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Dynamic Portfolio Managementby the Best Leading
Global Managers
Introducing InnovationInto Traditional Banking
> The All Seasons Portfolio Fund offers a changing mix of the bestperforming, globally diversified Portfolio-Fund Managers. The fund isregistered and regulated in Switzerland.
> It is a ‘one-stop-shop’ for investors to benefit from dynamic portfoliomanagers’ selection, aiming to take advantage of global investmentopportunities wherever and whenever they arise, irrespective ofregion.
> The selected managers are in charge of their respective portfolio-funds under defined risk-management and compliance frameworkat the administrative level of each fund.
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What is a portfolio fund?
> A traditional balanced portfolio fund is comprised of securitiesrelating to the All-Country World Index and to the WorldGovernment Bond Index (normally in equal weighting)
> Each fund manager sets up the suitable asset allocation for hisfund’s profile, usually consisting of a strategic and tacticalasset allocation (SAA/TAA)
> Portfolio Funds represent the flag-mark product for most banksand large asset management houses, as they are public andpublish their net asset value. In some jurisdictionsthey are called Asset Allocation Funds.
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Example: BlackrockGlobal Allocation Fund
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Corner-stones of theAll Seasons approach
> Proprietary Global Best Managers Selection process (BMS)chooses the best portfolio funds
> Fund managers’ performance records are under continuousmonitoring and the respective sub-funds are subject toperiodical shifts
> Market risk-management is conducted by adjusting the fund’sinvested capital in line with changing market conditions. WhenMarkets’ moves call for caution the respective investment ineach of the sub-funds is reduced and adjusted accordingly
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Why Alternate Managers?
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Research supports the need for the best managers’ search:Only 7.6% of the top 100 fund managers in any given yearretained that distinction the following year
(mutual-fund data over a 16-year period; S&P)
Best Global ManagersSelection Process (details)
> Our key indicator is the sub-fund’s performance over differenttime periods giving each period a relevant respective weighting
> A rating system for managers is then conducted onthe basis of five P’s: Process, Performance, People,Parent and Price (rules introduced by Morning Star)
> Rigorous examination of the fund’s investment strategy,the longevity of its managers, its expense ratiosand additional relevant factors is then conducted
> A final score is finally given to each fund ranking it for possiblequalification for inclusion in our league-team of sub-funds
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Risk Management Approach
> Risk management considerations might dictate reduction ofthe amount invested in sub-funds (vs. in cash/money market/shortterm fixed income) when market conditions change
> A delicate balancing act between searching for investmentopportunities and protecting the invested capital is constantlyconducted (being on alert to change amounts of the invested capital)
> The All Seasons Portfolio Fund can, therefore, move between holdingits capital fully invested or holding smaller amounts of capitalinvested into the respected sub-portfolio funds (based on the strategycalculated judgment)
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The Fund ManagerDr. Boaz BarackMRB Vermögensverwaltungs AG, Zurich
> Dr. Boaz Barack has established a global reputation asa leading asset manager and advisor. He retired fromUBS AG in 2014 where he was a Member of Senior Management and a SeniorAdvisor to the Group. He joined UBS at 2007 from Credit Suisse where he was aMember of Senior Management for 13 years, Head of Key Clients Desk and MarketManager for Israel.
> Barack’s previous private asset management and risk-management company wasacquired by the Rothschild Group in 1990.
> Boaz Barack has a Ph.D. in International Law and Economics from the University ofCambridge, England; Diploma in Common Market Business Affairs from theEuropean Community College in Bruges, Belgium; Diploma in International lawfrom the Academy of International Law in the Hague, Holland and Master degreesin Law and Business Administration from the University of Tel Aviv, Israel. He is amember of the Israel Bar.
> Barack is a frequent contributor of articles and interviews for the internationalfinancial media. He published books and articles on global investment matters,trading practices and economic developments.He is a known speaker at business conferencesand at major banking gatherings.
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The All Seasons Portfolio Fund providesa Structured Process to Tackle Behavioral Biases
Delegation of the management of your financial assets byfollowing a systematic approach helps to avoid common emotional pitfalls (likeOverconfidence , Home bias, Regret bias, etc.).Delegation in this case is no longer to a single bank or a fund manger, but toPerformers. Such delegation provides the following benefits :
> Limited risk by broad diversification of investments
> Small amounts can be invested as well as large
> High liquidity since the fund’s units can always be soldback for their current daily net asset value
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Achieving Excellence in Performanceby Disciplining Investment Behavior
> The All Seasons Portfolio Fund is a result of a very extensive workdone by Dr. Boaz Barack to harness behavioral finance aspects forimproving investors performance
> Barack explored such aspects for many years and developed adetailed training method for financial managers to utilize patterns ofinvestors’ behavior for adjusting financial solutions to investors’specific profiles
> For more information on this topic please write to Dr. Boaz Barack:[email protected]
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Performance Expectations> The Benchmark:
MSCI All Country World Index (50%)Citigroup World Government Bond Index (50%)
> Benchmark Performance over the last 5 years 9.15% p.a.> Best funds performance (average annual returns )*
YTD (Nov14) 12.59%1 Year 14.14%3 Years 15.55%
> The All Seasons Portfolio Fund was initiated after extensive performance proof in individual clients’accounts for over 15 years, conducted by the fund manager Dr. Boaz Barack.* The above historical records represent the average performance of the best funds’ groups for such
periods, without additional risk-management measures as employed for the fund in real life.
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Performance ExpectationsThe Benchmarks 1/2MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM)and 23 Emerging Markets (EM) countries. With 2,449 constituents, the index coversapproximately 85% of the global investable equity opportunity set.
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Performance ExpectationsThe Benchmarks 2/2The World Government Bond Index (WGBI) measures the performance of fixed-rate,local currency, investment grade sovereign bonds. The WGBI is a widely used benchmarkthat currently comprises sovereign debt from over 20 countries, denominated in a variety
of currencies, and has more than25 years of history available.
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Advantages of the All Seasons Portfolio Fund
> Management of the fund alternates between portfolio fundmanagers who are dynamically selected based on a provenstrategy (BMS)
> The Fund is designed specifically for a long term investmenthorizon
> The Fund is also a tax efficient structure in many jurisdictionssince internal trading within the fund is not considered a tax-event by units’ holders. In this manner the Fund offers a long-term tax deferment benefit
> The fund offers private clients the benefit of buying institutionaltranches of the sub-funds and thus reducing operational costsin a very substantial way
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Fund’s Details
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Valor Number: 25187540ISIN: CH0251875404FATCA-GIIN:A52DW7.99999.SL.756Fund Currency: US Dollar
Fund ManagerDr. Boaz BarackMRB Vermögensverwaltungs AG(vgl. Ziff. 2.2)
Fund AdministratorsLB(Swiss) Investment AG,Zürich.
Custodian BankBank Julius Bär & Co. AGBahnhofstrasse 36, CH-8001 Zürich
AuditorsPricewaterhouseCoopers AG,Zurich
Publicationswww.swissfunddata.ch
MRB Vermögensverwaltungs AG is an active member of the SwissAssociation of Asset Managers (SAAM). Additionally MRBVermögensverwaltungs AG is licensed by FINMA, the Swiss FinancialMarket Supervisory Authority.
