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Garantum Fondkommission
Specialized fund commissioner
– solely offers structured financial securities
– with or without capital protection Established 2004
Solid experience
– Working with capital protected securities since 1994 Employee owned 22 employees More then 370 issued securities since the start of 2005 Target group: Private persons, companies, foundations etc. Independent
– No connections to other business areas, insurance brokers, private banking, banks or individual investment banks.
CapitalProtected
Growth part
20100
80
Bond
1,0 x Growth
Option
Index linked Bond – Construction
CapitalProtected
Tillväxtdel
20100
80
Bond
1,0 x growth
Option
10
Growth part
1,5 x growth
An extra premium increases the return potentialor makes investments in growth markets possible.
Index linked Bond – Construction
The importance of independent purchases
- reality examples December 2007Conditions from different banks for a custom made
Product purchased in December 2007. The six best prices.
Bank Participation level
1 121%
2 118%
3 117%
4 108%
5 102%
6 94%
Active management with structured products.
100
150
140
Förfall
Profit lock in•Sell the old structure•Buy a new one•Increase capital protection
Lowering of guarantee•Sell the old structure (take a small loss)•Restart the equity exposure•Increase potential return
100
150
90
50
180
+100%
Förfall
Capital protection MSCI World Index Current portfolio
80
130
180
230
280
330
380
430
95-0
4-28
95-1
0-28
96-0
4-28
96-1
0-28
97-0
4-28
97-1
0-28
98-0
4-28
98-1
0-28
99-0
4-28
99-1
0-28
00-0
4-28
00-1
0-28
01-0
4-28
01-1
0-28
02-0
4-28
02-1
0-28
03-0
4-28
03-1
0-28
04-0
4-28
04-1
0-28
05-0
4-28
05-1
0-28
06-0
4-28
06-1
0-28
07-0
4-28
07-1
0-28
Index development+118%
Capital protection+321%
Market value+271%
Reference portfolio 1995 - 2008
Profit lock-in
100
190187
Capital protection MSCI World Index Current portfolio
80
130
180
230
280
330
380
430
95-0
4-28
95-1
0-28
96-0
4-28
96-1
0-28
97-0
4-28
97-1
0-28
98-0
4-28
98-1
0-28
99-0
4-28
99-1
0-28
00-0
4-28
00-1
0-28
01-0
4-28
01-1
0-28
02-0
4-28
02-1
0-28
03-0
4-28
03-1
0-28
04-0
4-28
04-1
0-28
05-0
4-28
05-1
0-28
06-0
4-28
06-1
0-28
07-0
4-28
07-1
0-28
Index development+118%
Capital protection+321%
Market value+271%
Reference portfolio 1995 - 2008
When the market declines…
100
150
90
50
180
+100%
Capital protection MSCI World Index Current portfolio
80
130
180
230
280
330
380
430
95-0
4-28
95-1
0-28
96-0
4-28
96-1
0-28
97-0
4-28
97-1
0-28
98-0
4-28
98-1
0-28
99-0
4-28
99-1
0-28
00-0
4-28
00-1
0-28
01-0
4-28
01-1
0-28
02-0
4-28
02-1
0-28
03-0
4-28
03-1
0-28
04-0
4-28
04-1
0-28
05-0
4-28
05-1
0-28
06-0
4-28
06-1
0-28
07-0
4-28
07-1
0-28
Index development+118%
Capital protection+321%
Market value+271%
Reference portfolio 1995 - 2008
Portfolio containing structured products
5 years3 years
3,5 years
4 years
VO Brazil, Tr 150 000 kr x 1,5AIO Sweden Optimal, Ti 150 000 kr x 1,1AIO China, Ti 150 000 kr x 1,0AIO Asia Optimal, Ti 150 000 kr x 1,4SO Carry Trade Mix, Ti 150 000 kr x 2,2AIO Global Best of Three, Ti 150 000 kr x 1,5
Total investment 984 000 krSum capital protection 900 000 krSum capital in growth 1 335 000 kr
ChinaSweden Asia Carry TradeMix
5 years
Global Best of Three
Brazilcurrency
1 year
PORTFOLIOWITH STRUCTURED
PRODUCTS
Current products
GrowthIssue price: 112Gearing.: 1,1
GrowthIssue price: 112Gearing.: 1,4
DefensiveIssue price: 101Gearing.: 1,5
SwedenOptimal
4 years3 years
China
5 years
Brazil
Currency
3,5 years
1 year
GlobalBest of Three
DefensiveIssue price: 102Cap.protected: 120Gearing.: 1,0
GrowthIssue price: 107Gearing.: 2,2
AsiaOptim
al
GrowthIssue price: 112Gearing.: 1,2
Carry Trade Mix
5 years
DefensiveIssue price: 102Cap.protected: 100Gearing.: 1,0
GrowthIssue price: 112Gearing.: 1,5
SwedenOptimal
Carry Trade Mix
5 years
3 years
AsiaOptima
l
5 years
Brazil
Currency
4 years
1 year
GlobalBest of Three
GrowthIssue price: 112Gearing.: 1,1
GrowthIssue price: 112Gearing.: 1,4
DefensiveIssue price: 102Gearing.: 1,0
GrowthIssue price: 112Gearing.: 1,5
DefensiveIssue price: 101Gearing.: 1,5
DefensiveIssue price: 102Cap.protection:120Gearing.: 1,0
GrowthIssue price: 107Gearing.: 2,2
China
3,5 years
GrowthIssue price: 112Gearing.: 1,2
Reduce the timing risk!
An optimal investment in a tough market
SwedenOptimal
Carry Trade Mix
5 years
3 years
AsiaOptima
l
5 years
Brazil
Currency
4 years
1 years
GlobalBest of Three
GrowthIssue price: 112Gearing.: 1,1
GrowthIssue price: 112Gearing.: 1,4
DefensiveIssue price: 102Gearing.: 1,0
GrowthIssue price: 112Gearing.: 1,5
DefensiveIssue price: 101Gearing.: 1,5
DefensiveIssue price: 102Cap.protection: 120Gearing.: 1,0
GrowthIssue price: 107Gearing.: 2,2
China
3,5 years
GrowthIssue price: 112Gearing.: 1,2
Reduce the allocation risk!
Global – Best out of three.
USA
Europa Asien
Basket 1: 50% 25% 25%
Basket 2: 25% 50% 25%
Basket 3: 25% 25% 50%
Hong KongSouth Korea
TaiwanSingapore
SwedenOptimal
Carry Trade Mix
5 years
3 years
AsiaOptima
l
5 years
Brazil
Currency
4 years 1 year
GlobalBest of Three
GrowthIssue price: 112Gearing.: 1,1
GrowthIssue price: 112Gearing.: 1,4
DefensiveIssue price: 102Gearing.: 1,0
GrowthIssue price: 112Gearing.: 1,5
DefensiveIssue price: 101Gearing.: 1,5
DefensiveIssue price: 102Cap.protection: 120Gearing.: 1,0
GrowthIssue price: 107Gearing.: 2,2
China
3,5 years
GrowthIssue price: 112Gearing.: 1,2
Find alternatives!
Real Vs Euro.
Strengthening of the Real.
Befits from the health economical politics
Repaid the governmental debt
Promoted to ”investment grade”
One of the largest receiver of FDI in the World.
Demand for oil and raw material supply.
Weakening of the Euro.
Weakening of the European economy.
Interest rate reduction expected during the year.
Return from interest and currency markets.
• ”Carry Trade”
• Borrow in countries with low interest
• Invest in countries with high interest
• Earn money on interest differences and currency rate fluctuations.
• 5 years average return of 14,3% per year.
• 20% Guaranteed return in the Defensive alternative.
• 2,2 participation grade with only 5% premium.
Portfolio nr 1 - Defensive
Suitable for:
- The careful customer.
- Liquidity in companies
- Pension funds
5 years 5 years1 year
VO, Brazil Tr 300 000 kr x 1,5SO Carry Trade Mix, Tr 400 000 kr x 1,0AIO Global Best of Three, Tr 300 000 kr x 1,0
Total investment 1 020 000 krSum Cap protection 1 080 000 krSum Market growth 1 150 000 kr
BrazilCurrency
Carry TradeMix
(20% guaranteed return)
GlobalBest of three
PORTFOLIOWITH STRUCTURED
PRODUCTS
Portfolio nr 2 - Growth
Suitable for:
- For those who consider on entering the market
- Reallocation of fund money
- Pension funds
- For those who wants to reduce complex timing problems (with an optimal start.)
Growth portfolio
5 years3 years 3,5 years 4 years
AIO Sverige Optimal, Ti 200 000 kr x 1,1AIO Kina, Ti 150 000 kr x 1,1AIO Asien Optimal, Ti 150 000 kr x 1,4SO Carry Trade Mix, Ti 200 000 kr x 2,2AIO Global ”Bäst Mix”, Ti 200 000 kr x 1,5
Total investment 1 054 000 krSum Capital protection 900 000 krSum Capital in growth 1 335 000 kr
ChinaSweden Optimal
Asia Optimal
Carry TradeMix
Growth
5 years
GlobalBest of Three
PORTFOLIOWITH STRUCTURED
PRODUCTS
Warrant
Brasilien Valuta: 6 500 SEK per warrant gives 1,5 times the growth on 100 000 kr.
Asien Optimal: 24 500 SEK per warrant gives 1,0 times the growth on 100 000 kr
Carry Trade: 18 500 SEK per warrant gives 1,0 times the growth on 100 000 kr
Case – low-risk investment in warrants
Invest 102 000 SEK in Carry Trade Mix Defensive (5 år) with 20% guaranteed return and furthermore the full return on Carry Trade.
Invest 24 500 SEK in warrants for Asian Optimal (4 years) with the full return on 100 000 SEK from the Asian basket.
What will the outcome be:
- Total invested capital: 126 500 SEK (ink courtage)
- Guaranteed return: 120 000 SEK
- Full return on Carry Trade Mix above 20%
- Full return on Asian basket on 100 000 SEK.
Dubbelexponering
Invest 102 000 SEK in the new Carry Trade Mix Defensive – 20% guaranteed return.
Invest in 3 warranties “Brazil Currency” for 6 500 SEK per warranty which each give 1,5 times the growth on 100 000 SEK in Brazilian Real vs Euro.
What will the outcome be:
- Total invested capital: 121 500 SEK (ink courtage)
- Guaranteed return: 120 000 SEK
- Full return on Carry Trade Mix above 20%
- 1,5 times the increase on 300 000 SEK in Brazilian Real vs. Euro
Summary
Replace shares, mutual funds, hedge funds and interest yielding securities, so the corresponding return is recieved to a lower risk.
Diversified portfolio with asset allocation Different durations – liquidity planning The capital protections makes it possible for the investor
to identify the worst case scenario. Profit lock-in – raises the level of capital protection,
without venturing further growth potential. Reversed Profit lock-in – lowers the level of capital
protection but increases future growth potential