forumul investitorilor individuali procesul investitional ...bvb.ro/info/forum/cristian popa - nn...
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Forumul Investitorilor Individuali
Procesul investitional pentru un investitor institutional
Cristian Popa
Director de Investitii, NN Asigurari de Viata
29/10/2016
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Agenda
• Cum investeste un investitor institutional
• Modele de evaluare
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Investeste in fundamente!
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Bottom-up (80%) dar si top-down (20%)
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Diversificare
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Focus pe termen mediu&lung! Benchmark&mandate based! Management activ Echipa dedicata Management al riscului Research in-house & brokeri
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Target: ALPHA!
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Sursa: NN Group
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Score Evaluation Allocation
++ most positive o/w +2%
+ positive o/w +0.5%
0 neutral 0% to +/- 0.5%
- negative u/w -0.5%
-- most negative u/w -2%
Score Evaluation ++ most positive
+ positive
0 neutral
- negative
-- most negative
Score card Security positioning
Sursa: NNIP, pozitionarea NN Romanian Equity Fund la 31sept2016
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Sursa: NNIP, rezultatele fondului NN Romanian Equity Fund
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Modele de evaluare
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Dividend Discount Model - Transelectrica
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Gordon Growth Model - BRD
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Residual Income model
OTP
EBS
MIL PKO
KOMB ING MBK BZW BHW
BRD
PZU
VIG
TLV
RBI
GNB
PEO
VIG
RBI
ALR
5,00
7,00
9,00
11,00
13,00
15,00
17,00
19,00
21,00
23,00
25,00
0,00 0,50 1,00 1,50 2,00 2,50 3,00 3,50
ROAE vs. P/B Regression
OTP EBS MIL PKO KOMB ING MBK BZW
BHW BRD Regress PZU VIG TLV RBI GNB
PEO VIG RBI ALR UQA
CHEAP
EXPENSIVE
Sursa: NN Asigurari de viata
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Discounted Cash Flow Model – Romgaz (1)
Source: Raiffeisen Bank
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Source: Raiffeisen Bank
Discounted Cash Flow Model – Romgaz (2)
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Peers Analysis (market based approach)
