For professional use only – Not for Public distribution
Beleggingsopportuniteiten in Azië Christophe Palumbo Business Development Manager Benelux
Inhoud • Over Aberdeen Asset Management • Aberdeen in Azië • De situatie in Azië: groei, stabiliteit en waardering • Aberdeen Global II – Asia Pacific Multi Asset Fund * - Bouwstenen: • Asia Pacific Aandelen • Aziatische vastrentende waarden • Strategische en tactische Asset allocatie
• Bijlagen
* De activa van Credit Suisse Fund (Lux) Total Return Asia Pacific Aberdeen werden overgenomen door Aberdeen Global II - Multi Asset Asia Pacific Fund op 24 september 2010. AGII - Multi Asset Asia Pacific Fund is met ingang van 1 december 2011 verder gegaan onder de naam AGII - Asia Pacific Multi Asset Fund
1
Over Aberdeen Asset Management • Aberdeen is een vermogensbeheerder pur sang met een notering in de FTSE 100 • Ervaren management team • $286,5 miljard beheerd vermogen en een marktkapitalisatie van $4,5 miljard • Geografische spreiding – 31 kantoren verspreid over de hele wereld professionele beleggers, gg , verspreid p over de hele wereld • 1964 medewerkers,, waaronder 500 p • Significant aantal aandelen in bezit bij management en medewerkers (7,3%* direct of door middel van een langetermijnbonusstructuur) • Beleggingsexpertise Beleggingsexpertise, toegespitst op drie belangrijke beleggingscategorieën: aandelen aandelen, vastrentende waarden en onroerend goed, alsmede oplossingen op maat • Transparante beleggingsprocessen
Een gediversifieerde en mondiale onderneming
Bron: Aberdeen Asset Management, 30 juni 2012. * bij verwatering
2
Internationaal bereik: wereldwijd 31 kantoren Sales & Distribution Fort Lauderdale Philadelphia Toronto
AuM by domicile
Investment centres Philadelphia T Toronto t
Asia Pacific 12.4%
Property centre Philadelphia
Middle East & Africa 8.8%
Europe ex UK 31.8%
Head Office Aberdeen Sales & Distribution Amsterdam Copenhagen Frankfurt H l i ki Helsinki London Milan Paris Zurich
Sales & Distribution Bangkok Hong Kong Budapest Edinburgh Geneva J Jersey Luxembourg Oslo Stockholm
Investment centres Edinburgh London Budapest Paris
United Kingdom 28.2%
Property centres Amsterdam Copenhagen Glasgow London Oslo Stockholm
Brussels Frankfurt Helsinki Milan Paris
Singapore Shanghai Sydney Taiwan Tokyo Melbourne Investment centres Bangkok Hong Kong Kuala Lumpur Singapore Sydney Tokyo Property centre Singapore
Americas 18.7%
Investment Centre São Paulo Property Centre São Paulo
Global reach, local understanding, independent thinking Source: Aberdeen Asset Management, 30 Jun 12
3
Aberdeen is een belangrijke belegger in Azië Beleggingen voor cliënten in Azië Aandelen Japan 5%
Vastgoed Azië 1%
Asia Pacific Vastrentende waarden 18%
Aandelen Asia Pacific ex Japan
USD 81,4mrd*
Aandelen Japan
USD 4,7mrd*
Asia Pacific Vastrentend
USD 19,5mrd
Vastgoed Azië
USD 1,4mrd**
Totaal
USD 107,0mrd
Aandelen Asia Pacific ex Japan 76%
Bron: Aberdeen Asset Management, 31 aug 2012. * Inclusief globaal / regionale beleggingen. ** Belegd in Singapore
4
Awards België 2011 Moneytalk Awards: •
Best Emerging Market Equity Fund
De Tijd & L’Echo L Echo Awards: •
Best Emerging Market Equity Fund
La Libre Belgique / De Standaard Morningstar Awards: •
Best Specialist Equity Fund House
•
Best Global Emerging Markets Equity Fund
•
Best Asia Pacific Equity Fund
5
Asia Pacific beheerdersteam * Head of desk ^ CEO of Aberdeen Islamic Asset Management Sdn Bhd Bron: Aberdeen Asset Management 22 aug 2012 Management,
Hugh Young – Hoofd Aandelen Azië
Singapore
Sydney
Bangkok
Kuala Lumpur
Hong Kong
Tokyo
Flavia Cheong Chong g Yoon-Chou Kristy Fong Gan Ai Mee Andrew Gillan Mark Gordon-James Pruksa Iamthongthong Adrian Lim Louis Lu Yoojeong Oh Thomas Reeves David Smith James Thom Ch i t h W Christopher Wong Hugh Young*
Mark Daniels Michelle Lopez p Robert Penaloza* Andrew Preston Camille Simeon Natalie Tam Chhai Ung
Orsen Karnburisudthi Ratanawan Saengkitikomol g Adithep Vanabriksha*
Gerald Ambrose* Evan Cheah Mohd Najman Md Isa Bharat Joshi Jolynn Kek Abdul Jalil Rasheed^ Andrew San
Nicholas Chui Frank Tian Kathy Xu Nicholas Yeo*
Keita Kubota Kwok Chern Yeh* Sandy Lim Yuki Meyer
Centrale Handelaren: Jira Vareewattanasak
Centrale Handelaren: Rebecca Ang Richard Ang Linda Mangsud Derek McCole*
Investment support (1)
Investment support (8) Kenneth Akintewe Marisa Loh Adam McCabe Charles Macgregor Anthony Michael* Gareth Nicholson Suhaila Suboh Thu Ha Chow Yueh Ee Leen Handelaren (Valuta): Mark Khoo, Ambrose Tan
Nick Bishop David Choi Garreth Innes Amy Mangan John Manning Michael Moen Victor Rodriguez* Gerard Sheehan Justin Tyler
Pongtharin Sapayanon* Supakorn Tulyathan
Edmund Goh Jeremy Teng
Satoshi Hisanaga
Handelaren: Jane Tiftis
Ben Brandon-King Hong Li Min Kang Puay Ju* Glyn Nelson Tai Kok Jing Vida Tandean Peter Elston John Livingstone Andrew Petris
Asia Pacific Aandelen Asia Pacific Vastrentende waarden Vastgoed Aberdeen Solutions
6
Beleggers staan voor een investeringsraadsel • Factoren: - Lage rendementen - Onstabiele munten - Precaire geopolitiek • Deze factoren leiden tot hoofdpijn bij beleggers: - Minder plaatsen waar men terecht kan voor inkomen en een totaal rendement - Extreme volatiliteit • Het resultaat: - Beleggers zijn voorzichtig en terughoudend in het nemen van beslissingen
7
Wat is de oplossing? Back to basics investing
• Flexibiliteit: - Een echte Multi-Asset aanpak dat dynamische asset allocatie toelaat - Dit is essentieel in zo'n snel veranderende omgeving • Groei zoeken: - Focussen op de groeigebieden van de wereld (Azië en Emerging Markets) is zinvol • Kwaliteit: - Focus op bottom-up stock selectie - Focus op kwaliteitsbedrijven die een eventuele storm kunnen doorstaan p sterke munten met p potentieel - Focus op
8
De situatie in Azië: groei, stabiliteit en waardering
Groei in Azië 2011
2050f Overigen 9%
Afrika 4%
Japan 6%
Overigen 9% Japan 2% Opkomende markten in Azië 29%
Noord Amerika 21%
Noord Amerika 11% Latijns Amerika 8%
Europa 9% Latijns Amerika 9%
Afrika 12%
Europa 22%
Opkomende markten in Azië 49%
• Prognose is dat Azië in 2050 goed is voor 49% van het mondiale bbp
Bron: Citi aug 2012; bbp berekend in 2010 PPP USD
10
Opkomst van de middenklasse stuwt de groei in Azië
2009 2020 2030 Bron: The Emerging Middle Class in Developing Countries, Homi Kharas, Jan 2010
11
De wereld anno 2050 Top 10 van de grootste economieën in de wereld (in biljoen 2010 koopkrachtpariteit in USD) Positie Land 2050
bbp per capita (2010 koopkrachtpariteit in USD) 2050 Positie Land 2050
1
India
86
1
Singapore
137 710 137.710
2
China
80
2
Hong Kong
116.639
3
US
39
3
Taiwan
114.093
4
Indonesië
14
4
Zuid-Korea
107.752
5
Brazilië
12
5
US
100 802 100.802
6
Nigeria
10
6
Saudi Arabië
98.311
7
Rusland
8
7
Canada
96.375
8
Mexico
7
8
UK
91.130
9
Japan
6
9
Zwitserland
90.956
10
Egypte
6
10
Oostenrijk
90.158
Note that GDP (Gross Domestic Product) figures are measured in 2010 PPP USD
• Volgens de voorspellingen van Citi bevinden in 2050 drie van de vier grootste economieën ter wereld zich in Azië. • India en China zullen ieder dubbel zo groot zijn als de Amerikaanse economie • De vier rijkste landen ter wereld liggen dan in Azië (gerekend naar bbp per hoofd van de bevolking)
Bron: Citi Investment Research and Analysis, per 31 Mar 2011
12
Stabiliteit juist in Azië Verwachte overheidsschuld
Minste toename van schuld
Meeste toename van schuld
• Beleidsmakers in Azië hebben meer mogelijkheden om te reageren op de uitdagende economische omstandigheden
Bron: Citigroup Global Markets – “Asia Macro View”, 1 Feb 12
13
Wij verwachten dat valuta in Azië in waarde blijft stijgen JPMorgan Asian Currency Index
• Valutastijgingen zullen gebruikt blijven worden als beleidsinstrument • Gebruikt om import van inflatie tegen te gaan • Helpt in de transformatie naar binnenlandse vraag
JPMorgan Asia Currency Index bestaat uit de volgende valuta’s: CNY (37.9%), HKD (8.7%), INR (7.8%), IDR (3.0%), KRW (14.3%), MYR (5.2%), PHP (1.8%), SGD (10.0%), TWD (6.3%) and THB (5.0%) Bron: Bloomberg, per 26 Sep 2012
14
Obligaties in Azië bieden aantrekkelijk rendement
Yield (%)
US 5-Yr Treasury yield vs HSBC Asian Local Bond Index yield
Yield Difference (HSBC Asian Local Bond Index minus US 5-Yr Treasury)
Yield Difference(% %)
Bron: Bloomberg, HSBC, 31 Aug 2012
15
Aberdeen Global II – Asia Pacific Multi Asset Fund
•
•
De activa van Credit Suisse Fund (Lux) Total Return Asia Pacific Aberdeen werden op 24 sep 2010 overgenomen door Aberdeen Global II - Multi Asset Asia Pacific Fund. AGII - Multi Asset Asia Pacific Fund is met ingang van 1 december 2011 verder gegaan onder de naam AGII - Asia Pacific Multi Asset Fund ^ Benchmark is gewijzigd van Libor USD 3M + 400bps tot 40% MSCI AC Asia Pacific, 30% JPM Asian Credit Index en 30% HSBC Local Currency Index
Aberdeen Global II – Asia Pacific Multi Asset Fund* Productkenmerken en voordelen Bron: Aberdeen Asset Management, 31 Aug 2012
Doelstelling
Beleggers toegang bieden tot een gediversifieerde portefeuille met kansen in Aziatische vastrentende waarden en aandelen, door te investeren in diverse categorieën, zoals Aziatische obligaties in lokale valuta, rente- en kredietrisico strategieën en Asia Pacific aandelen
Toegang tot de markten in één van de snelst groeiende regio’s van de wereldeconomie
Voordelen
De fondsallocaties kunnen snel inspelen op veranderende marktomstandigheden, actieve spreiding in Asia Pacific aandelen, aandelen vastrentende waarden waarden, valuta's valuta s en liquide middelen
Maakt gebruik van Aberdeen’s regionale professionele beleggers en de expertise van het wereldwijde Multi-Asset team 40% MSCI AC Asia Pacific Index Benchmark^
30% JACI Asian Credit Index 30% HSBC Asian Local Bond Index
Equity neutral weight (Current target weight)
40% (33%)
Asian Fixed Income neutral weight (Current target weight)
60% (60%)
Beheerkost
1,5% (Retail)/1,0% (institutioneel)
* De assets van Credit Suisse Fund (Lux) Total Return Asia Pacific Aberdeen zijn overgenomend door Aberdeen Global II – Multi Asset Asia Pacific Fund op 24 Sep 2010. AGII Multi Asset Asia Pacific Fund is met ingang van 1 Dec 11 verder gegaan onder de naam AGII - Asia Pacific Multi Asset Fund ^ Benchmark is gewijzigd van Libor USD 3M + 400bps in 40% MSCI AC Asia Pacific., 30% JPM Asian Credit Index en 30% HSBC Local Currency Index
17
Gebaseerd op (meermaals bekroonde) sterke bouwstenen
Asia Pacific aandelen
Vastrentende waarden Azië
Aberdeens multi-asset mogelijkheden g j
18
Gebaseerd op (meermaals bekroonde) sterke bouwstenen
Asia Pacific aandelen
Vastrentende waarden Azië
Aberdeens multi-asset mogelijkheden g j
19
Aberdeens beleggingsfilosofie • Wij zijn van mening dat, op de lange termijn, aandelenkoersen de onderliggende fundamentals goed weerspiegelen • Wij ontdekken de ‘beste mogelijkheden’ tegen redelijke tot goedkope waarderingen via onze bedrijfsbezoeken • Risico bestaat voor ons uit het beleggen in een bedrijf van slechte kwaliteit en/of er teveel voor betalen, het risico is niet benchmark-gebonden j van het team, niet op individuele ‘sterren’ • Nadruk op de collectieve wijsheid
Wij handelen niet, maar beleggen voor de lange termijn - en alleen in bedrijven die we begrijpen èn die wij kunnen waarderen
20
Aziatische merken Deze effecten worden alleen gebruikt voor illustratieve doeleinden, zij dienen slechts ter illustratie van de beleggingsmethode en niet als indicatie van prestaties
21
Modelportefeuille*: Asia Pacific incl. Japan Relatieve positie van de landen Land
Aberdeen model * %
Benchmark %
Verschil %
Hong Kong
18.6
5.5
13.1
Singapore
15 5 15.5
35 3.5
12 0 12.0
India
7.7
4.0
3.7
Verenigd Koninkrijk
3.0
0.0
3.0
Thailand
3.5
1.4
2.1
Filippijnen
1.5
0.6
0.9
Nieuw Zeeland
0.0
0.2
-0.2
Maleisië
1.9
2.3
-0.4
Indonesië
1.0
1.7
-0.7
Taiwan
4.4
6.8
-2.4
11.0
16.4
-5.4
China
4.8
10.8
-6.0
Korea
3.5
9.6
-6.1
Japan
21.0
37.2
-16.2
Cash
2.6
0.0
2.6
100.0
100.0
-
Australië
Totaal
* Het bovenstaande is aanvullende informatie en een aanvulling op de gegevens in de bijlagen
Benchmark is de MSCI AC Asia Pacific Bron: MSCI, Aberdeen Asset Management, 31 Aug 2012
22
Modelportefeuille*: Asia Pacific incl. Japan aandelen Top tien beleggingen Positie
Top tien beleggingen
Aberdeen model * %
Benchmark %
Verschil %
Aantal jaar in portefeuille bij Aberdeen
1
Rio Tinto (notering in Londen)
3.5
0.4*
3.1
> 10
2
Jardine Strategic
3.5
0.0
3.5
7
3
Canon
3.5
0.7
2.8
> 10
1.1
> 10
3.1
> 10
1.1
> 10
4
Samsung Electronics (Pref)
3.5
2.4
5
OCBC
3.5
0.4
^
*
6
BHP Billiton (notering in Londen)
3.0
1.9
7
QBE Insurance
3.0
0.3
2.7
> 10
8
HSBC Holdings
3.0
0.0
3.0
1
9
Standard Chartered PLC (notering in Londen))
30 3.0
00 0.0
30 3.0
5
10
Swire Pacific
3.0
0.2**
2.8
> 10
32.5
6.3
-
-
Totaal
^ gecombineerd gewicht van de diverse aandelencategorieën (bijvoorbeeld gewoon en preferent) * Australische notering ** Swire A * Het bovenstaande is aanvullende informatie en een aanvulling op de gegevens in de bijlagen
Benchmark is de MSCI AC Asia Pacific Bron: MSCI, Aberdeen Asset Management, 31 Aug 2012
23
Aberdeen Global – Asia Pacific Equity Fund Performance: 30 Sep 12
24
Asia Pacific incl. Japan aandelen - performance*
* Het bovenstaande is aanvullende informatie en een aanvulling op de gegevens in de bijlagen Begin: Jan 1996, cumulatief totaal rendement, zonder aftrek van kosten, USD, op 31 augustus 2012 Bron: Aberdeen Asset Management, BNP Paribas en StatPro 25
Aberdeen Global – Asia Smaller Companies Fund Performance: 30 Sep 12
Aberdeen Global – Asian Smaller Companies Fund. Morningstar Awards 2012 ©. Morningstar, Inc. All Rights Reserved.
26
Asian Smaller Companies performance*
* Aberdeen Global – Asian Smaller Companies Fund. Morningstar Awards 2012 ©. Morningstar, Inc. All Rights g ts Reserved.
* Het bovenstaande is aanvullende informatie en een aanvulling op de gegevens in de bijlagen Begin: Jun 2004, cumulatieve totaal rendement, zonder aftrek van kosten, USD, op 31 augustus 2012 Benchmark: MSCI AC Asia Pacific ex Japan tot 30 september 2007 dan MSCI AC Asia Pacific ex Japan Small Cap Bron: Aberdeen Asset Management, BNP Paribas en StatPro
27
Gebaseerd op (meermaals bekroonde) sterke bouwstenen
Asia Pacific aandelen
Vastrentende waarden Azië
Aberdeens multi-asset mogelijkheden g j
28
Aberdeen Global II – Asian Bond Fund* Samenstelling Portefeuille Benchmark^
Totaal portefeuille
%
%
0.0%
0.0%
0.0%
China
13.5%
14.8%
Hong Kong
14.4% 6.4%
Markt Allocatie
Australië
India Indonesië
% USD StaatsBedrijfsobligaties obligaties
% LC
FX
0.0%
0.0%
0.0%
0.0%
5.7%
9.0%
6.9%
7.5%
0.0%
7.5%
0.0%
3.9%
8.2%
0.0%
3.2%
5.0%
3.2%
12.8%
12.0%
3.8%
2.9%
5.3%
12.6%
Maleisië
7 1% 7.1%
12 0% 12.0%
0 6% 0.6%
2 8% 2.8%
8 6% 8.6%
7 4% 7.4%
Mongolië
0.2%
0.0%
0.0%
0.0%
0.0%
0.0%
Pakistan
0.2%
0.0%
0.0%
0.0%
0.0%
0.0%
Filippijnen
8.6%
9.2%
4.3%
1.4%
3.6%
2.2%
Singapore
10.7%
4.3%
0.0%
2.6%
1.7%
0.2%
Zuid-Korea
19.0%
22.2%
1.0%
11.1%
10.1%
8.2%
Sri Lanka
0.5%
0.5%
0.5%
0.0%
0.0%
0.0%
Taiwan
1.7%
0.0%
0.0%
0.0%
0.0%
0.0%
Thailand
4.8%
7.4%
0.0%
2.1%
5.3%
4.7%
Vi t Vietnam
0 3% 0.3%
0 0% 0.0%
0 0% 0.0%
0 0% 0.0%
0 0% 0.0%
0 0% 0.0%
Japan
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Eurozone
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Verenigde Staten
0.0%
1.9%
1.94%
50.6%
100 0% 100.0%
100 0% 100.0%
50 5% 50.5%
100 0% 100.0%
Totaal
10 2% 10.2%
39 3% 39.3%
Bron: Aberdeen Asset Management, 31 augustus 2012 Totalen kunnen afwijken als gevolg van afronding * De activa van Credit Suisse Bond Fund (Lux) Asia Aberdeen werden overgenomen door Aberdeen Global II – Asia Fixed Income Fund op 24 sep 2010. Aberdeen Global II - Asia Fixed Income Fund ging met ingang van 1 dec 2011 verder onder de naam Aberdeen Global II - Asian Bond Fund. ^ Benchmark is gewijzigd van CGBI USBIG Treasury/Agency in 50% JP Morgan Asian Credit Index en 50% HSBC Asian Local Bond Index per 1 oktober 2010
29
Aberdeen Global – Asian Local Currency Short Duration Bond Fund* Samenstelling Portefeuille Land
Benchmark^ Fysieke beleggingen in obligaties % % 16,1 3,8
China (Onshore)
Langetermijn valuta rating** Aa3/AA-
China (Offshore)
Aa3/AAAa3/AA
00 0,0
58 5,8
20 3 20,3
Aa1/AAA
23,9
0,0
20,7
Baa3/BBB-
2,8
2,9
3,3
Baa3/BB+
1,4
4,3
5,9
A3/A
73 7,3
22 8 22,8
13 1 13,1
Filippijnen
Ba2/BB+
2,1
7,1
1,1
Singapore
Aaa/AAA
9,7
0,0
4,6
Aa3/A+
18,2
28,2
16,3
Thailand
Baa1/A-
11,0
23,4
13,9
Taiwan
Aa3/AA-
7,5
0,0
0,0
Verenigde Staten***
Aaa/AA+
0,0
1,7
0,9
A3/A
100,0
100,0
100,0
Hong Kong India Indonesië Maleisië
Zuid-Korea
Totaal
valuta positie % -0,1
Bron: Aberdeen Asset Management, 31 Aug 2012 * Het Aberdeen Global – Asian Bond Fund is per 1 Mar 2011 verder gegaan onder de naam Aberdeen Global – Asian Local Currency Short Duration Bond Fund. ** Moody’s/S&P langetermijn valuta ratings, 31 Aug 2012 *** Betreft kasposities in USD ^ Benchmark is gewijzigd van iBoxx Pan-Asia (ex China) per 1 Mar 2011 in iBoxx Asia ex Japan Sovereign 1 – 3 years
30
Aziatische vastrentende waarden - performance*
* Het bovenstaande is aanvullende informatie en een aanvulling op de gegevens in de bijlagen Begin: Dec 2003, cumulatieve totaal rendement, zonder aftrek van kosten, USD, 31 augustus 2012 Benchmark: 50% JP Morgan Asia Credit Index, 50% HSBC Asian Local Bond Index Bron: Aberdeen Asset Management, BNP Paribas and StatPro
31
Gebaseerd op (meermaals bekroonde) sterke bouwstenen
Asia Pacific aandelen
Vastrentende waarden Azië
Aberdeens multi-asset mogelijkheden g j
32
Waarom Aberdeen for Multi-Asset?
An established track record of making global asset allocation calls
Primary focus Asset Management
Widely recognised EM and Asia expertise
Successful stock-picking ability
33
Asia Pacific Asset Allocatie Team Members
Position
Role
Years in industry
Years continual service*
Peter Elston
Head of Asia Pacific Strategy & Asset Allocation
Chair
24
4
Michael Turner
Head of Global Strategy and Asset Allocation
Member
28
14
Adam McCabe
Senior Portfolio Manager, Asian Fixed Income
Member
11
11
p Wong g Christopher
Senior Investment Manager, g Asian Equities q
Member
17
10
Source: Aberdeen Asset Management, 29 Jun 12. * May include years with acquired firms.
34
Maandelijkse asset allocatie Aberdeen Global II – Asia Pacific Multi Asset Fund*
Fund is offered in Singapore as a restricted foreign scheme. The assets of Credit Suisse Fund (Lux) Total Return Asia Pacific Aberdeen were transferred to Aberdeen Global II – Multi Asset Asia Pacific Fund on 24 Sep 10. AGII - Multi Asset Asia Pacific Fund has been renamed AGII - Asia Pacific Multi Asset Fund with effect from 1 Dec 11 Source: Aberdeen Asset Management, 29 Jun 12 *
35
Aberdeen Global II – Asia Pacific Multi Asset Fund* Performance Geannualiseerde performance (%) % in USD
1 jaar
3 jaar
5 jaar
Aberdeen Global II – Asia Pacific Multi Asset Fund*
3.69
10.35
6.38
Benchmark^
2.07
3.70
4.92
Verschil
1.62
6.65
1.46
Resultaten uit het verleden en de scenario’s van de financiële markten bieden geen garantie voor de huidige of toekomstige resultaten. In de performance-resultaten is geen rekening gehouden met provisies, die worden geheven bij inschrijving en/of verkoop. Waar internationaal is belegd, kan de waarde fluctueren als gevolg van valutaschommelingen
Datum van lancering: 30 Nov 2003 Bron: Aberdeen Asset Managers, BPSS, Datastream, Gross, USD, 31 Aug 2012 * De assets van Credit Suisse Fund (Lux) Total Return Asia Pacific Aberdeen zijn overgenomen door Aberdeen Global II – Multi Asset Asia Pacific Fund op 24 Sep 2010. AGII - Multi Asset Asia Pacific is met ingang van 1 Dec 2011 verder gegaan onder de naam AGII - Asia Pacific Multi Asset Fund ^ Benchmark is gewijzigd van Libor USD 3M + 400bps in 40% MSCI AC Asia Pacific, 30% JPM Asian Credit Index en30% HSBC Local Currency Index
36
Samenvatting • Het fonds biedt een brede beleggingsblootstelling aan een regio met hoge groei • De combinatie van aandelen,, bedrijfsobligaties, j g , staatsobligaties g en cash g geeft spreidingsvoordelen • Actief beheer met betrekking tot de tactische asset allocatie, aandelen en vastrentende waarden d (d (drie i bronnen b van alfa) lf ) • Het fonds is conservatief (minder aandelen in portefeuille dan branchegenoten) en heeft een focus om waarde te behouden (absolute return benadering) • De teams voor aandelen en vastrentende waarden zijn van nature ook defensief ingesteld (focus op sterke balans)
Bron: AAMAL
37
Een eenvoudig inzicht over waar toekomstige groei van komen zal ... 5.9%
60.1% of world’s population
19.3%
2.1%
8 6% 8.6% 3.5%
•
0.5%
Meer dan 60% van de wereldpopulatie leeft in Azië goede indicator voor rijkdom j Licht is een heel g Potentieel voor creatie van rijkdom is enorm in Azië
Source: Image – NASA Population figures – Bloomberg (US Census Bureau 2012 estimates), 6 Sep 10
38
Bijlagen
Asia Pacific incl. Japan Equity Disclosures Composite Disclosures Composite: Asia Pacific inc Japan Equity As of: 31 Aug 12 Definition of the Firm Aberdeen Asset Management PLC ("Aberdeen" or "the Firm") is defined as all portfolios managed globally by subsidiaries of Aberdeen Asset Management PLC, excluding Property, Private Equity, Private Client and Lloyds Syndicate portfolios. Aberdeen is the global brand under which all products are now marketed. The global Firm inception date is 1st December 2005 and is comprised of five divisions that either were or were part of legacy compliant firms (Aberdeen Asset Management Inc, the Fixed Income products of Deutsche Asset Management UK and Deutsche Asset Management Americas, from 1st April 2008, the actively managed equity products of Nationwide Fund Advisors and Nationwide SA Capital Trust ("Nationwide") and from 1st May 2009 the Global Investors business of Credit Suisse Asset Management (Australia) Limited). The firm also includes the Aberdeen non-US business and businesses not claiming compliance which have been acquired after 1st December 2005, which have been brought into compliance from 1st January 1996. On 1 February 2010, Aberdeen acquired the RBS Funds (the "RBS Funds") which were not part of a GIPS compliant firm and in accordance with our policy Aberdeen are bringing the history into compliance from 1st January 1996 within the permitted 12 months timeframe allowed by the GIPS. The firms assets are represented by the published AUM of Aberdeen Asset Management PLC and at 30 September 2010, include £13.5bn of assets acquired from the RBS Funds. The legacy track records satisfy the GIPS portability criteria and have been linked with the track record of the Aberdeen global Firm. Composite returns, start date and composite and firm assets reported prior to acquisitions represent those of the legacy firm which managed the product at the time. GIPS Compliance Aberdeen claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. Aberdeen has been independently verified for the periods to 30th September 2011. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm firm-wide wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The effective date of compliance is 1st January 1996. The inception date of the composite is 31/12/1995 and it was created on 13/04/2006, during the global consolidation project. No alteration of composites has occurred as a result of changes in personnel or any other reasons at any time. A complete list of the Firm's composites, and policies for valuing portfolios, calculating performance and preparing compliant presentations, is available on request. Composite Description This composite comprises accounts with at least 80% invested in equities managed on a discretionary basis. The accounts within this composite invest primarily in companies based in all equity markets of the Asia Pacific region, including Japan. The benchmark of this composite is the MSCI All Countries Asia Pacific Index. 40
Asia Pacific incl. Japan Equity Disclosures Composite Methodology Returns are time-weighted total rates of return including cash and cash equivalents, income and realised and unrealised gains and losses. Returns are shown net of non-recoverable tax, whilst recoverable tax is included on a cash basis. Composites results are weighted by individual portfolio size, using start of period market values. portfolios are valued at least monthly or on the date of any contribution/withdrawal greater than 9% within 1 month. Annual returns are calculated using geometric linking of monthly returns. Exchange rates used are WMR 4pm rates. A fund becomes eligible for inclusion the first full calendar month after funding. Inclusion may be deferred in cases where it has not been possible to implement the investment strategy. Terminated funds leave composites at the end of the calendar month before official notification of termination is received. Results include all discretionary, fee paying accounts of the Firm. The dispersion of annual returns is measured by the standard deviation among asset-weighted portfolio returns represented within the composite for the full year. Dispersion is not calculated for composites with less than five accounts for the whole period. Additional information on policies for calculating and reporting returns is available on request. Presentation of Results Gross returns are presented before management management, custodial and other fees but after all trading expenses expenses. Net returns are calculated after the deduction of a representative management fee. Primary Index Description MSCI AC Asia Pacific. Representative Fee Description Asian Equity fee: 1.25% Derivative Instruments The portfolios in this composite may invest in exchange traded futures and options for efficient portfolio management. Derivatives are not used to leverage the portfolios. P t performance Past f iis nott an indication i di ti off future f t results. lt
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Disclosures: Asia Pacific ex Japan Equity (Small cap) Composite Disclosures Composite: Asia Pacific ex Japan Equity (Small cap) As of: 31 Aug 12 Definition of the Firm Aberdeen Asset Management plc ("Aberdeen" or "the Firm") is defined as all portfolios managed globally by subsidiaries of Aberdeen Asset Management plc, excluding Property, Private Equity, Private Client and Lloyds Syndicate portfolios. Aberdeen is the global brand under which all products are now marketed. The global Firm inception date is 1st December 2005 and is comprised of five divisions that either were or were part of legacy compliant firms (Aberdeen Asset Management Inc, the Fixed Income products of Deutsche Asset Management UK and Deutsche Asset Management g Americas, from 1st April p 2008, the actively y managed g equity q yp products of Nationwide Fund Advisors and Nationwide SA Capital p Trust ("Nationwide") and from 1st May 2009 the Global Investors business of Credit Suisse Asset Management (Australia) Limited). The firm also includes the Aberdeen non-US business and businesses not claiming compliance which have been acquired after 1st December 2005, which have been brought into compliance from 1st January 1996. On 1 February 2010, Aberdeen acquired the RBS Funds (the "RBS Funds") which were not part of a GIPS compliant firm and in accordance with our policy Aberdeen are bringing the history into compliance from 1st January 1996 within the permitted 12 months timeframe allowed by the GIPS. The firms assets are represented t d by b the th published bli h d AUM off Aberdeen Ab d A Asset t Management M t plc l and d att 30 September S t b 2010, 2010 include i l d £13.5bn £13 5b off assets t acquired i d from f th RBS Funds. the F d The legacy track records satisfy the GIPS portability criteria and have been linked with the track record of the Aberdeen global Firm. Composite returns, start date and composite and firm assets reported prior to acquisitions represent those of the legacy firm which managed the product at the time GIPS Compliance Aberdeen claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. Aberdeen has been independently verified for the periods to 30th September 2011. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The effective date of compliance is 1st January 1996. The inception date of the composite is 31/05/2004 and it was created on 13/04/2006, during g the g global consolidation p project. j No alteration of composites p has occurred as a result of changes g in p personnel or any y other reasons at any y time. A complete p list of the Firm's composites, and policies for valuing portfolios, calculating performance and preparing compliant presentations, is available on request. Composite Description This composite comprises all discretionary accounts with at least 80% invested in Asia Pacific small cap stocks, excluding Japan. 42
Disclosures: Asia Pacific ex Japan Equity (Small cap) Composite Methodology Returns are time-weighted total rates of return including cash and cash equivalents, income and realised and unrealised gains and losses. Returns are shown net of non-recoverable tax, whilst recoverable tax is included on a cash basis. Composites results are weighted by individual portfolio size, using start of period market values. Portfolios are valued at least monthly or on the date of any contribution/withdrawal greater than 9% within 1 month. Annual returns are calculated using geometric linking of monthly returns. Exchange rates used are WMR 4 pm rates. A fund becomes eligible for inclusion the first full calendar month after funding. Inclusion may be deferred in cases where it has not been possible to implement the investment strategy. Terminated funds leave composites at the end of the calendar month before official notification of termination is received. Results include all discretionary, fee paying accounts of the Firm. The dispersion of annual returns is measured by the standard deviation among asset-weighted portfolio returns represented within the composite for the full year. Dispersion is not calculated for composites with less than five accounts for the whole period. Additional information on policies for calculating and reporting returns is available on request. Presentation of Results Gross returns are presented before management, custodial and other fees but after all trading expenses. Net returns are calculated after the deduction of a representative management fee. Primary Index Description MSCI AC Asia Pacific Ex Japan Small Cap Index. From 31-May-2004 to 30-Sep-2007 the benchmark was MSCI AC Asia Pacific Ex Japan Representative Fee Description Asian Equity fee: 1.25% Derivative Instruments The portfolios in this composite may invest in exchange traded futures and options for efficient portfolio management. Derivatives are not used to leverage the p portfolios. Past performance is not an indication of future results.
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Asian Fixed Income Disclosures Composite Disclosures Composite: Asian Fixed Income As of: 31 Aug 12 Definition of the Firm Ab d Aberdeen A Asset M Management plc l ("Ab ("Aberdeen" d " or ""the h Fi Firm") ") is i defined d fi d as allll portfolios f li managed d globally l b ll b by subsidiaries b idi i off Ab Aberdeen d A Asset M Management plc, excluding Property, Private Equity, Private Client and Lloyds Syndicate portfolios. Aberdeen is the global brand under which all products are now marketed. The global Firm inception date is 1st December 2005 and is comprised of five divisions that either were or were part of legacy compliant firms (Aberdeen Asset Management Inc, the Fixed Income products of Deutsche Asset Management UK and Deutsche Asset Management Americas, from 1st April 2008, the actively managed equity products of Nationwide Fund Advisors and Nationwide SA Capital Trust (("Nationwide") Nationwide ) and from 1st May 2009 the Global Investors business of Credit Suisse Asset Management (Australia) Limited). The firm also includes the Aberdeen non-US business and businesses not claiming compliance which have been acquired after 1st December 2005, which have been brought into compliance from 1st January 1996. On 1 February 2010, Aberdeen acquired the RBS Funds (the "RBS Funds") which were not part of a GIPS compliant firm and in accordance with our policy Aberdeen are bringing the history into compliance from 1st January 1996 within the permitted 12 months timeframe allowed by the GIPS. The firms assets are represented by the published AUM of Aberdeen Asset Management plc and at 30 September 2010, include £13.5bn of assets acquired from the RBS Funds. The legacy track records satisfy the GIPS portability criteria and have been linked with the track record of the Aberdeen global Firm. Composite returns, start date and composite and firm assets reported prior to acquisitions represent those of the legacy firm which managed the product at the time GIPS Compliance Aberdeen claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. standards Aberdeen has been independently verified for the periods to 30th September 2011 2011. The verification report is available upon request request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The effective date of compliance is 1st January 1996. The inception date of the composite is 30/11/2003 and it was created on 03/06/2009, during the global consolidation project. No alteration of composites has occurred as a result of changes in personnel or any other reasons at any time. A complete list of the Firm's composites, and policies for valuing portfolios , calculating performance and preparing compliant presentations, is available on request. Composite Description The composite comprises all discretionary portfolios that contain a diversified portfolio of Asian fixed income securities and currencies providing exposure to our best ideas in Asian local currency bonds, interest rate strategies and Asian local and USD credit. 44
Asian Fixed Income Disclosures Composite Methodology Returns are time-weighted total rates of return including cash and cash equivalents, income and realised and unrealised gains and losses. Returns are shown net of non-recoverable tax, whilst recoverable tax is included on a cash basis. Composites results are weighted by individual portfolio size, using start of period market values. Portfolios are valued at least monthly or on the date of any contribution/withdrawal greater than 9% within 1 month. Annual returns are calculated using geometric linking of monthly returns. Exchange rates used are WMR 4 pm rates. A fund becomes eligible for inclusion the first full calendar month after funding. Inclusion may be deferred in cases where it has not been possible to implement the investment strategy. Terminated funds leave composites at the end of the calendar month before official notification of termination is received. Results include all y, fee paying p y g accounts of the Firm. discretionary, The dispersion of annual returns is measured by the standard deviation among asset-weighted portfolio returns represented within the composite for the full year. Dispersion is not calculated for composites with less than five accounts for the whole period. Additional information on policies for calculating and reporting returns is available on request. Presentation of Results Gross returns are presented before management, custodial and other fees but after all trading expenses. Net returns are calculated after the deduction of a representative management fee. Primary Index Description 50% JP Morgan Asia Credit Index Index, 50% HSBC Asian Local Bond Index (ALBI) (ALBI). Representative Fee Description Asian Fixed fee scale: 0.55% p.a. on the first USD 50m, 0.50% p.a. on the next USD 50m and 0.45% p.a. thereafter. Derivative Instruments Derivatives are used for efficient portfolio management, alpha generation and beta management purposes. Derivatives used include, but are not limited to, exchange traded futures, interest rate swaps, credit default swaps and forward foreign exchange contracts. Derivatives usage is governed by the appropriate level of risk to meet the return targets rather than by any net nominal implied exposure limits. Past performance is not an indication of future results.
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Disclaimer •The information contained in the presentation is for exclusive use by Professional Investors, including regulated financial intermediaries such as banks and securities brokers, regulated insurance companies, government or public authorities, corporate treasurers and financial advisers but not the general public. The information is being given only to those persons who have received this document directly from Aberdeen Asset Management Limited (AAML) and must not be acted or relied upon by persons receiving a copy of this document other than directly from AAML. No part of this document may be copied or duplicated in any form or by any means or redistributed without the written consent of AAML. •Investors should be aware that past performance is no indication of current or future performance. The performance d t do data d nott take t k accountt off the th commissions i i and d costs t incurred i d on the th issue i and d redemption d ti off units, it if applicable. li bl The Th value of investments and the income from them can fall as well as rise and investors may get back less than the amount invested. •The views expressed in this presentation should not be construed as advice on how to construct a portfolio or whether to buy, buy retain or sell a particular investment. investment •Subscriptions for investment in Aberdeen Global / Aberdeen Global II Funds may only be made on the basis of the latest prospectus and relevant Key Investor Information Document (KIID) and most recent annual financial statements, and semi-annual financial statements if published thereafter. These documents and the articles of incorporation are available free of charge from Aberdeen Asset Managers Limited, Limited 10 Queens Terrace, Terrace Aberdeen, Aberdeen AB10 1YG, 1YG Scotland and are also available on www.aberdeen-asset.com •Issued in the EU by Aberdeen Asset Managers Limited. Registered in Scotland No.108419. Registered Office: 10 Queen’s Terrace, Aberdeen, AB10 1YG. Authorised and regulated by the Financial Services Authority in the United Kingdom. Aberdeen Asset Managers Limited reserves the right to make changes and corrections to any information in this document at any time, without notice.
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