Presentación Dunas Capital en Valencia (9 de marzo) Foro de Finanzas Personales - Forinvest 2016

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34. PE Div. Yield (%)
Name Spot T12M N12Me 2017 2016 2017
Dow Jones 16 516.50 15.01 15.02 13.50 2.85 3.02
S&P 500 1 932.23 17.49 16.18 14.28 2.39 2.52
NASDAQ 100 4 201.12 20.59 17.33 15.08 1.36 1.47
Russel 2000 1 033.90 32.88 22.73 18.41 1.82 2.72
Nikkei 16 026.76 17.72 16.44 14.46 2.01 2.16
STOXX 600 333.92 25.52 14.99 13.28 3.81 4.07
STOXX 50 2 945.75 20.63 13.16 11.74 4.14 4.41
FTSE 100 6 097.09 30.57 15.88 13.54 4.44 4.68
DAX 9 495.40 20.91 12.06 10.99 3.42 3.76
CAC40 4 353.55 20.31 14.18 12.68 3.86 4.01
MIB 17 623.07 - 13.43 11.01 4.46 5.08
IBEX35 8 461.40 21.08 12.96 11.19 4.80 5.07
PSI20 4 767.28 20.94 10.75 8.41 3.94 4.22
IBOVESPA 42 793.86 64.27 11.65 8.58 4.73 5.56
Shangai Comp 2 687.98 14.44 11.42 10.13 2.46 2.73
MSCI World 1 547.17 18.44 15.59 13.76 2.86 3.03
MSCI EM 740.33 11.34 11.31 9.77 3.13 3.47
US Sectors Spot T12M N12Me 2017 2016 2017
S&P500 Fin. 283.610 13.05 12.36 11.21 2.67 2.83
S&P500 IT 675.630 17.64 15.66 13.96 1.79 1.86
S&P500 Health 764.030 19.67 14.87 13.36 1.85 1.97
S&P500 Ind. 451.920 15.86 15.24 13.95 2.54 2.72
S&P500 Discr. 590.192 19.74 17.35 15.41 1.74 1.85
S&P500 Staples 521.060 21.16 20.82 18.96 2.76 2.96
S&P500 Energy 423.540 25.46 53.87 22.50 3.51 3.60
S&P500 Util. 233.940 17.02 16.50 15.96 3.81 4.01
S&P500 Telecom 162.380 14.45 13.25 12.81 4.85 4.95
European Sectors Spot T12M N12Me 2017 2016 2017
STXE600 Fin 191.470 18.76 10.47 9.38 5.15 5.72
STXE600 Tech 328.180 23.13 18.14 15.90 2.12 2.31
STXE600 Health 712.660 20.89 17.02 15.69 3.15 3.31
STXE600 Indus 381.110 21.56 15.98 14.15 3.16 3.42
STXE600 BasMT 486.530 52.71 16.93 14.38 3.22 3.50
STXE600 CnsSv 263.290 32.22 17.32 15.48 3.11 3.22
STXE600 CnsGd 835.430 18.43 16.16 14.86 3.03 3.26
STXE600 Util. 280.810 #N/A N/A 14.09 13.74 5.21 5.26
STXE600 Teleco 325.100 40.41 19.79 17.67 4.57 4.71

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39. Sovereign Debt  Equities 
Short Bunds  OW Europe 
OW US TIPS  UW EUA 
UW Peripherals  UW Japan 
Neutral Emerging Markets 
Credit

OW Turkey, Brazil, China,
Mexico e Korea

UW IG EUR e USD  UW Índia, Rússia 
Neutral HY USD 
UW HY EUR 
Emerging Markets Debt  Underweight 
OW Credit hard currency  Neutral 
Neutral Sovereign local currency  Overweight 

41. 0%
5%
10%
15%
set/12
out/12
nov/12
dez/12
jan/13
fev/13
mar/13
abr/13
mai/13
jun/13
jul/13
ago/13
set/13
out/13
nov/13
dez/13
jan/14
fev/14
mar/14
abr/14
mai/14
jun/14
jul/14
ago/14
set/14
out/14
nov/14
dez/14
jan/15
fev/15
mar/15
abr/15
mai/15
jun/15
jul/15
ago/15
set/15
out/15
nov/15
dez/15
jan/16
fev/16
Votalidade/
Volatility

42. 35.91% 64.09%

45. Equities Fixed Income
Geography Equity Indices Sovereign
Quasi-
sovereign Credit Total
Developed 14.75% 25.54% -57.19% 4.90% 8.43% -3.57%
Euro Zone 5.96% 22.46% -86.50% 4.90% 5.76% -47.42%
Croatia 0.00% 0.00% 2.68% 0.00% 0.00% 2.68%
France 0.92% 0.74% 0.00% 0.00% 0.00% 1.66%
Germany 3.98% 14.90% -91.92% 0.82% 0.00% -72.22%
Greece 0.00% 0.00% 2.75% 0.00% 0.00% 2.75%
Netherlands 0.21% 0.00% 0.00% 0.00% 0.00% 0.21%
Portugal 0.84% 0.00% 0.00% 2.88% 5.76% 9.49%
Spain 0.00% 6.82% 0.00% 1.20% 0.00% 8.01%
North America 7.16% 0.00% 29.30% 0.00% 2.66% 39.12%
U.S. 7.16% 0.00% 29.30% 0.00% 2.66% 39.12%
Rest of Europe 1.64% 3.09% 0.00% 0.00% 0.00% 4.72%
U.K. 1.64% 3.09% 0.00% 0.00% 0.00% 4.72%
Emerging 0.25% 9.65% 1.02% 0.00% 3.63% 14.56%
Asia Pacific 0.00% 3.68% 0.00% 0.00% 0.00% 3.68%
China 0.00% 2.80% 0.00% 0.00% 0.00% 2.80%
South Korea 0.00% 0.87% 0.00% 0.00% 0.00% 0.87%
Latam 0.25% 4.38% 1.02% 0.00% 3.63% 9.29%
Brazil 0.25% 3.61% 0.00% 0.00% 2.90% 6.75%
Mexico 0.00% 0.78% 1.02% 0.00% 0.74% 2.53%
Rest of Europe 0.00% 1.60% 0.00% 0.00% 0.00% 1.60%
Turkey 0.00% 1.60% 0.00% 0.00% 0.00% 1.60%
Grand Total 15.00% 35.20% -56.17% 4.90% 12.06% 10.99%
Sector
Equity
Credit TOTAL
Equities Index
Financial 5.64% 6.17% 1.72% 13.53%
Consumer, Cyclical 2.19% 4.28% 0.00% 6.47%
Consumer, Non-cyclical 0.40% 4.24% 1.12% 5.76%
Technology 3.14% 1.63% 0.00% 4.76%
Basic Materials 1.20% 2.14% 0.00% 3.34%
Industrial 0.00% 2.71% 0.41% 3.12%
Communications 0.24% 1.99% 1.10% 3.33%
Utilities 1.58% 1.64% 3.78% 7.00%
Energy 0.61% 0.72% 1.27% 2.59%
Diversified 0.00% 9.65% 2.66% 12.32%
TOTAL 15.00% 35.17% 12.06% 62.24%

46. Sovereign Quasi-sovereign Credit EMB (HC)
BB Composite Rating % US
EMU
(Core)
EMU
(Non-
Core)
US
EMU
(Core)
EMU
(Non-
Core)
IG IG (EMU) IG (US) HY
HY
(EMU)
HY (US) Sovereign
Quasi-
sovereign
Credit
AAA 30.1% 29.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.8% 0.0%
AA+ : AA- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
A+ : A- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
BBB+ : BBB- 2.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.9% 0.0% 0.0% 0.0% 0.0% 1.0% 0.0% 0.0%
BB+:BB- 9.5% 0.0% 0.0% 2.7% 0.0% 0.0% 1.2% 0.0% 0.0% 0.0% 0.0% 2.1% 2.7% 0.0% 0.0% 0.9%
B+:B- 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.0% 0.0% 0.0% 1.9%
CCC+:CCC- 3.2% 0.0% 0.0% 2.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.4%
Sem Rating 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.9% 0.0% 0.0% 0.0% 0.0% 1.7% 0.0% 0.0% 0.0% 0.3%
Total 52.7% 29.3% 0.0% 5.4% 0.0% 0.0% 4.1% 0.0% 1.9% 0.0% 0.0% 4.1% 2.7% 1.0% 0.8% 3.4%
BB Composite Rating % YTM Duration
Spread
Duration
Maturity Coupon
Runnning
Yield
Maturity
(years)
%
Rate
Type
%
AAA 30.1% 0.82% 1.80 0.20 3.44 0.55% 0.55% <1 20.6% Fixed Rate 51.6%
AA+ : AA- 0.0% - 0.00 0.00 0.00 - - 1-3 3.1% Floating Rate 1.11%
A+ : A- 0.0% - 0.00 0.00 0.00 - - 3-5 4.5% Total 52.7%
BBB+ : BBB- 2.9% 3.05% 3.51 3.44 4.81 2.75% 2.76% 5-7 7.1%
BB+:BB- 9.5% 6.00% 4.71 4.75 5.80 4.68% 4.81% 7-10 14.7%
B+:B- 2.0% 21.52% 4.46 4.15 5.44 5.65% 10.56% >10 2.7%
CCC+:CCC- 3.2% 26.79% 7.69 7.29 9.56 3.98% 5.99% Total 52.7%
No Rating 5.0% 18.18% 3.30 3.14 4.33 3.51% 3.78%
Total 52.7% 3.09% 1.59 1.08 2.36 1.10% 1.30%
Futures -91.9% -0.39% 8.76
Total with Futures -39.2% 3.45% -6.47

47. Top 10 stock with look-through
Ranking Company Weight
1 APPLE INC 1.82%
2 Deutsche Bank AG 1.76%
3 Bayer AG 1.39%
4 Daimler AG 1.32%
5 Allianz SE 1.20%
6 Siemens AG 1.19%
7 BASF SE 1.19%
8 Bayerische Motoren Werke AG 1.18%
9 Barclays PLC 1.14%
10 SAP SE 1.10%
Total 13.28%
Top 10 individual stocks
Ranking Company Weight
1 APPLE INC 1.82%
2 Deutsche Bank AG 1.12%
3 CITIGROUP INC 1.08%
4 Barclays PLC 1.06%
5 BANK OF AMERICA CORP 1.03%
6 Banco Comercial Português 0.84%
7 RWE AG 0.69%
8 Bayerische Motoren Werke AG 0.68%
9 Volkswagen AG 0.51%
10 Commerzbank AG 0.46%
Total 9.28%
Exposure %Avg. Size % #
Individual Stocks 15.00% 0.41% 36
Indices 35.20%
Dividend Yield 3.10%

49. ⅝

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