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Forumul Investitorilor Individuali

Procesul investitional pentru un investitor institutional

Cristian Popa

Director de Investitii, NN Asigurari de Viata

29/10/2016

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Agenda

• Cum investeste un investitor institutional

• Modele de evaluare

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Investeste in fundamente!

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Bottom-up (80%) dar si top-down (20%)

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Diversificare

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Focus pe termen mediu&lung! Benchmark&mandate based! Management activ Echipa dedicata Management al riscului Research in-house & brokeri

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Target: ALPHA!

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Sursa: NN Group

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Score Evaluation Allocation

++ most positive o/w +2%

+ positive o/w +0.5%

0 neutral 0% to +/- 0.5%

- negative u/w -0.5%

-- most negative u/w -2%

Score Evaluation ++ most positive

+ positive

0 neutral

- negative

-- most negative

Score card Security positioning

Sursa: NNIP, pozitionarea NN Romanian Equity Fund la 31sept2016

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Sursa: NNIP, rezultatele fondului NN Romanian Equity Fund

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Modele de evaluare

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Dividend Discount Model - Transelectrica

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Gordon Growth Model - BRD

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Residual Income model

OTP

EBS

MIL PKO

KOMB ING MBK BZW BHW

BRD

PZU

VIG

TLV

RBI

GNB

PEO

VIG

RBI

ALR

5,00

7,00

9,00

11,00

13,00

15,00

17,00

19,00

21,00

23,00

25,00

0,00 0,50 1,00 1,50 2,00 2,50 3,00 3,50

ROAE vs. P/B Regression

OTP EBS MIL PKO KOMB ING MBK BZW

BHW BRD Regress PZU VIG TLV RBI GNB

PEO VIG RBI ALR UQA

CHEAP

EXPENSIVE

Sursa: NN Asigurari de viata

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Discounted Cash Flow Model – Romgaz (1)

Source: Raiffeisen Bank

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Source: Raiffeisen Bank

Discounted Cash Flow Model – Romgaz (2)

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Peers Analysis (market based approach)