Monthly Report

@globalallocatio

November 2016
Global Allocation Fund*

NAV
103,03

Morningstar Rating TM

NOVEMBER
1,77%

2016
10,59%

1 YEAR
11,41%

3 YEARS
32,14%

5 YEARS
130,95%

SINCE INCEPTION
171,50%

350.000

Performance of 100.000
March 31, 2006 to November 30, 2016

300.000

Global Allocation
271.501

250.000

200.000

150.000

100.000

Euro Stoxx 50 Index

79.186
50.000

Global Allocation Fund*vs. Euro Stoxx 50

January 1, 2016 to November 30, 2016
115

110,59
110

105

100

95

93,39

90

85

80

Global Allocation Fund*

Euro Stoxx 50

Informe Mensual

Monthly Report

November 2016

Last month we were right about the plausible reaction of markets after a Trumps victory.
Even though the previous days to the elections markets started to discount the scenario of a
Trumps victory, their reaction was opposite to what finally happened. Thus, stock markets fell
and bond prices rallied, just the opposite of our assessment.
But after the sharp initial collapse of risk assets and the consequent rally of safe havens,
markets completely reversed. Maybe they took a closer look at the electoral program of the
elected president: Lower income and corporate taxes; more infrastructure spending; and
possibly more restrictive trade measures. This measures are good for the stock market
(especially US market, not that much for emerging markets), good for the dollar and very
unfavorable for bonds (some of the bond indices have witnessed the worst month in more than
20 years). Interest rates hikes are at hand, this seems to be the clear conclusion from the
elections come out.
While bond prices were collapsing as well as credit spreads, which was clearly in detriment of
some equity sectors, we decided to close our equity exposure. The movement was abrupt and
affected more to Italy, Spain and Portugal and even to France in comparison to Germany.
Anticipating the possible flight to quality towards German bonds, given the negative news
coming from Italys polls and Marine Le Pen leading French polls as well, we also decided to
close our short in 30 year Buxl.
After the brief correction of bank stocks, we started to rebuild our exposure to the sector at
lower prices. We still think banks are quoting at a very big discount and will be positively
affected by the new scenario. We have also added a long in DAX. We think this index has not
discounted the positive effects of the Euro devaluation and in case that the Italian referendum
caused a panic and/or a reappearance of the Euro disintegration fear, the German market
would benefit relative to periphery. With the same rationale, we have taken a 20% position long
Sterling vs. Euro. Fundamentally we see Sterling artificially devaluated and therefore correcting
in the medium term.
Once German bonds spreads relative to other European countries have normalized, we have
reentered the short exposure in bonds, in this case in 10 year French OATs. The yield is
relatively close to Bunds and in case of turbulent markets this position would behave better
than a similar one in German bonds.

EQUITIES 34,33%

-40%
-32,45%

-20%
-20,84%

FUTURES

Euro OAT 12/16

Short EUR-GBP

Dax Index

Lockheed Martin Corp

2,31%

6,08%

20,15%

16,89%

20%

Spain

France

3,03%

1,50%

Germany

Netherlands

0,81%

Belgium

2,87%

0,54%

Austria

Italy

0,31%

0%
Ireland

Informe Mensual

Monthly Report

November 2016

Portfolio 30/11/2016

40%

BANKS

Monthly Report
November 2016
Monthly Performance
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006

JAN.

FEB.

MAR.

APR.

MAY

JUN.

JUL.

AUG.

SEP.

OCT.

NOV.

6,03%
5,12%
3,03%
8,93%
5,46%
9,90%
6,34%
-5,60%
-9,79%
3,79%

3,56%
5,91%
9,27%
-3,41%
2,86%
4,39%
0,84%
-8,70%
-0,15%
-0,79%

-5,39%
3,72%
0,64%
-1,45%
-0,73%
-0,85%
4,67%
6,01%
-0,06%
1,78%

7,97%
4,31%
2,58%
7,02%
-12,30%
3,74%
2,13%
14,20%
2,74%
-0,86%
-1,31%

-1,12%
1,22%
1,17%
2,95%
-17,26%
-4,33%
-13,65%
5,98%
-0,65%
4,53%
-6,88%

-17,22%
1,53%
-2,15%
-8,62%
6,36%
2,29%
-4,04%
1,11%
-4,73%
-4,08%
3,01%

5,36%
4,22%
-3,33%
9,46%
-9,13%
-3,83%
14,29%
10,07%
-0,51%
1,21%
1,74%

3,42%
-11,50%
-0,09%
6,21%
17,91%
-18,49%
0,43%
5,04%
0,20%
0,26%
1,04%

-1,53%
-2,72%
0,44%
7,02%
12,83%
-1,74%
2,99%
4,76%
-1,95%
0,19%
8,11%

10,33%
-4,49%
-1,20%
7,13%
5,48%
5,70%
3,36%
-0,89%
2,99%
4,37%
6,01%

1,77%
-3,01%
5,65%
-0,11%
8,10%
-17,27%
-10,95%
0,86%
-2,95%
-6,99%
0,48%

Historical Annual Returns

Monthly Returns Distribution

(March 2006 - November 2016)

(March 2006 - November 2016)

DEC.

YEAR

0,74%
-1,07%
0,01%
5,73%
3,81%
7,33%
6,25%
-2,91%
-4,31%
3,49%

10,59%
3,65%
15,26%
39,02%
21,13%
-19,27%
10,91%
43,83%
-16,96%
-1,62%
16,00%

20%

55%

18%

45%

16%
14%

35%

12%

25%

10%
8%

15%

6%

5%
-5%

4%

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2%

2016

0%

-15%
-25%

Currency Exposure

Country Exposure (Equities & Bonds)

2,31%

35%

25%

EQUITIES
21,65%

GERMANY
SPAIN

16,89%

FRANCE

15%

NETHERLANDS

ITALY

6,08%

5%

3,03%

2,87%

2,31%

USA
0,81%

0,54%

0,31%

BELGIUM
AUSTRIA

-5%

IRELAND

97,69%

FUTURES
Short EUR-GBP

-15%

BONDS
Euro OAT 12/16
-20,84%

-25%

EUR

USD

-35%

-32,45%

Monthly Report
November 2016

Performance Risk Analyst

Since Inception

Last
12 months

3 years

171,50%

11,41%

32,14%

Average monthly return

0,99%

1,16%

0,92%

Maximum monthly return

17,91%

10,33%

10,33%

Minimum monthly return

-18,49%

-17,22%

-17,22%

Annualized return

9,82%

11,41%

9,73%

Sortino Ratio

0,55
66,67%

63,89%

Cumulative Return

% Positive months

61,72%

CONTACT
DIEGO TORRES
91 324 41 91
diego.torres@aurigasv.es

GLOBAL ALLOCATION FUND

FUND MANAGER
INVESTMENT ANALYST
INVESTMENT MANAGER
CUSTODIAN
CURRENCY
LIQUIDITY
ISIN CODE
BLOOMBERG TICKER
MINIMUM INVESTMENT
FEES
MANAGEMENT
PERFORMANCE
SUBSCRIPTION
REDEMPTION

LUIS BONONATO
FRANCESC MARIN
AURIGA GLOBAL INVESTORS S.V. , S.A.
SOCIT GNERALE BANK & TRUST
EUR
DAILY
CLASS A
CLASS B
LU1394718735
LU1394718818
AUGLALA LX
AUGLALB LX
10
1.000.000
1,50%
9,00%
NONE
NONE

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information

1,00%
9,00%
NONE
NONE

*Performance of Global Allocation FI until 31th of July 2016. Performance of Auriga Investors Global Allocation since then

DISCLAIMER
The information and data contained in this brochure has been prepared for marketing purposes and does not
constitute advice. Whilst every effort has been made to provide accurate and complete information, the
information contained in this brochure has been prepared in good faith and with due care and no representation
or warranty is made as to the accuracy, adequacy or reliability of any statement, estimates, opinions, plans,
diagrams o other information contained in this brochure. Auriga reserves the right to change the contents of this
brochure at any time. Auriga disclaim all liability and responsibility for any direct or indirect loss, damage, cost or
expense which may be suffered through the use of or reliance on anything contained in or omitted from the
information contained in this brochure.