Emirates NBD Asset Management Emirates Active Managed Fund Fact Sheet July 2011
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Emirates NBD Asset Management Emirates Active Managed Fund Fact Sheet July 2011 Fund Objective Details The Portfolio may invest globally through collective investment schemes Fund Manager Emirates NBD Fund Managers (Jersey) Limited in a range of asset classes including cash/near cash, fixed income, equity, Investment Manager Emirates NBD Asset Management Limited property and alternative strategy funds, with the aim of providing long- regulated by Dubai Financial Services Authority term capital growth. It will seek to reduce the volatility traditionally Fund Type Open ended associated with investments in securities markets through broad asset Domicile Jersey, Channel Islands class and manager diversification. The Portfolio restrictions and Original Fund Launch Date * 26 May 2004 investment strategies that will be followed are such as to characterise Current Fund Size USD 36.24 million this Portfolio as medium/high risk. Annual Management Fee ** 1.5% NAV/Share (01.08.2011) A share class: USD 1.1873 Market Commentary NAV/Subscriptions Daily Redemptions Daily Global equity markets in July closed 1.8% lower, after a tumultuous few Valuation Point 1 August 2011 weeks, whilst US Treasuries reprieved their “safe haven” status despite Life Company Fund Codes Friends Provident International: R95 † the threat of a potential US default at the beginning of August, to return Hansard: MC139 † just shy of 3% for the calendar month. The regular round of global Skandia: 97908 †, †† manufacturing data in the first week of July carried on the weak trend Oman Insurance Company: H83 † displayed over the past few months, dampening the excitement over the Zurich: K4USD (Regulars), O4USD (Singles) Greek Parliamentary acceptance of a second round of austerity cuts at Website www.emiratesnbd.com/assetmanagement the end of June. Positive momentum returned in the run up to the EU * The Fund was originally domiciled in Guernsey; subsequently the assets of the Fund were transferred into the Summit in the second half of the month, where the second Greek bailout, Jersey fund structure in Sep 2009. Management of the Fund was transferred to Emirates NBD Bank PJSC or its worth “up to 159b” depending on how much the private sector might subsidiaries in Dec 2005. € ** For full details of the fees applicable to different share classes available for this fund please refer to the supplement. contribute, combined with expanded powers for the European Stability † Regulars and Singles Fund (EFSF). Once again the euphoria quickly faded as Italian and Spanish †† USD shareclass (GBP & Euro also available) stock markets fell under the pressing weight of concerns that their own 1 Performance Data debt burdens will prove too heavy. As the month closed, the political circus in the US was in full swing regarding an extension to their own Fund Benchmark 2 “debt ceiling” which risked the Government running out of funds. This was then overshadowed by some very poor GDP growth data on the last 1 Month Performance -1.05% -1.19% day of the month, which surprised very sharply to the downside, 3 Month Performance -3.02% -3.94% revealing the economic picture to have been much worse than feared. 12 Month Performance 3.72% 12.31% Year to Date 0.02% 1.70% In July, the Active Managed fund fell by 1.05% in value, whilst its Performance since March 2008 -6.65% -6.57% composite benchmark fell by 1.19%. Positive absolute returns were delivered by the fixed income and property assets, whilst alternative CAGR since March 2008 -1.99% -1.97% strategies and global equities were negative. On a relative basis the fund Volatility since March 2008 14.27% 13.25% helped protect capital in a falling equity market through a combination Sharpe Ratio since March 2008 -0.22 -0.24 of both fund selection and tactical positioning. The average equity holding fell by 1.2% as compared to the MSCI World index which fell by Performance History since 01.03.2008 1.8%, with the GLG Japan CoreAlpha and Allianz Islamic Global Equity funds proving the two most defensive in this difficult period. In fixed 105 income, the absolute return was positive but the average holding trailed 100 the BarCap Global Aggregate index, which was driven by a particularly 95 90 strong performance in US Treasuries, which the fund does not own 85 directly. In alternative strategies, the ProShares UltraShort Yen position 80 was the primary detractor from performance as the Yen continued to rally, 75 as investors fled the US$ during the negotiations regarding lifting the US 70 65 F A J A O D F A J A O D F A J A O D debt ceiling. As noted in previous months, the macro economic picture F A J u u u u e e e e p u e p u e p u e p c c c n n n n b b b b t t t c c c r g r g r g r - - - - - - - - - - has turned sharply negative, with further data releases at the beginning - - - - - - - - 1 1 - 1 0 - 0 0 - 0 1 1 0 0 1 1 0 1 0 0 0 1 0 0 1 0 0 9 9 8 8 1 0 9 8 0 1 9 0 8 9 8 0 9 of August confirming the picture. The fund remains defensively 8 positioned, especially since the S&P 500 equity index has now breached key technical support levels and risks remain weighted to the downside. Fund Blended Benchmark Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total %%%%%%%%%%%%% 2005 –––––––––––1.68 1.68 2006 1.14 0.95 0.87 2.34 (1.41) (2.24) 1.08 2.38 0.88 2.14 1.27 1.74 11.60 2007 (0.05) 1.82 0.15 1.84 0.70 0.85 (1.35) (1.87) 3.62 1.84 (3.52) 0.02 3.92 2008 (4.29) 0.43 (1.07) 1.37 0.56 (3.09) (1.59) (2.71) (8.08) (16.44) (1.45) 4.65 (28.76) 2009 (4.46) (3.76) 2.76 4.92 10.53 (0.19) 3.23 2.55 3.91 (1.11) 1.28 0.65 21.25 2010 (1.65) (0.37) (3.75) 0.06 (4.83) (0.94) 4.43 (2.15) 4.31 0.57 (1.42) 2.48 3.86 2011 0.50 1.53 (0.42) 1.51 (0.60) (1.40) (1.05) –––––0.02 1. Performance figures represent the current fund manager's tenure which began in March 2008. 2. The benchmark reflects the neutral weightings of the Fund. The constituents of the benchmark are: US 3 Month LIBOR, Barclays Global Aggregate Index, IMA Property & AREF Composite (in USD), MSCI World Index, HFRX Global Hedge Fund Index, and S&P Goldman Sachs Commodity Index. 3. In 2009 the property component of the composite benchmark was represented by the UK IPD Index. 4. As of 31/12/09 monthly fund performance reporting uses the first business day NAV of the new month versus previous month end index values. This is to reduce the inherent time differences experienced by fund of funds and make relative performance reporting more easily comparable for investors. Emirates NBD Asset Management Emirates Active Managed Fund Fact Sheet July 2011 Asset Allocation Ranges Key Benefits Asset Class Min Neutral Max > Professional management, research and asset allocations with low investment minimums. Cash/Money Market 0% 5% 15% > Investment expertise from a leading regional asset manager, accessing global Fixed Income 5% 10% 20% investment talent. Property 0% 0% 10% > Low management fees. > Daily liquidity. Equity 65% 75% 85% > Access to cash, fixed income, equities, property, and alternative strategies 0% 5% 20% Alternative Strategies under one fund structure. Commodities 0% 5% 10% > Full monthly reporting. Asset Allocation Equities USA 43.2% Equity 71.6% Asia 19.7% Fixed Income 12.8% Europe 13.3% Alternative Strategies 8.9% UK 13.1% Cash 4.7% Middle East 4.5% Property 2.0% Australia 1.2% Commodities 0.0% Latin America 0.6% Other 4.4% Fixed Income Currency Emerging Market 42.3% USD 65.7% High Yield 33.5% GBP 11.7% Developed Government 16.7% EUR 6.7% Loans 0.0% YEN 2.0% Investment Grade 7.5% Other 13.9% Other 0.0% Top 10 Holdings Top 10 Underlying Holdings Vanguard US 500 Equity 9.7% ProShares UltraShort Euro ETF 3.6% GLG Japan CoreAlpha Equity 9.6% ProShares UltraShort Yen ETF 2.7% MFS Global Equity 9.5% iShares MSCI World ETF 1.1% Robeco US Premium Equity 8.6% Vodafone Group PLC 0.9% Aberdeen Global World Equity 7.8% Seven & I Holdings Co Ltd 0.7% Jupiter Income Trust 6.5% Nomura Holdings Inc 0.6% Aviva Investors Global Convertibles 6.5% Royal Dutch Shell PLC 0.6% Allianz Islamic Global Equity 4.7% Mitsubishi UFJ Financial Group 0.6% AXA IM FIIS US Short Duration High Yield 4.3% Exxon Mobil Corp 0.5% FTIF Franklin Mutual Global Discovery 4.2% IBM 0.5% Total 72.4% Total 17.8% Total Number of Fund Holdings 22 The information above is indicative only and is based on underlying holdings information where identifiable, consequently the fund’s actual exposures may vary. Data source: Emirates NBD Asset Management as of 1 August 2011. For any queries please contact your financial representative or alternatively Emirates NBD Asset Management: [email protected]. The Fund was originally domiciled in Guernsey; subsequently the assets of the Fund were transferred into the Jersey fund structure in Sep 2009. Management of the Fund was transferred to Emirates NBD Bank PJSC in Dec 2005.