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M I R A B A U D – E Q U I T I E S S P A I N
October 2016
2
1819
FOUNDATION
OF THE GROUP
CHF 32.8bn
AUM
14
OFFICES
WORLDWIDE
28
FUNDS
110
FTE
CHF 8.5bn
AUM
MIRABAUD
ASSET MANAGEMEN...
3
 A pure player with a boutique, focused approach
 Active management only, conviction based in sectors where value can ...
4
 The Spanish equity market is relatively constricted with approximately 120
listed companies
 Using liquidity as a fir...
5
+ +
Searching for sustainable long term value
Strong balance
sheet and highly
skilled management
Castle Moat
Resilient b...
QUANTITAVE
ANALYSIS
QUALITATIVE
ANALYSIS
Combination of
both
Valuation drives the final decision
Proprietary
analysis
 Un...
7
 Company turnaround: success based on Opex
 Sales falling at a double digit…-10% yoy 1H16!!
 EBIT margin 5,3% 1H16 vs...
8
 Company with a uncomfortable strategic situation: price taker +
distributors…
 … but January markets meltdown drove p...
9
 Double digit top line growth for the next 5 years, we estimate CAGR
+10.1%
 Above sector and sustainable operating ma...
11
Position Portfolio weight
CIE AUTOMOTIVE 7.9%
DIA 7.3%
BANKINTER 6.9%
INDRA SISTEMAS 6.8%
TECNICAS REUNIDAS 5.6%
BANKIA...
Overweight (%) Underweight (%)
Data as of 30.09.2016
9
7
10
8
5
14
13
6
18
21 1
4 5
2
14
15
11
29
17
0
10
20
30
40
Materia...
YTD 2015 2014 2013 Since inception*
Fund +1.3% +1.4% +3.0% +32.8% +156.7%
Benchmark -5.5% -4.3% +7.6% +26.4% +64.7%
*Share...
14
900
1'400
1'900
2'400
2'900
3'400
02.03
02.04
02.05
02.06
02.07
02.08
02.09
02.10
02.11
02.12
02.13
02.14
02.15
02.16
M...
15
All Investors LU0787970960 / MIRSPAE LX
Institutionals LU0787971182 / MIRSPIE LX
Domicile Luxembourg
Registration CH / ...
16
17
Investment restrictions are monitored daily on a pre-trade basis by the Fund Central
Administration, under the supervis...
18
Gemma Hurtado San Leandro, CFA
Gemma Hurtado San Leandro, Portfolio Manager / Analyst in the European equity research a...
MIRABAUD ASSET MANAGEMENT
(Espaňa) SGIIC, S:A
C/ Fortuny, 6, 2a planta
28010 Madrid
Spain
Marketing-am@mirabaud.com
www.mi...
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Presentacion Mirabaud: Funds Experience 2016

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Presentacion Mirabaud con Gemma Hurtado: Funds Experience 2016

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Presentacion Mirabaud: Funds Experience 2016

  1. 1. M I R A B A U D – E Q U I T I E S S P A I N October 2016
  2. 2. 2 1819 FOUNDATION OF THE GROUP CHF 32.8bn AUM 14 OFFICES WORLDWIDE 28 FUNDS 110 FTE CHF 8.5bn AUM MIRABAUD ASSET MANAGEMENT CHF 184.1mio DE FONDS PROPRES MIRABAUD GROUP 12 PORTFOLIO MANAGEMENT TEAMS
  3. 3. 3  A pure player with a boutique, focused approach  Active management only, conviction based in sectors where value can be created  Alignment of interest embedded at all levels  Managing specialised portfolios and mandates  Focused approach in terms of products  AUM sweet spot: credible and nimble
  4. 4. 4  The Spanish equity market is relatively constricted with approximately 120 listed companies  Using liquidity as a first filter, we are left with 75 companies that constitute our investment universe  No homogeneous sectors, with the exception of banking A perfect world for a stock picker
  5. 5. 5 + + Searching for sustainable long term value Strong balance sheet and highly skilled management Castle Moat Resilient business model with competitive advantages that make it sustainable Goldmine High visibility and steady cash flow generation
  6. 6. QUANTITAVE ANALYSIS QUALITATIVE ANALYSIS Combination of both Valuation drives the final decision Proprietary analysis  Understanding of the company business model  Deep knowledge of company financials  In-house valuation models  CMG approach 6 External events  Earnings releases and conference calls  Meetings with companies  Strategic Plans presentations  Changes in regulatory environment
  7. 7. 7  Company turnaround: success based on Opex  Sales falling at a double digit…-10% yoy 1H16!!  EBIT margin 5,3% 1H16 vs -1,8% 1H15, efficiency measures behind (headcounts)  Financials net debt 660mios EUR 3.1x jun-16 thanks to FCF and WC  And order intake +6% 1H16 and accelerating +11% 2Q16 so increasing top line visibility….  Strong potential based on our target price of 13,4EUR
  8. 8. 8  Company with a uncomfortable strategic situation: price taker + distributors…  … but January markets meltdown drove price to 8EUR per share  Focus on efficiency always valued, Excellence Plan help save 250mios EUR/year  Strong balance sheet, 1,9x NFD/EBITDA 2016est vs 2.5x Dec-15  In September above11.5EUR per share position was sold
  9. 9. 9  Double digit top line growth for the next 5 years, we estimate CAGR +10.1%  Above sector and sustainable operating margins at 20% thanks to business model => full price maximization  Extraordinary strategic positioning: flagship stores and online fast rollout  Healthy financials, with a net cash position of 5bn EUR as of 2Q16  Demanding valuation trading at around 30EUR/share…
  10. 10. 11 Position Portfolio weight CIE AUTOMOTIVE 7.9% DIA 7.3% BANKINTER 6.9% INDRA SISTEMAS 6.8% TECNICAS REUNIDAS 5.6% BANKIA 4.9% TUBACEX 4.9% GAMESA CORPORACION TECNOLOGICA 4.6% REPSOL 4.5% TELEFONICA 4.4% Top 10 57.7% Total AuM: *400 mio EUR Cash position: 3.3% Data as of 30 September 2016 *Fund and Mandates AUMs
  11. 11. Overweight (%) Underweight (%) Data as of 30.09.2016 9 7 10 8 5 14 13 6 18 21 1 4 5 2 14 15 11 29 17 0 10 20 30 40 Materials Cons. Staples Energy IT Health Care Industrials Cons. Discr. Telecom. Financials Utilities Mirabaud - Equities Spain A EUR IBEX 35 Price / IBEX 35 Net Return 12
  12. 12. YTD 2015 2014 2013 Since inception* Fund +1.3% +1.4% +3.0% +32.8% +156.7% Benchmark -5.5% -4.3% +7.6% +26.4% +64.7% *Share class inception date 18 February 2003 As of 28th of September 2012, the benchmark of the fund is the IBEX 35 with Net Dividends Reinvested. Prior to this date, the benchmark was the IBEX 35 Price Index. Data as of Fund inception date Indice de référence IBEX 35 Price / IBEX 35 Net Return 18 February 2003 30 September 2016 13
  13. 13. 14 900 1'400 1'900 2'400 2'900 3'400 02.03 02.04 02.05 02.06 02.07 02.08 02.09 02.10 02.11 02.12 02.13 02.14 02.15 02.16 Mirabaud - Equities Spain A EUR IBEX 35 Price / IBEX 35 Net Return Data as of 30.09.2016
  14. 14. 15 All Investors LU0787970960 / MIRSPAE LX Institutionals LU0787971182 / MIRSPIE LX Domicile Luxembourg Registration CH / CL / DE / ES / FR / UK / LU / PT Fund Legal Type SICAV Mgmt. Fee (All Investors) 1.5% Mgmt. Fee (Institutionals) 0.75% Quotation Daily Subscription / Redemption Daily / Daily Dividends distribution policy Capitalised Custodian Pictet & Cie (Europe) SA Auditor Ernst & Young Luxembourg Mirabaud - Equities Spain
  15. 15. 16
  16. 16. 17 Investment restrictions are monitored daily on a pre-trade basis by the Fund Central Administration, under the supervision of the Management Company and in close collaboration with the investment manager. In addition, the Management Company in close collaboration with the support of the Risk Officer and under the supervision of the CIO of all Equity products, monitors the portfolio on bi-monthly basis through the APT software, paying particular attention to:  Liquidity Risk  Performance relative to the benchmark and performance attribution  Risk parameters: tracking error (systematic and specific), beta, volatility, VaR  Portfolio structures and risk concentration
  17. 17. 18 Gemma Hurtado San Leandro, CFA Gemma Hurtado San Leandro, Portfolio Manager / Analyst in the European equity research and portfolio management team within Mirabaud Asset Management, manages the Mirabaud - Equities Spain fund and has experience in the portfolio management industry since 2001. Professor of Portfolio Management at the University of Barcelona since 2013. Prior to joining Mirabaud in 2002, Ms Hurtado San Leandro worked at Invercaixa where she started her career. Ms Hurtado San Leandro Bachelor degree in Mathematics from the Autonomous University of Barcelona, master’s degree in Mathematics and is CFA charterholder. Emilio Barberá Pegueró Emilio Barberá Pegueró, Portfolio Manager / Analyst in the European equity research and portfolio management team within Mirabaud Asset Management, co-manages the Mirabaud - Equities Spain fund and has experience in the portfolio management industry since 1998. Prior to joining Mirabaud Asset Management in 2015, Mr Barberá worked as Portfolio Manager / Analyst at InverSeguros Gestión, which he joined in 2000. Prior to that, he worked as Accountant at Bancaja, where he started his career in 1998. Mr Barberá graduated in 1998 from the Universidad de Valencia with a Bachelors degree in Business Administration and Management.
  18. 18. MIRABAUD ASSET MANAGEMENT (Espaňa) SGIIC, S:A C/ Fortuny, 6, 2a planta 28010 Madrid Spain Marketing-am@mirabaud.com www.mirabaud-am.com RAIMUNDO MARTIN MAYORAL Director General Asset Management Iberia & Latam raimundo.martin@mirabaud.com Direct Line +34 91 793 78 47 ANTONIO RODRIGUEZ GARCIA Institutional Relationship Manager Asset Management Iberia Antonio.rodriguez@mirabaud.com Direct Line +34 91 793 78 48 19 This document contains information concerning collective investment schemes (hereinafter "funds") which are only available for distribution in the countries where they have been registered. This document is for the exclusive use of the individual to whom it has been given and may not be either copied or transferred to third parties. In addition, this document is not intended for any person who is a citizen or resident of any jurisdiction where the publication, distribution or use of the information contained herein would be subject to any restrictions or limitations. The contents of this document are for information purposes only and shall not be construed as an offer or a recommendation to subscribe fund units or shares. Before investing in any fund mentioned in this document, the investor should consult the latest versions of the legal documents pertaining to such funds and in particular the prospectus, which describes the risks related to the funds. Moreover potential investors are recommended to seek professional legal and tax advice. The sources of the information contained in this document are deemed reliable. However, the accuracy or completeness of the information contained in this document cannot be guaranteed, and some figures are only estimates. Past performance is not indicative or a guarantee of future returns. Performance figures do not take into account subscription and redemption fees and costs. Fund values can rise as well as fall, and investor may loose the amount the amount of their original investment.

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