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Fitch Ratings has assigned Yapi Kredi's Emeklilik Flexible (Turkish Lira) Group Pension Fund , a pension fund managed by Yapi Kredi Portfoy, a 'Strong' Fund Quality Rating.KEY RATING DRIVERSThe rating reflects the fund's disciplined approach in defining its conservative asset allocation and the monitoring of the portfolio. Allocation decisions are geared towards return generating assets and focus on a top-down driven fundamental, macroeconomic assessment that drives their returns. This is supplemented by consideration of quantitative models and scenario analysis for asset selection. The dynamic investment approach is directed by the manager's formal investment committee and related sub-committees i.e. for private sector bond selection which convenes on a weekly basis. Defined allocation bands for fixed income exposure and active weights for alternative income sources are key drivers in the portfolio construction process. Within this framework the lead PM enjoys freedom to operate within the given guidelines. The fund operates a distinct stop loss discipline under supervision of the independent risk department beyond its formal tracking error and value at risk limits.
The fund has substantially outperformed the Lipper category "Global Mixed Asset TRY Conservative" and its benchmark both over three and five years and the category since inception at 14 January 2004. A positive information ratio over three years supports the fund's strong quality rating. Lipper does not provide Leader Consistent Return scores for Turkish pension funds.
The fund is a balanced pension fund that mostly invests in fixed income securities, private sector debt instruments and cash. It seeks to increase return by being able to invest up to 50 % in equities, and selectively in foreign exchange. The fund's performance is driven by an opportunistic asset allocation that reflects the manager's holistic market analysis (both short and long-term) towards the relevant asset classes and also benefits from equity selection.
The current lead portfolio manager has been managing the fund since he became head of pension funds in June 2010. He has more than 17 years of investment experience and 16 years of tenor within Yapi Kredi Group. There are two co-managers for equities and fixed income who are with the manager since 2010 and 2008 respectively and are in charge of fine-tuning the exposure to the relevant asset classes.
The overall investment process has been broadly stable since inception. Yapi Kredi's Emeklilik Flexible (Turkish Lira) Group Pension Fund is a Turkish domiciled pension fund, launched in January 2004, with TRY178.4m of assets, as of end-July2013.
Yapi Kredi Portfoy (Asset Manager Rating 'Highest Standards(tur)') is one of Turkey's market leaders in the asset management industry with TRY11.04bn assets under management (AuM) as of end-June 2013. The company has a long track record of managing domestic pension funds. The pension fund team currently manages 19 pension funds across seven strategies with a total of around TRY4.03bn . Fitch
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