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    Oyster us selection november 12 en Oyster us selection november 12 en Presentation Transcript

    • OYSTER US SelectionScout Investments Inc.For professional, qualified and institutional investors onlyNovember 2012© 2012 OYSTER Funds
    • OYSTER US SelectionHighlights Investment approach without style bias Bottom-up approach with a top-down overlay aiming at anticipating market conditions Over 5 years of consistent outperformance in a similar strategy1 Stable team managing over USD 1.5bn in the strategy Strong parent company - UMB Financial Corp.Data as of 30.09.20121Performancefigures from Scout US strategy may differ from OYSTER US Selection as it is not UCITS compliant and may not have exactly thesame investment restrictions and fees. Past performance does not guarantee or predict future performance.November 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 2 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • Table of contents I. The manager 4 II. Investment strategy and process 10 III. Market outlook and portfolio review 24 IV. Appendices 32 V. The SYZ & CO Group 35November 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 3 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • Table of contents I. The manager 4 II. Investment strategy and process 10 III. Market outlook and portfolio review 24 IV. Appendices 32 V. The SYZ & CO Group 35November 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 4 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • UMB Financial Corp.Parent company of Scout Investments Inc. Diversified financial services company established in 1913 & listed on Nasdaq Founded by William Kemper as a regional commercial bank CEO Mariner Kemper is grandson of founder and 5th generation Generated steady profits during credit crisis & did not require TARP funds Ranked #5th among US banks during 2009 stress test & rated A- by Moody’s1 1Data as of 15.02.2012 UMB ranked in the top 10 best banks for the second year in a row, based on eight financial measures of asset quality, capital adequacy and profitability, according to studies by Forbes and SNL FinancialNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 5 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionScout Investments Inc. – the manager Investment management arm of UMB Financials Corp. since 1982 Based in Kansas City, Missouri Assets under management : USD 22.6bn including USD 10.6bn in equities1 Acquisition of Reams Asset Management in 2010 to add Fixed Income solutions Stable team of 40 investment professionals with average 16 years experience 1Data as of 30.09.2012 Scout Investments manages equity and fixed income strategies through Scout and Reams divisionsNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 6 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionThe portfolio managers  Patrick has been the Lead Portfolio Manager of strategy since its inception in 2006 and has 18 years of investment management experience. Patrick G. Dunkerley, CFA Senior Vice President and  Prior to Scout, he served as assistant portfolio manager and subsequently senior Lead Portfolio Manager portfolio manager of a mutual fund and separate account product for Victory Capital Management from 2001-2006.  Patrick earned his master’s in business administration from Golden Gate University and his bachelor’s of science degree in business administration from the University of Missouri. He is a CFA charterholder, member of the Kansas City CFA Society, as well as the CFA Institute.  Derek serves as co-portfolio manager and has been a member of the management team since the strategy’s inception Derek M. Smashey, CFA  He has eight years of investment management experience. Co-Portfolio Manager  Prior to Scout, he was a director at Nations Media Partners, an investment banking firm specializing in media and communications.  Derek earned his master’s degree in business administration from the University of Kansas and his bachelor’s of science degree in finance from Northwest Missouri State University. He is a CFA charterholder and a member of the Kansas City CFA Society, as well as the CFA Institute.  John serves as co-portfolio manager and has been a member of the management John A. Indellicate II, CFA team since the strategy’s inception. Co-Portfolio Manager  He has eight years of investment experience. He joined the firm in 2004 as a Senior Quantitative Analyst.  John earned his bachelor’s degree in economics from Harvard University. He is a CFA charterholder and a member of the Kansas City CFA Society, as well as the CFA Institute.November 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 7 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionInvestment team Patrick Dunkerley, CFA SVP, Lead Portfolio Manager Derek Smashey, CFA John Indellicate II, CFA Co-Portfolio Manager Co-Portfolio Manager INVESTMENT ANALYSIS & EQUITY RESEARCH James Reed II, CFA SVP, Director of Domestic Equity Research Jeff Hoernemann, CFA Larry Valencia, CFA Senior Investment Analyst Senior Vice President Health Care sector Information Technology and Telecommunication Services sectors Dave Logeman, CFA Sean Ketcherside Senior Investment Analyst Investment Analyst Financials sectors Energy and Utilities sectors Tim Miller, CFA Michael Harold Senior Investment Analyst Investment Analyst Industrials and Materials sectors Consumer Discretionary and Consumer Staples sectorsNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 8 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • Scout Investments Inc.Track record as of 15.10.2012 Since launch 5Y 3Y 1Y YTD 31.10.2006 % ptl % ptl % ptl % ptl % ptlSCOUT US strategy 66.6% 1 31.8% 1 44.1% 3 10.1% 85 9.3% 84S&P 500 Net TR 14.4% 0.5% 37.2% 19.4% 15.9%Lipper Global Equity North America 10.9% -4.2% 29.8% 16.2% 13.9% Max. 2007 2008 2009 2010 2011 Sharpe ratio relative 5 years Volatility drawdown % % % % %SCOUT US strategy 21.9% -35.1% 47.2% 27.9% 0.3% 21.6% 0.23 14.0%S&P 500 Net TR 4.9% -37.4% 25.6% 14.4% 1.5% (2008)Lipper Global Equity North America 6.8% -39.7% 31.0% 14.2% -2.1%200 Source: Lipper180 Past performance does not Scout US Strategy S&P 500 NR Lipper Global Equity US guarantee or predict future160 performance.140 Reference to an index is made for comparison purposes only. Lipper120 peer group: ranking calculated on100 Lipper Global Equity North America Performance figures from Scout US80 strategy may differ from OYSTER60 US Selection as it is not UCITS compliant and may not have40 exactly the same investment Oct‐06 Apr‐07 Oct‐07 Apr‐08 Oct‐08 Apr‐09 Oct‐09 Apr‐10 Oct‐10 Apr‐11 Oct‐11 Apr‐12 restrictions and feesNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 9 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • Table of contents I. The manager 4 II. Investment strategy and process 10 III. Market outlook and portfolio review 24 IV. Appendices 32 V. The SYZ & CO Group 35November 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 10 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionInvestment strategy Pragmatic & opportunistic approach combining  Top-Down analysis aiming to anticipate market conditions and identify investment themes  Stock picking focusing on what the manager considers quality companies trading at a discount and with a catalyst Flexible strategy not biased towards any investment style Valuation methodology will depend on their anticipation of market cycle  Constructive/bullish: Discounted earnings model  Cautious/bearish: Relative valuation – P/B, P/S, EV/Sales Aims to achieve superior long-term, risk-adjusted returns investing in attractively valued quality stocks expected to benefit from company-specific or macroeconomic catalystsNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 11 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionInvestment process - overview Top down Mode definition Stock selection BULL BULL Objective Mispriced Enhance upside quality Proprietary database Valuation companies of Portfolio Discounted earnings Economic or & BEAR Sentiment BEAR Themes indicators Objective identification Limit downside Valuation Relative P/S, P/B, EV 1 2 3 4November 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 12 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionTop-down analysis (1)  Proprietary system monitors more than 100 economic & sentiment indicators  Weekly monitoring of economic growth, production, consumption, inventory, orders, trade balance, employment, money supply, interest rates  Combining economic and sentiment is crucial for anticipation  Manager develops themes based on economic and market analysis that will ultimately influence preferred industries Scout’s interpretation is key to define constructive or cautious mode as well as themesNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 13 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionChange of valuation mode and portfolio implications From bear to bull mode From bull to bear mode Sector Allocation 27.02.2009 30.04.2009 Sector Allocation 31.03.2011 31.05.2011 Consumer Discretionary 16.6% 25.1% Consumer Discretionary 21.7% 22.5% Consumer Staples 11.0% 2.4% Consumer Staples 6.6% 15.8% Energy 12.6% 14.5% Energy 8.8% 2.8% Financials 16.7% 15.2% Financials 17.2% 19.5% Health Care 6.3% 3.9% Health Care 12.7% 12.1% Industrials 7.0% 11.6% Industrials 10.2% 4.4% Information Technology 19.0% 18.5% Information Technology 10.8% 11.1% Materials 7.7% 6.6% Materials 9.8% 6.0% Telecommunication Services 2.5% 1.7% Telecommunication Services 0.0% 1.4% Utilities 0.7% 0.6% Utilities 2.2% 4.5% beta 0.94 1.08 beta 1.09 0.93 Portfolio changes over the period number % Portfolio changes over the period number % New names 15 27.5% New names 9 15.9% Sold names 16 18.5% Sold names 19 23.1% Name turnover 18.5% Name turnover 17.7% Existing position changes 23.8% Existing position changes 18.5% Total Turnover 46.8% Total Turnover 38.0% Source: FactsetNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 14 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionTop-down analysis (2) Manager develops themes based on economic and market analysis that will ultimately influence preferred industries  Trade down in American consumption behaviour  Family Dollar Stores, Ross Stores  Recovery of the US housing market profiting to US regional banks and homebuilders  Key Corp, Comerica, D. R. Horton  Energy independence of the USA: Shale gas discoveries  Oasis Petroleum, WPX, Kodiak Oil, Pioneer Natural Resources  Ageing US auto park benefiting automotive parts manufacturers and retailers:  TRW AutomotiveNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 15 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionBottom-up: Stock selection based on 4 principles1. Quality company  Ability to generate consistent cash flow  10 years of strong or improving operating margin & CFROI  Long-term earnings power  Strong management2. Attractive valuation - discount to intrinsic value3. Catalyst4. No litigation riskNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 16 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionBottom-up: Step 1 - Quantitative1. Cash flow  Assess true profitability statement  Source of growth – organic or strategic acquisitions  Consistency, growth rate & source of cash flow  Strong cash flow generation  Reject companies with poor cash flow2. Balance  Debt term structure sheet  Liquidity events & debt covenants  Rejected if debt/cash flow >5x or poor interest coverage ratios3. Income  10 year history of operating margin statement  Used to normalize earnings  Rejects companies with deteriorating margins unless temporary4. Intrinsic  Proprietary risk-adjusted valuation model including normalized earnings, valuation discount rates, growth potential primarily used during bull markets5. Relative  Price to book, price to sales & enterprise value to assess downside risk valuation primarily used during bear marketsNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 17 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionBottom-up: Step 2 - Qualitative6. Catalyst for  Company specific – management change, new market, technology appreciation change  Top-down7. Company-  Accounting and revenue recognition to determine earnings quality specific risk8. Management  experience quality  Accomplishments  Incentive structures9. Litigation  Evaluation of significant litigation risk10. Other  Insider activity factors  Short interest  Long-term chartsNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 18 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionPortfolio characteristicsTypically1: Number of holdings: 60-80 FUNDAMENTALS Average position weight: 2% Excellent Poor Turnover: 100-200% p.a. Excellent Maximum Outsized Average Max per industry: 25% 4-5% 2-4% 1-2% Cash: Residual VALUATION Outsized Average Small 2-4% 1-2% 0.5-1% Average Small Eliminate 1-2% 0.5-1% 0% Poor1Data given as information only and is as a given date and may evolve over timeNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 19 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionManager’s risk management Intangible influences Targeted portfolio level Targeted security level  Management & board  25% industry  Quality companies with of directors, business maximum weighting solid fundamentals and industry experience is key  Typically 5% security  Strong cash flows maximum weighting support balance sheet  Accounting quality:  Conscious of sector  Experienced  Policies on revenue & under/over weights management teams expense recognition  Avoid companies with  Comparison of net major legal/regulatory income & cash flow over time issuesNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 20 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionManager’s selling discipline Target valuation reached Stock specific: change in fundamentals or investment case Style purity, core strategy Better opportunity emergesNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 21 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionRisk factors* Lower Risk Higher RiskTypically Lower Rewards Typically Higher Rewards 1 2 3 4 5 6 7This indicator is deemed to reflect the level of risk of the fund. It can vary from 1 to 7 depending on the weekly upward anddownward fluctuations of the portfolio over the last 5 years. The level 1 on the scale does not mean that the portfolio is risk-free.However, this indicator is based on historic data and therefore does not guarantee the level of future risk of the fund. Neither is thisrisk level an investment objective for the fund and therefore it could vary over time.Level 6 equates to an average fluctuation variance of between 15% and 25%, according to the calculation method described above.This risk level is mainly explained as follows: The fluctuation of stocks due to possible sudden and/or prolonged fall of the financial markets. Concentration in a particular geographic area.This indicator does not take into account the following risks: Liquidity risk: risk linked to the difficulty of selling a portfolio investment on the market, preventing it from being traded under optimum conditions. Operational risk: risk of loss for the fund linked to human or technical error, inadequate internal procedures or control systems.For further information about risks associated to this fund, please see the full prospectus, available at the head office of the SICAV. 1Source: Key Investor Information Document dated 01.07.2012November 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 22 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • Table of contents I. The manager 4 II. Investment strategy and process 10 III. Market outlook and portfolio review 24 IV. Appendices 32 V. The SYZ & CO Group 35November 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 23 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionManager’s market outlook Positive towards equity markets thanks to decisive action from policymakers Markets tend to rally ahead of Presidential elections as uncertainty decreases U.S. housing market improvement: signs of rebound following 5 years of weakness Main risks are:  U.S. budget negotiations  Weak data from China and recession in Europe  Higher oil prices will limit future growthNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 24 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionRecent portfolio activity Continued trend to reduce defensives  Principally in utilities: Vectren, UGI Exposure to U.S. Housing and domestic consumption firmly in place  Selected consumer discretionary, building materials, homebuilders Increase in Information technology  Skyworks Solutions, Computer Sciences, Teradata, CymerNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 25 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionPortfolio breakdown as of 15.10.2012 1 By sector Fund Index Top 10 Country Sector Fund Consumer Discretionary 19.5% 11.0% KeyCorp United States Financials 4.4% Consumer Staples 2.8% 10.8% Hartford Financial Services Group Inc. United States Financials 4.0% Energy 15.6% 11.3% TRW Automotive Holdings Corp. United States Consumer Discretionary 3.2% Financials 21.7% 15.0% WPX Energy Inc. United States Energy 3.1% Health Care 10.2% 12.3% Oasis Petroleum Inc. United States Energy 2.9% Industrials 5.4% 9.7% Alliant Energy Corp. United States Utilities 2.4% Information Technology 13.1% 19.7% Kodiak Oil & Gas Corp. Canada Energy 2.4% Materials 5.9% 3.5% Hess Corp. United States Energy 2.4% Telecommunication Services 0.0% 3.2% Questar Corp. United States Utilities 2.3% Utilities 5.8% 3.6% Hologic Inc. United States Health Care 2.1% Total 100.0 100.0 Total 29.2 1 By market capitalization Fund Index >1BLN,<5BLN 33.2% 1.8% >5BLN,<30BLN 64.0% 31.5% >30BLN 2.8% 67% Total 100.0 100.0 Source:Factset 1Index: S&P500 Net TR Reference to an index is made for comparison purposes onlyNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 26 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionInvestment case: WPX Energy Sector: Energy – Oil and gas producer  Position valued @ USD 17.87 per share as of 18 Oct 2012  Market Cap of USD 3.5bn Equity Highlights  Large owner of natural gas properties in Colorado and Pennsylvania; valuable oil property in North Dakota Catalysts:  Increased drilling in Bakken oil shale  Potential recovery in U.S. Natural gas prices  Stock trades below book valueNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 27 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionInvestment case: D.R. Horton Sector: Consumer Discretionary: Large U.S. homebuilder  Position @ USD 21.55 as of 18 Oct 2012  Market Cap of USD 6.8bn Equity Highlights  Strong balance sheet  Experienced management team Catalysts  Recovery of U.S. housing market following sharp downturn  Diversified footprint with operations in 25 states and 73 metropolitan areas  U.S. Federal Reserve QE3 program is driving down mortgage interest rates, which helps sales  New home sales +28% year-over-year; conversely, inventory of new homes near record lows  U.S. housing affordability near record levels due to lower home prices and low mortgage interest ratesNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 28 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER US SelectionKey factsUCITS compliant, Luxembourg SICAVCustodian/Central Administrator RBC Investor Services Bank SA Share class ISIN code Management feeAuditors Pricew aterhouseCoopers USD2 LU0747343753 1.50%Management Company Oyster Asset Management SA CHF2-hedged LU0747343837 1.50%Fund Manager Scout Investments Inc. EUR2-hedged LU0747343910 1.50% 1Index S&P 500 Net TR GBP2-hedged LU0747344058 1.50%Liquidity Daily SGD2-hedged LU0747344132 1.50% Max 1.50% 3Management fee refer to the share classes for details Institutional share class ISIN code Management fee 1Performance fee Max 10% relative to the index I USD2 LU0747344215 1.00%Trade date T+0 I CHF2-hedged LU0747344306 1.00%Cut-off time T 12:00 CET I EUR2-hedged LU0747344488 1.00%Settlement date T+4 I GBP2-hedged LU0747344645 1.00%Minimum initial subscription, I SGD2-hedged LU0747344991 1.00%Institutional share class only 100000 USD/EUR/GBP/CHF/SGD 3Fund domicile Luxembourg Further information www.oysterfunds.com - info@oysterfunds.com 2Registered in AT,BE,DE,ES,FR,GB,IT,LU,NLSubscription fee Max 5%, Max 3% for "I" share class OYSTER Website Bloomberg, Morningstar, Reuters,Redemption fee Max 3% NAV available through SIX Telekurs, Finesti, Fundinfo1. Please note that the reference to an index is made for information purposes only. The index is not mentioned in the investment policy of the Sub-Fund.2. Not all share classes may be registered locally, please contact info@oysterfunds.com for further information.3. for further details please refer to the prospectus.4. Not available for investors in Belgium.November 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 29 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • Table of contents I. The manager 4 II. Investment strategy and process 10 III. Market outlook and portfolio review 24 IV. Appendices 32 V. The SYZ & CO Group 35November 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 30 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • Scout US strategyHistorical sector allocation as of 30.09.2012100%90%80%70%60%50%40%30%20%10% 0% Dec-06 Sep-07 Jun-08 Mar-09 Dec-09 Sep-10 Jun-11 Mar-12 Jul-12 Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Miscellaneous Telecomm Service Utilities Source: Scout Investments Inc.November 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 31 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • Scout Investments Inc.Consistent outperformance vs large, mid & small and vs value & growth 80 Scout vs Russell 2000 Scout vs Russel Mid Cap 70 Scout vs S&P 500 Scout vs Russel 3000 growth 60 Scout vs Russel 3000 Value 50 40 30 20 10 0 Oct‐06 Apr‐07 Oct‐07 Apr‐08 Oct‐08 Apr‐09 Oct‐09 Apr‐10 Oct‐10 Apr‐11 Oct‐11 Apr‐12 ‐10Source: Lipper as of 30.09.2012Past performance does not guarantee or predict future performance.Reference to an index is made for comparison purposes only. Lipper peer group: ranking calculated on Lipper Global Equity North AmericaPerformance figures from Scout US strategy may differ from OYSTER US Selection as it is not UCITS compliant and may not have exactly thesame investment restrictions and fees.November 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 32 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • Table of contents I. The manager 4 II. Investment strategy and process 10 III. Market outlook and portfolio review 24 IV. Appendices 32 V. The SYZ & CO Group 35November 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 33 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • SYZ & CO Group3 business lines but one common objective Founded in 1996 by Eric Syz, Alfredo Piacentini and Paolo Luban Sole focus on asset management across three activities with a common objective of delivering superior performance  Not involved in project-financing, investment banking, commercial or mortgage lending Supervised on a consolidated basis by the FINMA (Swiss Financial Market Supervisory Authority) SYZ & CO Group Institutional Investment Funds Private Banking Asset Management OYSTERNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 34 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • SYZ & CO GroupKey facts and figures Fast growing banking group - AuM of EUR 20bn Solid Capital Base: A3 Moody’s rating & Core Tier 1 ratio of 23%1 Independent: not linked to a financial institution 470 employees in 14 cities worldwide Sponsor of OYSTER Sicav 1as of 31.12.2011 Annual report available on www.syzgroup.comNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 35 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER SicavOur Philosophy Innovation Non-indexed approach with a  Use of atypical managers in main focus on risk management asset classes  Bottom-up approach  Identify tomorrow’s strategies  Style & Market Cap agnostic  Anticipate future trends  Risk team independent OYSTER from portfolio managers philosophy Exclusivity in UCITS format  Team dedicated to identify the best talents  Internally and externally managed funds  Strategy’s exclusivity for European distributionNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 36 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER SicavKey facts A Luxembourg SICAV, UCITS compliant  Sub-funds covering major asset classes as well as niche strategies  Compartments are registered in most European countries and Singapore1 The bulk of assets are held by investors external to the group A team of professionals dedicated to our fund distribution Mix of internally and externally managed funds European distributors rank OYSTER TOP 20 preferred brands (Source: Fund Buyer Focus, 2011) 1Solely targeting institutional clients as applied by local lawNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 37 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • OYSTER Funds & RepresentativesOYSTER FundsOYSTER Sicav Oyster Asset Management SARoute dEsch 69 Grand Rue 74L-1470 Luxembourg L-1660 Luxembourginfo@oysterfunds.com tél. +352 26 27 361www.oysterfunds.comRepresentativesGermany Spain SwitzerlandZahlstelle Entidad comercializadora Soggetto incaricato dei pagamenti Représentant et service de paiementBHF-Bank Aktiengesellschaft Allfunds Bank S.A. State Street Bank S.p.A pour la SuisseBockenheimer Landstrasse 10 c/Estafeta no6 (La Moraleja) Via Col Moschin 16 Banque SYZ & CO S.A.D – 60323 Frankfurt Complejo Plaza de la Fuente - Edificio 3 20136 Milano Rue du Rhône 30Tel +49 (0)69 718 22 75 E – 28109 Alcobendas - Madrid Tel +39 02 879 671 53 CH – 1204 Genève Tel +34 (0)91 274 64 00 Tél + 41 (0)58 799 19 05Austria FranceZahlstelle Correspondant Centralisateur Soggetto incaricato dei pagamentiRaiffeisen Bank International AG BNP Paribas Securities Services Société Générale SecuritiesAm Stadtpark 9 Rue du Débarcadère 9 Services SpAA – 1030 Wien F – 93500 Pantin Via Benigno Crespi 19/A-MAC 2Tel. +43 (0)1 717 070 Tel. +33 (0) 1 57 43 12 58 I – 20159 Milano Tel +39 02 917 846 61Belgium ItalyAgent financier – Financiële agent Soggetto incaricato dei pagamenti Soggetto incaricato dei pagamentiCaceis Belgium s.a./n.v. RBC Investor Services Bank S.A. Allfunds Bank S.A.Avenue du Port 320 Milan Branch Via Santa Margherita 7Havenlaan 86C b Via Vittor Pisani, 26 I – 20121 MilanoB – 1000 Bruxelles 20124 Milano Tel +39 02 896 283 01Tel +32 (0)2 209 26 40 Tel +39 02 305 756 1November 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 38 citizens or residents of the USA. For more details please refer to the complete disclaimer.
    • DisclaimerThis promotional document has been issued by the investment fund, OYSTER Sicav (hereinafter referred to as "OYSTER” or the “Fund”). It is not intended for distribution to or useby individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, issue oruse.Users are solely responsible for verifying that they are legally authorised to consult the information herein.Only the most recent version of the prospectus, by-laws and annual and half-yearly reports of the Fund (hereinafter referred to as the Fund’s “legal documentation”) should beconsidered as a basis for investment decisions. These documents are available on the website, www.oysterfunds.com, or from the OYSTER offices at 69, route dEsch, L-1470Luxembourg. The information or data contained in the present document does not in any way constitute an Offer or a recommendation to buy or sell shares in the Fund’s units.Furthermore, any reference to a specific security in this document should not be construed as a recommendation or investment advice. They are intended solely to inform theinvestor as to past performance, and do not reflect the opinion of OYSTER or any related companies as to future returns. The information, opinions and assessments contained inthe present document shall apply at the time of publication and may be revoked or changed without prior notice. OYSTER has not taken any measures to adapt to each individualinvestor who remains responsible for his own independent decisions. Moreover, investors are advised to consult their legal, financial or tax advisors before taking any investmentdecisions. Tax treatment depends entirely on the financial situation of each investor and may be subject to change. It is recommended that investors obtain the appropriate expertadvice before taking any investment decisions. The value of the units referred to may fluctuate and investors may not recoup all or part of their original investment. Investorsshould consult the Fund prospectus for further details on the risks involved. Past performance is not indicative of future results. It is calculated in the unit currency and, whereinvestments are made in a different currency, may also be affected by fluctuations in exchange rates. The performance data given does not include commissions or any fees linkedto the subscription to and/or repurchase of shares. It is possible that companies linked to the Fund and their executives, directors or personnel hold or have held stakes or positionsin the securities listed in this document, or that they have traded or acted as market maker for these securities. Moreover, these entities or individuals may also have past orpresent ties with the executives of the companies issuing the abovementioned shares; furnish or have furnished financial or other services; or are or have been a director of thecompanies in question. The manager reserves the right not to disclose the name of certain positions that would normally rank amongst the top 10. This promotional document is inno way intended to replace the legal documentation of the Fund and/or any information that investors obtain from their financial advisors. Please note that reference to an index ismade for information purposes only. The index is not mentioned in the investment policy of the Sub-Fund. The performance of the Sub-Fund may differ from the performance of theindex. For further information on the index please refer to the website of its service provider.OYSTER is a Luxembourg SICAV that is not open to citizens or residents of the USA. www.oysterfunds.com – info@oysterfunds.comNovember 2012 OYSTER is an open-ended investment fund under Luxembourg law that is not open toPage 39 citizens or residents of the USA. For more details please refer to the complete disclaimer.