NEWSLETTER NOVEMBER 2010
NAM Investors Forum 2010 /// 21 & 22 October 2010 Paris Organized in cooperation with Natixis Global Associates(1), this first NAM Investors Forum gathered international investors from varied horizons and French clients. Natixis Asset Management, pioneer in SRI, chose to devote the first day of the NAM Investors Forum to the theme of “Investing responsibly”. Some 30 international experts from every sphere investors, scientists, business, consultants, etc. - as well as members of the Natixis Asset Management Climate Change Scientific Advisory Committee, participated in the four round table discussions of sustainable development and investment issues, and took questions from the 160 audience members. The second day was devoted to presenting Natixis Asset Management’s areas of expertise to an audience of international investors: absolute return strategies, credit asset class, event-driven strategies, etc.
21 October 2010 - Hôtel d’Évreux - Paris Investing Responsibly Pascal Voisin, CEO of Natixis Asset Management, began by recalling Natixis Asset Management’s long experience with responsible investment, with its first SRI fund(2) celebrating its 25th year. “Investors have a responsibility to consider the long-term impact of their investments,” insists Mr. Voisin. He went on to describe how Natixis Asset Management spent one year working with Carlos Joly(3) before launching the Impact Funds Climate Change fund in 2009 and then creating a Climate Change Scientific Advisory Committee, chaired by Carlos Joly, to enlighten Natixis Asset Management portfolio managers on climate change challenges. Pascal Voisin also presented Natixis Asset Management’s
Pascal Voisin Chief Executive Officer of Natixis Asset Management
business and the Natixis Global Asset Management “multi-boutique model,” which offers an exclusive access to a wide range of expertise around the world, available from its partners and affiliates, specifically in Europe and the United States. He also highlighted the capabilities of the Banque Populaire and Caisse d’Epargne networks, the two shareholders of the Group, which distribute specialized investment solutions for individual investors.
(1) Natixis Global Associates is the worldwide distribution platform for Natixis Global Asset Management. It offers the expertise of Natixis Global Asset Management’s partners and affiliates to institutional clients and distribution networks outside France. (2) Launched in 1984, this Natixis Impact Nord-Sud Développement SICAV was one of the first to be aimed at investors wanting to participate actively in the development of countries in the southern hemisphere through the investment of savings from northern hemisphere countries. This pioneering fund incorporated a commitment to promoting development within a classic investment process [More information: www.am.natixis.com]. (3) Carlos Joly is Chairman of the Climate Change Scientific Advisory Committee, co-founder and Chairman of UNEP-FI (United Nations Environment Programme-Finance Initiative).
www.am.natixis.com CORPORATE AND INVESTMENT BANKING / INVESTMENT SOLUTIONS / SPECIALIZED FINANCIAL SERVICES
1 st panel
Climate policy and regulations: are national and local actions overshadowing the UNCOP process?
Chaired by Carlos Joly, Chairman of the Climate Change Scientific Advisory Committee of Natixis Asset Management, the round table included: n Stéphane Hallegatte(4), Researcher in environmental economics and climate science at CIRED (International Research Center for the environment and development), member of the Intergovernmental Panel on Climate Change (IPCC) n Sylvie Lemmet, Director of the Division of Technology, Industry and Economics, United Nations Environment Program (UNEP) n Richard Klein(4), Researcher in adaptation science and policy at the Stockholm Environment Institute and the IPCC
The Copenhagen impact The Copenhagen summit did not lead to the signature of an
that they take action. It is not just for show. These countries
international agreement. Nonetheless, the progress made
know that they will need to make changes, but hesitate to take
at the summit is quite significant. Participants agreed on
the step of a written agreement. However, this refusal does
the need to limit the rise in world temperatures over the
not stop them from progressing, sometimes very quickly.
coming decades to two degrees Celsius, and on the level of
“This is what’s happening in the United States and China,”
financing that this goal requires: $30 billion annually to start
explains Stéphane Hallegatte. “In reality, what we observed in
with, $100 billion later on. There is a second lesson to gain
Copenhagen was the failure of the European dream of world
from Copenhagen: the fact that many countries were afraid to
governance.”
commit themselves to signing an agreement. This means that
But the cause of the environment is progressing at other
they view such a commitment seriously, and know it requires
levels, which is very positive for the future.
(4) Member of the Climate Change Scientific Advisory Committee. PHOTOS > From left to right: Richard klein, Sylvie Lemmet, Carlos Joly and Stéphane Hallegatte
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21 October 2010 - Paris Investing Responsibly
> Carlos Joly
> From left to right: Richard klein, Sylvie Lemmet, Carlos Joly and Stéphane Hallegatte.
Progress at the local level
The need for an international agreement
For around 15 years, and at an ever increasing pace, local
Local initiatives shouldn’t distract from the necessity of an
and regional initiatives have been passed in support of
international agreement to ensure that the fight against climate
environmental protection, such as CO2 emissions limits in
change is coherent overall, and to prevent counterproductive
California and European regulations on automobile emissions.
behaviour.
The example of the United States is particularly interesting.
What is keeping such an agreement from being signed?
This country refused to sign the Kyoto protocol and was viewed
“Trust, more than anything else,” says Richard Klein. “In
as one of those responsible for the Copenhagen failure.
Copenhagen, government leaders mainly defended their own
“But many American cities and states have implemented
national interests.”
environmental objectives that are significantly more ambitious
And with the Kyoto goals still unmet, many doubt their
than those of the federal government,” points out Sylvie
partners’ ability to fulfill their promised efforts. In the face of
Lemmet. Such initiatives resonate with companies, particularly
the challenges presented by climate change, “national political
the largest ones, which are not waiting for a global framework
leaders must therefore become world leaders” says Richard
to take their own action. The “green” economy is now a reality.
Klein. But trust takes time. Hence, a cautious attitude towards the likelihood that countries will reach an agreement at the Cancun summit that begins at the end of November 2010. In the meantime, eyes are still turned towards China and the United States which, more than other countries hold the key to any international agreement.
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2nd panel
How is climate change reshaping consumer and business behaviour?
Chaired by Hugh Wheelan, Managing Editor, Responsible Investor (5), the round table included: n Blaise Desbordes (6), Director of Sustainable Development and green building expert, CDC (Caisse des Dépôts et Consignations) n Jean-Pierre Rennaud, Director of Nature Fund, Danone(7) n Paul Rowsome, Environmental Manager, Carrefour n Suzanne Sénellart, Portfolio Manager, Natixis Asset Management
Carrefour’s ambition by Paul Rowsome
at better informing customers about the products they buy. Beyond its environmental aspect, this policy helps reduce
The group’s goal of reducing CO2 emissions is implemented
costs, plan for future costs arising from regulations, and
across its business activities. In its stores and refrigeration
respond to investor concerns.
systems, Carrefour has set the goal of reducing emissions by 30% in 2020 compared with 2004. The group was already
Danone’s strategy
halfway to this goal by 2009. In terms of logistics, it is working
by Jean-Pierre Rennaud
with its transporters to reduce the number of kilometers supply
Danone’s environmental policy aims primarily to strengthen
trucks travel with empty loads. In France, Carrefour’s largest
the group’s business and stimulate its growth. It is centered
market, rail and river transport are preferred. The group is also
on reducing CO2 emissions, a criteria that covers the entire
working with its suppliers, offering audits and assistance to
life cycle of Danone products. The group has appointed 140
facilitate their first steps towards sustainable development.
carbon masters around the world tasked with seeking out
And finally, it participates in international initiatives aimed
savings, with the goal of achieving a 30% emissions reduction
(5) Further information on www.responsible-investor.com. (6) Member of the Climate Change Scientific Advisory Committee. (7) The Danone company received a special mention from the jury of the 2009 Responsible Investor’s Awards organized by Natixis Asset Management and Amadeis in partnership with the French economic newspaper Les Echos. This Prize rewards institutional investors who stand out for their responsible investor activity during the last 12 months. [Further information: www.leprixinvestisseurresponsable.com]. PHOTOS > From left to right: Paul Rowsome, Suzanne Sénellart, Hugh Wheelan, Jean-Pierre Rennaud and Blaise Desbordes.
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21 October 2010 - Paris Investing Responsibly
> Hugh Wheelan
> From left to right: Paul Rowsome, Suzanne Sénellart, Hugh Wheelan, Jean-Pierre Rennaud and Blaise Desbordes.
in four years. After two years, a 15% reduction has already
The investor’s perspective
been accomplished. This commitment has led to the creation
by Suzanne Sénellart
of the Danone Fund for Nature, which seeks to support
According to European opinion polls, more than 80%
projects combining water resource management, biodiversity
of American citizens feel that a product’s impact on the
conservation, improved quality of nutritional resources from
environment is an important element when deciding which
wetland ecosystems and their natural ability to store significant
products to buy. Still some discrepancies can be observed
quantities of CO2. This investment contributes to preserving
between intention and action, with sectors and product ranges
the environment, but also to improving the quality of Danone
shifting with different speed and intensity that investors can
products.
no longer ignore. Climate change issues are driving great
Challenges in greenbuilding by Blaise Desbordes
structural changes that will open up a world of opportunities to boost innovation and growth. Companies that develop convincing and integrated strategies in response to climate
The real estate sector faces a huge challenge. While companies
change issues, will achieve superior growth and gain market
are already able to build buildings that do not emit CO2, they
shares. Conversely, the slow learners are subject to threats
need to find ways to finance them. One idea involves creating
of consumer boycott. It thus seems that climate change
immediate value from future savings. Here, these amounts
issues should be integrated as potential Goodwill/Badwill for
would be advanced for investment as construction begins, and
companies’ future value.
reimbursed over the lifetime of the building. This type of plan is already in place for periods of 15 to 20 years, but not yet for 50 years. To work well, it requires the cooperation of the building’s residents, who must learn to manage their consumption. Brokers have created the “green mortgage” concept to reflect this approach, which links rent and utilities costs to residents’ behavior. Preserving the environment also means introducing a more cohesive system in terms of urban planning, likely based on large-scale private-public partnerships for building entire neighborhoods, or even city “sections”.
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3rd panel
What is the role of SRI & green funds in long term strategic asset allocation?
Chaired by Liam Kennedy, Editor of Investment & Pensions Europe (8), the round table included: n Emma Hunt, Senior Investment Consultant, Towers Watson n Aled Jones, Investment Manager – ESG, London Pension Funds Authority n Franck Nicolas, Head of Global Asset Allocation and ALM, Natixis Asset Management
Defining responsible investment
scope. The third and final step is to define the right level of
The socially responsible investment market in Europe is more than €5,000 billion, according to a study by Eurosif ,
investment: company, sector, etc”.
(9)
a volume that illustrates investors’ growing interest in extra-
SRI as seen by major investors
financial criteria. At the same time, SRI remains a fairly new
Traditional investors - pension funds, insurance companies,
concept. It is not always easy to find and evaluate the best
etc. - prefer investments that maximize their returns. Their
investment approach, with so many different criteria to choose
approach to SRI is not different: “green” assets are assets like
from. “Natixis Asset Management has defined a three-step
any other, and return on investment remains a crucial criteria.
process,” explains Franck Nicolas. “The first step is to identify
“SRI still accounts for only a small share of our investments,
the most important sustainable development issues, such as
around 6%,” says Aled Jones.
reducing CO2 emissions. Natixis Asset Management’s teams
At the same time, investors can all observe the changes that
then identify the most relevant criteria and their impact on
are underway, in terms of image - it is important to be seen as
asset allocation. They are assisted in this task by the Climate
a responsible investor - but also in terms of effectiveness, to
Change Scientific Advisory Committee with international
the extent that SRI can be profitable. “We are waiting to see
(8) Further information on www.ipe.com. (9) European Sustainable Investment Forum. Further information on www.eurosif.org. PHOTOS > From left to right: Emma Hunt, Liam Kennedy, Aled Jones and Franck Nicolas.
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21 October 2010 - Paris Investing Responsibly
> Liam Kennedy
> From left to right: Emma Hunt, Liam Kennedy, Aled Jones and Franck Nicolas.
the results of our first investments. If they are conclusive, we
When will the market balance swing over?
will continue them,” explains Mr. Jones. Among all SRI criteria,
“If we are really impressed with a thematic fund, we advise
it is environmental issues that currently take precedence over
our clients to allocate between 2 and 8% of their total
all the others.
investments to it. If we just think it’s a good idea, we’re more
How well does SRI perform?
likely to advise expanding the existing portfolio’s exposure to this theme,” explains Emma Hunt. Emma Hunt and Aled Jones
There is little reliable data on the profitability of SRI. Franck
agree about the rising importance of responsible investment.
Nicolas explains his skepticism towards university studies
But it remains to be seen when the major investors will be
that tend to show better-than-average performance for socially
ready to increase their allocations. “The ‘green’ investment
responsible investments. “Natixis Asset Management’s expe-
market is similar to that of emerging countries. There are many
rience leads us to believe that performance levels are very
opportunities, but you have to choose carefully when to jump
close. This is a good thing. It shows that management is what
in,” said Emma Hunt. “We identify environmental topics that
makes the difference.”
will have growing importance, such as water supply. But will they become critical issues? Much still remains uncertain,” adds Aled Jones.
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Presentations
Climate Change investment strategies for listed stock and infrastructures
Introduced by Philippe Zaouati, Deputy CEO, Head of Business Development at Natixis Asset Management, presentations were delivered by: n Clotilde Basselier, Portfolio Manager, Natixis Asset Management n Thierry Carol, Deputy Head of Carbon Finance, Natixis Environnement & Infrastructures n Raphaël Lance, Deputy Head, Natixis Environnement & Infrastructures
Impact Funds Climate Change(10) by Clotilde Basselier
manufacturer or an insulation specialist. The second investment
This fund created by Natixis Asset Management is dedicated
family can involve reinsurance companies that cover natural
to climate change and its consequences. With the support of
catastrophe risks, companies specialized in building sea walls,
a Scientific Committee, the fund managers have defined three
or videoconferencing service providers. Finally, the third family
investment families: companies that contribute to reducing
includes water distributors, as well as paper goods groups
greenhouse gas emissions; companies that help adapt to
that plant trees to counteract deforestation, or producers of
the inevitable consequences of climate change; and finally,
“green” fertilizers.
companies that foster better management of our natural
An initial selection performed at the global level has defined an
resources.
investment universe of some 550 securities. Seventy of these
These families are themselves divided into around ten different
are already present in the fund that was officially launched
themes. For example, the CO2 reduction criteria can lead to
in October 2009. Since its launch(11), this fund’s performance
investment in wind power, but also in a railroad equipment
measured +11.79%(12).
(10) Impact Funds Climate Change is a section of the Luxembourg SICAV open-ended mutual fund “Impact Funds” authorized in France by the AMF. It does not guarantee capital or performance. The simplified prospectus of the fund must be sent to subscribers before subscription. Copies can be obtained from Natixis Asset Management or www.am.natixis.com/climatechange. (11) Impact Funds Climate Change inception date : 5 Oct. 2010. (12) As of end of September 2010. The figures mentioned are for past years. Past performance is not a reliable indicator of future performance. PHOTOS > Philippe Zaouati
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21 October 2010 - Paris Investing Responsibly
> Clotilde Basselier
> Raphaël Lance
> Thierry Carol
The renewable energies funds
Carbon funds
by Raphaël Lance
by Thierry Carol
Since 2003, Natixis Environnement & Infrastructures has
Carbon funds seek to simultaneously create value and combat
created six specialized investment funds for total managed
climate change by investing in projects that reduce greenhouse
assets of more than €1.6 billion . In the environment sector,
gas emissions. The first private carbon fund in Europe, ECF
€405 million have been invested in 59 renewable energy
(European Carbon Fund) has carried out 27 investments
projects, for total installed capacity of 700 MW, which
in emerging countries since 2005, thus contributing to
represents a CO2 reduction of more than 65 million tons.
preventing the emission of 46 million tons of CO2. The fund
(13)
This strategy is based on the European regulatory framework,
is committed to buying the full CO2 quotas for these projects,
which sets a goal of 20% of renewables in the energy mix by
for sale to counterparties in Europe. As of June 30, 2010, ECF
2020, representing potential investments of some €440 billion.
registered an IRR of 15.4%. Since the launch of ECF, Natixis
The FIDEME and EUROFIDEME 2 funds demonstrate Natixis
Environnement & Infrastructures has also launched the EKF
Environnement & Infrastructures’ ability to partner with
fund (European Kyoto Fund) (target: €500 million) and ECCF
the industrial players that manage these projects. FIDEME
fund (conformity carbon fund) (target: €200 million).
has invested €450 million in 27 projects, mainly in the wind power sector. Seven years after the fund’s creation, 103% of investors’ capital has been reimbursed. The internal rate of return is 8.6%. Launched in September 2008, EUROFIDEME 2 is a fund worth €250 million. This money is invested in wind power as well as in solar energy and biomass. Among the projects already underway is a €7 million investment in the largest photovoltaic solar power plant in France (in Curbans), alongside GDF Suez. Expected IRR of EUROFIDEME 2: 11 to 14%.
(13) As of October 2010. The figures mentioned are for past years. Past performance is not a reliable indicator of future performance.
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4th panel
Are there surprises in Emerging Markets sustainable development?
Chaired by Hugh Wheelan, Managing Editor, Responsible Investor, the round table included: n Vipul Arora, Co-Founder of Solaron Sustainability Services n Carlos Joly, Chairman of the Climate Change Scientific Advisory Committee of Natixis Asset Management n Judith Moore, Senior Environment Specialist, World Bank n Cornis Van der Lugt, Resource Efficiency Coordinator for the Division of Technology, Industry and Economics of the United Nations Environment Program (UNEP)
Emerging markets: opaque…?
“The emerging markets are much like the developed countries
“Some emerging markets are like a ‘black box’. Investors don’t
in 1945. They are poised to enter a period of unprecedented
know what they’re going to find inside, so they are hesitant to
growth.”
make a firm commitment,” says Vipul Arora. Indian national Vipul Arora describes the mentality of certain local companies: “Many companies are growing very rapidly. They need capital
...or transparent?
to continue to develop, but don’t necessarily want to open up
Carlos Joly, spoke out against charges of opacity and, more
about their operations in return.”
generally, against the sometimes condescending attitude
Faced with very diverse local histories and traditions, investors
that developed countries can have towards practices in
need to understand what they are buying when they invest
emerging countries. “Capital markets in emerging countries
on these markets. That said, doing so is well worth the effort.
are highly sophisticated. Sustainable development criteria
PHOTOS > From left to right: Cornis Van Der Lugt, Vipul Arora, Hugh Wheelan, Judith Moore and Carlos Joly.
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21 October 2010 - Paris Investing Responsibly
> Hugh Wheelan
> From left to right: Cornis Van Der Lugt, Vipul Arora, Hugh Wheelan, Judith Moore and Carlos Joly.
are very similar to those applied in developed countries”, he
Green bonds
said. “Labor legislation is taken seriously, including measures
In late 2008, the World Bank began issuing so-called ‘green
involving employee health and safety. Naturally, significant
bonds’. The capital raised is entirely dedicated to environmental
problems remain to be overcome in the emerging markets.
programs that aim either to reduce global warming, or to help
But local growth is accompanied by a real understanding of
populations or geographic regions adapt to climate change.
sustainable development issues.”
“The World Bank’s ‘green bonds’ help finance infrastructures
An inevitable trend
in emerging countries while also meeting the needs of investors,” explains Judith Moore. To date, $1.6 billion
Stimulus packages rolled out by the emerging countries during
have been invested. Among the projects selected are the
the recent economic crisis reflect the significant weight given
development of public transportation in Mexico, eco-farming
to environmental issues.
projects in China, or waste processing in Jordan.
“In China, for example, 30% of the package involved ‘green’ investment, in South Africa 10%, and a sizable share in South Korea... In other words, these issues are taking on increasing importance in the emerging markets”, says Cornis Van der Lugt. In most of these countries, the rise of a middle class is a powerful force for change. “This new middle class is demanding better regulations and quality infrastructures,” explains Mr. Van der Lugt. And it now represents 400 million people in China, as Mr. Joly points out. They may have a lot of catching up to do towards sustainable development, but in terms of environmental protection, emerging countries are learning from the errors that developed countries made in the past.
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21 October 2010 -Paris Investing Responsibly
Wrap-up
Philippe Zaouati, Deputy CEO, Head of Business Development at Natixis Asset Management
Philippe Zaouati concluded this first day of the NAM Investors Forum by emphasizing the need to challenge preconceived ideas: 1- SRI does not only concern developed countries 2- Failure of international negotiations does not mean the end of regulatory initiatives 3- Sustainable development is not a private hunting ground reserved for certain groups or sectors
Philippe Zaouati also underlined the importance of the Climate Change Scientific Advisory Committee and high quality extra-financial research. Asset Managers must see beyond the subject’s complexities and opposing visions: short term and positive financial performance vs. long term and an ethical approach. Furthermore, two distinct approaches to SRI can be identified. A “responsible” approach: “conventional” approach for some pension funds that seek to make responsible investments for society and for future generations or a more “pragmatic” approach consisting of viewing responsible investments as a new way of generating alpha or hedging against risk. This approach is often behind subscriptions in thematic funds such as carbon, cleantech, climate change etc. Last but not least, asset managers need to be able to demonstrate the merits of a responsible investment approach to investors. This means: greater transparency and better clarity in analytical criteria, stock selection methods and proposed investment objectives. An ambitious program!
PHOTOS > Philippe Zaouati
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22 October 2010 Natixis Asset Management Head Office - Paris Exploring Natixis Asset Management Expertise
Introduced by Pascal Voisin, CEO of Natixis Asset Management, this second day of the NAM Investors Forum aimed to present Natixis Asset Management’s areas of expertise to international investors.
Macroeconomic outlook by Philippe Waechter
market. He pointed out in particular the recent changes that have influenced this type of investment: a risk-averse
Philippe Waechter, Chief Economist of Natixis Asset
environment,
Management, began with a discussion of the deterioration
increasing volatility and market crises and, at some point, a
of the economic situation after a good first-half 2010. This
rising interest rate risk.
drop results from termination of the stimulus packages that
How can investors cope with these new challenges? The first
countries had introduced during the economic crisis. It mainly
solution is to generate return by expanding the “core fixed-
impacts the developed countries, which have still not returned
income” asset class with new betas. There are more and more
to the level of growth they knew in 2008. Emerging countries,
new products on the market (for example, inflation linked
however, are doing much better.
bonds), not to mention attractive and de-correlated returns
This situation explains the temptation for certain countries to
that can be obtained on high yield. But investors must properly
use quantitative easing to protect themselves. This is true in
assess the risk of each source of return: traditional risks such
particular of the United States. In such an environment, we
as liquidity, default, credit and market risks, but also “new”
must plan for a strong euro, which could detract from the
risks such as market and default risks on sovereign debt.
zone’s competitiveness. We can also expect continued low
Finally, Ibrahima Kobar pointed to Natixis Asset Management’s
interest rates for another one or two years.
know-how as a provider of tailor-made investment solutions
Alternative investment solutions within fixed income by Ibrahima Kobar
restrictive
prudential
regulatory
policies,
with 700 dedicated funds and mandates managed for a diversified customer base in France and abroad. Through the multi-boutique model of Natixis Global Asset Management, Natixis Asset Management is committed to delivering the
Ibrahima Kobar, Head of Fixed income for Natixis Asset
most appropriate solution for each client and to providing
Management, then discussed the new stakes on the bond
investors with simple and transparent investment solutions.
PHOTOS > From left to right: Pascal Voisin, Philippe Waechter and Ibrahima Kobar.
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22 October 2010 - Paris Exploring Natixis Asset Management Expertise
Workshops
Absolute Return strategies in fixed income, Nathalie Pistre, Deputy Head of Fixed Income, Natixis Asset Management n Presentation of the Natixis Obli Opportunités 12 mois(14), launched in September 2009. n Other absolute return strategies: arbitrage of interest rate swaps, pure quantitative arbitrage on euro interest rates, strategies based on inflation linked bonds, etc.
Opportunities in credit asset class, Philippe Berthelot, Head of Credit Management, Natixis Asset Management n The most attractive opportunities for 2010 within the credit market are in short term credit, convertible bonds and high yields bonds.
n Two credit cases: Sensata Technologies B.V. and Ziggo B.V.
Climate Change strategy, Suzanne Sénellart & Clotilde Basselier, portfolio managers, Natixis Asset Management n Presentation of the thematic investment universe of Impact Funds Climate Change. n Investment process overview: thematic filter, in-depth stock analysis, concentrated portfolio.
Event-driven strategies, Stéphane Galzy & Frédéric Babu, portfolio managers, Natixis Asset Management n European Event Driven strategy: targeting 8 -12% return within 6-8% volatility target per annum. n Source of performance: risk arbitrage, long/short strategies, trading know-how.
For further information on these workshops, please contact: communication@am.natixis.com (14) For more information on Natixis Obli Opportunités 12 mois and Impact Funds Climate Change : www.am.natixis.com
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Company profile Natixis Asset Management is the European expert of Natixis Global Asset Management, one of the top 15 largest asset managers worldwide with 526.5 billion euros in assets under management and 2,800 employees. Natixis Asset Management has around 670 employees and is one of the largest European asset management companies with 304 billion euros of assets under management. Natixis Asset Management provides a full range of products and investment solutions in all asset classes for institutional investors, companies, distributors and banking networks. The company is active in all major asset classes, geographical zones and management styles including European equity, fixed income, money market and balanced management expertise. Natixis Asset Management benefits from market recognition and occupies leading positions in these key areas of expertise. At the European and international levels, Natixis Asset Management expertise is marketed via the Natixis Global Associates distribution platform. Source: Natixis Asset Management as of 30/09/2010.
Natixis Asset Management and socially responsible investment With â‚Ź10.6 billion assets managed according to socially responsible investment (SRI) and solidarity-based investment criteria (as of 30/09/2010), Natixis Asset Management places squarely among the French and European leaders on this market. Convinced of the importance of integrating extra-financial aspects in the medium and long term, the group has developed a full range of SRI funds covering every asset class and the main SRI approaches. United under the Natixis IMPACT range, this offer makes it possible to respond to the demands of a clientele that wants their investments to
have a positive, concrete impact, on the environment, society and corporate governance. Natixis Asset Management has also developed an Impact Climate Change management expertise, an investment strategy that fully integrates climate change issues. In order to enlighten the Natixis Asset Management teams on the challenges of climate change, Natixis Asset Management launched the Climate Change Scientific Advisory Committee, bringing together experts from various fields with complementary profiles (climatologists, geologists, economists, etc.) and chaired by Carlos Joly.
For further information on Climate Change expertise: www.am.natixis.com/climatechange
Contact us communication@am.natixis.com
Disclaimer - This document is destined for professional clients. None of the information contained in this document should be interpreted as having any contractual value. Natixis Asset Management will not be held responsible for any decision taken or not taken on the basis of information contained in this document, nor in the use that a third-party may make of it. The opinions expressed in the research and analyses are the sole responsibility of their authors and are not necessarily shared by Natixis Asset Management. Natixis Asset Management shall not be held liable for the accuracy and exclusivity of the information provided. The funds mentioned in this material are not registered or authorized in all jurisdictions and may not be available to all investors in a jurisdiction. Please refer to legal information of this material before any investment.
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The provision of this material does not constitute an offer of services, nor an offer or recommendation to purchase or sell shares in any financial instrument. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing. In the case of a fund, these can be found in the fund’s prospectus or offering memorandum, which should be read carefully before investing. If you would like further information about any of the funds, including charges, expenses and risk considerations, contact the sender of this document or your financial advisor for a free prospectus, simplified prospectus, copy of the Articles of Incorporation, the semi and annual reports, and/ or other materials and translations that are relevant to your jurisdiction. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. Performance data shown represents past performance and is not a guarantee of future results. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. Performance shown is net of all fund expenses, but does not include the effect of sales charges or correspondent bank charges, and assumes reinvestment of distributions. If such charges were included, returns would have been lower. The analyses, opinions, and certain of the investment themes and processes referenced herein represent the views of the author(s) referenced as of the date indicated. These, as well as the portfolio holdings and characteristics shown, are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material. In certain cases, this material is provided by one of the Natixis Global Associates entities listed below, each of which is a subsidiary of Natixis Global Asset Management, the holding company of a diverse line-up of specialised investment management and distribution entities worldwide, each of which conduct any regulated activities only in and from the jurisdictions in which they are licensed or authorized. Their services and the products they manage are not available to all investors in all jurisdictions. Although Natixis Global Associates believes that the information provided in this material to be reliable, it does not guarantee the accuracy, adequacy, or completeness of such information. In the UK: This material is provided by Natixis Global Associates UK Limited which is authorised and regulated by the UK Financial Services Authority (register no. 190258). This material is intended to be communicated to and/or directed at persons (1) in the United Kingdom, and should not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell securities in any other jurisdiction than the United Kingdom; and (2) who are authorised under the Financial Services and Markets Act 2000; or are high net worth businesses with called up share capital or net assets of at least £5 million or in the case of a trust assets of at least £10 million; or any other person to whom the material may otherwise lawfully be distributed in accordance with the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or the (Promotion of Collective Investment Schemes) (Exemption) Order 2001 (the “Intended Recipients”). To the extent that this material is issued by Natixis Global Associates UK Limited, the fund, services or opinions referred to in this material are only available to the Intended Recipients and this material must not be relied nor acted upon by any other persons. Registered Address: Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA. In the E.U. (outside of the UK): This material is provided by Natixis Global Associates S.A. or one of its branch offices listed below. Natixis Global Associates S.A. is a Luxembourg management company that is authorized by the Commission de Surveillance du Secteur Financier and is incorporated under Luxembourg laws and registered under n. B 115843. Registered office of Natixis Global Associates S.A.: 2-8 Avenue Charles de Gaulle, L - 1653 Luxembourg, Grand Duchy of Luxembourg. France: Natixis Global Associates International (n.509 471 173 RCS Paris). Registered office: 21 quai d’Austerlitz, 75013 Paris. Italy: Natixis Global Associates S.A. Succursale Italiana (Bank of Italy Register of Italian Asset Management Companies no 23458.3). Registered office: Via San Clemente, 1 - 20122, Milan,MI, Italy. Germany: Natixis Global Associates S.A., Zweigniederlassung Deutschland (Registration number: HRB 88541). Registered office: Im Trutz Frankfurt 55, Westend Carrée, 7. Floor, Frankfurt am Main 60322, Germany. Netherlands: Natixis Global Associates S.A., Nederlands filiaal (Registration number 50774670). Registered office: Evert van de Beekstraat 310, 1118CX Schiphol, the Netherlands. Sweden: Natixis Global Associates S.A. (Luxembourg) Nordics Filial (Registration number 516405-9601 - Swedish Companies Registration Office). Registered office: Master Samuelsgatan 60, 8th Floor, Stockholm 111 21, Sweden. In Switzerland: This material is provided to Qualified Investors by Natixis Global Associates Switzerland Sàrl. Registered office: place de la Fusterie 12, 1204 Genève. In the DIFC: This material is provided in and from the DIFC financial district by Natixis Global Associates Middle East, a branch of Natixis Global Associates UK Limited, which is regulated by the DFSA. Related financial products or services are only available to persons who have sufficient financial experience and understanding to participate in financial markets within the DIFC, and qualify as Professional Clients as defined by the DFSA. Registered office: PO Box. 118257, 5th Floor, Building 8, Gate Village, DIFC, Dubai, United Arab Emirates.
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The funds mentioned in this material are not registered or authorized in all jurisdictions and may not be available to all investors in a jurisdiction.