Introduction The assets of a charity must be used to meet its statutory functions and to generate prudential social investments that offer a stable return.

Presentazione sul tema: "Introduction The assets of a charity must be used to meet its statutory functions and to generate prudential social investments that offer a stable return."— Transcript della presentazione:

1 Introduction The assets of a charity must be used to meet its statutory functions and to generate prudential social investments that offer a stable return over time. Solutions for suitable investment are needed to develop an open approach to the market to ensure an adequate selection of various financial products offered

2 The market situation (October 2015) The demand for ethical finance has to deal with the level of market interest rates, now at historic lows. Base rate of the ECB (European Central Bank) is currently set at 0.05% This influences the returns offered by cash and bonds As an example, the yields offered by Italian government bonds are near zero for short-term maturities and offer under 2% for maturities to 10 years

3 Rating returns: the risk on long-dated bonds Currently a yield of 2% is attainable per year by investing in Italian government bonds up to 12 years, as the BTPs (treasury bills) This type of investment, however, exposes in the event of rising market rates to significant trading losses, which would absorb the offered performance

4 Yields and issuer’s risk Another road is to seek bonds that perform better of government bonds because the issuer has a lower credit rating These are often private enterprises and some banks that recently were subjected to supervisory measures Seeking a higher performance implies high risk capital related to issuer A recent recall of the Governor of the Bank of Italy must be reminded on the low perceived risk of possible banking crises in Italy that may involve depositors.

5 Balancing needs – It is therefore necessary to invest without taking risks about: Excessive duration of bonds Limited reliability of the issuer Insufficient liquidity of bonds

6 The good solutions 2 roads are open: 1.Insurance managed funds 2.Investments whose yield is compatible with Onlus requirements Insurance solutions offer returns 'higher, less risky’ on bond investments in the medium term Funds can be selected with capital guarantee and a guaranteed minimum income with absence of penalties for 50% of the capital invested.

7 Gestione separata Rend. 2014 Rend.minimo garantito Costi uscita per il 50% del capitale 500.000 euro Costi uscita primi 3 anni per i successivi Rend. 2014 Al netto di commissi oni di gestione Importo investimento Cr.Agricole3,27%1,00%zero0,04 mese2,27%1000000 Le gestioni separate offrono una serie di vantaggi : non pagano il bollo monti ;in questo caso offrono un rendimento minimo garantito;hanno un rendimento futuro non legato ai rendimenti correnti ma ai rendimenti storici. E’ la soluzione piu’ efficiente in termini di stabilita’ di rendimento nel tempo

8 Gestioni separate : alcune osservazioni La gestione separata, in quanto separata dal resto del patrimonio della societa’ protegge gli aderenti nel caso di liquidazione coatta amministrativa della compagnia assicurativa I titoli sono contabilizzati a costo storico. Il risultato della gestione e’ la somma di cedole,dividendi,plus minus valenze ed interessi sui conti bancari Se si osservano i risultati storici si capisce la diversa stabilita’ dei risultati rispetto ad un fondo obbligazionario che viene valutato ai prezzi di mercato

9 Investimenti a obiettivo di rendimento Esistono soluzioni che, in quanto legate alla capacita’ di gestione, puntano a rendimenti assoluti, salvaguardando il capitale.

10 Un investimento con obiettivo di rendimento piu’ elevato Esiste il comparto degli investimenti di arbitraggio che, pur mantenendo un profilo di rischio molto basso ha un obiettivo di rendimento piu’ elevato : 3%

11 Arbitraging The arbitraging process allows to gain on single operations that develop in succession on the market Arbitraging is an alternative solution for profiting from a pre-defined yield within a limited time horizon with no interest or credit risk The yield actually could near 3% net of management costs