jss sustainable bond eur - j. safra sarasin · 9 notes: benchmark is the ftse euro big; “labelled...
TRANSCRIPT
2
Mission Statement
We aim to achieve superior risk-
adjusted returns by investing in
high quality bonds of sustainable
issuers. We aim to generate
excess return in order to
complement interest income.
3
Key Characteristics
Integration of sustainability to supplement the standard
credit analysis
Active management to generate excess return
Strong risk-adjusted performance in rising and falling
yield phases
Stability for portfolios during market turbulences and
economic downturns
Portfolio of diverse and high quality sovereign and
corporate bonds denominated in Euro
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One of the very few assets with positive
performance in 2020
Indexed performance of relevant asset classes (since January 2020)
(25 %)
(20 %)
(15 %)
(10 %)
(5 %)
0 %
5 %
Jan-20 Feb-20 Mar-20
Euro Corporate Bonds Euro Stoxx S&P 500 Global High Yield JSS Sustainable Bond EUR
Notes: Benchmark is FTSE Euro BIG
Source: Bloomberg, Bank J. Safra Sarasin Ltd; own calculations, as of 10/03/2020
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Strong performance in the long run, despite
the prevailing low yield environment
Indexed performance of relevant asset classes (since January 2019)
(5 %)
0 %
5 %
10 %
15 %
20 %
25 %
30 %
35 %
Jan-19 Apr-19 Jul-19 Oct-19 Jan-20
Euro Corporate Bonds Euro Stoxx S&P 500 Global High Yield JSS Sustainable Bond EUR
Notes: Benchmark is FTSE Euro BIG
Source: Bloomberg, Bank J. Safra Sarasin Ltd; own calculations, as of 10/03/2020
6
Bringing stability to portfolios through a high
share of AAA-rated bonds
Notes: Benchmark is FTSE Euro BIG
Source: Bloomberg, Bank J. Safra Sarasin Ltd; own calculations, as of 10/03/2020
Interest Rate Duration by MaturityRating Distribution
0%
5%
10%
15%
20%
25%
30%
AAA AA A BBB BB
Portfolio Benchmark
0.0
1.0
2.0
3.0
4.0
5.0
6.0
0 to 3 years 3 to 7 years 7 to 15 years 15+ years
Portfolio Benchmark
7
Ranking among the best in its Morningstar Peer
Group
Past performance is no indication of current or future performance
Source: Morningstar direct, Bank J. Safra Sarasin Ltd. as of 31.12.2019..
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Our Sustainability Toolkit Is Embedded in Each
Step of Our Investment Process
Investment
Analysis
Portfolio
Construction
Continuous
Monitoring
Universe
Definition
Exclusion of controversial activities
Sustainability analysis comprising both
industry & company level assessments
Harnessing opportunities through long-term
transformational trends
Identifying companies with ESG operational
excellence
ESG risk review of portfolios and individual
holdings
ESG portfolio reporting
Reduce Risks
Deliver Returns
Reduce Risks
Active ESG
Monitoring
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Notes: Benchmark is the FTSE Euro BIG; “labelled bonds” refers to Green, Social, Sustainability and Development Bank bonds
Source: Bloomberg, Bank J. Safra Sarasin Ltd as of 20/03/2020
The JSS Sustainable Bond EUR at a glance
Portfolio Benchmark
Yield to Worst (EUR share class) 2.2% 0.4%
Modified Duration 7.7 years 7.5 years
Coupon 1.7% 2.1%
Average Rating AA- A+
Share of AAA rated bonds 28% 24%
Share of «labelled» bonds 39% 7%
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The JSS Sustainable Bond EUR a unique selling
proposition
Invest exclusively in
sustainable issuers
Active management of
yield curve and duration
Dynamic allocation to
sovereign and corporate
bonds to achieve an
optimal risk & return
profile
Active selection of
issuers and instruments
JSS Sustainable Bond EUR
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Team of More than 40 Investment Professionals
Dedicated to Bond Strategies
Wilhelm Schäfer
Head Fixed Income
Core & Systematic
(26/2)
Fixed Income Core & Systematic
Roland Müller
Senior Portfolio
Manager
(22/5)
Christoph John
Senior Portfolio
Manager
(21/13)
Benoît Robaux
Senior Portfolio
Manager
(18/11)
Michail Gasparis
Junior Portfolio
Manager
(7/5)
Wernhard Kublun
Becerra
Investment Specialist
Fixed Income
(18/4)
Investment Specialists
Dr. Florian Weber, CFA is a Vice President and Senior Portfolio Manager, based in Basel. He is responsible for managing
several EUR sovereign and corporate bond funds and the EUR Model Portfolio for premium clients. Prior he was J. Safra
Sarasin’s Fixed Income Strategist where he was responsible for the coverage of the interest rate products in the G4 markets,
including yield forecasts for sovereign bonds, intra-euro area sovereign spread positioning and money market positions. He
regularly contributed to the key Bank J. Safra Sarasin publications. Florian joined Bank J. Safra Sarasin in 2016. Previously he
was a Global Rates Strategist at Credit Suisse in London.
Benoît Robaux is a Director and Senior Fixed Income Portfolio Manager, based in Basel. He is responsible for managingseveral sovereign and corporate bond funds in USD and GBP as well as strategies investing in global financial subordinateddebt. Prior to that he was J. Safra Sarasin’s Credit Strategist, formulating the credit strategy and spread outlook in European andUS Investment Grade and High Yield markets. He authored a range of publications elaborating on strategic views, key trendsand thematic calls across global credit markets, regions, ratings and issuers. Benoit joined Bank J. Safra Sarasin in 2008.Previously he was a Credit Fund Manager at Axa Invesment Managers and Fixed Income Quantitative Analyst at Amundi.
Florian Weber
Senior Portfolio
Manager
(8/4)
Gerhard v.
Stockum
Senior Portfolio
Manager
(7/1)
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Important Legal Information (1/2)
This document has been prepared by Bank J. Safra Sarasin Ltd (“Bank”) for the sole use of the recipient only. The information and
descriptions of the investment product contained in this document are intended purely for information purposes and do not constitute
financial, legal or tax advice and/or any other recommendation, offer or solicitation to acquire or sell investment products, to engage in a
transaction, or to conclude any type of business, nor are they any substitute for, in each individual case, obtaining the necessary advice and
information on risk from your professional advisor to an extent which you consider appropriate and reasonable, in order to ensure that the
transaction is appropriate and suitable to your financial goals and circumstances.
This document is based on publicly available information and data (“the Information”) believed to be correct, accurate and complete. The
Bank has not verified and is unable to guarantee the accuracy and completeness of the Information contained herein. Possible errors or
incompleteness of the Information do not constitute legal grounds (contractual or tacit) for liability, either with regard to direct, indirect or
consequential damages. There is no obligation on the part of Bank or any other person to update the content of this document. The views
and opinions contained in this document, along with the quoted figures, data and forecasts, may be subject to change without notice.
The collective investment fund described in this document is a subs-fund of JSS Investmentfonds. JSS Investmentfonds is a UCITS
organized as an open-ended investment company (société d’investissement à capital variable – “SICAV”) regulated by the Commission de
Surveillance du Secteur Financier (“CSSF”). It has been authorized for marketing in Switzerland by the Swiss Financial Market Supervisory
Authority FINMA.
The price and value as well as any income that might accrue of any financial instrument mentioned in this document may move upwards or
downwards.
Past performance is no indication of current or future performance. The performance shown does not take account of any commissions and
costs incurred on the issue and redemption of units. Such costs and commissions have a negative impact on the performance of the fund.
Information containing forecasts are intended for information purpose only and are neither projections nor guarantees for future results and
could differ significantly for various reasons from actual performance. Investments in foreign currencies are subject to exchange rate
fluctuations. Exchange rate risk will apply if the investor’s reference currency is not the same as the investment currency.
13
Important Legal Information (2/2)
Investing in this fund entails risks which are outlined in the prospectus. The latest available prospectus as well as the Key Investor
Information Document “KIID” should be carefully read and an independent consultant should be consulted before considering any
investment. The above mentioned documents, the articles of incorporation as well as the annual and semi-annual reports are available free
of charge from the paying agent (Bank J. Safra Sarasin Ltd, Elisabethenstrasse 62, P.O. Box, CH-4002 Basel, Switzerland) or the Swiss
representative (J. Safra Sarasin Investmentfonds Ltd, Wallstrasse 9, CH-4002 Basel, Switzerland).
The Bank and/or an affiliate of the J. Safra Sarasin Group, its clients and/or officers may hold a position or engage in transactions in any of
the financial instruments mentioned.
The Bank does not accept any liability whatsoever for losses arising from the use of the Information (or parts thereof) contained in this
document. In particular, neither the Bank nor its shareholders and employees shall be liable for the views contained in this document.
This publication is intended only for investors in Switzerland. It may only be distributed in countries where its distribution is legally permitted.
This information is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) such
offering is prohibited. Shares/Units of this fund may not be offered, sold or delivered to persons domiciled in the USA, US nationals or US
person as defined by FATCA-rules. Consequently, services and/or products mentioned in this document may not be available in all
countries. Interested parties should contact the local J. Safra Sarasin Group-representative to be informed about the services and products
available in their country of residence.
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Bank J. Safra Sarasin Ltd
Elisabethenstrasse 62
P.O. Box
CH-4002 Basel
T: +41 (0) 58 317 44 44
F: +41 (0) 58 317 44 00
www.jsafrasarasin.com