Uno sguardo agli investimenti "Liquid Alternative" - Antonio Gatta Institutional Sales Director Franklin Templeton Investments Daniele Diotti ...
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Uno sguardo agli investimenti «Liquid Alternative» Antonio Gatta Daniele Diotti Institutional Sales Director Institutional Sales Executive Franklin Templeton Investments Franklin Templeton Investments
Focus sugli investimenti Alternative
La nascita degli investimenti Alternativi risale al 1949
In altre parole una strategia che:
• ricerca un minore rischio a parità di rendimento oppure un maggior rendimento a
parità di rischio
• utilizza strategie diverse dal semplice acquisto di obbligazioni e azioni
• punta al raggiungimento di un rendimento assoluto
• cerca di ottenere risultati positivi indipendenti dall’andamento dei mercati finanziari in
cui opera
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 2
Liquid Alternative:
diversificare con minor volatilità
Questionario condotto da Russel sugli Investitori Istituzionali
Diversification
Diversificare 90%
Gestione della Volatilita/Bassa
Volatility management/LackCorrelazione
of correlation 64%
Alpha generation
Generare Alpha 45%
Long-term
Capacità growth
di generare potential of nel
rendimento the
45%
alternatives periodo
medio/lungo
Relationship
Correlazione conwith inflation
Inflazione 30%
Other
Altro 5%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%100%
Source: Russell Investments’ 2012 Global Survey on Alternative Investing. Please see Important Disclosures and Disclaimers at the end of this presentation, which provide detailed information
regarding information presented herein and form an integral part hereof.
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 3Liquid Alternative:
liquidità e trasparenza
Questionario condotto da Preqin Investor
Increased Liquidity
Liquidità 53%
Increased
Trasparenza
Transparency 31%
Increased Regulation
Regolamentazione 28%
DiminuzioneLower cost
dei costi 19%
MigliorBetter Returns
rendimenti 9%
BetterOpportunità
Migliori Opportunities 9%
Less
Riduzione Leverage
della Leva 3%
Lower
Riduzione Volatility
volatilità 3%
RiduzioneLess Risk 3%
Rischio
Other
Altro 9%
0% 10% 20% 30% 40% 50% 60%
Source: 2015 Preqin Global Hedge Fund Report: Preqin Investor Interviews, November 2015. Proportion of Respondents
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 4Materiale ad uso esclusivo di clienti Istituzionali. Non destinato al pubblico 5 5
Sono una risposta
all’imminete rialzo dei tassi
Tasso USA: Evoluzione Ultimi 30 Anni
Gestione Attiva
10
9
Gestione Passiva
8
7
6
5
4
3
2 0,25%
1
0
Fonte: Bloomberg. Le performance passate non sono garanzia di rendimenti futuri
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 6Sono una risposta
alla aumentata volatilità azionaria
S&P 500 Index dal 1978 al 2015
Gestione Attiva
Gestione Passiva
Source: Bloomberg. Review period shown January1978 – January 2016. Please see important Disclosures and Disclaimers at the end of this presentation, which provide detailed information regarding information
presented herein and form an integral part hereof. Past performance is not indicative nor a guarantee of future results.
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 7Guardare oltre le strategie tradizionali
Le strategie Alternative ora a portata di tutti
RELATIVE VALUE ED ARBITRAGGI DIREZIONALI
Strategie che cercano di trarre vantaggio da inefficenze e/o Strategie che cercano di trarre vantaggio dai movimenti di mercato,
discrepanze di prezzo tra investimenti correlati, ad esempio azioni dai trends o da incoerenze dei mercati per mitigarne I rischi e le
o obbligazioni incertezze
RELATIVE VALUE EVENT DRIVEN EQUITY HEDGE GLOBAL MACRO
• Merger Arbitrage • Global Macro
• Long Short Equity
• Convertible Arbitrage (generalist) • Multi Strategy
• Capital Structure
• Fixed Income Arbitrage • Long Short Equity • Emerging Markets
Arbitrage (geographic) • Managed Futures
• Distressed
• Volatility Arbitrage Investments • Long Short Equity (CTA)
• Special Situations (sector) • Commodity
• Market Neutral Equity • Currency
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 8Diversificare con Asset Class meno correlate
Strategie Alternative: bassa correlazione vs. asset classes tradizionali
Correlazione 20 anni, fino al 31.12.2015
Source: © 2016 FactSet Research Systems Inc. Hedge Strategy Composite is represented by HFRI Fund Weighted Composite; Global Equity is represented by MSCI The World Index Gross; US
Equity is represented by S&P 500 Index; Global Fixed Income is represented by Barclays Global Aggregate; Index, US Fixed Income is represented by Barclays US Aggregate Index, Commodities are
represented by DJ UBS Commodity Index Total Return. See www.franklinresources.com/datasources for additional data provider information. All indexes are unmanaged and one cannot invest directly
in an index. Past performance does not guarantee future results.
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 9Contengono le perdite del mercato azionario
e riducono la volatilità
Le Strategie Alternative hanno protetto dai downside dei mercati azionari
Performance mensili dell’Indice MSCI World Index 30 Giugno 1994–30 Giugno 2014
0%
Strategie Alternative
-30%
Mercato azionario
-60%
Jan-95
Dec-94 Dec-96 Dec-98 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12 Dec-14
HFRI Fund Weighted Composite Index (USD) MSCI World Index – Gross Return
Source: © 2015 FactSet Research Systems Inc. and MSCI. All Rights Reserved. For illustrative purposes only; not representative of any Franklin, Templeton or K2 fund performance or portfolio
composition. Past performance does not guarantee future results.
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 10Creano valore in un contesto di rialzo tassi
35%
31%
30% Indice Strategie Alternative
- HFRI1
25%
21% 20%
20%
15%
9%
10% BarCap U.S. Long
4% Treasury TR
5%
Unhedged USD
0% Index
-5% -1%
-10% -8% -9%
-15% -13% -13%
-20%
1994 1996 1999 2009 2013
1.As measured by HFRI Fund Weighted Composite Index. Bonds Hedge Funds
Source: Bloomberg. Please see important Disclosures and Disclaimers at the end of this presentation, which provide detailed information regarding information presented herein and form an integral part hereof.
Past performance is not indicative nor a guarantee of future results.
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 11Prendere Decisioni
Strategia o emozione?
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 12Liquid Alternative Funds:
Mercato Europeo
Crescita “esplosiva” degli Alternative Funds
Total Net Asset - Morningstar Category Alternative
Millions
400.000
Strategie Liquid 300.000
Alternative
200.000
100.000
0
2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Copyright 2016 Morningstar, Inc. Europe OE & ETF & MM ex FOF ex Feeder (domiciled, most compr.) Global Broad Category Group Alternative
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 13Alternative Funds in Europa:
Cresce l’importanza nei portafogli dei clienti
• Nel 2015 si rafforza il trend di crescita sui fondi Alternativi iniziata nel 2014: + 24%
in un anno
• Nel 2016 il trend continua, i flussi sui fondi Alternativi sono costanti ed in crescita
Raccolta in Europa Raccolta in Italia
Estimated Net Flow (€Mln) AUM (€Bil) Estimated Net Flow (€Mln) AUM (€Bil)
Name QTD 2016 2015 2015 Name QTD 2016 2015 2015
Allocation (1.249) 148.946 1.095.439 Allocation (128) 34.731 138.996
Alternative 11.771 81.377 395.077 Alternative 58 4.524 12.768
Commodities 350 2.801 13.805 Commodities (27) 0 27
Convertibles (3.245) 3.200 72.737 Convertibles 7 297 1.461
Equity (21.778) 20.893 2.734.274 Equity (181) 501 36.587
Fixed Income (12.813) 31.733 2.045.614 Fixed Income (71) (3.632) 114.150
Property 2.754 9.613 138.019 Miscellaneous (242) 9.426
Miscellaneous 249 (2.196) 120.278 All Long Term (584) (1.608)
Unclassified (65) 180 6.152 Money Market 181 (107) 1.993
Money Market (10.071) 87.885 1.086.868
© Copyright 2016 Morningstar, Inc.
© Copyright 2016 Morningstar, Inc.
Fonte: Morningstar – Marzo 2016;
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 14Alternative Funds in Europa:
Cresce l’importanza nei portafogli dei clienti
• Nel 2015 si rafforza il trend di crescita sui fondi Alternativi iniziata nel 2014: + 24%
in un anno
• Nel 2016 il trend continua, i flussi sui fondi Alternativi sono costanti ed in crescita
Strategia Numero di fondi • 400 comparti di fondi alternative
Long/Short 186 • 12 Bn€ Masse (+43% in 1 anno) - 4,5
Multialternative 137 Bn€ Net Sales (1 anno)
EAA OE Alt - Multistrategy 80
EAA OE Alt - Fund of Funds - • Maggioranza di fondi Long/Short
Multistrategy 57 attualmente distribuiti in Italia
Other Alternative 75 • In crescita il numero di FoF
EAA OE Alt - Global Macro 30 Multistrategy
EAA OE Alt - Currency/Other 20
EAA OE Alt - Systematic Futures 20
• Ancora poche le altre strategie
EAA OE Alt - Event Driven 12 «Alternative» (Event Driven e Global
EAA OE Alt - Volatility 11 Macro)
Grand Total 416
Fonte: Morningstar – Marzo 2016;
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 15Strategie Alternative:
i vincitori cambiano
Performance delle strategie Hedge
Performance annuali: 2006 - 2015
Best
Worst
Best-to-Worst
7.18% 4.50% 31.48% 21.47% 3.80% 8.53% 10.65% 14.66% 5.29% 2.70% Performance
Gap
This chart is for illustrative purposes only and does not reflect the performance of any Franklin Templeton fund.
Past performance does not guarantee future results
Sources: HFR Indices, FactSet. Long Short Equity represented by HFRI Equity Hedge; Event Driven represented by HFRI Event Driven; Global Macro represented by HFRI Macro; Relative Value represented by HFRI
Relative Value. Indexes are unmanaged and one cannot invest directly in an index.
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 16Alternative:
Il caso Long/Short Equity
Miglior risultato +14%
Media -5.5%
Categoria Morningstar Long/Short Equity
Peggior risultato -34%
Il Long/Short Equity è stato protagonista nel 2015 con una importante differenza tra i migliori e peggiori
fondi. La difficoltà di selezionare i manager migliori può essere risolta dall’approccio multi manager
Fonte: Morningstar Direct al 19 gennaio 2016; Le performance passate non sono garanzia di rendimenti futuri
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 17Alternative Single strategy o
Alternative Multi-strategy?
Perfomance YTD Single strategy
Fonte: Sources: HFR Indices, FactSet. Long Short Equity represented by HFRX Equity Hedge; Event Driven represented by HFRX Event Driven. Indexes are unmanaged and one cannot
Fonte: Morninstar
invest directly inDirect Maggio
an index 2016: FT
Strategia USrepresented
OE Multialternative; US K2
by Franklin OEAlternative
Market Neutral; US OE
Strategies A Long-Short Equity; Franklin K2 Alternative Strategies; WCM Alternatives Event-Driven Instl
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 18Alternative Single strategy o
Alternative Multi-strategy?
Fonte: Sources: HFR Indices, FactSet. Long Short Equity represented by HFRX Equity Hedge; Event Driven represented by HFRX Event Driven. Indexes are unmanaged and one cannot
invest directly in an index Strategia FT represented by Franklin K2 Alternative Strategies A
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 19Alternative Multi-strategy:
in una struttura Managed Accounts
Managed Account Structure
Custody Account
Hedge Manager Hedge Manager Hedge Manager Hedge Manager Hedge Manager Hedge Manager Hedge Manager
Account 1 Account 2 Account 3 Account 4 Account 5 Account 6 Account ...
La struttura Managed Account facilita:
• Trasparenza
• Liquidità
• Controllo
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 20Dalla teoria alla pratica:
Performance dal lancio 6/09/2014
Strategia Franklin Templeton
Indice azionario globale
Strategia Franklin Templeton Indice Azionario globale
Rendimento dal lancio 2,15 0,87
Volatilità 5,06 15,91
Perdita massima -7,47 -17,66
Source: Morningstar Direct, Franklin K2 Alternative Strategies I(acc) USC, Indice MSCI World GR USD
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 21Conclusioni su Strategie Alternative
Ritorno
Complementare Asimmetrico
rispetto agli Positivo
investimenti (tolgono
tradizionali rischio)
Benefici
Migliora il profilo Bassa
rischio/rendimento Correlazione
del portafoglio con azioni e
obbligazioni
Materiale ad uso esclusivo di clienti
Istituzionali. Non destinato al pubblico 22Important Disclosures
BENCHMARK DEFINITIONS.
HFRI Fund Weighted Composite Index - The HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of
all fees performance in US Dollar and have a minimum of $50 Million under management or a twelve (12) month track record of active performance.
S&P 500 Index Total Return Index -The S&P 500 Total Return Index is the total return version of S&P 500 index. Dividends are reinvested on a daily basis. Special cash dividends trigger a price adjustment in the price return
index.
BarCap Global Agg (V/B) TR Index Unhedged USD- The Global Aggregate Index provides a broad-based measure of the global investment-grade fixed-rate debt markets. The Global Aggregate Index contains three major
components: the U.S. Aggregate Index, the Pan-European Aggregate Index, and the Asian- Pacific Aggregate Index. In addition to securities from these three benchmarks, the Global Aggregate Index includes Global Treasury,
Eurodollar, Euro-Yen, Canadian, and Investment-Grade 144A index-eligible securities not already in the three regional aggregate indices.
HFRX Global Hedge Fund Index - The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but
not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of
assets in the hedge fund industry.
MSCI World USD - The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. As of May 27, 2010 the MSCI World
Index consisted of the following 24 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand,
Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.
CBOE S&P 500 Volatility Index (“VIX”) - The Chicago Board Options Exchange SPX Volatility Index reflects a market estimate of future volatility, based on the weighted average of the implied volatilities for a wide range of
strikes. 1st & 2nd month expirations are used until 8 days from expiration, then the 2nd and 3rd are used.
Risk Considerations
All investments involve risks, including possible loss of principal. The market values of securities owned by the Fund will go up or down, sometimes rapidly or unpredictably. The Fund’s performance depends on the manager’s
skill in selecting, overseeing, and allocating Fund assets to the sub-advisors. The Fund is actively managed and could experience losses if the investment manager’s and sub-advisors’ judgment about particular investments
made for the Fund’s portfolio prove to be incorrect. Some sub-advisors may have little or no experience managing the assets of a registered investment company. Foreign investments are subject to greater investment risk
such as political, economic, credit and information risks as well as risk of currency fluctuations. Investments in derivatives involve costs and create economic leverage, which may result in significant volatility and cause the
Fund to participate in losses (as well as gains) that significantly exceed the Fund’s initial investment. Lower-rated or high yield debt securities involve greater credit risk, including the possibility of default or bankruptcy.
Currency management strategies could result in losses to the Fund if currencies do not perform as the investment manager or sub-advisor expects. The Fund may make short sales of securities, which involves the risk that
losses may exceed the original amount invested. Merger arbitrage investments risk loss if a proposed reorganization in which the fund invests is renegotiated or terminated. Liquidity risk exists when securities have become
more difficult to sell, or are unable to be sold, at the price at which they have been valued. Please see the prospectus and summary prospectus for information on these as well as other risk considerations.
Franklin Templeton Distributors, Inc.
© 2015 Franklin Templeton Investments. All rights reserved.
Indexes are unmanaged and one cannot invest directly in an index.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
© 2015 FactSet Research Systems Inc. All Rights Reserved. The information contained herein: (1) is proprietary to FactSet Research Systems Inc. and/or its content providers; (2) may not be copied or distributed; and (3) is
not warranted to be accurate, complete or timely. Neither FactSet Research Systems Inc. nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no
guarantee of future results.
Source: BofA Merrill Lynch, used with permission.
Source: Hedge Fund Research, Inc. - www.hedgefundresearch.com. The HFR indices are being used under license from Hedge Fund Research, Inc., which does not endorse or approve of any of the contents of this report.
23Important Disclosures
WHAT ARE THE RISKS OF INVESTING IN THE FUND?
The Fund seeks to achieve its targeted investment objective by allocating its assets across multiple “alternative” strategies and by investing in a wide range of assets. Such assets and investment
instruments have historically been subject to price movements due to such factors as general stock market volatility, sudden changes in interest rates, or fluctuations in commodity prices. The Fund will
seek to limit volatility using hedged strategies. As a result, the performance of the Fund can fluctuate moderately over time. Credit risk involves the loss arising from default that may occur if an issuer
fails to make principal or interest payments when due. This risk is higher if the Fund holds low-rated, non-investment-grade securities. Currency risk is the risk of loss arising from exchange-rate
fluctuations or due to exchange control regulations. The use of derivatives exposes the fund to the risk of loss in an instrument where a small change in the value of the underlying investment may have
a larger impact on the value of such instrument. Derivatives may involve additional liquidity, credit and counterparty risks. Liquidity risk is the risk that arises when adverse market conditions affect the
ability to sell assets when necessary. Reduced liquidity may have a negative impact on the price of the assets. Operational risk exposes the Fund to losses resulting from errors or failures arising from
the people, systems, service providers or processes upon which the Fund depends. There is no guarantee that the Fund will achieve its targeted objective. The Fund seeks to achieve its returns over a
full market cycle to achieve a positive return. Capital invested in the Fund may decline in value. For a full discussion of all the risks applicable to this Fund, please refer to the “Risk Considerations”
section of the current prospectus of Franklin Templeton
Investment Funds.
IMPORTANT LEGAL INFORMATION
This document is intended to be of general interest only and does not constitute legal or tax advice nor is it an offer for shares or invitation to apply for shares of the Luxembourg-domiciled SICAV
Franklin Templeton Investment Funds (the “Fund”). Nothing in this document should be construed as investment advice. Opinions expressed are the author’s at publication date and they are subject to
change without prior notice. Subscriptions to shares of the Fund can only be made on the basis of the current prospectus of the Fund, and, where available, the relevant Key Investor Information
Document, accompanied by the latest available audited annual report and the latest semi-annual report, if published thereafter. The value of shares in the Fund and income received from it can go
down as well as up, and investors may not get back the full amount invested. Past performance is not an indicator or a guarantee of future performance. Currency fluctuations may affect the value of
overseas investments. When investing in a fund denominated in a foreign currency, your performance may also be affected by currency fluctuations. An investment in the Fund entails risks which are
described in the Fund’s prospectus and, where available, in the relevant Key Investor Information Document. In emerging markets, the risks can be greater than in developed markets. Investment in
derivative instruments entail specific risks more fully described in the Fund’s prospectus and, where available, in the relevant Key Investor Information Document. No shares of the Fund may be directly
or indirectly offered or sold to residents of the United States of America. Shares of the Fund are not available for distribution in all jurisdictions and prospective investors should confirm availability with
their local Franklin Templeton Investments representative before making any plans to invest. Any research and analysis contained in this document has been procured by Franklin Templeton
Investments for its own purposes and is provided to you only incidentally. References to particular industries, sectors, or companies are for general information and are not necessarily indicative of a
fund’s holding at any one time. Please consult your financial advisor before deciding to invest. A copy of the latest prospectus, and, if available for this product, the
Key Investor Information Document, the annual report and semi-annual report, if published thereafter, can be found on our website www.ftidocuments.com or can be obtained, free of charge, from
Franklin Templeton International Services S.à r.l. – Supervised by the Commission de Surveillance du Secteur Financier – 8A, rue Albert Borschette, L-1246 Luxembourg – Tel: +352-46 66 67-1, Fax:
+352-46 66 76. Issued by Franklin Templeton International Services S.à r.l.
Franklin Templeton International Services, S.à r.l.
8A, rue Albert Borschette
L-1246 Luxembourg
tel +352-46 66 67-1
franklintempleton.lu
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