Delubac pricing power 2013 gb

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Delubac pricing power 2013 gb

  1. 1. DELUBAC  Pricing Power  Invest in a new world
  2. 2. Notice for the reader of this document This document is provided for information purposes only. This presentation document has been prepared by Delubac Asset Management, the legally‐required disclosure details of which are shown at the foot of this page. This document has no contractual force and in no circumstances shall it constitute a solicitation or a recommendation to buy or to sell. The reproduction of all or a part of this document or of its contents is prohibited. Copies of this document may only be given to third parties with the prior permission of Banque Delubac & Cie. The analyses, figures and other data contained herein shall in no circumstances be communicated to third parties, including in particular to investment service providers. The comments and analyses herein reflect the views of the staff of Banque Delubac & Cie; accordingly, Banque Delubac & Cie shall not be held liable for any investment decision made by clients on the basis of such comments and analyses. The official information on the management of UCITS (the prospectus or annual or half‐yearly reports) mentioned in this document shall prevail over all other information and may be obtained free of charge from : Although this document has been prepared with due care using sources that the company believes to be reliable, no guarantee is given as to the accuracy and completeness of the information and assessments contained herein. Banque Delubac & Cie Past performances or awards received by the investment management teams mentioned herein are not an indication of future performances. Gestion d’épargne 152 Boulevard Haussmann 75008 Paris This document has been prepared independently of the specific or future objectives, or of the particular financial or tax position or specific needs, of any given recipient. To obtain a personalized recommendation, please contact the sales and marketing staff of Banque Delubac & Cie. Delubac Asset Management is a portfolio management company authorized by the French securities regulator (l’Autorité des Marchés Financiers) under  authorization no. GP 00‐009 dated 31 March 2000. A French limited liability company (Société Anonyme) with capital of € 1 006 169,98. Registered office: 152 Boulevard Haussmann, 75008 Paris. Paris Trade & Companies Registry no. 430 045 229. 2
  3. 3. Themes I ‐ Major changes 3 II ‐ The new reading of the stock market 5 III ‐ Our response 7 IV ‐ Methodology 11 V ‐ 17 Delubac Pricing Power VI ‐ Biographies 28 VII ‐ Risk Reward profile 29 VIII  Fund Characteristics 30 3
  4. 4. I ‐ Major changes Today the world is: ‐ EMIRATES as the world’s leading airline. ‐ SAMSUNG making a 100 million $ profit daily when ALCATEL can no longer make it on a year. ‐ PSA out the CAC40. ‐ 30 000 references by year for the big of the textile industry. ‐ AMAZON in the top 10 retailers in the world The 21st century is too dangerous to manage as in the 20th : In this world, how could it be considered as normal to manage assets using an « opportunist » approach, without ruling out any stock, even when he is attacked on all sides from its rivals ? Without taking into account that globalisation produces both loosers and winners ? In a world in which the younger generation is no longer prepared to pay for music and films … should we consider that these new behaviours have only negligible consequences for shareholders? This is not our approach :  Do not forget that if competition is positive for the consumer, it’s harder for the shareholders because it hurts companies’ margins that have failed to differentiate themselves. Source: Delubac AM 4
  5. 5. I ‐ Major changes Customers are now “in a position of power” ‐ The customer is now king, is no longer loyal and refuse to overpay for a product ‐ Customers are well informed, and need price justifications ‐ Promotions have become the norm Long‐term trend towards sectoral deflation ‐ The theory of rising inflation is an economic theory. As for sectoral deflation, it is structural. ‐ Having lost their position of strength in relation to consumers for several years now certain sectors have been trending towards deflation. The pharmaceuticals sector is an example: With the constant rise of generics, prices of medicines have been falling continually. The sector majors will see revenues fall by $18 billion in 2011 in the public health field, then by $16 billion and $12 billion in 2012 and 2013, respectively. Source: Delubac AM 5
  6. 6. II ‐ The new reading of the stock market A new stock classification  ‐ The apparent haphazardness of stock market performances over the last years has invalidated the usual approaches of the market. ‐ To understand the market moves, it is necessary to modify its “reading grid” from a traditional classification to a new analysis : Cyclical stocks Deflation stocks : Price War survival policy Source: Delubac AM Defensive stocks Pricing Power stocks :  Price priority margins Growth stocks « Volume » stocks :  volume / productivity gains pairing 6
  7. 7. II ‐ The new reading of the stock market End of the so‐called ‘defensive’ stocks ‐ Over the past ten years, a period that has featured no fewer than three major shocks, the traditionally defensive sectors have failed to fulfil their role and have even amplified market falls. Performances over 10 years (07/31/03 – 07/31/13) : FRANCE TEL. * ‐ 67 % DEUTSCHE TEL. * ‐ 32 % PFIZER * ‐ 12 % CAC 40 * + 24 % DAX * + 138 % DJIA * + 67 % * Dividends not reinvested Sources: Delubac AM, MarketMap 7
  8. 8. III ‐ Our response Sustainable Pricing‐Power: a key factor for emerging as a winner from these changes ‐ Pricing‐Power: being in a strong position in relation to customers. ‐ Only those firms with:  particular know‐how,  a strong brand,  an undisputed technological edge,  and having built barriers difficulty by competitors, to entry that can only be breached with are able to overturn positions of strength and thus impose their prices. ‐ Source: Delubac AM In the context of high cost increases (commodities, marketing, regulatory constraints, etc.), only those companies with Pricing Power will be able to increase prices and thus protect their operating margins. 8
  9. 9. III ‐ Our response Pricing‐Power: a concept for today ‐ The concept of Pricing‐Power has not only stood up to the “post‐Lehman” crisis, but has emerged from it stronger : Businesses talk more and more of the growing disloyalty of consumers, fiercer competition and price wars. There are now a dozen major brokerage companies that have recently place Pricing‐Power at the heart of their strategy, an unprecedented occurrence. This theme has therefore become of primordial importance to the investor. We have chosen to invest in « shareholder proposals » and, regardless of their price, to reject stocks  that are contaminated by deflation and which would destroy value for the shareholders. Source: Delubac AM 9
  10. 10. III ‐ Our response Strategic positioning as a starting point ‐ It is no longer possible to rely on the usual methods (whether sectoral or classification) to understand the market evolution in recent years. ‐ A sector as a whole can be both a growth sector (in volume) and be undergoing deflation (in value). ‐ A company ’s ‘profitability curve’ can no longer be assessed based on its sector or classification, but solely on its competitive position within its sector. Example of telecoms: what does EUTELSAT, a satellite operator with definitively allocated orbital positions and therefore safe from ‘attack’ by competitors or new entrants, have in common with the traditional operators, under attack from all sides? Example of air transport: what does AMADEUS, which has managed to make itself essential to airlines and travel agencies, have in common with the airlines, which have failed to maintain their prices and are under constant attack by low‐cost companies and emerging‐country airlines? Source: Delubac AM 10
  11. 11. III ‐ Our response Stock picking: more than ever indispensable Following the radical transformations seen in the financial markets in recent years, a “traditional” approach to investing, using a sectoral or geographical approach, is no longer possible. Individual companies, their strategy, positioning, and so on are what now counts. For example: ‐ ‐ Source: Delubac AM Amongst the strongest contributors to the 2010 performance of Delubac Pricing Power, we find two Italian stocks, CAMPARI and TOD’S, which posted performances of, respectively, 34% and 42%. Over the same period, the Milan stock exchange had a difficult year and fell by more than 13%. Likewise on the Spanish market for the year 2012, Amadeus increased by 52% in a domestic market at ‐ 4,66%. 11
  12. 12. IV ‐ Methodology Selection criteria Investment univers : 1 500 stocks ‐ The fund is built on a selection of stocks with Pricing Power. These « protected growth » companies are able to follow their own path, without being heavily Quantitative  Criteria impacted by general economic conditions. ‐ Qualitative  Criteria The internal selection process is extremely strict and is based on 8 criteria (quantitative and qualitative). To be eligible, a stock must meet all of these criteria. Selection :  25 to 50 lines Delubac Pricing  Power Source: Delubac AM 12
  13. 13. IV ‐ Methodology Universe of eligibilty ‐ The stocks selected are companies that meet all of our eight selection criteria. ‐ Stocks that fail to meet one or two of these criteria are placed on watch in our “waiting” universe. Investment  universe 1500  stocks Universe On standby  80 stocks Stock picks  25‐50 lines * * Average = 30 lines Our limited and stabilized universe allows us to have a greater knowledge of our stocks, which helps us to be  extremely responsive to the news flow of our portfolio and thus to adjust the weightings. Source: Delubac AM 13
  14. 14. IV ‐ Methodology « Buy & Hold » ‐ Once the stock picking process is complete, the stocks may remain in the fund as long as they  meet our 8 criteria, which is by no means bad news …  Performance of the SMI stocks (Swiss index) over ten years : 182,50% SGS 91,41% SYNTHES 78,52% NESTLE RICHEMONT 66,99% 48,96% SWATCH GROUP 14,12% JULIUS BAER 6,56% HOLCIM NOVARTIS 1,75% ‐2,50% ROCHE LONZA ‐24,79% CREDIT SUISSE ‐33,03% SWISSCOM ‐36,54% ‐46,20% ABB ‐48,05% UBS ADECCO ‐54,63% ‐67,23% ZURICH ‐68,97% SWISSRE SWISS LIFE ‐77,19% ‐100% Sources: Delubac AM, AGEFI Suisse  Data as of: 12/2009 The five best performers on the SMI over the past ten years form part of our stock picks. They have been or are currently among the stocks in the portfolio. ‐50% 0% 50% 100% 150% 200% 14
  15. 15. IV ‐ Methodology « Buy & Hold » ‐ Holding a share does not imply a target selling price. What is important is not the share’s immediate performance but its outlook and therefore its potential.  Case of EADS: the share price rose by 39% over the first six months of 2013. Many analysts recommended selling following this strong outperformance. According to our methodology, we strengthen the stock because : despite the rise, EADS was not more expensive on June 30th 2013 than on December 31th 2012. We can observe that the group ’s outlook had improved over the period as quickly as the share price, retaining the stock potential. Au 12/31/12 :  PEG = 0,44 with a share price at 29,5€ Sources: Delubac AM, MarketMap Data as of: 06/30/2013 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 Au 06/30/13 : PEG = 0,50 with a share price at 41€ +39% 15
  16. 16. IV ‐ Methodology Weightings ‐ In our day‐to‐day management, we pay very close attention to the news flow on portfolio stocks in order to adjust their weightings. The work on adjusting weightings is particularly significant at the end of each reporting season. ‐ In the case of disappointing earnings releases, the stock is kept only if the company’s outlook for the year remains intact. ‐ Even though the majority of our portfolio companies release earnings figures that are in line with or exceed expectations, there are nonetheless differences in terms of ‘quality’. Companies that have:    released earnings figures that greatly exceed expectations, raised their outlook for the year, issued a very positive and confident message as to the future, will be overweighted and will form part of the fund’s main lines. Source: Delubac AM 16
  17. 17. IV ‐ Methodology Delubac Pricing Power ‐ ‐ Concentrated funds: composed of 25‐50 lines (30 in average). ‐ Middle and large cap approach: investing in companies with market capitalisation of more than €500 million (average = around 19 billions €). ‐ Portfolio rotation: adapted to the market environment. ‐ Source: Delubac AM Open universe : European Union markets, with no index, sector or geographical limitation. Fund always very invested: average investment rate for 2012 > 99% (>98% in 2011). 17
  18. 18. V – Delubac Pricing Power The 4 drivers of Delubac Pricing Power outperformance ‐ ‐ When their free float so permits, the companies in the fund may be preys for large, more cyclical groups. This has already been the case for seven stocks in the fund: Aguas de Barcelona, Escada, Fadesa, Hugo Boss, Numico, Tandberg and Bulgari. ‐ The cash flows generated by these "exceptions" enable the shareholders to be "pampered", through regular increases in the pay‐out‐ratio, windfall dividend distributions and share buy‐ backs. ‐ Source: Delubac AM The stocks in the fund are protected growth stocks, far less prone than the stock exchange as a whole to operating margin upsets. Thanks to the high barriers to entry that they have been able to erect, these stocks are capable of delivering earnings exceeding or at least meeting expectations and market average (cf page 18 & 19). 18
  19. 19. V – Delubac Pricing Power The quality of earnings announcements : driver of outperformance For several quarters, we notice that companies operating margin rates are under pressure and the trend  continues to grow. According to a study by Ernst & Young published early November 2012: ‐ The average EBIT margins for European Stocks droped from 11% to 9,8% between 3Q11 and 3Q12 (and from 13,3% to 12,8% in the US). ‐ In Europe, 65% of companies, published a smaller margin than the previous year (54% in the US). Delubac Pricing Power stocks are one of these companies able to preserve their margins , even in this difficult environment. These companies are also able to publish growing margins year on year, which is a quality recognized by the market and therefore an outperformance driver. Sources: Delubac AM, MarketMap Data as of: 3Q12 19
  20. 20. V – Delubac Pricing Power The quality of earnings announcements : driver of outperformance Since the fund was launched, at the end of each announcement period we have calculated the percentage of companies having released operating results above or equal to analysts’ expectations. 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 86% 87% 88% 88% 83% 85% 86% 85% 86% 76% 90% 71% 81% These better‐than‐expected announcements are a driver of Delubac Pricing Power outperformance, as we can see with the 4th quarter 2012 earnings period : YTD OUTPERF. FUND / MSCI Europe (1)      YTD OUTPERF. FUND / MSCI Europe (1)      AS OF 01‐14‐2013 * AS OF 03‐28‐2013 ** ‐ 0,70% + 5,40% OUTPERFORMANCE                       OVER THE PERIOD + 6,10% * Start of earnings announcements period ** End of earnings announcements period (1) Dividends not reinvested Sources: Delubac AM, Bloomberg Data as of: 4Q12 The data cited is for past years. Past performances, classifications, prices, ratings, statistics and data are not reliable indicators of future performances, classifications, prices, ratings, statistics and data. Simulations based on past performances are not reliable indicators of future performances and are not constant over time. Performance data does not take into account fees and expenses received at the time of the subscription or redemption of units. This non‐ contractual document does not constitute an offer to buy or a proposal to sell. 20
  21. 21. V – Delubac Pricing Power 2nd quarter 2013 earnings period : 83% of earnings ≥ expectations REMY COINTREAU ZODIAC 06/13/13 AGGREKO 06/18/13 SERCO 06/28/13 BURBERRY 07/10/13 B. CUCINELLI 07/18/13 PUBLICIS 07/18/13 REMY COINTREAU 07/18/13 KONE 07/19/13 SWATCH 07/23/13 DASSAULT SYSTEMES 07/25/13 LVMH 07/25/13 LUXOTTICA 07/25/13 SAFRAN 07/26/13 EUTELSAT 07/30/13 TELECITY 07/30/13 AB INBEV 07/31/13 INGENICO 07/31/13 HUGO BOSS 07/31/13 EADS Source: Delubac AM Data as of: 2Q2012 06/11/13 07/31/13 DIAGEO 07/31/13 ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ AGGREKO 08/02/13 AMADEUS 08/02/13 TOD'S 08/07/13 HENKEL 08/08/13 KERRY GROUP 08/08/13 NOVO NORDISK 08/08/13 DE'LONGHI 08/27/13 EUROFINS 08/27/13 BUREAU VERITAS 08/28/13 B.CUCINELLI 08/28/13 PERNOD 08/29/13 FERRAGAMO 08/29/13 ZODIAC 09/17/13 CHRISTIAN HANSEN 07/03/13 SGS 07/17/13 EDENRED 07/24/13 CAMPARI 08/06/13 NESTLE 08/08/13 ADIDAS 08/08/13 SERCO 08/29/13 ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ ≥ < < < < < < < 21
  22. 22. V – Delubac Pricing Power The most uncompromising fund : Investing in the Delubac Pricing Power is :  1 AVOIDING being a shareholder of companies operating in the following sectors: • Banking = 76% of the  EuroStoxx 50 • • • • • 2 Mass retailing Air transport Hotel industry Automotive industry Utilities Pharmaceuticals Telecoms Brown goods Heavy industry Exploration/production • • • • • Healthcare specialists Established brands High‐tech Industrial blue chips Food processing BEING PRESENT in: • Concession operators • • • • • Source: Delubac AM • • • • • Travel retail Aerospace Equipment Specialist services Luxury goods Certification, testing 22
  23. 23. V – Delubac Pricing Power Performance of Delubac Pricing Power vs. MSCI Europe NTR by civil year : Since inception, Delubac Pricing Power has always outperformed its benchmark, except in 2009. 2006 DELUBAC  Pricing Power (P class) 2007 2008 2009 2010 2011 2012 2013  (09.30.2013) 23,96% 1,65% ‐44,66% 13,44% 17,16% ‐4,03% 27,97% 15,71% DELUBAC Pricing Power (I class) Launched in Sept. 6, 2012 MSCI EUROPE (€)            16,49% Div. Reinvested Sources: Delubac AM, Bloomberg Data as of: 09/30/2013 16,10% 0,07% ‐45,52% 27,15% 8,04% ‐10,94% 13,38% 13,67% The data cited is for past years. Past performances, classifications, prices, ratings, statistics and data are not reliable indicators of future performances, classifications, prices, ratings, statistics and data. Simulations based on past performances are not reliable indicators of future performances and are not constant over time. Performance data does not take into account fees and expenses received at the time of the subscription or redemption of units. This non‐ contractual document does not constitute an offer to buy or a proposal to sell. 23
  24. 24. V – Delubac Pricing Power Performance of Delubac Pricing Power vs. MSCI Europe NTR as of 09‐30‐ 2013  1 month 3 months 1 year 2 years 3 years 5 years Inception DELUBAC  Pricing Power (P class) 2,92% 6,82% 18,86% 57,93% 52,48% 42,90% 29,17% DELUBAC Pricing Power (I class) Launched in Septembre 6, 2012 2,98% 6,96% ‐ ‐ ‐ MSCI EUROPE (€)                Div. Reinvested Sources: Delubac AM, Bloomberg Data as of: 09/30/2013 16,14% vs.  17,4% MSCI  Europe TNR 4,43% 9,14% 18,75% 46,30% 31,44% 43,56% 34,81% The data cited is for past years. Past performances, classifications, prices, ratings, statistics and data are not reliable indicators of future performances, classifications, prices, ratings, statistics and data. Simulations based on past performances are not reliable indicators of future performances and are not constant over time. Performance data does not take into account fees and expenses received at the time of the subscription or redemption of units. This non‐contractual document does not constitute an offer to buy or a proposal to sell. 24
  25. 25. V – Delubac Pricing Power Delubac Pricing Power (P share) ranking as of 08‐30‐2013: YTD DELUBAC PRICING POWER 1 YEAR 2 YEARS 3 YEARS 5 YEARS 26/283 120/280 12/264 1/253 75/226 Delubac Pricing Power (P share) volatility ranking as of 08‐30‐2013 : YTD DELUBAC PRICING POWER 1 YEAR 2 YEARS 3 YEARS 5 YEARS 43/283 54/280 73/264 30/253 91/226 Source : MORNINGSTAR  Catégorie : Actions Europe Gdes Cap. Mixte Sources: Delubac AM, Morningstar, Data as of: 08/30/2013 The data cited is for past years. Past performances, classifications, prices, ratings, statistics and data are not reliable indicators of future performances, classifications, prices, ratings, statistics and data. Simulations based on past performances are not reliable indicators of future performances and are not constant over time. Performance data does not take into account fees and expenses received at the time of the subscription or redemption of units. This non‐ contractual document does not constitute an offer to buy or a proposal to sell. 25
  26. 26. V – Delubac Pricing Power As of 12‐30‐2011: ¼ of the portfolio at its all time high … In a strongly bearish year for the markets, there were companies to invest in, stocks which do not know the  crisis.  For evidence, in this environment, some of our stocks continued to perform and ended the year at  their all time high : ‐ ABINBEV ‐ AGGREKO ‐ DASSAULT SYSTEMES ‐ GEMALTO ‐ ‐ ‐ ‐ NOVOZYMES REMY COINTREAU TELECITY ZODIAC As of 12‐31‐2012: it’s confirmed After a great 2011 and a closing at a all time high, a number of quality stocks continued their own path and  once again distinguished themselves with an exceptional 2012 : ‐ ABINBEV : + 42% ‐ DASSAULT SYSTEMES : + 37% ‐ GEMALTO : + 81% Source: Delubac AM Data as of: 12/31/2012 ‐ REMY COINTREAU : + 35% ‐ TELECITY : + 22% ‐ ZODIAC : + 30% 26
  27. 27. V – Delubac Pricing Power Delubac Pricing Power : Evolution of the fund size  Au 09.30.2013 Source: Delubac AM Data as of: 09/30/2013 27
  28. 28. V – Delubac Pricing Power Warren Buffett to the financial crisis inquiry commission « I rate businesses on their ability to raise prices and sometimes don’t even consider the  people in charge. » « The single most important decision in evaluating a business is pricing power. »  « If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business. » « The extraordinary business does not require good management. » Source: Delubac AM 28
  29. 29. VI – Biographies Gérard MOULIN Graduate of Ecole Supérieure de Gestion, he joined Banque Populaire Val de France as portfolio manager for institutional and private clients. He becomes international equities manager at Barclay's Investment Management in 1998 before joining Delubac Asset Management in 2004 as equity manager in order to create Delubac Pricing Power fund. Gérard Moulin has 20 years of experience in equity fund management. Séverine ALLUIN Holder of a master in accounting and finance and graduated in 2004 from the IAE Gustave Eiffel – Master of portfolio management, she joined Delubac Asset Management in 2005. Firstly fund management assistant and then Junior fund manager, she is part of the management team since the inception of Delubac Pricing Power fund. Source: Delubac AM 29
  30. 30. VII – Risk Reward Profile Risk / reward Profile Investors are warned that a fund is generally exposed to a range of risk factors that could cause a fall in its net asset value : ‐ Equity market risk, ‐ Capital risk, ‐ Discretionary management risk, ‐ Currency risk. Risk/reward profile as of 09.30.2013 8% Refer to the full prospectus for a more detailed MSCI  Europe  NTR Lower risk Potentially lower return Higher risk Potentially higher return Annualized return description of the various risks incurred. 7% Delubac   Pricing  Power Annualized volatility 6% 18% 19% 20% 21% 22% 23% 24% 25% Sources: Delubac AM, Bloomberg Data as of: 09/30/2013 The data cited is for past years. Past performances, classifications, prices, ratings, statistics and data are not reliable indicators of future performances, classifications, prices, ratings, statistics and data. Simulations based on past performances are not reliable indicators of future performances and are not constant over time. Performance data does not take into account fees and expenses received at the time of the subscription or redemption of units. This non‐contractual document does not constitute an offer to buy or a proposal to sell. 30
  31. 31. VIII – Fund Characteristics Name PART P PART I FR0010223537 FR0011304229 European Equities European Equities Base currency Euro Euro Management Delubac Asset Management Delubac Asset Management Banque Delubac & Cie Banque Delubac & Cie Daily Daily Daily before 5PM (Paris Time) Daily before 5PM (Paris Time) Recommanded investment holding 5 years 5 years Initial share value 100 Euros 10 000 Euros 1 share 250 000 Euros 1/100 share 1 share 2,50% None 2,1528% 1,0000% 15% performance > MSCI Europe NTR  15% performance > MSCI Europe NTR None None All investors All investors; more particularly institutional investors ISIN code AMF Classification  Custodian Dealing Dealing Deadline Minimum initial subscription Subsequent subscriptions (min.) Entry charge (up to) Management fee (up to) Performance fee Exit charge Investors concerned Source: Delubac AM 31
  32. 32. Notice for the reader of this document All the information contained in this document may be changed without prior notice and should be read together with the latest version of the full prospectus for the product. This document has no contractual force and in no case constitutes either a solicitation to buy or sell, or a recommendation to buy or sell. These comments and analyses reflect Delubac AM's view of the financial markets and their trends; they provide no guarantee of future performance. As a consequence, Groupe Banque Delubac may not be held liable for an investment or divestment decision taken on the basis of these comments and/or analyses. Groupe Banque Delubac recommends to the investor to invest in a UCITS only after carefully reading the full prospectus concerning it. Before making any subscription to a financial product, the investor should, in particular, make sure that said investment is appropriate for his financial and wealth situation, his experience and his objectives with regard to risk and investment period. It should be remembered that past performance is not necessarily a guide to future performance. Non‐contractual document, updated in September 2013 32

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