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Tanner Investments

Investment Products

International investments

At Tanner Investments, our objective is to develop close relationships with our clients and place a world of investment alternatives at their fingertips. Through Tanner Corredores de Bolsa we provide concrete international investment solutions based on each investor profile. We operate through Custodio Pershing LLC.

Our Services:

  • We make a vast range of investment products available to our clients, which enables us to:
    • Access numerous, sophisticated markets of considerable depth.
    • Diversify risk: different markets, currencies and instruments.
    • Access markets with greater liquidity.
  • We operate using an open architecture model that allows us to define independent investment strategies.
  • Actively manage portfolios, including ongoing evaluation and monitoring of investments.
  • The custody of our clients’ assets is managed by PERSHING LLC.
Portfolio Management

Tanner Investments has an area created exclusively for high-net-worth individuals that provides customized portfolio management services.

  • Portfolio Management: We manage their assets with discretion in order to be able to act promptly when investment opportunities arise.
  • Always in Toucher: Closeness with the client and exceptional customer service. We monitor investments on an ongoing basis.
  • Dynamic Investment Solutions: Customized recommendations. We structure investment portfolios based on each client’s profile and specific needs.
  • Comprehensive Analysis and Investment Services: We advise our clients from a global perspective. We incorporate investments in other financial institutions into our analysis in order to prepare an objective, overall analysis of their investments.
  • Availability of Tanner Team: Our clients can count on our leaders’ opinions.
Foreign Equities

Mainly stocks and exchange traded funds (ETFs) listed on foreign exchanges. In order to invest in these products, the client must open a foreign investment and custody account through Tanner Corredores de Bolsa S.A.

These products are targeted towards clients that are looking for a savings or investment alternative with a certain degree of risk.

As with domestic equities, stock prices are variable by nature and can increase or decrease based on several financial factors that mainly affect expectations about the company’s future earnings growth.

Risk: Interest rates and risks associated with the company’s operations and/or condition. In addition, because these investments are in foreign currencies, their value will fluctuate based on changes in the exchange rate of the denomination currency versus the Chilean peso.

Foreign Fixed-Income Instruments

These correspond to instruments that represent obligations of foreign private entities or foreign governments and central banks that are issued and sold to the public in order to obtain resources to finance the issuer’s assets. Through these instruments, the issuer commits to repay the principal on a given date and to make annual interest payments on the principal outstanding.

This product has two potential target markets: First, if the investor decides to hold the investment until the agreed-upon maturity date, the returns are known ahead of time, making it a savings alternative. Second, if the investor purchases the bond to speculate on price variation, it provides an investment alternative. In order to invest in these products, the client must open a foreign investment and custody account through Tanner Corredores de Bolsa S.A.

Risk: The risks related to foreign fixed-income instruments refer to: the possibility that the issuer does not fulfill its payment commitments (interest or principal), which is also known as entering default; potential differences between the sales price (market price) and the initial price (purchase price), depending on interest rate levels, if the client decides to sell the instrument before maturity; fluctuations in value based on changes in the denomination currency versus the Chilean peso because the instruments are denominated in foreign currencies; and the prospect of principal and interest being prepaid (at pre-set dates and prices), which is available for certain bonds and could impact the client’s returns.

Simultaneous Transactions

This corresponds to a binding, simultaneous forward purchase or sale and spot purchase or sale of the same number of shares of the same instrument.

This product is targeted towards two types of investors: (i) the forward buyer, which is the client betting that the price of a given stock will rise and seeking leverage against the market; (ii) the forward seller, which is the client with cash resources that is willing to finance the forward buyer during the period of the simultaneous transaction in exchange for a fee or premium.

Risk: The risks related to simultaneous transactions are different for the forward buyer and the forward seller. In the first case, the client is exposed to the risk of price variations of the stock purchased in the forward contract, plus the considerable risk for leverage over the amount of cash and security guarantees. In the second case, the client is exposed to the risk of default by the forward buyer.

Domestic Equities

Tanner Corredores de Bolsa helps its clients buy and sell Chilean listed stocks and assists with receiving dividends, rights and custody services for these stocks. Stocks of publicly held corporations are financial instruments that represent a portion of a company’s capital and give their shareholders the right to receive part of their earnings.

Risk: This product is targeted towards clients that are looking for a savings or investment alternative with risk. Stock prices are variable and volatile by nature and can increase or decrease based on several financial factors that mainly affect expectations about the company’s future earnings growth. Other risks involve interest rates and the company’s operations and/or conditions. With greater volatility comes a larger probability of losses and/or gains and, therefore, more uncertainty and risk.

Securities Lending and Short Sales

A short sale is the sale on an exchange of shares that are settled with borrowed shares.

The securities lending product is directed towards clients that are willing to lend their stocks in exchange for a premium or fee. The short sale product is directed towards clients looking to bet that a given stock will decline in value so that they can make a profit if the price of that stock does indeed fall.

Risk: The risks related to securities lending include the possibility that the short seller does not return the shares by the agreed-upon deadline, which is mitigated by margin requirements. The short seller is exposed to the risk of price variations of the stock sold short, which is increased by the possibility of leveraging itself over any cash and security guarantees.

Repo Agreements

This corresponds to a spot purchase/sale carried out simultaneously with a forward purchase/sale at a given or determinable price involving the same credit instruments or securities or another equivalent instrument.

This product is directed towards clients that want to invest resources at a fixed rate for a fixed term of as little as one day or to obtain cash resources with fixed-income instruments that it owns.

Risk: The risks associated with this product are related to the counterparty to the transaction and the instruments involved.

 

Distribution of Domestic Mutual Funds

Mutual funds are made up of contributions from individuals and legal entities to be invested in publicly listed securities and assets as permitted by law that are managed by a corporation on behalf and at the risk of the investors or contributors.

Investments made by mutual funds are on behalf and at the risk of the contributor and, therefore, each client must inform him or herself accordingly of the fund’s investment policy detailed in its prospectus.

Risk: The risks of operating with mutual funds are related to the fund’s underlying assets (i.e. the specific instruments in which it invests in accordance with the investment policy defined in its prospectus).

Foreign Currency Trading (Spots and Forwards)

Tanner Corredores de Bolsa offers its clients the chance to engage in foreign currency trading, such as spot purchases/sales and foreign currency forwards.

Forward transactions are contracts where the client buys or sells a given foreign currency in the future either for hedging or investment/speculation purposes. Clients use foreign currency hedges to protect themselves from exchange rate variations (exporters and importers). With speculative forwards, clients are looking to make a profit on variations in the price of one or more foreign currencies. The latter must be made by sophisticated investors given the high risk and leverage.

Risk: The risks for both types of transactions are different. Risk is limited in hedging forwards. With speculative forwards risk is very high considering the leverage that can be obtained with respect to the guarantees established for that purpose. Before investing in this product, one must properly inform oneself of the risks.

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