[Special Mention]                                                        For professional investorsEuropean Large Cap Equi...
European Large Cap Equity Select                                         | February 2011 |   2Contacts and disclaimer on t...
European Large Cap Equity Select             | February 2011 |   3Contents1. Overview      1. The bottom line: our key str...
1. Overview
European Large Cap Equity Select                                              | February 2011 |   5The bottom line: our ke...
European Large Cap Equity Select                                                                             | February 20...
European Large Cap Equity Select                                                                                          ...
European Large Cap Equity Select                                                                                          ...
European Large Cap Equity Select                                                                                          ...
European Large Cap Equity Select                                                                             | February 20...
European Large Cap Equity Select                                                                                          ...
2. Process
European Large Cap Equity Select                                           | February 2011 |   13Investment philosophyThe ...
European Large Cap Equity Select                                                                                          ...
European Large Cap Equity Select                                                           | February 2011 |              ...
European Large Cap Equity Select                                                      | February 2011 |            16Inves...
European Large Cap Equity Select                                                      | February 2011 |            17Inves...
European Large Cap Equity Select                                    | February 2011 |    18Investment philosophyPractical ...
European Large Cap Equity SelectInvestment philosophyPractical application of the HHI
European Large Cap Equity SelectInvestment philosophyPractical application of the HHI                                     ...
European Large Cap Equity Select                                                                                          ...
European Large Cap Equity Select                                                       | February 2011 |   22Investment pr...
European Large Cap Equity Select                                                      | February 2011 |   23              ...
European Large Cap Equity Select                                                        | February 2011 |   24Investment p...
European Large Cap Equity Select                                               | February 2011 |   25Investment process   ...
European Large Cap Equity Select                                                   | February 2011 |        26Risk managem...
European Large Cap Equity Select                                                                                          ...
0                                                                                                                         ...
European Large Cap Equity Select                                                                                          ...
European Large Cap Equity Select                                                                                      | Fe...
European Large Cap Equity Select                                                 | February 2011 |                31Stock ...
3. Performance review
European Large Cap Equity Select                                                                                          ...
European Large Cap Equity Select                                                                                          ...
European Large Cap Equity Select                                        | February 2011 |   35Competitive positioningMerce...
European Large Cap Equity Select                                        | February 2011 |   36Competitive positioningMerce...
European Large Cap Equity Select                                                                                          ...
European Large Cap Equity Select                                                                                          ...
European Large Cap Equity Select                                          | February 2011 |   39Competitive positioningMer...
European Large Cap Equity Select                                          | February 2011 |   40Competitive positioningMer...
European Large Cap Equity Select                                                                                          ...
European Large Cap Equity Select                                                                                          ...
European Large Cap Equity Select                                  | February 2011 |   43Competitive positioningMercerInsig...
European Large Cap Equity Select                                  | February 2011 |   44Competitive positioningMercerInsig...
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
European large cap equity select
Upcoming SlideShare
Loading in...5
×

European large cap equity select

1,616

Published on

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

  • Be the first to like this

No Downloads
Views
Total Views
1,616
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
8
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

European large cap equity select

  1. 1. [Special Mention] For professional investorsEuropean Large Cap Equity Select A differentiated approach to stock pickingInvestment capability overviewMarch 2011
  2. 2. European Large Cap Equity Select | February 2011 | 2Contacts and disclaimer on the funds’ names● For information on the European Large Cap Equity Select products please contact: – Jean Medecin, CFA + 33 (0)6 77 83 68 46 Senior Product Specialist jean.medecin@bnpparibas.com – Sheila Ter Laag + 33 (0)6 76 25 3064 Product Specialist sheila.terlaag@bnpparibas.com● Alternatively visit our website: www.bnpparibas-am.com● Before 01 September 2010 the sub-funds of the SICAV BNP Paribas L1 sub-funds were formerly named Fortis L Fund
  3. 3. European Large Cap Equity Select | February 2011 | 3Contents1. Overview 1. The bottom line: our key strengths 2. Investment team 3. Range of funds2. Process 1. Investment philosophy 2. Investment process 3. Risk management 4. Stock selection examples3. Performance review 1. Overall performance 2. Competitive positioning4. Key points5. Appendices
  4. 4. 1. Overview
  5. 5. European Large Cap Equity Select | February 2011 | 5The bottom line: our key strengthsA differentiated approach to fundamental long term investment● Focus on long-term investment performance: emphasis on identifying long-term winners enables us to exploit opportunities that arise due to the short-termism of the market● In-depth company analysis: internally-generated, comprehensive research and analysis by a dedicated team of research professionals enables a deeper understanding of company fundamentals and future prospects● Peer review decision making process: adding rigour and different perspectives to the investment management process● Differentiated approach to industry analysis: industry structure work enables us to better understand a company’s earnings profile and focus on companies that have the ability to control their own destiny
  6. 6. European Large Cap Equity Select | February 2011 | 6Investment teamPart of a well resourced investment centre UK (London) based France (Paris) based Europe Equity Investment NL (Amsterdam) based Centre Germany (Frankfurt) based Head: Andrew King Large Cap Equity Select Country Strategies Small and Mid Cap Andrew King France Damien Kohler Peter Abbott Pierre Pincemaille Eve Bouard Valerie Charriere-Pousse Florian Castel Giovanni Cherubini Belgium Silvia Hill Daniel Hemmant Christophe d’Audoffret Jochen Mathee Daniel Hobster Aliyahdin Saugi Jeroen Knol Netherlands Elaine de Villaines Olivier Rudigoz Holger Weeda Fiona Wills Niels Geypen (Risk Manager) *AUM as of end January 2011- Source: BNP Paribas Asset Management
  7. 7. European Large Cap Equity Select | January 2011 | 7 February 2011 7Investment teamA team of experienced investment professionals with no formal buy-side analyst / fundmanagers distinction thus ensuring a better communication Research and Portfolio Management Support Giovanni Cherubini Daniel Hemmant Andrew King, CIO Valerie Charriere Jean Medecin Pousse Materials, Utilities Telecoms, Technology Consumer Staples Consumer Staples, Healthcare Senior Product Specialist 18 Years Experience 18 Years Experience 25 Years Experience 14 Years Experience 16 Years Experience Jeroen Knol Daniel Hobster Peter Abbott Olivier Rudigoz Niels Geypen Financials Energy Industrials Consumer Discretionary, Risk Manager 13 Years Experience 3 Years Experience 26 Years Experience Telecoms 2 Years Experience 21 Years Experience
  8. 8. European Large Cap Equity Select | February 2011 | 8Investment teamSharing research and expertise with a solid Europe Small & Mid Cap and Country Fundsteam with a broad coverage Portfolio managers – Small & Mid Cap Country Funds Damien Kohler Eve Bouard Silvia Hill Jochen Mathee Christophe Pierre d’Audiffret Pincemaille Small and mid cap Head 14 years of experience 15 years of experience 20 years of experience Belgium France 16 years of experience 14 years of experience 11 years of experience Eliane De Florian Castel Fiona Wills Ali Yahdin Holger Weeda Villaines Lancelot Saugi 17 years’ experience 8 years’ experience 18 years’ experience 4 years of experience Netherlands 13 years’ experience
  9. 9. European Large Cap Equity Select | January 2011 | 9 February 2011 9Investment teamAn example of cross research: Telenet (Belgian Telephony & Internet) Portfolio managers – Small & Mid Cap Research and Portfolio Management Damien Kohler Eve Bouard Silvia Hill Jochen Mathee Small and mid cap Head 14 years of experience 15 years of experience 20 years of experience 16 years of experience Giovanni Andrew King, Valerie Charriere Silvia Hill Cherubini Daniel Hemmant CIO Pousse Materials, Utilities Telecoms, Technology Consumer Staples Consumer Staples, Healthcare 15 years of experience Eliane De Florian Castel Fiona Wills Ali Yahdin Saugi 18 Years Experience 18 Years Experience 25 Years Experience 14 Years Experience Villaines Lancelot 17 years’ experience 8 years’ experience 18 years’ experience 4 years of experience Country Funds Jeroen Knol Daniel Hobster Peter Abbott Olivier Rudigoz Christophe d’Audiffret Financials Energy Industrials Consumer Discretionary, Telecoms Belgium 13 Years Experience 3 Years Experience 26 Years Experience 21 Years Experience 14 years of experience Christophe Pierre Holger Weeda d’Audiffret Pincemaille Belgium France Netherlands 14 years of experience 11 years of experience 13 years’ experience
  10. 10. European Large Cap Equity Select | February 2011 | 10Range of funds€8.9 billion* in assets under management across three families of funds Best Selection Europe Europe Growth Equities Core Europe Equities Equities High-conviction Europe High-conviction Europe Core Europe (also Euro zone) (also Euro zone and Europe growth strategy strategy based on sector ex-UK) strategy neutrality and low tracking error● €1.3 billion* in assets ● €1.3 billion* in assets ● €6.3 billion* in assets● BNPP L1 Equity Best ● BNP Paribas L1 Equity ● BNPP L1 Equity Europe Selection Europe Europe Growth ● BNPP L1 Equity Euro● BNPP L1 Equity Best ● BNL Azioni Crescita ● BNPP Actions Europe Selection Euro ● Segregated accounts ● BNPP Actions Euroland● BNPP L1 Equity Best ● Segregated accounts Selection Europe ex-UK● Segregated accounts Common investment philosophy and research process applied across all strategies *AUM as of end January2011 Source: BNP Paribas Asset Management
  11. 11. European Large Cap Equity Select | February 2011 | 11Range of fundsFlagship funds characteristics BNP Paribas L1 Equity BNP Paribas L1 Equity BNP Paribas L1 Equity Best Selection Europe Growth Europe/Euro Europe/EuroBenchmark MSCI Europe (NR) €* MSCI Europe (NR) € MSCI Europe (NR)€*** MSCI EMU (NR) €** MSCI EMU (NR) €****Target outperformance 250–300 bp gross of fees 250–300 bp gross of fees 100–200 bp gross of feesTracking error target 3–6% 3–6% 2–3%Target holdings 40–50 40–60 70–100Sector relative weight +/-10 percentage pts +/-10 percentage pts +/-2.5 percentage pts(GICS sector level)Stock max overweight < 5 percentage pts < 5 percentage pts < 5 percentage ptsCash level target <3% <3% <3%Target turnover Less than 50% p.a. Less than 50% p.a. Less than 50% p.a. * Benchmark for BNP Paribas L1 Equity Best Selection Europe (Prior to 1 January, 2009 benchmark was MSCI Pan-Euro (NR) Index) *** Benchmark for BNP Paribas L1 Equity Europehere is no guarantee that the performance objective will be achieved ** Benchmark for BNP Paribas L1 Equity Best Selection Euro (Prior to 1 January, 2009 benchmark was MSCI Euro (NR) Index) **** Benchmark for BNP Paribas L1 Equity Euro
  12. 12. 2. Process
  13. 13. European Large Cap Equity Select | February 2011 | 13Investment philosophyThe principles● We believe that superior long-term share price performance is driven by above- average, sustainable earnings growth. Critical determinants of performance include: – industry structure – a company’s competitive position within that industry● Furthermore, we seek to exploit the market’s increasingly short-term investment horizon by investing in companies when their attractive, longer-term investment attributes are masked by shorter-term trends, fashion or random noise.
  14. 14. European Large Cap Equity Select | February 2011 | 14Investment philosophyThe importance of industry structure in practice: the Herfindahl-Hirschman Index● The key to assessing the strength and sustainability of a company’s earnings profile is to understand the structure of that company’s industry. Companies that operate in well-structured industries have a greater ability to generate attractive and sustainable excess returns, and can do so with less risk● The European Large Cap Equity Select team uses the Herfindahl-Hirschman Index (HHI*) to assess the quality of an industry’s structure. This index is used by the US Department of Justice to help “properly define and measure industry concentration” “A merger is unlikely to create or enhance market power or to facilitate its exercise unless it significantly increases concentration and results in a concentrated market, properly defined and measured” US Department of Justice Horizontal Merger Guidelines *HHI is defined as the sum of the squares of the market shares of each individual firm and can range from <1 to 10,000, moving from a very large number of very small firms jostling for market share to a single monopolistic producer dominating the market.
  15. 15. European Large Cap Equity Select | February 2011 | 15Investment philosophyPractical application of the HHI Global beer industry structure and profitability Source: BNP Paribas Asset Management, 2010 HHI analysis enables comparisons across regions/countries within an industry Levels of consolidation and profitability are globally correlated
  16. 16. European Large Cap Equity Select | February 2011 | 16Investment philosophyPractical application of the HHI Global beer industry structure and profitability Source: MLBoA, Canadian and BNP Paribas Asset Manageme 2010
  17. 17. European Large Cap Equity Select | February 2011 | 17Investment philosophyPractical application of the HHI Global beer industry structure and profitability Source: MLBoA, Canadian and BNP Paribas Asset Manageme 2010 Consolidating industries usually experience both increased profitability and lower risk to that profitability
  18. 18. European Large Cap Equity Select | February 2011 | 18Investment philosophyPractical application of the HHI Source: BNP IP, Autonomous, Merrill Lynch, Bank of England
  19. 19. European Large Cap Equity SelectInvestment philosophyPractical application of the HHI
  20. 20. European Large Cap Equity SelectInvestment philosophyPractical application of the HHI Mobile Phone handset market and Nokia margins 2000 19.5% 22.4% 23.2% 20.4% 17.3% 16.6% 21.7% 16.6% 11.9% 10.5% 100% 1800 1600 Others 80% HTC 1400 RIM Market Share % 1200 Apple 60% Sony-Ericsson HHI 1000 LG Electronics 800 Samsung 40% Motorola 600 Nokia HHI 20% 400 200 0% 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Source: BNP IP and Factset
  21. 21. European Large Cap Equity Select | February 2011 | 21Investment processOverview Idea generation HHI ‘Straw Growth & BNPP IP industry hats’ in quality global structure winter * screens research Industry analysis Company analysis Implementation Peer review process Stock risk Portfolio risk management management Stock knowledge Risk mgt systems Industry structure Portfolio construction Sector limit Peer scrutiny DCFs / models Stock limit *‘Straw hats in winter’ = a contrarian approach, focusing on out-of-favour industries.
  22. 22. European Large Cap Equity Select | February 2011 | 22Investment processFocus on idea generation phase HHI ● We seek out industries with high barriers to entry, limited industry competition and suppliers and customers with weak bargaining structure power. Consolidating industries always warrant attention ‘Straw ● We are particularly interested in sectors of the market that are hats’ in out of favour due to short-term issues or ingrained market winter prejudice, and yet display many of the desirable longer-term attributes we seek Growth & quality ● Quantitative screens are used to help establish research screens priorities BNPP IP ● In addition to our own internally generated research ideas, we global liaise closely with other BNPP IP investment centres, to obtain research their best investment ideas
  23. 23. European Large Cap Equity Select | February 2011 | 23 Industry analysisInvestment processFocus on implementation phase Company analysis Industry analysis Company analysis●Industry structure (HHI assessment, Porter ●Growth sustainabilityanalysis and value chain analysis) Quantify the underlying earnings growth Will the industry be able to generate potential of the company attractive and sustainable excess returns? ●Competitive advantage●Industry growth (demographics and Assess the nature of the company’s ability todemand/supply analysis) outperform its competitors and its sustainability What is the longer-term growth profile of the ●Corporate strategy industry? Assess the risks to our analysis and to what●‘Straw hats in winter’ (contrarian approach, degree they can be managed by the companyfocusing on out-of-favour industries) ●Valuation (DCF modelling, sum-of-the-parts What is the market’s assessment of the and relative valuation) industry prospects ? Determine an appropriate price to pay
  24. 24. European Large Cap Equity Select | February 2011 | 24Investment process Peer review processFocus on implementation phase● A key strength lies in our peer review decision-making process. We believe that performance attribution should not be confined to after the event analysis. A good investment should always be supported by a clear and well structured investment case● Benefits: – It brings to bear the entire team’s specialist skills and experience – Such an approach acts as a very effective quality filter to ensure all key issues have been addressed. It ensures a far higher standard of analysis – It supports the retention of key personnel through engagement and decision ownership – Such team decision-making forums also generate new investment ideas
  25. 25. European Large Cap Equity Select | February 2011 | 25Investment process Portfolio constructionFocus on implementation phase ● Portfolios are structured to be driven by stock-specific risk, ensuring our risk budget is spent in accordance with our core skill set. Stock weights are a function of expected return adjusted for risk – assessed with reference to conviction, industry structure and marginal contribution to portfolio risk ● The use of risk management systems ensures that the conviction attached to each stock and its risk profile accords to its specific contribution to overall portfolio risk ● Trades scenario analysis is performed in advance to estimate their impact on the portfolio ● Sell discipline utilises a simple process: limit the number of stocks, and then constantly seek better investment propositions via thorough internally generated research that is then subject to peer review
  26. 26. European Large Cap Equity Select | February 2011 | 26Risk management Stock risk management Portfolio risk managementA two-layered structure Stock knowledge Industry structure Risk mgt systems Sector limit Peer scrutiny DCFs / models Stock limit Stock risk management Portfolio risk management ● Detailed stock knowledge based on ● Reconciliation of fundamental analysis thorough proprietary research with Northfield, Barra, ERAM and PAS ● Concentration on companies operating in portfolio risk management systems strong industry structures ● Sector limit capped at +/-10% points ● All investments subject to peer scrutiny versus benchmark at GICS sector level ● Detailed models and DCF analysis ● Stock limit capped at <5% points provide greater insight into sensitivities overweight Dedicated risk manager leading a weekly risk management meeting Decomposition of the tracking error to assess the sources of the tracking risk
  27. 27. European Large Cap Equity Select | February 2011 | 27Risk managementCommon factor versus stock specific risk February 2009: Negative market exposure: BNP Paribas L1 Equity Best Selection Europe Reviewed: Schneider, Svenska Handelsbanken, Sandvik, MAN, Arcelor Mittal, Kingfisher, Nestle, Dassault 5,0% Systemes. Stock specific risk 4,5% Common factor risk Trades: Imperial Tobacco sold. Schneider 4,0% Electric and Kingfisher bought Tracking Error (%) 3,5% 3,0% May/June 2010: 2,5% Negative market exposure: 2,0% Reviewed: Atlas Copco, BHP Billiton, 1,5% Umicore, Volkswagon, Oil Services, 1,0% Pharma, Synthes, Reckitt Beckiser 0,5% Trades: Reckitt Benckiser sold. Rio Tinto 0,0% and Technip bought Aug-08 Apr-09 Aug-09 Apr-10 Aug-10 Mar-09 Mar-10 Nov-08 Jan-09 May-09 Nov-09 Jan-10 May-10 Nov-10 Jul-08 Sep-08 Oct-08 Dec-08 Feb-09 Jul-09 Sep-09 Oct-09 Jun-08 Dec-09 Feb-10 Jul-10 Sep-10 Oct-10 Jun-09 Dec-10 Jun-10 Source: Northfield and BNP Paribas Asset Management as of end December 2010 Past performance is not indicative of future performance
  28. 28. 0 100 10 20 30 40 50 60 70 80 90 May 2008 June 2008 July 2008 August 2008 September 2008 October 2008 Active risk November 2008 December 2008 January 2009 February 2009 March 2009 April 2009 May 2009 June 2009 European Large Cap Equity Select July 2009 August 2009 September 2009 Risk management October 2009 November 2009 December 2009 January 2010 February 2010 March 2010 April 2010 May 2010 June 2010 July 2010 August 2010 BNP Paribas L1 Equity Best Selection Euro September 2010 October 2010 November 2010 December 2010 % Active risk 0 100 10 20 30 40 50 60 70 80 90 May-2008 June-2008 July-2008 August-2008 September-2008 October-2008 November-2008 December-2008 January-2009 February-2009 March-2009 April-2009 May-2009 June-2009 July-2009 August-2009 September-2009 October-2009 November-2009 December-2009 January-2010 February-2010Only around 25% of the portfolios represents benchmark weight March-2010 April-2010 May-2010 June-2010 | February 2011 | July-2010 August-2010 Past performance is not indicative of future performance September-2010 BNP Paribas L1 Equity Best Selection Europe October-2010 28 November-2010 Source: BNP Paribas Asset Management as of end December 2010
  29. 29. European Large Cap Equity Select | February 2011 | 29Stock selection examplesFresenius Medical Care - Global Leader in Kidney Dialysis The US Kidney Dialysis Service Industry● Strong and dependable growth profile: US kidney dialysis service industry 100 2500 others Dialysis Clinic 2261 Chronic kidney failure incidence increasing 2215 90 Gambro DaVita 80 Renal Care Group 2000 Fresenius 1675 with ageing demographics and greater 1252 HHI 1224 70 1200 1177 1079 1137 60 962 1500 Market Share HHI Index affluence leading to obesity. Kidney dialysis 50 40 1000 has no real substitutes, no generic threat and 30 20 500 is insulated from price pressure as small 10 0 0 clinics must remain viable 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 High and rising HHI Global Global Dialysis Machine Market dialysis machine market● Compelling competitive advantage: FMC 100 90 Baxter Gambro has a strong competitive advantage due to Fresenius 2000 80 HHI 70 scale and vertical integration. It is the world’s 1500 Market Share 60 HHI 50 leading operator of dialysis clinics (more than 40 30 1000 2,200), with substantial buying power with 20 10 500 required drugs, equipment and labour 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 0 High and stable HHI Source: BNP Paribas Asset Management, 2010
  30. 30. European Large Cap Equity Select | February 2011 | 30Stock selection examplesKingfisher - UK and France leader in DIY retailing● Leader in a consolidating industry and a UK DIY, home improvement and garden centres industry structure ‘Straw hat in winter’● The UK DIY market is under pressure with the weak housing market, weak consumer demand and past aggressive capacity growth within the industry. These factors are leading High and to substantial industry consolidation as rising HHI the weak fail Kingfisher UK operating profit● As the industry leader, we anticipate Kingfisher is a major beneficiary of this reduction in industry capacity: UK margins will recover from their currently depressed level Source: Company Data, BofA Merrill Lynch and BNP Paribas Asset Management 2010
  31. 31. European Large Cap Equity Select | February 2011 | 31Stock selection examplesThe Linde Group - Global leader in industrial gases Industrial gases market shares by value● Combination of consolidation and high capital intensity detract new entrants and increase market power. 75% of the global market is made up by #5 major players. At regional level business has monopoly/oligopoly characteristics due to limited gas transportability .● High visibility of earnings stream due to the Top 5 market shares and HHI “take-or-pay” contractual structure for on-site business.● Secular growth fuelled by tightening environmental regulations and emerging markets industrialisation. High and rising HHI Source: BNP Paribas Asset Management, 2
  32. 32. 3. Performance review
  33. 33. European Large Cap Equity Select | February 2011 | 33Competitive positioningBNP Paribas L1 Equity Best Selection Euro BNP Paribas L1 Equity Best Selection Euro relative**** performance and ranking as of end January 2011 4,64 4,49 5,0 4,0 2,87 2,98 3,0 2,19 2,0 1,0 0,48 0,0 -1,0 -2,0 -2,48 -3,0 YTD Last 12M Last 24M* Last 36M* Last 60M* Since inc.** Since mgt.*** Source: BNP Paribas Asset Management and Morningstar (gross performance C share, end January 2011) Past performance is not indicative of current or future performance *Annualised performance **Inception date 21 September, 1998 ***Since management of the current team, 01 March, 2008 **** Benchmark applicable from 01 January, 2009: MSCI EMU (NR) Index(€). Previous benchmark - MSCI EURO (NR)
  34. 34. European Large Cap Equity Select | February 2011 | 34Overall performanceBNP Paribas L1 Equity Best Selection Euro – Performance from Jan. 2006 to January 2011gross of fees, Classic shares BNP Paribas L1 Equity Best Selection Euro – 2 year rolling relative* performance 6,0% 5,0% 4,0% 3,0% 2,0% 1,0% 0,0% -1,0% -2,0% -3,0% Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Source: BNP Paribas Asset Management as of end January 2011 * Benchmark for BNP Paribas L1 Equity Best Selection Euro: MSCI EMU (NR) Index(€) - Prior to 1 January, 2009 benchmark was MSCI Euro (NR) Index Past performance is not indicative of future performance
  35. 35. European Large Cap Equity Select | February 2011 | 35Competitive positioningMercerInsight MPA report for BNP Paribas L1 Equity Best Selection Euro
  36. 36. European Large Cap Equity Select | February 2011 | 36Competitive positioningMercerInsight MPA report for BNP Paribas L1 Equity Best Selection Euro
  37. 37. European Large Cap Equity Select | February 2011 | 37Competitive positioningBNP Paribas L1 Equity Best Selection EuropeBNP Paribas L1 Equity Best Selection Europe relative**** performance and ranking as of end January 2011 5,0 4,01 3,63 4,0 3,32 3,0 2,07 1,49 1,41 2,0 1,0 0,0 -1,0 -2,0 -1,74 -3,0 YTD Last 12M Last 24M* Last 36M* Last 60M* Since inc.** Since mgt.*** Source: BNP Paribas Asset Management and Morningstar (Gross performance C share, end January 2011) Past performance is not indicative of current or future performance *Annualised performance **Inception date 17 May, 2004 ***Since management of the current team, 01 March, 2008 **** Benchmark applicable from 01 January, 2009: MSCI Europe (NR) Index (€). Previous benchmark - MSCI PAN-EURO (NR)
  38. 38. European Large Cap Equity Select | February 2011 | 38Overall performanceBNP Paribas L1 Equity Best Selection Europe – Performance from May 2006 to January 2011net of fees, Classic shares BNP Paribas Equity L1 Best Selection Europe – 2 year rolling relative* performance 5,0% 4,0% 3,0% 2,0% 1,0% 0,0% -1,0% -2,0% -3,0% May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 * Benchmark for BNP Paribas L1 Equity Best Selection Europe: MSCI Europe (NR) Index (€) - Prior to 1 January, 2009 benchmark was MSCI Pan-Euro (NR) Index Source: BNP Paribas Asset Management as of end January 2011 Past performance is not indicative of future performance
  39. 39. European Large Cap Equity Select | February 2011 | 39Competitive positioningMercerInsight MPA report for BNP Paribas L1 Equity Best Selection Europe
  40. 40. European Large Cap Equity Select | February 2011 | 40Competitive positioningMercerInsight MPA report for BNP Paribas L1 Equity Best Selection Europe
  41. 41. European Large Cap Equity Select | February 2011 | 41Competitive positioningBNP Paribas L1 Equity Europe Growth BNP Paribas L1 Equity Europe Growth relative**** performance and ranking as of end January 2011 5,43 6,0 5,13 4,30 5,0 3,55 4,0 3,10 3,0 2,0 1,0 - 0,0 -1,0 -2,0 -1,78 -3,0 YTD Last 12M Last 24M* Last 36M* Last 60M* Since inc.** Since mgt.*** Source: BNP Paribas Asset Management and Morningstar (gross performance C share, end January 2011) Past performance is not indicative of current or future performance *Annualised performance **Inception date 31/10/1985 ***Since management of the current team, 01 March, 2008 **** Benchmark : MSCI Europe (NR) Index (€)
  42. 42. European Large Cap Equity Select | February 2011 | 42Overall performanceBNP Paribas L1 Equity Europe Growth – Performance from January 2006 to January 2011net of fees, Classic shares BNP Paribas L1 Europe Growth – 2 year rolling relative* performance 7,0% 6,0% 5,0% 4,0% 3,0% 2,0% 1,0% 0,0% -1,0% -2,0% -3,0% Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 * Benchmark for BNP Paribas L1 Equity Europe Growth: MSCI Europe (NR) Index (€) Source: BNP Paribas Asset Management as of end January 2011 Past performance is not indicative of future performance
  43. 43. European Large Cap Equity Select | February 2011 | 43Competitive positioningMercerInsight MPA report for BNP Paribas L1 Equity Europe Growth
  44. 44. European Large Cap Equity Select | February 2011 | 44Competitive positioningMercerInsight MPA report for BNP Paribas L1 Equity Europe Growth
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×