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Corporate Presentation
In partnership
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A new standard that enables unbiased asset managers’ performance comparison
amLeague designs a new standard to measure asset managers’ performance.
amLeague sets up a robust infrastructure to enable a fair and representative comparison within homogeneous investment universes.
amLeague collects interests for creating notional mandates from sponsoring institutional investors (the «Club») that correspond to their investment needs.
amLeague provides asset managers with a user-friendly IT platform to demonstrate their ability to create alpha.
amLeague provides investors with reliable and valuable performance data.
A COMMONLY SHARED ASSESSMENT… For every investor, performance is the key analytical element to evaluate the added-value and skills of an investment manager, whatever the efficiency of its organization and operational processes. BUT… Data on investment managers’ performance made available so far does not provide high-quality information: 1. Fund categories/rankings show
comparison of funds that can be significantly different from each other: results are biased
2. Private data made public is partial and non-transparent
The measure of the added-value of investment managers, based on a public, transparent and comparable framework, is more than ever an objective to achieve
What is amLeague?
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amLeague: Research Provider
BENEFITS FOR INVESTORS
Take advantage of a clear, transparent and indisputable way to measure asset managers’ performance
Lead the process of asset class and mandate definition
Access tailor-made, ready-to-use data for the quantitative aspect of fund managers selection
Get access to advanced data produced by amLeague sorted by : observation period, risk indicators, adjusted risk performance, peers comparable data
Free of charge
Independent Neutral A producer and supplier of
professional performance research data to investors, asset managers and consultants
A consultant: does not comment nor express any opinion about the performance rankings
A fund selector A multimanager
amLeague IS: amLeague IS NOT:
A Powerful Research Tool For The Asset Management Industry
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Processing orders sent by asset
managers
Disclosing performance data and research to professionals :
- Asset managers - Institutionals - Consultants
- Fund selectors - Press
Processing orders sent by asset
managers
Implementing them into portfolios
Valuation and performance calculation
Compliance certification vs. mandate
guidelines
Performance data and research
publication
ASSET MANAGERS PUBLIC
amLeague: Research Provider
Performance Research Data
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amLeague: Research Provider
Individual Research Report
Due to the fully comparable data framework amLeague is able to provide the asset manager detailed research with analytical value on its performance compared to peers and benchmark. (Overview, Performance, Trading, Positions,…).
Sectorial Distribution Passive Trading vs Active Trading Performance
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amLeague: Research Provider
Peers Research Report
Advanced Performance Indicators
Sectorial Distribution Change
Top Holdings
amLeague provides, on demand, a detailed peers research report about each mandate (Performance, Trading, Positions,…).
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amLeague: Research Provider
amLeague’s Added Value: A Frame For Perfect Comparison
By executing all trades on its proprietary platform and applying one single set of valuation parameters (market closing prices, Fx rates, corporate actions, … ), amLeague can guarantee full performance comparability.
Restricted universe: asset managers can only execute trades on securities included in the benchmark
Restricted order type: asset managers cannot short sell or use leverage
Strict Guidelines: Every day and for every portfolio, amLeague controls the investment constraints. Whenever asset managers breach a guideline, they are systematically warned by e-mail, and urged to solve the problem before the next NAV calculation.
The investable universe is defined ex-ante by amLeague’s Investors Club.
The strict observation of every mandate’s guidelines and universe by asset managers
allows amLeague to produce 100% comparable, ready-to-use performance
information. All indicators shown on amLeague’s website are calculated and
verified daily.
amLeague’s asset manager pop-up
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amLeague: Research Provider
amLeague’s Added Value: In-depth Information
In addition to research reports amLeague’s website provides:
Advanced indicators : volatility, TE, Sharpe, IR, alpha, beta, drawdown, etc…
Various sorting criteria for style analysis: core, satellite, value, growth, etc…
Performance over specific periods
Rankings evolutions by period
Exportable data for backtesting
Etc…
amLeague’s data represent the raw material of performance analysis. This data can be exported in any investor’s existing filters, or analyzed straight from the user-friendly interface.
« Compare a manager’s abilities rather than its products »
amLeague’s Rankings evolution tab
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amLeague: Research Provider
AM1
AM2
AM3
AM4
AM5
Trading platform built in-house used for recording all trades on notional mandates pre-trade checks for specific investment guidelines
Notional Mandate Valuation Mandate amLeague’s proprietary valuation software used for valuating all notional mandates :
one single set of valuation parameters: market closing prices, Fx rates, corporate actions, …
post-trade controls on investment guidelines mandate certification
Mandate1
Mandate2
Mandate3
Mandate4
Mandate5 Performance calculation engine amLeague’s proprietary perfromance calculation software used for calculating performance and related risk-adjusted ratios
one single set of formulae applied to all mandates
Dissemination of performance and rankings Website www.am-league.com Newsmanagers www.newsmanagers.com Citywire www.citywire.co.uk Investment Europe www.investmenteurope.net
Orders execution by our broker partner ITG post-trade determination of execution prices ACE Adjustment methodology
Asset managers 1 to 5 are enrolled in the ‘Euro Equities’ universe
AM1 to 5 each manages mandates
with similar investment guidelines
Asset managers’ orders
A robust technical platform
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Current situation
> 5 universes, 26 asset managers, 69 managed mandates
Guidelines Europe Equities Euro Equities Global Equites
Benchmark STOXX 600 EuroStoxx NR STOXX Global 1800
Instruments Stocks included in
the bench. only Stocks included in
the bench. only Stocks included in the
bench. only
Market exposure 98%-100% 98%-100% 98%-100%
Risk dispersion :
Rule of 5%-10%-40% Yes Yes Yes
Min. number of stocks 20 20 50
Sector weights :
0% authorised on 1 or several sectors
Yes Yes Yes
35% max per sector Yes Yes Yes
Tracking error No limit No limit No limit
Hedging No No No
Derivatives No No No
Transaction fees:
Equities 15bp 15bp 15bp
Europe Equities Universe
23 mandates
Euro zone Equities Universe
18 mandates
Global Equities Universe
11 mandates
Multi Asset Class Universe
9 mandates
SRI Europe Equities Universe
8 mandates
amLeague Members
France
o 33 institutional investors
o 10 multi-managers
o 4 consultants
o 4 corporate
Switzerland
o 50 pension funds (GIP)
And growing!
INVESTORS
.
ASSET MANAGERS
.
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Payment Options
amLeague charges the asset manager a fixed fee of EUR 20’000.- per annum for performance certification and research reports. This member fee allows the asset manager to compete on one or ALL mandates available on amLeague’s platform.
Two payment methods
1. Hard By electronic transfer to
amLeague’s bank account
2. Soft Via CSA
credits to amLeague’s bank account
Asset manager amLeague
Orders
Research Services
Broker CSA Credits Commissions
By executing orders with their broker, asset managers earn CSA credits (Commission Sharing Agreements), which are used to finance research services. As such, amLeague is eligible for this method of payment.
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Investable Strategies
amLeague’s Investable Strategies: A Definition
The interest generated by the transparency, fairness, and comparability of amLeague rankings has quickly evolved into a real product demand: more and more institutional investors want to invest in amLeague’s mandates, because they feel they can be confident about the capabilities of the managers they decide to trust with their assets: they know what they are buying. amLeague investable strategies are the replicas of the notional mandates portfolios that are analyzed and displayed in the rankings section of the web site.
amLeague’s SMiS tab
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Single and Multi-Manager Investable Strategies: SMiS and MMiS
Multi-Manager Investable Strategies (MMiS) are more complex in their composition. Essentially, they are aggregations of at least 3 SMiS in a single composite investable strategy, which can be rebalanced freely or at pre-determined intervals, according to specific rules. Their construction process is detailed on the next page.
Single Manager Investable Strategies (SMiS) are the most basic form of amLeague investable strategies: they represent the portfolio of a single asset manager. SMiS are calculated by multiplying the portfolios holdings by their daily closing prices, as opposed to the ITG execution price for notional mandates. Their value is calculated on a 100 points basis, as can be seen on the indices section of amLeague’s website.
Screenshot: The myPortfolio feature on www.am-league.com enables users to create their own MMiS and compare its performance with hundreds of other amLeague users.
amLeague’s myPortfolio Control Panel
Investable Strategies
MMiS: Construction Process
AMn
AM8
AM7
(…) AMn
AM8
AM7
(…)
Portfolio #1
Portfolio #3
Portfolio #6 AM6
AM5
AM4
AM3
AM2
AM1
35%
40%
25%
Asset manager selection Relative weights assignment Positions aggregation by
amLeague
AM6
AM5
AM4
AM3
AM2
AM1
Mandates NNN SMiS
Multi Manager Investable
Strategy (MMiS)
Investable Strategies
Investable Strategies amLeague Web & Press Statistics
Q4 2013
Total visits: 3’845
1Y Progression: - 16.48%
1/3 are Unique Visitors
Unique Visitors : 1’434
1Y Progression: - 6.15%
Pageviews: 11’059
Top 3 visitors country:
France: 57%
Switzerland: 20%
United-Kingdom: 8%
Language of visit :
French: 55.73%
English : 44.27%
1 Y Progression: +66.05%
Total amLeague articles issued since inception:
195 articles
Total contacts in amLeague database: 12’124
amLeague newsletter frequency: 4 - 5/month
Total newsletter sent : 129
Newsletter on average explored by 14.9% of receivers
WEBSITE PRESS
85 articles
17 articles
34 articles
(consultants, FoF Managers, Fund selectors, Institutionals…)
amLeague In The Press
General Inquiries: [email protected]
Antoine Briant – CEO : [email protected]
Vincent Zeller – Investors Relationship : [email protected]
Marija Gogunova – Head of Operations – [email protected]
Do not hesitate to contact us for more information, or visit our website www.am-league.com
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amLeague – rue du Cendrier, 24 – 1201 Geneva Tel.: +41 (0) 22 839 71 20 – [email protected] – www.am-league.com
