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ASSET ALLOCATION MUST BE ACTIVELY MANAGED Richard Temperley

ASSET ALLOCATION MUST BE ACTIVELY MANAGED Richard Temperley Head of Investment Development – Zurich. Active Management adds value. Source: Zurich Life, September 2014. 25 years – Good Active Management Expertise. Source: Zurich Life, September 2014.

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ASSET ALLOCATION MUST BE ACTIVELY MANAGED Richard Temperley

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  1. ASSET ALLOCATION MUST BE ACTIVELY MANAGED Richard Temperley Head of Investment Development – Zurich

  2. Active Management adds value Source: Zurich Life, September 2014

  3. 25 years – Good Active Management Expertise Source: Zurich Life, September 2014

  4. 25 years – Good Active Management Expertise Source: Zurich Life, September 2014

  5. 25 years – Good Active Management Expertise Source: Zurich Life, September 2014

  6. Making the Right Calls “Valuations and unprecedented policy response make strong equity gains possible” Zurich Investment Outlook - 2009

  7. Active Management of Asset Classes Active Fund Management Source: Zurich Life, September 2014

  8. An Active Management Process Process

  9. THE OUTLOOK FOR ASSET CLASSES

  10. Equity Bull Market - a record breaking run… 4th Longest bull market on record! Source: Zurich Life, September 2014

  11. Bull Market’s End – the warning signs… Very tight monetary policy Sustained acceleration in inflation A big rise in short-term interest rates An overheating economy Severe overvaluation of equities compared with interest rates

  12. Long-term Rates – Government 10-year Bond Yields Source: BlackRock, September 2014

  13. Short-term Rates – ECB Source: European Central Bank, September 2014

  14. House Prices – Global Developed Markets Source: BIG, 24.06.14

  15. Asset Class Performance Source: J.P. Morgan, Guide to Markets, Q3 2014.

  16. A Multi-asset solution is the answer

  17. Warning: Past performance is not a reliable guide to future performance Warning: The value of your investment may go down as well as up Warning: Benefits may be affected by changes in currency exchange rates. Warning: If you invest in this product you may lose some or all of the money you invest.

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