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INVESTMENT STRATEGIES

Investment Strategy Update Calls

Investment Update: Tech Disruptors

7th July 2020   Tomasz Godziek portfolio manager of our JSS Sustainable Equity - Tech Disruptors strategy, gives an update on the market environment and the fund’s positioning. To learn more, listen to the audio recording below.
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Key takeaways include:
1. The Fund continues to significantly outperform the majority of peer funds and market indices thanks to our strong stock selection and balanced portfolio construction
2. We continue to favor companies characterized by unique technologies, high barriers to entry and with scalable business models
3. Our tactical increase of small/mid-caps contributed to the strong performance rebound
4. Active portfolio management will bring value to clients as the post-COVID-19 world will be increasingly more complex and navigating through it will require specialized expertise
To learn more about our view, listen to the playback of the conference call below.

Investment Update: Sustainable Global High Yield

24th June 2020   Roland Müller, the lead portfolio manager of the Sustainable High Yield bonds strategy, discussed the state of the global bonds market and why high yield bonds are a smart solution in today’s market environment, especially when integrating our Sustainable Investing approach into the investment process. Please listen to the audio recording if you didn’t have the time to participate in the call..
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Key takeaways include:
1. The unprecedented rescue & stimulus packages announced by policy makers and central bankers (QE = Quantitative Eternity) combined with slow economic growth means lower rates for longer. The Low Yield Environment lives on!
2. Nevertheless, the economic environment is fragile, and there is the threat of a wave of defaults or credit losses. Investors need to be active and selective.
3. Sustainability is an effective risk mitigation tool and helps in selecting the better credits.
4. Sustainable issuers tend to default less frequently, and our strategy also tends to outperform when the global high yield market has weekly negative returns.
To learn more about our view, listen to the playback of the conference call below.

Investment Update: Senior Loans

17th June 2020   Stan Sokolowski, co-CIO of CIFC, and portfolio manager of our Senior Loan Strategy, gives an update on the market environment and the strategy’s positioning. To learn more, listen to the audio recordi
ng below.
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Key takeaways include:
1. Senior loan spreads still provide attractive risk-adjusted returns after the market rebound.
2. Market dispersion has increased along several lines (virus exposure, oil, low quality, small size, overleveraged) and creates opportunities for active managers.
3. The strategy continues to perform very well while maintaining a defensive positioning with a focus on high quality issues.
To learn more about our view, listen to the playback of the conference call below.
   

Investment Update: Total Return

11th June 2020   Total Return for us means the combination of several sources of return, such as active management of yield curves, duration and credit, in addition to coupon income. The strategy is globally diversified and not constrained by a benchmark. During these challenging and volatile times the strategy has proven to be resilient thanks to its quality and liquidity bias. Stephane Decrauzat, head of Total Return Global, discussed the positioning, market conditions and the outlook for the strategy.
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Key takeaways include:
1. Despite a major stress test in March, the portfolio proved to be resilient and recovered quickly in April-May to return a positive +2.7% year-to-date (I share class in USD)
2. Very compelling risk & return proposition, performance ranked in the top quartile of the Morningstar category since inception
3. Reweighting of investment themes to capitalise on attractive opportunities arising (e.g., Digitalisation, Diversified Energy, LatAm Exporters)
To learn more about our view, listen to the playback of the conference call below.
In English:
In French:
   

Investment Update: Sustainable Bond EUR

9th June 2020   Despite the rapid recovery rally and unexpectedly strong US jobs report last week, it is extremely difficult to determine the direction the economy is taking. As economies are re-opening it seems like the COVID-19 crisis is fading, but there are several events threatening the global economy and thus the financial markets. With this in mind, Dr. Florian Weber discussed the reasons why the JSS Sustainable Bond EUR is a smart solution for today’s uncertain environment.
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Key takeaways include:
1.The fund invests exclusively in sustainable issuers. This serves as an effective risk mitigation tool and also helps in selecting better enterprises, with better governance, and more sustainable & viable business models
2.The strategy has a dynamic allocation between sovereign bonds and corporate bonds. This brings valuable stability to the portfolio when needed, but also allows us to capture attractive opportunities in corporate credit
3.5-star Morningstar rating, with long and proven track record of outperforming the benchmark
To learn more about our view, listen to the playback of the conference call below.
   

Investment Update: All China Equities

27th May 2020   The JSS Equity - All China fund, was launched in December of last year as the first UCITS equity fund managed by a mainland Chinese asset manager, ChinaAMC. The fund has had a successful start reaching over USD 110 million in AuM and outperforming the market. In light of the recent developments around the globe and in China, Frederic Ganner, Investment Specialist for the JSS Equity – All China, provides an update on the fund.
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Key takeaways include:
1. China has weathered the Covid-19 epidemic and economic activity is recovering
2. The portfolio manager is focusing on domestic demand-driven companies and favors consumer, technology and healthcare names
3. The fund has outperformed the market significantly due to positive contributions from high conviction positions
To learn more about our view, listen to the playback of the conference call below.

   

Investment Update: Quant Portfolio Global

13th May 2020   The JSS Quant Portfolio Global (EUR) is a quantitative strategy whose goal is to perform well in rising markets and protect on the downside when markets fall. Especially in the current market environment of unclear directionality and high volatility, investors highly prize such characteristics of an investment strategy. In this call portfolio manager Wilhelm Schäfer gives an in-depth explanation of the fund’s new strategy and illustrates how it performed since it went live in October 2019.
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Key takeaways:
1. The underlying philosophy of the strategy is that by focusing on loss prevention the strategy matches investor needs (loss aversion) and makes investment sense
2. The strategy’s three quantitative models are independent with very low correlation to each other, providing for return opportunities in a variety of market environments.
3. The new strategy of the fund has worked exactly as expected during the recent crisis, outperforming risk markets by a wide margin.
To learn more about our view, listen to the playback of the conference call below.

   

Investment Update: SaraSelect (For Swiss Clients Only)

12th May 2020   Marc Possa, portfolio manager of SaraSelect Fund has given an update on the fund and the markets in German and French. Key points include:
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1. The fund has faced a very challenging market environment since the beginning of the year (performance YTD per 8 May -5.78%) but was able to significantly outperform its benchmark by +7.15% due to its quality bias and focus on market leading companies in their respective niches.
2. The fund invests primarily in Business to Business models (B2B), instead of B2C (business to consumer) which suffered more due to the Corona crisis
3. The manager expects some sort of V-shape recovery and believes that structural trends will re-emerge, as soon as the dust settles.
To learn more about our view, listen to the playback of the conference call below.
In German:
In French:

   

Investment Update: Sarasin Sustainable Properties

7th May 2020
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In English:
In German:

   

Investment Update: Sustainable Equity Future Health

6th May 2020   Following the recent launch of our JSS Sustainable Equity – Future Health Fund and recent market developments, Pierin Menzli, Lead Portfolio Manager of the strategy, provided an update on the situation:
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1. The portfolio has successfully proven its resilience and ability to generate returns during the past months, outperforming peers and broader equity markets during major drawdown periods and performing in line with peers during the recovery.
2. We expect the COVID-19 pandemic to accelerate and strengthen the three main drivers of the strategy of demographic shifts, growing health-consciousness among consumers and the development of innovative medical technologies.
3. The strategy captures growth opportunities across health trends, by investing 70-80 % in traditional health care companies and 20-30% in health-related tech, consumer and real estate holdings.
4. We distinguish ourselves from our competitors thanks to our unique investment approach that goes beyond healthcare, our sustainability lens that helps us capture emerging trends and strong team expertise.
To learn more about our view, listen to the playback of the conference call below.
   

Investment Update: Sustainable Equity Global Thematic

30th April 2020   Giles Money, portfolio manager of JSS Sustainable Equity - Global Thematic Fund and Nevena Schaller, Investment Specialist have given an update on the markets and the fund in English and German. Key points include:
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1. Despite very challenging market environment the fund has been able to significantly outperform its reference index MSCI World due to its quality growth focus and investments in companies with strong balance sheets.
2. The fund has increased its exposure to the digitalisation theme. The new reality - working from home and increased online shopping - are both expected to support the theme in the coming months and years.
3. Walt Disney and Keyence have been recently added to the portfolio - both great sustainable thematic companies where we have been waiting for a good entry point.
To learn more about our view, listen to the playback of the conference calls below.
In English:
In German:

   

Investment Update: Commodity Diversified

28th April 2020   Martin Baumgartner, portfolio manager of the JSS Commodity – Diversified fund, has given an update on the markets and the fund. Key points include:

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1.Commodity markets went through unprecedented turbulence during the recent quarter as energy was hit by a double shock of the Covid-19 demand collapse and the supply increase by some producers, which eventually sent WTI prices into negative territory. Precious metals did well through the crisis while industrial metals and agricultural commodites experienced dispersion.
2.The systematic and futures-based approach was challenged as rebalancings increased the weights to energy.
3.In the long-term, the systematic approach has resiliently outperformed and as supply capacities in the energy market are being cut for good, interesting investment opportunities may arise when demand recovers going forward.
To learn more about our views, listen to the playback of the conference call below.

   

Investment Update: Sustainable Global Dividend Strategy (English)

22nd April 2020   Following recent market developments, Jean-Philippe Hechel and Arno Gamboni, portfolio managers of the Sustainable Global Dividend strategy, provided an update on the situation:
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1. Despite a negative performance YTD, the Fund outperformed the benchmark by +1% which was generated during the month of March, when market turbulence was at its highest.  
2. Our long term investment horizon and focus on companies with strong balance sheets, established dividend policies and dividend track record, coupled with our sustainability approach will continue to drive performance.
3. We maintain a natural bias towards more defensive sectors with an overweight in Healthcare and an underweight in Financials and Consumer Staples.
4. We believe that despite the growing demand from authorities to suspend dividend payments, it will have a limited impact on our portfolio thanks to our structural underweight in banks.
To learn more about our views, listen to the playback of the conference call below (in English).

   

Investment Update: Sustainable Global Dividend Strategy (French)

17th April 2020   À la suite des récents développements sur les marchés, Jean-Jacques Barrow, l’un des principaux gestionnaires du portefeuille de la stratégie, fait le point sur la situation:
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1. Malgré une performance négative de -14.06%, nous avons surperformé l’index de référence de +1% (valeur jusqu’au 10 avril)
2. Notre diversification au sein du portefeuille a permis de générer de la performance pendant cette période de crise et nous commençons à identifier les titres qui vont survivre les 6 prochains mois et les années à venir
3. Nous maintenons un biais naturel vers les secteurs plus défensifs avec une surpondération dans le secteur de la santé et une sous-pondération dans le secteur bancaire et biens de consommation
4. Nous estimons que la demande croissante des gouvernements, des banques centrales et des régulateurs à suspendre le paiement de dividendes aura un impact limité sur notre portefeuille.
To learn more about our views, listen to the playback of the conference call below (in French).

  

Investment Update: Sustainable Equity Small & Mid Caps Switzerland

16th April 2020   Christoph Lang, Portfolio Manager provides an update of the Sustainable Equity Swiss Small & Mid Caps strategy. To learn more, listen to the audio recording below.
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1. Despite negative performance since the beginning of the year (-17.5%), we outperform by 1.9% (P CHF Dist as of 06.04.2020) the SPI Extra thanks to our robust stock selection capabilities
2. We took advantage of mispricing that emerged from the market sell-off and invested in companies that are set to benefit from the current lockdown situation
3. Our sustainability integration is a key contributor to idea generation
4. We are confident that our high conviction portfolio (24 stocks), with a tilt to value, small caps and momentum will continue to deliver performance
To learn more about our views, listen to the playback of the conference call below.
Download the Presentation

  

Investment Update: Sustainable Equity Tech Disruptors

8th April 2020   Tomasz Godziek, Portfolio Manager provides an update of the Sustainable Equity Tech Disruptors strategy. To learn more, listen to the audio recording below.
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1. While the technology sector has shown resilience during this time of uncertainty, the Fund significantly outperformed the majority of peer funds and market indices
2. Stay-at-home policy is accelerating shifts in behavior and these will have long-lasting implications on both consumers and corporates
3. The demand for faster internet, cybersecurity solutions, decentralized computing, and more localized supply chains are set to increase rapidly
4. We are confident that our innovative investment approach focused on companies characterized by unique technologies and high barriers to entry will continue to deliver strong performance

  

Investment Update: Sustainable Bond Global High Yield

2nd April 2020   Roland Müller, Senior Portfolio Manager provides an update of the Sustainable Bond Global High Yield strategy. To learn more, listen to the audio recording below.
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1. The coronavirus crisis and the oil price war triggered unprecedented market volatility and a severe sell-off
2. Market credit spreads are pricing in a very extreme scenario in terms of defaults
3. We are more optimistic than the market, and we believe High Yield bonds offer a great opportunity
4. Our Sustainability Investing approach acts as a risk mitigation tool

   

Investment Update: Multi Asset Institutional (French)

31st March 2020   Serge Alarcon, Head of Multi Asset Institutional, gave an update on the strategy in French. To learn more, listen to the audio recording below.
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Investment Update: Emerging Markets Bonds

31st March 2020   Gabriel Cedismondi. the lead portfolio manager of the Emerging Markets Bonds Strategy gave an update of the markets. To learn more, listen to the audio recording below.

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1. The Coronavirus crisis is impacting emerging economies and most likely a downturn is inevitable
2.  These economies entered the crisis with strong fundamentals in terms of growth and current accounts
3. Valuations are attractive, especially when considering the massive stimulus packages globally
4. Investors should consider entering the market selectively and cautiously in order to capture the opportunity
5. We have a selection of strategies, yet our Short-term Opportunistic allows investors to enter EM conservatively

  

Investment Update: Sarasin-Fairinvest (in German)

  

Investment Update: Senior Loan Fund

27th March 2020   
CIFC, the manager of our Senior Loan Strategy, gave an update.  To learn more, listen to the audio recording below.

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1. Uncertainty remains, however the risk reward profile at current price levels is appealing
2. Recent price declines were primarily liquidity and technically driven in the view of the PM
3. Historically, investors always made positive returns in the subsequent period if spreads exceeded 900bps as they do now.
Presentation download upon request

  

Investment Update: Multi Asset Institutional

26th March 2020   

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Investment Update: Sustainable Equity - Global Thematic

30th March 2020   In light of recent developments in the market, Giles Money, the portfolio manager for JSS Sustainable Equity - Global Thematic fund, has provided an update:

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1. Year-to-date (25.3.) the fund participated in the drawdown and returned -20.3% (P EUR share class). However, on a relative basis the fund outperformed the MSCI World NR index by +1.1% due to its strong quality bias.
2. The market was experiencing very random movements still two weeks ago, in the last 5 days there has been much more understandable behavior. That being said, the fund is well positioned as its companies have little balance sheet risks.
3. We have trimmed down China exposure in Jan/Feb by reducing our positions in Kering and ServiceNow. We are very positive on e-commerce and digitalisation as themes. We recently added Keyence to the portfolio (market leader in industrial automation) and Walt Disney which was offering an attractive entry point.

  

Investment Update:All China Equities

25th March 2020   Richard Pan, portfolio manager of the JSS Equity – All China, has given an update on the Chinese equity market and our fund.
To learn more, listen to the audio recording below.

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1. Chinese production has already resumed to c. 80% and the Chinese government will try to counteract the impact of the global slowdown
2. In the short term, the portfolio manager is adding to domestic demand and infrastructure companies that will benefit from stimulus‎ measures
3. Chinese equity valuations are attractive signaling a buying opportunity in the mid-term

   

Investment Update:SaraSelect (For Switzerland Clients Only)

24th March 2020   Marc Possa, portfolio manager of SaraSelect fund, has given an investment update on the current situation of the portfolio.
To learn more, listen to the audio recording below.
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1. Year-to-date (20.3.) the Fund has relatively outperformed ca. 1.9% due to its focus on high quality companies with more robust balance sheets that the market average.
2. Preference for B2B business models which are more stable in the crisis than B2C business models has helped.
3. Structural trends will re-emerge as soon as the „dust settles“ (structural growth outweighs cyclical growth).

  

Investment Update:Sustainable Bonds EUR

23rd March 2020   Portfolio manager Florian Weber gave an update on the Sustainable Bonds EUR strategy. To learn more, listen to the audio recording below.

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1. The strategy brings stability to investment portfolios
2. Objective is to deliver attractive risk-adjusted returns through the cycle
3. Dynamic allocation to Sovereign and Corporate bonds, depending on market sentiment

   

Investment Update:Senior Loans Europe

10th March 2020   In light of recent developments in the market, Dan Robinson, the Portfolio Manager of our European Senior Loan Strategy, gave an update on the European loan market.  To learn more, listen to the audio recording below.

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1. The European loan market has been relatively resilient in the face of the double shock of Covid-19 and the oil price drop
2. Dan Robinson sees opportunities in the current market and is selectively buying non-cyclical names