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Presentacion Oddo: Funds Experience 2016

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Presentacion Oddo con Pascal Riegis: Funds Experience 2016

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Presentacion Oddo: Funds Experience 2016

  1. 1. Exclusively dedicated to professional clients (MIFID) www.oddomeriten.eu ODDO PROACTIF EUROPE September 2016 Flexible European Equity Fund
  2. 2. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE Disclaimer: Oddo Meriten AM is the asset management division of the Oddo Group. It is the common brand of two legally separate asset management companies: Oddo Meriten AM SA (France) and Oddo Meriten AM GmbH (Germany). This document, for market communication, has been drawn up by Oddo Meriten Asset Management SA (ODDO MERITEN ASSET MANAGEMENT SA) and is exclusively dedicated to professional clients (MIFID). It may not be circulated among the public. The fund is regulated by the Autorité des Marchés Financiers (AMF).The investor is informed that the fund presents a risk of capital loss, but also many risks linked to the financial instruments/strategies in the portfolio. In case of subscription, investors must consult the Key Investor Information Document (KIID) and the fund’s prospectus in order to acquaint themselves with the detailed nature of any risks incurred. The value of the investment may vary both upwards and downwards and may not be returned in full. The investment must be made in accordance with investors’ investment objectives, their investment horizon and their capacity to deal with the risk arising from the transaction. ODDO MERITEN ASSET MANAGEMENT SA cannot be held responsible for any direct or indirect damages resulting from the use of this document or the information contained in it. This information is provided for indicative purposes and may be modified at any moment without prior notice. Investors are reminded that past performance is not a reliable indication of future returns and is not constant over time. Performance are presented net of fees except the potential subscription fee charged by the distributor and the local taxes. Any opinions presented in this document result from our market forecasts on the publication date. They are subject to change according to market conditions and ODDO MERITEN ASSET MANAGEMENT SA shall not in any case be held contractually liable for them. The net asset values presented in this document are provided for indicative purposes only. Only the net asset value marked on the transaction statement and the securities account statement is authoritative. Subscriptions and redemptions of mutual funds are processed at an unknown asset value. The Key Investor Information Document (DEU, ESP, FR, GB, ITL, POR, SWD) and the prospectus (FR, GB) are available free of charge from ODDO MERITEN ASSET MANAGEMENT SA or at www.oddo.com or at authorized distributors. The annual and interim reports are available free of charge from ODDO MERITEN ASSET MANAGEMENT SA or on its internet site www.oddomeriten.eu Risks: The fund is exposed to the following risks : risk of capital loss, equity risk, risk associated with holding small and medium capitalisations, interest rate risk, credit risk, currency risk, risk associated with discretionary management, counterparty risk and potentially exposed to emerging market. Countries in which the fund is authorised for distribution to professional clients 2
  3. 3. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 3 Shareholding structure 30 % EMPLOYEES Oddo & Cie A family owned financial company whose history dates back to 1849 Sources: Oddo Meriten AM S.A. Data as of 31/12/2015 Camille Gautier, broker in Marseille 1849 Creation of Oddo Asset Management 1978 Opening of international offices: Milan, Frankfurt, Singapore, Geneva 2011-14 Philippe Oddo, Managing partner 1987 Bernard Oddo, great-grandson of Camille Gautier, broker 1971 Acquisition of Seydler Bank, Meriten Investment Management and BHF Bank Creation of a Franco German dynamic Acquisition of Cyril Finance 2005 Acquisition of Orsay Asset Management 2010 2 500 Employees €426m Net banking income €740m Shareholders‘ equity 2016 60 % ODDO FAMILY7 % ALLIANZ BOUSSARD & GAVAUDAN THÉTYS 3 % OTHERS Key figures
  4. 4. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 4 2015: the rise of a unique Franco-German asset management brand Sources: Oddo Meriten AM S.A. & Oddo Meriten AM GmbH. Data as of 30/06/2016 Oddo Asset Management1978 SINCE Meriten Investment Management1969 SINCE Unique Franco-German identity, global reach Two key investment centers in Paris and Düsseldorf Global distribution reach: distribution offices in Milan, Geneva, Frankfurt and Singapore One of the largest independent asset manager in the Eurozone Committed to client proximity Independent, long-term oriented Critical asset under management size reached for fixed income, equities and asset allocation GERMANY 55% FRANCE 37% OTHERS 8% SINCE 2015 Oddo Meriten Asset Management Breakdown of assets by country €41bn Assets under management 276 Employees¥ $€ £
  5. 5. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 5 Our fundamental equity strategies CONVICTION – ACTIVE SHARE – 25 YEARS OF TRACK RECORD Sources: Oddo Meriten AM S.A. & Oddo Meriten AM GmbH. Data as of 30/06/2016 More than 25 years of track record Stock picking expert Located in the heart of Europe and well connected to companies across the continent Our expertise Our team 23 dedicated investment professionals with an average of 15 years investment experience Our process In depth fundamental analysis Conviction based selection and implementation Rigorous investment, risk and control processes Our results High active share Long track records with strong performance and superior risk-return FUNDAMENTAL EQUITIES – € 8.1bn 2.3 5.8 SMALL CAP € 0.8bn 0.5 0.3 Eurozone - traditional Europe - traditional Europe - opportunity THEMATIC € 0.5bn 0.1 0.4 Eurozone real estate European banks MID CAP € 4.3bn 1.2 3.1 France Eurozone Europe US LARGE CAP € 1.6bn 0.5 1.1 Eurozone Europe Global FLEXIBLE € 0.9bn - 0.9 Europe AUM (€bn) AUM (€bn)Dedicated products Mutual funds
  6. 6. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 6 41 2 3 5 6 7 41 2 3 5 6 7 Risk / return scale* Risk / return scale* Morningstar™ Morningstar™ ODDO PROACTIF EUROPE ODDO PROACTIF EUROPE CI-EUR ODDO PROACTIF EUROPE CR-EUR Morningstar™ rating as of 30/09/2016 Morningstar™ Category : Euro Flexible Equity *Synthetic indicator of risk and performance : running from 1 to 7, where one is the lowest level of risk and seven the highest. This indicator shall be revised when changes occur in the fund’s risk and reward profile.
  7. 7. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 7 Contents 1. 2. 3. 4. MANAGEMENT TEAM OUR INVESTMENT PHILOSOPHY MANAGEMENT PROCESS INVESTMENT CASES
  8. 8. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 8 1. MANAGEMENT TEAM
  9. 9. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 9 Experience and complementary Management team Investment philosophy Management process Investment cases Pascal Riégis Since 2016 Co-Head of Fundamental Equities 2003-2016 Head of European Small & Mid Cap Equities 1995-2003 Head of Equity Research, Oddo Securities 1990-1995 Equity Research, CIC Group 1987-1990 Financial Analyst, BNP Paribas Graduate in Economics and École Supérieure de Commerce de Pau, Member of SFAF (French Society of Financial Analysts) Emmanuel Chapuis, CFA Since 2016 Co-Head of Fundamental Equities 2005-2016 Head of Large Cap Equities & Thematics 1999-2005 Equity Portfolio Manager, CM-CIC AM 1998-1999 Financial Analyst, Goldman Sachs/Archon Group MBA from Texas Christian University (Dallas/Fort Worth)CFA and Member of SFAF (French Society of Financial Analysts) INVESTMENT EXPERIENCE 28 YEARS 17 YEARS
  10. 10. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 10 2. OUR INVESTMENT PHILOSOPHY
  11. 11. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 11 A pure fund invested in equities or money market products A flexible fund, invested in European equities or money market products (0 to 100 %) An allocation aimed at optimising risk / reward, buffering the risk of capital loss Flexible allocation based on “bottom-up” principles Bottom up portfolio construction Valuation scenarios, best and worst possible cases Valuation levels: essential criteria of the level of strategic exposure to equities Stock selection within the equity pocket: the best ideas of the management Stock picking, the basis of our expertise Selection of companies structured to create value regardless of the cycle European businesses with international influence Investment philosophy The fund is principally exposed to the following risks: risk of capital loss, equity risk, risks linked to discretionary management. All the risks are detailed at the end of the presentation. RISKS Management team Investment philosophy Management process Investment cases
  12. 12. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 12 3. MANAGEMENT PROCESS
  13. 13. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 13 Companies with international reach Businesses which seek out growth where it can be found and develop worldwide, without remaining dependent on the cycles of any one continent Tried and tested management Professional and accessible management Growth prospects intact Companies built on a strong and clear concept, offering steady organic development prospects complemented by acquisitions Our approach to stock selection COMPANIES ABLE TO FINANCE THEIR GROWTH AND CREATE VALUE OVER THE LONG TERM, ACCORDING TO OUR ANALYSES Value creating companies over time Businesses able to preserve steady profitability which are self-financing even in recessionary periods > Return on Invested Capital raised over the complete duration of an economic cycle > Free Cash Flow capacity for financing growth Management team Investment philosophy Management process Investment cases
  14. 14. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 14 Value creators The right fuel to finance growth Past performance is not a reliable indication of future returns and is not constant over time. The examples of LafargeHolcim, Saint-Gobain and Sika are not investment recommendations | Sources: Oddo Meriten AM SA, Datastream. Data as of 30/09/2016 A construction industry example: Sika vs. LafargeHolcim & Saint-Gobain (Total Return) Management team Investment philosophy Management process Investment cases 0 1000 2000 3000 4000 5000 6000 7000 Silka + 6 548% Lafarge + 910 % Saint Gobain + 679 % Stoxx Europe 600 + 600 %
  15. 15. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 15 Value creators The right fuel to finance growth Past performance is not a reliable indication of future returns and is not constant over time. The examples of LafargeHolcim, Saint-Gobain and Sika are not investment recommendations | Sources: Oddo Meriten AM SA, Datastream. Data as of 30/09/2016 An example of non-cyclical consumption: Nestlé and L’Oréal vs Carrefour and Ahold (Total Return) Management team Investment philosophy Management process Investment cases 0 500 1000 1500 2000 2500 3000 3500 4000 Loréal + 3802% Nestlé + 3176 % Stoxx Europe 600 + 600% Carrefour + 591 % Ahold + 408 %
  16. 16. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 16 HEDGING Flexible and active allocation Occasional use of index contracts to hedge the positions Fundamental strategic allocation Cash vs. Equities 0-100% Equity investment rate defined in a discretionary manner according to investment opportunities: European companies with a global dimension, creators of value over time, with attractive prices MONEY MARKET PRODUCTSEQUITIES 1st Tactical allocation: hedging of the equity pocket Short term tactical allocation, purely discretionary according to market sentiment / momentum and the flow of information 2nd Management team Investment philosophy Management process Investment cases
  17. 17. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 17 64% 62% 53% 60% 61% 55% 46% 56% 58% 58% 53% - 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 20% 30% 40% 50% 60% 70% 80% 90% Net Equity Exposure of Oddo ProActif Europe (left hand scale) Euro Stoxx 50 (NR) (for info., right hand scale) Average portfolio net exposure over the year Flexible allocation – Evolution of the exposure to the equity market Past performances are not a guide to future performances and are not constant over time. The proportion not invested in equities is invested in monetary funds | Source: Oddo Meriten AM SA. Data as of 30/09/2016 Evolution of the portfolio’ s net exposure to the equity market (in %) since January 2006 Management team Investment philosophy Management process Investment cases Min exposure 08/08/2011 23.5% Max exposure 31/01/2007 87.0%
  18. 18. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 18 Flexible allocation – Evolution of the exposure to the equity market Focus on 2015 & 2016 Past performances are not a guide to future performances and are not constant over time. The proportion not invested in equities is invested in monetary funds Source : Oddo Meriten AM SA. Data as of 30/09/2016 Evolution of the portfolio’ s net exposure to the equity market (in %) since 2015 Management team Investment philosophy Management process Investment cases 4 500 5 000 5 500 6 000 6 500 7 000 7 500 30% 40% 50% 60% 70% 80% 90% Net equity exposure of Oddo ProActif Europe (left hand scale) Euro Stoxx 50 (NR) (for info., right hand scale)
  19. 19. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 19 4. INVESTMENT CASES
  20. 20. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 20 Other convictions (1/2) The above examples do not constitute an investment recommendation Management team Investment philosophy Management process Investment cases Swiss pharmaceutical company specialised in medicines (78% of revenue) and diagnosis (22%). A global leader in oncology (67% of its pharmaceutical portfolio), biological treatments (80% of its portfolio) and in vitro diagnosis. Significant competitive advantage in oncology through its combined pharmaceutical and diagnosis offering (selection and monitoring of eligible patients). A promising pipeline of new products which means the company is well positioned to deal with the rise in biosimilars in the US in some of its main franchises (blood cancer, breast cancer). Its best-in-class R&D productivity gives options for its undervalued product pipeline (hemophilia, multiple sclerosis, asthma, ophthalmology) and reinforces its growing credibility in immuno oncology (lung and bladder cancer). Global leader in business software. A promising new cycle of products across business mobility, cloud computing and in-memory database with the launch of the S/4 HANA continuation. 50% of recurrent revenue comes from maintenance, the gross margin of which exceeds 90%, with organic growth of 5/6%. The HANA in-memory database represents a clear competitive edge that could redefine the database market (processing of massive volumes of data with real time results). Rapid progress made in migrating to the cloud with the necessary investment granted (acquisition of Concur, Ariba, SuccesFactors), strengthening the group's growth profile. World-leading food company with a strong competitive edge in four of the sector's most attractive business lines: fresh dairy products, bottled water, early-life nutrition, medical nutrition. A portfolio of strong global (Danone, Dannon, Evian, etc.) and regional brands. 50% of revenue is achieved in the emerging countries. A portfolio of activities that should generate higher organic sales growth than the sector average over the medium to long term. New management aiming to streamline operations (optimisation of costs and the portfolio) and to focus on achieving a balance between growth (+5% per annum) and profitability (+200bp improvement in the margin) by 2020. The change in status should gradually reduce the discount on the share (2pts on PE vs. peers)
  21. 21. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 21 Other convictions (2/2) The above examples do not constitute an investment recommendation Management team Investment philosophy Management process Investment cases Leader in the high-end segment which continues to successfully penetrate the market. A strong corporate culture focusing on innovation and performance. A leader in automotive technology, particularly in the area of CO2 / fuel consumption, with considerable expertise in electric and hybrid vehicles. A well-balanced break down of profits with an Europe market still representing a considerable proportion (around 45% of profits) and a now limited contribution of China (25% of profits). The product cycle is set to improve in 2017 (reduction in the average age of products). Consolidation of the number of platforms from 5 to 2 by 2018 enabling significant cost savings that could offset headwinds affecting the mix and content. A defensive cash profile. Net cash representing more than 30% of the market capitalisation. Ability to generate between 50% and 100% of its enterprise value in free cash flow over the next 5 years. Founded in 1668, the world's oldest pharmaceutical and chemical company, operating in 3 business lines: healthcare (45% of 2016 revenue), life science (38%) and performance materials (17%). A significant ramp-up in life science segments with the acquisition of Sigma Aldrich in 2015, which benefits from a much more visible and stable growth profile (and thus higher valuation multiples). Focus by the management on integrating Sigma and harnessing cost synergies of €260m by 2018, representing 10% of the Group's EBIT. Performance materials: capacity to maintain an EBITDA margin of 40% and to grow revenue through continued efforts in innovation (new technology LCD, OLED). Healthcare: new management in place with a big challenge in optimizing R&D. Its pipeline options are not highly promoted by the market even though the group holds several assets in the area of oncology and immunotherapy in PIII (implied sales peak of €500m by 2025 vs. potential of €2bn according to the management). German automotive original equipment manufacturer (Automotive division accounting for 60% of revenues) and tire maker (40%). The Automotive division is ideally placed to benefit from major industry trends: hybridation/electrification of vehicles (48V technology), self-drive cars (ADAS components), infotainment, active and passive security, reduction of emissions, etc. Significant efforts in R&D in recent years (8/9% of revenue), enabling it to win new market share in several segments, while maintaining a very high level of value added. An order book of €30bn, underpinning sales CAGR of 5% between now and 2020, while generating an improvement in margins Tires: best-in-class margin (20%+) thanks to first-rate industrial productivity, a high technological content and a product mix that perfectly meets market trends (strong growth in tires > 16’’). ROCE of 30%+ giving it unique capacity to generate FCF for the sector.
  22. 22. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 22 5. PERFORMANCE
  23. 23. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 23 Oddo ProActif Europe Value creation over the long term Past performance is not a reliable indication of future returns and is not constant over time. *Benchmark: 50 % Euro Stoxx 50 NR + 50 % Eonia capitalisé since 02/01/2013, previously 50 % Eonia capitalisé + 50 % Euro Stoxx 50 ex dividendes ** Inception date CI-EUR: 10/09/2004 l Source : Oddo Meriten AM SA. Data as of 30/09/2016 Oddo ProActif Europe CI-EUR since inception date* Benchmark* + 29.4% Oddo ProActif Europe + 106.9% EuroStoxx 50 NR + 56.6% 75 100 125 150 175 200 225 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Oddo ProActif Europe CI-EUR 50% EuroStoxx 50 NR + 50% EONIA 100% EuroStoxx 50 (NR) (for info.) JP Morgan Global Govt Bond index (LC), (for info.) Real Estate Index Paris 7e, (for info.)
  24. 24. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 24 Past performance is not a reliable indication of future returns and is not constant over time. *Benchmark: 50 % Euro Stoxx 50 NR + 50 % Eonia capitalisé since 02/01/2013, previously 50 % Eonia capitalisé + 50 % Euro Stoxx 50 ex dividendes Source : Oddo Meriten AM SA. Data as of 30/09/2016 0.0% 13.7% 10.2% 3.6% 9.7% -7.6% 7.4% 10.7% 2.4% 3.8% -14.1% 18.1% 21.5% 4.0% 6.4% -15% -10% -5% 0% 5% 10% 15% 20% 25% 2011 2012 2013 2014 2015 Oddo ProActif Europe CR-EUR Benchmark* Euro Stoxx 50 (NR) (for info.) Annual performance (rolling 12 months) From 30/09/11 28/09/12 30/09/13 30/09/14 30/09/15 To 28/09/12 30/09/13 30/09/14 30/09/15 30/09/16 Fund 16.2% 12.1% 4.4% 6.1% 5.5% Benchmark* 7.2% 10.4% 7.4% 0.0% 0.4% Euro Stoxx 50 (NR) for info 17.1% 21.3% 14.6% -1.4% -0.3% Calendar performance since 5 years Oddo ProActif Europe – CI-EUR Performance (1/2)
  25. 25. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 25 % Annualised performance Cumulative performance Annualised volatility 3 years 5 years Since inception** 1 year 3 years 5 years Since inception** 1 year 3 years 5 years Since inception** Oddo ProActif Europe CR-EUR 5.3 8.8 6.2 5.5 16.9 52.2 106.9 8.9 8.8 9.1 11.4 Benchmark* 2.5 5.0 2.2 0.4 7.8 27.6 29.4 10.6 9.4 9.7 10.9 Euro Stoxx 50 NR (for info.) 4.0 9.9 3.8 -0.3 12.6 60.0 56.6 21.2 18.8 19.4 21.7 Performance analysis Cumulative performance since Inception* Oddo ProActif Europe – CI-EUR Performance (2/2) Past performance is not a reliable indication of future returns and is not constant over time. * Benchmark: 50 % Euro Stoxx 50 NR + 50 % Eonia capitalisé since 02/01/2013, previously 50 % Eonia capitalisé + 50 % Euro Stoxx 50 ex dividendes ** Inception date CI-EUR: 10/09/2004 l Source : Oddo Meriten AM SA. Data as of 30/09/2016 +106.9% +29.4% +56.6% 0 50 100 150 200 250 Oddo Proactif Europe CI-EUR Benchmark* Stoxx 50 (NR)
  26. 26. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 26 Oddo ProActif Europe Share classes characteristics
  27. 27. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 27 Singapore Milan Paris Frankfurt Geneva Dusseldorf Local representation officesInvestment centers Locations Management team Investment philosophy Management process Investment cases
  28. 28. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE 28 Oddo Meriten Asset Management SA (France) Portfolio Management Company approved by the Autorité des Marchés Financiers under GP 99011. Société Anonyme with capital of 7 500 000€. Trade Register (RCS) 340 902 857 Paris. 12 boulevard de la Madeleine - 75440 Paris Cedex 09 France - Tél. : 33 (0)1 44 51 85 00. www.oddomeriten.eu

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