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Emerging Market Local Currency Debt –risk asset or safe haven?risk asset or safe haven?Thanos PapasavvasStrategist Fixed Income & CurrenciesStrategist, Fixed Income & CurrenciesApril 2012
Fixed income is a core capability of InvestecFixed income is a core capability of Investec
● Over 25 years successful experience in our chosen markets
● $30.8bn* under management – over 34% of Investec Asset Management’s total
● Specialist teams ensure expert decision-making
● Best investment ideasBest Large Bond Group Award 3 YearsSecond year running
● Best investment ideas matched to mandate objectives
Page 2 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
Source: Investec Asset Management, 31.12.11*On a net managed basis
The case for emerging markets debtThe case for emerging markets debt
● Strong emerging market fundamentals – Emerging markets as percentage of world
better placed than many developed markets
● Significant and growing part of global
Contribution to world GDP 35%
Contribution of emerging markets to aggregate growth over the 3 year period Jun 2008 to Jun 2011
92%
C t ib ti t l b l t d 37%g g g p g
economy ● History of fiscal and monetary reforms● Favourable demographics
Contribution to global trade 37%
Government bonds outstanding (includes both domestic and international)
14%
Population 84%● Favourable demographics● Plenty of room for productivity gains● But emerging markets can be more risky
Population 84%
Total land surface area 74%
Known oil reserves 86%
Convergence to developed markets should lead to outperformance of EM assets
Page 3 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
Source: IMF World Economic Outlook Database June 2011, BIS (Bank for International Settlements) June 2011,CIA World Fact book and EIA (US Energy Information Administration).
Emerging markets do not face the challenges that the developed world is facingdeveloped world is facing
Rising public debt in industrial countries poses fiscal challenges
of G
DP
of G
DP
% o
% o
Fiscal situation much stronger compared with developed markets
Page 4 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
g p pSource: IMF, June 2011
Benefits of Emerging markets local currency versus $ debtBenefits of Emerging markets local currency versus $ debt
20
25US Treasury yield
Brazil USD yield
Brazil local yield
15
Compensation for: Inflation and currency
exposure5
10
Compensation for: Credit quality
5
Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12
Opportunities available from over 40 local bond and currency markets
Page 5 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
pp ySource: US treasury yield: J.P.Morgan GBI US Index YTM; Brazil USD yield: J.P.Morgan EMBI Brazil Index YTM; Brazil local yield: GBI-EM Broad Brazil Index YTM. Updated to 24 February 2012
Strong returns from two different sourcesStrong returns from two different sources
Local Emerging Markets Debt –C t ib ti f B d d FX (i US$)
Local bond and Contributions from Bonds and FX (in US$) currency
performance benefits from:9%
23.0
%
% 8.1%
22.0
%
%% 8%
25% Total return
Bond return
● High yields● Economic reforms
I d dit
16.9
.3%
15.2
% 18
15.7
%
5% 7.7%
7.3%
7.2%
0% 4% 2%
8.6%
%
11.4
% 15.3
%
8.0%
13.1
% 16.8
7.1%10%
15%
20%Bond return
FX Return (incl carry)
● Increased credit quality
● Strong growth
6
%
5.5 7
5.0 5.4
5.2
4.5%
%
7
0%
5%
● Demand for commodities-5
.2-% -1
.8-%
-1.0
-
0.6-
% -6.2
-%
-15%
-10%
-5%-1
0
-20%2003 2004 2005 2006 2007 2008 2009 2010 2011
Page 6 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
Sources: JPM, Investec Asset Management, GBI-EM Global Diversified, 31 December 2002 – 31 December 2011
Local debt can absorb strong inflowsLocal debt can absorb strong inflows
● AUM tracking local indices total $146bn* Local vs Dollar EMD (in US dollar billion)
1,400
1,600
1,800
Local currency debt
Dollar denominated debt
in a universe with a market cap of $1.46tn, i.e. 10.0%
● AUM tracking $ indices total $231bn* in a
800
1,000
1,200
guniverse with a market cap of only $467bn, i.e. 49.5%
● Emerging markets now account for 31%
200
400
600Emerging markets now account for 31% of global GDP and substantially higher percentage of GDP growth
● But investable bonds issued by emerging -
Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12
● But investable bonds issued by emerging markets now form 8.6% of the global government bond universe**
Investors are generally underinvested in local EMDSource: JP Morgan, BarCap, Investec Asset Management. * AUM data from the J.P. Morgan Investor Survey Dec 2011. Market capitalisation from J.P. Morgan DataQuery 31 January 2012 for the GBI-EM Broad and the EMBI Global indices
Page 7 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
the GBI-EM Broad and the EMBI Global indices. ** The two JP Morgan EM indices as percentage of the total for all government bonds, i.e. Local EM, USD EM and Developed Market bonds (GBI-EM Broad, EMBI Global and the BarCap Government Global Bond Index)
Local debt markets compare very favourably with other asset classesDecember 2002 to January 2012
asset classes
(Return/correlation data since the start of JP Morgan GBI-EM Global Diversified index, our preferred local currency comparative index)
Ann Return
Standard deviation
Sharpe ratio
Correlation with Local EM debt
EM equities 17.9% 24.8% 0.72 0.79 Local EMD 12.6% 12.0% 1.05 1.00 Blended EMD 11.5% 10.0% 1.16 0.96 Dollar EMD 10.4% 9.1% 1.14 0.78 Global high yield 10.5% 11.8% 0.89 0.72 Developed property 10.5% 22.9% 0.46 0.72 EM Credit 8.1% 9.1% 0.89 0.72 EM Currencies 8.0% 8.1% 0.99 0.94 Global equities 7.7% 16.6% 0.46 0.76 Hedge funds 7.5% 6.3% 1.18 0.67 Global bonds 6.6% 7.4% 0.89 0.57 Global credit 6.3% 6.3% 1.00 0.64 S&P500 6.6% 15.2% 0.44 0.69 US bonds 5.0% 4.9% 1.04 0.11
Data from 31.12.2002 – 31..1.12, standard deviation and correlation of monthly returns in USD, Local EMD = JP Morgan GBI EM Global Diversified.
Blended EMD=50% JP Morgan GBI-EM GD+50% JP Morgan EMBI GD; Dollar EMD=JPMorgan Emerging Markets bonds Index EMBI GD; Developed Property = S&P/Citi Developed REIT Index TR; Hedge funds = CS/Tremont Hedge Fund Index; EM currencies =JPMorgan Emerging Local Markets ELMI Plus
Page 8 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
p g g g g gComposite; Global high yield = Merrill Lynch Global High Yield Index (100% hedged to $); EM equities =MSCI Daily Gross Returns USD EM; Global equities = MSCI Daily Gross TR USD World Indx; Global credit = Citigroup World Broad Investment-Grade Index; Global bonds = Citigroup WGBI All Maturities USD; US bonds = Citigroup US GBI All Maturities USD; Commodities = S&P GSCI Total Return
Huge dispersion of returns offers plenty of opportunityHuge dispersion of returns offers plenty of opportunity
● Additional opportunities in currency hedging, yield curve plays and issue selection
45%
55%Annual returns by country ($)
25%
35%
%
5%
15%
-15%
-5%
outh
Afri
caCh
ileCz
ech
Hung
ary
Mex
icoM
alays
iaPo
land
Slov
akia
Czec
hCh
ileM
exico
Mala
ysia
Turk
eyCh
ileG
BI-E
Mou
th A
frica
Slov
akia
Hung
ary
Indo
nesia
Slov
akia
Thail
and
Polan
dG
BI-E
MM
exico
Chile
outh
Afri
caBr
azil
GBI
-EM
Hung
ary
Thail
and
Russ
iaPe
ruou
th A
frica
Mex
icoSl
ovak
iaCz
ech
GBI
-EM
Hung
ary
Turk
eyEg
ypt
Chile
Mex
icoBr
azil
Colom
biaEg
ypt
Chile
GBI
-EM
Hung
ary
Polan
dTh
ailan
dIn
done
siaBr
azil
Thail
and
Chile
Turk
eyPe
ruEg
ypt
S S S S
2003 2006 2009
Big difference between best and worst performing countries Our opportunity set is much larger
2005 2007 2008 20102004
Page 9 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
pp y gSource: JP Morgan
Investec’s emerging markets debt pedigreeInvestec s emerging markets debt pedigree
● Investec Asset Management’s origins are South African
● Total assets in emerging markets approximately $50 billion*pp y
● Over 75 investment professionals across our equity and fixed income teams, covering over 60 emerging countries overcovering over 60 emerging countries over the world
● Almost $10 billion invested in global emerging markets debt plus furtheremerging markets debt, plus further $18 billion* in South African fixed income
Page 10 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
As at 31 January 2012 (* as at 31 Dec 2010)
What sets Investec apartWhat sets Investec apart
● A long history in Emerging Markets− More than 15 years experience in local bond markets and more than 10 years in emerging currencies− Local presence and experience across emerging asset classes gives us excellent insight in what drives
emerging market returns
● Process specifically designed for local currency emerging debt− Built on proven local bond and global currency processes− Focus on key local driversy
● Systematic approach identifies wide range of opportunities− Proprietary EM currency model provides objective input
W t li t th− We are not reliant on one theme
● Specialist and highly motivated team − Diverse and complementary skill set− Experienced professionals focused on local bond and currency markets as well as EM credit
Page 11 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
Assets under managementAssets under management
● Increased assets significantly across different strategies
Assets under ManagementAssets under management
29 February 2012
Emerging Markets Local Currency Debt (Broad) $6,851mg g y ( ) $ ,
Emerging Markets Local Currency Debt (Dynamic) $2,300m
Blended EMD (50% local / 50% hard) $281m
Hard Currency Debt $158mHard Currency Debt $158m
EM Corporate Debt $69m
Emerging Market Currency $179m
Cross-over and other EMD $489mCross over and other EMD $489m
Total $10,327m
A well-supported capability
Page 12 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
pp p y
Emerging Market Debt & CurrencyEmerging Market Debt & CurrencyEmerging Market Debt & Currency Strategy Leaders
Peter Eerdmans –Asia
Werner Gey van Pittius –MEA & CIS
Investment Specialists – Sovereign & FX
Antoon de Klerk – AfricaMark Evans – Asia
Vivienne Taberer – Latam Michail Diamantopoulos – CEE
Grant Webster* – MEA & CISDuncan Ngandu – Latam & CEE
Investment Specialists – Credit
Leah Parento – EM Credit
Sergey Bolshakov** – EM Credit
Victoria Harling* – Frontier and Quasi Sovereign
Tammy Lloyd – EM Credit
p
* New joiners from August 2011
g yy y
Thanos PapasavvasFixed Income & Currency Strategist
5 Fi d I & C D l
Page 13 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
New joiners from August 2011** New joiner from October 2011 5 Fixed Income & Currency Dealers
Disciplined and repeatable process driven by bottom-up viewsDisciplined and repeatable process driven by bottom up views
BOTTOM UP TOP DOWN FINAL
Fundamentals, valuation and market behaviour
Beta discussion
PORTFOLIO
Disciplined approach based on Vigorous debate unlocksStructured approach
capturesDisciplined approach based on “Compelling Forces”, covering wide
range of factors
Vigorous debate unlocks insight across Investec’s
investment teams
captures experience and
controls risk
Portfolio built bottom-up, supplemented with top-down checks and balances
Page 14 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
p, pp p
Latest Dynamic portfolio – active positionsLatest Dynamic portfolio active positions
Active duration positions Active currency positionsTotal: -0.18 Total: -3.89%
0 11
0.18
0.19
0.23
Q t USD
Russia
South Africa
Brazil
2.32%2.42%
3.94%3.95%
RUBCZK
KRWINR
0.00
0.00
0.04
0.11
Czech
Philippines
Turkey
Qatar_USD
0 00%0.06%
1.87%1.89%1.92%
RONBRLPLNIDRCLP
-0 01
-0.01
-0.01
0.00
Chile
Peru
Malaysia
Egypt
-1 98%-0.12%-0.09%-0.06%
0.00%
COPMYRZARTRYRON
-0.15
-0.02
-0.02
0.01
Indonesia
Poland
Hungary
Chile
-2.54%-2.44%
-2.14%-2.08%-1.98%
THBILS
HUFMXNCOP
-0.30
-0.19
-0.15
-0.50 -0.30 -0.10 0.10 0.30
Thailand
Mexico
Colombia
-4.37%-3.90%
-2.54%
-6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00%
TWDPHPPEN
Page 15 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
0.50 0.30 0.10 0.10 0.30
Source: Investec Asset Management, 31 March 2012
Emerging Markets Local Currency Debt (Aggregate)Performance to end of March 2012 (in USD)Performance to end of March 2012 (in USD)
Performance vs. Local EMD (Aggregate) and USD EMDEmerging Markets Local Currency Debt (Aggregate)composite performance
12 0%14.0%16.0%18.0%20.0% EM Local Currency (Aggregate) Composite
GBI-EM Global Div
EMBI Glbl Div
composite performance
EM Local Currency (Aggregate) Performance%
Comparative index %
Alpha%
IR
One year 2.70 3.44 -0.74 -0.41
Th li d 18 84 16 83 2 01 0 79
2.0%4.0%6.0%8.0%
10.0%12.0%
See source 1.
Three years, annualised 18.84 16.83 2.01 0.79
From 31 July 2006, annualised 13.21 11.62 1.60 0.51
0.0%1 year 3 years (ann) Since inception
(ann)*
EM Local Currency Debt (Broad) Lipper rankingRank** 1 year
Rank** 3 years
Rank** since inception Lipper Universe
133/196 41/133 3/90 All onshore and offshore
Strong performance relative to benchmark and peer groupSee source 2.
See source 1.133/196 41/133 3/90 Global EMD funds
Source: 1. Inception date 31 July 2006. Gross performance, annualised, with gross dividends reinvested2. Lipper, net of fees. ** Ranking of Investec Emerging Markets Local Currency Debt Fund A Acc Gross GBP
The performance quoted is of actual performance post share class launch date of the 'A' GBP share class (1 June 2007) and synthesised performance pre 'A' GBP share class launch date The synthesised performance is based on oldest share
Page 16 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
and synthesised performance pre A GBP share class launch date. The synthesised performance is based on oldest share class since fund launch and takes into account the difference in total fees between the oldest and the synthesised share classes
Emerging Markets Local Currency Debt Performance attributionPerformance attribution
Major alpha sources ( l ti % t ib ti i i ti )
2.0% Currency Local Debt Other
Top 5 contributors Contribution (ann)
Brazil 0.32%
Russia 0.30%
(relative % contribution since inception)
1.0%
1.5% Israel 0.28%
Colombia 0.27%
Chile 0.26%
0 5%
0%
0.5%
Bottom 5 contributors Contribution (ann)
Czech -0.07%
-1.0%
-0.5%
FX Beta Currency selection
Duration Beta
Country selection
Curve &issue
selection
Dollar sov debt
Credit Admin Total
Slovakia -0.02%
Indonesia -0.01%
Namibia 0.01%
Argentina 0.01%
Positive contributions from the key bottom-up alpha sources
Page 17 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
y p pSource: Investec Asset Management Attribution based on actual positions and end-of-day prices. From 31 July 2006 – 31 March 2012
Global Bond and Global Strategic Income
There are many ways to make money in fixed incomeThere are many ways to make money in fixed income
Annual Returns in USD for different fixed income asset types – best to worst
● Returns vary significantly across the range of fixed income
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
13.5% I8.9% 22.0% 27.9% 23.0% 6.3% 15.2% 18.1% 13.9% 60.9% 15.7% 9.6%
9.2% 6.7% 11.6% 18.5% 12.1% 3.7% 10.8% 11.5% 10.1% 22.0% 15.3% 5.2%
Highest return
range of fixed income opportunities
● We look to hold assets that suit the economic
6.6% 4.2% 11.4% 16.9% 11.3% 3.4% 6.9% 9.0% 2.9% 16.3% 7.4% 5.0%
2.0% 3.5% I8.4% 6.3% 5.5% 3.4% 5.2% 5.4% -4.8% 4.4% 5.8% 3.2%
-2.6% 3.2% 1.8% 2.3% 3.5% 2.8% 3.8% 3.4% -5.2% 0.3% 5.2% 0.2% that suit the economic environment and that offer value
● We avoid those Emerging market debt Investment grade corporate bond
Lowest return-5.3% -3.5% -1.0% 1.2% 1.5% -9.2% 3.1% 2.1% -26.6% -3.7% 0.3% -1.8%
that don’tTreasuries Cash
Global High yield corporate bonds
A strategic fund that adapts exposure to suit different environments Source: Investec Asset Management Bloomberg BBA 1 month Libor Citigroup Treasury Index Citigroup WGBI-ex US JP
Page 19 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
Source: Investec Asset Management, Bloomberg BBA 1 month Libor, Citigroup Treasury Index, Citigroup WGBI-ex US, JP Morgan ELMI+ in USD to 2003, JP Morgan GBI-EM Global Diversified in USD from 2003, Merrill Lynch Global HY Index hedged into USD, Merrill Lynch Global Corporate Index hedged into USD
Global Bond and Global Strategic Income - How they differHow they differ
Global Bond Global Strategic Income● Benchmark aware*● No High Yield● Limits of 50% Credit & 25% EM Debt**
● Benchmark Unconstrained ● High Yield allowed● No fixed limits but well diversified● Limits of 50% Credit & 25% EM Debt**
● Focus on high quality global government and corporate bonds
● No fixed limits, but well diversified● Income seeking, but total return
orientated
A more conservative way to exploit global bond & currency markets
A more aggressive way to exploit global bond & currency marketsg oba bo d & cu e cy a e s g oba bo d & cu e cy a e s
Two sides of the same coin
Page 20 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
* Barclays Global Aggregate for performance comparisons** Please note these are internal limits and are subject to change
Disciplined and repeatable processDisciplined and repeatable process
Asset Allocation DecisionSTEPAllocation to Global government bonds, Corporate bonds, Emerging
market bonds, Developed and emerging market currencies1
Specialist Asset Decision MakingUnderlying specialist teams manage the allocated exposure
STEP
2
Risk ManagementRisk budget scales positions to reflect the mandate
Risk analysis ensures appropriate overall risk exposure
STEP
3 Risk analysis ensures appropriate overall risk exposure 3
STEP Final Portfolio
A sustainable and repeatable process
4 Bringing together our best global fixed income house views
Page 21 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
A sustainable and repeatable process
Final portfolio evolves to reflect our best ideas
90%100%
90%
100%Currency exposureAsset Allocation
Final portfolio evolves to reflect our best ideas
40%50%60%70%80%
50%
60%
70%
80%
0%10%20%30%
0 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 0 00%
10%
20%
30%
40%
End
200
Mid
200
End
200
Mid
200
2E
nd 2
002
Mid
200
End
200
Mid
200
4E
nd 2
004
Mid
200
End
200
Mid
200
6E
nd 2
006
Mid
200
End
200
Mid
200
End
200
Mid
200
End
200
Mid
201
End
201
Emerging Currencies Commodity Bloc
Western Europe Japanese Yen
0%
End
200
0M
id 2
001
End
200
1M
id 2
002
End
200
2M
id 2
003
End
200
3M
id 2
004
End
200
4M
id 2
005
End
200
5M
id 2
006
End
200
6M
id 2
007
End
200
7M
id 2
008
End
200
8M
id 2
009
End
200
9M
id 2
010
End
201
0EM Local Debt EM $ Debt
Duration exposure (years)
45678
p p
US DollarHY Corp IG Corporate
Major Inflation-linked Major Gov't
Cash
Duration exposure (years)
1234
000
001
001
002
002
003
003
004
004
005
005
006
006
007
007
008
008
009
009
010
010
Page 22 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
End
20
Mid
20
End
20
Mid
20
End
20
Mid
20
End
20
Mid
20
End
20
Mid
20
End
20
Mid
20
End
20
Mid
20
End
20
Mid
20
End
20
Mid
20
End
20
Mid
20
End
20
Source: Investec Asset Management
Investec’s Global Strategic IncomeAllocation Duration and Currency exposureAllocation, Duration and Currency exposure
Allocation Currency exposureDuration exposure (years)
Page 23 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
The portfolio may change significantly over a short period of time.Source: Investec Asset Management as at 20.04.12
Attractive risk-adjusted returns versus competitors
13 0
Attractive risk adjusted returns versus competitors
10 Year Annualised Return & Risk versus Peer group
11.0
13.0
e
Investec GSF Global Strategic Income A AccInvestec GSF Global Bond A Acc
9.0
man
ce %
cha
ng
7.0
nual
ised
per
form
3 0
5.0Ann
Past performance figures are not audited
1.0
3.0
3 0 5 0 7 0 9 0 11 0 13 0 15 0 17 0 19 0 21 0
and should not be taken as a guide to the future. Source: Lipper, dates to 31 March 2012, NAV based, (inclusive of all annual management fees but excluding any initial charges), in USD. Chart axes converge on Lipper Global Bond Global sector average.
Page 24 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
3.0 5.0 7.0 9.0 11.0 13.0 15.0 17.0 19.0 21.0
Annualised standard deviation
Lipper Global Bond Global sector average.
Why Investec Asset Management?Why Investec Asset Management?
● Specialist approach ensures expert decision making
● Clear investment philosophy drives investment thinking
● Best ideas blended to create well diversified high conviction portfolios● Best ideas blended to create well diversified high conviction portfolios
● Over 25 years successful experience in our chosen markets
Committed to a successful, long-term partnership with our clients
Page 25 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
, g p p
Important informationImportant information
This communication is not for general public distribution. If you are a private investor and receive it as part of a general circulation, please contact us at +44 (0)20 7597 1900contact us at +44 (0)20 7597 1900.
The value of this investment, and any income generated from it, will be affected by changes in interest rates, general market conditions and other political, social and economic developments, as well as by specific matters relating to the assets in which it invests. The Fund’s investment objective will not necessarily be achieved and investors are not certain to make profits; losses may be made.
All the information contained in this communication is believed to be reliable but may be inaccurate or incomplete Any opinions statedAll the information contained in this communication is believed to be reliable but may be inaccurate or incomplete. Any opinions stated are honestly held but are not guaranteed and should not be relied upon. This is not a buy, sell or hold recommendation for any particular security. The portfolio may change significantly over a short period of time.
This communication is provided for general information only. It is not an invitation to make an investment nor does it constitute an offer for sale. The full documentation that should be considered before making an investment, including the prospectus and simplifiedfor sale. The full documentation that should be considered before making an investment, including the prospectus and simplified prospectus or offering memorandum, which set out the fund specific risks, is available from Investec Asset Management.
The Fund is domiciled in Luxembourg. This communication should not be distributed to private customers who are resident in countries where the Fund is not registered for sale or in any other circumstances where its distribution is not authorised or is unlawful. Please visit www.investecassetmanagement.com/registrations to check registrations by country.
In the USA, this communication should only be read by institutional investors, professional financial advisers and, at their exclusive discretion, their eligible clients, but must not be distributed to US Persons.
THIS INVESTMENT IS NOT FOR SALE TO US PERSONS.
Telephone calls may be recorded for training and quality assurance purposes Issued by Investec Asset Management Ltd (IAM)Telephone calls may be recorded for training and quality assurance purposes. Issued by Investec Asset Management Ltd (IAM), January 2012. IAM is authorised and regulated by the Financial Services Authority.
Page 26 | Fixed Income Update – March 2012 | CONFIDENTIAL08003
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