ING Asian Debt Strategy - Roy Scheepe ING Investment Management Asia Pacific (Singapore) Limited
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ING Asian Debt Strategy
Roy Scheepe
ING Investment Management Asia Pacific (Singapore) Limited
Wiesbaden, June 2012
For professional investors use only and not for use in public
For professional investors use only and not for use in public 0 ING Asian Debt Strategy
Why Asian Debt? Solid fundamentals Long-term appreciation potential of Asian currencies Attractive valuations of Asian bonds vis-à-vis global counterparts Diversification benefits Steady growth of asset class Dedicated investor base Favorable risk-reward profile For professional investors use only and not for use in public 1 ING Asian Debt Strategy
“The Asian century”
Asia’s share of global GDP – 1700-2050 Global population
70 1.4
60 1.2
50 1.0
% of global GDP
40 0.8
Bln
30 0.6
20 0.4
10 0.2
0 0.0
1700 1870 1950 1980 2010 2030 2050 China India Other US Japan Germany UK
Asia
Source: Asian Development Bank (Asia 2050: Realizing the Asian Century, August 2011), Maddison (1700-1950) (2007), Centennial Group International (1951-2050) (2011).
Data for 1750-1790 are PPP and data for 1991-2050 are in market prices.
Asia accounts for 60% of the world’s population
Asian Development Bank: “Asia to account for over 50% of global GDP by 2050.”
Goldman Sachs estimates that, by 2050, the Chinese GDP will exceed US GDP by 50%
and that Indian GDP will exceed Euro Area GDP.
For professional investors use only and not for use in public 2 ING Asian Debt StrategyAsia vs other EM: better fiscal dynamics, lower inflation
Inflation Public debt as % GDP
8% 60%
6% 50%
40%
5%
30% Source: Credit Suisse (EM
3% Quarterly, January 2012)
20% Aggregates for regions are
weighted by 2010 nominal GDP
2% ($bn) figures. Asia doesn't
10%
include Japan.
0% 0%
Asia EMEA LatAm Asia EMEA LatAm
2009 2010 2011E 2012F 2013F 2009 2010 2011E 2012F 2013F
Current account surplus/deficit
20
2011 2012E
15
10
% of GDP
5
0
-5
-10
ico
y
In a
M a
N ai a
St pt
m
H an
lia
e
st l
do d
Po ka
Ire ry
Z e ain
Vi ia*
Th any
G al
na
ilip rea
n
nd
R ng
g s
iL d
es
M ore
Au zi
ro a
s
G sia
ut It al
ric
e
si
ec
In lan
on d
wa
Eu esi
ne
Sr lan
te Egy
ga
g
na
a
Ar
ra
ex
p
an
la
Ko
at
d
ay
H rlan
hi
ew Sp
rtu
Af
Br
Ph Ko
us
p
m
Ja
re
pi
ai
et
un
C
n
a
a
al
er
h
T
ng
he
d
Si
et
So
ni
N
U
Source: CEIC, Haver, CIRA, Citigroup, March 2012
* India current account based on March data (fiscal year end)
For professional investors use only and not for use in public 3 ING Asian Debt StrategySovereigns debt levels and trend
Asia-Pacific sov. debt/GDP US & Europe sov. debt/GDP
% of GDP % of GDP
Source: Moody’s Investor Service, Asia-Pacific Sovereigns in 2012 and Beyond, February 2012
Asian (ex-Japan) sovereign debt ratios are in good shape relative to their
developed-market peers
ForAsian
ING professional
Debt investors use only and not for use in public 4 ING Asian Debt StrategyPrimary Asian Debt strategies
Asian Debt Hard Currency Asian Debt Local Currency
Credit risk dominant FX and interest rate risk dominant
Asia risk remuneration in form of credit Direct link to domestic macro cycle
spread Mainly government debt: corporate debt
Increasingly a corporate asset class markets still developing
Hard-currency sovereigns LC Money
Local-currency government
and corporates Market bonds
Dedicated track record since 1996 Dedicated track record since 2008
Co-manage global LC EMD strategy
since 1998
For professional investors use only and not for use in public 5 ING Asian Debt StrategyGrowth of Asian bond market
Asia ex-Japan has grown to become world’s 4th Daily
largest bond market Country Bid/Ask Turnover
(US$bn)
8.0 China 3 4.0
Foreign CCY Hong Kong 2-3 12.0*
7.0
Local CCY India 1-2 3.1
6.0 Indonesia 5-10 0.5
Korea 1-2 8.9
5.0
Malaysia 2-4 0.7
USD, trn
4.0 Philippines 5-15 0.3
Singapore 2-3 1.6
3.0
Taiwan 0.5-2 1.5
2.0 Thailand 3-6 0.1
1.0 Australia 1 3.8
New Zealand 2 0.5
0.0
Russia 10-13 0.3
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
(Sep) Brazil 1-4 2.1
Mexico 2 1.4
Sources: ING Investment Management; BIS, ADB, HSBC; and, Bloomberg L.P. Local-currency Daily Turnover * Excludes bills
translated to USD based on 31 March 2012 FX rates from Bloomberg.
For professional investors use only and not for use in public 6 ING Asian Debt StrategyAsia: Ratings trend – Foreign currency ratings
Investment grade
10
Aaa
Singapore While developed-
9.5
Aa1
9
Aa2 HK market sovereign
8.5
Aa3
8
A1 China issuers face
7.5
A2
7
A3 Taiwan significant
6.5
Baa1
6
Baa2 Malaysia challenges as
5.5
Baa3
5
Ba1 Korea reflected by
4.5
Ba2 Thailand
4
Ba3 downgrades, the
3.5
B1 India
3
B2 rating trend for
2.5
B3 Indonesia
2 Asian sovereign
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Apr-12 issuers continues to
develop positively.
High yield
Baa3
5.5
Ba1
5
Philippines
4.5
Ba2
4
Ba3 Sri Lanka
3.5
B1
Vietnam
3
B2
2.5
B3 Pakistan
2
Caa1
1.5
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Apr-12
Source: Moody’s Foreign Currency Ratings as of 30 April 2012
For professional investors use only and not for use in public 7 ING Asian Debt StrategyAsia: Ratings trend – Local currency ratings
Investment grade
Aaa
10 Singapore
9.5
Aa1
Aa2
9 HK
8.5
Aa3
8
A1 China
7.5
A2
7
A3 Taiwan
6.5
Baa1
6
Baa2 Malaysia
5.5
Baa3
5
Ba1 Korea
4.5
Ba2
4
Ba3 Thailand
3.5
B1
3
B2 India
2.5
B3
2 Indonesia
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Apr-12
High yield
Baa3
5.5
Ba1
5
Philippines
4.5
Ba2
4
Ba3 Sri Lanka
3.5
B1
Vietnam
3
B2
2.5
B3 Pakistan
2
Caa1
1.5
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Apr-12
Source: Data based on Moody’s, data as of 30 April 2012.
Note: No local-currency debt rating from Moody’s for Sri Lanka, S&P rating used in lieu thereof.
For professional investors use only and not for use in public 8 ING Asian Debt StrategyAsian Debt: complementary to global EMD
JPM EMBI Global Diversified: Small Asian weight
Middle East
4.7%
Sri Lanka
Latin Africa China
4.8% Vietnam
39.1% 12.9%
6.0% 3.6%
Pakistan
1.9%
Malaysia
13.1%
Asia
18.7%
Philippines
32.7%
Indonesia
31.1%
Europe
31.6%
Source: JPMorgan, as of 30 April 2012.
Most of Asia solid investment grade: Hong Kong, Singapore, South Korea and Taiwan not ‘emerging’,
Malaysia soon to follow. No corporate debt in JPM Emerging Market Bond Index.
For professional investors use only and not for use in public 9 ING Asian Debt StrategyAsian HC Bonds: JPMorgan Asia Credit Index
Duration: 5.49 years Outstanding issues: 458
Yield: 4.96% Outstanding issuers: 214
Market Cap: $313bn Average Rating: Baa3/BBB-#
Country Sector Rating
Others Utilities NR AAA
India B
2% Oil & Gas 4% 4% 2% AA
8% 5% 6%
Korea Media & 5% Sovereign
22% Telecom 22%
China
3%
13%
BB
20%
A
Industrials 36%
Philippines 26%
Hong Kong
13%
16%
Thailand
Quasi-Sov
2%
21% BBB
Malaysia Singapore
Indonesia Financials 27%
4% 7%
13% 19%
Source: JPMorgan as of 31 March 2011.
# The average rating of the Fund is determined by calculating the portfolio’s weighted average security rating factors. Security rating factors are based on the
security’s Moody’s rating or, if not available, the security’s S&P rating.
For professional investors use only and not for use in public 10 ING Asian Debt StrategyAsian LC Bonds: HSBC Asia Local Bond Index
HSBC Asia Local Bond Index
Duration: 5.36 years Outstanding issues: 919
Yield: 3.77% Outstanding issuers: 230
Market Cap: US$1,256bn Average Rating#: Baa2 / BBB
Country Sector Rating
China Financial Utilities Not Rated
India AAA
11% 7% 2% Consumer BB 5%
6%
Philippines 1% 18%
5%
5% Hong Kong Industrial
13% 2%
Indonesia
13%
BBB AA
Malaysia 27% 15%
10%
Thailand
8%
Korea
Singapore 16% A
Taiw an Government
15% 30%
3% 88%
Source: HSBC Asian Local Bond Index as of 31 January 2012
# The average rating of the Fund is determined by 1) average of the three or, if not available, 2) the lower rating of the available two rating agencies or 3) the ratings of the sole
agency that is providing the rating for security. If they do not fall in the above options, they will be classified as not rated.
For professional investors use only and not for use in public 11 ING Asian Debt StrategyAsian Debt: 5 year historical returns and volatility
Asset Category Return Risk Return per Risk
Asia USD Bonds 7.46% 9.77% 0.76
US Treasuries 6.38% 5.26% 1.21
sov. debt
European Govt Bonds 4.74% 4.35% 1.09
UK Gilts 7.83% 6.45% 1.21
Global EM Debt 8.25% 10.85% 0.76
Asian LC Bonds 6.73% 8.10% 0.83
Asian IG Corp 6.60% 9.14% 0.72
equities corporate debt
Asian HY Corp 8.49% 21.00% 0.40
US IG Corp 6.94% 7.47% 0.93
US HY Corp 8.10% 14.28% 0.57
European IG Corp (Unhedged) 4.44% 4.88% 0.91
European HY Corp (Unhedged) 8.18% 16.90% 0.48
World Equities -0.13% 20.71% -0.01
EM Equities 2.37% 22.33% 0.11
Asian Equities 5.62% 28.50% 0.20
European Equities -6.51% 18.22% -0.36
Source: JPMorgan, HSBC, Barclays
Based on annualized USD monthly returns for 5 years as of 31 March 2012, monthly returns are based on local currency returns of the various
asset classes.
Asian Debt has provided investors with relatively high returns
In times of financial market stress, Asian Debt market volatility has been
relatively high due to the relatively illiquid nature its corporate segment
Relative inefficiency of Asian Debt market (under-researched) provides
opportunity for alpha generation
For professional investors use only and not for use in public 12 ING Asian Debt StrategyCorrelation of Asian Debt with other asset classes
Asian USD Asian LC Asian USD Asian USD
Asset Category Bonds Bonds IG Corp HY Corp
US Treasuries 0.14 0.19 0.19 -0.13
sov. debt
European Govt Bonds 0.11 0.15 0.14 -0.07
UK Gilts 0.13 0.18 0.14 -0.10
Global EM Debt 0.97 0.66 0.93 0.90
Asian LC Bonds 0.59 1.00 0.50 0.54
US IG Corp 0.80 0.59 0.82 0.70
corporate
debt
US HY Corp 0.74 0.56 0.68 0.81
European IG Corp (Unhedged) 0.64 0.48 0.63 0.66
European HY Corp (Unhedged) 0.65 0.33 0.62 0.78
World Equities 0.66 0.62 0.59 0.74
equities
EM Equities 0.68 0.57 0.61 0.78
Asian Equities 0.68 0.68 0.60 0.77
European Equities 0.57 0.49 0.50 0.67
Source: Barclays, HSBC, JP Morgan
Based on annualized USD monthly returns for 5 years as of 31 March 2012. Monthly returns are based on local currency returns of the various
asset classes.
Inclusion of Asian Debt aids diversification
For professional investors use only and not for use in public 13 ING Asian Debt StrategyAsian vs Global government bond yields
Attractive yield pick up
7
6
5
4
Yield (%)
3
2
1
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
HSBC Asian Local Bond Index
Citi World Government Bond Index
Source: Bloomberg. As of 31 March 2012.
For professional investors use only and not for use in public 14 ING Asian Debt StrategyAsia debt: attractive risk adjusted returns
Asia HC debt vs. Asia equity Asia LC debt vs. Asia equity
250 250
200 200
150 150
100 100
50 50
- 0
May-05
May-10
Mar-01
Nov-02
Mar-06
Nov-07
Mar-11
Jan-02
Sep-03
Jul-04
Jan-07
Sep-08
Jul-09
Jan-12
Nov-99
Nov-00
Nov-01
Nov-02
Nov-03
Nov-04
Nov-05
Nov-06
Nov-07
Nov-08
Nov-09
Nov-10
Nov-11
JP Morgan Asia Credit Index HSBC Asia Local Bond Index
MSCI Asia ex-Japan Index MSCI Asia ex-Japan Index
Note: JP Morgan Asia Credit Index and MSCI Asia ex-Japan Index reset at 100 as Note: HSBC Asia Local Bond Index and MSCI Asia ex-Japan reset at 100 as
per 30 Nov, 1999 per 30 Mar, 2001
Source: Bloomberg, HSBC, JP Morgan, data expressed as of 31 March 2012.
For professional investors use only and not for use in public 15 ING Asian Debt StrategyExpertise in Asian Debt among a broad range of strategies
Hard Currency (HC) Debt Local Currency (LC) Debt
EMD L
Asia HC EMD HC Global HY Asia LB EMD LC
Bond
Asia Exposure Asia Exposure Asia Exposure Asia Exposure Asia Exposure Asia Exposure
100% +/-15% +/- 5% 100% +/- 25% +/- 30%
Benchmark Benchmark Benchmark Benchmark Benchmark Benchmark
JPM Asia Credit JPM Emerging BarCap Composite HSBC Asian Local JPM Emerging JPM Global Bond
Index (JACI) Markets Bond Index U.S. / Europe High Bond Index (ALBI) Local Markets Index Index - Emerging
– Global Div Yield Index Plus (ELMI+) Markets
(EMBI GD) (GBI EM GD)
Total assets managed by the Asian Debt Team is USD 4.9 bln as of 31 March 2012
For professional investors use only and not for use in public 16 ING Asian Debt StrategyING Investment Management Asian Fixed Income Team
Desmond Lim Wee Lee Cheng
Portfolio Assistant Sr. Credit Analyst
Rob Drijkoningen Clement Chong
Co-head, Sr. Credit Analyst
Emerging Market Debt
Joep Huntjens Prashant Singh, CFA
Sr. Investment Sr. Investment Sean Jutahkiti, CFA
Manager Manager
Economist Sr. Credit Analyst
(Hard Currency) (Local Currency)
(in Progress)
Michael Reyes, CFA
Investment Manager
(HC Sov, Primary Trader )
Yuan Xing Pek, CFA
Credit Analyst
Peter Sengelmann, CFA
Client Portfolio Manager
As of 30 April 2012
For professional investors use only and not for use in public 17 ING Asian Debt StrategyIntegration with EMD teams and Credit teams in other regions
Asia (Singapore) Europe (The Hague) Americas (Atlanta)
Em. Markets
Rates & FX Asia Focus EMEA Focus LatAm Focus
Sovereign,
Focus
Prashant Singh Head of Global EMD 3 Portfolio Managers
Michael Reyes 1 Strategist 1 Credit Analyst
Economist (Vacancy) 3 Portfolio Managers
Inv. Grade
Asia Focus Europe Focus US Focus
Corporate Credit Focus
4 Portfolio Managers 6 Portfolio Managers
5 Credit Analysts 6 Credit Analysts
Joep Huntjens
Wee Lee Cheng
Sean Jutahkiti Europe Focus US Focus
High Yield
Clement Chong
Yuan Xing Pek
Head of Global HY 2 Portfolio Managers
1 Portfolio Manager 5 Credit Analysts
3 Credit Analysts
ING IM Asian Debt Team
For professional investors use only and not for use in public 18 ING Asian Debt StrategyING (L) Renta Fund Asian Debt (Hard Currency)
Characteristics
Objectives
Investment objective : Outperform the JP Morgan Asia Credit Composite Index over a 3 year period, with a target information ratio of 0.5
Benchmark : JP Morgan Asia Credit Composite Index
Target tracking error : 1% to 3%
Other characteristics
Debt instruments denominated mainly in USD, issued by issuers from Asian countries, such as China, Hong
Investment universe :
Kong, India, Indonesia, Malaysia, South Korea, Philippines, Singapore, Taiwan and Thailand.
Investment style : Multi-alpha, fundamental, bottom-up driven
Up to 1/3rd of the portfolio can be invested in debt issued in Asian currencies (off-benchmark), Yen or Euro.
Currency exposure :
Currency risk is actively managed.
Single holding exposure : Maximum single holding 10%
Total assets approx USD 541m (as of 31 March 2012)
Assets under management :
Mutual fund assets USD 158.50m (as of 30 April 2012)
Effective yield : 4.93% (as of 30 April 2012)
Weighted average duration : 5.01 (as of 30 April 2012)
• Attractive risk - return characteristics for Asian debt market
• Diversification benefits
Benefits :
• International investors underinvested, although this may not change soon
• Capitalise on Asian debt market inefficiencies via multi-alpha strategy
For illustration purposes only and the information is not an indicator of future performance.
For professional investors use only and not for use in public 19 ING Asian Debt StrategyStrong track record in Asian Debt (Hard Currency)
Performance (%)
As of 30 April 2012
Rolling Annualized
3 Months 6 Months 1 Year 3 Years 5 Years 10 Years
ING (L) Renta Fund Asian Debt (Hard Currency) 3.27 5.12 7.15 16.64 9.07 9.16
– P Cap
JP Morgan Asia Credit Composite Index* 3.06 5.02 7.00 12.25 7.55 7.71
Value Added 0.21 0.10 0.15 4.39 1.52 1.45
Source: ING Investment Management Europe. Gross performance in USD with dividend reinvested. All data are expressed as of 30 April 2012.
*Benchmark of this strategy changed from JP Morgan EMBI Global Diversified – Asia to JPMorgan Asia Credit Index (JACI) - Sovereign & Quasi-sovereign on March 1, 2004.
On June 1, 2005, benchmark changed from JACI - Sovereign & Quasi sovereign to JPMorgan Asia Credit Composite Index, representing a better diversified index with less
concentration to individual issuers such as the Philippines government. The benchmark is using gross series in USD.
Performance quoted above is historical and does not guarantee future results.
Star ratings & recent awards - ING (L) Renta Fund Asian Debt (Hard Currency)
1Overall Morningstar Rating™
2 Best Bond Asia Pacific Fund 3 Best Bond Asia Pacific Fund 4 Best-in-Class Fund for the
5 Winnerof AsianInvestor 2012
Investment Performance
1 3-year Morningstar Rating™ over 3 & 5 years over 3 & 10 years Asia Bond category Awards - Hard currency
Category
1 © 2012 Morningstar, Inc. All right reserved Morningstar RatingTM as of 30 April 2012.
2 Lipper Fund Awards 2012 Hong Kong reflect fund’s performance as at 31 December 2011.
3 Lipper Fund Awards 2012 Singapore reflect fund’s performance as at 31 December 2011.
4 Benchmark 100 Funds of the Year 2011 is based on the performance as of 31 December 2011.
5 AsianInvestor 2012 Investment Performance Awards is based on the performance as of 31 December 2011.
For professional investors use only and not for use in public 20 ING Asian Debt StrategyING Asian Debt Local Bond Strategy
Typical characteristics
Objectives
Investment objective : Outperform the HSBC’s Asian Local Bond Index over a 3 year period, with a target information ratio of 0.5
Benchmark : HSBC’s Asian Local Bond Index (ALBI) ex China, India
Target tracking error : 1% to 3%
Other characteristics
Debt instruments denominated in local currency, issued by issuers from Asian countries, such as China, Hong
Investment universe :
Kong, India, Indonesia, Malaysia, South Korea, Philippines, Singapore, Taiwan and Thailand
Investment style : Multi-alpha, fundamental, bottom-up driven
Benchmark currencies + USD (max 10%);
Currency exposure :
Max. 10% deviation per currency from benchmark weight
Single holding exposure : Maximum single holding 10%
Total assets approx. USD 1.2bn (as of 31 March 2012)
Assets under management* :
Mutual fund assets USD 83m (as of 30 April 2012)
* Dedicated Asian Debt LC funds.
Source ING IM Asia Pacific
For illustration purposes only and the information is not an indicator of future performance.
For professional investors use only and not for use in public 21 ING Asian Debt StrategyAsian Debt Local Bond Mandate
Performance (%)
As of 31 March 2012
Rolling
Annualised
1 Month 3 Months 6 Months 1 Year 3 Years
ING Asian Debt Local Bond Strategy -1.80 2.70 5.58 6.60 13.78
HSBC ALBI (customized)* -1.88 2.49 4.98 6.56 12.06
Value Added 0.08 0.21 0.60 0.04 1.72
Source: ING Investment Management Asia Pacific, Performance Measurement. Gross performance in USD with dividend reinvested. All data are expressed
as of 31 March 2012.
Inception date: 14 May 2008.
*The benchmark is customized based on the HSBC Asian Local Bond Index, and is displayed using gross series in USD.
Note: ING IM has extensive experience in managing Asian debt local currency as an integrated part of our Global Emerging Market Local Currency (EMD LC)
strategies, and has been running institutional mandates dedicated to Asian local currency debt since mid-2008. The performance shown is for reference only
and is the not the track record of a fund. Different fee structures and charges will apply to the ING (L) Renta Fund Asian Debt (Local Bond) fund (the “Fund”).
The performance shown does not indicate how the Fund will perform. The Fund has a broader investment universe and a broader corresponding customized
benchmark.
Performance quoted above is historical and does not guarantee future results.
For professional investors use only and not for use in public 22 ING Asian Debt StrategySummary ING Asian Debt Strategy
Clear and proven investment philosophy
Large and experienced specialist team based in Asia (Singapore)
Strong track record (both absolute and relative)
Favourable balance of moderate risk and attractive returns
Availability via Luxembourg based Funds (UCITS) with daily trading and various share
classes (hedged/ unhedged)
For professional investors use only and not for use in public 23 ING Asian Debt StrategyAnsprechpartner
- Niederlassung Deutschland -
Westhafenplatz 1
60327 Frankfurt
Web: www.ingim.de
Susanne Hellmann Michael Schrinner
Managing Director Senior Sales Director Institutionals
Tel.: +49 69 / 50 95 49 – 21 Tel.: +49 69 / 50 95 49 – 13
Fax: +49 69 / 50 95 49 – 30 Fax: +49 69 / 50 95 49 – 31
Email: susanne.hellmann@ingim.com Email: michael.schrinner@ingim.com
For professional investors use only and not for use in public 24 ING Asian Debt StrategyRechtliche Hinweise Die in dieser Publikation enthaltenen Informationen dienen ausschließlich informativen Zwecken und stellen auf keinen Fall ein Angebot, insbesondere einen Prospekt oder eine Aufforderung zum Handel, Kauf oder Verkauf von Wertpapieren, bzw. zur Teilnahme an einer Handelsstrategie, dar. Diese Publikation ist ausschließlich für professionelle Anleger bestimmt. Obwohl der Inhalt dieser Publikation mit großer Sorgfalt zusammengestellt wurde, können wir keine - weder ausdrückliche noch stillschweigende - Gewähr für die Richtigkeit oder Vollständigkeit der Angaben übernehmen. Wir behalten uns das Recht vor, jederzeit und unangekündigt Änderungen oder Aktualisierungen der in dieser Publikation enthaltenen Informationen vorzunehmen. Weder ING Investment Management (die für diesen Zweck ING Asset Management (Europe) B.V. als Rechtsperson angibt) noch irgendeine andere zur ING-Gruppe gehörende Gesellschaft oder Körperschaft noch irgendwelche Vorstandsmitglieder, Geschäftsführer oder Mitarbeiter können direkt oder indirekt für irgendwelche in dieser Publikation enthaltenen Informationen und/oder Empfehlungen haftbar oder verantwortlich gemacht werden. Die in dieser Publikation enthaltenen Informationen sind auf keinen Fall als Erbringung einer Investmentdienstleistung zu verstehen. Die Verwendung der in dieser Publikation enthaltenen Informationen erfolgt ausschließlich auf eigene Gefahr. Wir sind weder direkt noch indirekt für irgendwelche Verluste oder Schäden, die dem Leser durch die Verwendung dieser Publikation oder durch eine darauf basierende Entscheidung entstehen, haftbar. Investitionen sind mit Risiken verbunden. Bitte beachten Sie, dass der Wert der Anlage steigen oder sinken kann und die Wertentwicklung in der Vergangenheit nicht notwendigerweise aussagekräftig für die Wertentwicklung in der Zukunft ist und in keinem Fall als aussagekräftig betrachtet wird. Diese Publikation und die darin enthaltenen Informationen sind streng vertraulich und dürfen zu keinem Zeitpunkt ohne unsere vorherige Zustimmung kopiert, vervielfältigt, verbreitet oder Dritten zugänglich gemacht werden. Jegliche Ansprüche, die sich aus oder im Zusammenhang mit den Bedingungen dieses Haftungsausschlusses ergeben, unterliegen niederländischem Recht. Für alle in dieser Publikation genannten Produkte oder Wertpapiere gelten andere Risiken und Geschäftsbedingungen, die von jedem Anleger vor einem Anlagegeschäft einzeln durchzulesen sind. Die in dieser Publikation enthaltenen Informationen stellen auf keinen Fall eine Werbung für den Kauf oder Verkauf von Kapitalanlagen bzw. für die Zeichnung von Wertpapieren dar. Bezüglich der in dieser Publikation genannten Produkte oder Wertpapiere sind möglicherweise weitere Informationen über bestimmte für diese Produkte oder Wertpapiere geltende Beschränkungen aufgrund der jeweiligen gesetzlichen Bestimmungen erforderlich. Diese Publikation ist nicht als Werbung für den Kauf oder Verkauf von Kapitalanlagen bzw. für die Zeichnung von Wertpapieren gedacht und auch nicht für Personen in Ländern bestimmt, in denen die Verbreitung solcher Materialien aufgrund geltender Vorschriften oder Gesetze verboten ist. Allein verbindliche Grundlage für den Erwerb von ING Investmentfonds sind die jeweiligen Verkaufsprospekte mit Risikohinweisen und ausführlichen Informationen, die Sie kostenlos bei ING Asset Management B.V., Niederlassung Deutschland, Westhafenplatz 1, 60327 Frankfurt am Main, oder unter [www.ingim.de] erhalten. For professional investors use only and not for use in public 25 ING Asian Debt Strategy
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