Apollo Euro Corporate Bond Fund

Transkript

1 Exklusiv in Österreich: Apollo Euro Corporate Bond Fund Unternehmensanleihen Investment Grade Management durch Muzinich & Co. seit Dezember 2002

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3 Über Muzinich & Co. Inc. Muzinich & Co., Inc. Unabhängig Gegründet 1988, mit Büros in New York, London und Köln Im Besitz des Managements Erfahren Personal hat eine Durchschnittserfahrung von 15 Jahren Analytisch Fokussiert Etabliert Kundenbezogen 22-köpfiges Investment Team Experten für Industrieanleihen Verwaltung von über $5,0 Milliarden Dollar Corporate Bonds Absolute Transparenz; maßgeschneiderte Kundenlösungen 3

4 Firmenprofil Muzinich & Co. Inc. Unternehmensstruktur Erfahrener Mitarbeiterstab U.S. und europäischer Standort Konzentration auf Industrieanleihen Investmentphilosophie Vorsichtiger, konservativer Anlagestil Einsatz bewährter Strategien Auf der Grundlage eigener, gründlicher Analysen Investmentprozess Diszipliniert Teamorientiert Rigoros Resultate Beständig Mit geringem Risiko In attraktiver Höhe 4

5 Firmenprofil-Prinzipien Die folgenden Eigenschaften sind für von größter Wichtigkeit: Integrität Transparenz Ausgeprägte Dienstleistungsmentalität Unternehmerisches Denken Die Stärken bei der Verwaltung von Industrieanleihen liegt in der Kreditanalyse und dem rechtzeitigen Erkennen von Branchentrends. Muzinich managt das anvertraute Vermögen gemäß den nachfolgend aufgezählten Prinzipien: Besonnenheit Beständigkeit Disziplin 5

6 Investment Management Team George Muzinich President Credit Experience: 18 yrs John Ingallinera Senior Portfolio Manager High Yield Bonds Credit Experience: 23 yrs David Bowen Portfolio Manager Bank Debt Credit Experience: 18 yrs Dennis Dowden* Portfolio Manager High Yield Bonds Credit Experience: 28 yrs Tatjana Greil-Castro* Portfolio Manager High Yield Bonds Credit Experience: 9 yrs Wendy Nickerson* Portfolio Manager High Yield Bonds Credit Experience: 14 yrs Thomas Samson* Portfolio Manager Bank Debt Credit Experience: 6 yrs New York Clint Comeaux* Chemicals (Global) Industrials/Capital Goods Building Materials Metals, Mining, Steel (Global) Credit Experience: 4 yrs Dennis Dowden* Restaurants Leisure Credit Experience: 28 yrs Randal Gaulke Automotive (Global) Automotive Suppliers (Global) Healthcare (Global) Credit Experience: 19 yrs Jason Horowitz Aerospace/Defense (Global) Consumer Products Apparel/Textiles Environmental Services Transportation/Airlines (Global) Credit Experience: 5 yrs Anthony Iorfino Energy (Global) Homebuilders Credit Experience: 22 yrs Andrew Jenkins Super Retail Telecommunications Food & Drugs Food/Beverage/Tobacco Credit Experience: 15 yrs Angela Korch* Gaming Hotels Paper Publishing Packaging/Containers Credit Experience: 8 yrs Wendy Nickerson* Banking/Finance Insurance Credit Experience: 14 yrs Dan Schleckser Broadcasting Cable/Satellite Utilities (Global) Diversified Media Credit Experience: 8 yrs Nate Scott Technology (Global) Credit Experience: 14 yrs London Tatjana Greil Castro* Broadcasting Gaming Hotels Apparel/Textiles Credit Experience: 9 yrs Kirsten O Byrne Capital Goods Containers Food/Beverage/Tobacco Environmental Paper Super Retail Credit Experience: 5 yrs Thomas Samson* Telecommunications Cable Media (Directories) Food & Drugs Retail Environmental Homebuilders Services Credit Experience: 6 yrs * Has both Portfolio Manager and Analyst responsibilities Investment Professional s Average Years of Credit Experience: 13 yrs 6

7 Anlageprozess-Grundprinzipien Ziel ist das regelmäßig Erwirtschaften einer attraktive risikoadjustierte Rendite zu, indem Risiko durch eine disziplinierte Investmentphilosophie kontrolliert wird, die sich insbesondere auf die folgenden Grundlagen stützt: Erhaltung des eingezahlten Kapitals Hohe laufende Erträge Hohe Branchen und Emittentendiversifikation Geringe Volatilität Muzinich hat diese Investmentphilosophie seit über zwölf Jahren unverändert durchgehalten und erfolgreich angewandt. 7

8 Rahmenbedingungen Fonds Benchmark: Merrill Lynch BBB EUR Corporate Bondindex (Bbg: EN40) Mindestens 85 % Investment in Corporates der Ratings BBB- oder besser Minimumrating BB-, Durchschnittsrating von BBB (linear gerechnet) Maximal 2 % pro Emittent mit einem Minimumemissionsvolumen von 100 Mio USD Maximal 20 % pro Branche, Mindestens 20 Branchen Sämtliche Währungen zu mindestens 95 % gesichert in EUR 8

9 Anlageprozess - Risikominimierung Rahmenbedingungen für die Portfoliostruktur Risikominimierung:Portfoliostrategie Risikominimierung:Emittentenauswahl Konstante Duration: Zielvorgabe 4-6 Jahre Weitreichende Diversifikation Durchschnittsrating: BBB Keine Derivate Keine Emerging oder Converging Markets Kein Erwerb unterhalb BB- Max. 15 % unter BBB- Cashflows vs. Verschuldung Starke Marktpositionierung Hohe Liquidität Liquide Emissionen 9

10 Anlageprozess - Überblick Kundenportfolios US Emittenten EUR Emittenten Zielunternehmen mit starkem Management und positiver Entwicklungsprognose US Emittenten EUR Emittenten Auswahl von Firmen mit attraktiven Grundkriterien starker Marktposition, solider Liquidität US Emittenten EUR Emittenten Konzentration auf höherqualitative u. liquide Anleihen Rating: BBB - oder besser, keine Derivate, keine Emerging Markets, $100 Million Mindestemissionsgröße US Emittenten - EUR Emittenten Breites Universum von Industrieanleihen US Emittenten - EUR Emittenten 10

11 Anlageprozess - Überblick Der Kunde Complianceüberwachung Portfoiozusammensetzung Meetings zwei Mal pro Woche Umsetzung der Vorschläge Entwicklung der Kauf- und Verkaufsliste täglich Morning Meetings Portfolio- Analyseteam Anlageausschuss Entwicklung von Vorschlägen interne/externe Research drei Mal pro Woche formelle Meetings Generierung von Vorschlägen Tägliche persönliche Meetings zwischen Portfolio Managern & Analysten Informelle Besprechungen Kundenportfolios Anleihe- Analyseteam 11

12 Anlageprozess - Ratingsysteme Eines der Hauptanliegen ist es, möglichst frühzeitig Ratingveränderung zu erkennen Aus diesem Grunde: unterhält Muzinich sehr enge Beziehungen mit Moody s und S & P Bezieht Muzinich regelmäßig die Research-Berichte beider Agenturen stehen die Analysten in nahezu täglichem Kontakt mit den Ratingagenturen, führen jedoch parallel dazu ihre eigenen fundierten Analysen durch, um Veränderungen der Bonität von Einzelunternehmen oder Branchen frühzeitig zu erkennen, d.h. bevor eine offizielle Reaktion seitens der Ratingagenturen erfolgt spiegelt sich das Ergebnis dieser Analysen in den Kaufs- und Verkaufslisten wider, die intern sowohl in London als auch in New York erstellt und ständig aktualisiert werden 12

13 Anlageprozess - Entscheidungsfindung Qualitative Analyse Branchenprognose Wettbewerbsanalyse Eintrittsbarrieren Bewertung des Managements Technologieanalyse Regulatorisches Umfeld Quantitative Analyse Stress Tests des Geschäftsplans Finanzielle Ergebnisse Projezierte Liquidität und Kreditfähigkeit Investitionen/Free Cash Flow Jahresergebnisse Positionen im Vergleich zum Wettbewerb Intern entwickelte Risikoanalysemodelle Kaufen Halten Verkaufen 13

14 Performance Muzinich & Co Muzinich ML Corporate ML High Yield Salomon High Yield Sep 93 Jul 94 Mai 95 Mrz 96 Jan 97 Nov 97 Sep 98 Jul 99 Mai 00 Mrz 01 Jan 02 Nov 02 Sep 03 Quelle: Muzinich 14

15 Performance Apollo Euro Corporate Bond Fund (Stand ) Apollo Euro Corporate Bond Fund Seit Fondsbeginn p.a 1,50% 10 Jahre p.a.: 1,45% 5 Jahre p.a.: 2,06% 3 Jahre p.a.: 1,14% 1 Jahr: 1,11% Seit Jahresbeginn: 2,77% 100 Apr 03 Nov 03 Jun 04 Jan 05 Aug 05 Mrz 06 Okt 06 Mai 07 Dez 07 Jul 08 Feb 09 Quelle: TAMBAS, OeKB 15

16 Apollo Euro Corporate Bond Fund Der Fonds in Zahlen per größten Positionen Anzahl Titel: 115 Durchschnittliche Rendite: 5,86 % Fondsvolumen: EUR 59,76 Mio. Managementgebühr: 0,90 % p.a. Größte Position: 1,64% vom Fondsvolumen 6,5 % TDC AS ,64% 3,75 % GE CAPITAL EURO FUNDING ,60% FRN PERI GMBH ,51% % ABB INTL FINANCE LTD ,48% 7 % DAIMLERCHRYSLER INTL FIN ,44% 4,75 % ALCATEL-LUCENT ,42% 4,375 % REXAM PLC ,42% 8.25 % COMPAGNIE DE ST GOBAIN ,37% 6 % DEUTSCHE TELEKOM INT FIN ,36% 6,5 % MORGAN STANLEY ,32% 16

17 Peer Group Vergleich EUR Unternehmensanleihen per ISINNR Bezeichnung 1 Monat J Beginn 1 Jahr 3 Jahre 5 Jahre 10 Jahre 15 Jahre KAG AT ESPA BOND DOLLAR-CORPORATE (USD) (A) 6,51-2,07-2,07 1,51 1,98 ESK AT DWS (Austria) 66 0,95-1,55-1,55 1,43 3,66 DWS AT ESPA CASH CORPORATE-PLUS (EUR) (A) 0,10-0,94-0,94 1,43 1,78 ESK AT PIA - Corporate Trend Invest (A) 3,89 2,01 2,01 1,25 3,00 CAP AT Hypo Corporate Bond Fund (A) 3,18-0,92-0,92 0,17 1,76 HYP AT Apollo Euro Corporate Bond Fund (A) 1,40-1,06-1,06 0,05 1,82 1,24 SEC AT ESPA BOND USA-CORPORATE (A) 5,60-4,43-4,43-0,50 0,61 ESK AT PIA - Euro Corporate Bond (A) 2,09-1,55-1,55-0,78 1,41 3,15 4,75 CAP AT Kathrein Corporate Bond (A) 1,46-2,91-2,91-0,86 1,81 RAI AT R2 Euro Corporates 1,94-2,95-2,95-1,04 1,65 RAI AT Spängler SparTrust Corporate (A) 1,49-2,29-2,29-1,22 1,47 CSP AT Raiffeisen Euro Corporates (A) 1,60-4,49-4,49-1,31 1,62 RAI AT Raiffeisen 304* - Euro Corporates (A) 1,59-4,67-4,67-1,61 1,28 RAI AT Raiffeisen-Euro-Corporates (VA) 1,78-4,14-4,14-1,71 1,05 RAI AT Raiffeisen-Euro-Corporates (A) 1,78-4,13-4,13-1,71 1,06 RAI AT ESPA BOND EURO-CORPORATE (EUR) (A) 0,97-5,16-5,16-1,75 0,76 ESK AT ESPA CESKY KORPORATNI F. PENEZNIHO TRHU (A) -0,72-10,90-10,90-3,24-1,31 ESK AT BusinessBond (A) 0,09-8,09-8,09-3,26-0,34 ASL AT BAWAG P.S.K. Global Corporate Bond (A) 3,13-10,89-10,89-4,12-1,00 BAW AT ESPA BOND DOLLAR-CORPORATE (EUR) (A) -3,68 0,32 0,32-4,30-0,62 ESK AT KEPLER High Grade Corporate Rentenfonds (A) 0,92-11,14-11,14-4,56-0,76 KEP AT Allianz PIMCO Corporate (A) -4,61-4,65-4,65-5,43-0,83 AIB 17

18 Anhang Das Investment Team George M. Muzinich Title: President Member Investment Committee Years of Corporate Credit experience: 18 Years with Firm: 20 George founded the firm in He started his investment career in 1971 with Brown Brothers Harriman & Co., where he worked in that firm s New York and Zurich offices and later opened and managed its Paris Office. From mid-1984 through mid-1988, George was President of Hoguet, Muzinich, Keller & Co., a securities firm that was subsequently sold to a major European institution. He has a B.A. from Wesleyan University and an M.B.A. from New York University s Graduate School of Business. Dennis V. Dowden Title: Portfolio Manager Member Investment Committee Years of Corporate Credit experience: 28 Years with Firm: 7 Dennis was formerly with ABN AMRO Inc. where he served as a Director of High Yield Research. Prior to that, Dennis was with Prudential Securities, Inc. as a First Vice President and high yield energy and industrial analyst. Dennis began his career with Standard & Poor s Corp. in New York City. He has a B.A. from St. Peter s College and an M.B.A. from Rutgers University. Dennis holds the Chartered Financial Analyst designation. John Ingallinera Title: Senior Portfolio Manager Member Investment Committee Years of Corporate Credit experience: 23 Years with Firm: 5 Prior to joining Muzinich, John was the Head of High Yield Trading at Lehman Brothers, where he also served as a member of the High Yield Operating Committee. Previously John was the Head of High Yield Trading at Kidder Peabody. Earlier John worked as a high yield trader at Citibank and Salomon Brothers. John received a B.A. in Economics from Notre Dame and his M.B.A. in Finance from The University of Chicago, Graduate School of Business. Wendy L. Nickerson Title: Portfolio Manager Member Investment Committee Years of Corporate Credit experience: 14 Years with Firm: 4 Prior to joining Muzinich, Wendy was with the high yield group at Wells Fargo where she was a Managing Director and Director of High Yield Research. Previously, Wendy worked as a Director and Senior Investment Analyst at UBS Asset Management, as a securities analyst at Jefferson Pilot Life Insurance Company, and as a fixed income sales representative at HSBC Securities. Wendy holds a B.B.A. with Distinction and Departmental Honors in Finance from the University of Kentucky, and an M.B.A. from the University of Cincinnati where she received a full merit scholarship. Wendy holds the Chartered Financial Analyst designation. 18

19 Anhang Das Investment Team David A. Bowen Title: Portfolio Manager Member Investment Committee Location: New York Years of Corporate Credit experience: 18 Years with Firm: 8 Prior to joining Muzinich, Dave worked at OFFIT Bank for nine years, the last three years as a high yield analyst covering the energy, forest products, textile, and chemical industries. Dave received his B.A. in Economics from Yale University and his M.B.A. in Finance from the Wharton School of the University of Pennsylvania. Dave holds the Chartered Financial Analyst designation. Clinton J. Comeaux Title: Analyst Years of Corporate Credit experience: 4 Years with Firm: 2 Prior to joining Muzinich, Clint was a Research Analyst for the high yield and private equity funds at WR Huff Asset Management. Previously, Clint was a Manager at Enron responsible for physical trading in the forest products sector. Clint is also a Chemical Engineer, formerly with PPG Industries. He holds a B.S. in Chemical Engineering, Summa Cum Laude, from Tulane University as well as an M.B.A. from the Leonard N. Stern School of Business at New York University. Tatjana Greil Castro Title: Analyst Years of Corporate Credit experience: 9 Years with Firm: 1 Located in London Tatjana came to Muzinich from Metlife Investments, where she served as an Associate Director of the High Return Unit. Earlier, Tatjana worked as Senior Portfolio Manager in European High Yield for Fortis Investments and as a portfolio manager and credit analyst at Legal & General Investment Management. She started her career as a high yield telecom analyst with Merrill Lynch. She has a PhD from the London School of Economics & Political Science, a Masters from the Kiel Institute of World Economics in Germany, and an MSc/BS in Economics from the University of Vienna. Randal S. Gaulke Title: Analyst Years of Corporate Credit experience: 19 Years with Firm: 8 Prior to joining Muzinich, Randy worked for four years as an analyst at Metropolitan Life Insurance Company. From 1989 to 1996, he was an analyst in the Speculative Ratings Group at Moody s Investors Service. Randy holds a B.A. from Morningside College, Iowa and an M.I.M. degree from the American Graduate School of International Management (Thunderbird). Randy has also studied at the University of Hamburg, where he was a Fulbright scholar. 19

20 Anhang Das Investment Team Jason S. Horowitz Title: Analyst Years of Corporate Credit experience: 5 Years with Firm: 3 Jason started his career at Donaldson, Lufkin & Jenrette, a firm which was merged into Credit Suisse First Boston. Prior to joining Muzinich, Jason worked in high yield research at CSFB. Jason holds a B.A. in Sociology and Judaic Studies from Yeshiva University, as well as an M.B.A. from the Yale School of Management. Jason holds the chartered Financial Analyst designation. Anthony Iorfino Title: Analyst Years of Corporate Credit experience: 22 Years with Firm: 9 Prior to joining Muzinich, Anthony spent more than 13 years with Bear Stearns & Co. where he was an analyst covering the homebuilding, oil and gas, and construction-related industries. Prior to that, he worked as a generalist in the high yield sector responsible for comparative value studies at Bear Stearns. Anthony has a B.A. in Mathematics from Columbia University. Andrew Jenkins Title: Analyst Years of Corporate Credit experience: 15 Years with Firm: 6 Andrew joined Muzinich from Barclays Capital where he worked as Senior Wireless Telecommunications Analyst. Prior to that, he worked at Salomon Smith Barney. Andrew holds a B.S. in Management Science from Carnegie- Mellon University and an M.B.A. from Columbia Business School. Angela Korch Title: Analyst Years of Corporate Credit experience: 8 Years with Firm: 5 Before joining Muzinich, Angela worked for three years as a high yield analyst at TimesSquare Capital Management, a subsidiary of CIGNA. Her focus was on the energy, homebuilding, gaming, and lodging sectors. Angela studied abroad in Brazil and Switzerland, and has earned a M.B.A. in quantitative finance from the NYU Stern School of Business where she was a Stern Scholar. Angela earned her B.S., magna cum laude, in Applied Economics and Business Management from Cornell University. Angela holds the Chartered Financial Analyst designation. 20

21 Anhang Das Investment Team Kirsten O Byrne Title: Analyst Years of Corporate Credit experience: 5 Years with Firm: 1 Located in London Kirsten O'Byrne came to Muzinich from the European Leverage Finance team at Fitch Ratings where she worked as an Associate Director, covering industrial and consumer credits. Kirsten started her career at Scotia Capital and moved on to Barclays Global Investors before completing her MSc in Finance at London Business School. In addition, Kirsten holds the Certified Financial Analyst designation and graduated with a Bachelor in Commerce from Queen's University in Canada. Thomas Samson Title: Analyst Years of Corporate Credit experience: 6 Years with Firm: 3 Located in London Prior to joining Muzinich, Thomas was an investment analyst at Trafalgar where he developed valuation models for high-yield debt and formulated investment recommendations. Previously he worked as a financial analyst at GE Capital. Thomas has an MBA from the London Business School, holds the Chartered Financial Analyst designation, and has an MSc in Corporate Finance from the Institut d Etudes Politiques de Paris, France. Daniel Schleckser Title: Analyst Years of Corporate Credit experience: 8 Years with Firm: 5 Before joining Muzinich, Dan worked as a high yield research analyst at W.R. Huff Asset Management. Prior to that, Dan was a consultant manager at Deloitte Consulting and a financial analyst at Lucent Technologies. Dan holds a B.S., cum laude, in Business Administration and Management from Bucknell University and an M.B.A., magna cum laude, from the University of Notre Dame where he held a full merit scholarship. Dan holds the Chartered Financial Analyst designation. Nathan Scott Title: Analyst Years of Corporate Credit experience: 14 Years with Firm: 5 Before joining Muzinich, Nate worked at Smith Management as a research analyst focusing on distressed securities and special situation investments. From 1994 to 2000, Nate was a high yield research analyst covering the media and telecommunications sectors at Prudential Securities. He was formerly a submarine officer with the U.S. Navy. Nate holds a B.S. in Electrical Engineering from the University of Washington and an M.B.A. from Columbia University s School of Business. 21

22 Anhang Portfolio Analytics and Compliance Mark W. Clark Title: Chief Financial Officer and Chief Compliance Officer Years with Firm: 3 Prior to joining Muzinich, Mark was a partner with Weiser LLP, a public accounting firm, where he focused on the financial services area. Mark, when he was with Weiser, was involved in auditing our firm for more than 15 years. Mark is a Certified Public Accountant and a graduate of Saint John s University with a B.S. degree in Accounting. Michael Ludwig Title: Director Analytics Years with Firm: 10 Prior to joining Muzinich, Michael worked for Sal. Oppenheim jr. & Cie. in Cologne, Germany where he was an account officer heading the handling of European government and multinational organizations. Prior to 1991, Michael worked for Manufacturers Hanover Trust and for Deutsche Bank where he completed Deutsche Bank s professional training program. Michael is a graduate of the German Banking Academy. Joshua B. Rosenfeld Title: Director Risk Analytics Years with Firm: 7 Prior to joining Muzinich, Josh was with Arthur Andersen, where he specialized in structured finance, working with numerous investment managers on a variety of structured transactions. Joshua holds a B.S. in Mathematics and Economics, with a concentration in Finance, magna cum laude and Phi Beta Kappa from Binghamton University. In addition, Josh has his M.B.A. from NYU Stern School of Business. 22

23 Ihre Ansprechpartner Mag. Dieter Rom Vorstand Martin Mikulik, CPM Vorstand DDr. Hans Peter Ladreiter Vorstand Thomas Löffler, CPM Institutional Sales Michael Müller Retail Sales Josef Obergantschnig, CIIA Aktienfondsmanagement Stefan Winkler, CPM Anleihenfondsmanagement René Hochsam, CPM Mid Office Mag. Monika Huyer, CPM Recht/Organisation Doris Dirnberger Organisation/Marketing Adolf Polly, CPM EDV/Programmierung

24 Security Kapitalanlage AG Burgring 16, 8010 Graz T + 43 (316) E office@securitykag.at I Diese Unterlage dient als zusätzliche Information für unsere Anleger und basiert auf dem Wissensstand der mit der Erstellung betrauten Personen zum Redaktionsschluss. Unsere Analysen und Schlussfolgerungen sind genereller Natur und berücksichtigen nicht die individuellen Bedürfnisse unserer Anleger hinsichtlich Ertrag, steuerlicher Situation oder Risikobereitschaft. Hinweise auf die frühere Performance der einzelnen Fonds garantieren nicht notwendigerweise positive Entwicklungen in der Zukunft. Obwohl wir die von uns beanspruchten Quellen (OeKB, Tipas, Bloomberg, Reuters bzw. eigene Berechnungen) als verlässlich einstufen, übernehmen wir für die Vollständigkeit und Richtigkeit der hier wiedergegebenen Informationen keine Haftung. Die Berechnungen berücksichtigen weder Ausgabe- noch Rücknahmespesen. Diese Unterlage ist weder ein Angebot, noch eine Einladung zur Anbotsstellung zum Kauf oder Verkauf von Wertpapieren. Die gemäß 6 Investmentfondsgesetz 1993 erstellten Prospekte, die auch den vereinfachten Prospekt und die Fondsbestimmungen enthalten, sind kostenlos inklusive sämtlicher Änderungen seit Erstverlautbarung im Amtsblatt zur Wiener Zeitung erhältlich bei der Security Kapitalanlage Aktiengesellschaft, Burgring 16, 8010 Graz, sowie bei der Depotbank Constantia Privatbank AG, Bankgasse 2, 1010 Wien.