BankInvest - Hojt Udbytte Aktier Aktier Akk A AccumDKK · OMXCOP:BAIHU
BankInvest - Hojt Udbytte Aktier Aktier Akk A AccumDKK — BankInvest — Investor Presentation (April 2024)
37 slides from BankInvest - Hojt Udbytte Aktier Aktier Akk A AccumDKK's investor presentation, April 2024
Slide 1: LMM BankInvest Emerging Markets Corporate Debt
LMM BankInvest Emerging Markets Corporate Debt April 2024
Slide 2: About the BankInvest Group
About the BankInvest Group BankInvest is a leading Nordic asset manager providing UCITS funds and AIFs o Total assets under management and administration of approx. DKK 148.6 billion (EUR 19.9 billion). o Established in 1969 as one of the first investment associations in Denmark. o The ownership gro
Slide 3: About the BankInvest Group
About the BankInvest Group BankInvest is a leading Nordic asset manager providing UCITS o BankInvest manages EUR 1.7 billion in Emerging funds and AIFs Market bonds across mutual funds and institutional mandates o Around 96% of the assets are actively managed for Out of the actively managed assets,
Slide 4: Key Competitive Advantages
Key Competitive Advantages ○ Long experience and consistent track record across multiple ○ Disciplined investment process with consistent business cycles upside capture and strong relative capital preservation in downturns ○ Stable team with same portfolio managers since launch of strategy ○ Accessi
Slide 5: BankInvest has vast experience in Emerging Market Debt
BankInvest has vast experience in Emerging Market Debt 1987 1991 1992 2001 2005 2007 2009 2012 2014 2017 2021 Eastern European Latin EM Hard EM Local EM Debt SRI EM Corporate EM Corporate EM Corporate EM Corporate EM Short Asian Equity Fund American Currency Currency Fund Debt Fund Debt SRI Fund Mat
Slide 6: Experienced Emerging Market Corporate Debt team
Experienced Emerging Market Corporate Debt team Same PM-team since inception PM-team ESG Analysts Søren Bertelsen Chresten Hagelund Søren Høyer Line Vestergaard Stæhr BankInvest since: 2000 BankInvest since: 2006 BankInvest since: 2019 BankInvest since: 2021 EMCD since: 2001 EMCD since: 2007 ESG sin
Slide 7: Emerging Market Debt team (continued)
Emerging Market Debt team (continued) European Credit Global rates & macro EM Strategy and Equity Risk Analysis Carsten Horn Nielsen Anders Isager Jakob Vejlø Jakob Møller Petersen BankInvest since: 2000 BankInvest since: 2006 BankInvest since: 2009 BankInvest since: 2011 Experience: 36 years Experi
Slide 8: Performance
ANKIN med omtanke
Slide 9: Consistent Stable Excess Returns since inception
Consistent Stable Excess Returns since inception Return index Excess return Return 31/12/2008 - 29/03/2024 Total Return Annualized Return* Fund name LMM BankInvest Emerging Markets Corporate Debt LMM BankInvest - Emerging Markets Corporate Debt I II (USD) in (EUR), 183.70% 7.08% Inception Date 31/12
Slide 10: Solid 10-year peer comparison
Solid 10-year peer comparison Source: eVestment Global Emerging Markets Fixed Income – Corporate Debt – January 2014 – December 2023 09-04-2024 10
Slide 11: Historic risk-return
Historic risk-return USD composite vs peer group Source: eVestment 09-04-2024 11
Slide 12: Philosophy & Process
Philosophy & Process BANKINVEST QEntiGg med omtanke
Slide 13: Philosophy
Philosophy Investment Philosophy We believe, based on our significant experience in Emerging Market Corporate Debt, that we can deliver a stable risk adjusted excess return while minimizing downside risk Strong top-down and bottom-up analysis Understanding Risk Factors is key to generating performan
Slide 14: Integrated screening to narrow down investment universe
Integrated screening to narrow down investment universe EM Corporate Universe of +900 issuers Convictions o Macro framework to prioritize risk budget Macro and Political Stability o Exclusion of crisis prone countries and highlighting value dislocations ESG Standards o Exclusion of riskiest countrie
Slide 15: Portfolio characteristics and limits
Portfolio characteristics and limits Characteristics Limits and restrictions o Long-only USD bond portfolio, no o Maximum 5% in any corporate debt issuer derivatives applied o Maximum of 10% in unlisted instruments o 160-200 issuers o Turnover ratio: 40-50% per year o New investments cannot have a r
Slide 16: ESG & sustainability
ESG & sustainability Emerging Market Debt
Slide 17: ESG approach
ESG approach o ESG integration in investment process o Ongoing dialogue and knowledge sharing on sustainability Awareness o ESG sparring meetings o Companies with an ESG CCC-rating based om MSCI ESG o Companies classified an non-compliant according to Comply-or-explain Morningstar Sustainalytics o N
Slide 18: Integrating ESG in the investment process
Integrating ESG in the investment process Inv. process Monitoring and Macro Qualitative Quantitative Investment Portfolio idea generation Analyses Analysis analysis approval construction Negative screen - ESG risk and ESG trend focus ESG and norm ESG rankings, SDG ESG ratings included in ESG factors
Slide 19: Engagement in Fixed Income Portfolios
Engagement in Fixed Income Portfolios Engagement with bond issuers Company ESG dialogue Green / Sustainable / Social bonds o Engage directly with senior o ESG questions part of ongoing o Sustainability asssessment of management company interactions: dedicated bonds factored in conferences, new issue
Slide 20: ESG reporting
ESG reporting SICAV EM Corporate Debt (USD) ESG reporting to investors Customized reporting Integration of data We have the capability to customize reporting based ESG information sourced on the client's requirements, from our primary data tailoring it to their specific providers has been needs and
Slide 21: Portfolio key figures
Portfolio key figures
Slide 22: Market valuation
Market valuation Emerging Market Debt
Slide 23: EM High Yield outperforms DM High Yield over time
EM High Yield outperforms DM High Yield over time… High yield total return Investment grade total return 23
Slide 24: EM spreads are generally higher than DM counterparts
EM spreads are generally higher than DM counterparts… HY corporate speads to worst IG corporates spread to worst 24
Slide 25: As yields are higher in EM
…as yields are higher in EM EM and US HY corporate yields EM and US IG corporates yields 25
Slide 26: EM has lower net leverage
EM has lower net leverage Figure 24: EM IG vs. US IG net leverage Figure 25: EM HY vs. US HY net leverage Source: JP Morgan 09-04-2024 26
Slide 27: Rating composition
Rating composition New issues High Yield ○ US high yield has a higher proportion of CCC credits High Yield 70.0% ○ US investment grade has a higher quality than EM 60.0% investment grade 50.0% 40.0% ○ New issues: high yield has declined from USD200bn to 30.0% USD50bn 20.0% 10.0% New issues 0.0% BBB
Slide 28: Team
Team ANKIN med omtanke
Slide 29: Emerging Market Debt team
Emerging Market Debt team Søren Bertelsen, Chief Portfolio Manager Michael Hauch, Head of Fixed Income M.Sc. in Economics and Business Administration and CFA charterholder. Søren M.Sc. in Economics from Copenhagen University. Michael Hauch is head of the fixd income Bertelsen is a portfolio manager
Slide 30: Credit & macro team
Credit & macro team European Credit Global rates & macro Carsten is chief portfolio manager of the IG Anders Isager, Chief Portfolio Manager, is Corporate Bond Strategies. Carsten has responsible for the Dansih bond funds at managed the strategy since its inception in 2003 BankInvest. Anders has a l
Slide 31: ESG-team
ESG-team ESG STRATEGY & POLICY Jakob is Head of Investment Risk & Since 2020, in her work as Senior ESG Caroline joined BankInvest in the spring of Selection as well as Head of ESG. Jakob Manager, Linnea has helped to strengthen 2023. She has a background as ESG came to BankInvest in 2011 as Risk an
Slide 32: Appendix
ANKIN med omtanke
Slide 33: Portfolio key figures
Portfolio key figures Portfolio Summary Factsheet Risk Metrics Source: BlackRock Aladdin, Bloomberg 33
Slide 34: Rating distribution
Rating distribution Rating distribution Source: BlackRock Aladdin, Bloomberg 09-04-2024 34
Slide 35: Country & Sector exposures
Country & Sector exposures Country & Sector Exposures Source: Bloomberg, BlackRock Aladdin 09-04-2024 35
Slide 36: ESG profile
ESG profile Dato: 05/04/2024 Carbon folio Benchmark Adj. ESG Score COz/sales avo S10 700 380 6 «0 —_— x00 ——_ 2258319773 wee a oso Adj ESG Score BBB BBB a a? 566 5.4709 40 200 “Environmental 5.33 5420.10 . 0 0 = Social 5.21 5.29 0.07, 45 500 aA 0 190 = Govemonce 400 449037 es 20 100 Toverage Tea% 83
Slide 37: Disclaimer
Disclaimer This document is produced by the BankInvest Group (BankInvest) and should be considered as marketing material. The purpose is to provide general information about the fund and should not be considered as an investment recommendation. Any reference to companies and securities should only b