2010 presentation vgis

VANTAGE
GLOBAL INVESTMENT STRATEGIES
Global Research
Investment Strategies & Trade Execution
I t t St t i T d E ti
Structured Investments
FAHD RACHIDY
January 2010

VANTAGE CAPITAL MARKETS LLP
The Firm

 Independence

 Vantage Capital Markets (VCM) is an independent global voice and electronic interdealer
broker with offices in London, affiliated offices in Hong Kong and South Africa.

 Experience

 Under its former names, Vantage Derivatives Ltd and David Morgan Futures (DMF), VCM LLP
has operated since 1979.

 Integrity

 VCM LLP is dedicated to providing exceptional levels of professional inter-dealing brokerage
inter dealing
services to institutional clients. An experienced team ensures that VCM LLP delivers ready
access to equities, bonds, commodities and their relative derivative securities across a
multitude of markets.

Macroeconomic Research & Global Investment Strategies  Page 2

The Firm

 Confidentiality
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 Alongside our competitive presence, we offer the client peace of mind with regards to trade
anonymity. Complete segregation of business units within the partnership ensures that there
are no conflicts of interest
interest.

 Global coverage

 Independence, integrity and a solid business foundation are the fundamental principles that
give us the mobility to provide a comprehensive suite of services in a wide range of financial
products.

 FSA regulated
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 Vantage Capital Markets LLP is authorised and regulated by the Financial Services Authority.


The VGIS Platform

 Vantage Global Investment Strategies (VGIS)

Within VCM, a dedicated Hedge Fund platform whose main activities are:

 Macroeconomic Research and Financial Analysis,
 Trade Execution,
 Risk Hedging,
 Structured Investments for Hedge Funds.


VANTAGE GLOBAL INVESTMENT STRATEGIES

1.
1 Macroeconomic Research & Fundamental Analysis
2. Trade Execution
3.
3 Risk Hedging & Structured Investments
4. The Team

 Page 5

VGIS benefits
Macroeconomic Research & Fundamental Analysis 1/2
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 Committed to generating Alpha for Hedge Funds & Asset Managers.

 Global investment strategies and trading recommendations based on sound
macroeconomic research and financial analysis.
y

 Weekly publications on Stocks, Indices, Bonds, Option volatility. In-depth knowledge of capital
markets.
markets Research on merger arbitrage, event driven strategies
arbitrage strategies.

 Independent Research of the highest quality with access to up-to-the-minute information.

 Research and Investment strategies can be tailor-made to suit the client’s specific
investment profile.

 VGIS Portfolio Weekly Update: a track record of our trading recommendations available.


VGIS benefits
Macroeconomic Research & Fundamental Analysis 2/2
y

 Regular frequency publications: Daily Weekly and Quarterly which
Daily, Quarterly,
summarize the broader economic events and figures for the period and
make coherent interpretations on the impact of these on the economy.
Macroeconomic  Focused Topical Reports: ranging from ‘Flash Notes’ on market-moving
g g g
Research events to detailed thematic reports intended at achieving thought-
leadership.
 Quantitative Analysis: ranging from simple statistical data-analysis to fully-
fledged
fl d d econometric modelling culminating iin th
ti d lli l i ti thematic reports.
ti t

 Strong domain and execution expertise across equity sectors products
sectors, products,
regions and economies, gathering market intelligence to identify alpha.
 Based on our experience, we have models designed to deliver financial
Financial research. Based on Client requirements we execute the “heavy lifting” for
Research
R h the Client’s in-house team and enhanced screening of investment
opportunities.
 Experience in regions across North America and Europe.


VGIS benefits
Portfolio Focus

 Long/short model portfolio managed by VGIS in 2010
g p g y

Simulated performance by Youdevise LTD, the independent Alpha capture trading system
Data as of Jan. 12, 2010

 Performance since inception 4th January 2010 VGIS is outperforming the
MSCI World benchmark by
1.39% since inception


VGIS benefits
Portfolio Focus

Macroeconomic Research & Global Investment Strategies Data as of Jan. 12, 2010 Source : VGIS  Page 9

VGIS benefits
Portfolio Focus

 Long/short model portfolio managed by VGIS in 2009

Simulated performance by Youdevise LTD, the independent Alpha capture trading system
Data as of Jan. 31, 2009

 Performance since inception 11st May 2009, 59% hit ratio VGIS has outperformed the
MSCI Europe benchmark by
8.40%


VGIS benefits
Portfolio Focus

Macroeconomic Research & Global Investment Strategies Data as of Jan. 31, 2009 Source : VGIS  Page 11

VGIS benefits
Portfolio Focus

 Global model portfolio managed by VGIS in 2009: +16.24%

 2009 VGIS Global Portfolio Absolute Return in 2009 : +16.24%

Performance breakdown :

 2009 VGIS Macro Portfolio Absolute Return : +31.11%

 2009 VGIS Long/Short Equity Portfolio Absolute Return : +12.53%
 L/S Portfolio Performance Relative to MSCI Europe Benchmark : +8.40%

Datas as of oct. 29, 2009 Source : VGIS


VANTAGE GLOBAL INVESTMENT STRATEGIES (VGIS)

1.
2. Trade Execution
3.
4. The Team

 Page 13

VGIS benefits
Trade Execution 1/2

 VCM offers best execution, cross asset coverage, strong network

 Best trade execution :
– A single entry door to Equities, Bonds, Commodities and their relative derivative securities.
– Taking into account price, costs, speed, likelihood of execution and settlement, size…
– Large volumes traded
– No minimum trade volumes or trade frequency required,
– Electronic DMA via Fidessa trading platform.

 Leading broker on both Equity and Fixed Income options and future derivatives
(vanilla, exotic products, listed options, OTC):
– Ranked #2 on Dow Jones Eurostoxx50 (market share) and other European indices
– Leading market share on European single stocks


VGIS benefits
Trade Execution 2/2

 High standard trade execution & competitive rates

 VCM’s clearing and settlement relationships are with:
– Crédit Agricole Cheuvreux International Ltd
– Dresdner Bank AG (now Commerzbank AG)
– Fortis Bank Global Clearing NV
– Man Financial

 We do not run any proprietary trading desks in the company
company.

 No extra cash needed as we don’t ask for any deposits, keeping your leverage intact.

 We cover a large range of clients: from banks and financial institutions to top-end hedge funds.



1.
2. Trade Execution
3.
4. The Team

 Page 16

VGIS benefits
Risk Hedging & Structured Investments
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 Tailor-made solutions, Risk Management, Higher Returns
, g , g

 C ti innovative and varying payout profiles.
Creating i ti d i t fil

 For positions which cannot be hedged with standard cash or derivative securities, we can provide
tailor-made structured investment strategies according to our clients’ needs and utilising the
full range of derivative products.

 We assist in the management of risk and raise returns for complex portfolios.



1.
1 Macroeconomic Research & Fundamental Analysis and Event driven
2. Trade Execution
3.
4. The Team

 Page 18

VANTAGE GLOBAL INVESTMENT STRATEGIES (VGIS)
The Hedge Fund Sales Team
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Fahd Rachidy – Head of Hedge Fund Sales  Corporate Bonds
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Macro Strategist
- Mainly Western Europe countries
Senior Equity Index derivatives prop- trader at SOCIETE GENERALE and CALYON
-1 analyst, 3 brokers
Head of Macroeconomic research on monetary policy at the European Central Bank
(statistical division Banque de France)
Sciences Po Paris , Lecturer Applied Macroeconomics  Emerging Markets Bonds, sovereign and corporate
Bonds
MSc in Macroeconomics University Paris-I Sorbonne – MSc Ecole Centrale Paris
-Covering emerging markets: Russia, Central Europe, Turkey, Greece, Middle East
Equities: team of 14 people -1 analyst, 4 brokers

 ABS, CMBS, CDS, CLO, DLO
 Cash Equity Sales Force:
-Regions covered include UK & Ireland, France, Benelux, Germany, Scandinavia and Italy
-Pan European stocks coverage, Western and Central Europe from London office. Coverage of Asian & Australian investors via HK office.
-5 analysts 4 sales 1 sales trader 4 traders
analysts, sales, trader, -1 analyst, 5 brokers
1 analyst

Fixed Income: team of 19 people The Hedge Fund team

-The team tends to deal largely with real money investors
The investors.
 Sovereign Bonds -Our aim is to trade bonds and equities between end investors rather than using bank
dealing desks.
-Mainly Western Europe countries -Every member of the team has a minimum of 10 years in the market working for the big
-1 analyst, 3 brokers banks, and building client relationships at senior level

 And 85 inter-dealer brokers at VCM LLP: With a wealth of experience in cash and derivative execution (Equity, Fixed Income, Metals, in Europe, Asia, Emerging).



 Contact details
 Disclaimer

 Page 20

VGIS contact details

 For any enquiries, do not hesitate to contact us
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VANTAGE GLOBAL INVESTMENT STRATEGIES VANTAGE CAPITAL MARKETS
Hedge Fund Platform

 Fahd Rachidy  Roderick Wurfbain
Senior Partner Managing member
Head of Global Investment Strategies rwurfbain@vcmllp.com
frachidy@vcmllp.com +44 (0)20 3107 5005
+44 (0)20 3107 5373 +44 (0)75 0003 5010
+44 (0)75 0003 8515
 Robert Hampel
Capital Partner
rhampel@vcmllp.com
+44 (0)20 3107 5050
+44 (0)75 0003 5010


Vantage Capital Markets LLP
Research Note disclaimer

This material is intended for existing Professional Clients of Vantage Capital Markets LLP ("Vantage") as defined in the Financial Services Authority (FSA) Conduct of Business Sourcebook and other persons who are
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acknowledge that you are a Professional Client. Notwithstanding this you acknowledge that neither this research note, nor any subsequent discussions or communications connected with this research note, constitute
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investment advice, nor shall Vantage be responsible to you in this regard. This research note is not for distribution to retail clients as defined by the Financial Services Authority.
Where you are not an existing client of Vantage, Vantage will not be responsible to you for providing the client protections required by the FSA. Further, where you are not an existing client, this research note is being
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Other than disclosures relating to Vantage this research is based on current public information that we consider reliable but we do not represent it is accurate or complete, and it should not be relied on as such.
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NEITHER THIS RESEARCH NOTE NOR ANY COPY HEREOF MAY BE DISTRIBUTED IN ANY JURISDICTION OUTSIDE THE UK WHERE ITS DISTRIBUTION MAY BE RESTRICTED BY LAW. PERSONS WHO
RECEIVE THIS RESEARCH NOTE SHOULD MAKE THEMSELVES AWARE OF AND ADHERE TO ANY SUCH RESTRICTIONS.
In accordance with and subject to the provisions of Rule 15a-6 of the Securities Exchange Act 1934, Vantage has approved the distribution of this research to major institutional investors domiciled in the United States.
This research note is issued by Vantage Capital Markets LLP which is Authorised and Regulated by the FSA.
Vantage Capital Markets LLP, registered in England & Wales No. OC308882.
Registered Office: Equitable House, 47 King William Street, London EC4R 9AF.
A list of members’ names is available for inspection at our registered office.
members office
Authorised and regulated by the Financial Services Authority.

VCM LLP, Equitable House, 47 King William Street, London EC4R 9 AF United Kingdom www.vcmllp.com

2010 presentation vgis

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2010 presentation vgis