ps portfolio consulting - strategy presentation - sept10
TRANSCRIPT
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
1/18
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
2/18
Founder of Panthera Solutions.
Markus has over 10 years experience in trading, structuring and managingstandard and alternative investment products. Previously to Panthera,Markus was Managing Director at Twelve Asset Management Inc., aLong/Short Equity Hedge Fund for which he developed the tradingalgorithm. He was one of the first in Europe to fit hedge fund strategiesinto UCITS III compliant structures.Markus successfully started his career as Equity and Options Trader at theAustrian Volkskreditbank, followed by an engagement at the HypoLandesbank as Macro Analyst for the Private Banking department in 2002.Markus graduated from his Master in Economics at Johannes KeplerUniversity (and University of Pittsburgh). In 2005 he successfullygraduated from his MBA (specialized in Corporate Finance and WealthMgmt) at the International University of Monaco (Top 35 worldwide) .
After receiving his MSc in Financial Engineering degree in 2006 from IUM,he joined the Alternative Investment Boutique Monaco Capital Partnerswhere he signed responsible for structuring offshore Real Estate andPrivate Equity funds with investment focus on Asia.
Since 2009 Markus is teaching the courses Hedge Fund Structures andPortfolio & Hedge Fund Strategies at the International University ofMonaco. In 2007 he was nominated as fellow for the renowned RoyalSociety of Arts.
Panthera Solutions
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
3/18
Institutional and private portfolio management still relies on outdated models,
antiquated allocation convictions and a limited use of modern portfolio managementinsights. See studies from Booz & Company and the University of Zurich.
The Great Recession taught us forcefully that following old paradigms in portfoliomanagement is the wrong response to a globalized, hence interconnected world.
Panthera Solutions
http://www.booz.com/de/home/Presse/Pressemitteilungen/pressemitteilung-detail/45871909http://www.ifi.uzh.ch/im/fileadmin/user_upload/research_downloads/Schweizer_Bank.pdfhttp://www.ifi.uzh.ch/im/fileadmin/user_upload/research_downloads/Schweizer_Bank.pdfhttp://www.booz.com/de/home/Presse/Pressemitteilungen/pressemitteilung-detail/45871909 -
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
4/18
Mankinds civilizing evolution is driven by certain basal, globally
sourced trends (1). PPS covers these long-term trends by its defaultpolicy allocation of considered asset classes.
As evolution goes in cycles, PPS acknowledges the fact that thesetrends need to be cyclically exploited.
PPS responds to trend-led geographical allocation adjustments.
PPS conclusively follows trend substance (trend value) and filtersmarket fashion out.
* (1) Global Trends 2025: A Transformed World (NIC|11/08)
Panthera Solutions
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
5/18
Wealth Participation of the Third WorldLuxury Catch-Up of China, India and RussiaSustainable Consumption of the West (Eco Chic, Moral Commerce)
Shortage of Strategic Ressources like Water & Fossil RessourcesUtilization of Alternative Energy Sources and Energy EfficiencyDe-centralized Energy Supply
CO2 Contamination and Global WarmingGrowing Ecological Pollution in Emerging MarketsClean Technologies & Social Corporate Responsibility
Dynamic Growth of MegacitiesDevelopment of Adjusting Infrastructure SolutionsNew Residential-, Life- and Participation Solutions
World Risk SocietyGlobal Terrorism and Failed StatesProliferation of WMD
Aging and Shrinking of Western SocietiesGrowing Migration StreamsIncreasing Birth-Rate in Emerging Societies
Biology as Lead-ScienceRenaissance of BionicSwarm Intelligence: New Social Structures
IT & Nano-Technology as Key-Convergence DriversImpulses for Many Applications (Medicine, Energy)NBIC Convergence
Panthera Solutions
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
6/18
Panthera Solutions
Specialization has a tippingpoint to instabilization.
Correlation does not work.
Kurtosis does not work.
Developed & emerging market
distinction does not work.
CAPM does not work.
TAA (market timing)does not work
Liquidity evaporates whenneeded most.
Interconnectivity of global
economy will further increase.
Build allocation outsidecorrelation.
In complex systems, youneed a lot of insurance.
Spot global structuralinefficiencies & embed in policy
Cycle Timing supersedesMarket Timing
Global Investment Universewith no asset class limitations
Accurate policy allocation andsecurity selection is sufficient.
Distinction of different growthpotentials is relevant.
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
7/18 Panthera Solutions
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
8/18
Global Equity
Fixed Income
Real Estate
Forestry
Infrastructure
Commodities
Cash &Equivalents
Listed Equity
Private Equity
Governmental
Corporate
Direct Residential
Direct Commercial
Cash
FX
Volatility
Diversificationto Equity
-
DirectionalOptions
Long & Short
Sub-CategoriesConsideredAsset Classes
-
Medium
Medium
High
Low
Medium
Low
Medium
High
High
High Long
Long & Short
Neutral
Long & Short
Long & Short
Long
Long
Long
Long
Long
Long-
-
Physical
Medium Long & ShortDerivatives
ManagementTendency
Passive
Active
Passive
Active
Passive
Active
Passive
Passive
Passive
Active
Active
Active
Active
Panthera Solutions
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
9/18
Argentina
Australia
Brazil
Canada
ChinaFrance
Germany
India
Indonesia
Italy
Japan
Mexico
RussiaSaudi Arabia
South Africa
Turkey
UK
USA
EU 27
GrowthPotential *
G 20GDP (qoq)
Q1/10Cycle
Status *US Market
Diversifier *
7.00 %
4.00 %
9.00 %
4.00 %
13.00 %3.00 %
3.50 %
11.00 %
8.00 %
3.00 %
3.00 %
6.00 %
6.00 %6.00 %
7.00 %
12.00 %
4.00 %
5.00 %
4.00 %
3.00 %
0.80 %
2.70 %
3.40 %
11.90 %0.10 %
0.20 %
8.90%
5.70 %
0.40 %
1.20 %
4.30 %
4.50 %4.00 %
4.60 %
11.70 %
0.30 %
0.70 %
0.20 %
1
2
2
1
34
1
1
1
1
2
1
11
1
2
3
2
1
Medium
Weak
Medium
Weak
StrongWeak
Weak
Strong
Medium
Weak
Weak
Medium
MediumMedium
Medium
Medium
Weak
-
Weak
* Sample Data
Panthera Solutions
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
10/18
35%
31%
26%
5%
3%
Europe North America Asia South America Middle East/Africa
G20 Member Landscape
Panthera Solutions
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
11/18
INFLECTIONPOINT
1 2
3 4
TOP
BOTTOM
INFLECTIONPOINT
TURNINGPOINT
TURNINGPOINT
Cycle Status
Basal Trend
Growth Potential
Policy&
Underlying
Panthera Solutions
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
12/18
Business Cycle positioning of all G20 members inrelation to their individual growth potentialleads to the right diagram (Q3/09 example).
Panthera Solutions
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
13/18
Growth Potential Matrix Update
Product Rebalancing Window
Policy Rebalancing Window Quarterly
Weekly
Monthly
Due Diligence Parameters
Liquidity
Fee-Fairness
Counterparty Risk Diversification
Strategy Loyalty
Transparency
Manager Skills Tax Efficiency
Panthera Solutions
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
14/18
No product trading No product exchange No transaction costs Monthly re-balancing No currency hedge
Global Equity
Fixed Income
Real Estate
Forestry
Infrastructure
Commodities
Cash, Vola,Arbitrage
Allocation %
17,5
55
0
5
0
10
12,5
ConsideredAsset Classes
Master Parameters
2006 2007 2008 2009 2010 Avg
Inflation Eurozone 2,2 2,1 3,3 0,3 1,07 1,79
Expected Excess Return 4 4 4 4 2,67 3,73
Target Return 6,2 6,1 7,3 4,30 3,73 5,53
Delivered Return 5,63 6,99 5,66 6,26 8,78 6,66
MonthlyPerformance
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2006 1,07 0,13 -0,12 0,30 -0,78 0,14 -0,19 1,38 0,71 1,33 0,37 1,17 5,632007 0,95 -0,26 -0,47 1,58 1,17 0,48 -0,06 0,19 1,22 2,43 -0,27 -0,12 7,052008 -0,02 0,92 -1,35 5,91 0,76 -1,80 -0,05 1,73 -1,57 0,26 0,41 0,53 5,662009 0,84 -0,58 -0,08 2,68 -0,50 0,50 1,57 0,60 1,04 -0,82 0,57 0,58 6,26
2010 0,23 1,41 2,81 1,34 0,93 -0,04 -0,1** 2,22* 8,78
Inflation+ 4 %
Panthera Solutions
Management Style PPSActive Management 45 %Passive Management 55 %
Strategy Style PPSLong & Short 32,5 %Long Only 67,5 %
Currencies80 % EUR15 % USD5 % GBP
Security Weightings10x 2,50%6x 5,00%6x 7,50%
22 Securities
* 82,5% of all NAVs reported** 97,5% of all MAVs reported
60
70
80
90
100
110
120
130
140
Dec05
Mar06
Jun06
Sep06
Dec06
Mar07
Jun07
Sep07
Dec07
Mar08
Jun08
Sep08
Dec08
Mar09
Jun09
Sep09
Dez09
Mrz10
Jun10
PPS MSCI World
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
15/18
No product trading No product exchange No transaction costs Monthly re-balancing No Currency Hedge
Listed Equity
Fixed Income
Real Estate
Forestry
Infrastructure
Commodities
Cash, Vola,Arbitrage
Allocation %
7,5
37,5
0
5
0
25
15
ConsideredAsset Classes
Master Parameters
2006 2007 2008 2009 2010 YTD Avg
Inflation Eurozone 2,2 2,1 3,3 0,3 0,93 1,77
Expected Excess Return 8 8 8 8 5 7
Target Return 10,2 10,1 11,3 8,30 5,60 9,10
Delivered Return 6,34 10,58 7,71 8,20 9,84 8,53
MonthlyPerformance
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2006 1,39 0,53 0,23 0,08 -0,67 0,06 0,04 1,12 1,03 1,34 -0,49 1,54 6,342007 1,50 0,08 -0,35 1,14 1,82 1,01 1,12 0,35 0,13 2,96 0,17 0,21 10,582008 0,04 1,26 -2,45 3,53 1,17 -1,54 -0,06 3,41 0,27 4,04 0,61 -2,56 7,712009 3,89 -0,21 -1,13 2,30 -1,77 0,55 1,47 0,70 0,79 -0,82 0,40 1,96 8,20
2010 1,79 2,31 2,85 2,02 2,56 0,17** -1,86* 9,84
Inflation+ 8 %
Private Equity 10
Panthera Solutions
Management Style PPSActive Management 65 %Passive Management 35 %
Strategy Style PPSLong & Short 52,5 %Long Only 47,5 %
Currencies50 % EUR45 % USD5 % GBP
Security Weightings12x 2,50%14x 5,00%0x 7,50%
26 Securities
* 90% of all NAVs reported** 97.5% of all NAVs reported
50
70
90
110
130
150
Dec05
Mar06
Jun06
Sep06
Dec06
Mar07
Jun07
Sep07
Dec07
Mar08
Jun08
Sep08
Dec08
Mar09
Jun09
Sep09
Dez09
Mrz10
Jun10
PPS MSCI World
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
16/18 Panthera Solutions
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
17/18
Inflation+ 8 %
Inflation+ 4 %
Inflation+ 2 %
Panthera Solutions
-
8/8/2019 PS Portfolio Consulting - Strategy Presentation - Sept10
18/18
Mag. Markus Schuller, MBA MScFE, FRSA5, Rue des ViolettesMC 98000 Monaco
+33 674 274 [email protected]
This presentation supersedes any presentation or information which may have beenpreviously issued to anyone in relation to Panthera Portfolio Solution (PPS). The contentsof this presentation, including the terms of the fund, are preliminary and subject to changewithout notice. This is not an offer of interests or a solicitation of an offer to sell securitiesor an interest in PPS. or in any investment vehicle. This presentation is only intended forpreliminary information purposes, is for the addressee only, is the property of Panthera
Solutions (PANTHERA)in any media, and may not be disclosed to any third party in part orin whole without the written consent of PANTHERA. Neither PANTHERA nor the Advisor,nor any of the parties mentioned herein including their subsidiaries, affiliates, shareholders,directors or employees, nor any persons or professional firms directly or indirectly involvedin any aspect of PPS, guarantee the accuracy or completeness of this presentation; neitherare they making any representation or providing any guarantee whatsoever as to the futureeconomic performance of PPS. or as to whether PPS will at any time in the future produceany return or other benefits to any potential participant or investor. Anyone contemplatinga participation or investment in PPS or a similar vehicle should refer to the privateplacement memorandum (which shall supersede and cancel this presentation), and shouldunderstand that participating in PPS constitutes a risky investment in an emerging solution,and are invited to conduct their own due diligence. The name of Panthera PortfolioSolution is the property of PANTHERA and is subject to change without notice. This
document shall be superseded by the PPM when available.
DisclaimerContact Details
mailto:[email protected]://www.panthera.mc/http://www.panthera.mc/mailto:[email protected]