Schroders PLC · LSE:SDR
Schroders — Non-Deal Roadshow (June 2010)
67 slides from Schroders's roadshow presentation, Jun 3, 2010
Slide 1: Schroders Road Show Emerging Market Debt
Schroders Road Show Emerging Market Debt 02 – 03 June 2010
Slide 2: EMD at Schroders: Performance 10 Years to April 2010
EMD at Schroders Performance: 10 Years to April 2010 Correlations to Schroders EMD 15 clear diversification benefit Annual Rate of Return US$% US Treasuries 0.24 Schroders EMD* Global Govt. Bonds 0.59 EM Equities 10 US Corp Bonds 0.53 10yr track record: low Global High Yield risk, high return Global
Slide 3: EM External Debt vs EM Local Currency Debt
Schroder ISF Emerging Markets Debt Absolute Return EM External (US$) Debt vs EM Local Currency Debt February 1995 to April 2010 16% Annual rate of return US$% 100% Schroder ISF EMD 14% 12% 100% EM External (US$) Debt (JPM EMBI+ Index) 10% 8% 100% EM Local Currency (JPM ELMI+ Index) 6% Use of local c
Slide 4: Structure of EMD markets
Structure of EMD markets As at June 2009 Growth in local market issuance Total universe by sector EXTERNAL DEBT 8,000 15% Corporate Debt US$ billion 9% 7,000 Govt. Debt 6% 6,000 5,000 4,000 3,000 2,000 Corporate Debt 28% 1,000 Govt. Debt 0 57% 2001 2002 2003 2004 2005 2006 2007 2008 LOCAL DEBT 85% L
Slide 5: Distinguishing features
Schroder ISF Emerging Markets Debt Absolute Return Distinguishing features Typical Manager Schroders External Debt or Local Debt External Debt, Local Debt FOCUS Only Currencies Combined Absolute return focus STYLE Closely indexed Active asset allocation Over-concentrated: Fully diversified RISK Mexi
Slide 6: Products
Schroder ISF Emerging Markets Debt Absolute Return Products Fund Performance Objectives (i) High returns: 10% annualised in US$ (or €uro) Emerging Market Debt Fund (ii) Limited volatility: Positive return in any 12 month period 5
Slide 7: Schroders EMD Performance in US$ - April 2010
Schroders EMD Performance in US$ - April 2010 2010 US$ % 1995† 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 YTD Schroder EMD* 24.69 22.43 3.68 0.31 30.00 17.64 3.25 28.11 10.99 12.41 0.72 14.60 8.31 -0.31 19.75 1.41 EMBI+ 38.65 39.31 13.02 -14.35 25.98 15.66 -0.79 14.24 28.8
Slide 8: Performance: Attractive risk-adjusted returns
Schroder ISF Emerging Markets Debt Absolute Return Performance Attractive risk-adjusted returns “Total Return” approach, intolerance of losses, use of cash (“The Goalkeeper”) 300 1 2 3 4 5 6 7 8 9 10 Since Dec 1998 ** Fund EMBI+ ELMI+* 250 Annual Rate of Return % 12.49 12.26 8.99 Annual Volatility %
Slide 9: Performance: Lipper EMD Universe
Schroder ISF Emerging Markets Debt Absolute Return Performance Lipper EMD Universe Return vs Volatility: 3yrs to 30 April 2010 % 3yr Volatility 35 3yr cumulative return US$ % Aberdeen Global 17.77 18.29 Templeton 30 BlueBay 9.56 15.39 25 Schroder ISF EMD* Credit Suisse 2.50 28.67 Goldman Sachs 15.73
Slide 10: Performance: Lipper Absolute Return Universe
Schroder ISF Emerging Markets Debt Absolute Return Performance Lipper Absolute Return Universe Lipper Absolute Return Universe Return vs Volatility: 3yrs to 30 April 2010 Return vs Volatility: 5yrs to 30 April 2010 60 140 Schroder ISF EED AR* 3yr Cumulative Return US$ % 5yr Cumulative Return US$ % S
Slide 11: Schroders EMD performance attribution
Schroders EMD performance attribution Contribution to return by sector % External Debt Local Debt Currency TOTAL 2010 0.04 0.77 -0.20 0.93 2009 8.30 4.12 6.13 19.75 2008 1.21 6.16 -6.72 -0.31 2007 1.25 4.31 2.87 8.31 2006 1.78 6.59 6.89 14.60 2005 -1.36 4.79 -2.72 0.72 2004 1.60 4.49 6.31 12.41 2003
Slide 12: People: Investment team
People Investment team Emerging Market Debt Latin America EEMEA Asia G Besaccia A Guezour N Brown G Blanning Buenos Aires Sentiment Quantitative Chart Analysis Analysis Analysis M Nelson M Melville A Singh Trading / Implementation Product Management S Hodges C Wyke C Smith M Michael L Clapton N Bell
Slide 13: Investment process: Decision-making process
Investment process Decision-making process Global Conditions (“Top Down”) Market Analysis Country Analysis Asset (“Bottom Up”) Allocation Portfolio Risk Control Construction 12
Slide 14: Investment process: Market analysis
Investment process Market analysis Quarterly Weekly Global Conditions Country Analysis Global Outlook Fundamental Political, Economic & Market Analysis Regional Outlook Quantitative Long-Term Risk Model Risk Model Technical Long-Term Chart Analysis Chart Analysis Sentiment Consensus Views Consensus
Slide 15: Country analysis - fundamental
Investment process Country analysis - fundamental COUNTRY RESEARCH PROGRAMME Every country visited Meetings with: ― Schroders’ local investors / analysts ― Ministers ― Bankers ― Political Consultants ― Journalists ― IMF / World Bank representatives ― Businessmen 14
Slide 16: Country analysis - quantitative
Investment process Country analysis - quantitative Sovereign Risk Model Growth Dynamics Sovereign External Liquidity 6 Factors scored for each Country: Hot Money Indicator -2 to +2 Domestic Banking System: External Liquidity Credit Cycle Competitiveness Total of Scores on all Factors = Global Risk S
Slide 17: Argentina: the Growth Dynamics cycle
Investment process Country analysis - quantitative Argentina: the “Growth Dynamics” cycle 12 Adjustment Equilibrium Score: +1 Score: +2 02 6 03 09 06 90 05 08 07 08 04 Strong Growth Deep Recession Real GDP Growth 0 91 88 -12 -6 0 6 12 89 01 96 95 93 92 00 99 87 97 C/A Balance % GDP 94 -6 98 Crisis B
Slide 18: Country analysis - technical
Investment process Country analysis - technical Indonesia Rupiah 10yr government bond 16 Yield (2) (1) 14 (v) (4) Target ii 12 i (ii) (3) (i) (iv) Gap (iii) iv (iii) 10 (i) iii (iv) (ii) (5) 8 1.5 Weekly MACD 1.0 0.5 0.0 -0.5 -1.0 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Source: Schroders; Bloomber
Slide 19: Country analysis - sentiment
Investment process Country analysis - sentiment Brazil: rating agencies as a contrarian indicator 0 Spread bps 500 1000 1500 2000 = Down grades = Up grades 2500 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bloomberg; JP Morgan; Standard & Poor’s; Moody’s – 30 Se
Slide 20: Investment summary
Investment process Investment summary 19
Slide 21: Investment process: Summary
Investment process Summary Wide Universe: 52 Countries Included Four Levels of Analysis Undertaken Bond Market and Currency Return Forecasts Country Discussed at Weekly Meeting Forecast Adjusted Expected 12M Return Expected 12M Return < 10% > 10% BUY Monitor - subject to portfolio construction disci
Slide 22: Portfolio construction: Risk control
Investment process Portfolio construction RISK CONTROL ― Diversification limits ― by Region ― by Country ― by Security ― Avoidance of “averaging down” ― strong principle; improves timing; replacement for ‘stop-loss’ on individual positions ― Avoidance of poor risk profiles ― e.g. bond lending, count
Slide 23: Portfolio construction: Diversification rules and country limits
Investment process Portfolio construction RISK CONTROL DIVERSIFICATION RULES RISK CONTROL COUNTRY LIMITS Max Tier I (max 20%) Tier II (max 10%) Tier III (max 5%) Brazil Argentina Ecuador Region Latin American 75% Chile Bulgaria Egypt Asia 75% China Colombia Guatemala Eastern Europe 50% Czech Republi
Slide 24: Global environment: Long-term inflationary trends
Investment outlook Global environment Long-term inflationary trends (1790-2009) 12% 10% PPI for all commodities 10yr moving average 8% 6% 4% 2% 0% -2% CPI 10yr moving average -4% -6% -8% 1800 1820 1840 1860 1880 1900 1920 1940 1960 1980 2000 2020 Source: NBER; University of Michigan; Bloomberg; Schr
Slide 25: Global real broad money growth
Investment outlook Global environment Global real broad money growth Schroders EMD Weekly Notes 7 March 2008: 9/11 extraordinary liquidity provision “this sharp deceleration 8% suggests that we are about 1 2 3 4 5 6 7 8 9 to see something quite 7% dramatic in financial markets with serious ramificat
Slide 26: Quantitative analysis: USA
Investment outlook Quantitative analysis: USA The “Growth Dynamics” cycle 12 C/A Balance % GDP Adjustment Equilibrium Score: +1 Score: +2 6 Real GDP Growth 91 Strong Growth Deep Recession 0 92 93 94 96 97 -12 -6 0 6 12 90 89 95 88 98 09 01 10 (F) 87 99 02 00 08 03 04 -6 07 05 06 Crisis Blind Run Sco
Slide 27: Who will print the most?
Investment outlook Who will print the most? 500 % GDP 400 The debt pyramid… 6.3 300 200 0.7 0.4 0.7 0.7 0.7 0.7 0.8 0.8 100 0.7 1.2 1.3 1.4 1.6 1.8 3.1 0.6 0.9 1.0 1.1 1.3 0.3 0.6 0.7 0.7 1.3 2.5 3.0 0.7 0 -100 -200 -300 Credit Leverage Factor -400 …and its foundation -500 es bia nd i li p a si a ng
Slide 28: USA: Total credit market year on year change
Investment outlook USA Total credit market year on year change Q1 1953 – Q4 2009 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% -2% Q1 1953 Q4 1957 Q3 1962 Q2 1967 Q1 1972 Q4 1976 Q3 1981 Q2 1986 Q1 1991 Q4 1995 Q3 2000 Q2 2005 Q1 2010 Annualised Growth 3M 6M 12M -1.0% -1.0% -0.2% Source: Thomson DataStream – 3
Slide 29: Money and credit analysis
Investment outlook Money and credit analysis Change in credit vs. change in monetary base: Q1 2008 – Q1 2010 60% ukraine 50% China UAE 40% Poland Russia Indonesia India Peru Romania 30% Argentina Turkey Brazil Australia 20% Columbia Czech Republic South Korea Kazakhstan Singapore Chile9 Norway Phili
Slide 30: The Fed and JP Morgan EMBI global sovereign spread
Investment outlook The Fed and JP Morgan EMBI global sovereign spread 2000 Spread bps 1800 1600 1400 1200 1000 800 600 400 200 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Fed Easing Fed Fed Fed Fed Fed Fed Easing Fed Tightening Fed Easing 400
Slide 31: Quantitative analysis: Growth Dynamics
Investment outlook Quantitative analysis “Growth Dynamics” Norway, Kuwait, Qatar Malaysia 12 Nigeria Adjustment Saudi Arabia Singapore Equilibrium Score: +1 Score: +2 2008/2009 Hong Kong SPEED Switzerland Bahrain Venezuela BUMP 2010 6 Sweden Taiwan Oman Latvia Thailand China Russia Ivory Coast JAPAN
Slide 32: Total risk score by vulnerability indicator
31 -12 -10 -8 -6 -4 -2 0 2 4 6 8 10 12 Bulgaria % GDP Poland UAE Slovakia Australia Jamaica Estonia Botswana Lithuania Latvia Croatia UK Quantitative analysis Vietnam Brazil Eurozone Ukraine Investment outlook Oman Source: Schroders; Thomson Datastream – 31 March 2010 New Zealand Hungary Turkey Kaza
Slide 33: China: Domestic credit and economic leverage
Investment outlook China Domestic credit Economic leverage 180 200 % GDP % GDP 160 150 140 100 120 50 100 0 80 -50 60 40 -100 20 -150 0 -200 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 1980 1984 1988 1992 1996 2000 2004 2008 Central Govt Non Bank Financial Ins Private Business Gap Be
Slide 34: Bank credit growth
Investment outlook Bank credit growth 40 YoY Growth 35 30 25 20 15 China 10 5 USA 0 -5 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Source: Schroders – 31 December 2009 33
Slide 35: Continued Asian FX undervaluation
Investment outlook Continued Asian FX undervaluation China: following the path of Japan 0 0 JP¥ / US$ US$ / RMB 1 50 2 JP¥ vs US$ - 1960 to present 100 3 150 4 200 5 250 6 7 300 RMB vs US$ - 1994 to present 8 350 Months from beginning of revaluation 9 400 -137-122-107 -92 -77 -62 -47 -32 -17 -2 13 2
Slide 36: Indonesia: Domestic credit and external liquidity
Investment outlook Indonesia Domestic credit components Sovereign external liquidity measure 80 15% 40 % GDP 70 30 10% 60 20 5% 50 10 40 0% 0 30 -10 -5% 20 -20 US$ billion -10% 10 -30 0 -15% -40 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 1981 1985 1989 1993 1997 2001 2005 2009 Publi
Slide 37: Indonesia 2008-2009: What slowdown?
Investment outlook Annual real GDP growth Indonesia 2008 - 2009: What slowdown? 10 % 5 0 -5 -10 -15 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Indonesia Average Asia* Average EM* Source: EIU; Thomson Datastream; Schroders – 31 Decemb
Slide 38: South Korea: External balance
Investment Outlook South Korea External balance 15 % GDP 10 5 0 -5 Trade deficit triggered FX devaluation Persistent “Portfolio deficit” has now reversed -10 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009(F) Trade Balance Current Account Balance Net FDI Net Portfolio Flow
Slide 39: South Korea: Real effective exchange rate
Investment Outlook South Korea Real effective exchange rate January 1970 – November 2009 200 180 160 140 120 ? 100 Index CPI based 80 Almost as cheap as in 60 1997 40 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Source: Thomson Reuters 38
Slide 40: Taiwan: Foreign assets and exchange rate
Investment outlook Taiwan Rapid accumulation of foreign assets… Kept the exchange rate artificially undervalued Net international investment position Real effective exchange rate index 400 150 $ bln 350 140 ? 300 130 250 120 200 110 150 100 100 50 90 ? 0 80 1961 1965 1969 1973 1977 1981 1985 1989 19
Slide 41: Quantitative analysis: Taiwan
Investment outlook Quantitative analysis: Taiwan Taiwan scores highly on all vulnerability indicators Growth Dynamics 2 1 Credit Cycle 0 Sovereign External Liquidity -1 -2 Competitiveness - REER Hot Money Indicator Banking System External Liquidity Average EM 2009 Taiwan 2009 Taiwan LT Average 1987
Slide 42: Malaysia
Investment outlook Malaysia Trade balance 12 month rolling sum Real effective exchange rate index 50,000 200 $ mln Resilient trade performance 40,000 180 30,000 160 20,000 140 10,000 120 0 100 -10,000 80 1970 1974 1978 1982 1986 1990 1993 1997 2001 2005 2009 1975 1978 1982 1986 1990 1994 1998 2001 2
Slide 43: Russia
Investment Outlook Russia Public debt1 External debt1 Banks net foreign position2 160 80 40 % GDP % GDP US$ bln 140 70 20 120 60 0 100 50 -20 80 40 -40 60 30 -60 40 20 -80 20 10 -100 0 0 -120 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 1997 1999 2001 2003 2005 2007 2001 2002 2003 2004 2005 200
Slide 44: Poland: Adjusting at high speed
Investment outlook Poland: Adjusting at high speed Real effective exchange rate Current account balance – 3M rolling sum 130 2 100 in 2005 125 1 120 0 -1 115 -2 110 -3 105 -4 100 -5 95 -6 90 -7 85 -8 80 -9 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1990 1992 1994 1996 1998 2000 2002 2004
Slide 45: Hungary
Investment outlook Hungary Sovereign external liquidity measure Hot money indicator % FX reserves 30 30 180 % GDP $bn 25 25 160 140 20 20 120 15 15 100 10 10 80 5 5 60 % FX Reserves 0 0 40 -5 -5 20 -10 -10 0 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 1987 1989 1991 1993 1995 1997 19
Slide 46: Turkey
Investment outlook Turkey Vulnerabilities have been contained… The Turkish Lira has yet to recover 8 25 25 26 TRY vs USD % GDP $bn Yield % 20 23 6 2009 Out of Danger Zone 15 21 21 4 10 19 2 5 17 16 0 0 15 -5 13 11 -2 -10 11 -4 2006 Lira devalued by 30% -15 9 6 -6 1987-88 2001 Lira De Facto devalued
Slide 47: Sentiment analysis: Colombia and Russia
Investment outlook Sentiment analysis Colombia Russia 0 0 100 200 1,000 300 2,000 400 500 3,000 600 700 4,000 800 900 5,000 Spread Spread 1,000 = Down grades = Up grades = Down grades = Up grades 1,100 6,000 1997 1999 2001 2003 2005 2007 2009 1997 1999 2001 2003 2005 2007 2009 Source: Schroders; Blo
Slide 48: Portfolio exposure as at April 2010
Schroder ISF Emerging Markets Debt Absolute Return As at 30 April 2010 Exposure Duration Yield % US Bonds 0.4 China 4.0 2.5 2.1% 1.0 Hungary 2.0 3.2 0.4 India 3.8 7.6 0.2 Ivory Coast 11.4 9.1 Cash External 0.3 Korea 3.9 -2.7 26.3% Debt 0.6 Malaysia 1.3 -0.3 Asia 0.9 Mexico 1.9 1.7 5.3% 41.3% 1.3 Pol
Slide 49: Geoff Blanning and Abdallah Guezour
Schroders Emerging Markets Debt Absolute Return Geoff Blanning, Head of EMD (London) - MA Oxford University - Investment career commenced in 1985 - Managed Global Bond Funds at NM Rothschild & Bankers Trust before developing and managing Morgan Grenfell’s first Emerging Markets Debt Fund in 1993. Ge
Slide 50: Guillermo Besaccia and Nick Brown
Schroders Emerging Markets Debt Absolute Return Guillermo Besaccia, EMD Fund Manager (Buenos Aires) - Graduate degree in Corporate Finance, Argentina. BA in Economic & Computer Science, McGill University Canada. - Joined Mildesa Servicios Busatiles in 1992 where he worked on the research team as a m
Slide 51: Margaret Nelson and Aftab Singh
Schroders Emerging Markets Debt Absolute Return Margaret Nelson, EMD, Currencies & Commodities Quantitative Analyst (London) - Msc (Financial Mathematics), University of Warwick - Investment career commenced in 2007 when she joined the EMD & Commodities team Aftab Singh, EMD, Currencies & Commoditie
Slide 52: Malcolm Melville, Chart Analyst
Schroders Emerging Markets Debt Absolute Return Malcolm Melville, Chart Analyst (London) - Joined Schroders in 2010 working within the Emerging Market Debt team responsible for Chart Analysis. - In 2004 Malcolm worked for Caxton Europe Asset management as a Portfolio Manager responsible for managing
Slide 53: Simon Hodges and Chris Smith
Schroders Emerging Markets Debt Absolute Return Simon Hodges, Head of Trading & Implementation (London) - Investment career commenced in 1995, when he worked at Prolific Asset Management for 2 years before joining Western Asset Management where he managed the back office function and traded FX - Joi
Slide 54: Christopher Wyke and Matthew Michael
Schroders Emerging Markets Debt Absolute Return Christopher Wyke, EMD, Currencies & Commodities Product Manager (London) - MA (Economics & Politics) from University of Edinburgh and Kennedy Fellow in Economics from Harvard University - Investment career commenced in 1981 when he joined Rothschild As
Slide 55: Nichola Bellini, Product Executive
Schroders Emerging Markets Debt Absolute Return Nichola Bellini, EMD, Currencies & Commodities Product Executive (London) - Joined Schroders in 2005, working within the in the EAFE / Global Equity Team and transferred to the EMD & Commodities Team in February 2006 as Product Executive 54
Slide 56: Schroders investment universe
Schroders investment universe 58 countries, US$7.9 trillion Bosnia & Herzegovina Hungary Poland Turkey Bulgaria Kazakhstan Romania Ukraine Croatia Latvia Russia Czech Rep Lithuania Slovakia Estonia Serbia & Montenegro Slovenia China Hong Kong India Indonesia Korea Malaysia Argentina Pakistan Brazil
Slide 57: Historical sector allocation
Schroder ISF Emerging Markets Debt Absolute Return Historical sector allocation 100 % 80 60 40 20 0 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Cash EM Local Currency Debt EM External (US$) Debt Net US% Exposure Source: Schroders – 30 April 2010 56
Slide 58: Historical duration
Schroder ISF Emerging Markets Debt Absolute Return Historical duration 9 Duration 8 JP Morgan EMBI+ Index 7 Typical EMD fund carries extreme interest-rate / credit 6 risk 5 4 3 Schroders 2 1 Minimal interest rate risk 0 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec
Slide 59: Monthly Returns
Schroder ISF Emerging Markets Debt Absolute Return Monthly Returns 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% 1999 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Quarterly Returns Monthly Distribution of Returns since 1999 13% 30 25 Total periods of negative returns: 41 Total periods of po
Slide 60: Emerging Europe Historical performance to April 2010
Schroders ISF Emerging Europe Debt Absolute Return Historical performance to April 2010 Apr €uro % 2000† 2001 2002 2003 2004 2005 2006 2007 2008 2009 YTD 2010 Schroder ISF EED* 6.77 13.40 12.69 2.43 9.04 3.09 4.52 3.70 7.70 15.65 0.11 2.19 Salomon EMU 3M Euro Deposit 3.40 4.54 3.39 2.44 2.11 2.15 2.
Slide 61: Emerging Europe: Attractive risk-adjusted returns
Schroders ISF Emerging Europe Debt Absolute Return Historical performance to April 2010 Attractive risk-adjusted returns SSB EMU 3- Since Mar 2000** Fund 5yr Govt Bond Annual Rate of Return % 7.97 5.06 140 Annual Volatility % 3.44 2.59 Schroder ISF EED** 120 Sharpe Ratio 1.39 0.77 100 Sortino Ratio
Slide 62: Schroders EMD Performance in Euros
Schroders EMD* Performance in Euros – April 2010 2010 Euro Hedged % 1995† 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 YTD Schroders EMD* 24.68 21.14 2.28 -1.06 26.98 15.35 3.84 29.99 11.74 11.95 -0.62 11.94 6.65 -0.26 19.11 1.31 EMBI+ 38.65 37.87 11.50 -14.92 23.59 12.68 -0
Slide 63: Schroders EMD Performance in GBP
Schroders EMD Performance in GBP – April 2010 2010 GBP % 1995† 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 YTD Schroder EMD* 25.52 23.12 4.87 2.10 30.09 17.23 4.64 30.93 13.73 15.70 1.81 14.23 9.09 2.27 20.33 1.53 EMBI+ 39.59 40.11 14.32 -12.80 26.07 15.27 0.55 16.77 31.98
Slide 64: Performance in US$ - April 2010
Schroders ISF Emerging Markets Debt Absolute Return Performance in US$ - April 2010 2010 US$ % 2000† 2001 2002 2003 2004 2005 2006 2007 2008 2009 YTD Schroder ISF EMD AR* 16.75 1.90 26.31 8.93 10.13 -1.34 12.36 6.11 -2.20 17.39 0.73 EMBI+ 18.00 -0.79 14.24 28.82 11.77 11.86 10.48 6.45 -9.70 25.95 4.
Slide 65: Performance in Euros - April 2010
Schroders ISF Emerging Markets Debt Absolute Return Performance in Euros – April 2010 2010 Euro Hedged % 2003† 2004 2005 2006 2007 2008 2009 YTD Schroder ISF EMD AR* 0.90 9.66 -2.62 9.65 4.53 -2.23 16.69 0.64 EMBI+ 5.38 12.07 10.84 8.28 4.98 -11.07 25.36 4.34 ELMI+** 3.63 15.14 1.85 9.59 14.16 -4.88
Slide 66: Performance in Sterling - April 2010
Schroders ISF Emerging Markets Debt Absolute Return Performance in Sterling – April 2010 2010 Sterling Hedged % 2005† 2006 2007 2008 2009 YTD Schroder ISF EMD AR* 0.65 9.43 3.92 -3.42 14.84 0.68 EMBI+ 8.24 10.12 7.22 -7.34 26.55 4.43 ELMI+** 4.77 11.93 16.87 -1.35 12.24 1.68 † Inception 13/05/05 * A
Slide 67: Important information
Important information This presentation does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for shares of Schroder International Selection Fund (the “Company”). Nothing in this presentation should be construed as advice and is therefore not a recommendation to buy or se