AZ FUND ASSET POWER 30 Marzo 2012 14
AZ FUND ASSET POWER Prodotto: Bilanciato a medio rischio Misto obbligazioni/fondi Cambi aperti per la componente azionaria Obiettivo: Offrire un profilo bilanciato (azioni 30% 60%), diversificato per stili di investimento, aree geografiche e valute Principali leve di generazione di alpha: Gestione del peso azioni/obbligazioni Gestione della duration Selezione dei gestori Gestione dinamica delle esposizioni geografiche 15
AZ FUND ASSET POWER CARATTERISTICHE COMPONENTE OBBLIGAZIONARIA 50% circa Duration positiva, prevalentemente su area euro 10% fondi corporate investment grade 10% fondi aggregate (misti governativi e corporate) No rischio valutario COMPONENTE AZIONARIA 50% circa 80% A.M. Equity e 20% A.M. Thematic Cambi aperti Ampia diversificazione geografica e settoriale 16
ASSET POWER RIPARTIZIONE PER TIPOLOGIA DI STRUMENTI* 30 mar 12 30 dic 11 Liquidità 6% 5% Depositi c/o banche 2% 6% A vista 2% 6% A termine 0% 0% Titoli governativi 0% 7% Italia 0% 1% Germania 0% 3% Francia 0% 0% UK 0% 0% Canada 0% 3% USA 0% 0% Posizioni aperte Fondi 85 ETF 9 Future, Opzioni, Swap 7 Obbligazioni 1 102 Fondi su titoli governativi 16% 20% Sviluppati 4% 3% Emergenti 12% 17% Fondi Aggregate 7% 5% Fondi Corporate 13% 5% Invest. Grade 10% 4% High Yield 3% 1% Fondi Obbl. Convert./Bilanciati 3% 4% Oro e metalli preziosi 6% 5% Fondi Azionari 44% 46% * Il totale investito potrebbe essere diverso da 100 in caso di utilizzo della leva finanziaria. 17
ASSET POWER DETTAGLIO COMPONENTE OBBLIGAZIONARIA (1) GOVERNATIVI % effettiva % ribasata a 100 Franklin Templeton Investment Funds Franklin U.S. Government Fund 2.8% 7.0% Pictet Asian Local Currency Debt 2.1% 5.3% HSBC Global Investment Funds Global Emerging Markets Local Debt Fund 1.9% 4.8% BNY Mellon Global Funds plc Mellon Emerging Markets Debt Local Currency Fund 1.6% 4.1% PIMCO Funds Global Investors Series PLC Emerging Local Bond Fund 1.6% 4.0% Franklin Templeton Global Bond Fund 1.6% 4.0% Franklin Templeton Asian Bond Fund 1.2% 3.1% JPMorgan Funds Emerging Markets Local Currency Debt 0.9% 2.3% BNP Paribas L1 Bond World Emerging Local 0.8% 2.1% Pictet Latin American Local Currency Debt 0.6% 1.5% Aberdeen Global Asian Local Currency Short Duration Bond Fund 0.6% 1.5% ITALIA CCT 01/07/2013 0.0% 0.1% 15.9% 39.8% AGGREGATE % effettiva % ribasata a 100 M&G Optimal Income Fund 3.2% 8.1% JPMorgan Funds JPM US Aggregate Bond Fund 2.7% 6.7% Janus Capital Funds PLC Flexible Income Fund 1.1% 2.7% Legg Mason Global Funds PLC Western Asset U.S. Core Plus Bond Fund 0.4% 1.1% 7.4% 18.6% 18
ASSET POWER DETTAGLIO COMPONENTE OBBLIGAZIONARIA (2) CORPORATE % effettiva % ribasata a 100 M&G Strategic Corporate Bond Fund 2.1% 5.2% Invesco Euro Corporate Bond Fund 1.4% 3.6% M&G Investment Funds 3 European Corporate Bond Fund 1.3% 3.2% Aviva Investors Sicav Global High Yield Bond Fund 1.3% 3.2% Morgan Stanley Investment Funds Euro Corporate Bond Fund 1.2% 2.9% Pictet EUR Corporate Bonds 1.2% 2.9% PIMCO Funds Global Investors Series PLC Global Investment Grade Credit Fund 1.2% 2.9% HSBC Global Investment Funds Euro High Yield Bond 1.2% 2.9% Standard Life Global SICAV European Corporate Bond Fund 1.0% 2.4% JPMorgan Funds Global Corporate Bond Fund 0.8% 2.1% Fidelity Funds European High Yield Fund 0.7% 1.7% 13.3% 33.2% BILANC./CONVERT. % effettiva % ribasata a 100 Aviva Investors Sicav Global Convertibles Fund 1.3% 3.3% UBAM Convertibles Europe 0.7% 1.8% LO Funds Convertible Bond 0.7% 1.7% LO Funds Convertible Bond Asia USD 0.6% 1.6% 3.4% 8.4% 19
ASSET POWER DETTAGLIO COMPONENTE AZIONARIA (1) GLOBAL % effettiva % ribasata a 100 Amundi International Sicav 3.4% 7.0% Morgan Stanley Investment Funds Global Brands Fund 3.0% 6.0% First State Investments ICVC Global Emerging Markets Leaders Fund 2.8% 5.7% Aberdeen Global Emerging Markets Equity Fund 1.8% 3.7% Odey Investment Funds PLC Allegra International Fund 1.4% 2.9% JO Hambro Capital Management Umbrella Fund Global Select Fund 0.6% 1.2% Aberdeen Global Emerging Markets Smaller Companies Fund 0.5% 1.1% M&G Investment Funds 1 Global Basics Fund 0.2% 0.4% M&G Investment Funds 1 Global Leaders Fund 0.0% 0.0% MSCI Emerg. Market Mini Future 4.2% 8.6% 9.6% 19.4% AMERICA % effettiva % ribasata a 100 USA Nasdaq 3.0% 6.1% Morgan Stanley Investment Funds US Advantage Fund 2.9% 6.0% ishares MSCI Canada Index Fund 2.4% 4.9% Franklin Templeton Investment Funds U.S. Opportunities Fund 1.8% 3.7% BNP Paribas L1 Opportunities USA 1.4% 2.8% Janus Capital Funds PLC US All Cap Growth Fund 1.0% 2.0% Canada Toronto Stock Exchange 0.7% 1.5% Morgan Stanley Investment Funds US Growth Fund 0.6% 1.3% Amundi Funds Latin America Equities 0.5% 1.1% First State Investments ICVC Latin America Fund 0.0% 0.0% S&P Mini Future 4.4% 8.9% 10.0% 20.3% 20
ASSET POWER DETTAGLIO COMPONENTE AZIONARIA (2) EUROPE % effettiva % ribasata a 100 Invesco Pan European Structured Equity Fund 1.3% 2.5% Allianz RCM Europe Equity Growth 1.0% 2.0% Vontobel Fund European Value Equity 0.8% 1.7% Franklin Templeton Investment Funds Franklin European Growth Fund 0.6% 1.2% M&G Investment Funds 3 Recovery Fund 0.5% 1.1% IVI Umbrella Fund PLC European Fund 0.5% 1.1% Fidelity Funds Emerging Europe Middle East and Africa Fund 0.5% 1.1% Montanaro European Smaller Companies Fund 0.5% 0.9% Neptune Investment Funds European Opportunities Fund 0.4% 0.9% Standard Life Investment Co UK Smaller Companies Fund 0.4% 0.7% East Capital Russian Fund 0.3% 0.7% Alken Fund European Opportunities 0.3% 0.5% Pictet Russian Equities 0.2% 0.5% Euro Stoxx 50 Future 2.7% 5.5% 4.6% 9.4% 21
ASSET POWER DETTAGLIO COMPONENTE AZIONARIA (3) ASIA EX. JAPAN % effettiva % ribasata a 100 Schroder International Selection Fund Asian Total Return 2.2% 4.5% Franklin Templeton Investment Funds Templeton Asian Growth Fund 1.2% 2.5% First State Investments ICVC Asia Pacific Leaders Fund 1.1% 2.2% First State Investments ICVC Greater China Growth Fund 0.8% 1.5% Aberdeen Global Asian Smaller Companies Fund 0.5% 1.0% Fidelity Funds ASEAN Fund 0.4% 0.8% First State Investments ICVC Indian Subcontinent 0.3% 0.6% 6.4% 13.1% JAPAN % effettiva % ribasata a 100 Giappone Nikkei 3.3% 6.7% AXA Rosenberg Japan Small Cap Alpha Fund 0.2% 0.4% Henderson Horizon Japanese Smaller Companies Fund 0.2% 0.4% Giappone TSE Mother 0.1% 0.1% 3.8% 7.7% 22
ASSET POWER DETTAGLIO COMPONENTE AZIONARIA (4) TEMI % effettiva % ribasata a 100 ishares Gold Trust Oro fisico 2.5% 5.1% SPDR Gold Shares Oro fisico 2.4% 4.8% M&G Global Dividend Fund 1.8% 3.6% Veritas Funds PLC Global Income Fund 1.7% 3.5% Financial Select Sector SPDR Fund 0.8% 1.6% Schroder International Selection Fund Global Energy 0.6% 1.2% ishares Silver Trust Argento fisico 0.6% 1.2% LO Funds World Gold Expertise USD 0.6% 1.1% BlackRock Global Funds World Healthscience Fund 0.6% 1.1% Schroder International Selection Fund Global Property Securities 0.4% 0.8% Earth Gold Fund UI 0.4% 0.8% ETFS Platinum Trust Platino Fisico 0.4% 0.8% Morgan Stanley Investment Funds Global Property Fund 0.4% 0.7% ishares High Dividend Equity Fund 0.3% 0.6% SPDR S&P Dividend ETF 0.3% 0.6% First State Investments ICVC Global Resources Fund 0.3% 0.6% Pictet Premium Brands 0.2% 0.4% Franklin Templeton Investment Biotechnology Discovery Fund 0.2% 0.4% Morgan Stanley Investment Funds Global Infrastructure Fund 0.1% 0.3% JPMorgan Funds Africa Equity Fund 0.1% 0.3% Pictet Biotech 0.1% 0.2% AXA World Fund Framlington Junior Energy 0.1% 0.2% Franklin Templeton Investment Funds Templeton Frontier Markets Fund 0.1% 0.1% Silk African Lions Fund 0.0% 0.1% SPDR S&P Homebuilders ETF 0.0% 0.1% 14.9% 30.2% 23
30% ASSET POWER RENDIMENTI TRIMESTRALI DAL LANCIO 110 24% 105 18% 100 12% 95 6% 0.2% 6.6% 3.4% 1.5% 3.5% 2.3% 3.4% 3.2% 5.5% 90 0% 6% 0.5% 0.4% 5.6% 1.8% 1.7% 85 80 12% 18% 9.4% Perf. dal lancio Volatilità 1 anno 0.3% 7.6% 8.9% 75 70 24% 2 Trim 2008 3 Trim 2008 4 Trim 2008 1 Trim 2009 2 Trim 2009 3 Trim 2009 4 Trim 2009 1 Trim 2010 2 Trim 2010 3 Trim 2010 4 Trim 2010 1 Trim 2011 2 Trim 2011 3 Trim 2011 4 Trim 2011 1 Trim 2012 65 Asset Power Rend. Trimestrale (SX) MSCI AC World (EUR) Rend. Trimestrale (SX) Asset Power Andamento (DX) 24
I VANTAGGI PER IL CLIENTE Offerta molto più ampia Fondi esclusivi Efficientamento costi: no commissioni entrata, uscita, switch Costi amministrativi minimi per diversificazione/rotazione di portafoglio Trattamento da istituzionale (commissione di gestione più bassa) Efficientamento valutario Efficientamento fiscale Semplificazione amministrativa: unica controparte, unica famiglia di prodotti, unica modulistica Velocità di esecuzione 25