THE ATONRÂ FUND A JOURNEY INTO THE FUTURE - FOCUSED KNOWLEDGEABLE INDEPENDENT - DIGITALOCEAN
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
YOUR ASSET MANAGEMENT COMPANY Knowledgeable Independent Focused The AtonRâ Fund A Journey Into The Future AUGUST 2020 www.atonra.ch • sales@atonra.ch • +41 22 906 16 16 • 7 rue de la Croix d'Or. 1204 Geneva. Switzerland JANUARY 2020 1
Atonrâ At A Glance Thematic Investing The AtonRâ Fund Annexes: Thematic Portfolios Data 3 Important Information 10 Thematic Investment 15 Exposure To The Most 20 AI & Robotics Process Promising Themes 4 A Private Equity Approach 22 Bionics To Listed Investments 11 Step 1 – Fundamental 16 Fund Characteristics Research 24 Biotechnology 5 History 17 Track Record and Statistics 12 Step 2 – Stock Selection 26 Fintech 6 A Long Track Record On 19 Portfolio Overview Sharply Focused Themes 13 Step 3 – Thematic Bucket 28 Mobile Payments Construction 30 Security & Space 7 A Dedicated And Complementary Team 14 Step 4 – Risk Management 32 Sustainable Future 8 The Discovery Of Themes 9 Our Research Know-How AUGUST 2 2020
Important Information About AtonRâ Partners AtonRâ Partners is an asset management company. founded in 2004 with head AtonRâ Partners is a conviction-driven asset manager combining industrial and office in Geneva. incorporated under Swiss law. duly approved by the Swiss Financial scientific research with financial analysis. AtonRâ Partners focuses on long-term Market Supervisory Authority (FINMA) under the Swiss Col- lective Investment trends in the healthcare. renewable energy and technology sectors. powerful Schemes Act. enough to be turned into thematic equity portfolios. Disclaimer This document has been produced by the organizational unit responsible for investment research The opinions herein do not consider individual clients’ circumstances. objectives. or needs. Prior to (Research unit) and sales (Sales unit) of AtonRâ Partners and sent to you by the company sales entering into a transaction you should consult with your own legal. regulatory. tax. financial and representatives. Although AtonRâ Partners SA believes that the information provided in this doc- ument accounting advisers to the extent you deem necessary to make your own investment decisions. is based on reliable sources. it cannot assume responsibility for the quality. correctness. timeliness or completeness of the information contained in this document. The information contained in this document is as of the date hereof only and is subject to change without notice. Any prices are indicative. Past performance is not indicative or a guarantee of future results. The information contained in this document is sent to you by way of information and cannot be divulged Investment losses may occur. and investors could lose some or all of their invest- ment. Individual clients’ to a third party without the prior consent of AtonRâ Partners. While all reasonable effort has been made financial objectives are not considered. to ensure that the information contained is not untrue or misleading at the time of publication. no representation is made as to its accuracy or completeness and it should not be relied upon as such. Any material provided to you is intended only for discussion purposes and is not intended as an offer or solicitation with respect to the purchase or sale of any security and should not be relied upon by you in This document does not replace a legal document and notably the fund prospectus or KIID relat- ing to evaluating the merits of investing in any securities. The products described in this document may not be any specific financial instrument herein referred. which may be obtained upon request free of charge directly or indirectly offered or sold in the United States of America or to from AtonRâ Partners. U.S. Persons. AUGUST 3 2020
ATONRÂ AT A GLANCE A Private Equity Approach To Listed Investments DELIVERING EXCELLENCE KNOWLEDGE IS POWER A pioneer in independent thematic A team of financial professionals and equity research and investments. scientists ensure that knowledge First to launch investment themes acquired throughout many years of on Artificial Intelligence & fundamentalresearch and financial Robotics. Bionics. Mobile analysis is constantly expanded and Payments. The first asset manager capitalized upon. integrating non-financial scientists to the investment team. TIME IS INVESTORS' ALLY DRIVEN BY PASSION Technology changes the world Passion is the fuel that keeps the and fosters growth. Yet it takes engine of innovationrunning and time to turn it into capital innovation is the key to appreciation. technological and scientific progress. AUGUST 4 2020
ATONRÂ AT A GLANCE History 2004 2014 2018 2019–2020 The Future... EQUITY RESEARCH AS SWITCH TO ASSET CONTINUOUS LATEST DEVELOPMENTS WHERE DO WE WANT TO GO? THE FOUNDATION OF OUR MANAGEMENT INNOVATION APPROACH • FINMA license. • Leveraging our • Fundamental research • Strengthening • UCITS umbrella fund. fundamental expertise • Thematic research turned into Thematic of Academic in the private equity on growth-oriented Investments. collaboration. world. themes. • Launch of AMC’s • Technology Advisory • Launch of additional • Intellectual capital and (actively managed Committee. themes. critical understanding certificates). • Expansion of the proved and recognized. workforce. ...keep innovating. 1Bn $1Bn 800Mn $750Mn $550Mn 600Mn aum $350Mn 400Mn 200Mn $50Mn $100Mn $10Mn 0 2014 2015 2016 2017 2018 2019 August 2020 AUGUST 2020 5
ATONRÂ AT A GLANCE A Long Track Record On Sharply FocusedThemes Biotechnology Security & Space Fintech The next generation of Security undertakes its digital Mobile payments opening drugs to revolutionize transformation to enable and up the road for more biotechnology forever. secure progress. efficient. accessible. and Space is the next frontier. cheaper financial services. 2014 2015 2017 2018 APRIL OCTOBER JANUARY OCTOBER What's next? 2015 2016 2017 MARCH JANUARY MAY Mobile Payments. Mobile Artificial Intelligence Bionics Sustainable Future payments to rise sharply as Breakthroughs in hardware Living better not necessarily Grid-parity is the long-term consumers move to coupled with massive data are longer. Technology opens new needed catalyst to speed up smartphones for their daily the key fundamentals for AI to ways to tackle human the switch from fossils to purchases. become ubiquitous in every disabilities and physical renewable energies. industry. disorders. AUGUST 2020 6
ATONRÂ AT A GLANCE A Dedicated And ComplementaryTeam PORTFOLIO MANAGEMENT / ANALYSIS SCIENTIFIC RESEARCH & FUNDAMENTAL ANALYSIS Stefano Rodella Christophe Claudia Christoph Christopher Katherine Kevin CEO / CIO Magnin Collin Sinhart Wittlinger Taglieri Decoster Joachim Mark Loic Maad Sjoerd Toviah Yannick Nahmani Temnikov Emissan Osta van Steenkiste Moldwin Ormen FINANCE RISK & COMPLIANCE BUSINESS DEVELOPMENT DESIGN Dina Fausto Christian Antoine David Małgorzata CFO Wolf Walter Wigger Miklaszewska AUGUST 2020 7
ATONRÂ AT A GLANCE The Discovery Of Themes Searching. identifying and selecting themes with an outsized impact on the global economy. 1. The addressable market 2. The growth factor must must be large enough to be at least 3 times global have an impact on global GDP growth. GDP over 5 to 10 years. 4. The three following cycles must be present in each theme: 3. The theme must be large • Capital infrastructure enough to overcome cyclical phase. swings. • Application phase. • Commercialization phase. AUGUST 2020 8
ATONRÂ AT A GLANCE Our Research Know-How Scouting / Idea Generation Tech compass Weekly meeting Each scientist is responsible for scouting Based on the research generated. our Our Research team gathers and shares the new technologies and trends in her or his engineers maintain an updated latest findings on a weekly basis in order to field of competence. compass in order to keep the right tech assess and identify new trends and track. Portfolio Managers & Financial technologies. Analysts keep track of the financial and revenue-generating potential. Deep Dive Reporting / Follow up Knowledge Transfer When a topic is judged as interesting and Every scientist is responsible for the Our Sales team organizes events (client investable by Portfolio Managers. the generation of research documents that are visits. conference calls. thematic breakfast scientist responsible for that thematic made available internally to build up a presentations) that help investors presents a detailed analysis and is broad and comprehensive knowledge. understand specific topics of AtonRâ’s questioned and challenged. fundamental research. AUGUST 2020 9
THEMATIC INVESTING Thematic Investment Process TOP DOWN BOTTOM-UP RESEARCH SIZING ENHANCE RESEARCH CAREFUL SCREENING POSITIONS RISK-ADJUSTED RETURNS STEP 1 STEP 2 STEP 3 STEP 4 Fundamental Thematic Bucket Stock Selection Risk Monitoring Research Construction • Study of the value chain • Definition of the investment • Concentrated bucket • Constant validation of the • Industrial visits & universe (15–35 stocks) investment thesis presentations • Bull / Bear analysis • Financial analysis and • Weightings according to • Meetings with Industry selection of stocks conviction levels Experts with highest EPS upside • Monitoring positions and risk • Moderate turnover contribution • Academic & scientific conferences TEAM INVOLVED: TEAM INVOLVED: TEAM INVOLVED: TEAM INVOLVED: • Scientists • Portfolio Managers • Portfolio Managers • Portfolio Managers • Portfolio managers • Scientists • Risk Managers AUGUST 2020 10
THEMATIC INVESTING Step 1 – Fundamental Research • Portfolio managers and scientists work together AT O N R Â L A B from start to end. PORTFOLIO MANAGERS • The evolving relationship between business. science and industry is crucial in order to be ahead of the curve. • Continuous R&D spending plays a determinant role on the understanding of new investment themes. Discovering how far a business can go requires conviction. curiosity and taking the risk of going toofar… AUGUST 2020 11
THEMATIC INVESTING Step 2 – Stock Selection Targeting companies with at least 20% of their expected revenues/earnings growth derived from the theme. 1) TheInvestable Universe 2) Identify The BestStocks Exclusion • Favoring companies with high R&D budgets on scientific and industrial research. • Exclusion list of Norway’s Government Pension Fund Global. • Identifying revenue and EPS upside thanks to Liquidity constraints proprietary fundamental and financial research. • Minimum of $5 Mn average daily volume per stock. • At least 80% of the portfolio can be sold • Understanding the best risk-adjusted returns of within one week. each company. Market cap constraints • > $500 Mn Understand the risks of each theme AUGUST 2020 12
THEMATIC INVESTING Step 3 – Thematic BucketConstruction Stock weights within thematic buckets depend on convictions level: Top Conviction 6–10% Strong Conviction 3–6% Good Conviction 2–3% Companies with Companies with Companies with the important upside but higher risk. significant valuation upside. highest valuation upside relative to the investment universe. 15-35 stocks per thematic bucket Initial Weights Maximum Weights • Max. 10% position in a thematic bucket • Max. 17% in a thematic bucket • Min. 2% per position • Adjusted to
THEMATIC INVESTING Step 4 – Risk Management Investors Bull/bear scenarii Weightings gain access are performed to and positions to AtonRâ’s better assess the are adjusted research on the Strong growth downside risk. Stop-loss when market Investors are company’s can only last so appraisal when a conditions provided with website. long and themes position declines develop and regular research are to be exited and stock catalysts notes and timely before growth underperforms unfold. reports (either on normalizes. the bucket by themes or on more than 15% specific stocks). on a weekly closing basis. AUGUST 2020 14
THE ATONRÂ FUND ExposureToThe Most PromisingThemes The AtonRâ Fund • Long-only fund • UCITS domiciled in Luxembourg • Global listed equities Theme Allocation • Selection of AtonRâ themes • 7 themes at inception (min 4. max 10) • New themes can be added & themes nearing maturity will be exited Portfolio Management • Fully replicates existing themes portfolios • Themes equally weighted. rebalanced quarterly • Stocks weighting at theme level reflected in the AtonRâ Fund AUGUST 2020 15
THE ATONRÂ FUND Fund Characteristics Launch date: Transfer Agent: 07 July 2020 Société Générale Luxembourg Umbrella: Administrator: AtonRâ SICAV Société Générale Luxembourg Fund category: Investment Manager: UCITS AtonRâ Partners SA Management Company: Auditor: Lemanik Asset Management SA PwC Luxembourg Representant in Switzerland: Carnegie Depositary: Fund Services; Paying Agent: Banque Société Générale Luxembourg Cantonale de Genève Share classes Minimum initial Management Performance fee Class ISIN Currency investment fee (HWM) Founder* LU2170994714 USD USD 100 1% 10% Institutional B LU2170994805 USD USD 10 Mn 1% 10% Institutional A LU2170994987 USD USD 5 Mn 1.25% 12.5% P-Retail LU2170995109/ USD / EUR USD 100/ EUR 100 1.5% 15% LU2170995281 R-Retail LU2170995521/ USD/ EUR USD 100 / EUR 100 2.5% 15% LU2170995794 * closed to new investors AUGUST 2020
THE ATONRÂ FUND Track Record and Statistics 1/2 • Enhance Your Risk-Adjusted Returns CUMULATIVE RETURN FROM 01/2016 290% 265% 240% 215% 190% 165% 140% 115% 90% 16 17 18 19 6 7 8 9 0 6 7 8 9 16 17 18 19 20 6 7 8 9 0 6 7 8 9 0 -1 -1 -1 -1 -2 -1 -1 -1 -1 -2 l-1 l-1 l-1 l-1 l-2 v-1 v-1 v-1 v-1 n- n- n- n- n- p- p- p- p- ay ay ay ay ay ar ar ar ar ar Ju Ju Ju Ju Ju No No No No Ja Ja Ja Ja Ja Se Se Se Se M M M M M M M M M M MSCI ACWI TR INDEX USD THE ATONRÂ FUND PRO FORMA NET RETURN* Pro forma based on the actual historical portfolios of AtonRâ’s thematic certificates (see Annexes: Thematic Portfolios Data) before July 7th. Actual performance of the fund since its July 7th 2020 launch. Themes at inception: Mobile Payments. Biotechnology. AI & Robotics. Security & Space. Subsequent additions: Bionics (Jan. 2017); Fintech (May 2017); Sustainable Future (Oct. 2018). * Pro Forma of the Founder Class (1% Management Fee. 10% Performance Fee) assuming initial AuM of USD 40Mn and no subsequent investment. Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results AUGUST 2020
THE ATONRÂ FUND Track Record and Statistics 2/2 Calendar Net Return JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL 2020 4.02% -3.23% -13.67% 16.11% 9.82% 3.40% 6.85%* 5.15%* 28.72% 2019 11.94% 6.11% 1.05% 1.47% -5.74% 7.21% 1.77% -3.60% -1.13% 1.36% 6.50% 2.42% 31.98% 2018 13.77% -2.07% -0.33% -1.33% 6.04% -1.20% 2.08% 8.57% 1.56% -13.51% 2.24% -9.17% 3.77% 2017 5.69% 6.13% 2.62% 2.95% 3.47% 1.45% 3.27% 4.77% 2.41% 3.29% 2.36% -1.02% 44.20% 2016 -0.75% 6.60% 1.20% 5.00% -4.70% 6.73% -0.33% 2.15% -4.35% 2.54% -0.46% 13.65% PORTFOLIO STATISTICS THE ATONRÂ FUND (NET) MSCI ACWI NET TOTAL RETURN USD Beta 1.17 – Cumulative total return 188.91% 56.17% Annualized performance 25.99% 10.20% Max monthly gain 16.11% 10.71% Max monthly loss -13.67% -13.50% Annualized volatility 20.13% 14.46% Tracking error 10.89% - Turnover (trailing 12 months) 52.84% - Max drawdown -19.68% -21.37 Sharpe ratio 1.22 0.61 Sortino ratio 1.69 0.68 Treynor ratio 0.21 0.09 Information ratio 1.58 - Upside capture ratio 164% - Downside capture ratio 105% - Performance data from February 2016 to July 7th 2020 reflect the historical performances of AtonRâ's thematic certificates. Performance for July 2020 reflects proforma historical peformances (from June 30th to July 7th) and from July 8 th. *The actual performance of the fund since its July 7th 2020 launch. July allocation doesnt include stocks traded on the chinese. korean and brazilian markets. Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results AUGUST 2020
THE ATONRÂ FUND Portfolio Overview Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results AUGUST 2020
ANNEXES: THEMATIC PORTFOLIOS DATA AI & Robotics The third step of technological evolution Thanks to increasing computing power and big data. Artificial Intelligence (AI) has been expanding at a fast pace. with notably major advances in the fields of natural language processing and computer vision. The development of the Internet of Things and of standard operating systems for objects and devices could give another massive boost to AI applications over coming years. With this. smart cars. smart homes and smart factories could become reality sooner than expected. CONSUMER APPLICATIONS INDUSTRIAL APPLICATIONS TECH VENDORS AI &ROBOTICS AUGUST 2020
ANNEXES: THEMATIC PORTFOLIOS DATA AI & Robotics SINCE INCEPTION Total Net Return Since Incep. 233,25% Annualised Net Return Monthly Net Return (USD) 27,85% AnnualisedVolatility 23,00% JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL 2020 -0.8% -1.9% -9.7% 17.4% 11.6% 6.1% 8.5% 3.7% 37.4% Sharpe Ratio 1,16 2019 17.0% 6.8% 3.6% 2.4% -14.3% 11.7% 3.8% -3.9% 0.1% 4.2% 3.8% 4.6% 43.2% Sortino Ratio -2.4% -15.4% 6.2% -11.2% 2,15 2018 11.9% -1.3% -4.1% -6.0% 7.7% -5.4% -0.3% 9.7% -13.7% 2017 2.9% 5.0% 7.2% -0.9% 7.2% -1.6% 5.3% 5.4% 2.4% 5.1% 3.2% -2.8% 42.6% Correlation* 0,73 2016 -9.8% 0.5% 8.0% 2.0% 6.5% -0.8% 11.6% 0.5% 3.6% -2.2% 3.5% 3.1% 28.2% Beta 2015 3.6% 5.2% -1.3% 7.5% 1,17 340 Upside CaptureRatio 182,04% 325 310 Downside Capture Ratio 132,08% 295 280 Average Monthly Return 2,26% 265 250 Up Months 235 65,52% 220 Average up month 205 5,97% 190 Down Months 175 34,48% 160 Average down month 145 -4,80% 130 Best up month 115 17,38% 100 85 Worst month -15,42% 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 v -1 eb-1 ay- 1 ug-1 ov -1 eb-1 ay- 1 ug-1 ov -1 eb-1 ay- 1 ug-1 ov -1 eb-1 ay- 1 ug-1 ov -1 eb-2 ay- 2 ug-2 Max Drawdown -31,43% No F M A N F M A N F M A N F M A N F M A Return Distribution *MSCI ACWI Net Total Return USD 30 20 10 Discover this theme on our website 0 5% AI MSCI ACWI N et Return Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results AI &ROBOTICS AUGUST 2020
ANNEXES: THEMATIC PORTFOLIOS DATA Bionics Making human enhancement a reality Innovations in the fields of medicine. artificial intelligence. robotics and sensors are finally giving a new life to medical technologies and are making human enhancement a reality. The investment universe encompasses next-generation prosthetics. medical wearables and devices. surgical and medical robots. exoskeletons. 3D printing. synthetic biology and artificial intelligence. All play a major role in the emergence of bionics. MEDICAL WEARABLES 3D PRINTING EXOSKELETONS SURGERY r o b o AI t s SYNTHETIC BIOLOGY ARTIFICIAL ORGANS BIONICS LIMBS BIONICS AUGUST 2020
ANNEXES: THEMATIC PORTFOLIOS DATA Bionics SINCE INCEPTION Total Net Return Since Incep. 102,29% Annualised Net Return Monthly Net Return (USD) 21,46% AnnualisedVolatility JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL 18,27% 2020 -0.2% -5.4% -6.8% 14.7% 7.6% -0.0% 10.7% 3.5% 24.4% Sharpe Ratio 1,09 2019 9.7% 7.6% -0.1% -3.8% -2.1% 8.3% -0.3% -0.7% -0.1% 1.1% 7.1% -0.4% 28.1% Sortino Ratio 2,14 2018 9.7% -2.9% 0.7% 2.5% 5.9% 0.2% 3.5% 5.8% 3.9% -12.5% 5.5% -10.7% 9.5% 2017 -0.2% 4.3% 2.2% 3.0% 2.9% 2.7% -2.4% 2.5% -1.9% 1.7% 3.2% -2.6% 15.9% Correlation* 0,82 205 Beta 1,10 Upside CaptureRatio 190 132,30% Downside Capture Ratio 111,18% 175 Average Monthly Return 1,75% 160 Up Months 59,09% 145 Average up month 5,02% 130 Down Months 40,91% Average down month -2,96% 115 Best up month 14,71% 100 Worst month -12,53% 85 Max Drawdown -27,04% Feb-17 May-17 Aug-17 Nov-1 7 Feb-18 May-18 Aug-18 Nov-1 8 Feb-19 May-19 Aug-19 Nov-1 9 Feb-20 May-20 Aug-20 Return Distribution *MSCI WorldTotal Net Return Index 15 10 5 Discover this theme on our website 0 5% Bionics MSCI World Net Return Healthcare Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results BIONICS AUGUST 2020
ANNEXES: THEMATIC PORTFOLIOS DATA Biotechnology New drug technologies for today’s diseases The investment universe focuses on tomorrow's new generation of drugs that might revolutionize the future of biotechnology. Such technologies include RNA-based drugs. cell and gene therapies. in addition to a new generation of vaccines. Medical innovations will allow for more personalized treatment and better diagnosis. Such innovations are further supported by authorities such as the FDA which encourages the approval of this new generation of drugs by recruiting specialized teams and establishing specific guidelines. CARDIOVASCULAR NEUROLOGY PERSONALIZED MEDICINE IMMUNOTHERAPY RARE DISEASES BIOTECHNOLOGY AUGUST 2020
ANNEXES: THEMATIC PORTFOLIOS DATA Biotechnology SINCE INCEPTION Total Net Return Since Incep. 54,08% Annualised Net Return Monthly Net Return (USD) 8,26% AnnualisedVolatility 29,03% JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL 2020 -3.4% -0.3% -11.3% 22% 9.0% 0.9% 0.3% -0.5% 14. 4% Sharpe Ratio 0,26 2019 15.8% 11.6% 0.3% -8.2% -4.7% 7.4% -3.4% -9.0% -4.9% 2.5% 15.9% 3.5% 25.0% Sortino Ratio 2018 11.3% -3.0% 2.3% -2.6% 3.9% -4.2% -0.2% 7.4% -0.3% -17.0% 5.9% -12.3% -11.8% 0,42 2017 10.5% 7.9% 5.8% 2.8% -4.0% 7.6% 3.4% 13.6% 3.0% -2.0% 3.7% 0.4% 65.5% Correlation* 0,81 2016 -16.4% -0.9% 7.6% 2.5% 7.5% -13.8% 9.2% -0.8% 6.4% -16.6% 1.0% -10.7% -26.5% Beta 2015 -3.81% 0.0% 9.6% -1.1% 6.7% -4.0% -14.2% -7.5% 16.9% 1.2% 0.4% 0,85 Upside CaptureRatio 104,44% 175 Downside Capture Ratio 96,42% 160 Average Monthly Return 1,08% 145 Up Months 55,38% 130 Average up month 6,87% 115 Down Months 44,62% 100 Average down month -6,11% 85 Best up month 21,98% 70 Worst month -16,97% 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 r-1 J ul-1 c t- 1 an -1 pr-1 J ul-1 c t- 1 an -1 pr-1 J ul-1 c t- 1 an -1 pr-1 J ul-1 c t- 1 an -1 pr-1 J ul-1 c t- 1 an -2 pr-2 J ul-2 Max Drawdown -36,31% Ap O J A O J A O J A O J A O J A Return Distribution *ARCA Biotech Index 25 20 15 10 5 Discover this theme on our website 0 5% Biotech ARCA Biotechnolog y Index Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results BIOTECHNOLOGY AUGUST 2020
ANNEXES: THEMATIC PORTFOLIOS DATA Fintech Disruptors and enablers. both winners The pace of innovation in financial technology (Fintech) has been accelerating lately with notably the emergence of mobile payments. Banks and insurers will have no choice but to invest heavily as Fintech is expected to spark major operating efficiencies through increased automation and is also likely to lift the financial industry's revenue outlook through enhanced customer experience and engagement. B2B PAYMENTS FINANCIAL SOFTWARE BLOCKCHAIN MOBILE PAYMENTS AI & BOTS P2P LENDING PAYMENT PROCESSING LOYALTY & REWARDS b io met r i c s & s e c u r i t y FINTECH AUGUST 2020
ANNEXES: THEMATIC PORTFOLIOS DATA Fintech SINCE INCEPTION Total Net Return Since Incep. 79,42% Annualised Net Return Monthly Net Return (USD) 19,46% AnnualisedVolatility 21,82% JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL 2020 2.7% -4.8% -14.6% 12.2% 10.0% 3.7% 3.6% 3.8% 15.0% Sharpe Ratio 0,83 2019 10.9% 5.4% 3.1% 5.0% -6.1% 7.2% 3.5% -3.8% -2.5% -1.4% 6.3% 0.5% 30.1% Sortino Ratio 2018 11.8% -3.1% 0.1% -1.4% 9.0% 0.3% 3.0% 12.5% 1.1% -15.0% -2.5% -10.2% 1.9% 1,43 2017 -0.0% -1.4% 5.9% 2.2% 3.1% 5.8% 0.9% 0.3% 17.7% Correlation* 0,81 Beta 1,13 175 Upside CaptureRatio 137,16% Downside Capture Ratio 160 105,73% Average Monthly Return 1,67% 145 Up Months 67,50% Average up month 4,94% 130 Down Months 32,50% 115 Average down month -5,57% 100 Best up month 12,50% Worst month -15,05% 85 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Max Drawdown -33,65% Return Distribution *MSCI ACWI Net Total Return USD 15 10 5 Discover this theme on our website 0 5% Fintech MSCI ACWI N et Return Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results FINTECH AUGUST 2020
ANNEXES: THEMATIC PORTFOLIOS DATA Mobile Payments Now entering mass adoption phase While the mobile payment infrastructure is now in place (NFC-enabled phones and POS terminals. various platforms such as Apple Pay). we are about to enter the second phase of growth for the theme. which is the mass adoption of payment solutions by consumers. Increasing marketing and improving ergonomics. security and value-added services (such as rewards. loyalty and couponing) should give a major boost to consumer engagement. TECH GIANTS BIOMETRICS & SECURITY HARDWARE VENDORS PROCESSORS & NETWORKS MOBILE PAYMENTS AUGUST 2020
ANNEXES: THEMATIC PORTFOLIOS DATA Mobile Payments SINCE INCEPTION Total Net Return Since Incep. 208,74% Annualised Net Return Monthly Net Return (USD) 19,83% AnnualisedVolatility 21,15% JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL 8.2% Sharpe Ratio 2020 3.5% -4.7% -18.3% 19.8% 15.1% 5.9% 6.1% 34.9% 0,90 2019 13.7% 5.1% 4.9% 4.5% -4.9% 7.5% 3.2% -3.8% -4.8% 0.7% 4.9% 1.2% 35.5% Sortino Ratio 1,21 2018 10.7% -2.5% -1.7% 0.7% 7.1% 0.2% 3.2% 10.1% 2.0% -17.1% 2.1% -10.0% 1.2% 2017 7.0% 5.4% 3.6% 3.3% 6.9% -0.0% 6.4% 0.7% 2.0% 7.6% 0.9% 0.5% 53.6% Correlation* 0,63 2016 -6.0% -1.3% 6.6% 0.8% 4.1% -4.1% 2.8% -1.0% 3.5% -3.8% -4.6% -0.0% -3.9% Beta 0,96 2015 -0.9% 6.1% 0.3% 5.8% 3.9% -7.7% 1.5% -2.3% -3.2% 7.7% 4.4% -0.7% 14.7% 2014 0.6% 3.9% 2.4% -7.9% 2.5% -4.1% -1.9% 7.9% -3.8% -1.3% Upside CaptureRatio 158,69% 305 Downside Capture Ratio 119,64% 290 275 260 Average Monthly Return 1,66% 245 230 Up Months 66,23% 215 200 Average up month 4,89% 185 170 Down Months 33,77% 155 140 Average down month 125 -4,67% 110 Best up month 19,79% 95 80 Worst month -18,26% 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 y- 1 g-1 v -1 b-1 y- 1 g-1 v -1 b-1 y- 1 g-1 v -1 b-1 y- 1 g-1 v -1 b-1 y- 1 g-1 v -1 b-1 y- 1 g-1 v -1 b-2 y- 2 g-2 Ma A u No F e Ma A u No F e Ma A u No F e Ma A u No F e Ma A u No F e Ma A u No F e Ma A u Max Drawdown -36,27% Return Distribution 25 *MSCI ACWI Net Total Return USD 20 15 10 5 Discover this theme on our website 0 5% AtonRâ Mobile Payments MSCI ACWI Net Return Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results MOBILE PAYMENTS AUGUST 2020
ANNEXES: THEMATIC PORTFOLIOS DATA Security & Space Enabling and securing progress Security is in the early stages of its digital and tech transformation thanks to innovations in artificial intelligence. robotics and augmented reality. Space exploration could be another major source of upside for private contractors as the US plans missions to the Moon and beyond and as the new NASA Administrator is a proponent of outsourcing some of the NASA’s operations to the private sector. Civil security will be in the spotlight as the Internet of Things opens the way to new cyber attacks and as smart cities become reality. pointing to strong demand for smart devices. inspection and detection systems and cyber security. NEW GENERATION TECHNOLOGIES SECURITY DEVICES SMART CITIES & HOMES BIOMETRICS & CYBERSECURITY SPACE SECURITY & SPACE AUGUST 2020
ANNEXES: THEMATIC PORTFOLIOS DATA Security & Space SINCE INCEPTION Total Net Return Since Incep. 85,78% Annualised Net Return 14,49% Monthly Net Return (USD) AnnualisedVolatility 18,11% JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL 2020 1.8% -9.6% -10.2% 9.4% 11.1% -0.4% -1.1% 4.8% Sharpe Ratio 0,74 6.0% 2019 15.4% 7.6% -1.5% 3.8% -6.6% 6.2% 2.7% -3.2% 0.2% 1.3% 6.9% 0.8% 36.8% Sortino Ratio 1,33 2018 6.4% -0.6% -1.9% -2.3% 2.2% -1.9% 4.3% 6.6% 3.4% -13.4% 0.8% -8.4% -6.7% 2017 -0.8% 6.7% 2.8% 4.2% 2.8% -3.2% 3.4% 3.3% 4.1% 0.9% -0.2% -0.4% 20.8% Correlation* 0,83 2016 -0.2% 0.8% 6.0% -0.7% 1.1% -4.5% 5.2% -1.1% 0.0% -0.9% 9.3% -0.4% 14.9% Beta 1,13 190 Upside CaptureRatio 112,69% Downside Capture Ratio 109,17% 175 Average Monthly Return 1,30% 160 Up Months 56,36% 145 Average up month 4,72% 130 Down Months 43,64% 115 Average down month -3,11% 100 Best up month 15,42% Worst month -13,38% 85 Feb-16May-16Aug-16Nov-1 6Feb-17May-17Aug-17Nov-1 7Feb-18May-18Aug-18Nov-1 8Feb-19May-19Aug-19Nov-1 9Feb-20May-20Aug-20 Max Drawdown -33,55% Return Distribution *MSCI ACWI Net Total Return USD 15 10 5 Discover this theme on our website 0 5% Defense MSCI ACWI Net Return Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results SECURITY & SPACE AUGUST 2020
ANNEXES: THEMATIC PORTFOLIOS DATA Sustainable Future Building a new world Sustainable development is defined as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs”. Our Sustainable Future theme will capture the growth (estimated above 20% on average) in all industries benefiting from the sustainable development of our planet. We invest in pure players in renewable energies. energy storage. smart transportation. water & wastewater treatment. the digitalization of energy systems and integration of smart technologies. SMART CITIES & BUILDINGS WATER & WASTEWATER TREATMENT SMART TRANSPORTATION SMART GRID ENERGY STORAGE ENERGY EFFICIENCY SMART AGRICULTURE SOLAR & WIND SUSTAINABLE FUTURE AUGUST 2020
ANNEXES: THEMATIC PORTFOLIOS DATA Sustainable Future SINCE INCEPTION Total Net Return Since Incep. 82,89% Annualised Net Return Monthly Net Return (USD) 38,14% AnnualisedVolatility 28,59% JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL 2020 3.5% 0.1% -21.1% 13.9% 11.0 % 6.5% 17.5% 16.0% 50.0% Sharpe Ratio 1,30 2019 8.9% 5.0% 0.4% 4.5% -5.2% 9.3% -0.4% -3.4% 2.4% 1.3% 2.1% 5.7% 33.8% Sortino Ratio 2,24 2018 -2.0% 2.8% -9.6% -8.9% Correlation* 0,90 185 Beta 1,17 Upside Capture Ratio 166,70% 170 Downside Capture Ratio 97,93% 155 Average Monthly Return 3,01% 140 Up Months 73,91% Average up month 6,52% 125 Down Months 26,09% 110 Average down month -6,93% 95 Best up month 17,48% Worst month -21,11% 80 Nov-1 8 Feb-19 May-19 Aug-19 Nov-1 9 Feb-20 May-20 Aug-20 Max Drawdown -39,84% Return Distribution *MSCI ACWI Net Total Return USD 10 5 Discover this theme on our website 0 5% Sustain ab le Future USD MSCI ACWI N et Return Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results SUSTAINABLE FUTURE AUGUST 2020
Embrace The Future OfInvesting… Explore our investment themes: www.atonra.ch/investment-themes/ HEALTHCARE SUSTAINABLE AI AND SECURITY MOBILE BIOTECHNOLOGY FINTECH BIONICS M&A FUTURE ROBOTICS AND SPACE PAYMENTS AUGUST 2020
You can also read