Debito dei mercati emergenti in valute locali

Un tema fondamentale di lungo termine

Malgrado lo shock di Covid-19, i mercati emergenti (ME) mantengono una traiettoria di crescita nel lungo termine, trainata soprattutto dall’Asia. Le straordinarie misure di risposta introdotte da banche centrali e governi dovrebbero continuare a supportare questa asset class. Il debito ME offre potenzialità di rendimento attraenti rispetto ai titoli delle economie avanzate.

Un approccio diverso

Il nostro approccio in termini di attenuazione del rischio è duplice, ossia integra i criteri di sostenibilità e il perseguimento della qualità. Ci focalizziamo su una ricerca di rendimento basata sui fondamentali e prudente nell’universo d’investimento dei mercati emergenti. Questo approccio consente di ottenere più diversificazione a fronte di un rischio inferiore rispetto ai grandi fondi in valute locali dei mercati emergenti.

Pionieri dal 2010

Lombard Odier Investment Managers vanta un team d’investimento abile e collaudato, che ha maturato una lunga esperienza di gestione della nostra strategia basata sui fondamentali. Formuliamo una valutazione olistica della sostenibilità dei paesi, mediante un processo strutturato e disciplinato. Da qui nasce il nostro approccio innovativo e scalabile, che punta ad aggiungere valore con una gestione agnostica rispetto ai benchmark tradizionali.

Strategia Emerging Local Currency Bond Fundamental

La strategia punta a creare un portafoglio core di titoli sovrani in valute locali dei paesi emergenti, per generare rendimenti rettificati per il rischio di lungo termine più elevati rispetto agli approcci basati sui tradizionali benchmark.

Perché investire?

• • Una strategia long-only basata sui fondamentali con un approccio best-in-class ai criteri ESG.
  • Massima attenzione alla qualità del debito e alla sostenibilità, con l’obiettivo di attenuare i rischi di insolvenza e di ribasso, utilizzando informazioni finanziarie ed extra-finanziarie ai fini delle decisioni d’investimento.
  • Gestione dinamica e rigorosa del rischio, tramite budget di rischio individuali che prevedono limiti di stop-loss formali a livello di posizioni e di tasche.

IMPORTANT INFORMATION

This document has been prepared by Lombard Odier Funds (Europe) S.A. and is issued by Lombard Odier Asset Management (Europe) Limited, a private limited company incorporated in England and Wales with registered number 07099556, having its registered office at Goldings House, Hays Galleria, 2 Hays Lane, London, SE1 2HB,  authorised and regulated by the Financial Conduct Authority (the “FCA”) and entered on the FCA register with registration number 515393. Lombard Odier Investment Managers (“LOIM”) is a trade name.

The fund mentioned in this document (hereinafter the “Fund”) is a Luxembourg investment company with variable capital (SICAV). The Fund is authorised and regulated by the Luxembourg Supervisory Authority of the Financial Sector (CSSF) as a UCITS within the meaning of EU Directive 2009/65/EC, as amended. The management company of the Fund is Lombard Odier Funds (Europe) S.A. (hereinafter the “Management Company”), a Luxembourg based public limited company (SA), having its registered office at 291, route d’Arlon L-1150 Luxembourg, authorised and regulated by the CSSF as a Management Company within the meaning of EU Directive 2009/65/EC, as amended. The Fund is only registered for public offering in certain jurisdictions. This document is not a recommendation to subscribe to and does not constitute an offer to sell or a solicitation or an offer to buy the Fund’s shares nor shall there be any sale of the Fund’s shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. Consequently, the offering of the Fund’s shares may be restricted in certain jurisdictions. Prospective investors must inform themselves of, and observe, such restrictions, including legal, tax, foreign exchange or other restrictions in their relevant jurisdictions. Neither this document nor any part of it shall form the basis of, or be relied on in connection with, any contract to purchase or subscription for the Fund’s shares. Any such acquisition may only be made on the basis of the official documents of the Fund each in their final form. The articles of association, the prospectus, the Key Investor Information Document, the subscription form and the most recent annual and semi-annual reports are the only official offering documents of the Fund’s shares (the “Offering Documents”). They are available on http//:www.loim.com or can be requested free of charge at the registered office of the Fund or of the Management Company, from the distributors of the Fund or from the local representatives as mentioned below. Austria. Supervisory Authority: Finanzmarktaufsicht (FMA), Representative: Erste Bank der österreichischen Sparkassen AG, Graben 21, A-1010 Wien - Belgium. Supervisory Authority: Autorité des services et marchés financiers (FSMA), Representative: CACEIS Belgium S.A.,Avenue du Port 86C, b320, 1000 Brussels - France. Supervisory Authority: Autorité des marchés financiers (AMF), Representative: CACEIS Bank, place Valhubert 1-3, F-75013 Paris - Germany. Supervisory Authority: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Representative: DekaBank Deutsche Girozentrale, Mainzer Landstraße 16, D-60325 Frankfurt am Main - Italy. Supervisory Authority: Banca d’Italia (BOI)/ConSob, Paying Agents: Société Générale Securities Services S.p.A., Via Benigno Crespi, 19/A - MAC 2, 20159 Milano, State Street Bank S.p.A. Via Ferrante Aporti, 10, 20125 Milano, Banca Sella Holding S.p.A., Piazza Gaudenzio Sella, 1, 13900 Biella, Allfunds Bank S.A., filiale italianaVia Santa Margherita 7, 20121 Milano, - Liechtenstein. Supervisory Authority: Finanzmarktaufsicht Liechtenstein (“FMA”), Representative: Verwaltungs- und Privat-Bank Aktiengesellschaft, Aeulestrasse 6, LI-9490 Vaduz, LGT Bank AG Herrengasse 12, 9490 Vaduz, Liechtenstein - Netherlands. Supervisory Authority: Autoriteit Financiële Markten (AFM). Representative: Lombard Odier Asset Management (Europe) Ltd, Netherlands Branch Herengracht 466, 1017 CA Amsterdam, The Netherlands- Spain. Supervisory Authority: Comisión Nacional del Mercado de Valores (CNMV). Representative: Allfunds Bank S.A. C/Nuria, 57 Madrid - Switzerland. Supervisory Authority: FINMA (Autorité fédérale de surveillance des marchés financiers), Representative: Lombard Odier Asset Management (Switzerland) SA, 6 av. des Morgines, 1213 Petit-Lancy; Paying agent: Bank Lombard Odier & Co Ltd, 11 rue de la Corraterie, CH-1204 Geneva. UK. Supervisory Authority: Financial Conduct Authority (FCA), Representative: Lombard Odier Asset Management (Europe) Limited, Goldings House, Hays Galleria, 2 Hays Lane, London, SE1 2HB, which has approved this document for issuance in the UK to professional clients or eligible counterparties and is authorised and regulated by the FCA.

NOTICE TO RESIDENTS OF THE UNITED KINGDOM The Fund is a Recognised Scheme in the United Kingdom under the Financial Services & Markets Act 2000. Potential investors in the United Kingdom are advised that none of the protections afforded by the United Kingdom regulatory system will apply to an investment in LO Funds and that compensation will not generally be available under the Financial Services Compensation Scheme. This document does not itself constitute an offer to provide discretionary or non-discretionary investment management or advisory services, otherwise than pursuant to an agreement in compliance with applicable laws, rules and regulations. Representative: Lombard Odier Asset Management (Europe) Limited, Goldings House, Hays Galleria, 2 Hays Lane, London, SE1 2HB, which has approved this document for issuance in the UK to professional clients or eligible counterparties and is authorised and regulated by the Financial Conduct Authority. An investment in the Fund is not suitable for all investors. Making an investment in a Fund is speculative. There can be no assurance that the Fund's investment objective will be achieved or that there will be a return on capital. Past or estimated performance is not necessarily indicative of future results and no assurance can be made that profits will be achieved or that substantial losses will not be incurred. This document does not contain personalised recommendations or advice and is not intended to substitute any professional advice on investment in financial products. Before making an investment in the Fund, an investor should read the entire Offering Documents, and in particular the risk factors pertaining to an investment in the Fund, consider carefully the suitability of such investment to his/her particular circumstances and, where necessary, obtain independent professional advice in respect of risks, as well as any legal, regulatory, credit, tax, and accounting consequences. This document is the property of LOIM and is addressed to its recipient exclusively for their personal use. It may not be reproduced (in whole or in part), transmitted, modified, or used for any other purpose without the prior written permission of LOIM. It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful.

This document contains the opinions of LOIM, as at the date of issue. The information and analysis contained herein are based on sources believed to be reliable. However, LOIM does not guarantee the timeliness, accuracy, or completeness of the information contained in this document, nor does it accept any liability for any loss or damage resulting from its use. All information and opinions as well as the prices indicated may change without notice.

The contents of this document are intended for persons who are sophisticated investment professionals and who are either authorised or regulated to operate in the financial markets or persons who have been vetted by LOIM as having the expertise, experience and knowledge of the investment matters set out in this document and in respect of whom LOIM has received an assurance that they are capable of making their own investment decisions and understanding the risks involved in making investments of the type included in this document or other persons that LOIM has expressly confirmed as being appropriate recipients of this document.

If you are not a person falling within the above categories you are kindly asked to either return this document to LOIM or to destroy it and are expressly warned that you must not rely upon its contents or have regard to any of the matters set out in this document in relation to investment matters and must not transmit this document to any other person. Neither this document nor any copy thereof may be sent, taken into, or distributed in the United States of America, any of its territories or possessions or areas subject to its jurisdiction, or to or for the benefit of a United States Person. For this purpose, the term “United States Person” shall mean any citizen, national or resident of the United States of America, partnership organised or existing in any state, territory or possession of the United States of America, a corporation organised under the laws of the United States or of any state, territory or possession thereof, or any estate or trust that is subject to United States Federal income tax regardless of the source of its income.

Historical performance is not an indication of future performance and any investments may go down in value.

Important information on case studies

The case studies provided in this document are for illustrative purposes only and do not purport to be recommendation of an investment in, or a comprehensive statement of all of the factors or considerations which may be relevant to an investment in, the referenced securities. The case studies have been selected to illustrate the investment process undertaken by the Manager in respect of a certain type of investment, but may not be representative of the Fund's past or future portfolio of investments as a whole and it should be understood that the case studies of themselves will not be sufficient to give a clear and balanced view of the investment process undertaken by the Manager or of the composition of the investment portfolio of the Fund now or in the future.

Important information on benchmarks: Any benchmarks/indices cited herein are provided for information purposes only. No benchmark/index is directly comparable to the investment objectives, strategy or universe of a fund. The performance of a benchmark shall not be indicative of past or future performance of any fund. It should not be assumed that the relevant fund will invest in any specific securities that comprise any index, nor should it be understood to mean that there is a correlation between such fund’s returns and any index returns.

Important information on derivatives: The strategy may include the use of derivatives. Derivatives often involve a high degree of financial risk because a relatively small movement in the price of the underlying security or benchmark may result in a disproportionately large movement in the price of the derivative and are not suitable for all investors. No representation regarding the suitability of these instruments and strategies for a particular investor is made.

Credit risk: A significant level of investment in debt securities or risky securities implies that the risk of, or actual, default may have a material impact on performance. The likelihood of this depends on the creditworthiness of the issuers.

Model risk: Models may be misspecified, badly implemented or may become inoperative when significant changes take place in the financial markets or in the organisation. Such a model could unduly influence portfolio management and expose to losses.

The Fund's investments in Fixed Income securities are subject to the risks associated with debt securities including credit and interest rate risk. The fund may make substantial investments in derivatives which may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavourable or favourable in the price of the derivative instrument; risks of default by a counterparty, and the risks that transactions may not be liquid.

Emerging markets securities may be less liquid and more volatile and are subject to a number of additional risks, including but not limited to currency fluctuations and political instability. High yield, lower rated securities involve greater price volatility and present greater credit risks than higher rated fixed income securities.

If the funds are denominated in a currency other than that in which the majority of the investors assets are held, the investor should be aware that changes in rates of exchange may affect the value of the funds underlying assets. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Concentration Risk: Because of the smaller number of stocks held in the portfolio, the Fund may be subject to greater risks than a more diversified fund. A change in value of any single holding may affect the overall value of the portfolio more than it would affect a diversified fund that holds more investments.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by LOIM to buy, sell or hold any security. Views and opinions are current as at the date of this presentation and may be subject to change, they should not be construed as investment advice.

Although certain information has been obtained from public sources believed to be reliable, without independent verification, we cannot guarantee its accuracy, completeness of all information available from public sources.

LOIM does not provide accounting, tax or legal advice.

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