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Aberdeen SI, Carmignac, Ninety One and Vontobel Share Strategies to Protect Investments Amid COVID-19 and Low Growth

Screen Shot 2020-03-15 at 7 — . I*R summit

Funds Society held its first Investments & Rodeo Summit 2020 in Houston, Texas on March 5.

Over 35 people attended the event, including bankers, advisers and fund selectors, as well as representatives of the four participating managers (Aberdeen Standard Investments, Carmignac, Ninety One / Investec and Vontobel).

Tam McVie, CIO at Aberdeen Standard Investments, noted that we are in an environment where we need to protect capital. In general, the manager mentioned that long-term performance expectations have been compressed, and although a global recession is not part of his base scenario, he emphasizes that having a diverse portfolio is the best way to protect yourself through investments.

To him, “a diverse portfolio should also have diverse return sources, and a diverse income stream.” So, when building their portfolio, they seek “for diversification from return streams and cash flows that are not dependent on the same economic environment.” McVie is also looking to benefit from the illiquid market but using liquid vehicles, such as listed alternatives, which, in his opinion, “actually have less volatility than REITs.”

Bradley George, Managing Director in the US Institutional team at Ninety One (previously Investec Asset Management) mentions that given the uncertainties we live in (which in his opinion has COVID-19 in the first place, followed by tensions between the US and China, and the trade relationship between the UK and the EU after Brexit), the current outlook for global growth is low, creating a situation where “some people say it’s better to do a flight to safety and others say it presents an opportunity.”

At this time and with the increase in global debt, which will increase even more due to easing, he believes that among high-quality companies, the most important quality to have is a healthy balance and low capital intensity. Regarding regions, he points out that “an EM allocation costs more due to high fees, but it is a high growth area, so our portfolio has over 30% revenue exposure to EM, with US compliance and such”.

Didier Saint-Georges, Member of the Strategic Investment Committee and Managing Director at Carmignac, said in his presentation that in fixed income you have to analize if the market is right when you buy, because unless it goes bankrupt you will get it in the end, but that they do not expect interest rates to rebound soon. “Crises never happen in a vacuum, they happen in a context and the current one is one of low growth, deflationary pressures and one in which central banks have been using a lot of ammunition to push forward the recession and there is not so much left…”

With regard to the COVID-19 situation, the specialist mentions that since January we saw cases in China “and it is important to realize that an epidemic works with a bell shaped curve, it accelerates first before hitting a plateau and going down, And outside China we are still in the acceleration phase. There is going to be a big economic cost. Our central scenario does look like a recession because this type of crisis cannot be contained but by stopping activities, so that becomes a cash problem.”

To protect their investments in this context, Carmignac has reduced portfolio risk and upped duration. “In fixed income now we have low levels of yield, increased volatility, and scarce secondary liquidity. Sensitivity to interest rates have skyrocketed because of very low low interest rates.” One way to fight this is by using a global approach, given that “the quality of issuers has gone down and yields are low but dispersion creates opportunities.” He concludes.

For Felipe Villaroel, portfolio manager at TwentyFour Asset Management, a boutique from Vontobel Asset Management, who specializes in a multi-sector bond strategy, the coronavirus situation became a “gamechanger” for the duration portion of fixed income portfolios, as they did not plan to increase theirs but did so after the first unexpected move by the Fed, in which a cut of 50 basis points was made.

“The Fed wanted to bring calm to the markets by doing something they did not do since Lehman Brothers fell and this is not the same. In my opinion, what it did was introduce more volatility in the market,” he says, adding that “this is going to be a big shock to the growth of the world in a quarter, maybe two, but it is going to be something temporary.”

In his opinion, and seeing that China has reached a plateau in the contagion curve, and that after a month and a half its PMIs are at historical lows, he reminded the audience that the most important thing is to see what will happen with March’s numbers: “if they show a rebound, a new fall or remain flat, that will allow us to see how long it takes for an economy to recover after the crisis.”

At night, and from Funds Society’s box, attendees enjoyed traditional Texan food at the Houston Rodeo, which included a concert by Becky G.

FLAIA to Host First Digital Real Estate, Direct Lending & Private Debt Forum

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The Florida Alternative Investment Association (FLAIA) will host its First Digital Real Estate, Direct Lending & Private Debt Forum 2020 on March 26th, between 10am and 4pm.

According to Michael Corcelli, Founder & Chairman from FLAIA, the event “focuses on the intersection of direct lending and real estate as the opportunities offered for successful investing are abundant. Real estate is a pillar of US & Global economy and the world has an abundance of opportunities for wealthy real estate investors and institutional allocators. The goal of this forum is to provide a digital platform where different stakeholders can learn from key decision makers, build relationships and get capital flowing into their respective projects”.

To register, follow this link.

Vanguard In Mexico: “We Want to be a Local Asset Manager”

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Screen Shot 2020-03-12 at 6 — Juan Hernández, foto cedida. foto cedida

The Vanguard FTSE BIVA Mexico Equity ETF (VMEX), the first Vanguard ETF that is domiciled in Mexico, will have been on the market for six months this March.

The ETF that seeks to replicate the FTSE BIVA index, giving investors access and exposure to the Mexican capital market, managed in its first three months to raise 1 billion pesos, even though, by size, institutional investors were still not able to invest in it.

As Juan Hernández, Vanguard’s Country Manager in Mexico, comments in an interview with Funds Society, the goal for the remainder of 2020, rather than to grow in absolute value, which he considers will exceed 100% of assets under management, is that “institutionals participate more actively in the product… For us, success comes when more and more Mexican investors use it,” he says, adding that “we are giving the Mexican market a diversified solution, with an easily accessible structure and it is also the cheapest Mexican variable income product, plus, the index that we choose the FTSE-BIVA has almost 59 issuers from all sectors of the economy, FIBRAs and others, diversification that has rendered more than 100 basis points above the CPI index”.

The VMEX is the first investment vehicle launched by Vanguard in the Latin American market and with it, Mexico became the eighth platform of the American firm. “It is a milestone for Vanguard in Mexico,” says the manager, adding that this product complements his available portfolio in Mexico of more than 90 international ETFs currently listed in the International Quotation System (SIC) that offer international exposure, mainly to the United States and Europe to Mexican investors.

“Hopefully it will be the first of many products we launch. We want to be a local asset manager, using Mexican asset classes. It is somewhere where we want to participate and add value. Always with the Vanguard philosophy of offering well-diversified products at low cost”, he comments.

Hernandez also tells us that, as an asset class, they are analyzing Mexican fixed income to see what their next product could be. Adding that they are not the type to launch niche products but rather focus on the “large asset classes that make sense for the vast majority of portfolios, because it is there where we can add scale and offer products at very low cost… We look forward to announcing a Mexican fixed income product this year.” He points out.

About the industry in general, Hernández considers that the regulatory changes seen in the afores (Mexican pension funds) last year, such as the transtition to taget-date funds or the fact that international mutual funds can finally be used, have been very positive for the market and he would like to see the proposal to raise the 20% limit afores’ limist on foreign investment made into effect. However, he also notes that important advances are being made in the market in general in terms of diversification. “The portfolio part of multi-asset strategies is already above 15% of the market and although there is an industry that mainly invests in short-term Mexican fixed income, that percentage has been decreasing at the expense of multi-asset solutions and foreign securities. The trend is positive in that Mexicans increasingly diversify their portfolios and, from our point of view, they are building portfolios better, in terms of risk return and we are contributing to this in terms of product and advice.” He concludes.

There is a Silver Lining of the COVID-19 Crisis for the U.S. Economy and Markets

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Screen Shot 2020-03-11 at 9 — Photo; NeedPix CC0 . silver lining of the COVID-19 crisis for the U.S. economy and markets

The U.S. stock market shrugged off several weeks of developing adverse China related coronavirus (COVID-19) news and rallied to a record closing high on February 19th…

Then news of an increase in cases outside of China ignited a volatile market sell-off that resulted in the worst week for world stocks since the Global Financial Crisis of 2008. COVID-19 is creating major concerns over global supply and consumer spending, and this increased uncertainty and impact on earnings is unfolding at a time the overall market has a limited margin of safety. The fear of the virus alone could lower consumer confidence in the U.S. and this could have a dampening effect on the economy. Some additional factors that have negatively impacted stocks include: no uptick rule (reinstatement would have powerful positive effect), Algos, Momos, Quants, hedging, and leveraged ETFs. We are finding more stocks selling below net, nets (cash ,working capital /- all debt.. the classic Graham Dodd definition), and intrinsic value.

So far oil and other energy prices have declined sharply, a potential boost to U.S. consumer spending (about seventy percent of U.S. GDP). Low gasoline prices at the pump helps workers and low interest rates help refinancing and home builders. The silver lining of the COVID-19 crisis for the U.S. economy and markets is that it will likely bring overseas manufacturing and supply chain jobs back home.

On the merger arbitrage front, markets sold off broadly in February and into early March over concerns related to COVID-19 and a significant decline in oil prices and its impact on credit markets. Market volatility spilled into merger arbitrage investments, causing mark-to-market declines in our portfolio. It is important to note that no deals were terminated due to the market decline. Furthermore, we are well positioned to take advantage of dislocations in the market, with a focus on short-dated deals. We are able to opportunistically deploy capital in significantly de-risked deals at lower prices that will generate greater returns when the deals close.

Column by Gabelli Funds, written by Michael Gabelli

__________________________________

To access our proprietary value investment methodology, and dedicated merger arbitrage portfolio we offer the following UCITS Funds in each discipline:

GAMCO MERGER ARBITRAGE

GAMCO Merger Arbitrage UCITS Fund, launched in October 2011, is an open-end fund incorporated in Luxembourg and compliant with UCITS regulation. The team, dedicated strategy, and record dates back to 1985. The objective of the GAMCO Merger Arbitrage Fund is to achieve long-term capital growth by investing primarily in announced equity merger and acquisition transactions while maintaining a diversified portfolio. The Fund utilizes a highly specialized investment approach designed principally to profit from the successful completion of proposed mergers, takeovers, tender offers, leveraged buyouts and other types of corporate reorganizations. Analyzes and continuously monitors each pending transaction for potential risk, including: regulatory, terms, financing, and shareholder approval.

Merger investments are a highly liquid, non-market correlated, proven and consistent alternative to traditional fixed income and equity securities. Merger returns are dependent on deal spreads. Deal spreads are a function of time, deal risk premium, and interest rates. Returns are thus correlated to interest rate changes over the medium term and not the broader equity market. The prospect of rising rates would imply higher returns on mergers as spreads widen to compensate arbitrageurs. As bond markets decline (interest rates rise), merger returns should improve as capital allocation decisions adjust to the changes in the costs of capital.

Broad Market volatility can lead to widening of spreads in merger positions, coupled with our well-researched merger portfolios, offer the potential for enhanced IRRs through dynamic position sizing. Daily price volatility fluctuations coupled with less proprietary capital (the Volcker rule) in the U.S. have contributed to improving merger spreads and thus, overall returns. Thus our fund is well positioned as a cash substitute or fixed income alternative.

Our objectives are to compound and preserve wealth over time, while remaining non-correlated to the broad global markets. We created our first dedicated merger fund 32 years ago. Since then, our merger performance has grown client assets at an annualized rate of approximately 10.7% gross and 7.6% net since 1985. Today, we manage assets on behalf of institutional and high net worth clients globally in a variety of fund structures and mandates.

Class I USD – LU0687944552
Class I EUR – LU0687944396
Class A USD – LU0687943745
Class A EUR – LU0687943661
Class R USD – LU1453360825
Class R EUR – LU1453361476

GAMCO ALL CAP VALUE

The GAMCO All Cap Value UCITS Fund launched in May, 2015 utilizes Gabelli’s its proprietary PMV with a Catalyst™ investment methodology, which has been in place since 1977. The Fund seeks absolute returns through event driven value investing. Our methodology centers around fundamental, research-driven, value based investing with a focus on asset values, cash flows and identifiable catalysts to maximize returns independent of market direction. The fund draws on the experience of its global portfolio team and 35+ value research analysts.

GAMCO is an active, bottom-up, value investor, and seeks to achieve real capital appreciation (relative to inflation) over the long term regardless of market cycles. Our value-oriented stock selection process is based on the fundamental investment principles first articulated in 1934 by Graham and Dodd, the founders of modern security analysis, and further augmented by Mario Gabelli in 1977 with his introduction of the concepts of Private Market Value (PMV) with a Catalyst™ into equity analysis. PMV with a Catalyst™ is our unique research methodology that focuses on individual stock selection by identifying firms selling below intrinsic value with a reasonable probability of realizing their PMV’s which we define as the price a strategic or financial acquirer would be willing to pay for the entire enterprise. The fundamental valuation factors utilized to evaluate securities prior to inclusion/exclusion into the portfolio, our research driven approach views fundamental analysis as a three pronged approach: free cash flow (earnings before, interest, taxes, depreciation and amortization, or EBITDA, minus the capital expenditures necessary to grow/maintain the business); earnings per share trends; and private market value (PMV), which encompasses on and off balance sheet assets and liabilities. Our team arrives at a PMV valuation by a rigorous assessment of fundamentals from publicly available information and judgement gained from meeting management, covering all size companies globally and our comprehensive, accumulated knowledge of a variety of sectors. We then identify businesses for the portfolio possessing the proper margin of safety and research variables from our deep research universe.

Class I USD – LU1216601648
Class I EUR – LU1216601564
Class A USD – LU1216600913
Class A EUR – LU1216600673
Class R USD – LU1453359900
Class R EUR – LU1453360155

Disclaimer:
The information and any opinions have been obtained from or are based on sources believed to be reliable but accuracy cannot be guaranteed. No responsibility can be accepted for any consequential loss arising from the use of this information. The information is expressed at its date and is issued only to and directed only at those individuals who are permitted to receive such information in accordance with the applicable statutes. In some countries the distribution of this publication may be restricted. It is your responsibility to ﬁnd out what those restrictions are and observe them.

Some of the statements in this presentation may contain or be based on forward looking statements, forecasts, estimates, projections, targets, or prognosis (“forward looking statements”), which reﬂect the manager’s current view of future events, economic developments and ﬁnancial performance. Such forward looking statements are typically indicated by the use of words which express an estimate, expectation, belief, target or forecast. Such forward looking statements are based on an assessment of historical economic data, on the experience and current plans of the investment manager and/or certain advisors of the manager, and on the indicated sources. These forward looking statements contain no representation or warranty of whatever kind that such future events will occur or that they will occur as described herein, or that such results will be achieved by the fund or the investments of the fund, as the occurrence of these events and the results of the fund are subject to various risks and uncertainties. The actual portfolio, and thus results, of the fund may differ substantially from those assumed in the forward looking statements. The manager and its affiliates will not undertake to update or review the forward looking statements contained in this presentation, whether as result of new information or any future event or otherwise.

Private Investments Risk Part 4: Don’t be a Lemming

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Screen Shot 2020-03-11 at 7 — Pixabay CC0 Public DomainFoto: miezekieze. miezekieze

A lemming is a creature that instinctively follows its fellow creatures. Unfortunately, lemmings have been known to follow their fellow lemmings off a cliff, falling to their deaths. Rational behavior is not programmed into their DNA, at least when it comes to overriding bad decisions that can lead to their demise.

Unfortunately, we see this behavior across the investing landscape. Rational behavior would instruct us to buy for a low price and then later to sell for a higher price. In reality, emotions mostly drive investors. Investors buy after they see so many others buying, often when prices are driven higher. And they sell when they observe so many others selling, often when there is bad economic news and prices are driven lower. Buying high and selling low is their reality, often driven by strong emotions and the need to follow others in justifying their decisions. Professional investors attribute this very human behavior to emotionally driven decision making – similar to lemmings.

The majority of private investing is no different. Rational behavior instructs fund managers we hire to buy low and later, to sell high. That would generally mean a fund manager buying companies reasonably by paying 7 times company cash flows, working to create value in those companies over a period of years, and then exiting their investments for higher outcomes. In reality, we observe many managers buying high, then hoping to create value so that they can sell higher, but as a result the risk of actually exiting at a loss emerges, especially on highly leveraged investments.

So why does this behavior occur in private investing? The answer starts with the fact that too many investors behave like lemmings. When a reputable pension fund like CalPers announces (as they did again in 2018) that they are doubling down on private investments with the goal of lifting their otherwise low single digit portfolio returns, most of the investment community notices and acts similarly. And when one examines the incentives of most institutions’ investment staff, who are not likely to be aligned with their beneficiaries, one notices perverse decision-making. The primary goal of many pension investors is to enhance their resumes and not get fired in the process. They begin to gain a false sense of security by relying on the largest brand name managers who do a fantastic job of marketing their branded funds to grow their ever-increasing billions in AUMs (2019 was a record year for fund raising and available cash on hand to invest).

In turn, these large funds grow larger, as do their largest competitors. These funds struggle to find inefficient opportunities in which to deploy their billions. They compete for almost every deal they fund. And they drive the purchase price multiples much too high, into the 11-13 times cash flows range and beyond. Yet these mega funds have to still deliver some sort of return that justifies the fees and illiquidity for which their investors sign up.

Value creation is difficult to implement in large companies over relatively short periods. And all too often, mega fund managers turn to the excessive use of leverage to enhance otherwise unworthy returns. In 2018 alone, roughly 15% of leveraged buy-outs used 7 times cash flows in leverage to artificially enhance their potential outcomes. This behavior may be fine in a low interest rate, non-recessionary environment, but downturns are unpredictable and interest rates do rise, making the risk of a bust very real. Even in normal economic times, Toys-R-Us type bankruptcies should be a wake up call to investors who commit to funds employing such risky behavior. Despite this observable fact pattern, many investors continue to send their billions to the mega funds, even during the late stages of our current economic cycle.

There is a better way to invest, even in this environment. Just say no to becoming a lemming investor. Don’t accept the unnecessary risk. Don’t follow the crowd off a cliff. Of the more than 8000 private managers, there are a fair number who invest appropriately and mitigate their risk. As discussed in my prior articles, do the work, ask the questions, seek alignment, and do your best to avoid truly unnecessary risk.

Column by Alex Gregory

Funds Society Publishes the Digital Version of its 2020 Asset Manager’s Guide NRI

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Screen Shot 2020-03-11 at 6 — . bit.ly/FundsSocietyAMGO2020USO

Funds Society presents the fourth edition of its Asset Manager’s Guide NRI, a comprehensive list of asset management firms offering UCITS investment solutions to investment professionals in the wealth management non resident industry.

Something relevant to note between this guide and its previous edition is the impressive movement of sales professionals from one company to another, a process that seems to never end.

At Funds Society, we believe that this, as well as the growing number of asset managers establishing offshore teams in the United States, reflects the good health of the non-resident investment market.

To help you keep track of all these changes, we’ve put together a list that includes information from nearly 60 international asset management firms doing business in the NRI market through their range of UCITS products, as well as their contact information.

In addition, we also include additional information on 17 of these firms that indicate their business proposal for the Americas region.

You can access the guide using this link.

Afores’ Growing Interest in Private Equity May Fuel the Arrival of Other International Managers in Mexico

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The Mexican Pension funds, known as AFOREs maintain investments in structured instruments (CKDs, CERPIs and structured debt) for 12.786 billion dollars, which are 5.9% of the assets under management (216.716 billion) at the end of January according to CONSAR’s numbers.

This figure means that the AFOREs have 89% of the issues of CKDs and CERPIs and the remaining 11% other entities participate as insurers and pension funds (not AFOREs), among others.

From a total of 10 AFOREs, the 5 AFOREs that maintain investments of more than 1 billion dollars concentrate 85% (10.786 billion) of the investments in CKDs, CERPIs and structures debt. These 5 AFOREs in order of importance are: AFORE XXI-Banorte (3.42 billion), Citibanamex (2.90 billion), Sura (1.85 billion), Profuturo (1.5 billion) and PensiónISSSTE (1.21 billion). These amounts only correspond to the money called, so if the committed money is considered, they increase almost double (+ 49%) at the end of January 2020.

Comparing the investments of the AFOREs of this table with respect to the PREQIN Special Report: The Private Equity Top 100 de febrero de 2017 (page 9), AFORE XXI-Banorte has to be in place 87. Although there is a difference of three years in the comparison since the PREQIN report is to 2017 and the investments that are taken from the AFOREs are to January 2020, it can be concluded that the investments of the largest AFOREs in local and global private capital place them in the top 100 of private equity investors.

Another interesting fact is that only 5 of the 100 largest private equity funds (pages 4 and 5) have been issuers of CERPIs as is the case of the Blackstone Group (place 2 in the PREQIN report), KKR (place 3), HarborVest Partners (place 14), Lexington Partners (place 17) and Partners Group (place 21) which presents the potential for other international issuers to arrive in Mexico.

In total there are 75 issuers of the 114 CKDs and 32 CERPIs. The most important issuer is Infraestructura México with 1.5 billion dollars of committed resources oriented to the infrastructure sector; followed by Credit Suisse with 3 CKDs from the sector related to mezanine debt and resources committed for 1.4 billion. In the third position is Mexico Infrastructure Partners with 4 CKDs and 2 CERPIs that add up to 1.3 billion dollars of committed resources oriented to the infrastructure sector.

When reviewing investments in CKDs and CERPIs of the last 10 years, the growing interest of AFOREs in investing in private equity can be seen in the graph. Although a decrease in the figures is observed in 2016, this is due to the fact that in the information that CONSAR reports from this year, it separated the investments in the Fibras (mexican REITs) from the structured ones (where since then only the CKDs, CERPIs and the structured debt).

Investments in the last three years in CKDs and CERPIs have been on average of 2.241 billion dollars per year, so expecting a growth of 2.000 billion in 2020 is conservative given the average growth of previous years. This expected growth could be more in CERPIs than in CKDs given the interest observed in them since 2018.

Column by Arturo Hanono

Alternative Investments: Disrupting The Industry

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Screen Shot 2020-03-09 at 8 — Courtesy photos. Miami Investment Forum

“We brought together the true disruptors of the financial industry to ask them to share their vision of the market,” said Claudio Izquierdo, Chief Operating Officer of Participant Capital, in his opening remarks at the Miami Investment Forum. This one-day closed event convened over 200 financial advisors, politicians, attorneys, real estate experts from the U.S., and Latin America at the PARAMOUNT Miami Worldcenter, the second largest development in the U.S.

“As Amazon and Airbnb disrupt the retail and hospitality industries, we disrupt the real estate investment field with our own products,” said Daniel Kodsi, CEO of Participant Capital and Royal Palm Companies, presenting his next ground-up debut – Legacy Hotel & Residences. The mixed-use tower, rising across the street from the PARAMOUNT Miami Worldcenter, is an excellent example of how one development consolidates all of the trends that are driving opportunities in real estate.”

Daniel Kodsi, a real estate veteran, believes, among the fundamental shifts, we will continue to see strong demand for mixed-use products and branded residences that provide the services and amenities of a full luxury hotel to residence users. The luxury market will continue to bring the younger affluent buyers to South Florida attracted by the state’s sunshine and lack of income tax. The healthcare sector is another gamechanger, moving its urgent care services and medical facilities out of the hospital closer to the residents. Legacy Hotel & Residences will be equipped with the city’s first-of-its-kind medical and wellness center, with digital diagnostic walls and doors, “herbal baristas,” IV solutions, hormonal balancing, and more.

The keynote speaker, former senator Jeff Flake, was impressed with significant transformations that are happening in Miami. He shared his view on the political landscape during the election year. Despite all the issues that we have, Jeff Flake said, “the U.S. is a center-right country and its tax and regulatory policy are conducive to business.” “It will continue whatever administration is in,” concluded Flake.

David G. Shapiro, co-chair of the tax, compensation, and employee benefits group of Saul Ewing Arnstein & Lehr LL, covered investments in opportunity zones and its capital gain taxation benefits. Emilio Veiga Gil, Executive VP of FlexFunds, presented case studies in asset securitization. Sergio Alvarez Mena, partner at Jones Day, brought legal perspectives on doing business in Latin America and the U.S.

The C-Suite panel was devoted to disruptive trends in the financial advisory model. While independent RIA’s models continue to rise and new emerging tools are flooding the financial market, Craig Gould, President of Wentworth Management Services, noted that when it comes to retaining top talents in the industry, this golden rule works best: “Do what you say, process business on-schedule, and provide payment on time. And your advisors will not have a reason to leave.”

After the presentations, Participant Capital welcomed guests to a cocktail reception on the 7th floor pool deck. That night, thousands of lights illuminated the PARAMOUNT Miami Worldcenter in recognition of the first Miami Investment Forum. Participant Capital has said that this event would come to the new locations this year. Stay tuned!

To watch the corporate 2020 forum video, follow this link.

Gonzalo Canelas Joins Bolton Global

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Screen Shot 2020-03-09 at 7 — Pixabay CC0 Public DomainPhoto: NextVoyage. Gonzálo Canelas se une a Bolton Global

Bolton Global Capital announced that Gonzalo Canelas has joined the firm. Canelas was formerly an advisor with Morgan Stanley in New York City where he advised client accounts worth more than $240 million. After initially working at Bolton’s branch in New York City, he will be moving to the firm’s office at the Four Seasons Tower in Miami later this year.

Canelas began his career at the Manhattan office of Morgan Stanley in 2010 where he remained for the past 10 years prior to joining Bolton. He services an ultra-high net worth clientele based in Latin America with a concentration in Bolivia. Over the past two and a half years, Bolton has recruited 8 financial advisors from Morgan Stanley in New York City collectively managing more than $1 billion in client assets.

Gonzalo is a graduate of Carnegie Mellon University with a double major in Economics and Industrial Management and holds an MBA from St. Joseph’s University.

Bolton Global Capital is a boutique firm focused on managing the wealth of high net worth individuals on a global basis. The firm specializes in converting top tier financial advisors from the major financial institutions to the independent business model by providing turnkey office space and a full suite of international wealth management capabilities. By transitioning to independence, financial advisors achieve higher compensation, greater ownership of their business and customized solutions to support their growth.

HMC Capital Signs Distribution Agreement with DoubleLine

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800px-Skyline_of_Los_Angeles,_Downtown_Los_Angeles,_California_13 — Wikimedia Commons. HMC Capital firma un acuerdo de distribución con DoubleLine

HMC Capital, a recognized financial advisory and investment firm, has signed a distribution agreement with DoubleLine Capital, a leading Los Angeles-headquartered investment management firm founded by Jeffrey Gundlach.

Following this agreement, HMC will distribute DoubleLine’s strategies, including the Shiller Enhanced CAPE investment strategy for institutional investors in Chile and Peru. The investment strategy is classified by research firm Morningstar as Large Cap Blend equity.

The DoubleLine Shiller Enhanced CAPE strategy seeks to outperform the S&P 500 index. The primary source of return is the portfolio’s exposure to the Shiller Barclays CAPE U.S. Core Sector Net ER USD Index NoC (CAPE Index), obtained through derivatives. A secondary source of return is achieved by actively investing the net assets in fixed income securities, which also collateralize the derivatives. Under the investment strategy’s “double-value proposition” net of costs, one dollar invested in the portfolio obtains one dollar exposure in the fixed income portfolio and one dollar of exposure to large-cap U.S. stocks via the CAPE index.

DoubleLine Capital and its related companies (“DoubleLine”) is an investment adviser registered under the Investment Advisers Act of 1940. DoubleLine and its related entities manage over 150 billion dollars in assets across all vehicles, including open-end mutual funds, collective investment trusts, closed-end funds, exchange-traded funds, hedge funds, variable annuities, UCITS and separate accounts.

The agreement with DoubleLine strengthens HMC Capital’s goal of representing leading fund managers in equities and fixed income globally, offering specialized investment opportunities to its clients.

“The DoubleLine Shiller Enhanced CAPE investment strategy has consistently outperformed the S&P 500 with its double-value enhancement proposition,” said Nicolás Fonseca, Head of Institutional Sales from HMC Capital. “DoubleLine is one of the top asset managers globally. We look forward to working with DoubleLine and are proud to represent and help expand the firm’s presence in Latin America.”

“It is important for us to have strong local representation in order to better serve our clients,” said Joel Peña, Head of Institutional and Intermediary Relations for DoubleLine in Latin America and the Caribbean. “We are therefore delighted to now have a strategic partnership with a firm like HMC Capital, a group of highly regarded professionals that have demonstrated a strong commitment to investors”.