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Fixed Income Strategy

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Macro is the key factor
for investment decisions

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Investments in bonds
and ETFs in US market

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Active management of duration
along the curve to hit target returns

Objectives and strategy

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Objectives

The strategy aims to generate the highest possible yields on bonds in the global markets using ETFs on bonds and other assets that also track macroeconomic conditions and trends.

Target return of 7-10% per annum in US dollars over a long time horizon.

Strategy

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Investment strategy

The strategy seeks to capture absolute income in debt markets — interest income and gains in asset value. Investments are made in bonds with different maturities with the use of ETFs, which enhance the yield of the debt portfolio and hedge against potential changes in the macroeconomic backdrop and global central bank policy.

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This product is suitable for

Target investor

Investors who are familiar with the debt market and believe, like our team does, that bonds can provide acceptable returns without increasing risk.

Objectives

The strategy aims to generate the highest possible yields on bonds in the global markets using ETFs on bonds and other assets that also track macroeconomic conditions and trends.

Target return of 7-10% per annum in US dollars over a long time horizon.

Strategy facts

Investment terms

Implementation Omnibus account
Broker Freedom Finance Global PLC (Kazakhstan)
Bank Bank Freedom Finance Kazakhstan JSC
Custodian Freedom Finance Global PLC (Kazakhstan)
Management company Movchan Management Ltd. (Kazakhstan), AFSA-A-LA-2021-0009
Basis Investment management agreement
Management fee 1%
Performance fee 10%
Dividends no
Minimum subscription USD 100,000 or equivalent
Subscription / withdrawals Daily / with notice of 5 working days
Account currency USD

Advantages

Strategy advantages

Managers’ experience arrow
Consistent record of growth arrow
Instrument that always performs arrow
Highly liquid portfolio arrow
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The managers have 30 years of successful experience in local and global markets in periods of both declining and rising interest rates, as well as during crises.
In 2005, the strategy for a portfolio of short-dated EM Eurobonds was implemented in a separate account. In 2016, having been fine-tuned, it became publicly available through the ARGO fund, launched on the platform of the global administrator Apex with the participation of UBS Group AG Zurich. In 2017, the strategy generated a highly competitive return of 8.8%, according to the audited results. In 2018, when Fed tightening weighed on prices across various asset classes, as well as the indexes that reflect them, and global funds reported losses at the year-end, our portfolio returned 2.3%.
In 2023, demand from investors led us to revive our debt-only portfolio: we know that it can work across all cycles, not only when rates are being lowered.
Investors can subscribe, invest more funds and withdraw at any time.

Why it's profitable

Structure advantages

Omnibus account model arrow
Segregated account model arrow
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An omnibus account is an account opened by a management company at a bank where funds of one or more individuals or legal entities are accumulated for the purpose of further investment as a single pool.
Another option is implementing the strategy in a separate account with IBKR or in the client's account with his/her broker or bank.

Risks

Risk Management

Currency risks arrow
Interest rate risks arrow
Liquidity risks arrow
Credit risks arrow
Counterparty risks arrow
Risks of concentration arrow
Operational risks arrow
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Description A sharp move in the exchange rate of currencies in which investments are made.

Risk management method The portfolio is denominated in US dollars and all investments are made in dollar assets in the US market.

Description A sharp change in interest rates because of central bank actions, accelerating inflation and/or depreciation of the national currency.

Risk management method We control not only the duration of the portfolio, but also the weight of each individual asset and its duration. Possible risks are monitored every day using publicly available macroeconomic statistics, which can indicate possible actions by the Fed regarding its monetary policy and shed light on the economic outlook, possible changes in fiscal policy and Treasury operations in the market.

Description An asset is unable to be sold quickly and at a price without incurring losses.

Risk management method The portfolio includes only highly liquid assets that are traded in the most capital-rich and liquid market.

Description A borrower fails to fulfill its obligations to creditors (default risk).

Risk management method The portfolio is formed exclusively from high-quality assets (government debt or bonds of corporate issuers with a high credit rating of above BBB). Moving forward, investments in bonds of issuers from other DMs or EMs are possible, but they will be made only after the issuers have proven their robustness and creditworthiness during a period of a strong dollar and high rates. To ensure this, a comprehensive credit analysis will be carried out.

Description A company that has entered into an agreement with you (bank, broker) cannot fulfill its obligations on time and in the due amount.

Risk management method We are constantly working to improve the agility of our infrastructure to reduce counterparty risk, increase the efficiency of our operations and reduce fee expenses. We monitor the news flow regarding our counterparties, periodically audit their credit reports and investigate other risks associated with them (reputational, licensing, political, etc.).

Description High concentration of a single asset; dependence on one counterparty, economic sector or country.

Risk management method The procedures developed over the years involve restrictions on the position limit for each issuer depending on its credit rating and liquidity in the secondary market. Decisions on adding an asset to the portfolio are made by the Investment Committee, and can be accompanied by additional conditions, such as an investment implementation period and stop-loss and take-profit levels. Even when approved by the Committee, a position is not opened for the full limit at once: the high volatility of the markets means the position will be built up gradually, giving time to confirm a hypothesis.

Description Improper or flawed internal processes, employee actions, systems or external events.

Risk management method We are constantly working to improve the agility of our infrastructure to reduce counterparty risk, increase the efficiency of our operations and reduce fee expenses. In addition, we are always fine-tuning our own procedures, looking for weaknesses and making the interaction of employees within the company as efficient as possible.

Alexander Ovchinnikov Senior Partner aovchinnikov@movchans.com
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  • One of the recognized Russian experts with more than 30 years of experience in the financial markets.
  • Since 1993, within the Central Bank of Russia Alexander participated in the creation and development of the Russian sovereign debt market. Then he headed the debt market analysis team of Troika Dialog.
  • Since 2000, he headed the analytical, and trade divisions, was engaged in asset management in the largest Russian and international banks.
  • In 2008 he rejoined Troika Dialog (after 2012 known as Sberbank-CIB). As a Vice-President, he led a project to modernize the Russian debt market.
  • He has a degree of the Financial Academy in international economic relations, a diploma from the Moscow Aviation Institute, diplomas from FRB NY and Carnegie Mellon University.
Pavel Shirochkin Financial analyst pshirochkin@movchans.com
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  • Contributes to building the ARGO investment portfolio. Specialises in credit analysis of companies, researching third party products and developing investment decisions.
  • Worked in financial compliance for companies in the FMCG industry and as a business valuation consultant in the corporate finance department of Deloitte.
  • Graduated from the Higher School of Economics, Department of Economic Sciences.
Zhansulu Mukhamejanova, ACCA Manager zmukhamejanova@movchans.com
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  • Specialist in financial consulting and audit with 10 years of experience.
  • In the past, she worked as an external auditor at Ernst & Young, worked with the largest state-owned companies, small and medium-sized businesses and government agencies in the field of audit and professional ACCA training; areas of specialisations: oil and gas industries, energy, and mining. As a financial advisor to medium-sized companies, provided regular reporting to management and shareholders.
  • Is a member of ACCA, a CFA II candidate and a certified specialist in AML.
  • Graduated from the University of Sydney with a bachelor's degree in economics and finance.
Dear friends!
Disclaimer

The materials and information provided herein are intended solely for qualified investors and are for analytical purposes only. The materials and the information provided herein do not constitute individual investment advice. The information provided is not a public offer, not an offer or an invitation to invest in the strategy, buy or sell securities of the strategy, or enter into any transactions that involve the strategy’s securities. Financial instruments discussed in the materials provided may be unsuitable for you, inappropriate for your investment profile, financial situation, investment experience, level of expertise, investment goals, attitude to risk and profitability. Determining whether a financial instrument is appropriate for your investment objectives, investment horizon and risk tolerance is the task and responsibility of the investor. Movchan’s Group is not investment advisor and bear no responsibility for possible losses incurred by the investor when investing in the financial instruments discussed in these materials. The information provided shall not be regarded as a guarantee or promise of future returns on investment. Past investment results do not determine future returns. The information provided is not an advertisement for securities or investments. Before making an investment decision, investors must independently assess the economic risks and rewards, tax and legal implications of investing and their willingness and ability to assume such risks; alternatively, investors must seek advice from their investment advisors. Movchan’s Group provides information services to the interested parties at their request information about the strategy. Investments in any fund or strategy are speculative and may not be considered a complete investment program. The information provided may not be interpreted as a guarantee or promise of future returns on investment, risk level or loss-free investment. The information in these materials is provided upon request only and must not be distributed or passed on to third parties.

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Privacy Policy

Last updated: 13.05.2022

1. Background

Movchan’s Group (“Movchan’s Group”, “we” or “us”) welcome you to our website and appreciate your interest in our products and services.

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As of 25 May 2018, the EU General Data Protection Regulation 2016/679 (GDPR) have taken effect for the protection of natural persons against the processing of personal data and the free circulation of such data. The New General Regulation shall replace the Directive 95/46/EU which was applied via law 138(I)/2001. As of 25 May, 2018 the said law shall be considered as abolished.

Our role includes the obligation to secure that, personal data of yours and of any third parties such as employees, contractors, clients, principals and other individuals and contracting parties related to you, which has come or may come into our possession and which may also contain sensitive data, is processed in accordance with relevant Regulation and/or other laws in force.

2. Information about us

This website www.movchans.com, is owned and operated by Movchan Management Ltd., a private company of the Astana International Financial Center under the identification number 210140900043 in accordance with the Constitutional Law of the Republic of Kazakhstan “on the Astana International Financial Center”, whose registered address is AIFC 55/16 Mangilik El Ave., block C3.1, office 323, Z05T3F2, Nur-Sultan.

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We make every effort to take appropriate technical and organizational security measures to ensure that your personal data protected against unauthorized access, misuse, loss and/or destruction.

Our employees and the service providers commissioned by us are bound by professional secrecy and must comply with all data protection provisions.

Additionally, access to personal data is restricted to only those employees, contractors and third parties who require this access in order to assure the purpose of data processing and the provision of products and services.

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Notwithstanding the security measures that we take, it is important to remember that the transmission of data via the internet may not be completely secure and that you are advised to take suitable precautions when transmitting to us data via the internet.

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9. Data subject rights

According to applicable data protection laws and regulations, you may have the following rights:

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You also have a right of appeal (as far as this affects you) to the respective Data Protection Supervisory Authority.

As a data subject you may address any concern of yours on a matter relating to your data protection rights to the company’s Data Protection Officer below.

Data Protection Officer (DPO): Zhadra Abdullina (zabdullina@movchans.com).

10. Do we share your data?

We may share your data within companies in our group.

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The financial products mentioned on this site are not suitable for all investors. Prior to making investment decisions investors should conduct a thorough investigation and obtain all necessary professional advice for all issues, including your eligibility to make such investment in terms of the applicable law.

Nothing on this site constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate for individual circumstances, or otherwise constitutes a personal recommendation for any specific in­vestor. We recommend that investors independently assess, with a professional advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences.

3. Local legal restrictions

The Content is not intended for use by or distribution to any individual or legal entity in any jurisdiction or country where such distribution, publication or use would be contrary to the law or regulatory provisions or in which Movchan’s Group companies does not hold the necessary registration or license. Individuals or legal entities in respect of whom such prohibitions apply, whether on grounds of their nationality, their place of residence or on other grounds, must not access or use the site.

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The information and opinions in the website are descriptive of Movchan’s Group as a whole and the products and services described may not be available to or suitable for all investors. The fact that a user accesses the Site does not make him a client of Movchan’s Group.

Any expressions of opinion, estimates and projections on the website are those of the authors at the date of writing. They do not necessarily reflect the view of Movchan’s Group and are subject to change at any time without prior warning. Movchan’s Group and its contractual partners may discontinue, or make changes in, the information, data and documents, and the products or services described herein, at any time without prior notice. Any information marked with a date is published as of this date only and no obligation or responsibility is undertaken to update or amend any such information.

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7. Performance

The past is not an indication of the future performance of an investment. The value of investments may be subject to fluctuations and investors may not get back the amount invested. Changes in rates of foreign exchange may also cause the value of investments to go up or down.

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Links to third-party websites on this website are provided solely for your convenience as pointers to information on topics that may be useful to users of this website. Movchan’s Group has no control over the content on such third-party websites. Activating some links to third-party websites on this website may cause you to leave this website. No warranties or liability concerning the content of such websites are made, including assurances that it is correct, accurate, complete, true, up-to-date or fit for any particular purpose. Nor does Movchan’s Group warrant that such website or content is free from any claims of copyright or trademark or other infringement of the rights of third parties or that such site or content is free of viruses or other harmful components. No guarantee as to the authenticity of documents on the Internet is given.

Using links to third-party websites provided on this Site is at your sole discretion and at your own risk.

Please note that third-party websites are not subject to Movchan’s Group data protection policy and Movchan’s Group is not responsible for the policies they apply with regard to collection and treatment of your personal data. We recommend that you carefully read the terms of use and data protection policies governing the third-party website before using it in order to check how it protects your personal data and privacy.

9. Data processing

For information on the kind of data collected, the purpose for which it is collected, how it is processed, to whom it may be disclosed and the security measures that have been put in place to protect it, please consult the Movchan’s Group Data Privacy Policy.

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Managers’ experience The managers have 30 years of successful experience in local and global markets in periods of both declining and rising interest rates, as well as during crises.
Consistent record of growth In 2005, the strategy for a portfolio of short-dated EM Eurobonds was implemented in a separate account. In 2016, having been fine-tuned, it became publicly available through the ARGO fund, launched on the platform of the global administrator Apex with the participation of UBS Group AG Zurich. In 2017, the strategy generated a highly competitive return of 8.8%, according to the audited results. In 2018, when Fed tightening weighed on prices across various asset classes, as well as the indexes that reflect them, and global funds reported losses at the year-end, our portfolio returned 2.3%.
Instrument that always performs In 2023, demand from investors led us to revive our debt-only portfolio: we know that it can work across all cycles, not only when rates are being lowered.
Highly liquid portfolio Investors can subscribe, invest more funds and withdraw at any time.
Omnibus account model An omnibus account is an account opened by a management company at a bank where funds of one or more individuals or legal entities are accumulated for the purpose of further investment as a single pool.
Segregated account model Another option is implementing the strategy in a separate account with IBKR or in the client's account with his/her broker or bank.
Currency risks A sharp move in the exchange rate of currencies in which investments are made.
Interest rate risks A sharp change in interest rates because of central bank actions, accelerating inflation and/or depreciation of the national currency.
Liquidity risks An asset is unable to be sold quickly and at a price without incurring losses.
Credit risks A borrower fails to fulfill its obligations to creditors (default risk).
Counterparty risks A company that has entered into an agreement with you (bank, broker) cannot fulfill its obligations on time and in the due amount.
Risks of concentration High concentration of a single asset; dependence on one counterparty, economic sector or country.
Operational risks Improper or flawed internal processes, employee actions, systems or external events.
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