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Client Name Presented by Name, Title Date

Quarter ending March 31, 2014. Voya Index Solution Portfolios (Formerly ING Index Solution Portfolios ). Client Name Presented by Name, Title Date. Table of Contents. Firm Profile and Team Overview Voya’s Target-Date Strategies and Capabilities Investment Process Performance

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Client Name Presented by Name, Title Date

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  1. Quarter ending March 31, 2014 Voya Index Solution Portfolios(Formerly ING Index Solution Portfolios) Client Name Presented by Name, Title Date

  2. Table of Contents • Firm Profile and Team Overview • Voya’sTarget-Date Strategies and Capabilities • Investment Process • Performance • Conclusion • Appendix

  3. 1. Firm Profile and Team Overview

  4. Strategy Team Members

  5. 2. Voya’s Target-Date Strategies and Capabilities

  6. Key Features of Voya Target-Date Strategies • Innovative Glide Path • Glide path reflects dramatic changes in participant risk appetites over time • Accelerated risk reduction before retirement • Reaches most conservative asset allocation at the target retirement date • Robust Asset Allocation • Asset allocation process explicitly captures potential for high risk events • Broad diversification across 15-20 traditional and alternative asset classes • Flexible asset allocation process to avoid end point sensitivity • Open Architecture • Aligned with the best fiduciary practices of DB and DC plan oversight • Portfolio Implementation Efficiency • Multiple implementation tools utilized to ensure effective translation of alpha signals • Disciplined rebalancing process designed to control risks and support investment performance

  7. 3. Investment Process

  8. Voya Index Solution Portfolios: Strategic Allocations • As of March 31, 2014 • Source: Voya Investment Management

  9. Due Diligence and Manager Selection • Index fund selection process based on four main characteristics: • Fees • Will the fund achieve sufficient cost savings to meet clients’ investment objectives? • Liquidity • Is the fund liquid enough for clients’ anticipated capital needs? • Tracking error • Does the fund have a low tracking error relative to its benchmark in order to attain the most accurate indexed performance? • Portfolio Construction Process • Does the manager fully replicate the index? If not, what type of optimization process is used?

  10. Voya Index Solution Portfolios: Underlying Managers • As of March 31, 2014 • Source: Voya Investment Management

  11. Risk Management and Monitoring • Rebalancing guidelines are set up for each strategy to better assess transaction costs and risk parameters • Tactical moves are implemented by using optimized bandwidths around target asset allocations • Monitor tracking error for potential issues • Daily monitoring report compares security weights to target allocations and flags discrepancies that breach a certain level • Proprietary software platform used to manage and monitor all fund of funds • Designed to increase scalability and implementation efficiencies • Investment and operational risk overseen by independent team

  12. 4. Performance

  13. Structural Factors that Can Influence Voya Index Solution’s Peer Group Rankings • Based on each Voya Index Solution Portfolios’ design and construction, this table provides structural headwinds and tailwinds to performance relative to Morningstar peer groups in different market environments. • For illustrative purposes only. • Source: Voya Investment Management

  14. Voya Index Solution Portfolio Performance and Rankings Source: Morningstar. Morningstar is an independent service that ranks mutual funds and variable annuities. The category rank is calculated by Morningstar, based on a fund's performance, net of fees. This is the total-return percentile rank within each Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. Fund returns are shown for illustrative purposes only. Past performance does not guarantee future results.  Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance may vary for other share classes. The Portfolio’s performance is subject to change since quarter’s end and may be lower or higher than the performance data shown. Please call 860-275-3720 to obtain performance data current to most recent month-end. SEC returns assume the reinvestment of dividends and capital gain distributions and include a sales charge. Net Asset Value (NAV) returns assume the reinvestment of dividends and capital gain distributions but do not include a sales charge. Results would have been less favorable if the sales charge were included. Total return for less than one year is not annualized.

  15. 5. Conclusion

  16. Voya Index Solution Portfolios’ Key Features and Benefits

  17. 6. Appendix

  18. Important Disclosures • Please see below for expense ratios and footnotes:

  19. Important Information • Only qualified pension or retirement plans may invest in these Portfolios. This includes plans qualified under Sections 401 of the Internal Revenue Code (“IRC”) as well as 403(b) annuity plans, 403(b)7 custodial accounts, 408(a)individual retirement accounts, eligible governmental and deferred compensation plans under Sections 414(d) or 457(b) or plans described in 501(c) 18 of the IRC. • Variable annuities and underlying investment options offered through a retirement plan are long-term investments designed for retirement purposes. If withdrawals are taken prior to age 59½, a 10% federal penalty may apply. Money distributed will be taxed as ordinary income in the year the money is received. • General Risk Factors • All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. Price volatility, liquidity and other risks accompany an investment in equity securities of foreign, smaller capitalized companies. International investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Risks of foreign investing are generally intensified for investments in emerging markets. • This presentation is designed to illustrate an approach to asset allocation, and is not a substitute for comprehensive investment planning. ILIAC and Voya Investment Management Co. have compiled this material for informational purposes only. ILIAC and Voya Investment Management Co. do not make any recommendation about your investments. Any opinions expressed herein reflect our judgment at this date and are subject to change. • Please keep in mind, using diversification or asset allocation as part of your investment strategy neither assures nor guarantees better performance and cannot protect against loss in declining markets. • Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

  20. Principal Risks • The principal risks are generally those attributable to stock investing generally. Holdings are subject to market, issuer, and other risks, and their values may fluctuate. Market risk is the risk that securities may decline in value due to factors affecting the securities markets or particular industries. Issuer risk is the risk that the value of a security may decline for reasons specific to the issuer, such as changes in its financial condition. More particularly, growth-oriented stocks typically sell at higher valuations than other stocks. If a growth-oriented stock does not exhibit the level of growth expected, its price may drop sharply. Additionally, growth-oriented stocks have been more volatile than value-oriented stocks.

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