EpiCosmos™ Global Strategy Folios Διεθνή Χαρτοφυλάκια βάσει Επενδυτικών Στρατηγικών Epic ΑΕΠΕΥ Institutional-Quality Investment Portfolios Επενδυτικά Χ/Φ.

Παρουσίαση με θέμα: "EpiCosmos™ Global Strategy Folios Διεθνή Χαρτοφυλάκια βάσει Επενδυτικών Στρατηγικών Epic ΑΕΠΕΥ Institutional-Quality Investment Portfolios Επενδυτικά Χ/Φ."— Μεταγράφημα παρουσίασης:

1 EpiCosmos™ Global Strategy Folios Διεθνή Χαρτοφυλάκια βάσει Επενδυτικών Στρατηγικών Epic ΑΕΠΕΥ Institutional-Quality Investment Portfolios Επενδυτικά Χ/Φ για Θεσμικούς & Επαγγελματίες Επενδυτές* Expressly brought to you from a Certified Investment Advisor Διάθεση μόνο μέσω Πιστοποιημένων Συμβούλων Επενδύσεων EpiCosmos ™ Investment Folios are based on DFA Funds Με βάση τα Θεσμικά Αμοιβαία Κεφάλαια της DFA Funds ΑΝΟΙΞΗ 2012

2 New EpiCosmos ™ Global Strategy Folios •What kind of investing is it Strategy-based Portfolio Investments •Τι είδους επένδυση είναι τα EpiCosmos ™ Διεθνής Επενδυτική Στρατηγική •Where does it invest Regional/International/Global •Που επενδύουν τα EpiCosmos ™ Περιφερειακά, Διεθνώς, Παγκοσμίως •Who is the investment manager Institutional – type, low cost funds •Ποιός είναι ο Διαχειριστής ΕπενδύσεωνΘεσμικός με Α/Κ χαμηλού κόστους •When is it reviewed for change Rebalancing at least once a year •Πόσο συχνά αναδιαρθρώνονταιΤριμηνιαία ή τουλάχιστον ετησίως •How much does it cost 0.50% advice, up to 0.50% TER funds •Πόσο κοστίζουν οι συμβουλές 0.50% ετησίως επί της ΚΑ του Χ/Φ •Πόσο κοστίζει η διαχείριση0.25% έως 0.75% επί του ΚΕ του Α/Κ •Our Investment Advisory Pledge •Η δήλωση/δέσμευση της Epic ΑΕΠΕΥ •Scientific (risk factor, asset class) Investing •Επιστημονικά τεκμηριωμένη διαχείριση Χ/Φ βάσει των διαχρονικών αποδόσεων των κινδύνων από τις επενδυτικές κλάσεις παγκοσμίως •Our Investment Philosophy, Principles and Process •Επενδυτική Φιλοσοφία, Αρχές, Διαδικασία Διαχείρισης Επενδύσεων

3 New EpiCosmos ™ Global Strategy Folios Investment Advisory Pledge Δήλωση Συμβολής Επενδυτικού Συμβούλου An advisor can help youunderstand investment concepts Ο Σύμβουλος μπορεί να εξηγήσει επενδυτικές ιδέες diversify investments globally διαρθρώσει το Χ/Φ παγκοσμίως maintain investment discipline διατηρήσει επενδυτική πειθαρχία keep investment costs low διακρατήσει κόστη πολύ χαμηλά preserve your wealth in capital διαφυλάξει επενδυτικά κεφάλαια Charge youa fee rather than a commission Χρεώνειβάσει αξίας και όχι συναλλαγών Provide youindependent investment solutions Παρέχειανεξάρτητες επενδυτικές λύσεις Allow youaccess to asset class investing Επιτρέπειπρόσβαση στην επαγγελματική διαχείριση χαρτοφυλακίων βάσει επενδυτικών κλάσεων

4 New EpiCosmos ™ Global Strategy Folios Scientific Investment Concepts Έννοιες Επιστημονικής Διαχείρισης Επενδύσεων •Markets work by allocating risks το to factors that earn returns over various horizons •Οι Κεφαλαιαγορές επιτρέπουν τη διασπορά σε κινδύνους με διαφορετικό ορίζοντα •Returns run from low levels (cash) to high levels (equities) •Κέρδη κειμένονται από χαμηλά (ρευστά - κοντινά) έως υψηλά (μετοχές - μακρινά) •Risks rewarded are identified as follows: Κίνδυνοι που εξηγούν τις αποδόσεις είναι –EQUITIEScapitalization Κεφαλαιοποίηση= small to large size companies price/valuation Αποτίμηση= low (value) to high (growth) –BONDEBTSduration Διάρκεια= short ( up to 3yrs) to long credit quality Πιστοληπτική θέση= high (good) to low (junk) –COMMON liquidity, volatility, momentum= all 3 range from low to high Ρευστότητα, Διακύμανση/Μεταβλητότητα, Δυναμική Αποδόσεων •Loss suffering worse than missing returns for investors •Απώλεια κεφαλαίων χειρότερη από την απώλεια αποδόσεων για τον επενδυτή •Portfolio Allocation = Diversification = Investment Policy •Διασπορά Χ/Φ = Διάρθρωση = Επενδυτική Πολιτική (η πιο σημαντική απόφαση) •Portfolio Selection = Structure = Investment Strategy •Επιλογές Χ/Φ = Δομή = Επενδυτική Στρατηγική (όλες οι πιο σημαντικές επιλογές) •Trade Timing = Risk Rebalancing = Investment Tactics •Χρονισμός Χ/Φ = Αναδιάρθρωση Κινδύνου = Επενδυτική Τακτική (αναδιάρθρωση) •Cost Control = can increase investment returns over time Έλεγχος εξόδων διαχείρισης Χ/Φ = αυξάνει συστηματικά τις αποδόσεις διαχρονικά

5 New EpiCosmos ™ Global Strategy Folios INVESTMENT PRINCIPLES Επενδυτικές Αρχές Diversification Διασπορά Market Efficiencies Αποτελεσματικότητα των Αγορών Risk/Return relationship Σχέση Απόδοσης / Κινδύνου Long term investment principle Μακροπρόθεσμοι Ορίζοντες Investment expense/cost considerations Χαμηλά Κόστη Διαχείρισης Investment Theory & Practice = MPT, CAPM, OT Θεωρία & Πρακτική abc Active-Benchmark-Class = Investment Management Επενδυτικές Φιλοσοφίες Ενεργή, Παθητική (Δείκτη), Κλασική (Κατηγοριοποιημένη βάσει κλάσεων) Investment Principles = Investment Philosophy = Investment Process Επενδυτικές Αρχές = Επενδυτική Φιλοσοφία = Επενδυτική Διαδικασία

6 New EpiCosmos ™ Global Strategy Folios INVESTMENT PHILOSOPHY ΕΠΕΝΔΥΤΙΚΗ ΦΙΛΟΣΟΦΙΑ 5long (time, diversification, small, value, liquidity) Θέσεις μακροπρόθεσμες, με διασπορά σε μικρές, φθηνές, εύκολα ρευστοποιήσιμες αξίες 4even (Policy = Asset Allocation) ΠΟΛΙΤΙΚΗ (Strategy = Security Selection) ΣΤΡΑΤΗΓΙΚΗ (Tactics = Trade Timing) ΤΑΚΤΙΚΗ (Optimization = Risk vs. Return) ΒΕΛΤΙΣΤΟΠΟΙΗΣΗ 3short (volatility, momentum, irrational behavior) Μακριά από διακυμάνσεις (μεταβλητότητα), δυναμική, μη ορθολογική συμπεριφορά 2Investing = flexible but disciplined process Επένδυση = ευέλικτη αλλά πειθαρχειμένη διαδικασία 1You and the market = must be one Ταύτιση Επενδυτή & Αγορών

7 New EpiCosmos ™ Global Strategy Folios Investment Process Επενδυτική Διαδικασία 1.Markets work the way they do for your Asset (Allocation) Class (Investing) always Οι Αγορές συμπεριφέρονται με τον τρόπο τους που επιβάλλει τη διασπορά Χ/Φ 2.Investing is not like speculative trading and must limit non-systematic risks Επένδυση, χωρίς κερδοσκοπία και χαμηλό ειδικό, μη συστηματικό κίνδυνο 3.Rational behavior is required to control Fear and get Clarity, Power, Wisdom Ορθολογική συμπεριφορά απαιτείται για τον καλύτερο έλεγχο του όποιου φόβου με σκοπό την καλύτερη σαφήνεια, εξουσία και σοφία επί επενδυτικών θεμάτων 4.Some investment risks are worth taking and can be assumed in the portfolio Κάποιοι επενδυτικοί κίνδυνοι αξίζουν όταν προσφέρουν ‘λογικές’ αποδόσεις 5.Investment strategy and folio structure Στρατηγική & Δομή πάντοτε 6.Smart trading can offer return rewards‘Εξυπνες’ συναλλαγές και μόνο 7.Cost discipline pays off ceteris paribusΗ φθηνή διαχείριση προτιμάται 8.Long term horizons required for returnsΜακρο-ορίζοντες απαιτούνται

8 EpiCosmos™ folios: global strategy (risk model) based investments Εpic Επενδυτικές Υπηρεσίες ΑΕΠΕΥ Εσπέρου 96, 14564 Κηφισιά Τηλ: 210 7798510 Φαξ: 210 7777621 email:epic@epic.gr Δικτυακός τόπος:www.epic.grepic@epic.grwww.epic.gr Disclaimers Copyright DFA 2011. Unpublished. All rights reserved. This information may only be used for internal use, may not be reproduced or re-disseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Without limiting any of the foregoing, in no event shall DFA, any of its affiliates or any other person involved in or related to compiling, computing, or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential, or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. Copyright MSCI 2011. Unpublished. All rights reserved. This information may only be used for internal use, may not be reproduced or re-disseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates, nor any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates, and each such other person hereby expressly disclaims all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing, or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential, or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages.

9 US Large Cap Returns 1996-2010 Source: Morningstar data provided by Morningstar Inc. Includes all Morningstar US large cap funds with fifteen-year returns, distinct portfolios only, as of December 31, 2010. The S&P data are provided by Standard & Poor’s Index Services Group. CRSP data provided by the Center for Research in Security Prices, University of Chicago. Indexes are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. Values change frequently and past performance may not be repeated. There is always the risk that an investor may lose money. Number of Funds Annualized Compound Returns (%) CRSP 1-10 Index S&P 500 Index Morningstar Fund Average Annualized Compound Return (%) S&P 500 Index6.76 CRSP 1-10 Index7.18 Morningstar Fund Average6.63

10 Total Equity Risk Unsystematic Risk is: •Specific to firm or industry (lawsuit, fraud, etc.). •Diversifiable by investors. •Not compensated to investors. •Targeted by speculators Systematic Risk is: •Market-wide, affects all firms (war, recession, inflation, etc.). •Non-diversifiable by investors. •Compensated to investors. •Measured by the beta factor. Company Risk Industry Risk Market Risk Unsystematic Systematic Beta measures volatility relative to the total market. A beta higher than the market’s beta of 1 implies more volatility, and a beta lower than the market’s implies less volatility. The Capital Asset Pricing Model … provides the paramount reason to diversify William Sharpe: Nobel Prize in Economics, 1990

11 Portfolio Strategy = Portfolio Structure determines Performance Source: Dimensional Fund Advisors study (2002) of 44 institutional equity pension plans with $452 billion total assets. Factor analysis run over various time periods, averaging nine years. Total assets based on total plan dollar amounts as of year end 2001. Average explanatory power (R 2 ) is for the Fama/French equity benchmark universe. • Over 96% of the variation in returns is due to risk factor exposure. • After fees, traditional management typically reduces returns. sensitivity to market [market return minus T-bills] sensitivity to size [small stocks minus big stocks] sensitivity to BtM [value stocks minus growth] random error e(t) ++++= average expected return [minus T-bills] average excess return THE MODEL TELLS THE DIFFERENCE BETWEEN INVESTING AND SPECULATING Priced Risk • Positive expected return. • Systematic. • Economic. • Long-term. • Investing. Un-priced Risk • Noise. • Random. • Short-term. • Speculating. 96% Structured Exposure to Factors. 4% Unexplained Variation •Market. •Size. •Value/Growth.

12 Five Factors Help Determine Expected Return Annual Average Returns 1927–2010 Equity factors provided by Fama/French. Fixed factors provided by Ibbotson Associates. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Market Factor All Equity Universe minus T-Bills Size Factor Small Stocks minus Large Stocks BtM Factor High BtM minus Low BtM Maturity Factor LT Govt. minus T-Bills Default Factor LT Corp. minus LT Govt.

13 Periods based on rolling annualized returns. 715 total 25-year periods. 775 total 20-year periods. 835 total 15-year periods. 895 total 10-year periods. 955 total 5-year periods. Performance based on Fama/French Research Factors. Securities of small companies are often less liquid than those of large companies. As a result, small company stocks may fluctuate relatively more in price. Mutual funds distributed by DFA Securities LLC. The Risk Dimensions Delivered July1926–December 2010 Value beat growth 100% of the time. Value beat growth 99% of the time. Value beat growth 96% of the time. Value beat growth 86% of the time. US Value vs. US Growth OVERLAPPING PERIODS Value beat growth 100% of the time. Value beat growth 95% of the time. Value beat growth 91% of the time. Value beat growth 82% of the time. Small beat large 96% of the time. Small beat large 83% of the time. Small beat large 78% of the time. Small beat large 68% of the time. Small beat large 60% of the time. US Small vs. US Large Small beat large 97% of the time. Small beat large 88% of the time. Small beat large 82% of the time. Small beat large 75% of the time. Small beat large 59% of the time.

14 Based on rolling annualized returns. Rolling multi-year periods overlap and are not independent. This statistical dependence must be considered when assessing the reliability of long-horizon return differences. International Value vs. International Growth data: 133 overlapping 25-year periods. 193 overlapping 20-year periods. 253 overlapping 15-year periods. 313 overlapping 10-year periods. 373 overlapping 5-year periods. International Small vs. International Large data: 193 overlapping 25-year periods. 253 overlapping 20-year periods. 313 overlapping 15-year periods. 373 overlapping 10-year periods. 433 overlapping 5-year periods. International Value and Growth data provided by Fama/French from Bloomberg and MSCI securities data. International Small data compiled by Dimensional from Bloomberg, StyleResearch, London Business School, and Nomura Securities data. International Large is MSCI World ex USA Index gross of foreign withholding taxes on dividends; copyright MSCI 2011, all rights reserved. The Risk Dimensions Delivered Small beat large 100% of the time. Small beat large 84% of the time. Small beat large 76% of the time. Small beat large 75% of the time. International Small vs. International Large Small beat large 100% of the time. Small beat large 97% of the time. Small beat large 82% of the time. Small beat large 78% of the time. Value beat growth 100% of the time. Value beat growth 98% of the time. International Value vs. International Growth OVERLAPPING PERIODS Value beat growth 100% of the time. Value beat growth 98% of the time. January 1975–December 2010 January 1970–December 2010

15 The Importance of Long-Term Discipline The S&P data are provided by Standard & Poor’s Index Services Group. One-Month US Treasury Bills data © Stocks, Bonds, Bills, and Inflation Yearbook™, Ibbotson Associates, Chicago (annually updated work by Roger G. Ibbotson and Rex A. Sinquefield). For illustrative purposes only. Indexes are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. Values change frequently and past performance may not be repeated. There is always the risk that an investor may lose money. Annualized Compound Returns (%)1926-20101965-19811982-2010 S&P 500 Index9.876.3311.30 One-Month US Treasury Bills3.626.664.81

16 Value Added: Efficient Market Investing Asset Class Management •Grounded in the efficiency of capital markets. •Captures specific dimensions of risk identified by academic research. •Minimizes transaction costs and enhances returns through trading and engineering. Active Management •Attempts to beat the market through security selection and market timing. •Undermines asset class exposure to keep up with the most “promising” securities. •Generates higher fees, trading costs, and tax consequences due to increased turnover. Index Management •Accepts asset class returns. • Allows commercial benchmarks to define strategy. •Sacrifices transaction costs and turnover in favor of tracking.