e-fundresearch: "Wie schätzen Sie die makroökonomische Entwicklung in Europa in den nächsten 12 Monaten ein?"
Greg Saichin, Fondsmanager, "Pioneer Funds Euro High Yield E" (24.10.2011): "Risk aversion spiked substantially higher over the third quarter of 2011 due to slowing global growth and debt problems in Europe and the US. There was speculation that France could be the next country to lose its AAA credit rating, with French banks in the spotlight over their exposure to Greek debt. Bank stocks and credits were sharply lower over the quarter, with the cost of insuring senior debt from European banks and insurers hitting a record high of 313 bps on 12 September, significantly above the post-Lehman Brothers peak (215 bps on 9 March 2009). To highlight the scale of the risk-off trade over recent months, this iTraxx Europe Senior Financials Index was at 120 bps in early April and 177 bps at the start of August. Investors are nervous about any type of risk assets due to worries over systemic problems in Europe. Given the heightened tensions in Europe around debt funding, the European Central Bank is likely to reduce rates in the near term. We believe that Europe and the US will maintain sub-par growth and likely avoid a double-dip, helped by continued strong (albeit moderating) growth in emerging markets. There is also a possibility of further fiscal stimulus measures in order to promote stability, although the news that investors are most anxious about is a plan for Europe’s debt problems – this could be the catalyst that reverses market direction and improves economic growth prospects. The coming month will be crucial for sentiment as there are expectations for constructive news, which has helped buoy markets during the past couple of weeks. As long as investors feel reassured about structural debt issues and can envisage a solution that can be implemented alongside sensible fiscal policies, we believe that Europe can continue to record low-to-moderate economic growth over the coming year. There is clearly a risk of recession but, at present, we still believe that it can be avoided if policymakers make the right choices to ensure stability in sovereign-debt markets and banking-sector recapitalisation."
Barrie Whitman, Fondsmanager, "Threadneedle European High Yld Bd Ret Acc EUR" (28.10.2011): "We anticipate a volatile and uncertain macro development in the near term which will likely lead to rates staying low across Europe and growth somewhat subdued. The sovereign debt situation is likely to remain in the spotlight as Europe continues to debate the terms and conditions surrounding a bailout package and subsequent lending facility for the peripheral nations. Ring-fencing those nations heavily indebted will remain a high priority for those concerned to stop the threat of contagion to the rest of Europe. Inflation risk will likely be driven by input costs rather than a demand pull factor."
Mag. (FH) Thomas Korhammer, Fondsmanager, "Raiffeisen-Europa-High Yield R A" (27.11.2011): "Wir rechnen mit sehr geringem Quartalswachstum. Jüngst veröffentlichte Konjunkturdaten signalisieren zwar kein Abgleiten in eine harte Rezession (wie in den Jahren 2008/09), negative Quartale sind aber nicht auszuschließen. Für das Gesamtjahr 2012 erwarten wir insgesamt geringfügig positives Wachstum, aber deutlich unter Potential."
Renate Mittmannsgruber, CPM, Fondsmanagerin, "KEPLER High Yield Corporate Rentenfonds A" (24.10.2011): "Europa zeigt aktuell ein zweigeteiltes Bild. In den Kernländern wie z.B. Deutschland oder Österreich sehen wir die wirtschaftliche Situation deutlich positiver als in den sogenannten Peripherie-Staaten. Denn die dort beschlossenen Sparmaßnahmen trüben den konjunkturellen Ausblick deutlich ein. Im Moment liegt die Inflationsrate noch deutlich über dem EZB-Ziel von nahe, aber unter 2 %. Wir erwarten, dass sich als Ergebnis der konjunkturellen Abschwächung hier auch eine Entspannung ergibt."
Philippe Igigabel, Fixed Income Fund Manager, "HSBC GIF Euro High Yield Bond AC EUR" (25.10.2011): "We expect a weak economy in Europe over the next 12 months and we build the portfolio by selecting issuers able to withstand a very weak economic environment. Logically these issuers are relatively well rated. As a result we have 0% of CCC and only 5% of single B active in cyclical sectors."
Kieran Roane, Fund Manager, "Investec GSF High Income Bond A Inc" (27.10.2011): "Our central case is that a recession will be avoided, with leading indicators pointing towards low but nonetheless positive economic growth. We also expect Europe to support its banking sector and provide funding for Italy and Spain in the likely event that Greece is forced into a more substantial restructuring of its debt."
Per Wehrmann, Fondsmanager, "DWS Euro-Corp High Yield" (20.10.2011): "Wir erwarten ein schwaches Wirtschaftswachstum, das innerhalb Europas deutlich variieren wird. Die Volkswirtschaften der meisten Peripheriestaaten sollten etwa deutlich schwächer abschneiden als die Kernländer Europas. Die Gefahr einer Rezession ist vorhanden, allerdings nicht unser gegenwärtiges Hauptszenario."
Frage 2
e-fundresearch: "Welche Elemente sind die wichtigsten in Ihrem Investmentprozess?"
Greg Saichin, Fondsmanager, "Pioneer Funds Euro High Yield E" (24.10.2011): "Our investment style is flexible within the European High-Yield arena. We use hedging and derivatives (swaps and futures) for managing market beta, curve and duration. Corporate spread duration is the critical aspect for generating alpha in this asset class. Fundamental credit analysis is the bedrock of security selection as we seek to exploit market, sector and security inefficiencies using a bottom-up valuation process combined with top-down risk controls. We look for opportunities based on the merits of each investment case and the potential for generating outperformance but with an absolute-return bias. Within our universe, we are benchmark aware, but not constrained, while also concentrating on companies that offer strong downside risk protection, although we tend to concentrate more on cyclical sectors and subordinated issues of the capital structure during the expansion phase, in order to extract maximum value out of the spread compression."
Barrie Whitman, Fondsmanager, "Threadneedle European High Yld Bd Ret Acc EUR" (28.10.2011): "· Experience of a dedicated high yield team
· Integration of the high yield team into the wider investment resources at Threadneedle
· Independent internal research driven process tried and tested over a number of economic cycles
· These factors are the reason for the long standing and consistent performance of the fund."
Mag. (FH) Thomas Korhammer, Fondsmanager, "Raiffeisen-Europa-High Yield R A" (27.11.2011): "Man unterscheidet idiosynkratische (Emittenten-spezifische) und systemische (aus der Bewegung des breiten Markts resultierende) Risiken. Die Relevanz der Einzeltitelselektion ist höher, je niedriger die Bonität innerhalb der Assetklasse ist. Dieser Zusammenhang resultiert aus dem, für den High Yield-Markt charakteristischen, höheren Ausfallsrisiko niedriger Kreditqualitäten. Folglich ist das Management des Raiffeisen-Europa-HighYield Bottom-up-getrieben.
Im Rahmen des Top-down-Managements steuern wir über den Investitionsgrad, die Ratingallokation und die Portfolio-Duration die Sensitivität des Portfolios gegenüber Veränderungen der Risikoprämien."
Renate Mittmannsgruber, CPM, Fondsmanagerin, "KEPLER High Yield Corporate Rentenfonds A" (24.10.2011): "Die Bottom-Up-Analyse ist der Schlüssel zur Performance. Sprich der Schwerpunkt wird auf die Unternehmensanalyse gelegt und erst in einem weiteren Schritt auf die sektor- und makroökonomische Analyse. In den letzten Jahren hat sich gezeigt, dass es neben einer genauen Analyse der Unternehmensstruktur auch wichtig ist, zu wissen, wie ein eventuelles Default-Procedere aussieht, sprich welche rechtliche Grundlage es dafür gibt. Die Erfahrung hat gezeigt, dass ein Default-Procedere eines Unternehmens z.B. in den USA sich ungleich leichter gestaltet als ein Default-Procedere z.B. in Frankreich."
Philippe Igigabel, Fixed Income Fund Manager, "HSBC GIF Euro High Yield Bond AC EUR" (25.10.2011): "We have an investment process divided into 3 steps (all are important):
• issuer selection: detect issuers for which there is a particular risk of seeing the credit quality deteriorating rapidly (because of binary risks such as legal or accounting issues or high client/product concentration) and avoid them completely
• issuer selection: among the issuers for which no binary risk is detected, select those which offer particular value based on a careful credit analysis and relative value considerations.
• top down management: based on our macro expectations we set the general positioning of the portfolio by changing the rating mix, the investment ratio and the credit duration of the fund."
Kieran Roane, Fund Manager, "Investec GSF High Income Bond A Inc" (27.10.2011): "Our bottom up fundamental analysis, based on financial modelling and sector specialisation, is the most important part of the investment process and is complimented by our top down analysis of the macro environment that drives the overall risk positioning of the portfolio and helps determine our preferred sector, rating and regional risk bias.
Although our top-down, macro themes provide useful guidance, ultimately a granular analysis of single name risk is key in order to invest in high risk companies. One must look at the potential return of an investment in light of the risks associated with it in order to determine if the risk/reward payout ratio is sufficient. It is critical to analyze the idiosyncratic, single-name risk to determine if the current yield/spread is fair."
Per Wehrmann, Fondsmanager, "DWS Euro-Corp High Yield" (20.10.2011): "Zentral ist die Bottom-Up getriebene Kreditanalyse. Die Fundamentalanalyse der einzelnen Kredite ist die Grundlage unserer Investmententscheidung. Dabei spielt neben der Ertragseinschätzung auch unsere Sicht des Downside-Risikos für die Kreditbeurteilung eine wichtige Rolle. Gerade in schwachen Marktphasen wie der aktuellen nutzen wir aktiv Marktineffizienzen. Wir balancieren das Portolio hinsichtlich Risikos, Ertragseinschätzung und der Liquidität der Positionen aus."
Frage 3
e-fundresearch: "Wie beurteilen Sie die Entwicklung der HY Spreads vs. Staatsanleihen und die Ausfallsraten?"
Greg Saichin, Fondsmanager, "Pioneer Funds Euro High Yield E" (24.10.2011): "Looking at spreads of high-yield bonds versus government bonds is a key consideration in this asset class. We analyse spreads alongside absolute yields to determine value. For instance, by mid year 2011, spreads were above historic averages but overall yields were very low, due to low benchmark rates. Despite good credit quality, very low default rates and above average spreads, we had been upgrading the quality of the Portfolio due to macro concerns and low yields. The fundamentals are still positive for the asset class despite short-term technical hurdles and we believe that default rates, currently around 1.4%, will stay low, around the 2% to 2.5% level, over the coming year."
Barrie Whitman, Fondsmanager, "Threadneedle European High Yld Bd Ret Acc EUR" (28.10.2011): "Any relative value analysis that we conduct in relation to our credit process factors in the value of high yield spreads versus government bonds. Spreads have widened significantly over the last 2 months and look good value versus those of similar duration government bonds. Corporate fundamentals look solid and the default rates outlook is low. The market is currently pricing in an 8.5% default rate based on current spreads where we forecast around 2-3%. We believe that the market offers good value from both a fundamental and valuation perspective."
Mag. (FH) Thomas Korhammer, Fondsmanager, "Raiffeisen-Europa-High Yield R A" (27.11.2011): "Aus fundamentaler Sich ist der Unternehmenssektor aufgrund des Entschuldungsprozesses der vergangenen Jahre nun besser für einen Wachstumsabschwung positioniert. Geschrumpfte Bilanzen und höhere Liquiditätspolster sollten die Effekte potentieller Umsatz- und Ergebnisrückgänge abfedern. In einem Szenario stagnierenden Wirtschaftswachstums und unwesentlichen Inflationsdrucks ist zu erwarten, dass gläubigerfreundliche Maßnahmen (Cash Flow-Generierung, Bewahrung der Liquidität) vermehrt in den Managementfokus geraten.
Ausfallsraten befinden sich auf historischen Tiefständen – die Ratingagentur S&P verzeichnete in Europa zuletzt eine Ausfallsrate von 0,88 % für die letzten 12 Monate (Stand 31.08.11). Aktuelle Marktniveaus reflektieren aber zu Recht die Erwartung steigender Ausfallsrisiken. Allerdings kompensieren derzeitige Risikoprämien für Ausfälle von rund 7 %. Die impliziten Anstiege entsprechen nicht unseren Erwartungen. Folglich erscheinen Ausfallsrisiken adäquat gepreist.
Da Kapitalmärkte in Panikphasen zur Übertreibung neigen, ist mit anhaltend hoher Volatilität innerhalb der Assetklasse zu rechnen. Ein Engagement eignet sich somit zurzeit v.a. für risikobewusste Anleger unter Berücksichtigung der ausgeprägten Mark-to Market-Risiken mit entsprechend langer Haltedauer."
Renate Mittmannsgruber, CPM, Fondsmanagerin, "KEPLER High Yield Corporate Rentenfonds A" (24.10.2011): "In den letzten Monaten kam es wieder zu einer deutlichen Ausweitung der Risikoaufschläge von High Yield Unternehmensanleihen gegenüber Staatsanleihen. Die Gründe dafür liegen in den geänderten Wirtschaftsaussichten für die Eurozone und den USA. Aber auch die Probleme einiger Peripherie-Staaten und die damit einhergehende Zunahme der Risikoaversion (verbunden mit fallenden Aktienkursen) zeichnen für die Ausweitung verantwortlich. Die Ausfallsrate verharrt jedoch nach wie vor auf sehr niedrigem Niveau. Aktuell liegt sie global betrachtet bei ca. 2 %. Die Ratingagenturen schätzen auch für 2012 eine Ausfallsrate von 2 %. Wir erwarten einen leichten Anstieg auf 3 - 4 %, die damit aber weiterhin unter dem langjährigen Schnitt liegen würde. Grundsätzlich ist auch festzuhalten, dass die finanzielle Situation der Unternehmen aktuell deutlich besser ist als in der Krise 2008. Auf Ratingebene betrachtet zeigt sich, dass derzeit im BB-Bereich ein Wirtschaftsrückgang voll eingepreist ist. Für B-Emittenten ist eine wirtschaftliche Abschwächung zu rund 75 % enthalten. Im CCC-Bereich ist eine Schrumpfung der Wirtschaft hingegen lediglich zu 22 % eingepreist. Aus diesem Grund ist für uns eine Ausweitung der Spreads vor allem in den schlechteren Ratingkategorien wahrscheinlich."
Philippe Igigabel, Fixed Income Fund Manager, "HSBC GIF Euro High Yield Bond AC EUR" (25.10.2011): "Regarding the default rate we expect it to increase but only moderately and from a very low level (around 1% at the moment in Europe). The increase will be driven by deteriorating economic conditions. We expect the increase to be moderate because most issuers have remained very prudent over the last years (cut costs, refinance debt, only little expansion/M&A plans) and therefore their credit quality is stronger than average.
We consider therefore that spreads are attractive, particularly among the issuers relatively well rated (BB and strong B)."
Kieran Roane, Fund Manager, "Investec GSF High Income Bond A Inc" (27.10.2011): "High yield spreads look very attractive versus government bonds. Both high yield spreads and Government bonds are pricing in a high probability of recessionary conditions.
We believe that currently government bonds look very expensive with limited upside and a high probability of poor returns going forward. High yield bonds exhibit a much lower sensitivity to government bond returns and as such any impact from underperforming government bonds is likely to be limited.
In contrast high yield spreads look very cheap and at current levels are pricing in an above average default cycle. High yield spreads are compensating investors for over 10% annual defaults over the next few years despite the current default rate being as low as 2%. Given the strength of company balance sheets, pessimistic market expectations for default rates are a peak of 8% over a very limited period of time."
Per Wehrmann, Fondsmanager, "DWS Euro-Corp High Yield" (20.10.2011): "Die Spreads im Euro-Hochzinsmarkt sind aktuell historisch weit und implizieren eine hohe zukünftige Ausfallrate. Die derzeitige Ausfallrate ist sehr niedrig. Wir erwarten zwar einen Anstieg der Ausfallrate, allerdings sollte der unserer Meinung nach moderat sein, da die meisten Unternehmen in den nächsten ein bis zwei Jahren keinen Refinanzierungsbedarf haben. Unter dieser Annahme und unter Berücksichtigung der aktuell sehr niedrigen Staatsanleihenzinsen schätzen wir das Bewertungsniveau mittelfristig als sehr attraktiv ein."
Frage 4
e-fundresearch: "Welche Über- und Untergewichtungen haben Sie derzeit im High Yield Portfolio umgesetzt?"
Greg Saichin, Fondsmanager, "Pioneer Funds Euro High Yield E" (24.10.2011): "On a sector level, our main overweights are TMT and Consumer Services & Goods, with a strategic allocation to off-benchmark Leveraged Loans. Conversely, we are significantly underweight Industrials and Financials (but have exposure to some off-benchmark investment-grade names). We have been defensive and continue to be more selective in a competitive market as we seek to preserve and enhance the quality of the Portfolio, and ensure that we maintain good liquidity."
Barrie Whitman, Fondsmanager, "Threadneedle European High Yld Bd Ret Acc EUR" (28.10.2011): "Due to the uncertain and volatile macro environment, the portfolio is positioned with a defensive bias. We currently prefer those sectors less exposed to cyclical risks such as certain media and services companies. Within these sectors we have shifted some of the weight away from higher yielding ‘B’ rated bonds and moved up the capital structure into Senior Secured ‘BB’ rated bonds. We are underweight the more cyclical sectors such as autos and retail which have suffered in the recent sell off. From a country perspective we are underweight the periphery as a whole."
Mag. (FH) Thomas Korhammer, Fondsmanager, "Raiffeisen-Europa-High Yield R A" (27.11.2011): "Unter Berücksichtigung der kurzfristig dominanten Liquiditätsrisiken bei gleichzeitig attraktiven Bewertungen ist die Ratingallokation aktuell defensiv, der Investitionsgrad aber nahezu bei 100 %. Um die durchschnittliche Kreditqualität zu erhöhen sind Titel höherer Bonität mit Investment Grade-Rating beigemischt.
Wenngleich die Sektorallokation aus der Einzeltitelselektion resultiert, so lassen sich doch auch im Aggregat Positionierungen erkennen. Nicht zuletzt aufgrund der Unsicherheit hinsichtlich des im Zuge der Staatschuldenkrise raschen Rekapitalisierungsbedarfs im Bankensektor sind Finanzwerte im Fonds untergewichtet. Hingegen schätzen wir die Aussichten für Kabelnetzbetreiber positiv ein. Technologische Wettbewerbsvorteile, die robuste Ertragslage sowie intakte Entschuldungsprozesse und gesunde Liquiditätsprofile geben den Ausschlag für die Übergewichtung.
Die in den letzten Monaten erzielte, deutliche Outperformance bestätigt uns in unserer Einschätzung. Wir halten aktuell an dieser Positionierung fest."
Renate Mittmannsgruber, CPM, Fondsmanagerin, "KEPLER High Yield Corporate Rentenfonds A" (24.10.2011): "Aufgrund der besseren Liquidität sind wir in USD-High Yield gegenüber EUR-Anleihen übergewichtet. Auf Sektorebene sind wir bei Energiewerten, Telekommunikation und Medien übergewichtet. Untergewichtet sind die Sektoren Versorger, Auto und Gesundheitswesen. Auf Ratingebene sind wir aufgrund der unter Punkt 3 angeführten Gründe in CCC-Emittenten deutlich untergewichtet."
Philippe Igigabel, Fixed Income Fund Manager, "HSBC GIF Euro High Yield Bond AC EUR" (25.10.2011): "Overweight:
• Relatively solid issuers: BB or strong B. We particularly like large issuers because they often have more sources of financing available, more diversity in terms of operations, products, clients, countries, etc. and a stronger incentive to maintain or improve their credit quality.
• Subordinated financials issued by the strongest European financial institutions
Underweight:
• Lower rated issuers, in particular those of small size and active in cyclical sectors."
Kieran Roane, Fund Manager, "Investec GSF High Income Bond A Inc" (27.10.2011): "We are overweight in the capital goods and telecoms sectors. Our holdings in capital goods enable us to take exposure to the economic/ business cycle. Our exposure to the telecom sector, while relatively defensive in nature, provides us with exposure to well established companies that are highly cash generative and have diversified into in emerging markets where the demand for telecommunication services are increasing and driving income growth.
We are underweight building materials and associated industries as the demand in these sectors has not materially improved and we do not expect this situation to change in the short term. We are also underweight the financial sector as, inevitably, banks will need to deleverage and there is uncertainty as to how existing bank debt will be treated under a new regulatory regime potentially exposing investors to capital losses. We have also significantly reduced our exposure to consumer oriented sectors which is driven by our expectations of reduced demand on the back of broad austerity measures and rising commodity costs impacting company margins."
Per Wehrmann, Fondsmanager, "DWS Euro-Corp High Yield" (20.10.2011): "Wir sind die Sektoren Kabelgesellschaften, Chemie und Finanzwerte übergewichtet und die Sektoren Automobil, Dienstleister und Nicht-Zyklische Konsumgüterhersteller untergewichtet."
Frage 5
e-fundresearch: "Bitte kommentieren Sie die Performance- und Risikokennzahlen Ihres Fonds im letzten Jahr und in den letzten 3 bzw. 5 Jahren."
Greg Saichin, Fondsmanager, "Pioneer Funds Euro High Yield E" (24.10.2011): "The fund has performed very well over the past five years, matching the benchmark with an annualised return of 4.9% but ranked near the top of its peer group (14th percentile). The three-year numbers are even better at 2nd percentile. When looking at this period, the key years in performance terms were 2008 and 2009, one very poor and one exceptionally strong. We also maintained decent outperformance in 2010 and through the first half of 2011.
We outperformed in during a mini correction in 2007, which followed four years of strong performance for high yield. However, we were mistaken in our belief that the downturn in 2007 was a technical one and that the cycle would continue. Because of this, we had a much more aggressive (i.e. more cyclical and subordinated construction) Portfolio than we should have in 2008. The deficiency of this strategy was exposed after the Lehman Brothers collapse in September, when the financial crisis brought the economic cycle to an abrupt end with a generation-event liquidity collapse. All of the underperformance in 2008 occurred in the fourth quarter due to the paralysis of normal market function in the banking sector. The main negative areas were our exposure to Emerging Markets and Leveraged Loans, which countered positive relative performance in High Yield, especially in the third quarter. Leveraged Loans were squeezed by technical factors such as the loan overhang in banks´ portfolios and the unwinding of CLO/CDO´s as banks were forced to undertake fire sales of their loan portfolios. Our decision to invest in Leveraged Loans was due to their supposed defensive nature, given their superior credit quality in the capital structure. However, during the liquidity crisis technicals rather than fundamental dictated market direction. It was a paradox that the most credit-defensive part of the Portfolio was the most undermined by the liquidity collapse at the peak of the crisis. Looking at sector attribution, the main negatives were Industrials, Consumer Goods & Services, ABS, TMT, MBS, Local authority and Utilities, although we added value in Autos, Banks, Sovereign and Money Market
2009 was the mean reversion of 2008´s extreme mark-to-market valuations. The first quarter was still weak, as the market was trying to find a bottom and confidence remained subdued. However, the rebound was strong through the rest of the year. What hurt us in 2008 was strong in 2009 as liquidity returned to normal. Emerging Markets and Leveraged Loans were the key contributors to the very strong calendar-year outperformance, due to extreme value in emerging-market spreads, which had spiked to record levels, and a correction of the technical situation in Loans. Our small equity allocation also added value, particularly in the fourth quarter. Looking at sector attribution, the main positive was Consumer Goods & Services, which added over 800 bps of outperformance, along with TMT, ABS, Sovereign and Industrials. Conversely, we lost ground by being underweight Financials, particularly Banks, which rallied strongly.
The same basic strategy helped us outperform in 2010, although we gradually moved the Portfolio more defensive as we progressed through the year, taking profits on more speculative and/or cyclical names as they became less attractive following very strong performance. Over the year, we benefited from continued spread compression in the more distressed credits as they continued to mean revert and strong returns from our loan allocation. We underperformed during the third quarter, which was very strong for high yield, as we continued to reduce exposure to cyclicals, such as Inaer Aviation and Cemex, and add to more stable industries such as Telecoms, Media and IT. Nevertheless, this more defensive strategy helped us outperform in a flat fourth-quarter for the market.
Despite the increasingly risk-averse backdrop, high yield held up remarkably well in the first half of 2011 (almost 5% return) and we recorded modest outperformance against the market and strong performance relative to peers. However, we underperformed in the third quarter, predominantly in September, during a very risk-averse and indiscriminate sell off, with tight liquidity. In general, we lost ground on sectors where we were overweight and vice versa, despite our focus on sectors and names that we view as more defensive than the overall balance of the market. On a sector basis, we lost ground from overweights in Consumer Goods & Services and TMT but benefited from underweights in Industrials, Financial Services/Banks and Insurance."
Barrie Whitman, Fondsmanager, "Threadneedle European High Yld Bd Ret Acc EUR" (28.10.2011): "The Threadneedle European High Yield Bond Fund has an excellent long term track record spanning over 10 years. Over a 1 and 5 year time period the fund has outperformed the index but over 3 years has slightly lagged. On a net basis versus the peer group, the fund has consistently outperformed the median and is 2nd quartile on a 1 and 3 year basis and 1st quartile on a 5 year basis. The fund invests predominantly across Pan-European corporates and follows the Merrill Lynch European Currency High Yield ex. Subordinated Financials 3% Constrained. The fund follows a range of risk guidelines around issue and issuer exposure, sector exposure and rating exposures all of which are designed to help produce a consistent and repeatable process which in turn has contributed to strong long term out-performance."
Mag. (FH) Thomas Korhammer, Fondsmanager, "Raiffeisen-Europa-High Yield R A" (27.11.2011): "Über jede der genannten Perioden lag die annualisierte Outperformance vor Kosten über 1 %. Wir konnten somit kontinuierlich einen Mehrertrag gegenüber dem Referenzindex erzielen. Der damit verbundene annualisierte Tracking Error im Fonds, sprich die Schwankungsbreite der relativen Performance, liegt in der 1-Jahres-Betrachtung knapp unter 1 und im 3- bzw. 5-jährigen Vergleich bei 3 %. Auch der Maximum Drawdown lag in allen Perioden unter Benchmarkniveau."
Renate Mittmannsgruber, CPM, Fondsmanagerin, "KEPLER High Yield Corporate Rentenfonds A" (24.10.2011): "Aufgrund des o.a. Investmentprozesses bevorzugen wir eher defensive Werte und nehmen dabei in Boomphasen eine gewisse Underperformance in Kauf. Dies spiegelt sich auch in einer geringeren Volatilität gegenüber dem Gesamtmarkt wider, führt jedoch nach unserer Expertise zu einer risikoadjustierten attraktiven Performance."
Philippe Igigabel, Fixed Income Fund Manager, "HSBC GIF Euro High Yield Bond AC EUR" (25.10.2011): "As of September 30th, 2011 we have the following performances on the retail share class:
* 1 year return -6.54% benchmark -5.67%
* 3 years return 29.23% benchmark 42.68%
* 5 years return 18.96% benchmark 24.01%."
Kieran Roane, Fund Manager, "Investec GSF High Income Bond A Inc" (27.10.2011): "Our performance over three and five year periods remains strong and is driven by our systematic approach to managing high yield. As part of the credit process our top down macro themes drive the risk in the portfolio to reflect different phases of the economic cycle. Our strong focus on bottom up analysis ensured our investments adequately reflected the risks we were taking in individual holdings. Simply put we are looking to maximise returns while reducing the volatility of these returns. An example was our move to significantly reduce exposure to CCC rated bonds within the portfolio through the latter part of 2007 despite the rally in lower rated bonds. We did so as we felt them to be expensive relative to the underlying risks. This repositioning of the portfolio along with similar trades ensured our drawdown through the credit crunch was much lower than the benchmark."
Per Wehrmann, Fondsmanager, "DWS Euro-Corp High Yield" (20.10.2011): "In den letzten zwei Jahren hat der Fonds jeweils besser performt als die Benchmark. Im 3-Jahresvergleich liegt die Performance in etwa auf Höhe der Benchmark, wobei die Volatilität etwas über der Benchmark liegt. Grund dafür ist die schwache Performance im 4.Quartal 2008, die auf unser Übergewicht in den Hochzinsanleihen zurückzuführen ist, die nach der Lehman Insolvenz von einem starken technischen Abverkauf des Marktes in Mitleidenschaft gezogen wurden. Diese Anleihen performten dafür in 2009 überproportional gut."
Alle Performance Daten per 14.10.2011
