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  • Misc Master Last updated: 7 September 2010 RFP Team Information updated quarterly from Roslyn's team, normally into the third week of the quarter.
  • SICAV monthly report, fund SX J:\\GROUPS\\Invest\\CFMS\\Client Services\\Presentations\\Quarterly Info\\Monthly Updates\\Miscellaneous\\[year]\\[month]
  • SICAV monthly report, fund SX J:\\GROUPS\\Invest\\CFMS\\Client Services\\Presentations\\Quarterly Info\\Monthly Updates\\Miscellaneous\\[year]\\[month]
  • SICAV monthly report, fund SX J:\\GROUPS\\Invest\\CFMS\\Client Services\\Presentations\\Quarterly Info\\Monthly Updates\\Miscellaneous\\[year]\\[month]
  • SICAV monthly report, fund SX J:\\GROUPS\\Invest\\CFMS\\Client Services\\Presentations\\Quarterly Info\\Monthly Updates\\Miscellaneous\\[year]\\[month]
  • 01 March 2011 J:\\GROUPS\\Invest\\CFMS\\Client Services\\Presentations\\Quarterly Info\\Monthly Updates\\Miscellaneous\\2010\\August 2010\\Z clause master schedule August 2010.pdf

Transcript

  • 1. Citywire – Vienna European Smaller Companies A Standard Life Investments presentation to 31 March 2011 This communication is intended for investment professionals only and must not be relied on by anyone else.
  • 2. European Smaller Companies Fund BA (Hons) Professional Qualifications 17 years experience in the industry. Relevant Experience Based in Frankfurt. Business development and client relationships with leading wholesale and institutional organisations in Germany and Austria. Responsibilities Investment Director, Germany and Austria Michael Geier MA (Hons), Postgraduate Degree in Accountancy, AIIMR, CFA charterholder Professional Qualifications 12 years experience at Standard Life Investments, 23 years experience in the industry. Relevant Experience Responsible for the management of the Pooled UK Equity Smaller Companies Fund, the Smaller Companies element of a managed fund and the European Smaller Companies Fund and Segregated Client Funds. Responsibilities Investment Director – European Smaller Companies Ken Nicholson
  • 3.
    • Total assets €183.1bn †
    • By investor type:
      • € 116.8bn Institutional
      • € 66.2bn Retail
    • By asset class:
      • € 60.7bn Equities
      • € 78.8bn Fixed Income
      • € 11.4bn Real Estate
      • € 4.0bn Private Equity
      • € 21.4bn Cash Management
      • € 6.8bn Other (Mortgages & Loans)
    • † Includes strategies managed across a range of asset classes:
      • € 12.3bn LDI Strategies
      • € 10.6bn Absolute Return Strategies
    Standard Life Investments Significant market presence Source: Standard Life Investments, 31 December 2010 An exchange rate of £1:€1.167045 as at 31 December 2010 has been used
  • 4. European Smaller Companies Fund Consistent Performance Through Market Crisis and Recovery A Strong Performance Record
  • 5. European Smaller Companies Fund
    • European Smaller Companies SICAV Ratings:
    • AA Citywire (Germany)
    • A Standard & Poors
    • ***** Morningstar
    • Lipper Germany 2011 - Equity Europe Small and Mid Cap best over 3 years
    • Lipper Nordics 2011 - Equity Europe Small and Mid Cap best over 3 years
    • Lipper UK 2011 - Equity Europe Small and Mid Cap best over 3 years
    • Der Traum der Perlenfischer
    • Es ist der Traum vieler Kleinanleger: Eine noch unentdeckte Perle im Aktienuniversum früh finden - und dann satte Kursgewinne einstreichen, bevor der Rest der Welt erkennt, wie gut das Unternehmen wirklich ist. Tatsächlich gelingt so etwas extrem selten. Selbst Profis haben neben manchen guten immer wieder jede Menge schlechter Aktien im Portfolio, wie das aktuelle Morningstar-Rating von Fonds belegt, die Geld überwiegend in europäischen Nebenwerten anlegen. Im Schnitt schafften es die Manager, deren Aufgabe noch stärker als bei Standardwertefonds eigentlich darin besteht, Perlen zu entdecken, nicht, bessere Ergebnisse zu erzielen als der Gesamtmarkt. Immerhin konnten sich unter den Spitzenfonds einige in den vergangenen drei Jahren absetzen. Vier von ihnen schafften sogar zweistellige jährliche Renditen, in einem Vergleichsfeld, das seit Jahresbeginn 2008 pro Jahr nur um magere 2,5 Prozent zulegte. Die besten Aktienfonds mit Anlageschwerpunkt Nebenwerte Europa An der Spitze steht der Smaller Companies Fund von Standard Life Investments. Manager Ken Nicholson ist bescheiden genug zu sagen, dass er prinzipiell gar nicht viel anders mache als die Konkurrenz. Nur tat er dies zuletzt offensichtlich
    • besser.
    External Recognition & Ratings A Growing Reputation for Excellence in the Asset Class Börse Online 31-Jan-11
  • 6. European Smaller Companies Fund
    • High alpha / unconstrained approach
    • Concentrated 40-50 stock portfolio
    • Sizeable universe - >1,000 companies in >16 countries
    • Purely bottom-up, stock-picking approach
    • Three stage process – idea generation, idea validation, portfolio construction
    • FTSE Developed Europe Small Cap Index benchmark
    Process and Portfolio Construction A Proven Process Based on an Unconstrained, Bottom-Up Approach
  • 7. European Smaller Companies Fund Top 10 holdings Source: Standard Life Investments, 28 February 2011 Market Cap Splits € 2.51 Germany Technology Software 2.52 Denmark Industrials FLSmidth & Co. 2.55 Switzerland Industrials Sulzer 2.55 Germany Consumer Services PROSIEBEN SAT1 MEDIA 2.61 Belgium Industrials BEKAERT 2.96 United Kingdom Financials Hargreaves Lansdown 2.51 Germany Industrials Jungheinrich 3.30 United Kingdom Consumer Services ASOS Portugal Italy Description 2.51 2.94 % Country Company Consumer Services Consumer Services Jeronimo Martins Yoox SpA
  • 8. European Smaller Companies Fund Geographic Distribution Sector Breakdown Source: Standard Life Investments, 28 February 2011
  • 9. The Wonder of Small Caps Internet Inflection Theme Persistency of Growth Underestimated by Market Source: Datastream, 23 March 2011 M A M J J A S O N D J F M A M J J A S O N D J F M 200 400 600 800 1000 1200 1400 1600 1800 2000 Asos M A M J J A S O N D J F M A M J J A S O N D J F M 4 5 6 7 8 9 10 Yoox M A M J J A S O N D J F M A M J J A S O N D J F M 10 15 20 25 30 35 40 Seloger M A M J J A S O N D J F M A M J J A S O N D J F M 150 200 250 300 350 400 450 500 550 600 650 Hargreaves Lansdown
  • 10. The Wonder of Small Caps Engineering Success Global Niche Market Leaders Source: Datastream, 23 March 2011 M A M J J A S O N D J F M A M J J A S O N D J F M 100 150 200 250 300 350 Bodycote M A M J J A S O N D J F M A M J J A S O N D J F M 80 100 120 140 160 180 200 220 240 260 280 300 Burckhardt M A M J J A S O N D J F M A M J J A S O N D J F M 200 400 600 800 1000 1200 1400 1600 1800 2000 Renishaw M A M J J A S O N D J F M A M J J A S O N D J F M 50 60 70 80 90 100 110 120 130 140 150 Sulzer
  • 11. The Wonder of Small Caps Pockets of Excellence – Global Niche Leaders Source: Datastream, 22 March 2011 Danish Expertise in Enzymes and Food Technology M A M J J A S O N D J F M A M J J A S O N D J F M 350 400 450 500 550 600 650 700 750 800 850 Novozymes M A M J J A S O N D J F M A M J J A S O N D J F M 100 200 300 400 500 600 700 Danisco M A M J J A S O N D J F M A M J J A S O N D J F M 95 100 105 110 115 120 125 130 Chr Hansen
  • 12. Success in Austria Exploiting Opportunities in 'Value' and 'Growth at Right Price' Names Source: Datastream, 18 March 2011 2007 2008 2009 2010 2011 0 5 10 15 20 25 30 35 40 45 50 55 Wienerberger Buy 03/07/09 Sell 31/08/09 +79% return Andritz 2007 2008 2009 2010 2011 10 20 30 40 50 60 70 Buy 18/02/10 +62% return to date
  • 13. Outlook
    • Plenty of opportunities in European small and mid cap
    • Asset class remains under-researched
    • Many companies report ‘boom’ conditions supporting good profits outlook
    • Companies in good financial shape - restructuring, reduced debt and positive cash flows
    • Valuations no longer bargain-basement but reasonable still
    • Positive technicals with equity allocations growing and increased corporate activity
    Boom Conditions Support Euro Small Cap Outlook
  • 14. Appendix Standard Life Investments
  • 15. FTSE Small Cap Developed Europe Geographic Distribution Sector Breakdown Source: Standard Life Investments, 28 February 2011
  • 16.
    • The information shown relates to the past. Past performance is not a guide to the future. The value of investment can go down as well as up.
    • For full details of the fund's objective, policy, investment and borrowing powers and details of the risks investors need to be aware of please refer to the full prospectus which can be found on www.standardlifeinvestments.com
    • Any data contained herein which is attributed to a third party ("Third Party Data") is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by Standard Life**. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, Standard Life** or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Past performance is no guarantee of future results. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates.
    • **Standard Life means the relevant member of the Standard Life group, being Standard Life plc together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time."
    • Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL.
    • The Standard Life Investments group includes Standard Life Investments (Mutual Funds) Limited, SLTM Limited, Standard Life Investments
    • (Corporate Funds) Limited, SL Capital Partners LLP and AIDA Capital Limited.
    • Standard Life Investments Limited is authorised and regulated by the Financial Services Authority.
    • Calls may be monitored and/or recorded to protect both you and us and help with our training.
    • www.standardlifeinvestments.com
    • © 2011 Standard Life, images reproduced under licence