23201 x european opportunity unconstrained w aug 13 perf
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Transcript of 23201 x european opportunity unconstrained w aug 13 perf
For Professional Clients only
Seeking alpha in Europe:An Unconstrained Approach
Jeremy Leung
Citywire France
October 2013
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GEN0190n.ppt
For Professional Clients only
Track record Loyal clients
What sets us apart?
Independent investment boutique within UBS Global Asset Management– access to the global
infrastructure (compliance, trading, IT, distribution)
– but full freedom in investment decisions
Innovative approach to portfolio construction –combining fundamental, qualitative and quantitative factors resulting in high active share
Holistic approach to risk –focusing on asymmetric risk
Strong performance record– in varying investment
environments
– lower volatility than the benchmark
– Good upside vs. downside capture
Sophisticated and long term clients :– Sovereign Wealth Funds
– Corporate clients
– Pension funds
– …
93 94 9596 97 9899 00 01 02 0304 05 06 07 08 09 10
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UBS (D) Equity Fund – Small Caps Germany
Benchmark
Independence Innovative holistic approach
Concentrated Alpha
SECTION 1
Team
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For Professional Clients only
Consistent track record in different environments
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Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Pan Europe Core Pan European Concentrated Alpha
Our history
Pan Europe Concentrated / MSCI Europe wealth relativePan Europe Core / MSCI Europe wealth relative
Value added for Mar-00 – Mar-06 = +7.0%pa Value added since inception1 = +4.1%pa
KeyDown Market
Source: UBS Global Asset Management. Data to 30 June 2013, except for Pan European Core which is shown to 31 March 2006. Past performance is not a guarantee of future results. Down market defined as period from a relative peak to trough.1 31 May 2004. In EUR. Based on Pan European Concentrated Alpha Composite (Institutional)
Max Anderl left team to focus on Concentrated Alpha strategies
Formation of Concentrated Alpha Team
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Boutique team dedicated to portfolio management Concentrated Alpha Equities – 17 years’ of experience and 15 years’ at UBS¹
Source: UBS Global Asset Management. June 2013.1 Based on average for team shown excluding Ted Holmes
Ted Holmes
Jeremy LeungPortfolio ManagerDirector
Years of investment industry experience: 8
Max AnderlHead of Concentrated Alpha TeamLead portfolio manager Executive DirectorYears of investment industry experience: 14
April Robbins
Alison Charles
European Head of Equities
Equity Product Specialists
Rob Howard
David Legg
Steve King
Technical Support/ExecutionPortfolio Management
Analysts
Trading
Risk
Legal & Compliance
Supported by 800+ individuals globally across UBS Global Asset Management
SECTION 2
UBS European Opportunity Unconstrained
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UBS European Opportunity Unconstrained Fund
For explanations on financial wordings please refer to the glossary at www.ubs.com/glossaryNote: Typical active risk data are indicative only. The actual active risk level will vary according to market conditions and our views. Active risk is an ex-ante forecast calculated using BARRA or other suitable system based on the final valuations of the last working day of each month. Active risk levels are reported to clients on a quarterly basis • Benchmark agnostic and ability to implement investment strategies such as short selling
Access to European Equity markets via a largely unconstrained portfolio1 across the capitalization spectrum
Benefit from a manager with substantial freedom to implement best ideas based on extensive research using varying approaches including the ability to hold short positions
Profit from a specialized boutique-like investment team with a proven investment process and successful track record
Key benefits for investors
Investment goals
Seek to outperform MSCI Europe Index by 300+ basis points per annum over a market cycle
How we aim to achieve this goal:
Typical active risk: Up to 15%
Number of equity holdings: Approximately 100 stocks
Normal exposures: 100 – 150% long, 0 – 50% short
Typical Max Individual stock weights
Longs 1.0 – 4.0% 10%
Shorts 0.5 – 1.5% 3%
Beta 0.8 – 1.2
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Consistently high active share
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Act
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European Opportunity Unconstrained vs. MSCI Europe
As at 30 June 2013
Source: UBS Global Asset Management. Data to 30 June 20131 Cremers, Martijn and Petajisto, Antti, How Active is Your Fund Manager? A New Measure That Predicts Performance (March 31, 2009). AFA 2007 Chicago Meetings Paper;
EFA 2007 Ljubljana Meetings Paper; Yale ICF Working Paper No. 06-14. Available at SSRN: http://ssrn.com/abstract=891719 or http://dx.doi.org/10.2139/ssrn.891719
Active Share measures the share of portfolio holdings that differ from the benchmark
Empirical studies have shown the highest Active Share funds significantly outperform their benchmarks and exhibit strong performance persistence¹
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UBS European Opportunity UnconstrainedMonthly net gross exposure data to end June 2013
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Sum of Long Sum of Short Sum of Gross Sum of Net
US-I, US-P (RU)
Source: UBS Global Asset Management
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Turning insight into alpha
Long only
For illustrative purposes only.
Another way of looking at transfer coefficient…
Long/Short
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Flexibility to take short positions increases research impact
Source: UBS Global Asset Management. For illustrative purposes only. There are certain unique risks associated with the use of short sale strategies. For example, there is a risk that a client portfolio will incur a loss by subsequently buying a security at a higher price than the price at which the security was sold short.
Example: Research suggests meaningful underweight for stocks A and B
Stock A: 100 bps market weight
Stock B: 10 bps market weight
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Market weight Long-Only andUnconstrained weight
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Market weight Long-Only weight Unconstrainedweight
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Stock Afalls by 50%
Stock Bfalls by 50%
Long-onlyexcess returns
Unconstrainedexcess returns
+50 bps +50 bps
+5 bps +50 bps
+55 bps +100 bpsTotal
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Increasing the impact of time-tested researchEquity Unconstrained strategy provides the flexibility to capitalise on overpriced and underpriced securities
US-ISource: UBS Global Asset Management. Data to 30 June 2013
The ability to short an overvalued security allows our investment insights to have a greater impact on the portfolio
Number of stocks Largest weight Smallest weight
MSCI Europe 436
Capitalisation: Top third 22 2.92% 0.88%
Capitalisation: Next third 66 0.86% 0.30%
Capitalisation: Bottom third 348 0.29% 0.02%
80% of stocks in MSCI Europe Index represent positions of 0.28% or less
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Performance to 31 August 2013UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) P-acc
Net of fees Gross of fees
% return¹ (Aug 2013) Return MSCI Europe Value added Ranking2 Return MSCI Europe Value added
3 months -2.0 0.9 -1.1 4 -1.5 0.9 -0.7 1 year 15.4 14.1 +1.3 2 +17.8 14.1 +3.8 3 years 14.0 8.7 +5.3 1 +16.4 8.7 +7.7 5 years 9.2 3.5 +5.7 1 +11.4 3.5 +8.0 SI¹ 2.2 -1.7 +3.9 +4.3 -1.7 +6.0
Portfolio characteristics 3 years
Beta 0.7 Active risk3 8.8% Volatility:4 Fund 12.2% Benchmark 12.7% Information ratio5 0.6
Source: UBS Global Asset Management
Note: Please note that historical active risk is not a guide to the future. Active risk levels will vary according to market conditions and our views. Past performance is not a guide to futureresults. See attached disclosure information. Portfolio characteristics are show net of fees. The P-acc share class was launched on 14 June 2012. Performance pre-IPO have been calculated usingthe existing share class data.1 Since inception 31 May 2007, annualised2 Rankings to 31 August 20133 Historical active risk is not a guide to the future. Active risk levels will vary according to market conditions and our views. Active risk is the standard deviation of the difference between the
monthly composite and benchmark returns, based on logarithmic returns. Active risk is annualised for periods greater than one year.4 Annualised standard deviation based on monthly logarithmic returns5 Information ratio is the arithmetic value added divided by the active risk. For periods greater than one year, annualised returns are used to calculate the value added and the active risk.
Morningstar Rating TM: *****
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European Opportunity Unconstrained vs. MSCI Europe
Source: UBS Global Asset Management.The returns shown above are based on currently available information and are subject to revision. Past performance is no guarantee of future results.Performance figures are gross of fees. Please see attached disclosure information. Returns in EUR.
Annualized three-year rolling returnsMonthly data 31 May 2007 – 30 June 2013
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Outperformance
Underperformance
Outperforming in 100% of periods
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Since Inception
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Downside (%)
Up
sid
e (%
)A look at upside performance/downside performance
Upside Market Capture Ratio – A measure of the manager’s performance in up markets relative to the market itself. A value of 110 suggests the manager performs ten percent better thanthe market when the market is up during the selected time period. The return for the market for each period is considered an up market if it is greater than or equal to zero. The Upside Capture Ratio is calculated by dividing the return of the manager during the up market periods by the return of the market during the same periods.Downside Market Capture Ratio – A measure of the manager’s performance in down markets relative to the market itself. A value of 90 suggests the manager’s loss is only nine tenths of the market’s loss during the selected time period. A market is considered down if the return for the benchmark is less than zero. The Downside Capture Ratio is calculated by dividing the return of the manager during the down market periods by the return of the market during the same periods.Source: UBS Global Asset ManagementAs of June 30, 2013.UBS Global AM European Opportunity Unconstrained Composite inception date of 31 May 2007.The returns shown above are based on currently available information and are subject to revision. Past performance is no guarantee of future results.Performance figures are gross of fees. Please see attached disclosure information.Returns greater than one year are annualized. Returns in EUR. Benchmark used for calculation is the MSCI Europe Index. Information is supplemental to the Pan European Concentrated Composite.
European Opportunity Unconstrained: 31 May 2007 to 30 June 2013
US-I, US-P (RU)
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Attractive Risk vs. ReturnMorningstar rating: UBS European Opportunity Unconstrained 5 year performance vs. Peers
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urn
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Peers UBS European Opportunity Unconstrained P-acc EUR MSCI Europe
Source: Morningstar, data as of 30 June 2013Note: Based on Morningstar European Equity Large Blend Universe. Net of fees using P share class. Past performance is no guarantee of future results.
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Returns driven by stock selectionUBS European Opportunity Unconstrained: Attribution since inception
Group Fund
weight(%) Index
weight(%) Return
(%) Stock
Selection(%) Sector
Allocation(%) Total(%)
Consumer Discretionary 15.0 9.5 13.6 -5.7 2.9 -2.7
Consumer Staples 22.5 14.8 55.3 10.1 4.0 14.1
Energy 0.7 9.7 -1.7 2.1 4.8 6.9
Financials 30.2 20.8 -51.1 12.2 0.4 12.6
Health Care 23.1 13.2 53.8 1.7 2.8 4.5
Industrials 2.6 11.3 -7.4 -5.6 -0.8 -6.3
Information Technology 8.8 3.2 -20.8 5.0 -1.9 3.1
Materials -3.7 7.9 -15.1 1.3 0.5 1.8
Telecom Services 3.8 5.6 -0.2 4.1 -0.5 3.6
Utilities -2.9 4.0 -31.7 3.7 1.8 5.5
TOTAL 100.0 100.0 -10.8 29.2 14.8 43.9
Source: Wilshire, 31 May 2007 – 30 June 2013. Past performance is no guarantee of future results. Data not annualized. Returns in EUR
Proven stock selection driven process
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Performance coming from longs and shortsLong and short portfolio absolute returns: shorts consistently add value
Source: Wilshire Gross of Fees in EUR. UBS Global Asset Management. Since inception date 31 May 2007. Data to 30 June 2013 Note: Based on weighted average returns of longs and shorts as independent portfolios. Returns are cumulative and absoluteNote: Absolute means that returns are not linked to a benchmark. Note that returns on absolute type investments can still be negative compared to initial investment values
22.5%
41.0%
48.2%
12.0%
2.8%
-2.6% -1.8%
-27.9%
16.9%
30.0%
17.1%
-10.8%
-40%
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-20%
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0%
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1 year 3 years 5 years Since Inception
Longs Shorts MSCI Europe
SECTION 5
Philosophy and Process
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Portfolio Construction & Risk Management
• Bottom up stock selection process
• Disciplined yet flexible approach
• Benchmark agnostic
• High active share
• Holistic approach to risk
• Uncorrelated information sources
3 Circle Research Process
• Approx 100 – 130 stocks
Client portfolio
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The Concentrated Alpha Investment Process
Quantitative
Fundamental
Qualitative
Source: UBS Global Asset Management. For illustrative purposes only.
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Investment process – Fundamental research
Key input parameters
Bottom-up, company level research –50 internal analysts
GEVS system
Scenario analysis by portfolio managers (using HOLT)
Selected independent research from high quality sources
Company management meetings
HOLT system
Upside vs. downside evaluations
Long term industry analysis and single stock
recommendations
Key output parameters
Fundamental valuations
Quantitative
Fundamental
Qualitative
Source: UBS Global Asset Management. For illustrative purposes only.
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Investment process: Quantitative research
Key input parameters
Various independent multi-factor quant models condensed into one model
Quantitative checks on valuation, profitability, growth and accounting
Quant systems
Ranking of stocks on multiple criteria
Quantitative profiles Traditional factors (valuation,
momentum, etc)
Different levels of complexity
Different investment time
horizons
Key output parameters
Quantitative
Fundamental
Qualitative
Source: UBS Global Asset Management. For illustrative purposes only.
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Investment process: Qualitative research
Key input parameters
Trusted and proven, diversified sources
Network of strategists and asset allocators
Network of other buy-side investors and
corporate activists
Data providers: GMI, CFRA,
Management CV, Boardex
Systematic corporate governance approach
Plausibility checks:
• Management compensation
• Management / Director Dealings
• Market Environment
• Ownership
GMI
Alignment of interest• Management focus on
shareholder value creation• Family ownership
Opinion on themes Exposure to LBO, M&A Value growth exposure
Sound insights on Corporate Governance
Key output parameters
Quantitative
Fundamental
Qualitative
Source: UBS Global Asset Management. For illustrative purposes only.
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Investment process – example of positive screening
1. Bottom-up, company level research – 50 internal analysts
• Attractive in discounted cash flow model
• Held by analyst
2. Scenario analysis by portfolio managers (using HOLT)
• 40% upside, very limited downside
3. Selected independent sources from high quality research houses
• Strong support by favoured analysts
4. Company management meetings
• Transition in managementpossible upside via improved capital allocation
1. Various independent multi-factor quant models condensed into one model
• Strong support majority quant models, medium ranking remaining model
2. Quantitative checks on valuation, profitability, growth and accounting
• Zero blob score, low CFRA score (no concerns)
• High solvency and strong balance sheet
1. Corporate governance check
• Respected shareholder rights
• Bonus tied to sound capital allocation policy but stake in Roche an issue
2. Thematic
• High dividend yield
• Well covered by strong free cash flow generation
3. Buy-side investors / Corporate activists
• Strong support
Company A: Pharmaceuticals & Biotech company
40% upside, very limited downside
Fundamental Quantitative Qualitative
Risk parameters
-
Source: UBS Global Asset Management. For illustrative purposes only.
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Company B – short
Quantitative research
Qualitative research
Portfolio holding
Expensively valued using HOLT Unattractive on classical indicators Below cost of capital returns
Unattractive valuation, low quality and weak momentum
Large capacity additions destroyed return of industry Unsustainable dividend Weak balance sheet
Fundamental research
Source: UBS Global Asset Management. For illustrative purposes only.
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Source: UBS Global Asset Management. For illustrative purposes only.Note: Please note that historical active risk is not a guide to the future. Active risk levels will vary according to market conditions and our views.
Active Share measures the share of portfolio holdings that differ from the benchmark. Empirical studies have shown the highest Active Share funds significantly outperform their benchmarks and exhibit strong performance persistence
1 1 May 2004
How we deal with risk …
Risk Management Results
Taking risk whenrewarded for it
Awareness of low volatility and leverage
Active risk of European Opportunity Unconstrained7.7% since inception1
to 30 June 2013
Active share with index averaged 114% as at 30 June 2013Qualitative
Corporate Governance Use of uncorrelated information sources
Quantitative Risk checks on accounting quality Financial Health
Fundamental Sensitivity Analysis (upside / downside) Leverage and industry structure
… a holistic approach
Risk systems
SECTION 3
Summary and Positioning
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Sector positions % Insurance +14.2 Pharma, Bio & Life Sciences +11.1 Household & Personal +5.4 Software & Services +3.3 Media +3.0 Diversified Financials -3.3 Utilities -4.7 Banks -4.8 Energy -7.3 Materials -11.7
Current views – European Opportunity Unconstrained
Deviation on single sector positioning but balanced cyclically to defensive exposure
Low return environment favours companies with good cash conversion– Software & Services and Insurance
Underweight companies where profitability is extended or expensive– Materials, Capital Goods
Underweight compromised defensives– Utilities and Telcos
As at 31 August 2013
Stock positions
Source: UBS Global Asset Management
Top 10 positive (overweight) %
Novartis 6.5 Bayer 4.1 Roche 3.7 Sampo 3.5 Total 3.3 Reckitt Benckiser 3.1 WPP 2.7 GlaxoSmithKline 2.7 Repsol 2.7 Novo-Nordisk 2.6
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Summary
An independent investment boutique with…
Backing of a strong organisation
Innovative investment process
Strong and consistent performance in varying environments
Lower volatility than the benchmark
Good upside and downside capture
High Active Share and holistic approach to risk
A long term client base of sophisticated investors
An investment boutique for all seasons
Concentrated Alpha
APPENDIX
Additional information
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Fund name: UBS (Lux) Equity SICAV - European Opportunity Unconstrained (EUR)
Fund type Open-end
Launch date 14 June 2012 for P-acc share class. Inception date of strategy 31 May 2007
Currency of account EUR
Accounting year ends 31 May
Issue / redemption Daily
Swing pricing Yes
Flat fee 2.04% p.a.
Benchmark MSCI Europe (net div reinvested)
EU savings tax Affected at distribution
Securities no. 14543379
ISIN LU0723564463
Bloomberg UEOUEPA LX
Total product assets EUR 160.1million as at 31 August 2013
Registered countries Austria, Belgium, Finland, France, Germany, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Spain, Sweden, Switzerland, United Kingdom
Key data
UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) P-acc
Source: UBS Global Asset Management.
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Performance dataUBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) P-accMorningstar Rating TM: *****Recalculated and actual performance(share class P-acc; basis EUR, net of fees)1
Performance per year in % (right-hand scale)Recalculated performance (left-hand scale) Actual performance (left-hand scale)
MSCI Europe
00.10.20.30.40.50.60.70.80.91
2030405060708090
100110120
2007 2008 2009 2010 2011 2012 2013
Ind
exed
on
th
e b
asis
of
mo
nth
-en
d d
ata
-50-40-30-20-1001020304050
(%)
Launch of P share class
Source: UBS Global Asset Management1 These figures refer to the past. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when
subscribing to and redeeming units. Source for all data and charts (if not indicated otherwise): UBS Global Asset Management Performance calculation: The performance figures and portfolio statistics shown are recalculated using the monthly estimated gross performance of the first share class launched in this fund. Please note that recalculated performance figures are for indicative purposes only. The actual performance is shown from the launch date of the share class stated.
2 Performance from inception of strategy 31/05/2007 to 31/012/2007
In % (EUR) 20072 2008 2009 2010 2011 2012 2013 YTD
Aug. 2013
5 years cumulative
5 years p.a.
Fund -7.9 -42.0 41.4 11.4 -1.3 22.4 12.4 -3.3 55.1 9.2 Benchmark -6.9 -43.7 31.2 11.9 -8.5 16.9 8.6 -0.6 18.5 3.5 Excess Return -1.1 1.7 10.2 -0.6 7.2 5.5 3.8 -2.7 36.5 5.7
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95
115
135
155
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13
80
100
120
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160
May-04 May-06 May-08 May-10 May-12
90
100
110
120
Sep-08 Sep-09 Sep-10 Sep-11 Sep-12
Our performance record
Pan Europe Concentrated / MSCI Europe wealth relative European Opp. Unconstrained/MSCI Europe wealth relative
Leveraging resources across all mandates
Global Concentrated Alpha Equity / MSCI World wealth relative
Value added since inception¹ = +4.1%pa
Value added since inception³ = +3.1%pa
Value added since inception² = +6.9%pa
90
100
110
120
130
Apr-11 Oct-11 Apr-12 Oct-12 Apr-13
Global Opportunity Long Short wealth index
Absolute return since inception4 = +8.4%pa
Key: Down Market is shaded areaSource: UBS Global Asset Management. Data to 30 June 2013. Past performance is not a guarantee of future results. Down market defined as period from a relative peak to trough.1 31 May 2004. In EUR. 2 31 May 2007. In EUR. 3 30 September 2007. In USD. 4 31 October 2010 in EUR
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As of June 30, 2013.UBS Global AM European Opportunity Unconstrained Composite inception date of May 31, 2007.The returns shown above are based on currently available information and are subject to revision. Past performance is no guarantee of future results.Performance figures are gross of fees. Please see attached disclosure information.Excess returns calculated by subtracting benchmark returns from portfolio returns. Returns greater than one year annualized. Returns in EUR. Benchmark used for excess return calculation is the MSCI Europe index.
UBS European Opportunity Unconstrained
-60%
-40%
-20%
0%
20%
40%
60%
May-08 May-09 May-10 May-11 May-12 May-13
% R
etu
rn B
ench
mar
k
-30%
-20%
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0%
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30%
% R
ollin
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ha (fu
nd
)
Rolling 1-year benchmark return Rolling 1-year alpha: UBS European Opportunity Unconstrained strategy
Value added in up and down markets
Rolling one-year excess returns since inception
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UBS European Opportunity Unconstrained
-20%
-15%
-10%
-5%
0%
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10%
15%
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25%
30%
May-08 May-09 May-10 May-11 May-12 May-13
% R
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Value outperforms Growth Growth outperforms Value Rolling 1 year alpha: UBS European Opportunity Unconstrained
Value added over style cycles
As of June 30, 2013.UBS Global AM European Opportunity Unconstrained Composite inception date of May 31, 2007.The returns shown above are based on currently available information and are subject to revision. Past performance is no guarantee of future results.Performance figures are gross of fees. Please see attached disclosure information.Excess returns calculated by subtracting benchmark returns from portfolio returns. Returns greater than one year annualized. Returns in EUR. Benchmark used for excess return calculation is the MSCI Europe index. Growth performance is measured by the MSCI Europe Growth Index. Value performance is measured by the MSCI Europe Value Index.
Rolling one-year excess returns since inception
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Global and multi-faceted approach
…but specific targeting is key Source: UBS Global Asset Management. June 2013
Diverse information sources are necessary…
More than 14,000 companies in Holt Selective internal & external analysts
More than 4,000 quantitative profiles of global companies, biweekly refreshed data
From 5 different data providers
More than 8,000 companies covered by Governance Metrics and ISS; more than 300,000 individuals covered by Boardex
Contacts with global, US, Asian and European specific strategists
Contacts with bond strategists and asset allocators and corporate activists
Exchange of information with buy side investors
Fundamental
QuantitativeQualitative
Portfolio
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Taking opportunities across the spectrum
…but selectively weight according to the environment
Monitor all three circles…
Quantitative research
(e.g. multi-factor models)
Qualitative research
(e.g. strategists)
Portfolio Concentration
Less exposure 2006/2010 Valuation spreads lowIncreased exposure 2008/2009 Valuation spreads wide and falling
Less exposure in 2007/2008 Leverage high, valuation spreads lowIncreased exposure 2009+ Leveraged buy-outs models attractive
Private equity / strategists warn on high leverage and low valuation spreads in 2007
Signaling capitulation in February 2009 Free cash flow yield and dividend yield versus 10y bond
yield points to M+A and stable dividend growers in 2011/2012
Fundamental research
(e.g. internal recommendations,
corporate governance, company management
visits)
Source: UBS Global Asset Management.
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Maximilian Anderl, CFA Head of Concentrated Alpha EquityExecutive Director
Maximilian Anderl is Head of Concentrated Alpha Equity and is the lead portfolio manager for the Global and European Concentrated Alpha long only and long / short strategies.
Maximilian has worked on the Concentrated Alpha team and its distinctive approach and strategies since its inception in 2004, becoming head of that team in January 2011.
Maximilian joined the European Equity Team in London in 2002, having joined UBS Global Asset Management, Zurich, in 2000 as an equity fund manager. In that role he was responsible for the retail funds and European client mandates.
Prior to joining UBS, Maximilian worked in academic research, university teaching, research and development and corporate finance for the pharmaceutical industry.
Maximilian is a Regular Member of the CFA Society of the UK and the CFA Institute.
Years of investment industry experience: 14
Education: University of Innsbruck (Austria), MS; University of St Gallen (Switzerland) and Stockholm School of Economics (Sweden), Lic.oec.HSG
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Jeremy Leung, CFAPortfolio Manager – Concentrated Alpha Equity Director
Years of investment industry experience: 8
Education: Tufts University (US), BS; London School of Economics and Political Science (UK), MSc
Jeremy Leung is a member of the Concentrated Alpha Equity team. He is responsible forsupporting the investment process and capability management for the team.
Prior to undertaking his role in March 2011, Jeremy was a Quantitative Analyst within the Equities Group. He was responsible for conducting quantitative and fundamental research for the Group’s investment teams. He also worked extensively on the Group’s fundamental equity valuation model.
Prior to joining UBS in 2007, Jeremy worked as a consultant for FactSet Research Systems. He was responsible for providing advice and support to large investment managers across Europe on various analytical tools for investing.
Jeremy is a Regular Member of the CFA Society of the UK and the CFA Institute.
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GEN0190n.ppt
For Professional Clients only
Performance: European Opportunity Unconstrained
GIPS Disclosure
BAS.IN
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23201
For Professional Clients only
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This document contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to our future business development. While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations.
Source for all data and charts (if not indicated otherwise): UBS Global Asset Management.
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