Henderson
Upcoming SlideShare
Loading in...5
×
 

Henderson

on

  • 611 views

 

Statistics

Views

Total Views
611
Views on SlideShare
547
Embed Views
64

Actions

Likes
0
Downloads
5
Comments
0

5 Embeds 64

http://citywire.co.uk 25
http://shakespeare 16
http://www.citywire.co.uk 16
http://shakespeare.cw-london.co.uk 6
http://citywireglobal.com 1

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Henderson Henderson Presentation Transcript

  • This document is solely for the use of professionals and is not for general public distributionHenderson for Latin AmericaHenderson Gartmore Latin American Fund October 2011HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Delivering a Decade of Returns Latin America Ten Year PerformanceThis document is solely for the use of professionals and is not for general public distribution 10 year performance 1200 S&P 500 Index 1000 MSCI EM Latin America Gold 800 US Treasuries Henderson Gartmore Latin American Fund 600 400 200 0 Jul-02 Nov-05 Jul-07 Nov-10 May-03 Jan-05 May-08 Jan-10 Sep-01 Mar-04 Sep-06 Mar-09 Sep-11 Source: Bloomberg 30 September 2011, in USD 1 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • This document is solely for the use of professionals and is not for general public distribution Henderson Gartmore Latin American Fund: Outlook 2 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Latin America – Outlook summaryThis document is solely for the use of professionals and is not for general public distribution Latin America’s growth rate for 2012 remains attractive. Recent downgrades to economic growth expectations are in line with reduced export demand. Brazilian Central Bank Policy is now at a crossroads; further interest rate rises deemed unlikely to affect structural inflation – there is evidence that further rate rises have had a negative impact on growth and endanger economic stability. The recent rate cut comes as no surprise to us, and we expect more monetary efforts in this area. Mexican risk aversion has diminished, however the economy continues to underperform versus its historic potential. The domestic economy is weaker than expected as domestic wages and lower incomes from US remittances have stagnated incomes – exports are a strong point and drive many of our stock picks. Chile continues to enjoy high levels of domestic growth but sentiment is on a knife edge due to lower copper prices. Local pension funds are becoming more risk averse. Strategy - recent economic turmoil has impacted a variety of global cyclical industries thus we are shifting towards domestic themes such as consumption related shares and select exporters. However, Petrobras’ capital investment plans, World Cup and Olympic investment will accelerate capital investment into the second half of 2012. 3 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Latin America - outlook High expected economic growth forecastsThis document is solely for the use of professionals and is not for general public distribution Latin America will enjoy a high growth rate Consensus real GDP growth forecasts* in 2011 and 2012 % 10 2010 Mexico experienced a strong recovery in 2011 2012 2010-2011 based on exports – further 8 momentum has been maintained on strong FDI and improved competitiveness 6 Brazil growth should stabilise at current 4 forecast levels, only higher fixed asset investment and productivity gains can 2 boost growth rate 0 Chile’s growth rate appears to have OECD Chile Mexico Colombia Emerging Brazil Lat Am Asia recovered to historic trend levels Source: Thomson Datastream / Consensus Economics, as at 31 August 2011 *Note: There is no guarantee that forecasts will be achieved 4 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Latin America - outlook Falling risk aversionThis document is solely for the use of professionals and is not for general public distribution Fewer signs of panic in fixed JP Morgan Latin Sovereign Spreads income markets than in 2008 800 Brazil 700 Mexico Brazil and Mexico offer similar 600 risks 500 Basis points 400 300 200 100 0 Aug-05 Feb-06 Aug-06 Feb-07 Aug-07 Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Source: Bloomberg, as at 12 October 2011 5 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • This document is solely for the use of professionals and is not for general public distribution 0 4 8 12 16 20 Mexico Morocco Colombia Malaysia Taiwan Philippines Indonesia US Relative value Japan Source: Thomson Datastream, as at 12 October 2011 IndiaHDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt World China Asia Chile Latam Czech Republic Brazil and Peru offer attractive valuations Emerging Markets South Africa Thailand Brazil Mexico’s valuations are supported by strong growth 12 month forward consensus P/E Turkey Poland Germany Israel Korea Peru Egypt Argentina Hungary EMEA Pakistan Russia 6
  • Earnings growth outlookThis document is solely for the use of professionals and is not for general public distribution 12 month forward EPS growth % 48 40 32 24 16 8 0 -8 South Africa Indonesia Japan Taiwan India Thailand Israel Turkey Mexico Russia Colombia Argentina China Asia Korea Peru Pakistan Malaysia Morocco Chile Poland Brazil Latam EMEA Emerging Markets United States Egypt Philippines Hungary Germany Czech Republic World Mexico’s growth rate remains attractive despite recent downgrades Brazilian earnings are constrained by high real estate rates Source: Thomson Datastream, as at 12 October 2011 7 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Latin America - outlook Brazil – interest rates and inflationThis document is solely for the use of professionals and is not for general public distribution Overnight Brazil interest rate1 IPCA inflation rate2 % % 30 20 25 15 20 10 15 10 5 5 0 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Inflation has been stable over the past five years – however tendency is for inflation to rise with domestic growth – the central bank remains cautious despite easing Domestic demand and investment highly influenced by monetary policy and high domestic liquidity – cars, housing and retail are historically sensitive to changes in liquidity and rates 1 Source: Bloomberg, as at 13 September 2011 2 Source: Bloomberg, as at 31 August 2011 8 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Latin America - outlook Iron ore volume recoveryThis document is solely for the use of professionals and is not for general public distribution Iron Ore export volumes1 Iron Ore price2 - China Tons USD per Tonne 40000 250 35000 30000 200 25000 150 20000 15000 100 10000 50 5000 0 0 Nov-08 Feb-09 May-09 Nov-09 Feb-10 May-10 Nov-10 Feb-11 May-11 Aug-09 Aug-10 Aug-11 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Brazil iron ore export volumes have recovered to 2008 levels Project delays, ore quality problems, logistics and a lack of finance have hampered proposed expansions elsewhere China demand initial driver – Global demand growth playing a more important role in 2011 1 Source: Bloomberg, as at 30 September 2011 2 Source: Bloomberg, as at 12 October 2011 9 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Latin America - outlook Brazil: export machine - economic and markets viewsThis document is solely for the use of professionals and is not for general public distribution OECD Brazil foreign trade exports FOB1 China imports from Brazil2 USD bn USD bn 24000 6400 20000 5600 4800 16000 4000 12000 3200 2400 8000 1600 4000 800 0 0 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Global demand for Brazilian goods has been increasing for past decade China has now become a significant importer of Brazilian goods – but volatility persists! Foreign direct investment by China and India in Brazilian export sector bodes well for further trade flows 1 Source: Bloomberg, as at 31 August 2011 FOB – Free On Board 2 Source: Bloomberg, as at 31 August 2011 10 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Latin America - outlook Fiscal RectitudeThis document is solely for the use of professionals and is not for general public distribution Net debt to GDP 65% 2010 1H 2011 40% 15% -10% Brazil Mexico Chile Columbia Peru Euro Area Source: Morgan Stanley as at 31 March 2011 11 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Latin America - outlook Brazil: vehicle salesThis document is solely for the use of professionals and is not for general public distribution Brazilian automobile sales and new Brazil new vehicle registrations per month registrations are a good indication of 400,000 household income levels and sentiment 350,000 Automobile industry remains a key 300,000 driver for Sao Paulo state’s enormous economy 250,000 Brazil’s automobile industry is 200,000 vertically integrated, enabling the development of a wide range of 150,000 supplier industries 100,000 This growth rate will moderate in Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 2011 as “pent-up” demand from earlier years is satisfied and some credit measures take hold Source: Bloomberg, as at 31 August 2011 12 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Latin America - outlook Brazil: retail salesThis document is solely for the use of professionals and is not for general public distribution Brazil retail sales have been Brazil Retail Sales (%) – Not a one year phenomenon expanding rapidly in real terms 20 since 2003 15 10 Expanding middle class and rising wages are creating more 5 opportunities for commercial 0 activity -5 -10 A unique moment for first movers to gain a substantial lead over -15 Feb-01 Feb-02 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 foreign firms Source: Bloomberg, as at 31 August 2011 13 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Latin America - outlook Economic and market views – Mexico: recession impactThis document is solely for the use of professionals and is not for general public distribution Mexico unemployment1 Mexico manufacturing2 % % 7 75 6 65 5 55 4 3 45 2 35 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Formal unemployment peaked in 2009 Strong trade and manufacturing links to United States key culprit – and key opportunity – picture is improving Effective global devaluation of Peso via the weak US Dollar and low real interest rates should help 1 Source: Bloomberg, as at 30 June 2011 2 Source: Bloomberg, as at 31 August 2011 14 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Latin America - outlook Economic and market views – historic volatility appears to be tamedThis document is solely for the use of professionals and is not for general public distribution Mexico CPI YoY1 Mexico Treasuries auction 28 days Cetes2 % 12 7 10 6 8 5 6 4 4 3 2 2 0 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Aug-03 Aug-04 Aug-05 Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Mexican inflation has peaked and is expected to remain stable Monetary policy in Mexico remains orthodox and unencumbered by bank bailouts or QE Interest rates are likely to stabilise at these levels 1 Source: Bloomberg, as at 31 August 2011 2 Source: Bloomberg, as at 13 September 2011 15 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Latin America - outlook Economic and market viewsThis document is solely for the use of professionals and is not for general public distribution Exports have been recovering in Trade exports ($m) Latin America 8,000 35,000 Colombia (LHS) Chile (LHS) 7,000 Mexico (RHS) 30,000 Brazil (RHS) Mexican exports have reached 6,000 25,000 pre-crash levels as more USA 5,000 20,000 manufacturing heads south of the 4,000 border 15,000 3,000 10,000 2,000 Chile and Colombia also showing 1,000 5,000 strong recoveries 0 0 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Source: Bloomberg, as at 31 August 2011 16 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • This document is solely for the use of professionals and is not for general public distribution Fund performance and positioning 17 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Henderson Gartmore Latin American Fund Performance over 5 years to 30 September 2011This document is solely for the use of professionals and is not for general public distribution 5 year performance Henderson Gartmore Latin American Fund performance % 120 6m 1y 3y 5y 10y Inception Henderson Gartmore Latin American Fund % % % % % % 100 Morningstar Offshore Equity Latin America MSCI EM Latin America 80 Fund -22.51 -20.37 29.52 40.90 447.45 661.64 60 Index -22.14 -19.81 20.51 47.49 331.83 N/A 40 Sector 20 -22.19 -20.48 27.09 31.84 281.33 441.67 average 0 Quartile 2nd 2nd 2nd 1st 1st 3rd -20 ranking -40 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Oct-06 Feb-07 Oct-07 Feb-08 Oct-08 Feb-09 Oct-09 Feb-10 Oct-10 Feb-11 Source: Morningstar/Thomson Datastream, as at 30 September 2011 Basis: Gross income reinvested, net of fees, in Euro Source: Morningstar/Thomson Datastream, as at 30 September 2011 The Fund performance based on 23.59 (CET) valuation. Index Basis: Gross income reinvested, net of fees, in Euro performance based on close of business valuation (local time) The Fund performance based on 23.59 (CET) valuation. Index Index: MSCI Emerging Markets Latin America (Total Return) performance based on close of business valuation (local time) Sector: Lipper UK Offshore Equity Latin America Sector Average performance is based on valuation point of underlying Inception date: 29 October 1995 funds in universe Note: Past performance is not necessarily indicative of the future or likely performance of the Fund. 18 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Henderson Gartmore Latin American FundThis document is solely for the use of professionals and is not for general public distribution Top 10 stocks Sector allocation Stock Weight % Underweights % Overweights % Banco Bradesco 7.56 Industrials 4.9 Vale 7.03 Materials 3.3 America Movil 6.18 Health Care 0.7 Itau Unibanco 5.14 Consumer Staples 0.6 Petrobas Petroleo Brasileiro 4.62 0.4 Utilities BRF-Brasil Foods 3.64 -0.7 Consumer Discretionary Companhia de Bebidas 3.48 -0.8 Information Technology Bradespar 3.46 -1.6 Telecommunication Services -2.8 Energy Petrobas Petroleo Brasileiro (Ord) 3.35 -4.0 Financials Companhia Brasileira de 2.37 Distribuicao Grupo Pao de Acucar -6 -4 -2 0 2 4 6 Source: Henderson Global Investors, as at 30 September 2011 Source: Henderson Global Investors, as at 30 September 2011 Basis: Excludes Cash & Unassigned Index: MSCI Emerging Markets Latin America 19 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Henderson Gartmore Latin American Fund Portfolio overviewThis document is solely for the use of professionals and is not for general public distribution Overweight driven by domestic Country allocation consumption and selected exporters Fund Index Stance % % % Mexico overweight reflects Brazil 67.1 65.2 1.8 confidence in “pan-regional” firms benefitting from low Mexican Mexico 22.5 20.7 1.8 interest rates Chile 5.4 7.3 -1.9 Andes underweight due to high Columbia 2.1 4.2 -2.1 valuations in banking and consumer shares Peru 1.5 2.6 -1.0 Source: Factset, as at 30 September 2011 Basis: Country of exposure Includes Cash & Unassigned Index: MSCI Emerging Markets Latin America 20 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • This document is solely for the use of professionals and is not for general public distribution Henderson Gartmore Latin American Fund: Philosophy and Process 21 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Henderson Latin American teamThis document is solely for the use of professionals and is not for general public distribution Experienced, specialist, successful Henderson Latin American team* team Chris Palmer, CFA Fund Manager Latin America Sectors – Energy, Industrials 22-years’ investment experience Managed Latin American Equities since 1995 Vincent Houtteville Investment Analyst Sector – Financials 25-years’ investment experience Latin American AUM $2.4bn $2.2bn in pooled accounts Sebastian Barry-Taylor Investment Analyst Sector – Consumer $214m in segregated accounts 15-years’ investment experience James Stevens, CFA Systematic research process covering Investment Analyst Sectors – Strategic Research, Telecoms & Utilities the investment universe 11-years’ investment experience Charlie Awdry, CFA Investment Analyst Sector – Materials 10-years’ investment experience Source: Henderson Global Investors, as at 30 June 2011 * Please note that the above individuals also have other responsibilities including Global Emerging Markets and Chinese Equity Highly experienced team with a sector focus 22 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Investment philosophyThis document is solely for the use of professionals and is not for general public distribution “Identifying unexpected earnings growth, both at an industry and stock level, not yet recognised by the broader market.” 23 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Investment process - overviewThis document is solely for the use of professionals and is not for general public distribution 1 2 3 4Portfolio 5 Construction Idea Buy & Sell Research Challenge & generation Discipline Risk Management Robust investment process 24 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Idea generation 1 2 3 4 5This document is solely for the use of professionals and is not for general public distribution 2 Internal Henderson Field trips Discussions with Company factories, shops sources other teams Meetings with management Macro lunches and policy officials Dealing desk Travel experiences Expert Sources Stock screens Policy consultants Technical analysis Equity research Bloomberg Industry experts Starmine Directors dealings Holt Alpha Networks Accumulated Estimate revision knowledge of LATAM Stock markets team Management Interviews Sector and country One on ones performance Conference calls Competitor holdings IPO Peer commentaries Media Regulatory Filings Websites + blogs Annual Journals Quarterly Newspapers Proxy and other External sources Draw upon specialist internal and external resources 25 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Research 1 2 3 4 5This document is solely for the use of professionals and is not for general public distribution Define industry growth Define industry return Derive explicit forecasts of Increasing Investment Conviction Industry Analysis drivers drivers industry growth and returns Starting point of financial Political, Economical, Porter’s five forces forecasts Social and Technological Highlighting differences to (PEST) consensus Define industry critical Assess the company Derive explicit forecasts of Proprietary franchise success factors against the relevant critical company growth and analysis success factors returns Using proprietary franchise template Propriety earnings and Price targets set using Traditional valuation tools cashflow forecasts from forecasts and DCF model used as cross-check Forecast & Industry and Franchise Cashflow are less open to Valuation analysis manipulation Allows cross sector analysis PORTFOLIO A clear and consistent approach 26 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Research - Forecast & valuation 1 2 3 4 5This document is solely for the use of professionals and is not for general public distribution Analyst forecasts aim to identify unexpected earnings growth Price targets set using discounted cash flows Valuation cross-check using: P/E, P/Bk, EV/EBDITDA Capitalization rate HOLT Pricing Power Gordon-Growth model Replacement value 27 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Challenge 1 2 3 4 5This document is solely for the use of professionals and is not for general public distribution Team challenge phase- use team environment to cross check assumptions Test assumptions used to drive valuation models Compare expectations with consensus estimate trends and outliers Check macro assumptions and relative attractiveness Compare with external research sources (Alpha Networks) for conflicting views Check market and trend to determine appropriate entry point Peer review Seeking multiple affirmation 28 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Portfolio construction & risk management 1 2 3 4 5This document is solely for the use of professionals and is not for general public distribution Portfolio characteristics Risk impact Target excess return: +1-1.5% Tracking error: 3-7% Liquidity Stocks: 40-60 Max active stock weight: +/-4% Sector impact Max active sector weight: +/-5% Max active country weight +/-5% Country impact Typical turnover: 30% Getting the risks right 29 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Portfolio construction & risk management 1 2 3 4 5 Each stock presents unique challenges to inclusionThis document is solely for the use of professionals and is not for general public distribution Combining model aware approach (marginal contribution to total tracking error) with common sense nominal sizing guidelines Beta and correlations: does this new position offer anything different? Liquidity on a ADV (average daily volume) basis, concentration and ownership pattern at corporate level Impact of inclusion on country and sector exposure Total risk of typical sector and country exposures not to exceed 10% of benchmark. Total risk of top 10 active positions to make up to 50% of tracking error. Determining the right position size 30 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Portfolio construction & risk management 1 2 3 4 5 Risk controls – daily dash-board report: evaluating and monitoring positionsThis document is solely for the use of professionals and is not for general public distribution In - house screens provide real time information on our active weights and risk We analyse these by sector, stock and market capitalisation Portfolio managers can highlight how current positions contribute to both risk and performance Enables us to be proactive in our decision- making and disciplined in our investment process Source: Henderson Global Investors, as at 31 August 2011 31 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Buy and sell discipline 1 2 3 4 5This document is solely for the use of professionals and is not for general public distribution BUY SELL Stocks purchased if: Stocks sold when: Franchise alignment with Achieve target price and industry drivers cannot be raised further Attractive valuation and Portfolio Industry shock entry point Franchise deterioration Upside exceeds Risk Reduction consensus Price action 32 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Stock Examples: Process in Action 1 2 3 4 5 Bradesco 1This document is solely for the use of professionals and is not for general public distribution Industry backdrop: Bradesco Attractive returns and loans growth prospects: upward social mobility driving credit penetration higher US Dollar Sell Sound funding structure, solid credit under-writing practice 25 Buy Strong local regulator: implementation of macro-prudential Buy Buy measures to slow loans growth in some parts of the market 20 Competition intensifying as foreign players are trying to Sell increase market-share from low base Buy Bradesco franchise: 15 Strongest brand in Brazil, steadily gaining market-share Well diversified loans-mix with critical mass in each segment 10 Successful Insurance operation Acceleration of distribution diversity 5 Improvement in productivity Management has delivered over the years 0 Triggers: Jun 05 Jun 06 Jun 07 Jun 08 Jun 09 Jun 10 Jun 11 Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Superior loan growth vs. peers Accelerating growth of Insurance earnings Resilience of credit-quality vs. peers Decline in Cost/Income ratio Source: Thomson Datastream, as at 26 September 2011 in US Dollar Note: The above buys/sells reflect large volume trades Valuation: P/BVx and RoE 33 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Stock Examples: Process in Action 1 2 3 4 5 CCR RodoviasThis document is solely for the use of professionals and is not for general public distribution Industry backdrop: About 10% of all Sao Paulo’s roads privatised CCR Rodovias Sao Paulo state has over 5800km under concession. US Dollar Robust concession contracts offer 30 year tenor with the 40 cost of inflation built in. Reduce Concession model being extended to other areas- airports Buy rail and metro. Major players include DERSA (SOE), CCR & OHL. 30 Reduce Buy Buy CCR franchise: Significant market share of Sao Paulo toll roads (23%) 20 Buy Reduce Buy Strong track record in Managing concessions Buy Maintaining financing capability 10 Operates strategically significant toll concessions Triggers: 0 Further road BOT/TOT Apr 04 Oct 04 Apr 05 Oct 05 Apr 06 Oct 06 Apr 07 Oct 07 Apr 08 Oct 08 Apr 09 Oct 09 Apr 10 Oct 10 Apr 11 Nationwide expansion of MOT concession Bidding on new concessions in airports and rail Valuation: Source: Thomson Datastream, as at 26 September 2011 in US Dollar Strong track record of rising dividends- currently over 6% Current target price implies 20% upside 34 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Stock Examples: Process in Action 1 2 3 4 5 CemexThis document is solely for the use of professionals and is not for general public distribution Industry backdrop: Cemex Secular urbanisation play Concentrated global industry ought to promote price stability US Dollar under benign competition 14 Questions over cyclical demand 12 Buy Sell Cemex franchise: 10 Very strong domestic Mexican franchise Strong operators of assets however…. 8 Poor M&A track record on overpaying and timing 6 Triggers: 4 Improved free cash flow US Capex play 2 Deleveraging 0 Nov 10 Jan 11 Jun 11 Jul 11 Aug 10 Sep 10 Oct 10 Dec 10 Feb 11 Mar 11 Apr 11 May 11 Aug 11 Valuation: EV/EBITDA & HOLT Sell Criteria: Source: Thomson Datastream, as at 26 September 2011 in US Dollar Deleveraging not rapid enough Margin disappointments undermining free cash flow 35 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • ConclusionThis document is solely for the use of professionals and is not for general public distribution Highly experienced investment management team Alpha potential through skilled stock and country selection Combining shrewd judgement with skilled risk management Supported by dedicated sector specialists Utilising superior integrated fundamental and quantitative research process Ensuring that the best ideas get into clients’ portfolios Dedicated client service team 36 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • This document is solely for the use of professionals and is not for general public distribution Appendix 37 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Attribution YTD Sector Fund average weight Index average weight Active position Total return (Fund) Total effect % Industrials 10.04 4.43 5.61 -22.03 0.40This document is solely for the use of professionals and is not for general public distribution Materials 25.71 23.77 1.94 -30.29 0.39 Utilities 5.32 5.83 -0.51 -6.38 0.36 Consumer Staples 12.24 12.60 -0.36 -8.62 0.14 Health Care 1.36 0.63 0.73 -30.10 -0.10 Energy 12.59 16.22 -3.64 -39.71 -0.18 Telecommunication Services 8.11 8.81 -0.70 -18.83 -0.28 Information Technology 0.98 1.43 -0.45 -14.36 -0.38 Consumer Discretionary 6.25 5.47 0.78 -35.36 -0.47 Financials 16.91 20.81 -3.90 -30.92 -0.65 Cash 0.51 0.00 0.51 -90.15 0.06 Country Fund average weight Index average weight Active position Total return (Fund) Total effect % Brazil 67.25 67.41 -0.15 -27.29 0.66 Peru 1.13 2.50 -1.37 -24.06 0.22 Unassigned 0.00 0.00 0.00 -0.36 0.01 Canada 0.00 0.00 0.00 -5.42 0.01 Italy 0.00 0.00 0.00 -40.87 0.01 Chile 5.23 7.05 -1.82 -28.07 -0.07 United States 0.63 0.00 0.63 -41.43 -0.13 United Kingdom 1.03 0.00 1.03 -39.38 -0.14 Columbia 1.03 3.62 -2.59 -7.74 -0.48 Mexico 23.18 19.42 3.77 -23.88 -0.88 Cash 0.51 0.00 0.51 0.00 0.07 Source: Henderson Global Investors, as at 30 September 2011 Index: MSCI Emerging Markets Latin America Note: Past performance is not necessarily indicative of the future or likely performance of the Fund 38 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Attribution YTD Top 10 contributors Fund average weight Index average weight Active position Total return (Fund) Total effect %This document is solely for the use of professionals and is not for general public distribution Petrol Brasileiros (Ord) 1.01 5.71 -4.70 -29.82 0.52 Petrol Brasileiros (Pfd) 0.00 7.19 -7.19 0.00 0.88 Cia De Bebidas Das ADS 2.55 0.00 2.55 0.85 0.79 Cemex Sab De Cv 0.00 0.87 -0.87 0.00 0.55 Brf-Brasil Foods 3.26 1.34 1.93 6.58 0.55 Coca-Cola Femsa 1.22 0.00 1.22 10.36 0.44 Inds Penoles Sab 1.88 0.52 1.35 3.35 0.39 Itau Unibanco 0.00 5.49 -5.49 0.00 0.38 Cpfl Energia 1.95 0.29 1.66 -5.03 0.31 Cia Siderurgica 0.00 1.13 -1.13 0.00 0.31 Bottom 10 contributors Fund average weight Index average weight Active position Total return (Fund) Total effect % Ogx Petroleo E Gas 2.41 1.42 0.99 -48.58 -0.28 Vale 8.19 0.00 8.19 -27.79 -0.31 Fomento Econ Mexico 0.39 1.46 -1.07 1.90 -0.32 Industrias Romi 0.71 0.00 0.71 -55.99 -0.32 Grupo Famsa 0.89 0.00 0.89 -57.15 -0.36 Grupo Elektra 0.00 0.45 -0.45 0.00 -0.42 Cia Siderurgica ADS 1.60 0.00 1.60 -49.82 -0.47 Itau Unibanco ADS 5.80 0.00 5.80 -33.83 -0.47 Cia De Bebidas Das 0.00 2.57 -2.57 2.71 -0.84 Petrol Brasileiros 7.98 0.00 7.98 -39.38 -1.17 Source: Henderson Global Investors, as at 30 September 2011 Index: MSCI Emerging Markets Latin America Note: Please note totals may not equal due to numerical rounding Excludes Cash & Unassigned. Past performance is not necessarily indicative of the future or likely performance of the Fund 39 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Attribution Q3 2011 Sector Fund average weight Index average weight Active position Total return (Fund) Total effect % Industrials 10.09 4.43 5.67 -8.90 1.14This document is solely for the use of professionals and is not for general public distribution Utilities 6.15 6.12 0.03 -11.67 0.36 Materials 25.10 23.26 1.84 -20.36 0.19 Consumer Staples 13.67 13.30 0.37 -7.02 0.14 Telecommunication Services 7.90 9.17 -1.27 -8.50 0.10 Energy 11.92 15.30 -3.37 -26.02 0.07 Information Technology 0.89 1.62 -0.73 1.05 -0.11 Health Care 1.50 0.65 0.85 -28.85 -0.15 Financials 16.74 20.57 -3.83 -24.40 -0.62 Consumer Discretionary 5.42 5.58 -0.16 -29.67 -0.63 Cash 0.61 - 0.61 -110.76 -0.19 Country Fund average weight Index average weight Active position Total return (Fund) Total effect % Brazil 66.93 66.35 0.59 -19.16 1.36 Chile 5.55 7.42 -1.88 -19.86 0.07 Canada 0.00 0.00 0.00 6.02 0.01 Italy 0.00 0.00 0.00 0.00 0.00 United States 0.62 0.00 0.62 -21.67 -0.02 United Kingdom 1.06 0.00 1.06 -30.03 -0.11 Peru 1.24 2.44 -1.20 6.62 -0.16 Colombia 1.21 3.89 -2.68 -3.96 -0.32 Mexico 22.78 19.90 2.87 -15.24 -0.36 Cash 0.61 0.00 0.61 -110.76 -0.19 Source: Henderson Global Investors, as at 30 September 2011 Index: MSCI Emerging Markets Latin America Note: Past performance is not necessarily indicative of the future or likely performance of the Fund 40 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Attribution 1 year to 30 September 2011 Sector Fund average weight Index average weight Active position Total return (Fund) Total effect % Materials 25.36 23.98 1.37 -18.42 1.29This document is solely for the use of professionals and is not for general public distribution Industrials 9.79 4.46 5.33 -14.26 0.54 Utilities 4.89 5.75 -0.86 4.54 0.46 Consumer Staples 11.88 12.41 -0.54 6.18 0.21 Health Care 1.29 0.52 0.76 -11.84 0.03 Energy 12.66 16.19 -3.53 -36.72 -0.01 Information Technology 0.99 1.37 -0.38 16.32 -0.04 Telecommunication Services 8.20 8.78 -0.58 -10.99 -0.31 Financials 17.64 21.09 -3.46 -27.85 -0.46 Consumer Discretionary 6.58 5.45 1.14 -30.33 -0.58 Cash 0.75 0.00 0.75 -90.06 -0.03 Country Fund average weight Index average weight Active position Total return (Fund) Total effect % Brazil 67.57 67.44 0.13 -21.87 1.70 Chile 4.96 7.08 -2.12 -19.47 0.06 United Kingdom 1.04 0.00 1.04 -20.06 0.02 Canada 0.00 0.00 0.00 -0.64 0.01 Italy 0.00 0.00 0.00 -22.26 0.01 Peru 1.11 2.65 -1.54 -19.54 -0.03 Unassigned 0.01 0.00 0.01 -93.93 -0.06 United States 0.60 0.00 0.60 -37.30 -0.14 Mexico 22.65 19.21 3.44 -6.10 -0.14 Columbia 1.32 3.62 -2.30 -7.24 -0.28 Cash 0.75 0.00 0.75 -90.06 -0.03 Source: Henderson Global Investors, as at 30 September 2011 Index: MSCI Emerging Markets Latin America Note: Past performance is not necessarily indicative of the future or likely performance of the Fund 41 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Attribution Q3 2011 Top 10 contributors Fund average weight Index average weight Active position Total return (Fund) Total effect %This document is solely for the use of professionals and is not for general public distribution Brf-Brasil Foods 3.28 1.46 1.82 10.44 0.46 Confab Ind 1.54 0.00 1.54 8.49 0.43 Cemex Sab De Cv 0.00 0.73 -0.73 0.00 0.43 Inds Penoles Sab D 2.16 0.73 1.43 6.20 0.31 Coca-Cola Femsa 1.40 0.31 1.09 3.09 0.21 Petrol Brasileiros 8.60 12.01 -3.42 -27.56 0.20 Grana Y Montero Sa 0.80 0.00 0.80 11.44 0.20 Ccr Sa 1.72 0.76 0.95 -0.86 0.17 Hrt Participacos 0.00 0.40 -0.40 0.00 0.17 Itausa Inv Itau Sa 0.00 1.72 1.72 0.00 0.15 Bottom 10 contributors Fund average weight Index average weight Active position Total return (Fund) Total effect % Braskem 0.75 0.21 0.54 -40.51 -0.13 Bco Bradesco Sa 7.33 4.11 3.23 -21.89 -0.17 Genomma Lab Intern 1.50 0.00 1.50 -28.85 -0.17 Minas Buenaventura 0.00 0.99 -0.99 0.00 -0.20 Bradespar 3.68 0.63 3.05 -24.01 -0.20 Brookfield Incorp 1.34 0.12 1.21 -34.03 -0.22 Credicorp 0.00 0.78 -0.78 0.00 -0.23 Cia Bras De Distri 2.64 0.49 2.14 -29.07 -0.30 Grupo Famsa 0.76 0.00 0.76 -49.90 -0.31 Grupo Elektra 0.00 0.65 -0.65 0.00 -0.36 Source: Henderson Global Investors, as at 30 September 2011 Index: MSCI Emerging Markets Latin America Note: Past performance is not necessarily indicative of the future or likely performance of the Fund 42 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Attribution 1 year to 30 September 2011 Top 10 contributors Fund average weight Index average weight Active position Total return (Fund) Total effect %This document is solely for the use of professionals and is not for general public distribution Petrol Brasileiros (Ord) 0.77 5.69 -4.92 -33.97 0.64 Petrol Brasileiros (Pfd) 0.00 7.17 -7.17 0.00 1.06 Cia De Bebidas Das ADS 2.46 0.00 2.46 30.64 1.10 Inds Penoles Sab D 1.77 0.48 1.29 58.35 0.69 Itau Unibanco Hold 0.00 5.67 -5.67 0.00 0.64 Brf-Brasil Foods 3.08 1.28 1.80 18.55 0.57 Cia Siderurgica 0.00 1.20 -1.20 0.00 0.45 Coca-Cola Femsa 1.15 0.00 1.15 18.35 0.44 Cemex Sab De Cv 0.00 0.90 -0.90 0.00 0.43 Mexichem Sab De 2.16 0.32 1.83 10.89 0.43 Bottom 10 contributors Fund average weight Index average weight Active position Total return (Fund) Total effect % Brookfield Incorp 1.09 0.13 0.97 -41.89 -0.28 America Movil 0.03 6.10 -6.07 8.63 -0.35 Fomento Economico Mexicano 0.29 1.43 -1.14 1.90 -0.36 Banco Abc Brasil 1.15 0.00 1.15 -46.08 -0.38 Ogx Petroleo E Gas 2.56 1.52 1.04 -51.57 -0.41 Grupo Elektra 0.00 0.42 -0.42 0.00 -0.45 Cia Siderurgica ADS 1.74 0.00 1.74 -51.83 -0.69 Itau Unibanco ADS 5.97 0.00 5.97 -33.08 -0.78 Petrol Basileiros 8.02 0.00 8.02 -35.00 -1.15 Cia De Bebidas Das 0.00 2.51 -2.51 33.36 -1.17 Source: Henderson Global Investors, as at 30 September 2011 Index: MSCI Emerging Markets Latin America Note: Please note totals may not equal due to numerical rounding. Excludes Cash & Unassigned. Past performance is not necessarily indicative of the future or likely performance of the Fund. 43 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Henderson Gartmore Emerging Markets Fund Performance summaryThis document is solely for the use of professionals and is not for general public distribution 5 year performance Performance 100 Henderson Gartmore Emerging Markets Fund 6m 1y% 3y% 5y% 10y% Inception% 80 MSCI Emerging Markets 60 Fund -11.56 -5.22 -3.74 12.34 137.24 306.16 40 Index -8.77 -3.43 19.59 35.04 185.33 892.08 20 0 -20 -40 Aug-06 Jun-07 Apr-08 Feb-09 Dec-09 Oct-10 Aug-11 Source: Henderson Global Investors/Thomson Datastream, as at Source: Henderson Global Investors, as at 31 August 2011 31 August 2011 Basis: Mid to mid, Gross income reinvested, net of fees, in Euro Basis: Mid to mid, gross income reinvested, net of fees, in Euro The Fund performance based on 23.59 (CET) valuation. Index The Fund performance based on 23.59 (CET) valuation. Index performance based on close of business valuation (local time). performance based on close of business valuation (local time) Strategy inception – September 1988 Index: MSCI Emerging Markets (Total Return) 44 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Portfolio overviewThis document is solely for the use of professionals and is not for general public distribution Stock selection Sector allocation Underweights % Overweights % Stock Relative weight % Novatek +1.89 Consumer Staples 2.6 Baidu +1.48 Consumer Discretionary 1.8 Materials 0.6 American Movil +1.43 Industrials 0.4 Korea Zinc +1.43 -0.1 Health Care Wynn Macau +1.37 -0.3 Information technology Chroma Ate +1.33 -0.4 Utilities Andhra Bank +1.31 -0.9 Telecommunications Mr Price Group +1.28 -2.1 Energy Banpu Public +1.26 -2.7 Financials Harbin Electric +1.19 -6 -4 -2 0 2 4 6 Source: Henderson Global Investors/ Factset, as at 31 August 2011 Source: Henderson Global Investors/ Factset, as at 31 August 2011 Excludes Cash & Unassigned Excludes Cash & Unassigned Index: MSCI Emerging Markets Index: MSCI Emerging Markets 45 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Country allocation vs MSCI Emerging Markets IndexThis document is solely for the use of professionals and is not for general public distribution Regional and country positions reflect Country allocation Fund % Index % Stance % exposure to identified macro and micro Latin America related thematics Brazil 16.21 15.32 0.89 Mexico 5.75 4.61 1.14 Colombia 0.93 0.90 0.04 Overweights Peru 0.00 0.59 -0.59 Chile 0.00 1.70 -1.70 Russia – Rising importance of natural gas Emerging Asia industry and a general recovery in the domestic China/Hong Kong 17.49 17.25 0.24 market South Korea 12.60 14.38 -1.78 Taiwan 8.82 10.99 -2.17 Mexico – Stable interest rate environment India 6.55 6.95 -0.40 coupled with high earnings growth Thailand 3.26 1.90 1.35 Indonesia 2.86 2.83 0.03 Underweights Malaysia 1.96 3.20 -1.23 Philippines 0.94 0.62 0.31 Taiwan – Technology manufacturing companies Europe, Middle East & Africa remain under pressure due to rising costs and Russia 10.22 6.74 3.48 South Africa 7.85 7.89 -0.04 industry shifts to new products Turkey 1.85 1.25 0.60 Korea – Financial system remains under pressure Poland 1.00 1.62 -0.63 as financial crisis problems remained somewhat Egypt 0.67 0.33 0.34 Morocco 0.00 0.17 -0.17 unresolved Czech Republic 0.00 0.38 -0.38 Hungary 0.00 0.36 -0.36 Source: Henderson Global Investors/ Factset, as at 31 August 2011 Excludes Cash & Unassigned Please note totals may not equal due to numerical rounding Index: MSCI Emerging Markets 46 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • BiographyThis document is solely for the use of professionals and is not for general public distribution Chris Palmer – Head of Global Emerging Markets Chris joined Henderson in 2011 as Director of Global Emerging Markets. Prior to that, Chris was Head of Global Emerging Markets at Gartmore, responsible for the strategy and management of Gartmores extensive range of emerging market funds. Before joining Gartmore in 1995, his background included on-the-ground investment experience in Asia and Latin America as an investment advisor to a private family investment group. Prior to this he worked in investment banking in New York where he specialised in capital markets counterparty risk management. Chris graduated from the Colgate University, New York in 1986 with an Honours degree in History. In 1988 he completed an MBA in Finance at New York University, and was awarded the CFA designation in 1993 by the Association of Investment Management and Research. 47 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt
  • Henderson Global Investors 201 Bishopsgate, London EC2M 3AE Tel: 020 7818 1818 Fax: 020 7818 1819This document is solely for the use of professionals and is not for general public distribution The Henderson Gartmore Fund (the “Fund”) is a Luxembourg SICAV incorporated on 26 September 2000. Any investment application will be made solely on the basis of the information contained in the Fund’s full prospectus (including all relevant covering documents), which will contain investment restrictions. This document is intended as a summary only and potential investors must read the Fund’s full prospectus before investing. A copy of the Fund’s full and simplified prospectuses can be obtained from Gartmore Investment Limited in its capacity as Distributor or Henderson Global Investors Limited in its capacity as Investment Manager. Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management Limited (reg. no. 2607112), Henderson Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), Henderson Alternative Investment Advisor Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE), Gartmore Investment Limited (reg. no. 1508030), Gartmore Fund Managers Limited (reg. no. 1137353),(each incorporated and registered in England and Wales with registered office 201 Bishopsgate, London EC2M 3AE) are authorised and regulated by the Financial Services Authority to provide investment products and services. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. Past performance is not a guide to future performance. The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially. The Fund is a recognised collective investment scheme for the purpose of promotion into the United Kingdom. Potential investors in the United Kingdom are advised that all, or most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available under the United Kingdom Financial Services Compensation Scheme. A copy of the Fund’s full and simplified prospectuses, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the Fund’s registered office in Luxembourg: 16 Boulevard d’Avranches, L-1160 Luxembourg Grand-Duché de Luxembourg, in Germany: Henderson Global Investors, Bockenheimer Landstraße 24, 60323 Frankfurt, in Austria: Bank Austria Creditanstalt AG, Am Hof 2, 1010 Wien, in Spain: offices of the Spanish distributors, a list of which may be obtained at www.cnmv.es (Henderson Gartmore Fund is registered with the CNMV under number 259) and in Switzerland from the Swiss representative: BNP Paribas (Suisse) S.A. Place de Hollande 2 1204 Geneva who are also the Swiss Paying Agent. Please note that Isle of Man investors will not be protected by statutory compensation arrangements in respect of Henderson Gartmore Fund. Telephone calls may be recorded and monitored. 48 HDS.IntDataDistGlobBSPresEqGlobEmergMarkLatAmSICAV Lat Am - October 2011 final.ppt