Anima Holding S.p.a. · MIL:ANIM
Anima — H1 2022 Earnings Presentation
20 slides from Anima's earnings presentation, July 2022
Slide 1: 1H22 Results
1H22 Results When “uneventful” means a lot… July 2022
Slide 2: 1H22 - Table of contents
1H22 - Table of contents 01 ANIMA… who 02 ANIMA… how much 03 ANIMA… why 2
Slide 3: ANIMA… who
O1 ANIMA... who ANIMA
Slide 4: 1H22 Highlights
1H22 Highlights 182.9 AuM (€bn) +0.9 Net New Money* (€bn) -9.5% Mutual funds’ WAP -8% vs. 1H21 +1.0 €bn in 1H21 +4.4% in 1H21 Steady margins and increasing net management fees even if AuM significantly impacted by negative markets’ trend both for equities and fixed income Positive Net Flows in l
Slide 5: Business by segment – reclassified
Business by segment – reclassified Retail Institutional 49% AuM = €89.5bn 51% AuM = €93.4bn Fund users 2.8% AIFs Wrap Pension Funds 0.2% 18.4% 6.3% BAMI Other Class I 30.8% 12.0% Advisory 7.9% Insurance - U/L 8.1% PST funds BMPS and U/L 15.5% PST Class I 9.7% CVAL/CA 78.7% other 3.4% 0.3% BPPB FAs 0
Slide 6: Mutual funds’ investment performance
Mutual funds’ investment performance 2022 YTD WAP Funds’ breakdown by category % IT Industry ANIMA 1.0 15.0% -1.0 Equity 30.4% -2.0 -3.0 32.7% -4.0 Flexible 18.9% -5.0 -6.0 Balanced 13.4% 18.9% -7.0 -8.0 -9.0 -9.5 Bond 33.5% 30.2% -10.0 -11.0 -10.7 Cash 3.9% 3.3% -12.0 Feb May Apr Jan Jun Mar IT Ind
Slide 7: 2022 ytd ANIMA mutual funds’ performance
2022 ytd ANIMA mutual funds’ performance ANIMA funds performance is negative ytd, with the worst performing products not exceeding 20% loss and with 6% of AuM in positive ground AuM in €m (bubble size) 4,000 3,500 3,000 2,500 2,000 Total Return strategy “High Potential Europe” €3.6bn positive ytd
Slide 8: Best in class to protect against downturn
Best in class to protect against downturn 2022 YTD net return <-20% -20%/-10% -10%/0% >0% WAP 55% 39% 6% ANIMA -9.5% 2% 47% 49% 2% peer#1 -8.9% 3% 52% 42% 3% peer#2 -9.9% 3% 52% 43% 2% peer#3 -9.9% 5% 74% 20% 1% peer#4 -12.0% 6% 60% 34% peer#5 -11.7% 9% 71% 18% 2% peer#6 -13.3% 13% 60% 25% 2% peer#7
Slide 9: Rising BTP yields? Been there, done that…
Rising BTP yields? Been there, done that… Italy 5y Govies yield Back in 2011 ANIMA launched a strategy named Traguardo: target date funds (5 to 7 years maturity) taking advantage of the high yields offered especially by a diversified portfolio of last placement Italian Govies (BTPs) The first Tr
Slide 10: ANIMA Traguardo: best seller funds
ANIMA Traguardo: best seller funds Traguardo performance and flows 130 At a time when investors were disoriented in 125 their portfolio allocation choice, these products (34 launches in less than 4 years) offered simple 120 solutions, delivering positive performances to clients, also granting fee
Slide 11: ANIMA Traguardo… back into the microwave!
ANIMA Traguardo… back into the microwave! Quickly reacting to the fast-changing yields To support the launch, a dedicated website environment, ANIMA launched a new Traguardo www.animatraguardo.it going through the details fund: €277m collected in the first 5 weeks (from of the strategy and the o
Slide 12: ANIMA… how much
O2 ANIMA... how much ANIMA 12
Slide 13: Consolidated P&L
Consolidated P&L €m 1H22 1H21 2021 bps/avg AuM 1H22 1H21 2021 Net revenues 167.734 161.565 333.779 Total margin 15.2 14.6 15.0 Performance fees 7.035 70.897 141.424 Margin excl. Class I 25.5 25.8 26.1 Total revenues 174.769 232.462 -25% 475.203 Personnel cost (23.487) (26.859) (50.631) Stable tota
Slide 14: ANIMA AuM evolution and impact on margins
ANIMA AuM evolution and impact on margins ANIMA AuM (€b) and Btp-Bund 10y spread (bps) Class I AuM Ex Class I AuM 10y spread The low profitable Class I mandates (quite entirely It-Govies) suffered negative mark to market due 192 to BTP-Bund spread widening 135 data in €m Dec-21 Jun-22 chg NNM Clas
Slide 15: Net fees and personnel expenses
Net fees and personnel expenses Management fees reflecting lower AuM in the quarter Moderate cost inflation in the fixed component, with due to negative market effect, with product mix on new variable compensation down to reflect lower expectations sales substantially stable of performance fees
Slide 16: Consolidated Net Financial Position
Consolidated Net Financial Position €m 1H22 2021 1H21 Bank loan (112.0) (112.0) (172.0) Bond 2019-26 1.75% (283.0) (282.9) (282.8) Bond 2021-28 1.50% (298.5) (298.4) (298.3) Accrued interest expense (4.3) (4.1) (4.3) Dividends payable (0.9) (0.1) (2.8) 687.8 Total cash 599.0 Other payable (incl. IFR
Slide 17: No impact on debt structure from rates hike
No impact on debt structure from rates hike Maturity wall1 (€m) Debt by Interest rate type Banks Loan Hedged 300.0 Bond 2026 284.0 16% Bond 2028 112.0 Duration1: 84% ca. 4.6 years Fixed 2022 2023 2024 2025 2026 2027 2028 1.75% 23Oct2026 ISSUER ISIN CODE TYPE RANK Anima Holding spa XS2069040389 Notes
Slide 18: ANIMA… why
O3 ANIMA... why ANIMA 18
Slide 19: Closing remarks
Closing remarks With markets heading downwards for almost the entire Q2, ANIMA shows a set of results absolutely in line with Q1 The year to date performance shows that ANIMA AM capabilities and fund management style are giving a less volatile range of returns across all asset classes, also redu
Slide 20: Disclaimer and safe harbor statements
Investor Relations Digital link: Fabrizio Armone see and download Tel. +39.02.63536.226 our presentation fabrizio.armone@animaholding.it ANIMA and its suppliers Anima Holding spa Corso Garibaldi, 99 print this presentation, I – 20121 Milano www.animaholding.it when needed, on FSC 100% certified pape