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Valencia
INDEX
1. Dunas
2. Investment Team
3. Investment Philosophy
4. Investment Process
5. Product Line
I. Dunas Patrimóno
II. Du...
WHO WE ARE
Iberian Asset Management company created in 2010 and owned in
equal parts by Portuguese and Spanish professiona...
Partners
David Angulo
Has held different and relevant
positions in the insurance sector,
being Aviva Group
Bancassurance D...
DUNAS CAPITAL GROUP AT GLANCE 1
4
Markets and business lines
1 Data pro forma as at the end of 2015
€1,659m in Assets unde...
VALUES
We act in global financial markets with a focus on developed markets and
liquid instruments. We believe every clien...
INVESTMENT TEAM
Pedro Fernandes
CIO and partner of Dunas
Capital. Having started as a
financial analyst in 1989, Pedro
the...
PHILOSOPHY
• Flexible allocation between asset classes is the main driver of long-
term returns;
• Relative value approach...
INVESTMENT PROCESS
• Behaviour/Technical
• Market Volatility
• Flows
• Fund Objectives
• Risk Management
Tactical
Assessem...
INVESTMENT PROCESS
9
Opportunities Risk
Liquidity/Flexibility Portfolio
Thematic
Corporate
Debt/Equity
Baskets
ETFs/Funds
...
DUNAS PATRIMÓNIO
• Global in €
• Capital appreciation (Long-term)
• Flexibility in asset allocation
• Better diversificati...
Key Data Terms and Conditions
Fund Incometric Fund Minimum Initial Investment 5.000 EUR
Sub-Fund Dunas Património Manageme...
UP EVOLUTION AND VOLATILITY
14
Returns 1 Month 3 Months 6 Months 12 Month YTD 2015 SI Volatility SI
0.34% 6.39% 6.19% -2.3...
DUNAS PATRIMÓNIO
14
Dunas Pat. MSCI ACWI EFFA G7
Annualized return SI 3.24% 5.52% 3.61%
Annualized Volatility 10.29% 11.96...
PORTFOLIO BREAKDOWN
15
As of the 11/10/16
Portfolio updated with live prices.
Geography
Equities Fixed Income Total
Equity...
PORTFOLIO BREAKDOWN
16
As of the 11/10/16
Portfolio updated with live prices.
Top 10 stock with look-through
Ranking Compa...
Lower Risk Higher Risk
Tipically higher returnsTipically lower returns
41 2 3 5 6 7
DUNAS GLOBAL DEFENSIVE
• Global in €
•...
KEY DATA, TERMS AND CONDITIONS
Key Data Terms and Conditions
Fund Dunas Capital Minimum Initial Investment 5.000 EUR
Sub-F...
DUNAS GLOBAL DYNAMIC FLEXIBLE
• Global in €
• Capital appreciation (Long-term)
• Total flexibility in asset allocation
• B...
Key Data Terms and Conditions
Fund Dunas Capital
Minimum Initial
Investment
5.000 EUR
Sub-Fund Dunas Global Dynamic Flexib...
Dunas
Património
Investment Manager
Management Company
Administrator
Custodian and TARegulated by
Auditor
FUNDS
Investment...
Edifício da Estação do Rossio
Largo do Duque do Cadaval nº 17, 1º Andar – Fração J, 1250 – 160 Lisboa
Tlf.: +351 214 200 5...
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Presentacion Dunas Capital: Funds Experience 2016

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Presentacion Dunas Capital con Pedro Fernandes: Funds Experience 2016

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Presentacion Dunas Capital: Funds Experience 2016

  1. 1. Valencia
  2. 2. INDEX 1. Dunas 2. Investment Team 3. Investment Philosophy 4. Investment Process 5. Product Line I. Dunas Patrimóno II. Dunas Global Defensive III.Dunas Global Dynamic Flexible 2
  3. 3. WHO WE ARE Iberian Asset Management company created in 2010 and owned in equal parts by Portuguese and Spanish professionals of the asset management industry with an average experience in excess of 20 years in the industry. Dunas Capital is regulated by Banco de Portugal and by CMVM, having also been licensed by the CNVM to act in Spain. The team (stable) has a proven track record both Iberian and international markets. Dunas Capital is fully and exclusively dedicated to the management of funds and assets from both institutional and private clients. Management of funds and portfolios has mainly global focus, pursuing the pre established return targets taking special attention the capital preservation (constant review of the risk return relation in the portfolios). The distribution of our products is done through several established partnerships through the Iberian peninsula. 3
  4. 4. Partners David Angulo Has held different and relevant positions in the insurance sector, being Aviva Group Bancassurance Director, CEO of Aviva Spain and member of several Spanish insurance companies Board of Directors. Previously, he was Director of the Insurance and Asset Management division for Santander UK, General Manager of Aegon Vida, and, Director of the Corporate Finance Division in Bankinter. Jorge Morán With a deep knowledge of the financial system, he was CEO and President of Sovereign Bank and Country Head of Santander US, CEO of Santander Asset Management and Insurance, member of ExCo of Santander, COO and Abbey Board member, Partner of AB Asesores and CEO of Morgan Stanley in Spain and Portugal. Rafael de Andrés With over 15 years experience in the banking sector, he has held among other responsibilities the directorship of Private Banking and Wealth Management for Latin America and Mexico, and has been Managing Director of the Asset Management and Fixed Income division in Spain for Banco Santander. Joaquim Luiz Gomes Before creating Dunas Capital, he was Founder and Managing Director of Midas Investimentos and Absolut Midas Consultores de Gestão, Manager of the European Growth Fund, Managing Director of BBVA Privanza Portugal and Member of the Executive Committee and responsible of the Portuguese area for Carnegie International 6
  5. 5. DUNAS CAPITAL GROUP AT GLANCE 1 4 Markets and business lines 1 Data pro forma as at the end of 2015 €1,659m in Assets under Management €11,972m in Assets under intermediation €15.4m in revenues > 100 employees Authorised by the Bank of Portugal, Portugal’s CMVM & Spain’s CNMV Data as at Dec 2015 With the vision to become the leading independent asset manager in the Iberian Peninsula, Dunas Capital Group is a diversified business with a wide experience in the financial sector and ability to provide a wide range of first-class financial and real estate services Mutual fund asset management services Real Estate Investment Fund Management Company Financial Services Madrid Lisbon Financial and Real Estate services Real Estate Services Key figures
  6. 6. VALUES We act in global financial markets with a focus on developed markets and liquid instruments. We believe every client deserves an adequate proposal, thus we have tailor made solutions. Our product development is client driven. We are multi brand and multi channel. The asset management company is fully owned by group of Portuguese and Spanish partners. Our team has a long experience in international financial markets with more than 25 years experience on average. Stable investment team. We have chosen to focus our attention in a concentrated line of funds and client solutions which we believe can answer the needs of our clients. We have a license from Banco de Portugal (code 397) to provide wealth and portfolio management, Investment funds management and Financial advisory. We are also regulated by CMVM (Reg. 397) and also by CNVM to act in Spain providing cross the border services. IndependentExperience Transparency Focused Flexible 5
  7. 7. INVESTMENT TEAM Pedro Fernandes CIO and partner of Dunas Capital. Having started as a financial analyst in 1989, Pedro then moved to the asset management of BCP group, was director of investments at ESAF and occupied various positions in the administration of the management of the Finibanco Group. Pedro has a degree in Business Management from the Universidade Católica Portuguesa. Pedro Alves Pedro integrates the investment team of Dunas Capital since day one. Graduated by Instituto Superior de Gestão, and with a degree in Financial Markets and Assets ISCTE / CEMAF, Pedro is the specialist in fixed income and risk analysis. Pedro began his career as an auditor at Ernst & Young in 2002 and then joined Valor Alternativo first as an analyst and later as a fund manager. Bernardo Moreira Member of the investment team since the launch of Dunas Capital, has a degree in Management from the Universidade Lusiada and later completed a course on Financial Audit at ISCTE and attended Management and Entrepreneurship at the London School of Economics. Bernardo began working at the asset manager of the Banco Popular, and then went through the Corporate Development Department of Caixa Geral de Depósitos in Madrid. Trajano Mesquita Trajano is focused on the American markets having developed a short term investment strategy based on technical analysis indicators. Having started his career at PWC in São Paulo in 1977, and becoming Unibanco analyst in 1982. Trajano is a graduate from the University of Porto and holds a Masters in Business Administration from EAESP Getulio Vargas Foundation, São Paulo. 6
  8. 8. PHILOSOPHY • Flexible allocation between asset classes is the main driver of long- term returns; • Relative value approach; • Preference for liquid assets; • Gradual approach on position building; • No Benchmark: unconstrained approach, we tolerate long periods of lower adherence to market indexes; • Tolerance to volatility spikes; • Active duration strategy. Trading in government bonds (Germany, US); • Equity exposure mostly through indexes; • Value oriented, large cap and developed market bias (stock picking); • Thematic approach in stock picking; low turn-over in individual stocks; • Behavioral elements in trading strategies and stock picking; • Position size, no hard stop loss. Dunas Multi Asset strategies share the same philosophy and investment framework 7
  9. 9. INVESTMENT PROCESS • Behaviour/Technical • Market Volatility • Flows • Fund Objectives • Risk Management Tactical Assessement Portfolio Strategic Assessement • Fundamental Analysis • Asset Prices 8
  10. 10. INVESTMENT PROCESS 9 Opportunities Risk Liquidity/Flexibility Portfolio Thematic Corporate Debt/Equity Baskets ETFs/Funds Bonds/Equity Futures Cash Physical Bonds/Equity Sector/Geographic
  11. 11. DUNAS PATRIMÓNIO • Global in € • Capital appreciation (Long-term) • Flexibility in asset allocation • Better diversification to asset classes, geographies, sectors • Able to adapt to different economic cycles • Harmonized UCITS IV Investment Limits Internal Guidelines (soft limits) • Global • Maximum issuer exposure 2% (except sovereigns) • Fixed Income ≥ 50% • Equities ≤ 50% • Exposure to EM ≤ 25% • Total FX exposure < 30% • UCITS Limits Investment objective: return between 4% and 8% with a volatility below 10% over a 3 year rolling periods Lower Risk Higher Risk Tipicallyhigher returnsTipicallylower returns 41 2 3 5 6 7 12
  12. 12. Key Data Terms and Conditions Fund Incometric Fund Minimum Initial Investment 5.000 EUR Sub-Fund Dunas Património Management Fee 1.5% Investment Manager Dunas Capital SGFIM, SA Performance Fee(*) 15% > Euribor +1% Management Company Adepa Asset Management S.A. HWM Yes Custodian KBL European Private Bankers NAV Frequency Daily Auditor BDO Audit, S.A. Cut-off time 1 business day 11:00 am Lux. Legal Form Luxembourg FCP Subscription Fee Up to 5% Applicable Law Luxembourg UCITS IV Redemption Fee None Inception Date 20 Setembro 2012 Subscription Settlement D + 1 Reference Currency EUR Redemption Payment D + 5 Class / ISIN A1 - EUR LU0701293705 * To be revised to Euribor + 3% KEY DATA, TERMS AND CONDITIONS 13
  13. 13. UP EVOLUTION AND VOLATILITY 14 Returns 1 Month 3 Months 6 Months 12 Month YTD 2015 SI Volatility SI 0.34% 6.39% 6.19% -2.35% -0.51% -0.17% 16.60% 10.29% 0% 5% 10% 15% 20% 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 mar/16 abr/16 mai/16 jun/16 jul/16 ago/16 set/16 Votalidade/Volatility 5.83 € 4.9 € 5.1 € 5.3 € 5.5 € 5.7 € 5.9 € 6.1 € 6.3 € 6.5 set/12 out/12 nov/12 dez/12 jan/13 fev/13 mar/13 abr/13 mai/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 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 mai/15 jun/15 jul/15 ago/15 set/15 out/15 nov/15 dez/15 jan/16 fev/16 mar/16 abr/16 abr/16 mai/16 jun/16 jul/16 ago/16 set/16 UPValue(€uros) As of the 11/10/16
  14. 14. DUNAS PATRIMÓNIO 14 Dunas Pat. MSCI ACWI EFFA G7 Annualized return SI 3.24% 5.52% 3.61% Annualized Volatility 10.29% 11.96% 2.99% Cumulative Return SI 13.80% 24.36% 15.48% Minimum -5.86% -6.16% -1.36% Maximum 5.18% 4.41% 1.05% Historical VaR @99 (Weekly) -4.07% -3.77% -1.17% Historical VaR @95 (Weekly) -1.85% -2.46% -0.68% Maximum Drawdown -17.89% -19.28% -3.41% Sharpe (RF 0,5%) 0.31 0.47 1.04 Positive/Negative Ratio 1.60 1.22 1.54 % Positive Weeks 61.6% 55.0% 60.7% Average Weekly Return 0.07% 0.12% 0.07% Weekly observations. Period of analysis between inception date and last Friday (30th of September). All returns and other indicators are calculated after all costs and fees. Dunas Pat. MSCI ACWI EFFA G7 0% 4% 8% 12% 16% 0% 4% 8% 12% 16% RETURN VOLATILITY
  15. 15. PORTFOLIO BREAKDOWN 15 As of the 11/10/16 Portfolio updated with live prices. Geography Equities Fixed Income Total Equity Indices Sovereign Quasi-sovereign Credit Country Developed 19,34% 22,19% -44,87% 4,16% 5,18% 6,01% Asia Pacific 0,00% 3,58% 0,00% 0,00% 0,00% 3,58% Japan 0,00% 3,58% 0,00% 0,00% 0,00% 3,58% Euro Zone 9,94% 18,62% -78,29% 4,16% 5,18% -40,39% Croatia 0,00% 0,00% 0,56% 0,00% 0,00% 0,56% France 0,78% 0,00% -60,60% 0,00% 0,00% -59,83% Germany 5,49% 4,34% -22,42% 0,00% 0,00% -12,59% Greece 0,00% 0,00% 3,11% 0,00% 0,00% 3,11% Italy 0,59% 9,02% 0,00% 0,00% 0,00% 9,61% Portugal 2,42% 0,00% 1,06% 1,15% 5,18% 9,80% Spain 0,67% 5,25% 0,00% 3,01% 0,00% 8,93% North America 7,91% 0,00% 33,42% 0,00% 0,00% 41,33% U.S. 7,91% 0,00% 33,42% 0,00% 0,00% 41,33% Rest of Europe 1,49% 0,00% 0,00% 0,00% 0,00% 1,49% U.K. 1,49% 0,00% 0,00% 0,00% 0,00% 1,49% Emerging 0,34% 7,88% 1,61% 0,00% 2,64% 12,47% Asia Pacific 0,00% 3,90% 0,00% 0,00% 0,00% 3,90% China 0,00% 3,20% 0,00% 0,00% 0,00% 3,20% South Korea 0,00% 0,70% 0,00% 0,00% 0,00% 0,70% Latam 0,34% 2,78% 1,04% 0,00% 2,64% 6,80% Brazil 0,34% 1,77% 0,00% 0,00% 2,12% 4,23% Mexico 0,00% 1,01% 1,04% 0,00% 0,52% 2,57% Rest of Europe 0,00% 1,21% 0,57% 0,00% 0,00% 1,77% Macedonia 0,00% 0,00% 0,57% 0,00% 0,00% 0,57% Turkey 0,00% 1,21% 0,00% 0,00% 0,00% 1,21% 19,68% 30,08% -43,26% 4,16% 7,82% Total by Type 49,76% -31,28% Currency Assets Cash FX Total GBP 2,42% 0,18% 0,00% 2,60% EUR 23,71% 14,43% 42,58% 80,73% USD 53,30% 5,84% -36,21% 22,94% CHF 0,00% 0,27% -2,08% -1,81% JPY 0,00% 0,00% -4,29% -4,29% Sector Direct Index TOTAL Financial 6,71% 6,04% 12,75% Consumer, Cyclical 3,84% 2,94% 6,78% Consumer, Non-cyclical 3,47% 2,54% 6,02% Technology 2,68% 1,22% 3,90% Basic Materials 0,78% 0,85% 1,64% Industrial 0,00% 2,64% 2,64% Communications 0,24% 1,66% 1,90% Utilities 1,58% 2,81% 4,39% Energy 0,61% 1,44% 2,05% Diversified 7,69% 7,69% TOTAL 19,92% 29,84% 49,76% FI YTM Duration Average Maturity 51,8% (*) 2,34% 2,01 2,53 -83,1% (**) 0,05% -8,51 - (*) Cash Assets (**) Futures
  16. 16. PORTFOLIO BREAKDOWN 16 As of the 11/10/16 Portfolio updated with live prices. Top 10 stock with look-through Ranking Company Weight 1 APPLE INC 1,75% 2 CTT 1,67% 3 Deutsche Bank AG 1,34% 4 Daimler AG 1,26% 5 CITIGROUP INC 1,22% 6 Eni SpA 1,18% 7 Barclays PLC 1,14% 8 Enel SpA 1,11% 9 BANK OF AMERICA CORP 1,05% 10 Bayerische Motoren Werke AG 0,99% Total 12,70% Top 10 individual stocks Ranking Company Weight 1 APPLE INC 1,75% 2 CTT 1,67% 3 CITIGROUP INC 1,22% 4 Deutsche Bank AG 1,15% 5 Barclays PLC 1,14% 6 BANK OF AMERICA CORP 1,05% 7 Daimler AG 0,88% 8 Bayerische Motoren Werke AG 0,84% 9 Banco Comercial Português 0,72% 10 RWE AG 0,67% Total 11,09% Market Cap. in Million USD % # Avg. Size. >$ 200000 Mega Cap 1,95% 2 0,97% $10000 - $200000 Large Cap 11,64% 25 0,47% $2000 - $10000 Mid Cap 3,92% 12 0,33% $300 - $2000 Small Cap 2,47% 3 0,82% < $300 Micro Cap 0,02% 2 0,01% 20,00% 44 Exposure % Avg. Size % # Individual Stocks 19,68% 0,42% 43 Indices 30,08% Dividend Yield 3,53%
  17. 17. Lower Risk Higher Risk Tipically higher returnsTipically lower returns 41 2 3 5 6 7 DUNAS GLOBAL DEFENSIVE • Global in € • Capital preservation • Low volatility • Better diversification to asset classes, geographies, sectors • Harmonized UCITS IV Investment Limits Internal Guidelines (soft limits) • Global • Maximum issuer exposure 0,5% (except sovereigns) • Equities ≤ 15% • Exposure to EM ≤ 10% • Exposure to HY ≤ 20% • Total FX exposure < 10% • UCITS Limits Investment objective: Euribor 3M+1% with volatility up to 3% over 1 year rolling periods 17
  18. 18. KEY DATA, TERMS AND CONDITIONS Key Data Terms and Conditions Fund Dunas Capital Minimum Initial Investment 5.000 EUR Sub-Fund Dunas Global Defensive Management Fee 0.5% Investment Manager Dunas Capital SGFIM, SA Performance Fee 10% > 3M Euribor +1% Management Company Andbank Asset Management Lux HWM Yes Administrator Adepa Asset Management S.A. NAV Frequency Daily Custodian KBL European Private Bankers Cut-off time 03:00 pm Lux. Auditor KPMG Redemption Fee None Legal Form Luxembourg FCP Subscription Settlement D + 1 Applicable Law Luxembourg UCITS IV Redemption Payment D + 3 Inception Date TBC Reference Currency EUR Class / ISIN TBC 18
  19. 19. DUNAS GLOBAL DYNAMIC FLEXIBLE • Global in € • Capital appreciation (Long-term) • Total flexibility in asset allocation • Better diversification to asset classes, geographies, sectors • Able to adapt to different economic cycles • Long-term equity like returns with lower volatility • Harmonized UCITS IV Investment Limits Internal Guidelines (soft limits) • Global • Maximum issuer exposure 3% (except sovereigns) • Equities ≤ 100% • Exposure to EM ≤ 35% • Total FX exposure < 30% • UCITS Limits Investment objective: return between 6% and 10% and volatility below 13,5% over a 5 year rolling periods Lower Risk Higher Risk Tipically higher returnsTipically lower returns 41 2 3 5 6 7 19
  20. 20. Key Data Terms and Conditions Fund Dunas Capital Minimum Initial Investment 5.000 EUR Sub-Fund Dunas Global Dynamic Flexible Management Fee 1.5% Investment Manager Dunas Capital SGFIM, SA Performance Fee 20% >3M Euribor +5% Management Company Andbank Asset Management Lux HWM Yes Administrator Adepa Asset Management S.A. NAV Frequency Daily Custodian KBL European Private Bankers Cut-off time 03:00 pm Lux. Auditor KPMG Redemption Fee None Legal Form Luxembourg FCP Subscription Settlement D + 1 Applicable Law Luxembourg UCITS IV Redemption Payment D + 3 Inception Date TBC Reference Currency EUR Class / ISIN TBC KEY DATA, TERMS AND CONDITIONS 20
  21. 21. Dunas Património Investment Manager Management Company Administrator Custodian and TARegulated by Auditor FUNDS Investment Manager Management Company Administrator Custodian and TA Auditor Regulated by Dunas Global Defensive Dunas Global Dynamic Flexible 21
  22. 22. Edifício da Estação do Rossio Largo do Duque do Cadaval nº 17, 1º Andar – Fração J, 1250 – 160 Lisboa Tlf.: +351 214 200 530 | Fax: +351 214 200 559 www.dunascap.com

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