Assets management
Assets Management Mandate
Description – Line of Management
The mandate is a discretionary mandate for
personalized assets management that invests mainly in moveable
securities quoted on the regulated markets. Forwarded transactions,
the operations of purchase/sale without covert, leverage operations
and the use of financial instruments having speculative aims are
excluded.
Financial aim – Aims
The management mandate is suitable for
requirements individuated together with the mandant Client. It
considers time constraints, the propensity to risk and client’s
knowledge in the matter.
The mandate contemplates three kinds of
management profiles featuring levels of dynamism defined through
precise assets investment. Management concerns a range of
diversified products (shares, bonds, liquidity) based on the chosen
profile and market opportunities.
Investments in shares or in other securities
cannot exceed 20% of managed assets for a conservative
profile and 60% for a balanced profile.
Dynamic profile can
invest100%of managed
assets.
Style of management – Method of investment
The portfolio is managed in an active way. It
tries to generate capital gains according to the long-term
investment profile and controls the risks connected to the
investments chosen and to the markets.
Shares:
Investment strategy is related to a specific
geographic allocation and a sectorial
allocation based upon the analysis of the market conditions
and the economic situation.
Securities are chosen
byfollowing a fundamental and technical
valorisation approach in order to individuate investments with the
double aim of price and time.
Bonds:
Investment policy is elaborated after
analysing the economic situation and market conditions, which
determine interest rate forecasts. The choice of bond investments is
mainly oriented towards Government issues
or assimilated bonds and allows the quantitative and
qualitative positioning on the curve of rates.
A minimum part of investment may be destined
to issues of private companies. A careful and
well-considered choice is made after analysing the financial
resources of issuing companies. In this case, also, the choice of
securities is based upon yield differential and on the positioning
on the curve of rates.
Currencies:
Investments made in a different currency from
the currency of reference of mandate may not be covered by the risk
of foreign exchange within the maximum limit of 30% of the value of
portfolio.
Geographic allocation of investments
Investments are made on the main stock
exchange markets of developed countries. Bonds are concentrated on
the currencies of OECD’s countries.
Funds Management Mandate
Description – Line of management
The mandate is a discretionary mandate for
personalized assets management, which invests mainly in investment
funds managed by the Compagnie Monégasque de Gestion (99,99% CMB)
and by other management companies, in quoted funds and financial
instruments bound to stock exchange indexes (such as deposit
certificates or investment trusts).
Forwarded transactions, purchase/sale
operations without covert, leverage operations and the use of
financial instruments with speculative aims above 10% of credits are
excluded.
Financial aim – Aims
The management mandate is suitable for needs
defined in accordance with the mandant Client. It takes into
consideration time and sensitivity constraints, and specific
requirements expressed by the mandant Client.
Management will be oriented towards a range
of diversified management products based on market opportunities.
The mandate contemplates three general
profiles having levels of risk defined according to the specific
types of funds chosen.
The minimum limit for share investments is
set at 20% of managed assets and cannot exceed 30% for the
conservative profile, from 40 % to 60% for the
balanced profile and from 80% to 100% for the
dynamic profile.
Investments issued in a different currency
from the currency of reference which is not covered by the risk of
foreign exchange will have a 15% minimum limit of managed assets and
cannot exceed 30%. Limits are respectively 20% to 40% for the
balanced profile and 30% to 60% for the dynamic profile.
Style of management – Investment method
The portfolio is managed in an active way.
It tries to generate long-term capital gains,
according to the profile chosen, and controls the risks connected to
the different kinds of fund chosen.
Investment policy and geographic allocation
of share funds and bond funds are defined after analysing the
economic and technical situation of market conditions.
Investments issued in a different currency
from the currency of reference can be completely or partially
covered by the risk of foreign exchange.
"Plus" Management Mandate
With the “Mandat plus” portfolio management
mandate, the Bank may invest part of the capital in structured
financial products, including alternative management products. The
mandate aims at absolute positive investment returns and limitation
of risks connected to the volatility of markets.
The mandate is a discretional mandate for
dynamic and personalized assets management, which invests mainly in
quoted securities and term financial instruments, including
alternative management products. Forwarded transactions,
operations of purchase/sale without covert and the use of financial
instruments having speculative aims, within the limits of managed
assets, are authorized. Leverage operations are authorized within a
10% limit of managed assets.
The management mandate is suitable for needs
defined in accordance with the mandant. It takes into consideration
time and sensitivity constraints, and specific requirements
expressed by the mandant
Management will be oriented towards a range
of different products (quoted securities, term financial
instruments, derived funds and instruments), on the basis of market
opportunities.
Investments in shares or assimilated products
may represent 70% of managed assets and may vary between 40% and
100% according to market opportunities. Up to 40% of managed assets
may be invested in structured products and instruments, including
alternative management products, with the double aim of limiting the
risks connected to volatile financial markets and of seeking
positive investment returns.
The portfolio is managed in an active way.
Management aims at producing long-term capital gains and takes
advantage of the trends of various asset and market categories.
Shares or assimilated products
Investment strategy is related to a specific
geographic allocation and a sectorial allocation based upon the
analysis of the market conditions and the economic situation.
Individual securities are chosen by following
a fundamental and technical valorisation approach in order to
individuate investments with the double aim of price and time.
Structured products and instruments,
alternative management
Investment strategy is conducted by selecting
products featuring non directional evolution, on the basis of their
reference markets, and by adopting strategies that aim at profiting
from performance differential. Instead, products featuring
directional evolution are selected when accompanied by total or
partial capital guarantee.
Currencies
Investments made in a different currency from
the currency of reference of mandate and that are not covered by the
risk of foreign exchange could represent up to 60% of portfolio
value.
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