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    Henderson horizon technology fund  march 2012 Henderson horizon technology fund march 2012 Presentation Transcript

    • This document is solely for the use of professionals and is not for general public distributionStuart O’GormanDirector, Technology EquitiesIan WarmerdamDirector, Technology Equities March 2012G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • The Henderson Global Technology team Henderson has managed specialist Technology team technology assets since 1983 Stuart O’Gorman Director of Technology Investment Fund Manager Henderson is one of the largest 15 years investment experience Joined Henderson in 2001 specialist technology fund managers Ian Warmerdam in Europe* Director of Technology Investment Fund Manager 15 years investment experience Joined Henderson in 2001 Technology AUM approx. Gordon Happell Investment Manager US$3.3BN** 5 years investment experience Joined Henderson in 2010 Giles Tulloch History of outperformance Investment Analyst 1 year of investment experience Joined Henderson in 2009 Ronan Kelleher Fund Manager AssistantSource: * Micropal Joined Henderson in 2011 ** Henderson Global Investors, as at 29 February 2012 1G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Team responsibilitiesWhy Henderson? Ian Warmerdam Stuart O’Gorman Gordon Happell Giles Tulloch Sectors: Sectors: Entertainment Software Telecommunications Sectors: Sectors: Internet Equipment Semiconductors Application Software Office Equipment Infrastructure Software Healthcare Technology Consumer Electronics Alternative Energy IT Services Data Processing Electronic Components Computer Hardware Telecoms Combined fund manager/analyst roles Global sub-sector coverage Well defined areas of responsibility Interaction with other Henderson teams 2G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Consistent Outperformance vs Peer Group 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yrQuartile 1 1 1 1 1 1 1 1 1 1Percentile 21 23 24 12 11 11 14 16 22 23 Fund: Henderson Horizon Global Technology Fund Peer Group: GIF OS Sector Equity Technology Source: Morningstars Workstation v4.0, Bid to Bid, Gross income reinvested, Net of fees as at 29 February 2012 3 G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Horizon Global Technology vs Tech vs World 160 Henderson Horizon Global Technology MSCI AC World IT 140 MSCI AC World 120 100 80 60 40 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Feb-07 Oct-07 Feb-08 Oct-08 Feb-09 Oct-09 Feb-10 Oct-10 Feb-11 Oct-11 Feb-12Source: Morningstar, Henderson Global Investors at 29 February 2012 Period from 27 February 2007 to 29 February 2012. Total USD returns rebased to 100 on 27 February 2007. Index returns include dividends. Fund returns are calculated on a bid-bid basis, gross income reinvested, Net of fees. Past performance is not an indicator of future results. 4G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Risk statistics 3 Year 5 Year Information ratio 0.07 0.5 Sharpe ratio 1.5 0.3 Up capture (%) 101.4 105.9 Down capture (%) 89.8 89.9 Alpha (%) 1.5 3.1Source: Henderson Global Investors/ Factset as at 29 February 2012, based on USD returns, Gross of fees.Fund is the Henderson Horizon Global Technology Fund and benchmark is the MSCI AC World IT indexSharpe ratio is a risk-adjusted measure, calculated using standard deviation and excess return to determine reward per unit of risk. Information Ratio is the quotient of theannualized excess return and the annualized standard deviation of excess return. Up and down capture is a measure of how well a manager can improve on phases ofpositive benchmark returns, or how badly the manager was affected by phases of negative benchmark returns. The up capture is the quotient of the annualized return of theFund after dropping all time periods where the benchmark return is zero or negative, divided by the annualized return of the benchmark after dropping similar time periods.The down capture is calculated analogously. For example, up capture of 120.0 and down capture of 80.0 shows that in the past, when the overall market went up, the Fund’sreturns increased more than the increase in the market. Correspondingly, when the market went down, the Fund’s returns decreased less than the market. Alpha is ameasure of risk (beta)-adjusted return. Beta is the measure of a fund’s relative volatility as compared to its benchmark, where a Beta less than 1 means that the security willbe less volatile than the Index and more than 1 means the security will be more volatile than the Index. 5G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Philosophy & Process 6G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Moore’s Law - Driving InnovationSource: Intel, 2006 7G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Moore’s Law - Driving Innovation 2001 2005 2011 Nokia 7110 Nokia 6630 iPhone 4 Device Peak Download GPRS: 56 Kbps 3G: 384 Kbps HSDPA: 7.2 Mbps SpeedsSource: Mobile data from Vodafone, Images from companies’ website 8 G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Investment philosophy: Drivers of technology valuations Risk analysis Stock analysis Organic growth potential Portfolio construction Thematic  Does the product solve a pressing problem for analysis customers? Execution  What is the payback period for adopting the technology?  What is the “pain of adoption” of the technology?  Is management investing in the correct areas for the future? Barriers to entry  What are the barriers to entry – technological, scale, brand, distribution?  How strong and sustainable are these barriers?  What are management doing to preserve/strengthen these barriers 9G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Good story + low barriers = dreadful returns Solar industry % 350 Q-Cells 300 REC Solarworld Conergy 250 200 150 100 50 0 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11Source: Bloomberg, as at 31 December 2011 5 Year share price performance 31 Dec 2006 – 31 Dec 2011 10G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Beware when barriers to entry break down The collapse of Nokia and Research in Motion % 350 RIMM 300 NOKIA 250 200 150 100 50 0 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11Source: Bloomberg, as at 31 December 2011 5 Year ADR share price performance (USD) 31 December 2006 – 31 December 2011 11G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Stock analysis: Valuation Risk analysis Stock analysis We use a range of valuation metrics Portfolio construction  Price/earnings Thematic analysis  Price/sales Execution  Enterprise value/free cash flow  Price/book value Price target determined by  Organic growth potential  Barriers to entry  The cyclicality of the business  Balance sheet Each Stock rated 1(strong buy) to 5(strong sell) determined by  Upside potential  Conviction level/risk 12G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Thematic Analysis Risk analysis Stock analysis Portfolio construction Thematic analysis Execution Food chains in technology tend to move together Leverage one idea into many Control thematic vs stock specific risk 13G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Portfolio Construction Risk analysis Stock analysis Portfolio constructionInitial target weights Thematic analysis 1 rated = 1 - 2% overweight vs benchmark Execution 2 rated = 0.5 - 1% overweight vs benchmarkThese weights are then adjusted to take into account Liquidity issues Overall thematic exposure Individual stock risk Sector/Geographic exposure 14 G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Risk Controls Risk analysis Stock Index risk (Index aware model) analysis Portfolio construction  Use MSCI AC World IT index as an anchor Thematic analysis  Used for performance attribution Execution Thematic risk  Portfolio is constructed with themes in mind  Experience in understanding the linkages between companies and sectors Individual stock risk  Price targets  Liquidity controls Overall risk  Monthly meetings with senior Henderson management 15G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Why Technology? 16G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Current spending below long-term trend Spending on Technology capital equipment and software as a percentage of US GDP % 5 Investment US private fixed investment on information Linear (Investment) processing equipment and software as a share of GDP 4 Over-investment 3 Under-investment 2 Linear trend 1 0 1947 1949 1951 1953 1955 1957 1959 1961 1963 1965 1967 1969 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011Source: Nomura, Bureau of Economic Analysis, as of December 2011 Data for Q1 1947 to Q4 2011. Data last revised on 27 January 2012. 17G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Technology relative de-rating ending? Relative Technology to World P/E forward 2.5 2.3 Price-to-forward earnings 2.1 1.9 1.7 1.5 1.3 1.1 0.9 0.7 0.5 Jan-88 Jan-90 Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12Source: Bernstein, as at 24 January 2012 MSCI World Technology Sector, price-to-forward earnings relative to MSCI World January 1988 to October 2011 18G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Best balance sheets & free cashflow Sector Net cash as % of EV/FCF Yield market cap Information Technology 7% 10.7% Health Care -7% 8.6% Energy -16% 4.0% Consumer Staples -19% 5.0% Materials -20% 5.4% Consumer Discretionary -35% 7.2% Industrials -42% 6.7% Telecommunication Services -53% 6.4% Utilities -91% 0.4%Source: Credit Suisse, as at 13 February 2012Note: Data is for MSCI World Sector Indices excluding Financials sector. Net cash shows the total cash on the balance sheet minus debt, cash shows purely the cash on the balance sheet. Net cash as a % of market cap is a measure of the net cash on a company’s balance sheet as a percentage of its total market capitalisation. EV/FCF Yield is the reciprocal of Enterprise Value (EV)/ Free Cashflow (FCF). Analysts Estimates used to compute 2012 FCFs. 19G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Not as cyclical as it used to be? Company % recurring revenues 2010 Oracle 58 Intuit 55 Check Point 55 SAP 52 Accenture 50 IBM 45Source: Credit Suisse, September 2011 20G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Technology – a low beta investment 5 year rolling beta 2.00 1.75 1.50 Beta 1.25 1.00 0.75 0.50 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12Source: Datastream as at 10th February 2012 5 year rolling beta of MSCI AC World IT index vs MSCI AC World index using weekly data 21G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Demographic shifts driving technology adoption Digital refugees Digital immigrants Digital natives 22G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Positioning – favoured themes E-Commerce MercadoLibre, Priceline, eBay Online advertising Google, Baidu, Rightmove, Data growth NetApp, Oracle, EMC, SAP, Fusion IO Apple, Telecity, Qualcomm, F5 Connectivity Networks, Samsung, Cisco Mastercard, Visa, eBay, Wirecard, Paperless payment VerifoneSource: Henderson Global Investors, February 2012Note: References to individual companies or stocks should not be construed as a recommendation to buy or sell the same. 23G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Internet Advertising spend set to take share % 50 Time spent Advertising spend 45 40 35 30 25 20 15 10 5 0 Print Radio TV OnlineSource: JP Morgan, 2010 Advertising spend excludes advertising on billboards, street furniture, direct mailshots and other leaflets/flyers. Online includes mobile devices 24G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Stock example: Online advertising - BaiduEntry price Price performance of Baidu (USD) $20.16 (April 23, 2009) USD 160Description 140 Leading Chinese search engine 120Catalysts 100 Low broadband penetration in China 80 Ongoing trend of internet advertising 60 Cultural differences reduce entry of 40 global rivals 20Valuation 0 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 P/E 21x 2013 estimated earnings* Source: Bloomberg as of 29 February 2012 As of 29 February 2012 , the fund holds 1.2% in Baidu inclusive of cash. Past performance is not an indicator of future performance. * Using Bloomberg Consensus estimates as of 9 March 2012 25G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • E-Commerce – still a long way to go… E-commerce sales as a percentage of retail sales 7 Percentage of total retail sales online USA 6 5 4 3 2 1 0 2003 2004 2005 2006 2007 2008 2009 2010 2011(E) 2012(E)Source: US Dept. of Commerce, Cowen - January 2012 26G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Stock example: E-Commerce – PricelineEntry price Price performance of Priceline (USD) $80.69 (February 19, 2009) USD 650Description 550 A leading hotel booking website with dominant position in Europe 450Catalysts 350 European online hotel booking 250 penetration lags USA considerably. 150 More fragmented nature of market creates a better environment for 3rd 50 party distributors Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12Valuation P/E ratio of 17x 2013 estimated Source: Bloomberg as at 29 February 2012 As at 29 February 2012, the fund holds 1.6% in Priceline inclusive of cash earnings* Past performance is not an indicator of future performance.* Using Bloomberg Consensus estimates as at 9 March 2012 27G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Paperless payment US payments – Non-paper vs Paper payments 60% 56% 52% 48% 44% Paper Non-paper 40% 2005 2006 2007 2008 2009 2010 Source: Credit Suisse, Euromonitor International: Country Market Insight, November 2010 Note: Paper payments include both cash and checks 28G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Stock example: Paperless payment - WirecardEntry Price Price performance of Wirecard (EUR) €11.99 (09 March 2011) EUR 15Description 14 Online Payment processor based in Germany 13Catalyst 12• Online spending penetration still has a long way to go in Europe 11• Growth in merchant base in Asia as 10 a result of recent deals with Alipay and China Union Pay 9 Nov-11 Jun-11 Jul-11 Jan-12 May-11 Mar-11 Apr-11 Aug-11 Sep-11 Oct-11 Dec-11 Feb-12Valuation• P/E 16x 2013 estimated earnings* Source: Bloomberg as of 29 February 2012 As of 29 February 2012, the Fund holds 0.5% in Wirecard inclusive of cash Past performance is not an indicator of future performance.* Using Bloomberg consensus estimates as of 9 March 2012 29G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Connectivity Global Mobile Data Traffic Forecast, 2011-2016 12000 10000 78% CAGR 2011-2016 Petabytes per month 8000 6000 4000 2000 0 2011 2012 2013 2014 2015 2016Source: Cisco Visual Networking Index: Global Mobile Data Traffic Forecast Update, 2011-2016 January 2012 30G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Stock example: Connectivity – AppleEntry price Price performance of Apple (USD) 8.46 USD $ (9 May 2003) USD 450Description 400 A leading computer and consumer 350 electronics manufacturer 300 250Catalysts 200 Creating barriers to entry through 150 iTunes and AppStore 100 Incremental iPhone opportunity is 50 very large 0 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 May-03 May-04 May-05 May-06 May-07 May-08 May-09 May-10 May-11 Potential dominance of Tablet MarketValuation Source: Bloomberg as at 29 February 2012 P/E 11x 2013 estimated earnings* as at 29 February 2012, the fund holds 10.1% in Apple inclusive of cash. Past performance is not an indicator of future performance.* Using Bloomberg Consensus estimates as at 9 March 2012 31G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Conclusion Growth drivers for technology intact  New products & services  Pent up corporate demand  Demographics Valuations attractive Focus on barriers to entry and valuation Beware of both hype and value traps 32G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Appendix 33G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Fund statistics Fund statistics Horizon Global MSCI AC World IT Index Technology Fund FY1 est. P/E 14.7x 13.5x Hist. 3yr EPS growth 31.9% 29.5% Price/sales 2.6x 1.6x Hist. 3yr sales growth 19.9% 15.4% Dividend yield 0.93% 1.38%Source: Henderson Global Investors/ Factset, as at 29 February 2012 Harmonic P/E figures used 34G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Top 10 holdings Security Country Sector % of fund Apple US Computers & Peripherals 10.1 Microsoft US Software 6.4 Google US IT Services 5.1 IBM US Internet Software & Services 5.0 Samsung S Korea Semiconductors & Semiconductor Equipment 4.6 Intel US Semiconductors & Semiconductor Equipment 4.0 Cisco Systems US Communications Equipment 3.9 Oracle US Software 3.8 Qualcomm US Semiconductors & Semiconductor Equipment 3.7 EMC US Computers & Peripherals 2.8Source: Henderson Global Investors/ Factset, as at 29 February 2012 Fund is the Henderson Horizon Global Technology Fund 35G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Relative top 10 holdings Security Country Sector Relative weight % Priceline US Internet & Catalog Retail 1.5 Samsung S Korea Semiconductors & Semiconductor Equipment 1.3 EMC US Computer & Peripherals 1.2 Baidu China Internet Software & Services 1.2 MasterCard US IT Services 1.2 Texas Instruments US Semiconductors & Semiconductor Equipment 1.2 Analog Devices US Semiconductors & Semiconductor Equipment 1.1 Check Point Software Israel Software & Services 1.1 Intuit US Software 1.1 Cognizant Technology Solutions US IT Services 1.0Source: Henderson Global Investors/ Factset, as at 29 February 2012Note: Fund is the Henderson Horizon Global Technology Fund. Relative holdings are to the MSCI All Country World Information Technology Index. Inclusive of cash. 36G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Sector and regional breakdowns % of % of % of % of Region Sector portfolio Index portfolio Index Semiconductors & Semiconductor Equipment 18.4 18.3 North America 75.7 72.3 Software 17.6 16.9 Asia Pacific 10.2 13.8 Computers & Peripherals 16.7 21.4 Europe 8.6 5.7 IT Services 15.4 16.4 Japan 0.4 7.7 Internet Software & Services 12.0 7.8 ROW 1.6 0.6 Communications Equipment 9.8 9.7 Cash 3.6 N/A Internet & Catalog Retail 2.2 - Electronic Equipment Instruments & Components 1.8 7.5 Wireless Telecommunication Services 0.6 - Diversified Telecommunication Services 0.4 - Commercial Services & Supplies 0.4 - Diversified Consumer Services 0.2 - Office Electronics - 2.2 Cash 3.6 N/ASource: Henderson Global Investors and Hiport, as at 29 February 2012 Fund is the Henderson Horizon Global Technology Fund and index is the MSCI All Countries World Information Technology IndexNote: Figures may not add up to 100% due to rounding up/down; inclusive of cash. 37G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt
    • Henderson Global Investors 201 Bishopsgate, London EC2M 3AE Tel: 020 7818 1818 Fax: 020 7818 1819Important InformationThis document is solely for the use of professionals and is not for general public distribution.The Henderson Horizon Fund (the “Fund”) is a Luxembourg SICAV incorporated on 30 May 1985. This document is intended solely for the use ofprofessionals and is not for general public distribution. Any investment application will be made solely on the basis of the information contained in theFund’s full prospectus (including all relevant covering documents), which will contain investment restrictions. This document is intended as a summaryonly and potential investors must read the Fund’s full prospectus before investing. A copy of the Fund’s full and simplified prospectuses can be obtainedfrom Henderson Global Investors Limited in its capacity as Investment Manager and Distributor.Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no.906355) (incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE and authorised and regulatedby the Financial Services Authority) provide investment products and services. Telephone calls may be recorded and monitored.Past performance is not a guide to future performance. The performance data does not take into account the commissions and costs incurred on the issueand 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 originallyinvested. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. Ifyou invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.The securities included in this document are not registered in the Foreign Securities Registry of the Superintendencia de Valores y Seguros for publicoffering and, therefore, the use of this document is only for general information purposes.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. Itdoes not form part of any contract for the sale or purchase of any investment.The Fund is a recognised collective investment scheme for the purpose of promotion into the United Kingdom. Potential investors in the United Kingdomare 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 thatcompensation 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 theFund’s: Austrian Paying Agent Raiffeisen Zentralbank Österreich AG, Am Stadtpark 9, A-1030 Vienna; French Paying Agent BNP Paribas SecuritiesServices, 3, rue d’Antin, F-75002 Paris; German Information Agent Marcard, Stein & Co, Ballindamm 36, 20095 Hamburg; Belgian Financial ServiceProvider Dresdner Van Moer Courtens S.A./N.V. Société de bourse, Drève du Prieuré 19, 1160 Bruxelles; Spanish Representative Allfunds Bank S.A.Estafeta, 6 Complejo Plaza de la Fuente, La Moraleja, Alcobendas 28109 Madrid; or Swiss Representative BNP Paribas Securities Services, Paris,succursale de Zurich, Selnaustrasse 16, 8002 Zurich who are also the Swiss Paying Agent. 38G;DistGBSPresEquGlob Tech FundHori Glob TechHorizon Global Technology Presentation – November 2011.ppt