Management

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Bonos de Alta Rentabilidad: Retornos elevados y un riesgoasumible

David Walls

October 2015


Sumario

August 2015

Slide 2

Los cupones altos generan beneficios

El analísis de crédito reduce los riesgos

Un enfoque flexible y global añade valor


Históricamente, retornos superiores con una volatilidad más bajaque la renta variable

Retorno total de un índice 50/50 Europa/EEUU (anualizado, divisa local)

1

Period: 10 years to December 20144

Source: Vontobel, Bloomberg, Merrill Lynch. Past performance is no guide to current or future performance.

0

50

100

150

200

250

Dec-04 Dec-06 Dec-08 Dec-10 Dec-12 Dec-14

Total return, rebased to 100

High yield bonds Equities Investment grade bonds Government bonds

Retorno Volatilidad

11.2%7.9%

15.6%6.8%

4.5%5.1%4.5%4.8%


Componente óptimo para una cartera diversificada

Rentabilidad-riesgo(1998-Jul2015)

Source: Vontobel, Bloomberg, Merrill Lynch.

Past performance is no guide to current or future performance.

Alta Rentabilidad, en la frontera eficiente

US Small Cap

Commodities

S&P 500

Index

US Corp

Global Corp

Global High

Yield

Euro Govt

US treasury

Index_ML

4%

5%

6%

7%

8%

9%

10%

0% 5% 10% 15% 20% 25%

An

nu

al

retu

rn

Annual standard deviation

4.5%

5.0%

5.5%

6.0%

6.5%

3.0% 4.0% 5.0% 6.0% 7.0%

An

nu

al

retu

rn

Annual standard deviation

74% High Yield

26% Treasury

0 % High Yield

100% Treasury

22% High Yield

78% Treasury

High Yield: Merrill Lynch Global High Yield Index, Treasury: JPM GBI US Index

Period: 1998-Jul2015.


Aportación media a la rentabilidad anual durante los dos últimos ciclos de crédito

Cupones altos, una fuente constante y fiable de retornos positivos

� El cupón es el principal

contribuyente al retorno total del los

bonos de Alto Rendimiento

� Los impagos crean pérdidas

permanentes y deben evitarse

� La revalorización del precio puede

generar retornos positivos, pero son

menos consistentes que aquellos que

ofrece el cupón

August 2015

Slide 5

Source: Vontobel, Merrill Lynch, Moody’s. Data covers the period from 2000 to 2014. Past performance is no guide to current or future performance.

Retorno

Total

8.2%

Revalorización

del precio

3.4%

Pérdidas

por

impago

-3.8%

Cupón

8.6%

+ + =


Analísis de crédito: evitar la devaluación del crédito y los impagos

August 2015

Slide 6

Diferenciación

Cash-flows

Analísis riguroso y

seguimiento constante, de

los emisores de deuda y de los factores cualitativos

Liquidez

Estructura de capital

Impulsoressectoriales


Impulsores sectoriales

August 2015

Slide 7

Estructural

Cíclico

Competencia


Diferenciación

August 2015

Slide 8

� ¿Qué diferencia a las compañías sostenibles frente a la competencia?


Cash-flow

August 2015

Slide 9

Estabilidad y visibilidad

Despliegue

USD

mm

EUR m

m


Liquidez

August 2015

Slide 10

� Disponibilidad

� Confianza

� Flexibilidad


Estructura de capital

August 2015

Slide 11

¿La estructura de capital casa con el modelo de negocio y

el cash-flow esperado?


Mercado de Alta Rentabilidad que mejor ha rendido, U.E vs. EEUU (Diferencia en retorno anual)

� Las valoraciones en diferentes

segmentos del mercado de alto

rendimiento no siempre reflejan los

análisis fundamentales

� Los inversores con un mandato

flexible y global pueden

aprovecharse de estas distorsiones

� La capacidad para identificar e

invertir en los segmentos más

atractivos del mercado mundial de

bonos de alto rendimiento

August 2015

Slide 12

Source: Vontobel Asset Management, Bloomberg. Past performance is no guide to current or future performance.

El enfoque de una inversión flexible y global, una propuesta con valor añadido

1%

12%

5%

16%

7%

1%

4% 4%

2%3%

5%

23%

1%

7%

13%

3% 3%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014


Las diferencias en la distribución por sectores de referencia entre Estados Unidos y Europa

� Ventajas del enfoque global para

una buena selección sectorial

� Las diferencias sectoriales

inherentes a los índices

proporcionan una ventaja para los

inversores con flexibilidad

geográfica, ya que pueden

beneficiarse de las obligaciones

sectoriales del resto de inversores

con índices estándar

August 2015

Slide 13

Source: Vontobel Asset Management, Bloomberg. Past performance is no guide to current or future performance.

El enfoque de una inversión flexible y global, una propuesta con valor añadido

-25

-20

-15

-10

-5

0

5

10

15

Energy

Hea

lthca

re

Finan

cial Service

s

Tech

nology & Electronics

Med

ia

Leisure

Retail

Rea

l Estate

Consu

mer Goods

Services

Tran

sportation

Basic Industry

Capital Goods

Utility

Teleco

mmunications

Insu

rance

Automotive

Ban

king

Industries with higher weight in US HY index

Industries with higher weight in Euro HY index

Difference

in perce

ntagepoints


Manteniendo la flexibilidad de la cartera

� Liquidez del trading muy

disminuida

� Vender en el momento

adecuado es tan importante

cómo la selección del fondo

� La cartera debe estarconstruida de tal manera queel cierre de una posiciónpueda hacerse de manerarápida y líquida

Source: Citi, November 2013

Entrada sin salida


Conclusiones

August 2015

Slide 15

El cupón es un canalizador de retornos,constantes, con una media del 8,6% anual desdeel año 2000

El análisis de crédito es la clave para evitar la devaluación del crédito y los impagos

Un enfoque flexible y global añade valor


Gráfica de rendimiento frente a índice y competidores

Rendimiento del fondo Vontobel High Yield Bond (hasta Septiembre de 2015, Clase Retail)

Past performance is no guide to future performance. Source: Morningstar, Vontobel.

100

105

110

115

120

125

130

Jun

12

Au

g 1

2

Okt

12

De

z 1

2

Fe

b 1

3

Ap

r 1

3

Jun

13

Au

g 1

3

Okt

13

De

z 1

3

Fe

b 1

4

Ap

r 1

4

Jun

14

Au

g 1

4

Okt

14

De

z 1

4

Fe

b 1

5

Ap

r 1

5

Jun

15

Au

g 1

5

Okt

15

Robeco Capital Growth Funds -

Vontobel Fund - High Yield Bond

Vontobel Benchmark

Merrill Lynch Global HY Index

October 2015

Slide 16

Peer group

Peer high

Peer low


Historial

Amplio historial del equipo de bonos de Alto Rendimiento

¿Qué nos hace especiales?

Rentabilidad bruta indexada

� Enfoque estilo “Boutique”- Búsqueda cuidadosa- Selección de crédito fiable- Actuar rapidamente- Gestión activa del riesgo- Liquidez

� Un fondo flexible y global- Alocación en los segmentos más

atractivos del mercado de bonos de Alta Rentabilidad

� Grupo de especialistas en Alta Rentabilidad- Experiencia en búsqueda, gestión de

carteras y “trading”- Especialistas en Europa y en EEUU

Descripción El fondo se compone de todas las clases

de fondos de acciones con una

estrategia de inversión en bonos de Alta

Rentabilidad

ReferenciaMerrill Lynch Customized High Yield 50%

EUR 50% USD Hedged

Divisa EUR

Fecha de lanzamiento

1.7.2012

Periodo 1.7.2012 – 30.9.2015

Disclaimer: Past performance is no guide to future performance.Source: Vontobel Asset Management

Stefan ChappotGestor de Cartera

David WallsGestor de Cartera

% Retorno bruto anual

October 2015

Slide 17

3 años (aprox.) Composición Referencia

Volatilidad (p.a.) 4.30 % 4.39 %

Ratio de Sharpe (p.a.) 1.32 0.93

Tracking-Error (p.a.) 1.12 %

Beta 0.95

Information Ratio (p.a.) 1.42

Correlation 0.97

100103106109112115118121124127130133

Jul 12

Aug 12

Oct 12

Dec 12

Feb 13

Apr 13

Jun 13

Aug 13

Oct 13

Dec 13

Feb 14

Apr 14

Jun 14

Aug 14

Oct 14

Dec 14

Feb 15

Apr 15

Jun 15

Aug 15

Benchmark Composite

-4.07

-1.75 -1.84

5.796.95

-4.10

-2.25 -2.45

4.215.41

-6

-4

-2

0

2

4

6

8

QTD YTD 1 Year 3 Years SinceInception

Composite Benchmark


Estas marcas no son desdeñables

Marcas de los emisores de bonos de alto rendimiento seleccionados

October 2015

Slide 18


Disclaimer

Important legal notice:This document is for information purposes only and nothing contained in this document should constitute a solicitation, or offer, or recommendation, to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. Prospective investors must rely on their own examination of the legal, taxation, financial and other consequences of an investment in the funds, including the merits of investing and the risks involved. Prospective investors should not treat the contents of this document as advice relating to legal, taxation or investment matters. Before entering into an agreement in respect of an investment referred to in this document, you should consult your own professional and/or investment advisers as to its suitability for you. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Past performance is not a guide to current or future performance. Performance data does not take account of commission or costs charged when units are issued or redeemed. An investment in a sub-fund of the Vontobel Fund carries various risks which are explained in the sales prospectus. In particular, we wish to draw your attention to the following risks:• Investments in the securities of emerging-market countries may exhibit considerable price volatility and – in addition to the unpredictable social, political and economic environment –

may also be subject to general operating and regulatory conditions that differ from the standards commonly found in industrialised countries. The currencies of emerging-market countriesmay exhibit wider fluctuations.

• Investments in riskier, higher-yielding bonds are generally considered to be more speculative in nature. These bonds carry a higher credit risk and their prices are more volatile than bondswith superior credit ratings. There is also a greater risk of losing the original investment and the associated income payments.

• Commodity investments can be very volatile and are prone to sudden swings over the long run. Governments may at times intervene directly in certain commodity markets. Theseinterventions can cause significant swings in the prices of different commodities.

• Investments in derivatives are often exposed to the risks associated with the underlying markets or financial instruments, as well as issuer risks. Derivatives tend to carry more risk thandirect investments.

Although Vontobel Asset Management AG ("Vontobel") believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this document. Vontobel explicitly reserves the right to change, amend or delete parts of this document or the document as a whole without further notice. All herein publicized information, particularly share prices, calculation data or forecasts are based on the best knowledge and/or the market estimation as at the date indicated in the presentation. This document may not be reproduced, redistributed or republished for any purpose without the written permission of Vontobel. The fund and its subfunds are included in the register of Netherland's Authority for the Financial Markets as mentioned in article 1:107 of the Financial Markets Supervision Act (“Wet op het financiële toezicht”). In Spain, funds authorised for distribution are recorded in the register of foreign collective investment companies maintained by the Spanish CNMV (under number 280). The funds authorised for distribution in the United Kingdom can be viewed in the FCA register under the Scheme Reference Number 466623. Please refer for more information on the Vontobel Fund, a regulated collective investment scheme under Luxemburg law, to the latest prospectus, annual and semi-annual reports as well as the key investor information documents (“KIID”). Interested parties may obtain these documents free of charge from the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Vienna, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Grosse Gallusstrasse 18, 60311 Frankfurt/Main, from the authorised distribution agencies, and from the offices of the fund at 11-13 Boulevard de la Foire, L-1528 Luxembourg. They may also download these documents from our website at vontobel.com/am.

Further information for UK:This communication is directed only at recipients who are eligible counterparties or professional clients, as defined in the “Glossary to the Financial Conduct Authority’s Handbook of Rules and Guidance”. Any investment or service to which this communication relates is only available to and will only be engaged in with such persons. Any other persons who receive this communication should not rely on or act upon this communication. This information was approved by Vontobel Asset Management SA, London Branch, which has its registered office at Third Floor, 22 Sackville Street, London W1S 3DN and is authorised by the Commission de Surveillance du Secteur Financier (CSSF) and subject to limited regulation by the Financial Conduct Authority (FCA). Details about the extent of regulation by the FCA are available from Vontobel Asset Management SA, London Branch, on request.

Further information for Singapore and Hong Kong:The fund and its subfunds are not available to retail investors in Singapore or Hong Kong. Selected sub-funds of the fund are currently recognized as restricted schemes by the Monetary Authority of Singapore. These sub-funds may only be offered to certain prescribed persons on certain conditions as provided in the “Securities and Futures Act”, Chapter 289 of Singapore. The fund is not authorised by the Securities and Futures Commission of Hong Kong. It may only be offered to those investors qualifying as professional investors under the Securities and Futures Ordinance. The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution and if you are in any doubt about any of the contents of this document, you should obtain independent professional advice. This information was approved by Vontobel Asset Management Asia Pacific Ltd., which has its registered office at 3601 Two International Finance Center / 8 Finance Street, Central, Hong Kong.

August 2015

Slide 19

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