Inversiones Security - Presentation March 2018VF (15/32)

Inversiones Security - Presentation March 2018VFInversiones Security - Presentation March 2018VF (15/32)Inversiones Security - Presentation March 2018VF - (1/32)Inversiones Security - Presentation March 2018VF - (2/32)Inversiones Security - Presentation March 2018VF - (3/32)Inversiones Security - Presentation March 2018VF - (4/32)Inversiones Security - Presentation March 2018VF - (5/32)Inversiones Security - Presentation March 2018VF - (6/32)Inversiones Security - Presentation March 2018VF - (7/32)Inversiones Security - Presentation March 2018VF - (8/32)Inversiones Security - Presentation March 2018VF - (9/32)Inversiones Security - Presentation March 2018VF - (10/32)Inversiones Security - Presentation March 2018VF - (11/32)Inversiones Security - Presentation March 2018VF - (12/32)Inversiones Security - Presentation March 2018VF - (13/32)Inversiones Security - Presentation March 2018VF - (14/32)Inversiones Security - Presentation March 2018VF - (15/32)Inversiones Security - Presentation March 2018VF - (16/32)Inversiones Security - Presentation March 2018VF - (17/32)Inversiones Security - Presentation March 2018VF - (18/32)Inversiones Security - Presentation March 2018VF - (19/32)Inversiones Security - Presentation March 2018VF - (20/32)Inversiones Security - Presentation March 2018VF - (21/32)Inversiones Security - Presentation March 2018VF - (22/32)Inversiones Security - Presentation March 2018VF - (23/32)Inversiones Security - Presentation March 2018VF - (24/32)Inversiones Security - Presentation March 2018VF - (25/32)Inversiones Security - Presentation March 2018VF - (26/32)Inversiones Security - Presentation March 2018VF - (27/32)Inversiones Security - Presentation March 2018VF - (28/32)Inversiones Security - Presentation March 2018VF - (29/32)Inversiones Security - Presentation March 2018VF - (30/32)Inversiones Security - Presentation March 2018VF - (31/32)Inversiones Security - Presentation March 2018VF - (32/32) ASSET ALLOCATION  Asoneofthemainpillarsofourvalueproposition,amonthlyExecutiveAssetAllocationCommittee meetingisheldinordertogeneratethecentralrecommendationforInversionesSecurityassetallocation.  InatwostageprocessinitiatedbyourResearchDepartment,abaselineproposalfortacticalbiases relativetoareferencebenchmark(of60%debt–40%equity) ispresented,built uponthefollowing factors: macroeconomicevents(bothcurrentandfuture)anditsrisksoropportunitiesforassetpricing, assetvaluation,corporateriskandinvestorbehavior.  TheResearchDepartmentviewsandweightsarepresentedanddiscussedagainsttheallocations proposedbythedesks’ CIOs, arrivingtoaconsensusviewthattranslatesintoacentral visionand allocation,whichisinturnappliedtoourclient’sportfoliosaccordinglytotheirdifferentriskprofiles.  Thisprocessallowsustoarrivetoamonthlyassetallocationstrengthenedandenrichedbyall investment areas, andtoensureconsistencyin recommendationsthroughoutall ourareasof investment management. 14