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Report investment products
J. Safra Sarasin Pillar 3a Foundation
J. Safra Sarasin Vested Benefits Foundation
as of 30 June 2016
Summary
Brexit intensifies the hunt for yield 1
LLP Yield Tranche B 3
LLP Income Tranche B 4
LLP Growth Tranche B 5
LLP Future Tranche B 6
LLP Sustainability Income Tranche B 7
LLP Sustainability Tranche B 8
At a glance 9
Important notice 11
Contact 12
1 | Report investment products
While the long-term consequences of the Brexit vote are still unclear,
the short-term reaction of financial markets was unequivocal. Bond
yields fell to record lows, thereby intensifying the hunt for yield in all
asset classes. This trend favours good-quality equities, high-yield
bonds, as well as emerging-market bonds, in which our portfolios are
now overweight. A defensive positioning is still advisable overall, as
the political risks will remain high in the second half of the year.
Brexit fears brushed aside quickly
The news of Britain’s decision to leave the European Union came as a
surprise for financial markets. We did not anticipate this scenario either,
but were at least relatively well prepared for it thanks to the defensive
stance of our portfolios. After a brief turbulent phase, investors quickly
put their concerns to one side and their risk aversion, measured by the
volatility indexes, reverted to normal levels after just a few weeks.
Investors’ concerns about weaker growth and the potential breakup of
Europe were tempered by the hope of further monetary stimulus pro-
grammes from global central banks.
Cyclical data more upbeat before Brexit
The impact of the Brexit vote on the global economy will become clearer
over the next few months. While the leading economic indicators for the
UK were already pointing downwards in the second quarter, things were
looking much brighter in the other regions at the midpoint of 2016. The
European economy, with Germany as its main growth engine, was ex-
panding and the latest data such as the Ifo Business Climate Index even
signalled a slight acceleration in the pace of growth. Although Brexit is
likely to have a negative impact on Europe, it should not smother growth
entirely. We expect Brexit to have very little direct impact outside Europe.
The most recent economic data in the USA were robust enough to come
as a positive surprise.
Exchange rates versus CHF (indexed since 31.12.2015)
Fed will defer interest hikes until next year
The latest labour market statistics for the month of June, which reported
a strong recovery from the disappointing May figures, also suggest that
the US economy will experience moderate growth during the second half
of the year. However, as inflation expectations continue to be low, there
is no need for the US Federal Reserve to raise interest rates for the time
being. In view of the uncertainty created by Brexit, we reckon the Fed will
hold off from raising interest rates until next year. While the Fed contin-
ues its accommodative monetary policy, the other major central banks
are likely to actively increase the money supply. We expect the Bank of
England to cut interest rates significantly in order to counteract the inevi-
table recession. At the same time, the European Central Bank (ECB) is
likely to cut interest-rates once more in an attempt to cushion the defla-
tionary shock created by Brexit.
New record for US Treasuries
The expectation of additional monetary policy measures has put down-
ward pressure on yield curves across a broad front. As a result, US
Treasuries have followed the path of German and Swiss sovereign bonds,
hitting new record lows at the start of July.
As the previous chart shows, US interest rates continue to be significant-
ly higher than EUR and CHF rates, so it is still appealing to increase the
weighting of US fixed income assets. Because of record-low interest
rates, the credit spreads for most asset classes have fallen significantly.
However, in an environment of low interest rates where the top priority is
the hunt for yield, corporate bonds still offer an attractive return premi-
um. We therefore retain our overweight position in US high-yield and
emerging-market bonds. Both asset classes have performed incredibly
well over the past months and still offer upside potential. In view of the
structural improvements in many emerging-market regions, the sovereign
bonds of these countries denominated in local currencies are also an
attractive alternative. Although this asset class is prone to greater fluc-
tuations, this should be compensated in the mid-term by a higher yield.
Equity markets in local currency (indexed since 31.12.2015)
US equity market hits new highs
On the one hand, the Brexit vote has unnerved equity investors in the
short term and triggered sharp price falls in European banking stocks. On
the other hand, US stock indices have climbed to new highs. The trends
that already existed at regional and sectoral level before the EU referen-
dum have become even more pronounced since then. Led by defensive
sectors, US equities have clearly outperformed, while European and
Japanese shares have suffered. Equities in the emerging markets have
survived the turbulence created by Brexit relatively unscathed, and con-
tinue to offer upside potential in the mid-term.
From an investor’s perspective, lower interest rates seem more im-
portant as a positive factor for equities rather than any dip in the pace of
growth with a potentially negative impact on corporate earnings. Due to
the low level of real interest rates, our valuation model for equities is in
fact showing a positive signal again for the first time since 2014. The
high risk premium for equities acts as a cushion against potential correc-
tions in the second half of the year.
80
90
100
110
120
31.12.2015 29.02.2016 30.04.2016 30.06.2016
CHF/EUR CHF/USD CHF/JPY CHF/GBP
70
80
90
100
110
31.12.2015 29.02.2016 30.04.2016 30.06.2016
SMI DJ Eurostoxx DJ Industrial
Nikkei Nasdaq Composite
Brexit intensifies the hunt for yield 30.06.2016
2 | Report investment products
Bond markets in local currency (indexed since 31.12.2015)
The hunt for yield dominates all asset classes
In the short term, Brexit has triggered low interest rates and thus intensi-
fied investors’ hunt for yield. We therefore continue to overweight asset
classes that generate a high income, such as high-yield bonds or emerg-
ing-market bonds, in our portfolios. As the political risks associated with
US presidential elections will remain high in the second half of the year,
further volatility is expected on financial markets. We therefore retain a
neutral weighting in equities and favour defensive themes in our sector
and style allocation.
Philipp Bärtschi, CFA
100
102
104
106
108
110
31.12.2015 29.02.2016 30.04.2016 30.06.2016
CHF EUR USD JPY
30.06.2016
3 | Report investment products
The LLP Yield subfund is suitable for investors with a minimum invest-
ment horizon of one year. Thanks to the low strategic equities quota of
15% and the addition of Swiss Franc Bonds Dynamic Hedge, the portfolio
has a very low risk exposure and therefore offers relatively good capital
security. The tactical equities quota varies between 10% and 20%, de-
pending on the manager’s current view of the market. The portfolio’s
asset allocation is created with the help of the institutional funds of
Bank J. Safra Sarasin (fund-of-funds). The manager strives to outperform
the benchmark index through active management of the investment
strategy and stock selection.
Compared with pure cash deposits, the price of investments in securities
can move up or down, with the degree of fluctuation increasing in propor-
tion to the size of the equities quota. While investors may benefit from a
positive performance, they may also suffer losses if performance is
negative.
Key Figures
Portfolio Management Bank J. Safra Sarasin Ltd
Launch date 02.05.2006
Fund size in millions CHF 29.73
Swiss Sec.-No. 2455713
ISIN CH0024557131
Flatfee in % (excl. VAT) 1.05
TER CAFP (ex post) in % 1.32
Currency CHF
Benchmark Customised Benchmark
Investment horizon min. 1 year
Risk low
The 10 largest positions bonds in %*
CSIF Umbr.-Bd Corp.USD Idx Blue(CHF)-FAH-Dist CHF 0076 10.29
4.0000% Eidgenossenschaft 1998-2028 1.89
3.5000% Eidgenossenschaft 2003-2033 1.26
4.0000% Eidgenossenschaft 1998-2023 1.12
5.7500% Mexico Bonos 2015-2026 MXN 0970 1.09
1.5000% Eidgenossenschaft 2012-2042 1.08
2.5000% Eidgenossenschaft 2006-2036 1.05
3.2500% Eidgenossenschaft 2007-2027 0.96
4.0000% Eidgenossenschaft 1999-2049 0.86
2.8750% PFBK Schweiz.Hyp.Inst.S.416 2007-2019 0.80
The 10 largest positions equities in %*
Nestlé SA Nam 0.16
ABB Ltd Nam. 0.11
Swiss Re AG Nam. 0.10
Actelion Ltd Nam. 0.10
Givaudan AG Nam. 0.09
S&P500 EMINI FUTURES Put Dec16 1850 CME USD 0085 0.09
Swisscom AG Nam. 0.09
SGS Ltd Nam. 0.09
Geberit AG Nam. 0.09
Novartis AG Nam. 0.09
* All data are variable values and refer to the reporting date.
Asset allocation in %*,**
**Domestic Bonds include 10.8% Swiss Francs Bonds Dynamic Hedge.
Price development in CHF
Offer price
Offer price per: 30.06.2016 1196.00
Highest: 2016 1196.00
Lowest: 2016 1158.00
Performance
Performance since issuance
02.05.2006 - 30.06.2016
1.78%
Performance reinvested
01.01.2016 - 30.06.2016
1.96%
2015 0.26%
2014 5.50%
2013 0.82%
2012 3.68%
2011 1.63%
2010 2.76%
2009 6.61%
2008 -6.39%
2007 -0.68%
2006 2.50%
Source: J. Safra Sarasin Investment Foundation Data as of 30.06.2016
52.3
19.0
8.8
8.1
4.0
3.6
1.4
1.1
1.0
0.7
0.0
0 20 40 60 80 100 120
Bonds domestic in CHF
Bonds foreign in CHF
Equities Switzerland ex Small & Mid Caps
Real estate Switzerland
Equities world
Cash (incl. money market)
Equities Switzerland Small & Mid Caps
Bonds world ex CHF
Equities emerging markets international
Real estate foreign
Equities other Euroland
1'000
1'050
1'100
1'150
1'200
Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016
LLP Yield Tranche B 30.06.2016
4 | Report investment products
The LLP Income subfund is suitable for investors with a minimum in-
vestment horizon of five years. The portfolio presents a medium risk in
view of its strategic equities quota of 25%. The tactical equities quota
varies between 20% and 30%, depending on the manager’s current view
of the market. The portfolio’s asset allocation is created with the help of
the institutional funds of Bank J. Safra Sarasin (fund-of-funds). The man-
ager strives to outperform the benchmark index through active manage-
ment of the investment strategy and stock selection.
Compared with pure cash deposits, the price of investments in securities
can move up or down, with the degree of fluctuation increasing in propor-
tion to the size of the equities quota. While investors may benefit from a
positive performance, they may also suffer losses if performance is
negative.
Key Figures
Portfolio Management Bank J. Safra Sarasin Ltd
Launch date 20.12.1999
Fund size in millions CHF 47.40
Swiss Sec.-No. 2025114
ISIN CH0020251143
Flatfee in % (excl. VAT) 1.05
TER CAFP (ex post) in % 1.41
Currency CHF
Benchmark Customised Benchmark
Investment horizon min. 5 years
Risk medium
The 10 largest positions bonds in %*
CSIF Umbr.-Bd Corp.USD Idx Blue(CHF)-FAH-Dist CHF 0076 10.27
4.0000% Eidgenossenschaft 1998-2028 1.31
5.7500% Mexico Bonos 2015-2026 MXN 0970 1.09
3.5000% Eidgenossenschaft 2003-2033 0.87
4.0000% Eidgenossenschaft 1998-2023 0.79
2.5000% Eidgenossenschaft 2006-2036 0.71
1.5000% Eidgenossenschaft 2012-2042 0.65
3.2500% Eidgenossenschaft 2007-2027 0.65
1.2500% Eidgenossenschaft 2012-2037 0.60
2.8750% PFBK Schweiz.Hyp.Inst.S.416 2007-2019 0.54
The 10 largest positions equities in %*
Nestlé SA Nam 0.24
ABB Ltd Nam. 0.16
Swiss Re AG Nam. 0.15
Actelion Ltd Nam. 0.14
Givaudan AG Nam. 0.14
Swisscom AG Nam. 0.13
SGS Ltd Nam. 0.13
Geberit AG Nam. 0.13
Novartis AG Nam. 0.13
Swiss Life Hold.AG Nam 0.12
* All data are variable values and refer to the reporting date.
Asset allocation in %*
Price development in CHF
Offer price
Offer price per: 30.06.2016 1292.00
Highest: 2016 1292.00
Lowest: 2016 1238.00
Performance
Performance since issuance
20.12.1999 - 30.06.2016
1.56%
Performance reinvested
01.01.2016 - 30.06.2016
1.25%
2015 -0.62%
2014 5.77%
2013 3.41%
2012 5.39%
2011 0.18%
2010 2.49%
2009 7.96%
2008 -8.64%
2007 -0.81%
2006 3.26%
Source: J. Safra Sarasin Investment Foundation Data as of 30.06.2016
34.5
18.5
13.9
7.9
7.6
7.5
4.2
2.3
2.1
1.5
0.0
0 10 20 30 40 50 60 70 80
Bonds domestic in CHF
Bonds foreign in CHF
Equities Switzerland ex Small & Mid Caps
Equities world
Bonds world ex CHF
Real estate Switzerland
Cash (incl. money market)
Real estate foreign
Equities emerging markets international
Equities Switzerland Small & Mid Caps
Equities other Euroland
1'000
1'100
1'200
1'300
1'400
Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016
LLP Income Tranche B 30.06.2016
5 | Report investment products
The LLP Growth subfund is suitable for investors with a minimum invest-
ment horizon of ten years. The portfolio presents a medium to high risk
in view of its strategic equities quota of 35% and therefore provides good
opportunities for returns. The tactical equities quota varies between 30%
and 40%, depending on the manager’s current view of the market. The
portfolio’s asset allocation is created with the help of the institutional
funds of Bank J. Safra Sarasin (fund-of-funds). The manager strives to
outperform the benchmark index through active management of the
investment strategy and stock selection.
Compared with pure cash deposits, the price of investments in securities
can move up or down, with the degree of fluctuation increasing in propor-
tion to the size of the equities quota. While investors may benefit from a
positive performance, they may also suffer losses if performance is
negative.
Key Figures
Portfolio Management Bank J. Safra Sarasin Ltd
Launch date 01.11.1991
Fund size in millions CHF 199.35
Swiss Sec.-No. 2025128
ISIN CH0020251283
Flatfee in % (excl. VAT) 1.10
TER CAFP (ex post) in % 1.51
Currency CHF
Benchmark Customised Benchmark
Investment horizon min. 10 years
Risk medium-high
The 10 largest positions bonds in %*
CSIF Umbr.-Bd Corp.USD Idx Blue(CHF)-FAH-Dist CHF 0076 10.30
5.7500% Mexico Bonos 2015-2026 MXN 0970 1.09
4.0000% Eidgenossenschaft 1998-2028 0.92
3.5000% Eidgenossenschaft 2003-2033 0.61
4.0000% Eidgenossenschaft 1998-2023 0.56
2.5000% Eidgenossenschaft 2006-2036 0.50
1.5000% Eidgenossenschaft 2012-2042 0.46
3.2500% Eidgenossenschaft 2007-2027 0.46
1.2500% Eidgenossenschaft 2012-2037 0.42
2.8750% PFBK Schweiz.Hyp.Inst.S.416 2007-2019 0.38
The 10 largest positions equities in %*
Nestlé SA Nam 0.33
ABB Ltd Nam. 0.21
Swiss Re AG Nam. 0.20
Actelion Ltd Nam. 0.19
Givaudan AG Nam. 0.19
Swisscom AG Nam. 0.18
SGS Ltd Nam. 0.18
Geberit AG Nam. 0.18
Novartis AG Nam. 0.17
Swiss Life Hold.AG Nam 0.16
* All data are variable values and refer to the reporting date.
Asset allocation in %*
Price development in CHF
Offer price
Offer price per: 30.06.2016 1738.00
Highest: 2016 1746.00
Lowest: 2016 1653.00
Performance
Performance since issuance
01.11.1991 - 30.06.2016
2.27%
Performance reinvested
01.01.2016 - 30.06.2016
0.29%
2015 -1.20%
2014 5.98%
2013 5.15%
2012 6.71%
2011 -1.07%
2010 2.33%
2009 11.14%
2008 -13.92%
2007 -0.65%
2006 4.71%
Source: J. Safra Sarasin Investment Foundation Data as of 30.06.2016
24.4
19.0
16.5
14.5
9.0
7.1
3.4
2.7
1.8
1.5
0.1
0 10 20 30 40 50 60
Bonds domestic in CHF
Bonds foreign in CHF
Equities Switzerland ex Small & Mid Caps
Equities world
Real estate Switzerland
Bonds world ex CHF
Cash (incl. money market)
Equities emerging markets international
Real estate foreign
Equities Switzerland Small & Mid Caps
Equities other Euroland
1'300
1'400
1'500
1'600
1'700
1'800
Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016
LLP Growth Tranche B 30.06.2016
6 | Report investment products
The LLP Future subfund is suitable for investors with a minimum invest-
ment horizon of fifteen years. The portfolio presents a high risk in view of
its strategic equities quota of 45% and therefore provides very good
opportunities for returns. The tactical equities quota varies between 40%
and 50%, depending on the manager’s current view of the market. The
portfolio’s asset allocation is created with the help of the institutional
funds of Bank J. Safra Sarasin (fund-of-funds). The manager strives to
outperform the benchmark index through active management of the
investment strategy and stock selection.
Compared with pure cash deposits, the price of investments in securities
can move up or down, with the degree of fluctuation increasing in propor-
tion to the size of the equities quota. While investors may benefit from a
positive performance, they may also suffer losses if performance is
negative.
Key Figures
Portfolio Management Bank J. Safra Sarasin Ltd
Launch date 02.05.2006
Fund size in millions CHF 31.02
Swiss Sec.-No. 2455745
ISIN CH0024557453
Flatfee in % (excl. VAT) 1.10
TER CAFP (ex post) in % 1.55
Currency CHF
Benchmark Customised Benchmark
Investment horizon min. 15 years
Risk high
The 10 largest positions bonds in %*
CSIF Umbr.-Bd Corp.USD Idx Blue(CHF)-FAH-Dist CHF 0076 10.15
5.7500% Mexico Bonos 2015-2026 MXN 0970 1.08
4.0000% Eidgenossenschaft 1998-2028 0.98
3.5000% Eidgenossenschaft 2003-2033 0.65
4.0000% Eidgenossenschaft 1998-2023 0.59
2.5000% Eidgenossenschaft 2006-2036 0.53
1.5000% Eidgenossenschaft 2012-2042 0.49
3.2500% Eidgenossenschaft 2007-2027 0.48
1.2500% Eidgenossenschaft 2012-2037 0.45
2.8750% PFBK Schweiz.Hyp.Inst.S.416 2007-2019 0.41
The 10 largest positions equities in %*
Nestlé SA Nam 0.36
ABB Ltd Nam. 0.23
Swiss Re AG Nam. 0.22
Actelion Ltd Nam. 0.21
Givaudan AG Nam. 0.20
Swisscom AG Nam. 0.20
SGS Ltd Nam. 0.20
Geberit AG Nam. 0.19
Novartis AG Nam. 0.19
Swiss Life Hold.AG Nam 0.18
* All data are variable values and refer to the reporting date.
Asset allocation in %*
Price development in CHF
Offer price
Offer price per: 30.06.2016 1171.00
Highest: 2016 1182.00
Lowest: 2016 1104.00
Performance
Performance since issuance
02.05.2006 - 30.06.2016
1.57%
Performance reinvested
01.01.2016 - 30.06.2016
-0.76%
2015 -1.34%
2014 6.22%
2013 7.85%
2012 8.19%
2011 -2.53%
2010 3.13%
2009 12.81%
2008 -18.33%
2007 -0.67%
2006 4.90%
Source: J. Safra Sarasin Investment Foundation Data as of 30.06.2016
25.8
21.2
19.2
14.5
7.1
3.8
3.2
2.5
1.5
1.1
0.1
0 10 20 30 40 50 60
Bonds domestic in CHF
Equities Switzerland ex Small & Mid Caps
Equities world
Bonds foreign in CHF
Real estate Switzerland
Cash (incl. money market)
Equities emerging markets international
Real estate foreign
Equities Switzerland Small & Mid Caps
Bonds world ex CHF
Equities other Euroland
800
900
1'000
1'100
1'200
1'300
Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016
LLP Future Tranche B 30.06.2016
7 | Report investment products
The LLP Sustainability Income subfund has been launched especially for
pension fund members that are exposed to comparatively minor fluctua-
tion risks, want to achieve a steady income flow and as farsighted inves-
tors are keen to take into consideration both environmental and social
aspects. Asset allocation is based on the economic criteria of Bank J.
Safra Sarasin’s Sustainable Investment team and is implemented with
the help of the other sustainable subfunds in the J. Safra Sarasin In-
vestment Foundation (fund-of-funds). The subfund has a strategic equi-
ties quota of 25% and a bandwidth of 10-30%. When equity markets are
moving upwards, the manager attempts to achieve a higher return than
the benchmark index (equities quota of 25.43%) by overweighting the
proportion of equities up to a maximum of 30%. When equity markets
move downwards, the manager seeks to minimise losses by reducing the
equities quota to as low as 10%. While investors may benefit from a
positive performance, they may also suffer losses if performance is
negative.
Key Figures
Portfolio Management Bank J. Safra Sarasin Ltd
Launch date 19.12.2007
Fund size in millions CHF 22.25
Swiss Sec.-No. 3543800
ISIN CH0035438008
Flatfee in % (excl. VAT) 1.15
TER CAFP (ex post) in % 1.31
Currency CHF
Benchmark Customised Benchmark
Investment horizon min. 5 years
Risk medium
Typical positions bonds in %*
1.75% Swisscom AG 2012-2024 0.28
1.375% SGS Ltd 2014-2022 0.16
4% Eidgenossenschaft 1998-2028 1.10
3.5% Eidgenossenschaft 2003-2033 1.03
1.5% Province of Quebec Emt-Notes 2014-2024 0.27
4.4% Province of Ontario 2010-2020 0.22
7.625% International Bank for Reconstruction & Development World
Bank IBRD 1993-2023 Global
0.42
3.875% European Financial Stability Facility EFSF Emt-Notes 2012-
2032
0.30
2.375% Nederlandse Waterschapsbank NWB Emt-Notes 2006-2023 0.29
2.25% Bank Nederlandse Gemeenten BNG Emt-Notes 2005-2020 0.27
Typical positions equities in %*
Swiss Re AG Nam. 0.53
Münchener Rückversicherungs- Gesellschaft AG Nam. -vinkuliert- 0.12
CNP Assurances 0.15
SAP SE 0.08
Boise Cascade Co 0.10
dorma+kaba Holding AG Nam 0.25
Microsoft Corp 0.22
3M Co 0.22
Ecolab Inc 0.17
Roche Holding AG -GS- 2.15
* All data are variable values and refer to the reporting date.
Asset allocation in %*
Price development in CHF
Offer price
Offer price per: 30.06.2016 1210.00
Highest: 2016 1212.00
Lowest: 2016 1161.00
Performance
Performance since issuance
19.12.2007 - 30.06.2016
2.26%
Performance reinvested
01.01.2016 - 30.06.2016
1.85%
2015 -0.59%
2014 7.17%
2013 2.95%
2012 5.66%
2011 0.39%
2010 1.19%
2009 10.03%
2008 -8.39%
2007 0.10%
Source: J. Safra Sarasin Investment Foundation Data as of 30.06.2016
36.5
16.3
11.5
9.0
7.4
5.6
5.3
3.1
3.0
2.0
0.2
0 10 20 30 40 50 60 70 80
Bonds domestic in CHF
Bonds foreign in CHF
Equities Switzerland ex Small & Mid Caps
Bonds world ex CHF
Equities world
Real estate Switzerland
Cash (incl. money market)
Real estate foreign
Equities Switzerland Small & Mid Caps
Equities emerging markets international
Equities other Euroland
900
1'000
1'100
1'200
1'300
Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016
LLP Sustainability Income Tranche B 30.06.2016
8 | Report investment products
The LLP Sustainability subfund is suitable for pension fund members
seeking income who are prepared to accept the risk of fluctuations within
a certain bandwidth and as farsighted investors are keen to take into
consideration both environmental and social aspects. Asset allocation is
based on the economic criteria of Bank J. Safra Sarasin’s Sustainable
Investment team. Stock selection takes into account not only financial
also environmental and social criteria. Because of the intended high
equities quota, there may be correspondingly large fluctuations in the
value of the portfolio’s investments. The equities bandwidth is between
25% and 50%, and the strategic equities quota is around 38%. While
investors may benefit from a positive performance, they may also suffer
losses if performance is negative.
Key Figures
Portfolio Management Bank J. Safra Sarasin Ltd
Launch date 18.12.2000
Fund size in millions CHF 88.84
Swiss Sec.-No. 2025138
ISIN CH0020251382
Flatfee in % (excl. VAT) 1.20
TER CAFP (ex post) in % 1.36
Currency CHF
Benchmark Customised Benchmark
Investment horizon min. 10 years
Risk medium-high
Typical positions bonds in %*
1.75% Swisscom AG 2012-2024 0.22
1.375% SGS Ltd 2014-2022 0.13
4% Eidgenossenschaft 1998-2028 0.87
3.5% Eidgenossenschaft 2003-2033 0.81
1.5% Province of Quebec Emt-Notes 2014-2024 0.22
4.4% Province of Ontario 2010-2020 0.13
7.625% International Bank for Reconstruction & Development World
Bank IBRD 1993-2023 Global
0.26
1.5% Achmea BV Emt-Notes 2013-2019 0.19
2.375% Nederlandse Waterschapsbank NWB Emt-Notes 2006-2023 0.23
2.25% Bank Nederlandse Gemeenten BNG Emt-Notes 2005-2020 0.21
Typical positions equities in %*
Swiss Re AG Nam. 0.62
Münchener Rückversicherungs- Gesellschaft AG Nam. -vinkuliert- 0.26
CNP Assurances 0.32
SAP SE 0.19
Boise Cascade Co 0.21
Microsoft Corp 0.48
Telus Corp -Non-Canadian- 0.46
3M Co 0.48
Ecolab Inc 0.37
Roche Holding AG -GS- 2.50
* All data are variable values and refer to the reporting date.
Asset allocation in %*
Price development in CHF
Offer price
Offer price per: 30.06.2016 1305.00
Highest: 2016 1313.00
Lowest: 2016 1237.00
Performance
Performance since issuance
18.12.2000 - 30.06.2016
1.73%
Performance reinvested
01.01.2016 - 30.06.2016
0.62%
2015 -0.92%
2014 7.74%
2013 6.21%
2012 7.22%
2011 -0.84%
2010 0.94%
2009 12.45%
2008 -15.36%
2007 -0.71%
2006 4.54%
Source: J. Safra Sarasin Investment Foundation Data as of 30.06.2016
28.8
16.9
13.5
12.9
7.6
7.1
5.4
3.1
3.1
1.5
0 10 20 30 40 50 60
Bonds domestic in CHF
Equities world (ex. EM and Switzerland)
Equities Switzerland ex Small&Mid Caps
Bonds foreign in CHF
Cash (incl. money market)
Real estate Switzerland
Bonds world ex CHF
Equities Switzerland Small&Mid Caps
Equities emerging markets
Real estate foreign
900
1'000
1'100
1'200
1'300
1'400
Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016
LLP Sustainability Tranche B 30.06.2016
9 | Report investment products
Overview of the subfunds
Traditional LLP life cycle
Margin of
fluctuation
Strategic
share quota Risk
LLP Yield 10–20% 15% Low
LLP Income 20–30% 25% Medium
LLP Growth 30–40% 35% Medium – high
LLP Future 40–50% 45% High
Sustainability LLP life cycle
LLP Sustainability Income 10–30% 25% Medium
LLP Sustainability 25–50% 38% Medium - high
At a glance 30.06.2016
11 | Report investment products
Important notice
This marketing publication of the Foundations J. Safra Sarasin Vested Benefits Foundation and J. Safra Sarasin Pillar 3a Foundation (herein-
after «Foundations») is intended exclusively for their customers and is for information only. This document does not constitute any investment
advice, offer, or solicitation of an offer to buy or sell investment or other specific financial instruments or other products or services, and
cannot replace an individual consultation and risk disclosure by a qualified financial, legal, or tax advisor.
The document contains selected information and does not purport to be complete. It is based upon publicly accessible information and data
(«information») that is deemed correct, reliable, and complete. However, the foundations have neither verified the correctness and complete-
ness of the information set forth herein nor can they guarantee this information. Erroneous or incomplete information cannot be used as a
basis for contractual or implicit liability of the foundations for any direct or indirect consequential damages. In particular, neither the founda-
tions nor their employees or management are liable for any opinions, plans, and strategies set forth herein. The opinions expressed and
numbers, data, and prognoses stated in this document are subject to change at any time without notice. A positive past performance or
simulation does not guarantee a positive performance in the future. Deviations from the J. Safra Sarasin Group's own financial analyses or
from its other publications relating to the same financial instruments or issuers may occur. It cannot be ruled out that business relations
exist between the mentioned or analyzed company and the companies of the J. Safra Sarasin Group resulting in a conflict of interest. Fur-
thermore, Bank J. Safra Sarasin SA and its group companies have the right to invest in the products mentioned in this document.
The Foundations disclaim any and all liability for losses arising from the further use of the information (or any portion thereof) contained in
this document. As a general rule, financial products and capital investments are always associated with certain risks. In some cases, capital
investments may not be easily convertible to cash. Investments may be subject to positive and negative value fluctuations. Hence, there is
no guarantee that the investor will recover the originally invested amount in full.
Additional important documents and information are available at www.jsafrasarasin.ch/vorsorge or may be requested free of charge from J.
Safra Sarasin Vested Benefits Foundation, J. Safra Sarasin Pillar 3a Foundation, Postfach, 4002 Basel.
Neither the present document nor any copies thereof may be sent or taken to the United States of America or delivered in the United States
of America or to a US Person (within the meaning of Regulation S of the US Securities Act of 1933, as amended). The present document
may not be reproduced in whole or in part without the prior written consent of the Foundations.
© Copyright J. Safra Sarasin Vested Benefits Foundation and J. Safra Sarasin Pillar 3a Foundation. All rights reserved.
J. Safra Sarasin Vested Benefits Foundation
J. Safra Sarasin Pillar 3a Foundation
Elisabethenstrasse 62
P.O. Box
CH-4002 Basel, Switzerland
Telephone +41 (0) 58 317 49 10
www.jsafrasarasin.com
Contact
Please do not hesitate to contact us if you require further information. Just call.
J. Safra Sarasin Vested Benefits Foundation
J. Safra Sarasin Pillar 3a Foundation
Elisabethenstrasse 62
P.O. Box
CH-4002 Basel, Switzerland
Information and price quotes can be found on www.jsafrasarasin.ch/vorsorge
Your partners for administrative or legal questions
Anna Rita Peroncini Telephone +41 (0) 58 317 49 48
Sahra Emer Telephone +41 (0) 58 317 49 34
Sandra Zugno Telephone +41 (0) 58 317 45 98
Patrick Studer Telephone +41 (0) 58 317 49 04
Fax +41 (0) 58 317 48 96
13 | Report investment products