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
New EpiCosmos ™ Global Strategy Folios Wealth Management Approach – Προσέγγιση Διαχείρισης Κεφαλαίου & Περιουσίας 1.Η «Αγορά»The Market 2.Επένδυση ή ΚερδοσκοπίαInvestment VS Speculation 3.Επενδυτική Πολιτική, Στρατηγική, ΤακτικήInvestment Policy, Strategy & Tactics 4.Διαχείριση Ενεργή, Παθητική, «Κλασική», με ή χωρίς Αντισταθμιστικές Τακτικές Active, Passive, Enhanced, Hedged 5.Επιστήμη των Επενδύσεων, οι Συμβουλές, οι Λύσεις, η Διαχείριση και η Γνώση Investment science, advice, management, education, solutions 6.Διασπορά, Κινδύνος/Απόδοση, Ορίζοντας, Χρεώσεις, Αναδιάρθρωση, Έλεγχος Allocations, risks & returns, risk factors, time, costs, review, rebalancing, control 7.Αγορά, Μέγεθος, Αποτίμηση, Ρευστότητα, Δυναμική, Μεταβλητότητα, Διασπορά Market, size, price, liquidity, momentum, volatility, diversification 8.Διαθέσιμα, Μετοχές, Ομόλογα, Ακίνητα, Συλλεκτικά, Παράγωγα, Συνάλλαγμα Cash, stocks, bonds, real estate, commodities, collectibles, derivatives, FX 9.Επενδυτκές ΈννοιεςInvestment Concepts 10.Παράρτημα – Ιστορία Επενδυτικών ΑποδόσεωνAppendix – Returns History
New EpiCosmos ™ Global Strategy Folios 1.Mr. MarketΟ κος ‘Αγορά’ 1.InvestmentΕπένδυση 2.SpeculationΚερδοσκοπία 1.Investment Policy= Πολιτική 2.Investment Strategy= Στρατηγική 3.Investment Tactics= Τακτική 1.Science of InvestingΕπιστήμη των Επενδύσεων 2.Refined Investment Advice‘Εξειδικευμένη’ Επενδυτική Συμβουλή 3.Enhanced Investment ManagementΚλασική και ‘Ενισχυμένη’ Διαχείριση 4.Educated and Knowledgeable Investor‘Μορφωμένος’ και Γνώστης Επενδυτής
New EpiCosmos ™ Global Strategy Folios 1.Markets at workΗ λειτουργία των Αγορών 2.Long investing positionsΘέσεις για τοποθετήσεις 3.Short investing positionsΘέσεις προς αποφυγή 4.Investment principlesΕπενδυτικές αρχές 5.Investment processΕπενδυτική διαδικασία 1.RiskΚίνδυνος 2.ReturnΑπόδοση 3.FearΦόβος 4.ClarityΣαφήνεια 5.ConcentrationΕπικέντρωση 6.DiversificationΔιασπορά
New EpiCosmos ™ Global Strategy Folios ΠΑΡΑΓΟΝΤΕΣ ΚΙΝΔΥΝΟΥ 1.Marketη ΑΓΟΡΑ 2.Sizeτο ΜΕΓΕΘΟΣ/ΚΕΦΑΛΑΙΟΠΟΙΗΣΗ 3.Priceη ΑΠΟΤΙΜΗΣΗ 4.Liquidityη ΡΕΥΣΤΟΤΗΤΑ 5.Volatilityη ΜΕΤΑΒΛΗΤΟΤΑ 6.Momentumη ΔΥΝΑΜΙΚΗ των ΑΠΟΔΟΣΕΩΝ 7.Diversification*η ΔΙΑΣΠΟΡΑ/ΔΙΑΡΘΡΩΣΗ
EpiCosmos™ folios: global strategy (risk model) based investments Εpic Επενδυτικές Υπηρεσίες ΑΕΠΕΥ Εσπέρου 96, 14564 Κηφισιά Τηλ: 210 7798510 Φαξ: 210 7777621 email:firstname.lastname@example.org Δικτυακός τόπος:email@example.com 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.
Data provided by Fama/French. The strategy of staying invested in Small Cap all the time is compared to timing rules that switch back and forth between Small Cap and Large Cap based on the length of the Small Cap Run. Each June 30, the timing rule looks back to see how many years in a row Small Cap has had a higher return than Large Cap. This is the Small Cap Run. If the Small Cap Run is at least 3 years (or 4, or 5), the timing rule switches to Large Cap for the next twelve months. At the end of those twelve months, the Small Cap Run is computed again, and the process is repeated. Stay in Small all the time Move to Large when Small outperforms for at least: 3 Years4 Years5 Years Average Annual Return (%)14.5512.6013.4114.14 Compound Annualized Return (%)12.1510.5111.2511.92 Standard Deviation (%)23.4722.0722.4122.69 •For the period beginning July 1946, implementing a fixed timing strategy based on the duration of a small cap run would not earn higher returns than simply holding small cap all the time. •A small cap run of 3, 4, or 5 years offers no insight into whether small or large cap stocks will outperform in the next year. US Small Cap Performance Following a Run Annual: July 1946–June 2010
Data provided by Fama/French. The strategy of staying invested in Value all the time is compared to timing rules that switch back and forth between Value and Growth based on the length of the Value Run. Each June 30, the timing rule looks back to see how many years in a row Value has had a higher return than Growth. This is the Value Run. If the Value Run is at least 3 years (or 4, or 5), the timing rule switches to Growth for the next twelve months. At the end of those twelve months, the Value Run is computed again, and the process is repeated. Stay in Value all the time Move to Growth when Value outperforms for at least: 3 Years4 Years5 Years Average Annual Return (%)15.6915.1815.5315.57 Compound Annualized Return (%)13.8513.3413.7013.75 Standard Deviation (%)20.5320.5920.5420.46 •For the period beginning July 1946, implementing a fixed timing strategy based on the duration of a value run would not earn higher returns than simply holding value all the time. •A value run of 3, 4, or 5 years offers no insight into whether value or growth stocks will outperform in the next year. US Value Performance Following a Run Annual: July 1946–June 2010
The Impact of Volatility: Impact on a Hypothetical $100,000 Portfolio For illustrative purposes only. Year 1 Return Year 2 Return Average Return Compound Return Value at End of Year 2 Portfolio #150%-50%0%-13.4%$75,000 Portfolio #210%-10%0%-0.5%$99,000
DayMonth3 Months Ending 6 Months Ending 12 Months Ending 10/13/0810/7410/826/756/83 10/19/8710/8711/082/09 Worst Periods and the Return If Missed Best Periods and the Return If Missed Best/Worst Missed Period Total Period 9.70% 9.58% 9.36% 9.06% 8.72% 11.52% 11.45% 10.94% 10.64% 10.57% 9.99% Annualized Compound Returns % Time periods greater than one month are based on monthly rolling periods, and dates indicated are end of period. The S&P data are provided by Standard & Poor’s Index Services Group. Indexes are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Dimensional Fund Advisors is an investment advisor registered with the Securities and Exchange Commission. Information contained herein is compiled from sources believed to be reliable and current, but accuracy should be placed in the context of underlying assumptions. This publication is distributed for educational purposes and should not be considered investment advice or an offer of any security for sale. Past performance is not a guarantee of future results. Unauthorized copying, reproducing, duplicating, or transmitting of this material is prohibited. Date of first use: June 1, 2006. Performance of the S&P 500 Index Daily: January 1, 1970-December 31, 2010 • The best single day was October 13, 2008. • The best one-month return, October 1974, happened immediately after the second-worst one-year period. • The occurrence of strongly positive returns has been especially unpredictable. Investors attempting to wait out an apparent downturn ran a high risk of missing these best periods. • Nine of the top 25 days occurred between September 2008 and February 2009, during which time the S&P dropped 41.8% • Five of the Top 10 days occurred between October 2008 and November 2008, during which time, the S&P 500 dropped 22.8%.
• Strong performance among a few stocks accounts for much of the market’s return each year. • There is no evidence that managers can identify these stocks in advance—and attempting to pick them may result in missed opportunity. • Investors should diversify broadly and stay fully invested to capture expected returns. All US StocksExcluding the Top 10% of Performers Each Year Excluding the Top 25% of Performers Each Year Compound Average Annual Returns: 1926-2010 Results based on the CRSP 1-10 Index. CRSP data provided by the Center for Research in Security Prices, University of Chicago. Missing Opportunity in the Stock Market
The Contribution of Fixed Income Securities to Investment Portfolios One aspect of fixed income’s role in a portfolio is to reduce volatility. This may be accomplished by employing: •Shorter maturities with lower equity correlations. •High-quality issues. •A global approach that hedges all currencies.
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