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Adapt to market reality
Both UBAM - Asymmetry 50 sub-funds provide dynamic and diversified exposure to global equity and bond markets by investing in liquid financial instruments. Their investment process is driven by a trend-following approach which, over an investment cycle, offers asymmetry (convexity) in the form of a higher participation in bull markets and a lower participation in bear markets.
Prices of financial assets, which reflect the collective investment decisions of all financial players, exhibit trends that can last long enough to be captured with a profit by a momentum-based investment process.
To benefit from assets’ price momentum, two elements are key:
Disciplined implementation of these key elements generates an asymmetric (convex) risk/ return profile: a portfolio applying such a convex strategy allocates more weight to assets with a positive price momentum and, crucially, cuts exposure to assets with falling prices.
Both UBAM - Asymmetry 50 sub-funds offer exposure to global equity and bond markets: portfolio weights are dynamically adjusted favouring market segments with the strongest price momentum in absolute (increasing prices) and relative (prices increasing more than others) terms. Over a market cycle, both UBAM - Asymmetry 50 sub-funds target a higher participation rate in bull markets and a lower one in bear markets.
Reducing the participation in bear markets has a genuine base effect – as a 50% drop needs a 100% increase to break even – that leaves more capital to take advantage of market rises: as a matter of fact, avoiding large drawdowns, coupled with regular participation in rising markets, improves the risk-adjusted performance and hence portfolio efficiency.
|Data as at 20/02/2019||MTD||YTD||2018||2017||2016||2015||2014|
|UBAM - Asymmetry 50 USD AC USD||0.32%||1.76%||-5.35%||6.07%||-1.10%||-7.65%||3.20%|
Past performance is not indicative of present and/or future results. Price and availability are subject to change without notice. The value of investments may go up or down and investors may not get back the amount invested. Changes in foreign exchange rates may also cause the value of investments to fluctuate.
|Status – Articles of Association||28.08.2017|
Italy: I shares are only notified to the CONSOB.
Singapore: Sub-funds registered with the MAS (Monetary Authority of Singapore) can only be offered to “accredited investors”.
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