PineBridge Global Dynamic
Asset Allocation Fund
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Q4 2015
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EQUITIES | FIXED INCOME | MULTI-ASSET
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Important Note
The Fund adopts an asset allocation strategy, varying from time to time the combination of developed countries and emerging market equity securities,
debt and money market securities, collective investment schemes and the other types of investments in order to complement the Manager’s forward
views. The Fund may be exposed to additional risks (e.g. asset allocation, emerging markets, equity, fixed income, collective investment schemes, market
volatility risks, currency, country selection/concentration, investment in Russia, Eurozone debt crisis and sovereign debt risks, etc.) The Fund may use
financial derivative instruments (“FDI”) for efficient portfolio management (including hedging) and for investment purposes but will not extensively use for
any purpose. Dividends, if any, may be paid out of capital of the Fund at the discretion of the Manager. This amounts to a return or withdrawal of part of an
investor’s original investment or from any capital gains attributable to that original investment and may result in an immediate decrease in the net asset
value of the Fund. Investors may be subject to substantial losses due to investment loss risk and the leveraging effect of using FDI. Investors should not
rely solely on this material to make investment decisions.
Why PineBridge Global Dynamic Asset Allocation Strategy?
Equity-like return with lower volatility
Through investing across assets with different growth and volatility
characteristics, the Strategy aims to deliver equity-like return by
capturing short-term market opportunities and long-term fundamental
trends, whilst manage downside risk during times of market stress.
Risks and Return of the Strategy and Different Asset Classes over
the past 10 Years1
Return (Annualized)
US Equities
US Bonds
4
Global Balanced
Global Equities
Global Bonds
2
Multiple sources of return by investing across different
assets with an aim to achieve outperformance
Unconstrained and flexible allocation of assets to
mitigate risk in difficult market conditions
A global team of dedicated 18 multi-asset experts with
an average of 15 years’ experience, backed by over 220
investment professionals across Equity, Fixed Income
and Alternatives3
%
8
6
Fund Highlights
Emerging Markets
Equities
Award-winning team in managing multi-asset strategy
0
Having launched for over a decade, the Strategy is now managed by
a global team of 18 dedicated multi-asset professionals 3. The Team’s
intermediate-term and fundamental-driven investment approach is
well recognised in the industry.
Volatility (Annualized Standard Deviation)
Source: eVestment Alliance, as of 31 December 2015.
Dynamic asset allocation to navigate up and down market
Our benchmark-unconstrained approach allows us to dynamically
adjust the asset allocation to capture multiple sources of growth
potential and manage volatility in different market conditions.
Institutional Investor
U.S. Investment Management Awards 2015
Global Balanced/Tactical Asset Allocation
Manager of the Year4
Asset Type
Traditional Equities
Traditional Fixed Income
Strategic Asset/Alternatives
(e.g. private equity, real estate and infrastructure)
Cash
Global Investor
Investment Excellence Awards 2014
Global Multi-Asset Manager of the Year5
% of allocation
0–75%
0–75%
0–25%
0–45%
The listed % of asset allocation is indicative and may subject to change.
Composition of PineBridge Global Dynamic Asset Allocation Strategy
(January 2007–December 2015)2
Benchmark Fund of The Year Awards 2015
Manager Awards – Investment Manager of the Year (MPF),
Best-In-Class in Aggressive Allocation7
Percentage of Share
100%
80%
60%
40%
20%
0%
Bloomberg Businessweek (Chinese edition)
Top Fund Awards 2015
Outstanding Performer (MPF)
Since Inception Date in Aggressive Allocation6
06 12
2007
06 12
2008
Equity
06 12
2009
06 12
2010
06 12
2011
Fixed Income
06 12
2012
06 12
2013
Alternatives
Source: PineBridge Investments, as of 31 December 2015.
06 12
2014
06 12
2015
Cash
PineBridge Global Dynamic Asset Allocation Fund
Objective
To seek long-term capital appreciation by identifying
new and changing worldwide economic and
investment trends and investing in assets in developed
countries and Emerging Markets
Primary
Benchmark8
40% Citigroup WorldBIG Non MBS /
60% MSCI World DTR Net (See footnote)
Secondary
Benchmark9
LIBOR + 5% over rolling 5 year period
Inception Date
9 December 2003 (Class A)
Fund Size
USD 688.3 million
No. of Securities
1,806
NAV Per Unit
USD 19.8013 (Class A)
Min. Investment
USD 1,000
Management Fee
1.30% p.a. (Class A)
ISIN
IE0034235295
Strategy Allocation*
Equity - 63.4%
20.8% 20.1% 6.9% 6.4% 4.5% 4.3% 0.3% 0.1% Europe ex-UK Equity
Japan Equity
US Sm Cap Equity
US Value Equity
India Equity
Mexico Equity
EM Asia Equity
Other Equity
Fixed Income - 17.7%
Bank Loans
High Yield Bonds
EM Sovereign Debt
Contingent Convertibles
US Corporate Credit
Alternatives - 9.6%
3.6% 2.0% 2.0% 2.0% Parity Bond
Infrastructure
Commodities
Private Equity
Others - 9.3%
9.3%
Bloomberg
PBIBALA
Domicile/Dealing
Ireland/Daily
Fund Managers
Michael Kelly | Joined 1999
Managing Director, Global Head of Multi-Asset
Cash and Equivalents
*The Fund offers investors globally a convenient way to access PineBridge’s
Global Dynamic Asset Allocation (GDAA) strategy. As of 31 December 2013,
this Fund was configured for Diversified Growth by naming it - Global Dynamic
Asset Allocation, adding instruments (Derivatives, Absolute Return, Real
Estate/Property, Infrastructure, Commodity, Currency and Dynamic Futures
exposures) and an absolute return hurdle (LIBOR + 5% over 5 years). Prior
to this, the vehicle was a Balanced Fund which consisted of a global equity
allocation, a global bond allocation, and very small tactical adjustments
between these two sleeves; the vehicle was launched in 1991.
Jose R. Aragon | Joined 2003
Portfolio Manager, Global Multi-Asset
Hani Redha | Joined 2012
Portfolio Manager, Global Multi-Asset
Ten Largest Holdings
Paul Mazzacano | Joined 2001
Head of Investment Manager Research
ISHARES GLOBAL HIGH YIELD
6.0
PINEBRIDGE INDIA EQUITY FUND
5.2
LYXOR ETF COMMODITIES
2.0
ISHARES CORPORATE BOND
1.9
LAZARD GLOBAL LISTED INFRASTRUCTURE
1.8
ISHARES MSCI EUROPE EX UK
1.5
Agam Sharma | Joined 2013
Portfolio Manager, Global Multi-Asset
Performance - Class A (in USD)
For periods to 31 December 2015
Global Dynamic Strategy
Calendar Year
Fund %
Peer Group Average %
7.8% 6.0% 1.5% 1.4% 1.0% 10
Global Balanced Strategy
2015
2014
2013
2012
2011
2010
-1.6
3.1
9.2
10.4
-8.1
7.5
-5.9
-3.2
6.3
5.3
-0.6
2.1
Fund performance is calculated net of fees and on a cumulative basis, NAV to NAV in USD
with income reinvested.
Fund %
ISHARES JP MORGAN EMERGING MARKETS
1.5
ISHARES MSCI JAPAN ETF
1.2
UBS IRL ETF PLC MSCI USA
1.0
ISHARES LISTED PRIVATE EQUITY
TOTAL
0.7
22.8
The NAV is used to compute the percentage (%) of top 10 holdings excluded cash
in its computation. As such, the % level of the holdings may be higher than the
actual figures.
pinebridge.com.hk
All information is as of 31 December 2015 and is sourced from PineBridge Investments internal data, unless otherwise stated. Due to rounding, the total may not be equal to 100%.
1
The performance of the PineBridge Global Dynamic Asset Allocation Strategy refers to the performance of the PineBridge Multi-Asset Composite. The PineBridge Multi-Asset
Composite reflects the management of assets by the PineBridge Global Multi-Asset Team with full asset allocation discretion. The inception date of the Composite is 1 January 2005.
US Bonds are represented by the US Aggregate Bond Index, US Equities are represented by the S&P 500 Index, Global Bonds are represented by the Citigroup World Government Bond
Index (WGBI), Global Balanced is represented by a composite of 60% MSCI All Country World Index (ACWI) and 40% Citigroup WGBI, Global Equities are represented by the MSCI ACWI,
Emerging Market Equities are represented by the MSCI Emerging Markets Index.
2
The information for the Representative Account cited is presented as supplemental to the PineBridge Multi-Asset Composite presentation in US Dollars. For illustrative purposes only.
3
Investment professionals include portfolio managers, traders and research analysts. As of 31 December 2015.
4
Institutional Investor U.S. Investment Management Awards 2015, May 2015. (For details, please visit: usinvestmentawards.com)
5
Global Investor Investment Excellence Awards 2014, July 2014. (For details, please visit: pinebridge.com/pdfs/press-release-global-investor-award.pdf)
6
Bloomberg Business Week (Chinese Edition), based on fund performance as of 30 September 2015.
7
Benchmark Fund of the Year Awards 2015, January 2016. (For details, please visit: www.fundawards.asia)
8
Primary Benchmark (“Benchmark”) refers to the Prospectus Benchmark.
9
Regulatory approval received in July 2015 of the updated Prospectus supplement for the sub-fund, (1) over periods of less than 5 years the performance of the sub fund’s portfolio
of investments will be measured against the Prospectus Benchmark or (2) over periods of five years or longer, the performance of the sub fund’s portfolio of investments will be
measured against the better performing of the Prospectus Benchmark and the Secondary Benchmark.
10
Source: Morningstar, data as of 31 December 2015. Peer Group refers to Morningstar category - Alt-Multi strategy Hong Kong Universe, and the Fund belongs to this category.
Investment involves risks. Past performance is not indicative of future performance. Investors should refer to the offering documents for details, including risk factors. PineBridge Global
Dynamic Asset Allocation Fund (the “Fund”) was formed as a successor fund to AIG Balanced World Fund plc (the “Company”) following a scheme of amalgamation with the Company
and was launched on 7 April 2006. From 1 January 1993 to 31 December 2003, the blended index was composed of 50% JP Morgan Global Government Bond (USD) Index and 50% MSCI
World Daily Total Return Net (USD) Index. Since 1 January 2004, the benchmark has been changed to 40% Citigroup World Broad Investment Grade (non-MBS) Index and 60% MSCI World
Daily Total Return Net (USD) Index. The Fund is a sub-fund of PineBridge Global Funds, an Irish domiciled UCITS umbrella fund, authorized and regulated by the Central Bank of Ireland.
Performance is representative of Class “A” in U.S. Dollars. The PineBridge Global Funds were renamed from AIG Global Funds on 7 April 2010, and the sub-funds replaced “AIG” with
“PineBridge” in their sub-fund names. PineBridge Investments is a group of international companies that provide investment advice and market asset management products and services
to clients around the world. PineBridge Investments is a registered trademark proprietary to PineBridge Investments IP Holding Company Limited. Services and products are provided by
one or more affiliates of PineBridge however certain incidental middle and back office services maybe outsourced to 3rd parties. This material is issued by PineBridge Investments Asia
Limited and has not been reviewed by the Securities and Futures Commission (“SFC”) in Hong Kong. The website listed in the material has not been reviewed by SFC in Hong Kong.