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Futuro Forum | Bowral 2012 Realm Investment – Fixed Interest.

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Presentation on theme: "Futuro Forum | Bowral 2012 Realm Investment – Fixed Interest."— Presentation transcript:

1 Futuro Forum | Bowral 2012 Realm Investment – Fixed Interest

2 Realm Investment House Fixed interest – The good, the bad and the ugly. An investment approach

3 What is Fixed Income What are you missing out on? It is complex Very important part of your Asset Allocation

4 What about everything else Government Debt State Infrastructure Debt UnsecuredSecured (RMBS) UnsecuredAsset Back (Secured) Secured (Covered) International Debt MezzanineHybrid Deposits ADI DepositsCommercial PaperABCP Paper CommonwealthLocal Bank Debt Corporate Secured GovernmentCorporateABS Fixed CouponFloating CouponIndexed Coupon

5 Managing Risks Yield 8% Term Risk Relativities Solvency & Liquidity

6 It is Complex! – Term Risk Fixed Income is about managing cash flows and future Income Capital preservation with a focus on regular income The best thing for a fixed income investor is you get your money back

7 Relativities What's Happening

8 Relativities

9 Managing Liquidity & Solvency What's Happening What’s in the Market What are we doing about it? Investment Committee Framework Asset Selection Portfolio Construction

10 Solvency Screening – the Six C’s Character Capacity Capital Collateral Conditions Capital Structure

11 Liquidity Analysis Everything above the line is relatively cheap Asset types available from a single Issuer ranked by credit Solvency Risk < ------- Less RiskMore Risk ------- >

12 Portfolio Optimisation

13 Citi Group Economic Surprise index

14 3 Year Bond vs 10 year Bond Curve

15 Bank Asset vs Local GDP What's Happening What’s in the Market

16 European Debt What's Happening What’s in the Market

17 Australian 3Year Government Bond

18 US Bond Curves

19 Realm Investment House Andrew Papageorgiou - Investment Manager Ph: +613 9008 7292 Mob: +61 428 137 366 Robert Camilleri - Investment Manager Ph: +613 9008 7291 Mob: +61 413 096 374 Richard Kerr - Investment Manager Ph: +612 8014 4234 Mob: +61 414 557 673

20 Disclaimer All information contained herein is confidential and proprietary to Realm Investment House and, accordingly, this material is not to be reproduced in whole or in part or used for any purpose except as authorised by Realm Investment House. It is to be treated as strictly confidential and not disclosed directly or indirectly to any other person, firm or entity. Distribution of this information to anyone other than the original recipient and that party's advisers is unauthorised. Any reproduction of these materials, in whole or in part, or the divulgence of any of its contents, without the prior consent of Realm Investment House is prohibited. Any securities recommendation or comments (including an opinion) contained in this document is general advice only and does not take into account your personal objectives, financial situation or needs. Recommendations or statements of opinion expressed may change without notice. You should not act on a recommendation or statement of opinion without first considering the appropriateness of the general advice to your personal circumstances or consulting your investment advisor to determine whether the recommendation or statement of opinion is appropriate for your investment objectives, financial situation or needs. Realm Investment House believes that the information contained in this document is accurate when issued. Realm Investment House do not warrant that the information contained herein is accurate, reliable, complete or up-to-date, and, to the fullest extent permitted by law, disclaims all liability of Realm Investment House and their Associates for any loss or damage suffered by any person by reason of the use by that person of, or their reliance on, any information contained in this document or any error or defect in this document, whether arising from the negligence of Realm Investment House or its Associates or otherwise. No action should be taken on the basis of or in reliance on the information, opinions or conclusions contained in this document. This document is not, and is not intended to be, an offer or invitation for subscription or sale, or a recommendation, with respect to any securities, nor is it to form the basis of any contract or commitment. This document does not purport to identify the nature of the specific market or other risks associated with these products. Before entering into any transaction in relation to the products, the investor should ensure that it fully understands the terms of the products and the transaction, relevant risk factors, the nature and extent of the investor’s risk of loss and the nature of the contractual relationship into which the investor is entering. Prior to investing in these products, an investor should determine, based on its own independent review and such professional advice as it deems appropriate, the economic risks and merits, the legal, tax accounting characteristics and risk, and the consequences of an investment in them. This is not a substantive commentary or analysis by Realm Investment House and has not been prepared as a research product or comments by a research analyst.

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