For professional investor/wholesale clients only Multi-Asset Solutions Tailor made to achieve outcomes – We utilise an objective-based Strategic Asset Allocation (SAA) approach, overlaid with Dynamic Asset Allocation (DAA) capabilities, to construct portfolios which deliver clients’ investment objectives. – A broad investment universe, ranging the full spectrum of asset classes and instruments, is selected based on factors such as trading cost, operational efficiency, liquidity and risk. – An unconstrained strategy for the purpose of alpha generation, combined with a robust risk focus, minimises the likelihood of the portfolio not meeting its objectives. Multi-Asset Solutions The Multi-Asset Solutions team, located in Singapore and Australia, provides a range of services to institutional clients around the world in the fields of portfolio management, asset allocation, asset liability management, portfolio construction and risk management. Making use of Colonial First State Global Asset Management’s comprehensive suite of investment products, as well as creating tailored exposures, we consistently design and implement high-quality solutions. In addition to our objective-based Strategic Asset Allocation (SAA) modeling, we combine our risk management process with Dynamic Asset Allocation (DAA) capabilities to ensure that shorter-term market dynamics are taken into account to both reduce risk and increase the alpha potential for our clients. We then implement our investment solutions in the form of tailored risk-managed, multi-asset mandates. Why invest in multi-asset? A multi-asset portfolio’s risk/return profile can be tailored to meet individual investment needs such as a real return fund whose portfolio construction is designed to preserve capital and generate returns over the long term. Additional benefits of multi-asset investing −− It is suited to a wide range of investors and investment needs. −− Our approach is truly objectivebased, not ‘balanced in disguise’. −− Our portfolio construction is truly discretionary, not ‘fund wrapping’. −− A highly experienced and cohesive portfolio management team. −− A flexible and scalable investment process. −− Efficient implementation. −− Robust risk control. −− A track record of strong performance. −− Ability to leverage the breadth of knowledge within the broader Colonial First State Global Asset Management business. Asset allocation Dynamic Asset Allocation Asset allocation is our core expertise. The SAA process anchors the long-term absolute risk/return profile and corresponding allocations while the DAA process adds additional value by anticipating dynamically on short to medium-term opportunities in the financial markets. Investment philosophy −− Our SAA process extends to the very long term, which can have forward-looking horizons in excess of a decade. Utilising our comprehensive suite of proprietary asset liability management models, we then determine the appropriate long-term mix of exposures to achieve our investors’ long-term objectives. −− Our DAA process covers the shorter-term time frames of one to six months and takes a flexible, top-down approach to rebalancing. Quantitative investment signals can systematically exploit these inefficiencies and produce alpha, however the underlying rationale for these signals must be qualitatively sound. We do not believe in data mining, or purely quantitative processing of vast amounts of data. Client objective Spending, Liabilities, Return,… SOLUTION Long / medium term strategy Neutral Portfolio + Active Risk Budget DAA Dynamic implementation Actual Portfolio Active positions Over/underweights within Risk Budget Strategic Asset Allocation We believe that the best foundation for long-term success in the management of multi-asset portfolios is when disciplined quantitative underpinnings are combined with the qualitative experience and expertise of our investment team. At the heart of our many proprietary models and tools is the capability to provide detailed, customised and practicable asset allocation solutions that take underlying client liabilities, investment goals and risk perception into account. This design capability manifests itself in different guises with different clients, but the core features remain constant. We do not believe that markets are completely, or globally, efficient. Local considerations such as liquidity requirements, regulatory constraints, mandatory hedging, and even simple home biases, allow dislocations to exist. We believe that the following are fundamental drivers of returns: −− Value determines how expensive an asset is relative to a peer group, and so indicates return potential. −− Momentum shows the changing dynamics of an asset, complementing Value. −− Carry features structural opportunities for returns embedded in certain asset classes. −− Macro looks at the underlying fundamentals of asset class returns in a broader economic context. −− Technical delves into the mechanics and features of markets (but not ‘technical analysis’). Investment process Our dynamic investment process is based on both qualitative and quantitative approaches. Broad guidelines for our investment process that carry over into the implementation are as follows: −− Asset allocation is our core skill; top-down ideas are structurally verified with bottom-up data. −− Overall positioning of the portfolio is designed to be in line with our medium-term macro view. −− All portfolio positions must have a clear underlying logic to them. −− Quantitative skills support decision making but do not determine it. Purely quantitative models tend to occasionally blow up, while abandoning the discipline of a structured approach and becoming entirely qualitative leads to irreproducible results. Blending qualitative and quantitative approaches provides the best of both worlds. Some things simply will never be quantifiable but can have a major impact on asset class returns, for example central bank personnel changes or political events. In order to create alpha, we require the use of both macro and microeconomic inputs. Multi-Asset Solutions About the team The Head of Multi-Asset Solutions, Dr Epco van der Lende, carries ultimate responsibility for all team activities. For each strategy the assigned Senior Portfolio Manager has the responsibility for the asset allocation design and the exposures. The portfolios are co-managed to ensure continuous coverage. The Multi-Asset Solutions team has a broad range of international experience and expertise in asset liability management, strategic asset allocation, dynamic asset allocation and portfolio design. The team is structured with the Head of Multi-Asset Solutions leading a team of three Senior Portfolio Managers, an Assistant Portfolio Manager and two Investment Analysts. Epco van der Lende, PhD Head of Multi-Asset Solutions Jan Baars, PhD Petr Kocourek Kej Somaia Senior Portfolio Manager Senior Portfolio Manager Senior Portfolio Manager Andrew Harman Marcus Liew Ed Stevens Assistant Portfolio Manager Investment Analyst Investment Analyst For further information contact: Head of Sales Harry Moore Business Development – Auckland +61 3 8618 5532 Business Development – Melbourne Peter Heine +64 9 448 8440 Head of Institutional Client Relationships +61 3 8628 5681 Business Development – Sydney Jeannene O’Day Hugh O’Neill Bachar Beaini Edward Tighe Matthew Laing Peter Weldon +61 2 9303 6860 Institutional Relationship Management +61 2 9303 1807 +61 2 9303 6116 +61 2 9303 3929 +61 2 9303 2416 Dan Bristow Rose Lor-Kershaw Hazuki Nojiri-Kenny +61 2 9303 6311 +61 2 9303 2863 +61 2 9303 2415 Disclaimer The information contained within this document is generic in nature and does not contain or constitute investment advice. This material has been prepared for the general information of our wholesale clients, professional investors and professional associates. You should not rely on its contents. This document shall only be used and/or received in accordance with the applicable laws in the relevant jurisdiction. No person in any such jurisdiction should treat this material as constituting an offer, invitation or inducement to distribute or purchase securities, shares, units or other interests or enter into an investment agreement unless in the relevant jurisdiction, such an offer, invitation or inducement could lawfully be made to them. The information included within this material is confidential and should not be copied, reproduced or redistributed without our prior written consent. Australia In Australia, this information has been prepared and is issued by Colonial First State Asset Management (Australia) Limited ABN 89 114 194 311. Copyright © (2014) Colonial First State Group Limited. 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