Notas estructuradas

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Yale university endowment announced their returns for the fiscal year ended June 30. The fund returned 28% compared to 20.7% return for the S&P 500 Index.. This makes them the top performer in their class over the past two decades. Yale has demonstrated that asset class diversification works extremely well and has allocated 28% of the fund to Real Assets (Commodities, Timber, Property, etc.). Large US University endowment funds have been allocating more assets to alternative and commodity assets as a means of diversification and return enhancement. We were at a Wharton leadership conference last spring where the University of Pennsylvania head of endowments broke down how Penn was invested. 22% domestic stocks, 28% foreign stocks, and approximately 30% alternative investments..



This all fits in with our strategy of structured notes. In this environment structured notes that focus on commodities and currencies make the most sense. With commodities up over 9.5% this month alone, we think a structured note that strategically identifies the most active commodities coupled with a principal guarantee are the most attractive. According to the World Gold Council in India, the January to August imports of gold were up over 87% more than 1 year ago. International accounts are diversifying into commodities and non dollar assets at a record pace. Secondly, the US Dollar will continue to weaken. When we put our strategy piece out last week after the fed ease, we said the Dollar would decline as it has. We think the Dollar will continue to weaken versus the BRIIC countries (Brazil, Russia, India, Indonesia and China). Here again a strategy that couples these currencies with a principal guarantee make sense.



Accounts worldwide are using structured notes strategically to benefit from these trends. We can work with your clients to fit their specific outlooks… The trend is in place, it is now time to make money.