Your SlideShare is downloading. ×
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
20100517 presentation citywire10_oae_en
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

20100517 presentation citywire10_oae_en

605

Published on

Published in: Business, Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
605
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
9
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Oddo Avenir Europe E U R O P E A N M I D A N D S M A L L C A P F U N D S May 2010  Pascal RIEGIS – Analyst portfolio manager Morningstar ®
  • 2. One investment philosophy, one investment process, one mission « Investing in tomorrow’s best companies »
    • Mid Cap: Already structured companies, billion euros market capitalisations (weighted average market cap above €3bn)
    • Value creators on the whole cycle: self-financing growth, preserved profitability and self-financing even in recession times, whatever the sector
    • International companies: tomorrow’s global leaders, capturing growth where it is
    • Risk/Return optimisation: avoid individual appreciation bias, avoid mistakes and if any, limit capital loss risk
    • No style bias, no macroeconomic bets: but a structural underweighting of non-value creator sectors and/or purely domestic businesses versus a structural overweighting on sectors with numerous attractive investment opportunities
    • One team, one mission: a stable management team with high team spirit, united for the past 7 years ; one mission, our client capital’s growth
  • 3. Who are we ? « Investing in tomorrow’s best companies »
        • Oddo AM: a recognized know-how in Mid Cap with a 18-year track record for Oddo Avenir and a 11-year track record for Oddo Avenir Europe
        • A stable management team with high team spirit, in charge of the funds for more than 7 years
        • Over €1,716m assets under management
        • 3 open-ended funds (€1,225m of AuM): Oddo Avenir Europe (Pan-Europe), Oddo Avenir Euro (Euro zone), Oddo Avenir (70% French equities)
        • Dedicated funds and mandates (€491m of AuM)
      • One of the longest track record in the market
      • A sound offer
    Source: Oddo AM. Data as of 04/30/2010
  • 4. Contents 1 Appendices Performance: Oddo Avenir Europe 4 Philosophy 9 People 14 Process 16 Product 25 4 5 2 3
  • 5. A strategy designed to deliver alpha 1. Oddo Avenir Europe
  • 6. Oddo Avenir Europe, performing since inception A continuous value creation Oddo Avenir Europe since inception (05/25/99): Jensen’s alpha* of 3.21% Oddo Avenir Europe + 148.8% Benchmark index: HSBC Small Cap Europe (total return) + 88.6% DJ Stoxx 50 (as information) (net total return) - 6.3% *Jensen’s alpha determines the excess return of a fund over its theoretical risk-adjusted return. A positive (negative) Jensen’s alpha reading indicates performance that is higher (lower) than normal. It measures the ability to create value by being able to detect securities that return more over a given time period than their risk profile would suggest. Source: Oddo AM. Data as of 04/30/2010 Past performance is not a reliable indication of future returns and is not constant over time 0 50 100 150 200 250 300 may-99 may-00 may-01 may-02 may-03 may-04 may-05 may-06 may-07 may-08 may-09
  • 7. Oddo Avenir Europe, performing since 01/01/04 A continuous value creation Oddo Avenir Europe since 01/01/04: Jensen’s alpha of 4.84% Oddo Avenir Europe + 124.4% Benchmark index: HSBC Small Cap Europe (total return) + 83.2% DJ Stoxx 50 (as information) (net total return) + 16.4% Source: Oddo AM. Data as of 04/30/2010 Past performance is not a reliable indication of future returns and is not constant over time 40 60 80 100 120 140 160 180 200 220 240 260 jan.-04 july-04 jan.-05 july-05 jan.-06 july-06 jan.-07 july-07 jan.-08 july-08 jan.-09 july-09 jan.-10
  • 8. Focus on value creators, delivering high Return on Capital Employed 2. Philosophy
  • 9. DJ Stoxx 600 + 322% Sika + 1011% Lafarge + 160% Value creators The right fuel to finance growth Construction: Lafarge vs Sika (Total return, EUR) Source: Datastream. Data as of 03/31/2010 Past performance is not a reliable indication of future returns and is not constant over time 0 200 400 600 800 1000 1200 1400 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
  • 10. DJ Stoxx 600 + 193% Kuehne Nagel + 2330% British Airways - 25% Value creators Where to find them ? Consumer Cyclical: British Airways vs Kuehne Nagel (Total return, EUR) Source: Datastream. Data as of 03/31/2010 Past performance is not a reliable indication of future returns and is not constant over time 0 500 1000 1500 2000 2500 3000 may-94 may-96 may-98 may-00 may-02 may-04 may-06 may-08
  • 11. DJ Stoxx 600 + 322% Nestlé + 1220% Carrefour + 363% Value creators Bubbles and long term changes Consumer Non Cyclical: Carrefour vs Nestlé (Total return, EUR) Source: Datastream. Data as of 03/31/2010 Past performance is not a reliable indication of future returns and is not constant over time 0 200 400 600 800 1000 1200 1400 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
  • 12. DJ Stoxx 600 + 322% Volvo + 782% Ericsson + 322% Value creators Bubbles and accidents Capital Expenditure: Ericsson vs Volvo (Total return, EUR) Source: Datastream. Data as of 03/31/2010 Past performance is not a reliable indication of future returns and is not constant over time 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
  • 13. Do not confuse growth and value creation Market performance for Europe vs Asie Emergente over 20 years in $ Sources : Bloomberg, Factset. Data as of 03/31/2010 GDP, base 100 in 1990 MSCI indices per area Average GDP : 7.6% Average GDP : 1.8% 0 50 100 150 200 250 300 350 400 450 500 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Emerging Asia European Union 0 100 200 300 400 500 600 700 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 MSCI Asie ex Japon (TR) MSCI Europe (TR)
  • 14. Oddo Avenir Europe vs MSCI Emerging Countries A continuous value creation Oddo Avenir Europe since inception (05/25/99) Oddo Avenir Europe + 144.1% Benchmark index : HSBC Small Cap Europe (total return) + 85.0% MSCI Europe (for information) (EUR, total return) + 12.7% Sources : Oddo AM, Datastream. Data as of 03/31/2010 MSCI Asie ex Japon (for information) (EUR, total return) + 92.4% Past performance is not a reliable indication of future returns and is not constant over time 0 50 100 150 200 250 300 may-99 may-00 may-01 may-02 may-03 may-04 may-05 may-06 may-07 may-08 may-09
  • 15. Oddo Avenir Europe vs MSCI Emerging Countries A continuous value creation Oddo Avenir Europe since 01/01/04 Oddo Avenir Europe + 120.2% Benchmark index : HSBC Small Cap Europe (total return) + 79.7% MSCI Europe (for information) (EUR, total return) + 38.6% Sources : Oddo AM, Datastream. Data as of 03/31/2010 MSCI Asie ex Japon (for information) (EUR, total return) + 112.2% Past performance is not a reliable indication of future returns and is not constant over time 40 60 80 100 120 140 160 180 200 220 240 260 jan.-04 july-04 jan.-05 july-05 jan.-06 july-06 jan.-07 july-07 jan.-08 july-08 jan.-09 july-09 jan.-10
  • 16. A stable and united committed team 3. People
  • 17. A stable and united team, collective investment decisions, shared values An experienced team in charge of the funds since July 2003 Investment experience Role Grégory Deschamps Sébastien Maillard Pascal Riégis Maryse Sauvageot 17 ans 7 ans 22 ans 20 ans Analyst-portfolio manager Analyst-portfolio manager Analyst-portfolio manager Assistant manager
  • 18. Picking value creators offering an attractive risk/return profile, while controlling liquidity and volatility 4. Process
  • 19. Bottom-up investment process A rigorous four steps investment process Universe of European Small and Mid Cap stocks Investment rules and risk management Valuation of companies on which the management team has a positive fundamental opinion Qualitative analysis of each company Determination of buy and sell target price Selection of stocks Concentrated portfolio (around 40 lines) composed of managers strongest convictions Fundamental opinion on each stock Quantitative filter Fundamental analysis Valuation Portfolio construction and management Reducing investment universe
  • 20. Key points “ Identify tomorrow’s best companies”
      • Mid Cap
      • A solid and tested management
      • Solid growth perspectives
      • International development
      • Value creators on the whole cycle
      • Already structured companies, with leadership position on their market, billion euros market capitalisations (weighted average market cap above €3bn)
      • Companies able to preserve fair profitability and to finance their own long term development even in recession times
    • Tomorrow’s global leaders, capturing growth where it is
    • Companies built on a strong and understandable business model, offering organic development perspectives, with small acquisition at a good price
      • Performing companies, pure players in one business line and with strong management teams
  • 21. Rolls Royce : a world leader on a protected and buoyant market 3 investment cases Market capitalisation : €12.4Bn (£ 11Bn) 1990 – 2009, result of an industrial will: Turnover x 3, number of shares x 2, EPS x 10 Turnover : 60%, recurring. Order book : 52 Md£, amounts 5 times its turnover. Recent installed base. Growth of results in 2009 and 2010 World coleader for civilian and military planes engines (GE, Safran, P&W) and boats 40% of the orders are coming from emerging countries Entrance barriers : no new entrant in this market Leader for long-haul’s engines, the more buoyant market Powers the A380 (RR or GE+P&W) and the B787 (RR ou GE) Sir John Rose joined Rolls Royce in 1984, CEO since 1996 Andrew Shilston joined Rolls Royce in 2002, CFO and member of the Board since 2003
      • Mid Cap
      • A solid and tested management
      • Solid growth perspectives
      • International development
      • Value creators on the whole cycle
  • 22. Fresenius SE : an international group in human healthcare 3 investment cases Market capitalisation : €9Bn 1990 - 2009 : turnover x 30, number of shares x 2.2, EPS x 30 Growth of results in 2009 and 2010 Constitution of an international group, based on R&D and a long term strategy World leader in equipments and dialyse centers (FMC owned by 36%), among world leaders of clinic nutrition (Kabi) of injected generics medicine (APP), coleader in hospital management in Germany (Helios) Present on buoyant markets Implementation of commercial synergies between Kabi and APP Ulf Schneider, joined Fresenius SE in 2001, Chairman of the Board since 2003 Ben Lipps, joined Fresenius Medical Care in 1985, CEO since 1999 Rainer Baule, joined Fresenius Kabi in 1997, CEO since 2001
      • Mid Cap
      • A solid and tested management
      • Solid growth perspectives
      • International development
      • Value creators on the whole cycle
  • 23. Aryzta : world leader in industrial bread 3 investment cases Market capitalisation of €2.5Bn 1991-2009 : turnover x 6.5, number of shares remains stable (+20%), EPS x 19 2009 : Strong resilience of the operating income despite a strong decrease of the turnover ROCE above 30% World leader in industrial bread Turnover : 66% in Europe, 32% in North America, 2% Rest of the world Regular and relutive acquisitions A developing market thanks to an increasing outsourcing Local acquisitions opportunities still important Owen Killian joined Aryzta in 1977, CEO since 2003 Patrick McEniff joined Cuisine de France (Aryzta) in 1989, CFO since 2004
      • Mid Cap
      • A solid and tested management
      • Solid growth perspectives
      • International development
      • Value creators on the whole cycle
  • 24. Top 10 holdings Main holdings Weight in the portfolio Total top 10 holdings 40.6% Oddo Avenir Europe Source: Oddo AM. Data as of 04/30/2010 International companies, with leadership positions, profitable and performing Wincor Nixdorf Fresenius Sodexo Rolls-Royce Skf Michael Page International Sika Dassault Systèmes Aryzta Imtech 3.8% 3.9% 3.5% 3.5% 5.4% 5.0% 3.8% 4.0% 3.8% 3.8%
  • 25. Mid Cap : weighted average market cap above €3Bn
    • Never more than 6% of the AuM for one position
    • Never more than 5% of the capital of a company (for all funds managed by Oddo AM)
    • About 10% liquidity position in the open-ended funds
    Weighted average market capitalisation (in €m) Market capitalisations between €1000m and €5000m (% of AuM) Market capitalisations > €5000m (% of AuM) Market capitalisations < €1000m (% of AuM) Oddo Avenir Europe Source: Oddo AM. Data as of 05/04/2010 A controlled level of cash 9% 3 400 57% 25%
  • 26. Value creators on the whole cycle Compared ROE between Oddo Avenir Europe and DJ Stoxx 600 Sources: Oddo AM, Oddo Securities base Factset. Data as of 03/31/2010 19.8% 14.5% 15.1% 16.3% 9.4% 12.0% 0% 5% 10% 15% 20% 25% 2007 2009 2010e Oddo Avenir Europe DJ Stoxx 600
  • 27. Value creators on the whole cycle * Free Cash Flow Yield = Free Cash Flow per Share / Current Market Price per Share Return On Capital Employed post tax and free cash flow yield* of the portfolio main holdings Source: Oddo AM. Data as of 31/03/2010 Dassault Systèmes Sodexo Ingenico Arcadis Seb Rolls Royce Legrand Biomérieux Imtech Wincor Nixdorf Fresenius Software AG Safran Aryzta Michael Page Sika Moyenne Ipsen -2% 0% 2% 4% 6% 8% 10% ROCE post tax 2010e Free Cash Flow Yield* 12%
  • 28. International companies Source : Oddo AM. Data as of 03/31/2010 Local market Americas Rest of the world Rest of Europe 75% of their activity outside of their local market % of turnover 25% 30% 25% 20%
  • 29. Controlled volatility Risk/return optimisation
        • One “obsession”: limit the capital loss risk
        • A strict buy and sell discipline
        • Valuation through in-house DCF models: “best case” scenario vs. “worst case” scenario
    0 20 40 60 80 100 120 140 160 Price (€) Investment decision 60€ Best Case Scenario + 40% Worst Case Scenario - 20%
  • 30. Risk / Return optimisation : among « defensives » October 2009 : Disposal of Beiersdorf, investment in Fresenius SE
      • Beiersdorf at €40
        • +20% upside
        • -10% downside
        • 20x PE 2010
      • Fresenius SE at €35
        • +55% upside
        • 0% downside
        • 10x PE 2010
    Source : Datastream. Data as of 04/02/2010 Past performance is not a reliable indication of future returns and is not constant over time Fresenius SE Beiersdorf 70 80 90 100 110 120 130 140 150 160 170 march-09 apr.-09 may-09 june-09 july-09 aug.-09 sept.-09 oct.-09 nov.-09 dec.-09 jan.-10 feb.-10 march-10 ARBITRAGE
  • 31. Risk / Return optimisation : among « cyclicals » June 2009 : Disposal of Kuka, investment in Legrand and Sika
      • Kuka at €12.5
        • +25% upside
        • -55% downside
        • n.s. PE 2010
      • Legrand at €15
        • +30% upside
        • 0% downside
        • 13x PE 2010
      • Sika at CHF 1150
        • +50% upside
        • 0% downside
        • 12.5x PE 2010
    Source : Datastream. Data as of 04/02/2010 Past performance is not a reliable indication of future returns and is not constant over time 50 70 90 110 130 150 170 190 210 230 250 270 nov.-07 feb.-08 may-08 aug.-08 nov.-08 feb.-09 may-09 aug.-09 nov.-09 feb.-10 Kuka Legrand Sika ARBITRAGE
  • 32. Oddo Avenir Europe No theme bias, no macroeconomic bets But strong disparities between sectors Source: Oddo AM. Data as of 04/30/2010
  • 33. 3 funds with consistent performance over the long term 5. Products
  • 34. Funds details 3 funds based on a common investment process and management team Oddo Avenir Europe Geographical coverage AuM at 04/30/10 Benchmark index Europe HSBC Small Cap Europe  Sources: Oddo AM, © 2010 Morningstar, Europerformance-Edhec. Data as of 04/30/2010 € 651M
  • 35. Geographic breakdowns
  • 36. 1 year 3 years 5 years Oddo Avenir Europe Ranking Benchmark index: HSBC Small Cap Europe (total return) DJ Stoxx 50 (net total return) Morningstar® average European Mid Cap funds YTD
        • Cumulative performance since inception (05/25/1999)
        • Oddo Avenir Europe: + 148.8%
        • Benchmark index: HSBC Small Cap Europe (total return): + 88.6%
        • As information, DJ Stoxx 50 (net total return): - 6.2%
    Oddo Avenir Europe Annualised volatility/return since inception (05/25/1999) Past performance is not a reliable indication of future returns and is not constant over time Sources: © 2010 Morningstar, Oddo AM. Data as of 04/30/2010 Annualised volatility in % Annualised return in % - 4.7% + 54.2% + 68.1% 5 / 100 3 / 100 9 / 100 - 27.1% + 49.2% + 38.3% - 26.9% + 29.4% + 5.6% - 26.9% + 37.9% + 28.7% + 12.6% 10 / 100 + 10.8% - 0.8% + 7.0% Oddo Avenir Europe (  ) + 8.7% DJ Stoxx 50 dividendes réinvestis - 0.6% HSBC Small Cap Europe dividendes réinvestis + 6.0% -12% -8% -4% 0% 4% 8% 12% 16% 18% 20% 22% 24% 26%
  • 37. Detailed characteristics *C : capitalisation D : distribution Share Share A share : 1 thousandth share Initial Minimum subscription B share : €1,000,000 B share: 20% of the outperformance relative to the benchmark index if the fund performance is positive Share A share: 20% of the outperformance relative to the benchmark index if the fund performance is positive Share Performance fees HSBC Small Cap Europe total return Benchmark index 5 years Minimum investment period Share Share A share : FR0000974149 ISIN codes B share : FR0010251108 International equity fund Classification 4% ATI max of the AuM not allocated to the fund Subscription fees Nil Redemption fees A share: 2.00% ATI Share B share: 1.00% ATI Share Management fees Oddo & Cie Custodian Oddo Asset Management Management company 05/25/1999 Inception date French regulated mutual fund Legal status Oddo Avenir Europe Fund name
  • 38. Oddo Avenir Europe – Risk profile (1/2) Risk of loss of capital: The Fund has no guarantee or safeguard, so initial capital invested might not be returned in full. Equity risk: The Fund is invested, directly or indirectly, in one or more equity markets which could experience significant fluctuations . In periods of low equity prices, Fund net asset value could be reduced . The fund has a 100% max exposure to equity markets. Risk from holding small and mid capitalisation stocks: The Fund may be exposed to small and mid capitalisations. Upward and downward changes in these stocks can be both more marked and more rapid than for large capitalisations and can therefore lead to large fluctuations in net asset value. Moreover the restricted volume on these markets may present a liquidity risk. This type of investment may impact the valuation of the Fund and the price terms on which the Fund could liquidate its positions, and particularly, in the case of large redemptions, even make it impossible to sell them, with the consequent possible fall in Fund net asset value. Interest rate risk: This is the risk that bond market yields may rise, which would result in a fall in bond prices, and consequently lead to a fall in Fund net asset value. The fund can hold up to 25 % of its asset in bonds or in euro denominated debt securities.
  • 39. Oddo Avenir Europe – Risk profile (2/2) Credit risk: This is the risk of potential deterioration in the rating of an issuer or, in extreme cases, of default, which would have an adverse impact on the prices of the debt securities issued by that issuer and therefore on the net asset value of the Fund, which could lead to a loss of capital . The level of credit risk varies according to forecasts, maturities and the level of confidence in each issuer which might reduce the liquidity of any particular issuer and have an adverse impact on Fund net asset value , particularly in the case of the Fund liquidating its positions in a market with low transaction volumes . Discretionary management risk: This risk relates to the management style which is based on anticipating movements on the various markets. There is a risk that at any point in time the Fund would not be invested in the best performing markets or in the best performing assets. Fund performance therefore depends on the ability of the fund manager to anticipate movements in the market or in the securities. This risk may lead to a fall in net asset value and/or a loss of capital for the unitholder . Counterparty risk: This is the risk of default by a counterparty leading to payment default. The Fund may be exposed to counterparty risk through using forward instruments negotiated over-the-counter with financial institutions. The Fund is therefore exposed to the risk that one of these credit institutions cannot honour its commitments in respect of these transactions . Exchange rate risk: This risk affects portfolios invested wholly or partly in securities denominated in foreign currencies, and arises from changes in the parities of these currencies by comparison to the fund reference currency . Thus, a security, the value of which in its own currency does not change, could nevertheless be affected by fluctuations in that currency against the euro and might therefore cause Fund net asset value to fall . This risk is limited up to 30% max of the total asset of the Fund. Please note that the exchange rate risk is of secondary importance for Oddo Avenir and Oddo Avenir Euro.
  • 40. Disclaimer: This document has been drawn up by Oddo Asset Management. Its communication to any investor is the responsibility of each promoter, distributor or advisor. It was designed for information purposes alone and does not constitute an offer or a personalised recommendation or a solicitation to subscribe to the product mentioned. However, should investors decide to subscribe, they undertake to consult the fund’s prospectus in order to acquaint themselves with the precise nature of any risks incurred and in particular the risk of capital loss and, where relevant, the liquidity risk of underlying assets. 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. Any simulations and opinions presented in this document result from analysis carried out by Oddo Asset Management at a particular point in time and are no indication whatsoever of future results. Investors are reminded that past performance is not a reliable indication of future returns and is not constant over time. Legal information concerning this fund, notably the full and simplified prospectuses, is available from Oddo Asset Management or its internet site www.oddoam.fr . Investor’s attention is drawn on the fact that mentioned funds and related legal documents have been accredited and regulated by the French securities regulator (AMF). All the mentioned funds funds are entitled to be sold in France, and for Oddo Avenir Europe in Spain and Switzerland. Oddo Asset Management Portfolio management company constituted in the form of a french société anonyme with a capital of €2 102 800. Company house number: RCS 340 902 857 Paris. Licensed by the Autorité des Marchés Financiers (French financial markets authority) under number GP 99011 12 boulevard de la Madeleine – 75440 Paris Cedex 09 FRANCE Phone: 33 (0)1 44 51 85 00 – www.oddoam.fr
  • 41. Appendices
  • 42. An expected resilient Return On Equity DJ Stoxx 600 ROE: the crisis impact Source: Oddo AM. Data as of 03/31/2010 13.2% 13.1% 10.3% 9.7% 13.0% 15.5% 16.3% 17.0% 16.2% 12.6% 9.4% 12.0% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e
  • 43. 2008 2007 2004 Oddo Avenir Europe Ranking Benchmark index: HSBC Small Cap Europe (total return) DJ Stoxx 50 (net total return) + 8.0% - 39.5% + 24.2% 5 / 100 24 / 100 4 / 100 - 5.8% - 51.3% + 24.2% + 2.6% - 41.2% + 7.1% Average of European Large and Mid Cap funds* + 0.9% - 42.8% + 11.9% 2009 + 42.6% 8 / 100 + 59.1% + 28.7% + 30.1% Oddo Avenir Europe Annual performance 2006 + 31.3% 4 / 100 + 32.8% + 13.6% + 19.2% 2005 + 31.1% 14 / 100 + 37.2% + 24.2% + 26.1% *GIFS Category (Global Investment Funds Sectors) Past performance is not a reliable indication of future returns and is not constant over time Sources: © 2010 Morningstar, Oddo AM
  • 44. Assets under management with an institutional size AuM of Oddo AM European Mid and Small Cap funds (in €m) Source: Oddo AM. Data as of 04/30/2010
  • 45. Biography of the team members Grégory DESCHAMPS - Analyst-Portfolio manager, Mid Cap equities A graduate of HEC Paris and the SFAF, Grégory DESCHAMPS joined Oddo Securities in 1992 as a sell-side analyst and vice head of equities research. Since early 2007, he has joined the Oddo AM teams as an analyst-portfolio manager for Mid Cap equities Sébastien MAILLARD - Analyst-Portfolio manager, Mid Cap equities A graduate of the Ecole Supérieure de Commerce of Nantes (AUDENCIA), Sébastien MAILLARD joined Oddo AM in 2002 as an assistant manager for Mid Caps equities. He has been a Mid Cap equities analyst-portfolio manager since 2003 Pascal RIEGIS - Analyst-Portfolio manager, Head of Mid Cap equities management A graduate of economy at Pau Business School, member of the SFAF, Pascal RIEGIS began his career in 1987 as a financial analyst for Paribas. After five years of Equity Research at the CIC group, he joined Oddo et Cie in 1995 as Head of Equity Research for Oddo Securities. Since July 2003, Pascal RIEGIS has been an analyst-portfolio manager of Mid Caps equities Maryse SAUVAGEOT - Assistant manager for Mid Cap equities Maryse SAUVAGEOT began her career in 1984, within Paribas as a vice-head of the fixed income and Forex back office, then as a Trader on the short-term interest rates of Paribas Capital Market. She then joined Paribas AM as a trader in the European equities team. Since 2001, Maryse SAUVAGEOT has worked for Oddo AM teams as a trader
  • 46. Head of International Sales +33 1 44 51 88 66 [email_address] International Client Service +33 1 44 51 89 17 [email_address] Switzerland Institutional Sales Manager +33 1 44 51 80 15 [email_address] Benelux Institutional Sales Manager +33 1 44 51 87 59 [email_address] Germany and Austria Institutional Sales Manager +33 1 44 51 87 66 [email_address] Michaela Salzmann Avidan Geissmann Bertrand Levavasseur Edouard Vallette Viallard Eric Simonnet International contacts Spain and Italy Institutional Sales Manager +33 1 44 51 81 94 [email_address] Dario Sari

×