Emirates NBD Asset Management Regulated by the DFSA Corporate and - - PowerPoint PPT Presentation

Emirates NBD Asset Management Regulated by the DFSA Corporate and product profile

31st August 2013

Table of contents

Emirates NBD Asset Management Asset Management team Flagship fund range

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Emirates NBD Asset Management

Ownership

• 100% owned by Emirates NBD, one of the largest banks in the GCC in terms of

assets, and is its dedicated asset management arm Scope of services

• The company manages a range of public mutual funds that cover regional and

global equity, fixed income and real estate

• It also manages discretionary and non discretionary portfolios, tailored to a

specific client’s requirements

• In addition, the team recommends advisory trade ideas and structured products
• All of the above services can be offered on both a conventional and Shari’a

compliant basis License and regulation

• Based in the DIFC, regulated by the DFSA as a Category II Firm, with the

additional ability to operate an ‘Islamic Window’

• Funds domiciled in Jersey (regulated by the Jersey Financial Services

Commission) and in Luxembourg Personnel

• Staff located in the DIFC, with both regional and global distribution reach

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The team has on several occasions been recognized by outside entities as being an expert in the MENA region

External recognition in the shape of industry awards

Year Awards 2013

• ‘Best Asset Management Company’ at the 2013 Arab Achievement awards
• ‘Best Fund Manager MENA’ at the Global Banking and Finance Review Awards 2013
• ‘Best Regional Fund Manager’ at the Banker Middle East Industry Awards 2013
• ‘Best International Investment Fund’ for the Emirates Active Managed Fund at the Banker Middle East

Product Awards 2013

• ‘UAE Asset Manager of the Year’ and ‘Fixed Income Fund of the Year’ - Emirates MENA Fixed Income

Fund - MENA Fund Manager Performance Awards 2013 2012

• ‘UAE Asset Manager of the Year’ and ‘Sukuk Manager of the Year’ at the 2012 Global Investor/ISF Middle

East Awards

• ‘MENA Sukuk Manager of the Year’ at the 2012 Global Investor/ISF Investment Excellence Awards
• ‘Best Islamic Wealth Management Services Provider’ at the 2012 London Sukuk Summit awards
• ‘Best Asset Management Company’ at the 2012 Arab Achievement awards
• The Emirates Global Sukuk Fund was named ‘Specialist Fund of the Year’ at the 2012 MENA Fund

Manager awards 2011

• ‘Best Fund Management Company’ at the 2011 Arab Achievement awards
• ‘Equity Manager of the Year’ at the Global Investor/ISF Middle East awards 2011

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External validation

* S&P extracts refer to the selected funds mentioned. Please see the full reports for each of the graded funds for complete details.

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Why Emirates NBD Asset Management?

Experienced team

• One of the largest and most diverse teams in the region with a strong track

record

• Vastly experienced in regional as well as international markets, in both

Shari’a compliant and conventional products Tried and tested research driven approach

• Proven bottom up research driven investment process, focusing on

company and economic fundamentals, coupled with a top down overlay

• Blend of value and growth, with greater emphasis on value
• Flagship funds graded Silver by S&P

Strong parent backing

• Being part of an independent asset management company yet 100%
• wned by one of the largest banks by assets in the region, Emirates NBD

Global distribution capabilities

• Direct clients through own sales force
• Internal channels of Emirates NBD Group (Priority Banking, Private Bank,

Islamic Bank)

• Funds approved by global platforms such as Zurich, Friends Provident,

Skandia, Hansard, Generali, Allfunds, Fund Channel, iFAST and Alico Highly regulated entities

• Internal oversight provided by internal auditors as well as various risk and

investment committees

• External regulation by the DFSA, JFSC and financial auditors

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A flexible product offering:

• Investment options across all asset classes and geographies, in either a Shari’a compliant or

conventional format

• Award winning funds managed by Emirates NBD Asset Management, with established track records
• Tailor made discretionary portfolios according to investor’s needs

Emirates NBD Asset Management’s scope of business

Jersey funds

Real Estate Bonds & Sukuk MENA Equities Global Multi Asset

Tailor made

Non discretionary portfolio management

Client selection In house public funds Portfolios Advisory & execution

Discretionary portfolio management

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Sample platform links and partnerships

Table of contents

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Emirates NBD Asset Management Asset Management team Flagship fund range

Key members of the asset management team

• B. Eng Hons (Mechanical Engineering), CFA
• 13 years experience in portfolio management and stock

research.

• Previously with Lion Capital Management, Singapore
• Strong focus on value investing, using a top down and

bottom up style of portfolio management.

Yong Wei Lee, CFA Head of MENA Equities Sean Daykin Head of Multi Asset Investments

• BSc (Hons) Computer Science with Economics, MBA,

Associate of the CFA Institute, ASIP, Fellow of the Chartered Institute for Securities & Investment

• 22 years investment experience across asset classes
• Previously with Aviva Investors (UK and US), Gulf

Investment Corporation (Kuwait) and ADIA (UAE).

Tim Rose Head of Real Estate Usman Ahmed, CFA Head of Fixed Income

• Masters in Business Administration, CFA
• 13 years fixed income experience (5 years MENA Fixed

Income)

• Previously with Mashreq Capital, DIFC
• Focused on Issuer/Issue selection with an emphasis on

credit analysis

• Bachelor of Commerce in Valuation and Property

Management , Post Graduate Diploma in Commerce, Registered Valuer in New Zealand, and a Senior Member of the New Zealand Property Institute.

• 18 years experience in the Real Estate sector, with 8 of

those in the region

• Previously with the DIFC

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Table of contents

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Emirates NBD Asset Management Asset Management team Flagship fund range

Emirates NBD Asset Management has a long and established track record in managing funds across the board:

Fund range covers all major asset classes

Conventional funds 2013 YTD performance Fund size $m S&P graded Fixed Income Emirates MENA Fixed Income Fund

• 2.64%

181  MENA Equities Emirates MENA Top Companies Fund 21.64% 121  Emirates MENA High Income Fund 14.56% 49 Global Funds Emirates Active Managed Fund

• 0.88%

36  Emirates Balanced Managed Fund

• 1.53%

26  Emirates Conservative Managed Fund

• 1.47%

17  Shari’a compliant funds 2013 YTD performance Fund size $m S&P graded Fixed Income Emirates Global Sukuk Fund

• 2.287%

125  Emirates Islamic Money Market Fund 0.48% 93 MENA Equities Emirates MENA Opportunities Fund 8.72% 78  Global Funds Emirates Islamic Global Balanced Fund 0.64% 27 Emirates Emerging Market Equity Fund

• 16.42%

24 Real Estate Emirates Real Estate Fund* 5.99% 234

Source: ENBD Asset Management, as at 31st August 2013, lowest costed share class, bid to bid, USD terms with net income reinvested. * NAV and Fund size is as at 30th June 3013.

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The Emirates MENA Top Companies Fund

Fund

• bjective

The fund is a daily traded, open ended fund domiciled in Jersey, Channel Islands. This conventional mandate invests in both listed and unlisted securities and may, from time to time, include collective investment schemes

• r

managed accounts. The fund aims to provide corporate, institutional and high net worth investors with a professionally managed means

• f participating in equity investments across a

range of GCC and MENA markets. The fund is graded Silver by S&P. Asset class Current Min Neutral Max Equity 92% 70% 90% 97% Cash & cash equivalent 8% 3% 10% 30% Other investments 0% 0% 0% 25% Fund 1 mth % 3 mth % YTD % 12 mth % Inception % EMTCF

• 0.9

4.4 21.6 22.1 8.1 Benchmark*

• 1.7

1.9 10.0 9.9

• 19.1

Relative 0.8 2.5 11.6 12.2 27.2

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Source: Emirates NBD Asset Management. as at 31st August 2013. Benchmark 90% MSCI Arabian Markets Domestic Index and 10% total return 3 month LIBOR.

9 10 11 12 13 14 15 EMTCF Benchmark NAV

3 year performance

Fund 1 mth % 3 mth % YTD % 12 mth % Inception % EMHIF

• 1.4

3.0 14.6 16.0 71.6 Benchmark*

• 1.5

1.7 8.9 8.8 45.2 Relative 0.1 1.3 5.7 7.2 26.4

The Emirates MENA High Income Fund

Fund

• bjective

The fund is traded daily and is an open ended fund domiciled in Jersey, Channel Islands. This is a conventional mandate and invests primarily in equities, but also takes exposure to other suitable asset classes such as fixed income. Through its mix of underlying investments, the fund offers potential for capital growth. Asset class Current Min Neutral Max Equities (direct & synthetic) 79% 60% 80% 98% Fixed income 2% 0% 15% 30% Cash 19% 2% 5% 20% Other investments 0% 0% 0% 15%

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Source: Emirates NBD Asset Management. as at 31st August 2013. Benchmark 80% MSCI Arabian Markets Domestic Index and 20% total return 3 month LIBOR.

0.8 0.9 1 1.1 1.2 1.3 1.4

3 year performance

NAV EMHIF Benchmark

Fund 1 mth % 3 mth % YTD % 12 mth % Inception % EMOF 0.1 0.8 8.7 10.8 8.3 Benchmark*

• 1.3
• 0.5

3.0 5.4

• 24.6

Relative 1.4 1.3 5.7 5.4 32.9

The Emirates MENA Opportunities Fund

Fund

• bjective

The fund is traded daily and is an open ended fund domiciled in Jersey, Channel Islands. The fund Invests in Shari’a compliant growth investments across a range of MENA markets. It can take exposure to equity, Murabaha and fixed deposits, Sukuk, trade finance, real estate, alternative strategies and cash equivalent assets when deemed appropriate. The fund is graded “Silver” by S&P. Asset class Current Min Neutral Max Equities 64% 30% 60% 97% Murabaha, fixed deposits 13% 3% 10% 30% Sukuk 23% 0% 25% 40% Real Estate 0% 0% 5% 40%

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Source: Emirates NBD Asset Management as at 31st August 2013. Benchmark 15% MSCI Saudi Islamic Index, 45% MSCI Arabian Markets Islamic Ex Saudi Arabia Index and 40% US 3 month LIBOR.

8 9 10 11 12 13

3 year performance

NAV EMOF Benchmark

The Emirates MENA Fixed Income Fund

Fund

• bjective

The fund is a daily traded open-ended fund, which aims to achieve a high level of income as well as capital growth, predominantly through a diversified portfolio of MENA debt securities of varying maturities along with cash and other ancillary instruments. Certain share classes of the fund will distribute income on a semi-annual basis with declarations made at the end of June and December of each year. The Fund is graded Silver by S&P. Asset class Current Neutral Min Max Fixed Income 87% 95% 65% 100% Cash 13% 5% 0% 35% Fund 1 mth % 3 mth % YTD % 2012 % Inception* % EMFIF

• 1.91
• 3.68
• 2.64

15.23 29.09 Benchmark**

• 0.90
• 2.23
• 2.48

11.80 23.16 Relative

• 1.01
• 1.45
• 0.16

3.43 5.93

9.0 10.0 11.0 12.0 13.0 14.0 NAV

Fund Performance

Benchmark EMFIF

16

Source: Emirates NBD AM, as at 31st August 2013, I share class, bid to bid, USD terms with net income reinvested. *Since manager inception in June 2010.**Benchmark: HSBC Nasdaq Dubai Middle East Total Return 95%, USD 3 Month Libor 5%

Fund

• bjective

The fund is a daily traded Shari’a compliant open ended fund that will invest in a diversified portfolio

• f

Sukuk issued by companies regionally and globally, in order to achieve high income as well as capital growth. Certain share classes of the Fund will distribute income on a semi-annual basis with declarations made at the end of June and December of each year. The Fund is graded Silver by S&P. Asset class Current Neutral Min Max Fixed Income 81% 95% 65% 100% Cash 19% 5% 0% 35%

The Emirates Global Sukuk Fund

Fund 1 mth % 3 mth % YTD % 2012 % Inception * % EGSF

• 1.72
• 3.14
• 2.28

10.64 19.57 Benchmark** 0.23 1.40 1.87 3.00 9.78 Relative

• 1.95
• 4.54
• 4.15

7.64 9.79

9.5 10.0 10.5 11.0 11.5 12.0 12.5 13.0 NAV

Fund Performance

Benchmark EGSF

17

Source: Emirates NBD AM, as at 31st August 2013, I share class, bid to bid, USD terms with net income reinvested. *Since manager inception in June 2010. **Benchmark: USD 3 Month Libor +250 bps

The Emirates Islamic Money Market Fund

Fund

• bjective

The fund is a daily traded Shari’a compliant investment that will primarily invest in a diversified portfolio of Shari’a compliant money market instruments including collectives investing in such instruments. Assets will be diversified across a range of durations in order to maximize potential for higher profit without increasing volatility

• r

hampering regular liquidity. Fund features

• Low risk profile
• Short duration to allow daily liquidity
• Shari’a compliant returns
• Effective cash management tool for both

short- and long-term investors

• Conservative asset allocation across liquid

Islamic instruments

• Better returns than overnight investment
• ptions
• Exposure

to USD

• r

USD-pegged currencies

• Target returns of USD 3m LIBOR + 50

basis points for daily liquidity Fund 1 mth % 3 mth % YTD % 2012 % Inception % EIMMF 0.04 0.12 0.48 1.16 5.27 Benchmark*

• 0.04
• 0.03

0.02 0.97 0.50 Relative

• 0.08
• 0.15

0.46 0.18 0.59

9.9 10.0 10.1 10.2 10.3 10.4 10.5 10.6 NAV

Fund Performance

EIMMF Benchmark

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Source: Emirates NBD Asset Management, as at 31st August 2013, I share class, bid to bid, USD terms with net income reinvested.. benchmark is Morningstar USD Money Market, Open End Funds

Fund

• bjective

The portfolio aims to provide long-term capital

• growth. It will seek to reduce the volatility

traditionally associated with investments in securities markets through broad asset class and manager diversification. The portfolio restrictions and investment strategies that will be followed are such as to characterise this portfolio as medium/high risk. The fund is graded Silver by S&P. Asset class Current Neutral Min Max Equity 71.6% 75% 65% 85% Fixed Income 5.0% 10% 5% 20% Alternative Strategies 9.4% 5% 0% 20% Property 0.0% 0% 0% 10% Commodities 13.1% 5% 0% 10% Cash / Money Market 1.0% 5% 0% 15% Fund 1 mth % 3 mth % YTD % 2012 % 5 yrs Cumm.% EAMF

• 0.80
• 3.05
• 0.88

10.41 3.26 Benchmark*

• 1.65
• 0.77

7.74 10.49 7.89 Relative

• 0.85
• 2.28
• 8.62
• 0.08
• 4.63

60 70 80 90 100 110 120

5 Year Performance

EAMF Benchmark

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Source: Emirates NBD AM as at 31st August 2013. *Benchmark: US 3 Month LIBOR, Barclays Global Aggregate Index, IMA Property & AREF Composite (in USD), MSCI World Index, HFRX Global Hedge Fund Index, and S&P Goldman Sachs Commodity Index

The Emirates Active Managed Fund

Fund

• bjective

The portfolio aims to provide long-term capital growth through a balanced investment strategy. It will seek to reduce the volatility traditionally associated with investments in securities

• markets. Through broad asset class and

manager diversification. The portfolio restrictions and investment strategies that will be followed are such as to characterise this portfolio as medium risk. The fund is graded silver by S&P. Asset class Current Neutral Min Max Equity 48.9% 50% 40% 60% Fixed Income 23.7% 20% 15% 25% Alternative Strategies 13.4% 15% 10% 25% Property 2.1% 10% 0% 15% Commodities 8.3% 0% 0% 5% Cash / Money Market 3.7% 5% 0% 15% Fund 1 mth % 3 mth % YTD % 2012 % 5 yrs Cumm. % EBMF

• 0.85
• 2.89
• 1.53

8.76 4.07 Benchmark*

• 1.17
• 0.81

5.12 8.78 8.35 Relative

• 0.32
• 2.08
• 6.65
• 0.02
• 4.28

60 70 80 90 100 110 120

5 Year Performance

EBMF Benchmark

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Source: Emirates NBD AM as at 31st August 2013 *Benchmark: US 3 Month LIBOR, Barclays Global Aggregate Index, IMA Property & AREF Composite (in USD), MSCI World Index, HFRX Global Hedge Fund Index, and S&P Goldman Sachs Commodity Index.

The Emirates Balanced Managed Fund

Fund

• bjective

The portfolio aims to provide long term capital growth through price appreciation through investments in collective investment schemes investing in securities and instruments in markets

• worldwide. The portfolio will seek to reduce

portfolio volatility through broad fund manager and asset class diversification. The portfolio restrictions and investment strategies that will be followed are such as to characterise this portfolio as low to medium risk. The fund is graded Silver by S&P. Asset class Current Neutral Min Max Equity 22.6% 20% 15% 25% Fixed Income 44.6% 40% 35% 45% Alternative Strategies 17.5% 20% 10% 25% Property 5.7% 10% 0% 15% Commodities 2.5% 0% 0% 5% Cash / Money Market 7.1% 10% 5% 20% Fund 1 mth % 3 mth % YTD % 2012 % 5 yrs Cumm.% ECMF

• 0.59
• 2.15
• 1.47

6.47

• 3.68

Benchmark*

• 0.58
• 0.79

2.08 6.23 6.94 Relative

• 0.01
• 1.36
• 3.55

0.17

• 10.62

70 80 90 100 110 120

5 Year Performance

ECMF Benchmark

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Source: Emirates NBD AM as at 31st August 2013. *Benchmark: US 3 Month LIBOR, Barclays Global Aggregate Index, IMA Property & AREF Composite (in USD), MSCI World Index, HFRX Global Hedge Fund Index.

The Emirates Conservative Managed Fund

Fund

• bjective

The primary investment objective of the fund is to achieve medium to long term capital growth while minimising risk through diversification across asset classes. The fund will seek over time to acquire a diversified portfolio of collective investment schemes and direct investments, including but not limited to, investments in Murabaha, Sukuk, Real Estate and Equity. Asset class Current Neutral Min Max Equity 58.7% 60% 50% 70% Sukuk 36.2% 35% 5% 45% Property 1.5% 0% 0% 10% Cash & Murabaha 3.6% 5% 0% 15% Fund 1 mth % 3 mth % YTD % 2012 % 5 yrs Cumm. % EIGBF

• 1.20
• 2.81

0.64 7.54

• 4.14

Benchmark*

• 1.38
• 1.92

3.11 10.17 9.12 Relative

• 0.18
• 0.89
• 2.47
• 2.63
• 13.26

70 80 90 100 110 120

5 Year Performance

EIGBF Benchmark

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Source: Emirates NBD AM as at 31st August 2013. * The benchmark reflects the natural weightings of the Fund. Benchmark: US 3m LIBOR, DJ Islamic Market World Index, HSBC NASDAQ Dubai Sukuk Total Return Index.

The Emirates Islamic Global Balanced Fund

Fund

• bjective

The primary investment objective of the fund is to provide investors with a means

• f

participating in Shari’a compliant equities listed in, or operating in, emerging markets globally, while achieving long term capital appreciation. The fund will aim to pick those stocks that achieve long term capital growth over a complete economic cycle. Access to these markets will either be taken directly or indirectly through funds and managed accounts. Asset class Current Neutral Min Max Equity 95.6% 95% 85% 100% Cash 4.4% 5% 15% 15% Fund 1 mth % 3 mth % YTD % 2012 % 3 yrs Cumm. % EEMEF 1.00

• 8.70
• 16.42

9.80

• 7.84

Benchmark*

• 1.06
• 6.18
• 9.52

13.75 1.47 Relative 2.06

• 2.52
• 6.90
• 3.95
• 9.31

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Source: Emirates NBD AM as at 31st August 2013. Fund performance is used from 31.03.12, with data prior to that being the performance

• f the Lazard Developing Markets strategy adjusted for Islamic filters. *Benchmark: Dow Jones Islamic Emerging Market Index.

5 10 15 20 25 EEMEF Benchmark

The Emirates Emerging Market Equity Fund

Period Annualised Dividend paid Jun ‘13 5.75% Dec ‘12 5.65% Jun '12 5.29% Dec '11 6.57% Feb '11** 1.51% Dec '10 5.46% Jun '10 7.41% Dec '09 6.68% Jun '09 6.07% Dec '08 5.39% Jun '08 6.25% Dec '07 6.20% Jun '07 6.51% Dec '06 6.27% Jun '06 6.53% Dec '05 6.55%

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2.97% 3.75% 6.41% 3.99% 3.26% 5.77% 1.69% 2.78% 3.00% 2.77% 3.65% 3.72% 5.60% 4.76%

• 6.98%
• 22.66%
• 5.60%
• 0.69%

1.04%

• 7.71%
• 7.34%
• 7.21%
• 7.45%
• 0.82%
• 1.29%

3.05% 1.51% 1.72% 2.53% 2.62% 2.56% 3.33%

• 25%
• 20%
• 15%
• 10%
• 5%

0% 5% 10% Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market booms Bear market Recovery Story

Fund Performance 3 month 3.33% 6 month 5.99% Year to Date 5.99% 1 Year 11.52% 2 Year (Cumulative) 17.11%

The Emirates Real Estate Fund: performance ahead of the market and continued dividends

Source: Emirates NBD Asset Management as at 30th June 2013. **interim dividend paid for the period 01.01.11 to 28.02.11

Disclaimer

Emirates NBD Fund Managers (Jersey) Limited, Emirates Funds Limited, Emirates Portfolio Management PCC and all their underlying sub funds, domiciled in Jersey, are regulated by the Jersey Financial Services Commission. The information and opinions expressed herein are made in good faith and are based on sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. These opinions are not intended to serve as authoritative investment advice and should not be used in substitution for the exercise of ones own judgement. This information, including any expression of opinion, has been obtained from or is based upon sources believed to be reliable, and is believed to be fair and not misleading. Any opinion or estimate contained in this presentation is subject to change without notice. Neither Emirates NBD Group nor any of its directors or employees give any representation or warranty as to the reliability, accuracy or completeness

• f the information, nor do they accept any responsibility arising in any way (including by negligence) for errors in, or omissions from the information.

For further details of the investment products available from the Emirates NBD Group, please contact your local Emirates NBD Bank PJSC / Emirates Islamic Bank PJSC Branch. This document is provided for information and illustration purposes only. It does not constitute a solicitation, recommendation or offer to buy or sell any specific investment product or subscribe to any specific investment management or advisory service. Prospective investors in a Fund must obtain and carefully read the Fund’s most recent Private Placement Memorandum and Supplement as well as seek separate, independent financial advice if required prior to making an investment in the Fund to assess the suitability, lawfulness and risks

• involved. This presentation is not for distribution to the general public but for intended recipients only and may not be published, circulated,

reproduced or distributed in whole or part to any other person without the written consent of Emirates NBD Asset Management Ltd. (“Emirates NBD AM”). Where this presentation relates to a Fund or an investment product licensed to be marketed, it is directed to persons authorized to invest in the Fund / investment product, as applicable and residing in jurisdictions where the Fund / investment product is authorized for distribution or where no such authorization is required. The Fund / investment product, where applicable, is intended for sophisticated investors only who understand the risks involved in investing in the Fund / investment product and can withstand any potential loss there from. The Fund / investment product may not be guaranteed and historical performances are not indicative of the future or likely performance and should not be construed as being indicative of or

• therwise used as a proxy for the future or likely performance of the funds / investment products. The value of the investment and the income from it

can fall as well as rise as the Funds / investment products are subject to investment risks, including the possible loss of the principal amount invested. The information contained herein does not have any regard to the specific investment objectives, financial situation or the particular needs of any

• person. All Shari’a compliant products and services are approved by the Shari’a Supervisory Board of Emirates NBD Asset Management Limited.

Past performance is not indicative of future performance. The value of investments and the income derived from them may go down as well as up and you may not receive back all the money which you invest. This information has been distributed by Emirates NBD AM for and on it’s own behalf. Emirates NBD AM is duly licensed and regulated by the Dubai Financial Services Authority. The price of shares/units/notes and the value of segregated accounts and any income arising from them may fall as well as rise. When a subscription involves a foreign exchange transaction, it may be subject to the fluctuations of currency values, which may adversely affect the value, price of income of any security or related instrument mentioned in this presentation. It should be noted that some investments may not be readily marketable. It may therefore be difficult for an investor to sell his/her investment or obtain reliable information about its value and the extent of the risks to which it is exposed. Further, some investment

• fferings are involved in highly specialised forms of investment and involve risks and transaction costs not normally associated with standard

investments in securities. Investment returns will fluctuate and are subject to market volatility, so that an investment when redeemed or sold, may be worth more or less than the original cost. Investments in property and other non-traditional asset classes may not be readily realisable and therefore a delay in paying redemption proceeds or significant costs in realising an investment might apply.

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