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Investors. It must not be distributed to Retail Investors.
OSSIAM MINIMUM VARIANCE ETFS :
A COST EFFICIENT SOLUTION TO THE
CURRENT ASSET ALLOCATION
DILEMMA?
www.ossiam.com – tel +33178405690
Citywire Switzerland, 20 – 21 September 2012
2 FOR PROFESSIONAL CLIENTS USE ONLY
INTRODUCING OSSIAM
Ossiam is a boutique asset management firm specialising in value-added smart beta strategies
Founded in 2009 by Bruno Poulin and Antoine Moreau
Bringing together a team of investment professionals with years of experience
Developing and managing smart beta strategies
Operating under the supervision of the French Autorité des Marchés Financiers (AMF)
Ossiam’s investment approach is research-driven, systematic and transparent
Ossiam is part of the €560.2bn* ($ 710.9 billion) Natixis Global Asset Management group, since October 2010
‚Ossiam aims to provide smart and innovative beta strategies across a broad range of asset classes. We offer clients long-
term investment solutions as well as products tailored to their specific needs‛
Bruno Poulin, CEO
* As of end of June 2012
3 FOR PROFESSIONAL CLIENTS USE ONLY
We believe traditional market cap weighted indices are inefficient
Academic research proved invalidity of the CAPM
Empirical features of market cap portfolios are overconcentration on large caps, and a trend following bias
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WHY DO WE SPECIALISE IN SMART BETA ?
Cumulative weight in the S&P 500® Index
(as of 29/06/2012)
Source: Standard & Poor’s - Calculation by Ossiam
Weight of Apple in the S&P 500® Index
(January 2001 - June 2012)
Source: Datastream - Calculation by Ossiam
Gains for Apple share price
contributed approximately 30%
of the rise in the S&P 500®
Index in 2012.
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S&P 500® Index Technology sector weight
Source: Standard & Poor’s - Calculation by Ossiam
Technology sector weight evolution in the S&P 500® Index
(September 1989 – June 2012)
50 largest stocks 50% of the weight
June 2012
4.44%
January 2009
0.97%
Smart beta strategies attempt to mitigate these weaknesses and offer the potential for a better long-term risk-return
trade-off and enhanced diversification
4 FOR PROFESSIONAL CLIENTS USE ONLY
SMART BETA SOLUTIONS
Smart beta strategies use systematic investment processes to mitigate the biases and limitations of traditional indices
and achieve more efficient portfolios
Do not use explicit risk/return
forecasts, set up diversification
objectives based on weight distribution
Equal Weight, Intech Diversity Index,
Maximum Diversification
Use risk forecasts rather than return
forecasts to build efficient portfolios
Minimum Variance, Risk
Budgeting
Use fundamentals to assess “fair
value” and set up diversification
objectives based on these fundamentals
Fundamental Indices, GDP-Weighted
Indices
Diversification
based
Fundamentals
based
Risk
based
5 FOR PROFESSIONAL CLIENTS USE ONLY
LOW VOLATILITY INVESTING
Minimum variance strategy is one of the most established types of smart beta, it allows not only to reduce
consistently the risk of the portfolio but also profits from the Low Volatility Anomaly
Empirical research has shown that contrary to the theory of the CAPM, riskier stocks do not offer higher returns - the
“Low Volatility Anomaly”
Academic research has suggested several behavioural biases in investors that may lie behind this anomaly and result in
higher volatility stocks becoming overpriced. These include: Overconfidence, Representativeness, Lottery effects.
Source: Baker, Bradley and Wurgler ‚Benchmarks as limits to arbitrage:
Understanding the Low-Volatility Anomaly‛, Financial Analysts Journal, 2012
Market portfolio
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
Average Return Geometric Return
Top 100 US stocks (1968 – 2008)
High volatility Low volatility
Source: Bloomberg - Calculation by Ossiam
6 FOR PROFESSIONAL CLIENTS USE ONLY
OUR MINIMUM VARIANCE STRATEGY : COST EFFICIENT SOLUTION TO
THE CURRENT ASSET ALLOCATION DILEMMA
Ossiam’s minimum variance strategies are designed to provide investors with a transparent and practical means to take
advantage of the Low Volatility Anomaly
A robust and consistent approach, for which the objective is to enhance portfolio efficiency while reducing volatility
A systematic approach, for which the investment process is embedded in an index calculated and published by independent index
providers (S&P, Stoxx Ltd, FTSE)
A transparent approach, we publish daily information on our website and on Bloomberg
• index constituents
• historical data
We offer minimum variance strategies on
European equities
Emerging market equities
Country-specific equities such as US
7 FOR PROFESSIONAL CLIENTS USE ONLY
OVERVIEW OF OUR MINIMUM VARIANCE INVESTMENT PROCESS
Index calculation performed by independent index
providers - historical data are published on Bloomberg
Portfolio replication by Ossiam
Investment universe
Comprises all stocks in the relevant market-cap weighted index
Capacity/liquidity filter
We filter the reference universe to select the most liquid/largest stocks
Portfolio computation
Portfolio composition adjustment based on historical volatilities and correlations
Periodic rebalancing
Risk management constraints
100% equity, long only
maximum weight per stock, sector and country
diversification target based on the Herfindahl index (HHI)
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OSSIAM MINIMUM VARIANCE STRATEGIES – EMPIRICAL EVIDENCE (I)
Ossiam minimum variance indices have provided returns at least as high as their market capitalisation weighted equivalent for
the US, European and Emerging markets with 30% lower volatility
Past performance and past volatility shown above represent that of the indices. For data before 06/06/2011 (launch date of the index), performance for the Ossiam US Minimum Variance Index NR reflects
calculations performed by Ossiam based on backtest data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved
by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference between OSSIAM ETF product and the underlying index is to be
expected as a result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance.
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35%
40%
45%
50%
1y vol Ossiam US Minimum Variance Index NR 1y vol S&P500® Index NR
Simulated 1-year volatility from 02/01/2003 to 31/08/2012:
Ossiam US Minimum Variance Index NR vs S&P 500® Index NR
Simulated performance from 02/01/2002 to 31/08/2012 (basis 100):
Ossiam US Minimum Variance Index NR vs S&P 500® Index NR
60
80
100
120
140
160
180
Ossiam US Minimum Variance Index NR S&P500® Index NR
9 FOR PROFESSIONAL CLIENTS USE ONLY
OSSIAM MINIMUM VARIANCE STRATEGIES – EMPIRICAL EVIDENCE (II)
Past performance shown above represent that of the indices. For data before 06/06/2011 (launch date of the index), performance for the Ossiam US Minimum Variance Index NR reflects calculations performed
by Ossiam based on backtest data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved by means of the
retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference between OSSIAM ETF product and the underlying index is to be expected as a
result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance.
Simulated 5-year rolling performance
from 02/01/2007 to 31/08/2012:
Ossiam US Minimum Variance Index NR vs S&P 500® Index NR
Source: Bloomberg - Calculation by Ossiam
50%
70%
90%
110%
130%
150%
170%
190%
210%
230%
Ossiam US Minimum Variance Index NR S&P 500® Index NR
10 FOR PROFESSIONAL CLIENTS USE ONLY
OSSIAM MINIMUM VARIANCE STRATEGY APPLIED TO THE US
Our strategies add significant value when compared to traditional market cap indexes
Performance since inception (07/06/2011 – 31/08/2012) basis 100:
OSSIAM ETF US MINIMUM VARIANCE NR (USD) vs S&P 500® Index NR
Source: Bloomberg / Ossiam - Calculation by Ossiam
Source: Bloomberg / Ossiam - Calculation by Ossiam
Performance Difference
OSSIAM ETF US MINIMUM VARIANCE NR (USD) 16.36% +4.23%
S&P 500® Index NR 11.59%
Performance since inception: 07/06/2011 – 31/08/2012
Volatility Difference
OSSIAM ETF US MINIMUM VARIANCE NR (USD) 14.85% -7.16%
S&P 500® Index NR 22.01%
Volatility since inception: 07/06/2011 – 31/08/2012
Source: Bloomberg / Ossiam - Calculation by Ossiam
Past performance is not a reliable indicator of future performance.
85
90
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105
110
115
120
OSSIAM ETF US MINIMUM VARIANCE NR (USD) S&P500® Index NR
11 FOR PROFESSIONAL CLIENTS USE ONLY
SIMULATED QUARTERLY RETURNS OF THE INDICES SINCE 2002
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Ossiam US Minimum Variance Index NR S&P 500® Index NR
Upside participation of the
Ossiam US Minimum Variance Index NR
71%
Downside participation
Ossiam US Minimum Variance Index NR
46%
Simulated quarterly returns from March 2002 to June 2012
Source: Bloomberg – Calculation by Ossiam
Source: Bloomberg – Calculation by Ossiam
Performance shown reflects that of indexes, and not those of the OSSIAM ETF US MINIMUM VARIANCE NR, vehicle replicating the performance of the index reduced by the total expense ratio (TER, composed for
instance of management fees and other account expenses) and transaction costs. For data before 06/06/2011 (launch date of the index), performance for the Ossiam US Minimum Variance Index NR reflects calculations
performed by Ossiam based on ‘backtest’ data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved by means of the
retroactive application of a model. This model assumes reinvestment of net dividends. Past performance is not a reliable indicator of future performance.
*Upside participation of the Ossiam US Minimum Variance Index
NR compared to the S&P 500® Index NR
= 4.96%/7.01%
= 71%
Ossiam US
Minimum
Variance Index
NR
S&P 500® Index
NR
Up quarters:
average return 4.96% 7.01%
Upside
participation* 71%
Down quarters:
average return -3.64% -7.90%
Downside participation 46%
12 FOR PROFESSIONAL CLIENTS USE ONLY
OSSIAM ETF US MINIMUM VARIANCE NR
From 02/01/2002 to 31/08/2012 Ossiam US Minimum Variance Index NR S&P 500® Index NR
YTD performance 10.84% 13.01%
1 year performance 16.19% 17.21%
3 year performance 47.51% 43.97%
5 year performance 19.48% 3.09%
Annualized performance 6.02% 3.28%
Volatility (annualized) 15.21% 21.48%
Max Drawdown -39.51% -55.71%
Sharpe Ratio 0.27 0.06
Correlation vs Benchmark 94.06% N/A
Beta 0.67 N/A
Annual Alpha 3.20% N/A
Performance shown reflects that of indexes, and not those of the OSSIAM ETF US MINIMUM VARIANCE NR, vehicle replicating the performance of the index reduced by the total expense ratio (TER, composed for
instance of management fees and other account expenses) and transaction costs. For data before 06/06/2011 (launch date of the index), performance for the Ossiam US Minimum Variance Index NR reflects calculations
performed by Ossiam based on ‘backtest’ data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved by means of the
retroactive application of a model. This model assumes reinvestment of net dividends. Past performance is not a reliable indicator of future performance.
The Fund's objective is to replicate, before the Fund’s fees and expenses, the
performance of the Ossiam US Minimum Variance Index NR at closing level.
Annual TER : 65 bps
ISIN: LU0599612685 (EUR)
ISIN: LU0599612412 (USD)
Parity: 1/1
Liquidity filter: 250 most liquid stocks of S&P 500® Index
Rebalancing : monthly
Index provider: S&P
Index codes: Bloomberg OUMVNR / RIC Reuters: .OUMVNR
The Ossiam US Minimum Variance Index NR is a total return index (net
dividends reinvested) expressed in USD, which has the same investment
universe as the S&P 500® Index NR.
ETF characteristics
Investment objective Index characteristics
Source: Bloomberg – Calculation by Ossiam
13 FOR PROFESSIONAL CLIENTS USE ONLY
OSSIAM MINIMUM VARIANCE STRATEGY APPLIED TO EUROPE
Source: Bloomberg / Ossiam - Calculation by Ossiam
Source: Bloomberg / Ossiam - Calculation by Ossiam
Performance Difference
OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR 12.20% +9.69%
STOXX® Europe 600 Index NR 2.51%
Performance since inception: 21/06/2011 – 31/08/2012
Volatility since inception: 21/06/2011 – 31/08/2012
Source: Bloomberg / Ossiam - Calculation by Ossiam
Past performance is not a reliable indicator of future performance.
Volatility Difference
OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR 12.86% -9.14%
STOXX® Europe 600 Index NR 22.00%
Performance since inception (21/06/2011 – 31/08/2012) basis 100:
OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR vs STOXX® Europe 600 Index NR
75
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105
110
115
OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR
STOXX® Europe 600 Index NR
14 FOR PROFESSIONAL CLIENTS USE ONLY
SIMULATED QUARTERLY RETURNS OF THE INDICES SINCE 2002
Simulated quarterly returns from March 2002 to June 2012
Source: Bloomberg – Calculation by Ossiam
Source: Bloomberg – Calculation by Ossiam
Performance shown reflects that of indexes, and not those of the OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR, vehicle replicating the performance of the index reduced by the total expense ratio (TER,
composed for instance of management fees and other account expenses) and transaction costs. For data before 14/06/2011 (launch date of the index), performance for the iSTOXX™ Europe Minimum Variance Index NR
reflects calculations performed by Ossiam based on ‘backtest’ data provided by STOXX Ltd. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved by
means of the retroactive application of a model. This model assumes reinvestment of net dividends. Past performance is not a reliable indicator of future performance.
*Upside participation of the iSTOXX™ Europe Minimum
Variance Index NR compared to the STOXX® Europe 600 NR
=5.56%/6.98%
= 80%
iSTOXX™ Europe
Minimum
Variance Index
NR
STOXX® Europe
600 Index NR
Up quarters:
average return 5.56% 6.98%
Upside
participation* 80%
Down quarters:
average return -4.94% -9.99%
Downside participation 50%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
iSTOXX™ Europe Minimum Variance Index NR STOXX® Europe 600 Index NR
Upside participation of the
iSTOXX™ Europe Minimum Variance Index NR
80%
Downside participation of the
iSTOXX™ Europe Minimum Variance Index NR
50%
15 FOR PROFESSIONAL CLIENTS USE ONLY
OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR
From 02/01/2002 to 31/08/2012 iSTOXX™ Europe Minimum Variance Index NR STOXX® Europe 600 Index NR
YTD performance 13.08% 11.96%
1 year performance 21.72% 15.97%
3 year performance 43.97% 23.45%
5 year performance 5.07% -17.23%
Annualized performance 7.20% 1.92%
Volatility (annualized) 12.68% 21.13%
Max Drawdown -39.71% -58.69%
Sharpe Ratio 0.40 -0.01
Correlation vs Benchmark 89.60% N/A
Beta 0.54 N/A
Annual Alpha 5.17% N/A
Performance shown reflects that of indexes, and not those of the OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR, vehicle replicating the performance of the index reduced by the total expense ratio (TER,
composed for instance of management fees and other account expenses) and transaction costs. For data before 14/06/2011 (launch date of the index), performance for the iSTOXX™ Europe Minimum Variance Index NR
reflects calculations performed by Ossiam based on ‘backtest’ data provided by STOXX Ltd. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved by
means of the retroactive application of a model. This model assumes reinvestment of net dividends. Past performance is not a reliable indicator of future performance.
The Fund's objective is to replicate, before the Fund’s fees and expenses, the
performance of the iSTOXX™ Europe Minimum Variance Index NR at
closing level.
Annual TER : 65 bps
ISIN: LU0599612842
Parity: 1/1
Liquidity filter: 300 most liquid stocks of the STOXX® Europe 600 Index
Rebalancing : monthly
Index provider : STOXX Ltd
Index codes: Bloomberg ISEMVT / Reuters RIC: .ISEMVT
The iSTOXX™ Europe Minimum Variance Index NR is a total return
index (expressed in EUR) which has the same investment universe as the
STOXX® Europe 600 Index NR.
ETF characteristics
Investment objective Index characteristics
Source: Bloomberg – Calculation by Ossiam
16 FOR PROFESSIONAL CLIENTS USE ONLY
OSSIAM MINIMUM VARIANCE STRATEGY APPLIED TO EMERGING MARKETS
Performance since inception (03/02/2012 – 31/08/2012) basis 100:
OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR (USD) vs S&P/IFCI® Index NR
Source: Bloomberg / Ossiam - Calculation by Ossiam
Source: Bloomberg / Ossiam - Calculation by Ossiam
Performance Difference
OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR (USD) 2.49% +9.90%
S&P/IFCI® Index NR -7.41%
Performance since inception: 03/02/2012 – 31/08/2012
Volatility since inception: 03/02/2012 – 31/08/2012
Source: Bloomberg / Ossiam - Calculation by Ossiam
Past performance is not a reliable indicator of future performance.
Volatility Difference
OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR (USD) 11.29% -5.59%
S&P/IFCI® Index NR 16.88% 85
87
89
91
93
95
97
99
101
103
105
OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR (USD)
S&P/IFCI® Index NR
17 FOR PROFESSIONAL CLIENTS USE ONLY
SIMULATED QUARTERLY RETURNS OF THE INDICES SINCE 2002
Simulated quarterly returns from March 2002 to June 2012
Source: Bloomberg – Calculation by Ossiam
Source: Bloomberg – Calculation by Ossiam
Performance shown reflects that of indexes, and not those of the OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR, vehicle replicating the performance of the index reduced by the total expense ratio (TER,
composed for instance of management fees and other account expenses) and transaction costs. For data before 24/01/2012 (launch date of the index), performance for the Ossiam Emerging Markets Minimum Variance
Index NR reflects calculations performed by Ossiam based on ‘backtest’ data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client assets, but are
achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Past performance is not a reliable indicator of future performance.
*Upside participation of the Ossiam Emerging Markets Minimum
Variance Index NR compared to the S&P/IFCI® Index NR =
10.62%/11.38%
= 93%
Ossiam Emerging
Markets Minimum
Variance Index
NR
S&P/IFCI®
Index NR
Up quarters:
average return 10.62% 11.38%
Upside
participation* 93%
Down quarters:
average return -6.13% -11.49%
Downside participation 53%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
Ossiam Emerging Markets Minimum Variance Index NR S&P/IFCI® Index NR
Upside participation of the
Ossiam Emerging Markets Minimum Variance Index NR
93%
Downside participation
Ossiam Emerging Markets Minimum Variance Index NR
53%
18 FOR PROFESSIONAL CLIENTS USE ONLY
OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR
From 02/01/2002 to 31/08/2012 Ossiam Emerging Markets Minimum Variance Index NR S&P/IFCI® Index NR
YTD performance 11.53% 6.08%
1 year performance 4.95% -6.16%
3 year performance 57.58% 22.03%
5 year performance 54.64% -1.35%
Annualized performance 20.76% 14.14%
Volatility (annualized) 14.66% 21.44%
Max Drawdown -49.85% -65.14%
Sharpe Ratio 1.27 0.56
Correlation vs Benchmark 90.67% N/A
Beta 0.62 N/A
Annual Alpha 11.18% N/A
Performance shown reflects that of indexes, and not those of the OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR, vehicle replicating the performance of the index reduced by the total expense ratio
(TER, composed for instance of management fees and other account expenses) and transaction costs. For data before 24/01/2012 (launch date of the index), performance for the Ossiam Emerging Markets Minimum
Variance Index NR reflects calculations performed by Ossiam based on ‘backtest’ data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client
assets, but are achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Past performance is not a reliable indicator of future performance.
The Fund's objective is to replicate, before the Fund’s fees and expenses, the
performance of the Ossiam Emerging Markets Minimum Variance Index NR at
closing level.
Annual TER : 75 bps
ISIN: LU0705291903 (EUR)
ISIN: LU0705291812 (USD)
Parity: 1/1
Liquidity filter: 400 largest and most liquid stocks of the S&P/IFCI® Index
Rebalancing : semi-annually
Index provider : S&P
Index codes: Bloomberg OEMMVNR / Reuters RIC: .OEMMVNR
The Ossiam Emerging Markets Minimum Variance Index NR is a total
return index (expressed in USD) which has the same investment universe
as the S&P/IFCI® Index NR.
ETF characteristics
Investment objective Index characteristics
Source: Bloomberg – Calculation by Ossiam
19 FOR PROFESSIONAL CLIENTS USE ONLY
WHY OSSIAM?
We are specialists in value-added smart beta strategies
We combine deep research with practical market experience to deliver state-of-the-art strategies
Our investment process is research-driven, systematic and transparent
We offer the focus of a boutique asset manager, with the stability and robustness of the €562bn Natixis Global Asset
Management group
20 FOR PROFESSIONAL CLIENTS USE ONLY
DISCLAIMER
‚Ossiam US Minimum Variance Index Net Return USD and Ossiam Emerging Markets Minimum Variance (the ‚Indices‛) are the exclusive property of Ossiam, which has contracted with Standard &
Poor’s Financial Services LLC (‚S&P‛) to maintain and calculate the Indices. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC ‚Calculated by
S&P Custom Indices‛ and its related stylized mark(s) are service marks of Standard & Poor’s Financial Services LLC and have been licensed for use by Ossiam. S&P and its affiliates shall have no
liability for any errors or omissions in calculating the Index .‛
OSSIAM ETF US MINIMUM VARIANCE NR and OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE are not sponsored, endorsed, sold or promoted by S&P, its affiliates or their third party
licensors and neither S&P, its affiliates nor their its third party licensors make any representation regarding the advisability of investing in OSSIAM ETF US MINIMUM VARIANCE NR and OSSIAM ETF
EMERGING MARKETS MINIMUM VARIANCE.
‚The STOXX® Indices and the data composed therein (the ‚Index Data‛) are the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland (‚STOXX‛) and/or its
licensors (the ‚STOXX Licensors‛). The use of the Index Data requires a license from STOXX. STOXX and the STOXX Licensors do not make any warranties or representations, express or implied with
respect to the timeliness, sequency, accuracy, completness, currentness, merchantability, quality or fitness for any particular purpose of the Index Data. In particular, the inclusion of a company in a
STOXX® Index does not in any way reflect an opinion of STOXX or the STOXX Licensors on the merits of that company. STOXX and the STOXX Licensors are not providing investment, tax or other
professional advice through the publication of the STOXX® Indices or in connection therewith.‛ STOXX and its licensors have no relationship to Ossiam, other than the licensing of the iSTOXX ® Europe
Minimum Variance index and the related trademarks for use in connection with OSSIAM ETF indexed to the index (hereafter the Product). STOXX and its Licensors do not:
- Sponsor, endorse, sell or promote the Product,
- Recommend that any person invest in the Product or any other securities.
- Have any responsibility or liability for or make any decisions about the timing, amount or pricing of Product.
- Have any responsibility or liability for the administration, management or marketing of the Product.
Consider the needs of the Product or the owners of the Product in determining, composing or calculating the above mentioned indices or have any obligation to do so.
STOXX and its Licensors will not have any liability in connection with the Product. Specifically, STOXX and its Licensors do not make any warranty, express or implied and disclaim any and all warranty
about:
- The results to be obtained by the Product, the owner of the Product or any other person in connection with the use of the above mentioned indices and the data included in the above mentioned indices;
- The accuracy or completeness of the above mentioned indices and its data;
- The merchantability and the fitness for a particular purpose or use of the above mentioned indices and its data;
- STOXX and its Licensors will have no liability for any errors, omissions or interruptions in the above mentioned indices or its data;
- Under no circumstances will STOXX or its Licensors be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if STOXX or its Licensors knows that they might
occur.
The licensing agreement between Ossiam and STOXX is solely for their benefit and not for the benefit of the owners of the Product or any other third parties.
21 FOR PROFESSIONAL CLIENTS USE ONLY
DISCLAIMER
Although information contained herein is from sources believed to be reliable, Ossiam makes no representation or warranty regarding the accuracy of any information.
The value of the product can go down as well as up and can be subject to volatility due to factors such as price changes in the underlying instrument and interest rates. In the worst
case scenario, you can lose all of your investment.
The use of derivatives involves special risks including those associated with leverage, valuation, illiquidity and counterparties. Structured investments involve special risks including
those associated with leverage, illiquidity, changes in interest rate, market risk and the credit risk of their issuers. International investing involves certain risks, such as currency
exchange rate fluctuations, political or regulatory developments, economic instability and lack of information transparency. These and other risks of the Fund are described in greater
detail in the Prospectus.
The sub-funds shown in this material are not registered or authorized in all jurisdictions and may not be available to all investors in a jurisdiction. Accordingly, if persons who come
into possession of this material have any questions about the registration or authorization of the sub-funds referenced in this document, they should contact the provider of this
document for further information. Any investment in or distribution of the sub-funds referenced herein would only be possible if it was in compliance with all applicable laws and
regulations, including, but not limited to obtaining any required registrations.
The funds referenced in this material are sub-funds of Ossiam Lux which is organized as an investment company with variable capital under the laws of the Grand-Duchy of
Luxembourg and is authorized by the financial regulator (the CSSF) as a UCITS. The Funds offer multiple share classes with differing fees. Natixis Global Associates S.A. is the
management company of the Funds. The investment manager of the Funds is an affiliated company of Natixis Global Associates S.A.
Ossiam, a subsidiary of Natixis Global Asset Management, is a French asset manager authorized by the Autorité des Marchés Financiers (Agreement No. 10000016).
Natixis Global Asset Management, a subsidiary of Natixis, is the holding company of a diverse line-up of specialized investment management and distribution entities worldwide.
The funds’ representative and paying agent in Switzerland is RBC Dexia Investor Services Bank S.A., Zurich Branch, Badenerstrasse 567, 8048 Zurich. The full prospectus, the
simplified prospectus and the annual / semi-annual reports of Ossiam Lux can be obtained free of charge from the Representative together with the initial articles of association of the
fund and any subsequent changes to such articles.
22 FOR PROFESSIONAL CLIENTS USE ONLY
ADDITIONAL NOTES
This material has been provided for information purposes only to investment service providers or other Professional Clients, Qualified or Institutional Investors and, when required by
local regulation, only at their written request.
In the E.U. (outside of the UK) This material is provided by NGAM S.A. or one of its branch offices listed below. NGAM S.A. is a Luxembourg management company that is authorized
by the Commission de Surveillance du Secteur Financier and is incorporated under Luxembourg laws and registered under n. B 115843. Registered office of NGAM S.A.: 51, avenue
J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. France: NGAM Distribution (n.509 471 173 RCS Paris). Registered office: 21 quai d'Austerlitz, 75013 Paris. Italy:
NGAM S.A., Succursale Italiana (Bank of Italy Register of Italian Asset Management Companies no 23458.3). Registered office: Via San Clemente, 1 - 20122, Milan, Italy. Germany:
NGAM S.A., Zweigniederlassung Deutschland (Registration number: HRB 88541). Registered office: Im Trutz Frankfurt 55, Westend Carrée, 7. Floor, Frankfurt am Main 60322,
Germany. Netherlands: NGAM, Nederlands filiaal (Registration number 50774670). Registered office: World Trade Center Amsterdam, Strawinskylaan 1259, D-Tower, Floor 12, 1077
XX Amsterdam, the Netherlands. Sweden: NGAM, Nordics Filial (Registration number 516405-9601 - Swedish Companies Registration Office). Registered office: Kungsgatan 48 5tr,
Stockholm 111 35, Sweden. Spain: NGAM, Sucursal en España. Registered office: Torre Colon II - Plaza Colon, 2 - 28046 Madrid, Spain.
In Switzerland This material is provided to Qualified Investors by NGAM, Switzerland Sàrl. Registered office: Rue du Vieux Collège 10, 1204 Geneva, Switzerland.
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to be communicated to and/or directed at persons (1) in the United Kingdom, and should not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell
securities in any other jurisdiction than the United Kingdom; and (2) who are authorised under the Financial Services and Markets Act 2000 (FSMA 2000); or are high net worth
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lawfully be distributed in accordance with the FSMA 2000 (Financial Promotion) Order 2005 or the FSMA 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order
2001 (the "Intended Recipients"). To the extent that this material is issued by NGAM UK Limited, the fund, services or opinions referred to in this material are only available to the
Intended Recipients and this material must not be relied nor acted upon by any other persons. Registered Office: NGAM UK Limited, Cannon Bridge House, 25 Dowgate Hill, London,
EC4R 2YA.
The above referenced entities are business development units of Natixis Global Asset Management, the holding company of a diverse line-up of specialised investment management and
distribution entities worldwide. The investment management subsidiaries of Natixis Global Asset Management conduct any regulated activities only in and from the jurisdictions in
which they are licensed or authorized. Their services and the products they manage are not available to all investors in all jurisdictions. It is the responsibility of each investment service
provider to ensure that the offering or sale of fund shares or third party investment services to its clients complies with the relevant national law.
The provision of this material and/or reference to specific securities, sectors, or markets within this material does not constitute investment advice, or a recommendation or an offer to
buy or to sell any security, or an offer of services. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing. The analyses,
opinions, and certain of the investment themes and processes referenced herein represent the views of the portfolio manager(s) as of the date indicated. These, as well as the portfolio
holdings and characteristics shown, are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material.
Although Natixis Global Asset Management believes the information provided in this material to be reliable, it does not guarantee the accuracy, adequacy, or completeness of such
information. This material may not be distributed, published, or reproduced, in whole or in part.