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Presentación Lazard Frères Gestion: Funds Experience 2016

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Presentación Lazard Frères Gestion con Arnaud Brossard: Funds Experience 2016

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Presentación Lazard Frères Gestion: Funds Experience 2016

  1. 1. OBJECTIF DIVIDENDES MIN VAR VALENCIA | OCTOBER 2016 LAZARD FRÈRES GESTION Web site www.lazardfreresgestion.es Blog www.lazardfreresgestion-tribune.es Linkedin Lazard Frères Gestion
  2. 2. 2 Lazard Frères Gestion Non-binding document – Do not copy The opinion expressed above is up to date as of the time of this presentation and is likely to change. The stocks presented above may not be present in the portfolio. Quotes  We will fulfill the price stability mandate given to us. But if other actors do not take the necessary measures in their policy domains, we may need to dive deeper into our operational framework and strategy to do so.” 27 August 2016 Benoît Cœuré  German multinational Henkel and French drugmaker Sanofi are set to pay, pardon collect, a yield of minus 0.05% on new issues of short-dated bonds. The German household products is set to sell €500 million of two- year bonds that yield negative 0.05 percent, while Sanofi will be paid to issue three-year debt.” 6 September 2016  The result for the first quarter is below our expectations (…) we had to cope with significant strains on our investment result. ” 10 May 2016 CFO Jörg Schneider  Do you know the only thing that gives me pleasure? It’s to see my dividends coming in. ” 21 January 2016 - Tryg - Q4 2015 Investor presentation John D. Rockefeller (1839 – 1937)
  3. 3. 3 Lazard Frères Gestion Non-binding document – Do not copy Management process (1/2) Innovative approach to reduce volatility and optimise the return Portfolio construction I N V E S T M E N T U N I V E R S E Eurozone equities (>75%) Around 6,000 stocks | All sectors | All capitalisations MINIMUM VARIANCE APPROACH FINANCIAL ANALYSIS DIVIDEND FILTER Proprietary model Lazard Selection of stocks with sustainable and growing dividends Ex ante target volatility at least 30% lower than the volatility of the Euro Stoxx Around 850 stocks
  4. 4. 4 Lazard Frères Gestion Non-binding document – Do not copy Management process (2/2) Innovative approach to reduce volatility and optimise the return Propretary models OPTIMISED PORTFOLIO Around 60 stocks Discretionary validationof stocks and their weightings by the manager undera double constraint Return ratio Portfolio volatility reduced Liquidity of stocks Daily portfolio adjustment
  5. 5. 5 Lazard Frères Gestion Non-binding document – Do not copy Performance drivers Quarterly development: Increase Reduction  We recommend that the investor divide his holdings between high-grade bonds and leading common stocks.” Benjamin Graham Volatility killers Performance enhancers 31,6% 65,6% ▲ ▼ Source: Lazard Portfolio excluding cash as of June 30th, 2016
  6. 6. 6 Lazard Frères Gestion Non-binding document – Do not copy -30% -25% -20% -15% -10% -5% 0% Aug-13 Aug-14 Aug-15 Aug-16 Drawdown Euro Stoxx Drawdown Objectif Dividends Min Var Drawdown analysis The minimum variance approach aims to reduce downward trends Maximum drawdown: Objectif Dividendes Min Var -16,5% (reached on 11th feb. 2016) | Euro Stoxx nd: -25,9% (reached on 11th feb. 2016) Source: Lazard Change of management of Objectif Dividendes Min Var on July 31st, 2013 As of August 31st, 2016 Drawdown on a daily basis Upcapture and downcapture as of July 31st, 2016 on a monthly basis Past performance is not a guarantee of future performance These performances are only indicative and are measured at the end of the recommended investment period 52,7% 81,7% UPCAPTURE DOWNCAPTURE
  7. 7. 7 Lazard Frères Gestion Non-binding document – Do not copy 88 90 92 94 96 98 100 102 01/06/2016 07/06/2016 13/06/2016 19/06/2016 25/06/2016 01/07/2016 Objectif Dividendes Min Var Euro Stoxx nd Brexit Outperformance Performance during the month of June (base 100 as of June 1st, 2016) Past performance is not indicative of future performance. The above performance data is for information purposes only and should be assessed over the recommended investment period. Only one holding listed in United Kingdom | Portfolio weight: 0,6% Source: Lazard As of August 31st, 2016
  8. 8. 8 Lazard Frères Gestion Non-binding document – Do not copy -2,9% 15,0% 13,8% 0,8% 12,2% 9,7% -3,5% 10,3% 4,1% -1,8% 8,2% 10,2% 2016 YTD 2015 2014 1 year 3 years 5 years Objectif Dividendes Min Var Euro Stoxx nd (1) On a weekly basis Source Morningstar: Comparison universe including open-end funds distributed in Europe, referenced in the Morningstar database at the calculation date in the category Eurozone Large-Cap Equity, priority to the institutional share class. Past performance does not guarantee future performance. These performance data are provided for information purposes only and should be assessed over the recommended investment period. Performances and risk ratios     Sources: Lazard, Morningstar Performance as of August 31st, 2016 1st quartile 106 / 456 Overall 1st quartile 43 / 439 1st quartile 2 / 426 1st quartile 52 / 447 1st quartile 5 / 422 2nd quartile 158 / 394 Risks1 Standard deviation Tracking Information ratio Beta Alpha Fund Index error 1 year 13,6% 19,0% 8,0% 0,32 0,67 1,68 3 years 13,0% 17,5% 6,6% 0,56 0,70 5,99 -30% ANNUAL PERFORMANCE ANNUALIZED PERFORMANCE
  9. 9. 9 Lazard Frères Gestion Non-binding document – Do not copy Conclusion OBJECTIF DIVIDENDES MIN VAR Fund Manager/Analyst model Management based on stock picking Proprietary fundamental analysis Continuous monitoring through the process The dividend yield, a key component of performance This yield by itself does not provide protection Minimum Variance approach to limit drawdowns Search for performance through financial analysis EQUITY RESEARCH Lazard Frères Gestion INVESTMENT STRATEGY Min Var Dividends
  10. 10. 10 Lazard Frères Gestion Non-binding document – Do not copy 1 2 3 4 5 6 7 Recap of the risks of Objectif Dividendes Min Var As the mutual fund provides no guarantee, it follows market fluctuations which means the capital invested may not be recovered.  Risk of capital loss: The mutual fund may not achieve its objectives and the investor may not recover the capital invested.  Risk linked to discretionary management: The mutual fund's performance will depend on the companies that the manager chooses. There is a risk that the manager may not select the best performing companies.  Risk linked to equity markets: Equity market fluctuations may lead to significant changes in the net asset value that may have a significant negative impact on the performance during an undefined period. Accordingly, the mutual fund's net asset value is likely to decrease if equity markets fall. The mutual fund is exposed to companies whose capitalisation size < be small. These companies may present risks for investors because of their specific features.  Counterparty risk: This is the risk linked to this mutual fund's use of forward financial, over-the-counter instruments, and/or the use of transactions of temporary purchases and sales of securities. These transactions entered into with one or several eligible counterparties potentially expose the mutual fund to a risk that one of these counterparties may default, which may lead to a payment default.  Interest rate risk: The part of the portfolio invested in fixed income instruments may be affected by upward or downward movements in interest rates. When long-term interest rates rise, bond prices fall. These movements may lead to a decrease in the net asset value.  Credit risk: This is the possible risk of a deterioration in the issuer's credit quality that may have a negative impact on the price of the security and therefore on the mutual fund's net asset value.  Currency risk: The mutual fund may hold securities or funds denominated in a currency other than the euro. Fluctuations in the euro against another currency may reduce the mutual fund's net asset value.  Risk scale: The exposure to the equity market explains the UCITS' ranking in this category. The historical data used may not give a reliable indication of the UCITS' future risk profile. Nothing guarantees that the category in question will remain unchanged, and the ranking is likely to change over time. The lowest category is not synonymous with a risk-free investment. The capital is not guaranteed. For more information on the product features, please refer to the prospectus available on the website www.lazardfreresgestion.fr or from our company on request
  11. 11. Appendices
  12. 12. 12 Lazard Frères Gestion Non-binding document – Do not copy Dividends Min Var Team European equities Distinctive Fund Manager/Analyst model, enhancing reactivity 9 years average experience at Lazard Frères Gestion 9 Fund managers/analysts and 3 portfolio manager assistants 16 years average experience in financial markets AnalysisManagement Integration of our in-house fundamental research Large Caps analysis Small Caps analysisHead of Equity Management & Research Régis Bégué Scander Bentchikou Axel Laroza Stanislas Coquebert de Neuville Thomas Brenier Arnaud Brossard Jean-François Cardinet James Ogilvy Annabelle Vinatier  Retail  Capital goods  Technology  Building materials  Alpha Europe  SRI Euro  Equity Expansion  Materials and basic resources  Semiconductors  Information technologies  Core Large Caps Euro  Equity Expansion  Health care  Utilities  Media  Core Large Caps Euro  Alpha Euro  Alpha Monde  Banks  Insurance  Real estate  Dividendes Min Var  Recovery Eurozone  Real Estate  Chemicals  Food and beverage  Consumer goods  Core Large Caps Euro  Recovery Eurozone  Automotive  Oil support services  Telecoms  Nordic Large Caps  Nordic Small Caps  All sectors  Micro Caps Euro  Small Caps Euro  Small Caps France  Mid Caps Europe  PEA-PME This organizational chart is valid as at the date of this brochure, regularly updated information is available online at www.lazardfreresgestion.fr or on request from our offices.
  13. 13. 13 Lazard Frères Gestion Non-binding document – Do not copy What makes us stand out Management based on stock selection Fund Manager/Analyst model Continuous monitoring through the investment process Proprietary fundamental analysis $11.1 Bn Lazard | European Equities AuM
  14. 14. 14 Lazard Frères Gestion Non-binding document – Do not copy Lazard Frères Gestion Awarded for 7 years in a row 2010 2011 2012 2013 2014 2015 2016 Lazard Frères Gestion is the only asset management company to stay in the top 10 for 7 years in a row Europerformance Awards – Alpha League Table Ranking of French asset managers based on risk-adjusted performance* 7th 1st2nd 3rd 6th 4th 5th Source: European Funds Trophy / EuroPerformance – a SIX Company, December 2015 * Methodologies are available from the organisers
  15. 15. 15 Lazard Frères Gestion Non-binding document – Do not copy Disclaimer This document is non contractual and is being provided solely by way of information. It presents analyses and descriptions prepared by Lazard Frères Gestion SAS on the basis of general information and statistics obtained from public sources. These analyses and descriptions are provided solely by way of indication, and do not constitute a guarantee as to future performance. Their interpretation may vary according to the methods used. Moreover, the instruments and securities referred to in this document are subject to market fluctuations, and therefore no guarantee can be given as regards their performance and evolution in the future. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Frères Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest in any of the instruments or securities referred to herein. Management methods presented in this document do not constitute an exclusive approach and Lazard Frères Gestion SAS reserves the right to use any other method which it deems appropriate. The presentations are the intellectual property of Lazard Frères Gestion SAS. Moreover, some of the services and investments referred to in this document can present particular risks, and they are not therefore necessarily adapted to all investors. Therefore, all persons must assess independently the risks attached to the services and/or investments. With regards to the services and/or products referred to in this document, all investors shall refer to the conditions offered by Lazard Frères Gestion SAS to its clients. Moreover, any person wanting to invest in the undertakings for collective investment in transferable securities (UCITS) mentioned in this document is required to consult the prospectus approved by the French AMF (“Autorité des Marchés Financiers”) that is provided to all subscribers and which is available on simple request from Lazard Frères Gestion SAS. The information contained in this document has not been independently verified or audited by the statutory auditors of the UCITS concerned. The financial and legal nature of the information provided is for informational purposes and hence does not constitute/represent an opinion. The reader is strongly advised to submit these views to a competent and dedicated office of consultants, specialised in the field of law/fiscal prior to any application.