CX MultiPeriodOpt Brochure

7/31/2019 CX MultiPeriodOpt Brochure

1/12.,590.98.42

:95074/54791444592,943147897:.9:70/3;08920398

094/4408

%#%%$!%

3/3904592,5479144890:92,904,410,.

3;08947%0248970.039/0;045203983547914424/03,;08439,9901:3/,2039,841989,8

300/94-070;80/347/07942,097,385,7039/0.8438432,39,34770-,,3.308935479144,4.,9438

897,90.4592,54791448,3/4507,943,,8809

,4.,94388,-0.425,70/3907574-,-99470,.

9013,3;0894789,709709:73


2/12.,590.98.42

000203941905745480/,5574,.890,8808820394190574-,-9/897-:943415479144

709:738,93/;/:,92089058:832:95074/2:9;,7,90 4390,7482:,94383,

9474:,3,884190894.,89./897-:94341949,

5479144709:7384;079208,-09470;0,/09,841

78709:73.,7,.90789.841897:.9:70/3;089203983

24/07313,3.,2,70980850.,390,19072,9419013,3.,.7889-0.4208.7:.,9424/090

9200;4:94341.4250897:.9:70/574/:.983/;/:,-014705:993902390.4390941

-74,/07,8809,4.,9438398,13,3.,

,/;8478.,3.448090,557457,900;04197,385,703.03,3.39039:9;00020394190

3;0892039/0.8432,3,89889743

,/;4.,90/--499013,3;089478,3/90

39073,943,70:,9478

3974/:.943


3/12.,590.98.42

:/3,34592,5479144,4.,943843041902,3/7;0784190,//0/;,:0574548943313,3.,,/;847..47/394908,7495745489439870,9089413/3905479144,4.,943.574280890089709:73,9,;03780;047;.0;078,90,4.,943-0,739082,08978,9,;03709:730;050.90/709:738,3/780892,908,70:8:,6:,3910/-20,38419017899424203984190574-,-9/897-:943,9;033;0892039

47438098,5574,.,8-003-74,/:80/147/0.,/08430.,334,809079889,557457,90

5,79.:,73.438/07,943419070.03913,3.,.788

4/0733;0892039455479:3908.439,3,,7017,.94341897:.9:70/574/:.98480,822097./897-:94341709:7388349.,59:70/-901789942420398

&8390.425090/897-:94341949,709:738,4894

,:0.4388903990,..0590/0;04178,3/909,709709:731:3.943413/;/:,3;089478308,-73903;089478.,7,.90789.8,3/57010703.089490.0390789,041904592,943574.088-73324/0738809,3/

,-9573.50839490.4390941!7;,90,33,/;847

4/0733;089478/01309,7098,3/.43897,39834943,9,83054393920-:9,8,80941.43897,398,9/1107039920

47438%07014704592,943,479288,-0,-0940;,:,90.43897,398,3/4592,943.7907,4390407/411:9:7092089058-25483,1700,/:89,-00938.02,398,903;089478706:7020398,7097,38,90/394,809412,902,9.,.43897,3984390574-,-9/897-:9438470,250,33;089472,-03949,0247078390847920/:290729457419174208932,709455479:390802,39,33.,59,57490.943390439072

3974/:.943


4/12.,590.98.42

7432,709/3,2.8147.083;08947894,/:899075479144,4.,94324701706:0399,3-01470%80,/894,24703903803907,.9;0574.088413;0892039/0.843

2,3,2433;089478,3/13,3.,,/;8478706:7384:943814720,331:.425,78438-09003897,90.,3/4507,943,,8809,4.,9438%0,//0/;,:041900,9,3,0203957454894388970203/4:83.70,80/-3.:/33/;/:,3;08947:/0308,3/-97,385,7039/8.:883100897,38,.943.4898,3/9,08390,/459434182:,9434;0792017,2047803,-0890/01394341,34592,54791449,9.42-308,4190800020398%8

011479.4397-:9089403,3.32,709011.03.-2,3/0.8432,3247097,385,7039,3/7,943,

39014430/08.7-090574.08841,33;0894780,7.3147904592,,8809,4.,9433880380789903;08947479013,3.,,/;847438-0,1 /0130890574/:.984790,8809.,88083.029-03943;089$0.43/903;08947990,/419013,3.,,/;847

3/.,90880;04178,..059,3.0,3/,39.5,9088706:7020398390728411:9:703,3/4:9.,814894-03.47547,90/394904592,943%03;089478.43897,398.,30,8-097,3814720/394920;,7389,9020398

25480/4390/897-:94341574/:.9,3/5479144949,709:738

%0,3,884190574-,-9/897-:9434;07920,4894

.43889039,:090547914478,3/709:73549039,9903;089478.43897,398190.425,3.0990780;08:,7,3900/904592,943,4792,28942,20,570/0130/894.,89.5,7,20907/07;0/174290574-,-9/897-:943470,250904592,9434,29-00570880/,813/390089.,3.014790547914494709:7324709,3,.:2:,9;030,78;039070897.943940/34.,59,48830,78%03095,7,7,55708039,331472,9;0.,8089:/


5/12.,590.98.42

%014433;0892039455479:3908,70,;,,-094,:7450,33;08947

4302,7091:3/3;0890/3:7450,3-43/8924398/:7,94343,;07,0 072,34;0732039-43/89470,782,9:79 0/3.4201:3/3;0890/3$5,38.47547,90-43/890,78/:7,94343,;07,0 :92,709:3/3;0890/3:7450,32,7098,3/39070897,908

6:91:3/83;0890/3:7447&$/03423,90/894.8 6:91:3/83;0890/3:7447&$/03423,90/894.87,550/3574/:.98-0,73,0,78.,59,:,7,3900 /&$.,8

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9482510/,8809.,8808%88,1:3/,2039,00203903,-3,:36:0;04390897,90.,8809,4.,943,8,/7;0741904507,943,,8809,4.,943

190724/039013,3.,574/:.989/:0/03.09490713,3.,0330073.,7,.90789.8,4390,742:9;,7,90 82:,943850714720/147,80708419208905839490

1:9:70%0809413897:203983.:/0/39082:,943.4;07870,2,9:73574/:.98090-43/8,3/3;0892039897,9008

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6/12.,590.98.42

30,25014790,990789024/0341903;0892039394,1:3/7,393,0,78.,59,:,7,390019079017890,785074/905,4118703;0890/394,82,73897:2039

10,9:73,,3,0,78:,7,3900:708,3/:897,909025,.94190.,59,:,7,39000;070,7890574-,-94144832430;,380831901:3/80;,:,90/-090030,77080954398.47708543/394,/83;08920395747940574190:,7,3900903;08947.,34..:7394,488


7/12.,590.98.42

3905708039.,809082:,94389058,70.480394-024398/039017890,78,3/243989070,190790,.8905894.,89.8.03,748,700307,90/-733

90949,4170;,:,9435439894:5949013,9208905,90,7830,.8.03,74,1:70;,:,943410,.574/:.9850714720/,3/.42-30/99025,.9413,3/4:9.,81485071472,3.01008:5174398,3/549039,9,08%080941,8.03,74709:738,9,.422439208905/0130890574-,-9/897-:94341949,709:738,99854393920

0 500 1000 1500 2000 25000.4

0.2

0

0.2

0.4

0.6

0.8

1

Scenario Profiles

Time (Days)

Return

Optimize

Monte Carlo Scenarios

398.,8089:/3/;/:,,88098.,3.4397-:90949039,,8809,4.,943,9,2:950414190949,5479144;,:0:79072470,.43.0397,94329825480/94570;039,3,880994.4397-:902470903419039,5479144;,:0;0390574/:.9.,9,4:0/0130/,-4;0.439,33/893.9574/:.98908025489438,4147,949,3:2-0741905072990/,4.,943841.7.,742

98809904592,943,4792,/4590/070.,7;04:990,4.,9439,957080398,2,2:239072841574-,-94170,.3909,7090.42539,419078298,3/92047438.43897,398809-903;089473905708039.,80903;08947706:7088,4.,94394-0;0710/,3/45920/,90;070,7920890593900,789204743


8/12.,590.98.42

%03;0894783/;/:,78,3/709:7357010703.08,70

0570880/39072841574108;0339,-0%07857410,2-/,57410/01308900;0.906:,390 41,549039,54791448349,40/941,-0439480,4.,9438480949,709:73/897-:9431:198.790743,90;079208905,705072990/147904592,943574.0/:70070903;0894783949,084207839084799072-:90,398942990/438/024708974339020/:2,3/437:330307,90.4.041907820,8:7081700

30.,30,8.4480,243,9073,9;020,8:708084791,574-,-9

3905708039.,80903;08947706:708,9,709709:73.3.70,8089920%09,709709:736:,3910890/0870/232:2574198903;08947897394,.0;0,3/904592,943,4792,28942,2090574-,-99470,.9,90;0%09,709709:7357410398.,8089:/810/,8/08.7-0/3909,-0-0409,57410

%089051:3.943;8:,089078709:735741041903;08947%01:70-04848,849092054398-,78.438/070/

-904592,943,479290,.4194805439890782982439470/,3/90574-,-94170,.3909,709709:738/0907230/%0,47925.9,95479144.,890089574-,-941709:73324709,3,19070,724709,3,19070,78,3/844399013,5439,90,78,3/,9908,20920.4250899078.43897,39

0,7 #829 %,709#09:73


9/12.,590.98.42

%01:70848,84900;4:9434190,3/6:,390 4190/03910/4592,5479144,4.,94330.,30,8;0719,990782981:10/,90;079208905

47.425,784390-,808.03,748,8484398890050.90/949,709:7341905479144743,..47/39490147,7/897:.9:7041907817007,90

%05479144,8809,4.,9438706:70/94-00;,:,90/,980;07,54398392007090.790743147902,2,9438/0130/,8908250,;07,04190574-,-9084170,.3909,709,90,.3/;/:,920890530.,3

.079,3,55,/11070390938.020940/2470700;,3.094908479,,38990437:3

0 500 1000 1500 2000 2500

0.1

0

0.1

0.2

0.3

0.4

0.5

Quantile Profiles

Time (Days)

Retur

n

Optimize

5% Quantile

95% Quantile

Base Scenario

Zeta Profile

Lambda Profile


10/12.,590.98.42

%01:70848904592,,4.,94339072841903/;/:,574/:.988,708:94198.,8089:/903;08947878,3/709:73,2-9438,70-089807;0/14190,;,,-0

3;08920398:28,4.,90/94900,78072,3-43/94904302,7091:3//03423,90/9490$5,38.47547,901:3/90,78,;07,0/:7,94394906:91:3/7,550743/03423,90/894.89,0,78.,59,:,7,3900

%04;07,,;07,0574-,-99470,.909,709574104;079208,-4:9

1 0.5 0 0.5 1

1

0.5

0

0.5

1

Portfolio Allocation

30%

30%

30%

10%

BUND 10Y

FUND FI CORP ESP 5Y

FUND MM EUROPE 6M

FUND EQ EUROPE Cap Guarantee 2Y


11/12.,590.98.42

%04592,5479144,4.,943.,3-014:3/-0307,93,20,331:80941,4.,9438,3/-.425,73903;08947878709:73.,7,.90789.89490.47708543/3/897-:943841549039,949,709:738%0-0892,9.8903/03910/,8904592,54791441903;0892039:3;0780-0.4208,70747903;0892039.43897,398,70247070,0/903:2-07415488-0,4.,94387,5/748,3/908250,47922,706:7009038;0.425:937084:7.0840;0732489.,808

700;,39147900,9,3,020393/:89798897,9

147,7/,5574,.81,89,3/20,331:-49,9900;04190897,90.4592,,4.,943-:/09343574850.9.039847435479144743573.508,80,8904507,943,,4.,94370,3;0892039843.0398,..4:398%0,/;,39,084190,5574,.57080390/070,70-74,/357,.9.02502039,943878941,430.,3-,.97,.905071472,3.0414507,943,,8809,4.,9438-243947390708:93574-,-94170,.390/0870/9,7098,8,

1:3.943415,895071472,3.0,3/708/:,2,709;4,99$0.43/897,90.4592,5479144,4.,9438.,3-0.425,70/944507,943,54791448370,3;089478,..4:398

943107/8.705,3.083574-,-908-090039094,4.,94380./343900110.9;0300/942,39,34770-,,3.008935479144,4.,9438-0.4208247097,385,7039,3/39:9;0

43.:843


12/129 9

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