Professional Documents
Culture Documents
April 2007
Presented by
VIII. Appendix
• Disclosure
2
I. Our Parentage- Overview
3
American International Group, Inc. (AIG) Overview
AIG’s unrivaled ability to combine local expertise with global networking capabilities creates unique opportunities for
our more than 65 million customers worldwide.
1 Fortune 500 is an annual ranking of America’s largest corporations published from the April 17, 2006 issue.
Data as of 31 December 2006 unless specified otherwise.
4
AIG Global Investment Group
AIG Global Investment Group comprises a group of international companies which provide investment advice and market asset management products and services to clients around the world.
Services and products are provided by one or more investment management subsidiaries of American International Group, Inc. (AIG).
5
AIG Global Investment Group’s Overview
Experienced Asset Manager
6
Global Perspective - Strategically Located Around the World
More than 1,900 employees with over 450 investment professionals investing from 44 asset management
offices located worldwide enable us to understand and meet our clients’ needs.
7
AIG in India
Launching
AIG Systems Solution three new businesses
(AIGSS)
Incorporated
Joint Venture with 2007
AIG entered India Tata Group
American International through its Private Equity 2002 • Asset Management
Underwriters (AIU) operated in business Co.
India until the General Insurance 2001 – AIGSS is the offshore • Real Estate
Sector was nationalized in 1973
development center • Consumer Finance
1997 • TATA AIG Life Insurance for AIG Group
Company Limited Companies
– Over 500
1945 – Peak commitment in • Tata AIG General Insurance professionals
India was to the tune Company Limited
of USD 450 mn – it serves Insurance,
– AIU Acted as Financial Services
agents of Hanover and Retirement
Insurance Co. and Solutions business
New Hampshire domains
Insurance Co.
– It had offices in
Mumbai, Kolkata
and New Delhi
AIG brings in $ 50 mn in capital into India to enable 100% ownership of its AMC business.
Employee strength for AIG businesses in India including joint ventures is estimated to touch 6800 by end of 2007
from existing 4400.
8
Value Proposition in India – Replicating AIGGIG’s Global Standards
9
II. AIGGIG’s Equity Capability
10
AIGGIG Global Emerging Markets Equity Composite Performance
% 40.0
35.8
35.0 34.1
32.2 31.2
30.5
30.0
26.6
25.0
20.0
15.0
10.0
5.0
0.0
1 Yr 3 Yrs 5 Yrs
AIGGIG Global Emerging Markets Equity Composite MSCI Emerging Markets DTR Net
1 Source: Mercer. This information is presented as supplemental data to the AIGGIG Global Emerging Markets Equity Composite presentation.
Reflects the preliminary gross performance of the AIGGIG Global Emerging Markets Equity Composite in U.S. dollars. Portfolio statistics are presented for the three year period ending 31
December 2006. The inception date of the Composite is 1 January 1996. The benchmark for the Composite is the MSCI Emerging Markets Daily Total Return Net Index from 1 January 1999 to
date; and the MSCI Emerging Markets Monthly Total Return Gross Index from 1 January 1996 to 31 December 1998. Performance for periods of less than a year is not annualized. Past
performance in not indicative of future results.
11
Equity Philosophy
Over time, neither growth nor value investment styles will dominate the returns of the other.
Good companies in which to invest can be found across the universe of growth through value.
Metrics used to evaluate opportunities will vary based on the company’s stage of development.
A combination of quantitative and qualitative analysis, specific to each stock category, should be
AIG Global Investment Group’s competitive advantage stems from our global access to skilled
teams of investment professionals and our ability to uncover attractive investment opportunities
12
Equity Philosophy…(Contd.)
10%
-10%
-30% Time
Dec 1997 Sep 2000 Jun 2003 Mar 2006
Over time, neither growth nor value investment styles will dominate the returns of the other.
13
Investment Process Overview
Index and appropriate non-index ideas
A filter is applied based on:
Total Investment Universe ¾ Liquidity
¾ Quantitative screening
¾ Idea generation
Exceptional Growth
Stable Growth
Growth Category Analysis Cyclical Growth
Mature
AIGGIG’s Research
Portfolio Construction:
Portfolio ¾ Stock rating and percentage to target
price
¾ Liquidity
¾ Risk monitoring/control
Portfolio Monitoring:
¾ Target price, earnings revision alerts
India Team currently covers 84% of BSE-500 Index by Market ¾ Periodic review
Capitalization ¾ Timely follow-up research
Data as of 15 April 2007.
14
Emphasis on Four Different Categories of Stock
Categorizing companies allows our analysts to concentrate on fundamentals that are relevant
at a particular stage of growth
Stock categorization examples as of 31 December 2006. For illustrative purposes only. We are not soliciting or recommending any action based on this material. There is no assurance that
any security shown is held in a portfolio.
15
Platform for Fundamental Research – Evaluation Criteria
EXCEPTIONAL • Business ideas likely to be successful • Facts emerge leading us to doubt success
• Growth can be financed • Financing in doubt
• Reasonable valuation if company succeeds • Valuation unreasonable
HIGH STABLE • Growth rate accelerating • Growth rate decelerating leading to negative
earnings revision trend
• Consensus too pessimistic on growth rate • Profitability falling implying deterioration in
capacity for future growth
• Valuation modest relative to history and peers • Valuation getting far away from historical trends
and peer groups
HIGH CYCLICAL • Underlying growth trend improves • Long-term outlook seen deteriorating
• Cyclical outlook favorable • Cyclical outlook deteriorating
• Positive earnings revisions • Negative earnings revisions
• Valuation modest relative cyclically adjusted growth trend • Valuation expensive relative to position in cycle
MATURE
Turn-around • Confidence that turn-around is happening • Fully valued on realization of potential
• Valuation attractive if turn-around materializes • Doubtful of turn-around being on track
Cyclical • Valuation attractive relative cyclically normalized earnings • Fully valued on cyclically normalized earnings
• Positive assessment of cyclical position • Doubts on cyclical outlook
Defensive • Fundamentally sound • Fundamentals deteriorating
• Valuation attractive relative to own history and peers • Fully valued relative to own history and peers
16
Platform for Fundamental Research – Evaluation Criteria…(Contd.)
17
Equity Platform for Investment Communication – The EPIC model
10 Year Historical data of companies & latest analyst estimates available online
Analysts continuously populate and update EPIC with their forecasts on multiple variables to reach a
consensus
The Global Asset Allocation Committee (GAAC) and equity portfolio managers use the information in
The system allows the equity teams around the globe to function as a cohesive unit and “speak the
same language”
18
Evaluation Report
Illustration Only
For illustrative purposes only. We are not soliciting or recommending any action based on this material.
19
Evaluation Report....(Contd.)
Illustration Only
For illustrative purposes only. We are not soliciting or recommending any action based on this material.
20
Company Visit Log
Illustration Only
For illustrative purposes only. We are not soliciting or recommending any action based on this material.
21
The EPIC Advantage
Ensures analysis of all companies in a common EPIC format, enabling easy comparisons across markets
EPIC format ensures that analysts do a comprehensive review of the company fundamentals
Enables analysts to perform a “Reality Check” by comparing their own estimates with sell side analysts
Immediate sharing of “Relevant Information”. Enables automatic peer group review and feedback
Ensures Fund Manager Discipline as no company can be bought if not covered in EPIC
EPIC keeps a record of all investment rationales, analyst updates and company visits for easy review
22
Examples of how EPIC and Brainpools benefit investment decisions
Illustration No 1
¾ Sesa Goa
Our Latin American counterpart who tracks the iron ore exporters came to the conclusion that iron ore
shortage will result in prices going up globally. One of the major iron ore importers is China. India
started gaining market share in China because of its close proximity and excess iron ore reserves in
India.
Brainpool was organized to discuss this aspect. And we gave the only listed play Sesa Goa as a
potential beneficiary.
The stock was then bought (~Rs 400) in late 2004 and by early 2005 a 71.5% hike in prices happened
globally. Sesa Goa by then had more than doubled to Rs 900. (Current price is ~ Rs1700)
Illustration No 2
Lipitor (Cardiovascular) is the biggest drug sold globally. Ranbaxy had challenged the patent and Pfizer
was defending it.
We exchanged mails with our US Pharma analyst who was tracking Pfizer and he gave us a feel of how
they were perceiving the trial.
A similar case was also evaluated (Dr Reddy vs Eli Lilly and the drug was Zyprexa) and AIG had
investments in Eli Lilly.
23
Examples of how EPIC and Brainpools benefit investment decisions… (Contd.)
Illustration No 3
In Mid 2005 Shanghai Electric Group Company, a power equipment maker in China was doing its IPO
We were consulted on how it stacks vis a vis BHEL. Since we had no idea about China we did some joint
research and concluded that the business models were different and were not comparable.
In late 2006 when the first UMPP projects were awarded it appeared as if BHEL was very uncompetitive
against Chinese equipment suppliers. Given the background information, we concluded that the market is
mistaken and we added to our existing large position in BHEL.
Now others on the street have after 3 months concluded exactly the same thing and the stock has
recouped most of its losses and has outperformed the market by 13% YTD.
Other Examples
¾ Palm oil, an important ingredient to make soaps, is imported from Malaysia. Our Malaysian colleagues
tracking Palm oil companies helped us to understand the cost pressure Indian companies like HLL would
face.
¾ India has turned into an importer of coal and this information is beneficial to our regional colleagues as
countries like Indonesia, Australia and Africa are exporters of coal.
¾ Today India can import cement free of any taxes and this has a very huge impact. Using EPIC we can
study companies in the region whether exports can happen from there or not.
24
Investment Awards- Equities
AIG Japan Small Companies “Y” UCITS Fund AIG Japan Small Companies Fund plc
• Standard & Poor’s UK Fund Awards 2007- Awarded 1st place in the • Standard & Poor’s Investment Fund Awards – Taiwan (2006, 2004) –
Smaller Companies Japan Sector over One Year (out of 25 funds) Smaller Companies Japan in 3, 5, 10 years
AIG Global Emerging Markets “Y” UCITS Fund
• Lipper Fund Award – Taiwan (2006, 2005) – Equity Japan Small and Mid
• Standard & Poor’s UK Fund Awards 2007- Awarded 1st place in the Caps in 3 years
Equity Global Emerging Mkts Sector over Five Years (out of 47 funds)
AIG Asia Balanced Fund • Standard & Poor’s Investment Fund Awards – Taiwan (2005) –
Smaller Companies Japan in 3, 5, 10 years
• Lipper Funds Award Hong Kong (2006) – Mixed Asset USD Aggressive
in 3, 5 years • Lipper/ Banque de Luxembourg Wort Fund Award (2005)- Japan Small
AIG International Funds – Acorns of Asia Balanced Fund and Mid Caps in 3,5,10 years
• The Edge/Lipper Singapore Unit Trust Fund Awards (2006, 2004) – AIG Europe Small Companies Fund plc
Mixed Asset Singapore Dollar Balanced in 3 years
• The Edge/Lipper Singapore Unit Trust Fund Awards (2003) – Mixed • Lipper Fund Award – Taiwan (2005) – Equity Europe Small and Mid Caps
Asset Asia Pacific in 1 year in 3 years
AIG International Funds – Japan Large Cap Equity Fund • SCMP/Standard & Poor’s Fund Manager of the Year Awards (2003) –
• Benchmark/Lipper Fund of the Year Awards (2003) – Equity Japan Smaller Companies Europe in 5 years
in 3 years
AIG Latin America Fund plc
AIG International Funds – Singapore Equity
• AsianInvestor Achievement Awards (2006) – 10 year risk-adjusted • South China Morning Post Fund Manager of the Year Award (2004) –
performance Equity Latin America in 3 years
AIG Small Cap Canadian Equity AIG South East Asia Fund plc
• API Assessed Performance Money Manager Award (2003) –
API Canadian Small Cap Universe- Pooled in 1 year • AsianInvestor Achievement Awards (2003) – Asia ex-Japan Equity Risk
Adjusted Performance in 5 years
25
III. India Outlook
26
BSE SENSEX Earnings
While
Whilemarket
marketfears
fearsaaslowdown Earning
slowdown Earninggrowth
growthmomentum
momentumhas
hasre-accelerated
re-accelerated
Mar-01
Mar-02
Mar-03
Mar-04
Mar-05
Mar-06
Jun-01
Sep-01
Jun-02
Sep-02
Jun-03
Sep-03
Jun-04
Sep-04
Jun-05
Sep-05
Jun-06
Sep-06
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
-20% -17%
F1994
F1995
F1996
F1997
F1998
F1999
F2000
F2001
F2002
F2003
F2004
F2005
F2006
F2007E
F2008E
27
India Fundamentals
India
IndiaDominates
DominatesROE
ROEPerformance
Performance Rising
RisingCapacity
Capacityutilization
utilizationisisdriving
drivingROE
ROE
2.2 24%
25% ROE Trend India's top 200 companies
22%
2.0
20%
India Fixed asset turn (LS) 20%
EM 1.8
15% 18%
1.6
16%
10%
1.4
14%
5% Asia Pac 1.2 ROE (RS)
ex-Japan World 12%
0%
1.0 10%
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
F1995
F1996
F1997
F1998
F1999
F2000
F2001
F2002
F2003
F2004
F2005
F2006
Source: Morgan Stanley Research
28
India Overheating? Not as Hot as 1999
12%
C o m m e rc ia l B a n k s ' A s s e t Y ie ld
C u rv e (S p re a d o v e r 1 -Y r B a n k F1999
10%
D e p o s it R a te )
8%
F2003
6%
J a n -0 7
4% F2004
2% O c t-0 5
0%
-2 %
A v e ra g e M o rtg a g e C o rp o ra te C ar Loan T ru c k lo a n T wo-
1 0 -ye a r ra te s Loans* ra te s ra te s w h e e le r
b o n d yie ld fin a n c in g
ra te s
29
SENSEX Valuations at last close 13,500
30
A Regional Comparison on P/E Valuation
China
India
Malaysia
Singapore
Indonesia
Taiwan
Hong Kong
Philippines
South Korea
Thailand
2 4 6 8 10 12 14 16 18
31
Earnings Growth
40.0%
35%
35.0% 33%
Low 32%
30.0% estimate
at 13%
25.0% 21%
19%
20.0% 16%
15% 14%
15.0% 11%
13%
10.0% 7% 6%
8%
7%
8%
4% 3% 4%
5.0% 2%
0.0%
-5.0% -4%
-10.0%
Malaysia
Indonesia
Hong Kong
Thailand
South Korea
China
Taiwan
Singapore
Philippines
India*
* - FY07, FY08 CY06F CY07F
32
India has FII inflows in the region but domestic inflows remain small
Net
NetFII
FIIFlows
Flows Equity
EquityMF
MFNet
NetInflows
Inflows
($ mn)
(Rs bn)
30,000
120.00 113.16
108.66
25,000
100.00
20,000
5,000 40.00
26.12
0 21.47
20.00 14.32 13.61
India Indo Korea Philippines Taiwan Thailand 6.17 -0.68 7.80
(5,000) -12.55 -4.47
0.00
(10,000) Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb-
-20.00 06 06 06 06 06 06 06 06 06 06 06 07 07
(15,000)
Though India has attracted FII Inflows, they remain modest & Domestic Inflows remain poor.
33
India’s stable growth makes it an attractive investment destination
World’s fourth largest economy on PPP- India’s GDP Growth Over Next Two Decades
adjusted GDP basis
Average GDP Growth of 6% over the last
3000
decade GDP ($ billions) 3000
8%
Growth driven by domestic market 2000
India’s growth has become less dependent on unpredictable factors like monsoons and agriculture, and
more dependent on competitive advantage of skilled workforce
34
IV. Liquidity to Drive Markets
35
India GDP – the 12th largest in the world today/ PPP 4th Largest
Country Market Capitalization Size of GDP
USA 16,979 13,262
Japan 4,901 4,463
Germany 1,731 2,890
China 1,148 2,554
United Kingdom 3,590 2,357
France 2,454 2,227
Italy 1,036 1,841
Canada 1,433 1,273
Spain 936 1,216
Russia 967 975
Brazil 670 966
South Korea 771 877
India 744 854
Mexico 323 811
Source: Bloomberg US$ billion
36
India does not feature in MSCI World Index
37
India’s weight though increased in recent times is still low
MSCI Weights
Market Cap. (US$ Emerging
Asia Ex- Japan
bn) Markets
China 1006 11.91 12.00
India 842 6.80 6.85
Indonesia 123 1.57 1.58
Korea 785 15.22 15.34
Malaysia 242 2.77 2.79
Pakistan 47 0.22 0.22
Philippines 69 0.52 0.53
Taiwan 644 12.67 12.76
Thailand 130 1.43 1.44
Source: MSCI
38
Foreign Flows to India
Internal
Internal Increase
FII Increasein
inFII
FII
FIISectoral
Sectoral company
companylimits
limits Increase
Increasein
in allocation to
Caps on foreign Free allocation to
Caps on foreign FreeFloat
Float Indian
ownership
ownership Indianequities
equities
• Relaxation in • Indian companies can pass • MSCI uses Free Float • Net FII Flows to GEM
Foreign Investment Special Resolution to to determine the funds in 2006: US$ 22.4
Limits across increase internal FII limits country weightages bn.
sectors from 24% • India does not • Net FII Flows to India in
• Some of the companies that feature in MSCI 2006: US$ 8 bn.
have increased FII Limit by World Index
passing a Special Resolution • India accounts for a
• Balrampur Chini Mills Ltd. – mere 6.8% in MSCI
From 40% to 60% Emerging Market
Index
• PTC India - From 24% to
40%
• Aftek Infosys Ltd – From 30
per cent to 40 per cent
• Hero Honda Motors From
24% to 40 per cent.
• Reliance Industries From
24% to 49%
Source: UBS, SEBI
39
Indian GDP comparative to world majors: Goldman Sachs report
INDIA TARGETED TO OVERTAKE THE GDPs OF FRANCE AND UK IN LESS THAN TEN YEARS
Weight age in
MSCI World Index
Italy: 1.80% France: 4.78% UK: 11.11% Germany: 3.61% Japan: 11.29% US: 48.43% India: ??%
41
India’s significant re-rating signals a departure from earlier trends
India’s
India’sShare
ShareininGDP
GDPRises
RisesMarginally Big
Marginally BigRise
RiseininIndia’s
India’sShare
ShareofofMarket
MarketCap
CapSignifying
Signifying
Re-rating
Re-rating
18% 1.8%
25% 2.5%
16% 1.6%
India's share in World GDP (RHS) India's share in EM Mkt Cap (LHS)
20% 2.0% 14% 1.4%
12% 1.2%
India's share in Asia Pac Mkt Cap (LHS)
15% 1.5% 10% 1.0%
8% 0.8%
10% India's share in Asia Pac GDP (LHS) 1.0%
6% 0.6%
4% 0.4%
5% India's share in EM GDP (LHS) 0.5%
2% India's share in World Mkt Cap (RHS) 0.2%
0% 0.0% 0% 0.0%
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
Source: Morgan Stanley Research
42
Domestic Equity Flows
Floating stock of Indian equities Avenues % age of HH Savings
$ bn
A) Indian Market Capitalisation 704.8 Currency 8.8%
¾ With more and more young people getting into the investing class, the risk appetite will surely increase
¾ India’s FY07 Est. GDP is at Rs 37,40,000 crores, avg. household savings out of this is 23%. i.e Rs
8,60,200 crores.
¾ Of this an estimated 4-5% flows into Shares and Debentures, i.e. Rs. 43,010 crores.
43
V. AIG India Equity Fund- An open ended equity scheme
44
Key Drivers for Investment Strategy: The India Story
A generation “ free from the guilt of
consumption” is driving consumption
Domestic Consumption Rising affordability due to rising incomes
Rising penetration of retail lending
45
AIG India Equity Fund - Investment Strategy
The Scheme would follow an actively managed approach allowing it the flexibility to pursue
It will have no biases towards any particular style, sector or market cap.
It will continuously look across the value and growth spectrum to keep a balance in the
46
AIG India Equity Fund
Investment Objective
The investment objective of the Scheme is to generate long-term capital appreciation from a
diversified portfolio of predominantly equity and equity-related securities including equity
derivatives.
Benchmark Index
BSE 100
47
VI. Investment Team
48
Equity Investment Team
Tushar Pradhan, CIO - Equities Huzaifa Husain, Fund Manager – Equities
Previous Assignments:
Previous Assignments:
• Portfolio Manager - Tata AIG Life Insurance Company
• Fund Manager – HDFC Asset Management Company Ltd.
Ltd. (2004 – 2006)
(2000 - 2006)
• Research Analyst - Principal Pnb Asset Management
• Manager, Treasury - HDFC Ltd. (1995 - 2000) Company Pvt. Ltd. (2000 – 2004)
• Account Representative - First Investors Corporation, Wall • Research Analyst - SBI Funds Management Pvt. Ltd.
(1997– 2000)
Street, N.Y. (Jan 1994 – Dec 1994)
( 1992 - 1993)
49
Equity Investment Team….(Contd.)
• AVP, Dealing & Operations – VAR Shares & Stocks Pvt. Ltd., • Analyst - JP Morgan Services India Private Limited
(December, 2004- February, 2007)
Swift Securities Ltd. (Jan 1992 – Dec 2003)
• Management Trainee - UTI Bank (June, 2004- Dec,
2004)
50
VII. Appendix
Disclosure Statement
51
i. Disclosure
Name of the scheme: AIG India Equity Fund
Investment objective: The primary objective of the scheme is to generate long-term capital appreciation from a diversified portfolio of predominantly equity
and equity-related securities including equity derivatives.
Asset Allocation Pattern: Equities and equity related securities: 80%-100%; Debt and money market securities / instruments / funds: 0%-20%.
Terms of issue: Units of Rs. 10 per unit plus applicable entry load during the New Fund Offer (NFO) and at applicable NAV plus applicable entry load
thereafter. Offer document, Key Information Memorandum and Application Forms / Transaction Slips available at the ISCs / distributors.
Load Structure:
Retail Plan: Entry load: 2.25% for purchase of units less than Rs. 5 crore; Nil for purchase of units equal to or greater than Rs. 5 crore; Exit load: For
investments less than Rs. 5 crore - 1.00%, if redeemed within 1 year from the date of allotment; For investments of Rs. 5 crore and above - 0.50% if
redeemed within 6 months from date of allotment.
Institutional Plan: Entry load: Nil; Exit load: 0.50% if redeemed within 6 months from date of allotment.
General Services: Investors can contact any of the ISCs at 1800 425 3444. NAVs will be calculated and published on all Business days.
Risk Factors: * The AMC has no previous experience in managing a mutual fund in India and the Scheme being offered in this Offer Document is the initial
Scheme being launched under its management. * Mutual funds, like securities investments, are subject to market risks and there is no guarantee
against loss in the Scheme or that the Scheme's objectives will be achieved. *As with any investment in securities, the NAV of the Units issued under the
Scheme can go up or down depending on various factors and forces affecting the securities markets. * Past performance of the Sponsor or mutual funds
managed by the Sponsor or its affiliates does not indicate the future performance of the Scheme. * Investors in the Scheme are not being offered a
guaranteed or assured rate of return. The Scheme does not guarantee or assure any dividend and also does not guarantee or assure that it will make any
dividend distribution, though it has every intention to make the same. All dividend distributions are subject to the investment performance of the
Scheme. * AIG India Equity Fund is the name of the Scheme and does not, in any manner, indicate the quality of the Scheme, its future prospects or
returns. * Investments in the Scheme will be affected by trading volumes, settlement periods, volatility, price fluctuations, inability to sell securities,
disinvestment of holdings of any unlisted stocks prior to target date of disinvestment, credit risk and interest rate risk. *The Scheme and individual
Plan(s) with a separate portfolio, if any, under the Scheme shall have a minimum of 20 investors and no single investor shall account for more than 25%
of the corpus of the Scheme/Plan(s). In case of non-fulfillment with either of the above two conditions, specified SEBI Guidelines in this regard would be
complied with.* Please read the Offer Document before investing.
Statutory Details: AIG Global Investment Group Mutual Fund (‘the Fund’) has been established as a trust under the Indian Trusts Act, 1882, sponsored by
AIG Capital Corporation (liability restricted to Rs. 1 lakh). AIG Trustee Company (India) Private Limited, a company incorporated under the Companies Act,
1956, with a limited liability is the Trustee to the Fund. AIG Global Asset Management Company (India) Private Limited, a company incorporated under
the Companies Act, 1956, with a limited liability is the Investment Manager to the Fund.
52
ii. Disclosure … (Contd.)
Readership: This document is intended solely for the addressee(s). Its content may be legally privileged and/or confidential.
Opinions: Any opinions expressed in this document may be subject to change without notice. We are not soliciting or recommending any action based on this material.
Risk Warning: Past performance is not indicative of future results. Our investment management services relate to a variety of investments, each of which can fluctuate
in value. The value of portfolios we manage may fall as well as rise, and the investor may not get back the full amount originally invested. The investment risks vary
between different types of instruments. For example, for investments involving exposure to a currency other than that in which the portfolio is denominated, changes in
the rate of exchange may cause the value of investments, and consequently the value of the portfolio, to go up or down. In the case of a higher volatility portfolio the
loss on realization or cancellation may be very high (including total loss of investment), as the value of such an investment may fall suddenly and substantially.
In making an investment decision, prospective investors must rely on their own examination of the merits and risks involved.
AIG Global Investment Group (AIGGIG) comprises a group of international companies which provide investment advice and market asset management products and
services to clients around the world.
AIG Global Investment Group and AIGGIG are registered service marks of American International Group, Inc.
Unless otherwise noted, all information contained herein is sourced with AIG and/or AIG Global Investment Group internal data.
The content included herein has been shared with various in-house departments within the member companies of AIGGIG and/or AIG Private Bank Ltd., in the ordinary
course of completion. All AIGGIG member companies comply with the confidentiality requirements of their respective jurisdictions.
Parts of this presentation may be based on information received from sources we consider reliable. We do not represent that all of this information is accurate or
complete, however, and it may not be relied upon as such.
AIG Global Investment Corp. (Switzerland) Ltd. is a wholly owned subsidiary of AIG Private Bank Ltd.
AIG Global Investment Corp. (Europe) Ltd. is authorized and regulated by the Financial Services Authority.
AIG Global Real Estate Investment (Europe) Ltd. is an Appointed Representative of AIG Global Investment Corp. (Europe) Ltd.
Services and products are provided by one or more investment management subsidiaries of American International Group, Inc. (“AIG”).
53
Thank You
54