Epstein Files Search

EFTA01168258Dataset 9

2014-02-053p555w

Subject: Eurostoxx and MSCI Germany synthetic long trade ideas.... [C]

From: Tazia Smith •tt >To: [email protected]

From: Tazia Smith •tt > To: [email protected] Cc: Vinit Sahni Nav Gu ta • Paul Morris Vahe Stepanian Subject: Eurostoxx and MSCI Germany synthetic long trade ideas.... [C] Date: Wed, 05 Feb 2014 16:51:46 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3); unnamed(4) Classification: Confidential Jeffrey - For a current, liquid, shorter-term position for Eurostoxx 50 exposure, consider listed risk reversal on the FEZ ETF (charts below): FEZ spot $39.28 S FEZ Aug…

https://www.justice.gov/epstein/files/DataSet%209/EFTA01168258.pdf

EFTA00634188Dataset 9

2017-06-2111p3,894w

Subject: Fwd: SAUDI UPDATE - MEGA View — MSCI China A-share Inclusion: Muted response: Next China Potential catalyst — Xi's visit to Hong Kong

From: Richard Kahn -claTo: "jeffrey E." cjeevacation(taigmail.com>

From: Richard Kahn -cla To: "jeffrey E." cjeevacation(taigmail.com> Subject: Fwd: SAUDI UPDATE - MEGA View — MSCI China A-share Inclusion: Muted response: Next China Potential catalyst — Xi's visit to Hong Kong Date: Wed, 21 Jun 2017 14:26:29 +0000 Attachments: NISCI_China_inclusion_-_BAML_take.msg !Wine-Images: image001jpg0ID2EABC193969F0.jpg: image002jpg01D2EABC193969F0.jpg: image003jpg01D2EABC193969F0.jpg: image004pngOID2EABC193969FO.png: intage005jpg01D2EABC193969F0.jpg; image00Lgif: 1957723395.jpg; 214069662.jpg: 5269566.jpg: 1161666792.jpg: 1625355293.jpg: 2948812101.jpg: intage0Olgitb1D2E6BC8A6F5D40.gif: image001.jpg: image002.jpg…

https://www.justice.gov/epstein/files/DataSet%209/EFTA00634188.pdf

EFTA01374062Dataset 10

1p207w

…our view.2 We believe such discount is likely to widen further at year-end, when the calendar shift contracts multiples by a percentage amount roughly equal to the forward annual EBITDA growth rate. Forward EV/EBITDA for Alkeon Growth vs Indices 20 18 AGP —e—MSCI World S&P 16 14 cr 12 a 10 6 4 2 2033 2034 2035 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Sept) Year CONFIDENTIAL - PURSUANT TO FED. R…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01374062.pdf

EFTA01374071Dataset 10

1p319w

…of balance of the portfolio NAV, net of management and incentive fees. • Cumulative long return minus MSCI World cumulative return; cumulative short return plus MSCI World cumulative return. For complete dsclaimer. please see last pages of presentation. Source: Morgan Stanley (Morgan Stanley performance attribution data is available after January 2001). " Comparison of Alkecn's short portfolio vs. shorting the MSCI World Index over the same period of lime. Private & Page 11 ALKEON CAPITAL MANAGEMENT Confidential CONFIDENTIAL - PURSUANT TO FED. R…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01374071.pdf

EFTA01374190Dataset 10

1p319w

…of balance of the portfolio NAV, net of management and incentive fees. • Cumulative long return minus MSCI World cumulative return; cumulative short return plus MSCI World cumulative return. For complete dsclaimer. please see last pages of presentation. Source: Morgan Stanley (Morgan Stanley performance attribution data is available after January 2001). " Comparison of Alkecn's short portfolio vs. shorting the MSCI World Index over the same period of lime. Private & Page 11 ALKEON CAPITAL MANAGEMENT Confidential CONFIDENTIAL - PURSUANT TO FED. R…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01374190.pdf

EFTA01364438Dataset 10

1p278w

Historical Performance vs MSCI World and Barclays Agg 160% 160% 140% 1.20% 100% SO% 60% millimiliRisk Pre= Poetfoato 40% MSC World - Excess Ream 20% ---- Hadar Agg • Excess Return 0% — 1" ; I I Crl s r Y t+ti ls t+t+t Nt• ti• itt, to 't • tt• Xavier Avila Managing Director I Key Clients Partners Wealth Management Americas Deutsche Bank Securities Inc 345 Park Avenue. New York, NY. 10154-0004 Office +1 212 454 2892 Mobile +1 917…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01364438.pdf

EFTA01386150Dataset 10

1p207w

…our view.2 We believe such discount is likely to widen further at year-end, when the calendar shift contracts multiples by a percentage amount roughly equal to the forward annual EBITDA growth rate. Forward EV/EBITDA for Alkeon Growth vs Indices 20 18 AGP —e—MSCI World S&P 16 14 cr 12 a 10 6 4 2 2033 2034 2035 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Sept) Year CONFIDENTIAL - PURSUANT TO FED. R…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01386150.pdf

EFTA01388508Dataset 10

1p31w

Historical Performance vs MSCI World and Barclays Agg 180% 160% 140% 120% 100S4 80% 60% 40% 20% 0% CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092090 CONFIDENTIAL SDNY_GM_00238274 EFTA01388508

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01388508.pdf

EFTA01386273Dataset 10

1p319w

…of balance of the portfolio NAV, net of management and incentive fees. • Cumulative long return minus MSCI World cumulative return; cumulative short return plus MSCI World cumulative return. For complete dsclaimer. please see last pages of presentation. Source: Morgan Stanley (Morgan Stanley performance attribution data is available after January 2001). " Comparison of Alkecn's short portfolio vs. shorting the MSCI World Index over the same period of lime. Private & Page 11 ALKEON CAPITAL MANAGEMENT Confidential CONFIDENTIAL - PURSUANT TO FED. R…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01386273.pdf

EFTA01364423Dataset 10

1p217w

…Example • Long only implementation of factor research produces portfolios which derive their risk from and are highly correlated traditional market risk • Long/Short "Relative Performance" implementation of factor research isolate exposure to the factor/risk that is rewarded and eliminates directional market exposure producing return sources which are highly diversifying • The charts below show correlations to MSCI World of Relative Performance vs Long-Only strategies: Rolling 1-Year Correlation to MSCI-World — Long Only Rolling Correlation Long Only Avg Correlation - …

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01364423.pdf

EFTA01364395Dataset 10

1p217w

…Example • Long only implementation of factor research produces portfolios which derive their risk from and are highly correlated traditional market risk • Long/Short "Relative Performance" implementation of factor research isolate exposure to the factor/risk that is rewarded and eliminates directional market exposure producing return sources which are highly diversifying • The charts below show correlations to MSCI World of Relative Performance vs Long-Only strategies: Rolling 1-Year Correlation to MSCI-World — Long Only Rolling Correlation Long Only Avg Correlation - …

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01364395.pdf

EFTA01364396Dataset 10

1p111w

…Isolating Risk Premia ■ Correlations between Relative Performance risk premia are significantly lower than among Long Only Risk Premia Long Only Risk Premia Correlations Value Quality Momentum Low Beta MSCI World Value 96% 89% 91% 96% Quality 94% 92% 98% Momentum 88% 93% Low Beta 92% MSCI World Relative Performance Risk Premia Correlations Value Quality Momentum low Beta MSCI World Value -15% -49% 2% 25% Quality -18% -7% -38% Momentum 20% 13% Low Beta 37% MSCI World Source: Deutsche Bank…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01364396.pdf

EFTA01386163Dataset 10

1p309w

…MSCI -389Q2007-2008), MSCI AC World -38% (2007- 2008). Return reflects price appreciation only. Index returns have been included to show the general trend in certain markets for the period noted. The inclusion of any index does not imply that the AGS is comparable to any index in composition or element of risk. The MSCI World and MSCI AC World tracks the performance of the equity securities of a representative sample of over 4.000 companies from developed and emerging…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01386163.pdf

EFTA01386161Dataset 10

1p319w

…of balance of the portfolio NAV, net of management and incentive fees. • Cumulative long return minus MSCI World cumulative return; cumulative short return plus MSCI World cumulative return. For complete dsclaimer. please see last pages of presentation. Source: Morgan Stanley (Morgan Stanley performance attribution data is available after January 2001). " Comparison of Alkecn's short portfolio vs. shorting the MSCI World Index over the same period of lime. Private & Page 11 ALKEON CAPITAL MANAGEMENT Confidential CONFIDENTIAL - PURSUANT TO FED. R…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01386161.pdf

EFTA01386155Dataset 10

1p209w

…been managing hedge fund strategies since 1994 ALPHA Key objective is to generate profits on both the long and short side of the portfolio over a full investment cycle.' Flagship strategy has provided double alpha (January 2001 to September 2017):" • Long portfolio cumulative return has exceeded the MSCI World index by 177.6 percentage points • Short portfolio cumulative return has exceeded the MSCI World index by 91.6 percentage points" GLOBAL Focus Globally focused investment team: offices in New York…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01386155.pdf

EFTA01364452Dataset 10

1p159w

…Value Quality Momentum Low Beta Premia MSCI World PR to 31-Oct-16 Equity Risk Statistics Premia IRR 5.4% 2.2% 1.0% 6.3% 3.7% 4.4% 3.8% Volatility 8 6% 6.5% 8.1% 7.3% 7.6% 3.2% 16.4% IRRNolatility 0.63 0.34 0.13 0.86 0.49 1.38 0.23 Max Drawdown -25% -24% -27% -27% -26% -7% -59% Beta to MSCI World 16% -18% 10% 19% 7…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01364452.pdf

EFTA01364450Dataset 10

1p217w

…Example • Long only implementation of factor research produces portfolios which derive their risk from and are highly correlated traditional market risk • Long/Short "Relative Performance" implementation of factor research isolate exposure to the factor/risk that is rewarded and eliminates directional market exposure producing return sources which are highly diversifying • The charts below show correlations to MSCI World of Relative Performance vs Long-Only strategies: Rolling 1-Year Correlation to MSCI-World — Long Only Rolling Correlation Long Only Avg Correlation - …

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01364450.pdf

EFTA01364476Dataset 10

1p111w

…Isolating Risk Premia ■ Correlations between Relative Performance risk premia are significantly lower than among Long Only Risk Premia Long Only Risk Premia Correlations Value Quality Momentum Low Beta MSCI World Value 96% 89% 91% 96% Quality 94% 92% 98% Momentum 88% 93% Low Beta 92% MSCI World Relative Performance Risk Premia Correlations Value Quality Momentum low Beta MSCI World Value -15% -49% 2% 25% Quality -18% -7% -38% Momentum 20% 13% Low Beta 37% MSCI World Source: Deutsche Bank…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01364476.pdf

EFTA01355094Dataset 10

2017-09-301p426w

…compared to major public market indices ______ I 40% I I I I I 35% - I I I 29% 30% I I 30% • I I 25% - 23% 22% cr 21% I I 20% -20%- 18% 15% 15% 15% 15% - 12% 12% 12% 12% 12% 9% 9% 10% - 5% - 3% 0% 0% SOF (2006) SOF D (2010) SOF 11 (2011) SOF III (2014) SOF Program ■Glendower Net IRR MSCI World Russell 2000 ■Thomson Reuters II) Performance figures have been calculated basec:4 …

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01355094.pdf

EFTA01364424Dataset 10

1p111w

…Isolating Risk Premia ■ Correlations between Relative Performance risk premia are significantly lower than among Long Only Risk Premia Long Only Risk Premia Correlations Value Quality Momentum Low Beta MSCI World Value 96% 89% 91% 96% Quality 94% 92% 98% Momentum 88% 93% Low Beta 92% MSCI World Relative Performance Risk Premia Correlations Value Quality Momentum low Beta MSCI World Value -15% -49% 2% 25% Quality -18% -7% -38% Momentum 20% 13% Low Beta 37% MSCI World Source: Deutsche Bank…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01364424.pdf