1. Ingeniería

BANTLEON DYNAMIC (IA)
Fund Report 30 January 2015
ISIN:
Share class:
Ø Portfolio rating:
Net asset value:
Interim profit:
BANTLEON DYNAMIC (IA)
Picking up speed
Price gains whichever way
interest rates develop
LU0117465517
IA (distributing)
»AAA«
EUR
90,56
EUR
0,39
Asset manager
Management method
Since 1991 BANTLEON is
one of the most successful
experts for security-oriented
investments.
BANTLEON DYNAMIC is a safety-oriented bond fund that seeks to achieve an
absolute return on a regular basis. The management of the fund is based on a
quantitative model with a short-term investment horizon. The fund's total return is
comprised of the following components:
The BANTLEON funds are
constantly among the best of
their classes and count as a
basic investment for a large
number
of
institutional
investors. Altogether, more
than 10 billion euros are
managed in mutual funds
and mandates.
• Management of the average bond maturities ranging from approx. -3 to +8 years
• Management of the sector and bond allocation based on good to very good credit
rating
The fund's managers invest particularly in government bonds and bonds issued or
guaranteed by public sector or similar entities from the Eurozone as well as
Pfandbriefe (covered bonds) and comparably safe Eurozone bonds. The fund incurs
no foreign exchange risk. The use of derivatives is limited and is for portfolio duration
management purposes. Thus, only standardised futures contracts on interest rates and
bonds can be purchsed and sold.
Performance in fund currency
Performance since inception
Performance in 12-month periods*
150.00
5.0%
4.49% 4.49%
140.00
4.0%
130.00
3.0% 2.38% 2.49%
2.0%
120.00
1.0%
2.05% 2.05%
1.21% 1.21%
0.0%
110.00
-1.0%
-2.0%
100.00
-2.03% -2.03%
-3.0%
90.00
12/00
12/02
12/04
12/06
12/08
12/10
12/12
12/14
29.01.2010 28.01.2011
28.01.2011 30.01.2012
30.01.2012 30.01.2013
Net performance
YTD
30.01.2013 30.01.2014
Gross performance
(not annualized)
-0,10%
n/a
2014
1,33%
n/a
1 year
1,21%
n/a
2013
-1,94%
n/a
3 years
1,18%
n/ap.a.)
(0,39%
2012
2,44%
n/a
5 years
8,36%
n/ap.a.)
(1,62%
2011
2,91%
n/a
Since inception
46,30%
46,30%
(2,72%
p.a.)
2010
3,17%
n/a
BANTLEON - The Bond Manager
30.01.2014 30.01.2015
BANTLEON DYNAMIC (IA)
Fund Report 30 January 2015
ISIN:
Share class:
Ø Portfolio rating:
Net asset value:
Interim profit:
BANTLEON DYNAMIC (IA)
Picking up speed
Price gains whichever way
interest rates develop
LU0117465517
IA (distributing)
»AAA«
EUR
90,56
EUR
0,39
Composition of the bond portfolio
Bonds according to rating
Bonds according to borrower category
92.7%
AAA
Government Bonds
Germany
Municipal Bonds
AA
2.4%
5.0%
10.1%
9.9%
Covered Bonds
4.9%
Banks (government
guaranteed)
Liquidity
A
72.6%
2.4%
General facts
Investment Objective
Bond-price gains, regardless of the yield development
Investment focus
Range of Modified Duration
Inception date
Fiscal year
Dividend
Issue surcharge
Management fee
Sovereign, sub sovereign and covered bonds from core countries of the
Eurozone with a minimum rating of »AA-«
-3 to 8%
6 December 2000
1 December - 30 November
semi-annual
none
0,53% p.a.
Depositary bank
UBS (Luxembourg) S.A.
Fund volume all share classes
EUR 46,7 million
Performance and risk figures
Solvency coefficient according to credit risk standard approach
Ø Maturity of the fund securities
Ø Yield to maturity
1%
6,19 years
0,03%
Duration of the fund assets (incl. futures)
0,51 years
Ø Duration 12 months (incl. futures)
1,71 years
Modified Duration of the fund assets (incl. futures)
0,53%
Value at Risk: 95% confidence limits Holding period: 10/20 days, Basis: Unit price 250 trading days
0,42%/0,60%
Value at Risk: 99% confidence limits Holding period: 10/20 days, Basis: Unit price 250 trading days
0,60%/0,85%
Volatility 1 year/3 years
Total Expense Ratio fiscal year 2014
BANTLEON - The Bond Manager
1,29% p.a. / 1,63% p.a.
0,54% p.a.
BANTLEON DYNAMIC (IA)
Fund Report 30 January 2015
ISIN:
Share class:
Ø Portfolio rating:
Net asset value:
Interim profit:
BANTLEON DYNAMIC (IA)
Picking up speed
Price gains whichever way
interest rates develop
LU0117465517
IA (distributing)
»AAA«
EUR
90,56
EUR
0,39
Investors profile
The fund BANTLEON DYNAMIC (IA) addresses risk-aware investors. Participation in cash-price gains in the bond
markets together with a professional fund management opens up the opportunity to achieve good results. However,
the investor needs to accept the risk of lower valuation due to rising yields or downgrading of issuers. The fund
should not be purchased if the investor seeks short-term investments and will not accept modest value fluctuations.
Chances and risks for the investor
Chances
Risks
• Price gains as a consequence of increasing cashprices in the bonds market
•
• Professional asset management exploits the
maximum of the earnings potential of a bond
portfolio
• The valuation of the fund may fluctuate
• Exclusively bonds with a high issuer quality
• Independent risk management
• Low correlation to the equity markets
The net asset value could fall below the price of
purchase
• General market price and return risk
• Solvency risk of the issuers
•
The ability to invest substantial parts of the assets
into single EUR-core countries can lead to a
corresponding concentration of risk
Risk profile
The fund BANTLEON DYNAMIC (IA) is a euro-bond fund which is suitable for mid- to long-term investments. The
classification into a synthetic Risk and Reward Indicator (SRRI) with seven risk classes shall serve as additional
orientation guide for the investor to evaluate the potential risks. Risk class 1 applies to the lowest risk and risk class 7
applies to the highest risk.
The fund BANTLEON DYNAMIC (IA) falls in risk class 3
The rating is based on price volatility over the last five years. Past data used in calculating the SRRI may not be reliable
indication of the future returns. The rating is not guaranteed to remain unchanged and the categorisation may shift
over time. The lowest rating does not mean a risk-free investment. The differences between ratings are not based on a
simple scale. 2 is not twice risky as 1. The gap between 1 and 2 might not be the same as the gap between 2 and 3. The
rating is not a target and the investment strategy is not managed to the rating. The rating is an absolute indicator of
risk.
BANTLEON - The Bond Manager
BANTLEON DYNAMIC (IA)
Fund Report 30 January 2015
ISIN:
Share class:
Ø Portfolio rating:
Net asset value:
Interim profit:
BANTLEON DYNAMIC (IA)
Picking up speed
Price gains whichever way
interest rates develop
LU0117465517
IA (distributing)
»AAA«
EUR
90,56
EUR
0,39
Additional information and disclaimer
•
•
•
•
Data source for the average portfolio rating is Bloomberg-Composite.
Calculation of the solvency coefficient is based on data from the rating agencies Moody's, Standard & Poor's and Fitch.
The value at risk is continually checked by backtesting to the guidelines of the Basle traffic light model and already includes any
necessary risk premium if required. Current risk premium: 0%.
For calculation of risk figures historical model data may be used.
* The column chart shows the performance development of the past and is based on own calculations. For the gross performance
all accrued costs on fund level (e.g. management and depositary bank fees) have been considered (BVI-method). For the net
performance the current maximum subscription fee, which is included in the subscription price, has been deducted in addition.
As the subscription fee for a single investment has only to be paid in the first year, the net performance only differs from the BVI
development in the first year. Investee specific costs as bank fees are not considered. All indications are data from the past which
are no reliable indicator for future performances.
The present document shall not be seen as an investment advice. In particular, it is not including individual recommendations and is
not replacing an individually coordinated consultation. All statements correspond to the current awareness of the bond manager
BANTLEON and can be changed without any notification.
The complete specifications of the BANTLEON funds are described in the prospectus, the key investor information document
supplemented by the semi-annual and annual report. These documents are the only binding basis for a purchase of fund shares.
They are available in an electronic and printed version and can be ordered free of charge at BANTLEON BANK AG, Bahnhofstrasse
2, CH-6300 Zug, BANTLEON AG, Karl-Wiechert-Allee 1A, D-30625 Hanover, or can be downloaded under www.bantleon.com.
The calculation of the performance is based on the daily fund unit prices and the reinvestment of the earnings (BVI method). All costs
within the fund are taken into consideration, expect the subscription fee. Additional fees, commissions and other costs can be
charged at the time of buying. These costs are not considered in the exposure and can affect the performance in a negative way.
Performances of the past are no reliable indicator for future performances.
The issued units of the BANTLEON funds are only allowed to be offered or sold in legal jurisdictions which are permitted for such
an offer or sale. In particular, the units are neither allowed to be offered or sold within the United States of America nor to or on
behalf of US citizens or persons living in the United States of America or persons applying as US citizens according to the effective
regulations in the United States of America. This document and its content are not allowed to be distributed within the USA. The
distribution and publication of this document as well as the offer and sale of units can be subject to restrictions in other legal
jurisdictions as well.
The information has been compiled with the outmost accuracy. However, no responsibility is taken for the correctness and
completeness of this information. Any liability for losses which are directly or indirectly linked to this information is excluded. This
document is only allowed to be manifold, forwarded to third parties or distributed with the explicit permission of the BANTLEON
BANK group. The German version of the Fund Report shall be binding for the interpretation of this document.
Contact
BANTLEON BANK AG
Bahnhofstrasse 2
CH-6300 Zug
BANTLEON AG
Karl-Wiechert-Allee 1 A
D-30625 Hannover
BANTLEON INVEST S.A.
33A, avenue J. F. Kennedy
L-1855 Luxembourg
[email protected]
[email protected]
[email protected]
www.bantleon.com
BANTLEON - The Bond Manager