Oddo Avenir Europe Strategy
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Presentation of our European Mid Cap Strategy "Oddo Avenir Europe"

Presentation of our European Mid Cap Strategy "Oddo Avenir Europe"

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Oddo Avenir Europe Strategy Presentation Transcript

  • 1. EUROPEAN MID AND SMALL CAP FUNDS Oddo Avenir Europe  Morningstar® Sébastien MAILLARD – Analyst portfolio manager May 2010 Eric SIMONNET – Institutional Sales Benelux Bertrand LEVAVASSEUR – Head of International Sales
  • 2. One investment philosophy, one investment process, one mission « Investing in tomorrow’s best companies »  Mid Cap: Already structured companies, billion euros market capitalisations (weighted average market cap above €3bn)  Value creators on the whole cycle: self-financing growth, preserved profitability and self-financing even in recession times, whatever the sector  International companies: tomorrow’s global leaders, capturing growth where it is  Risk/Return optimisation: avoid individual appreciation bias, avoid mistakes and if any, limit capital loss risk  No style bias, no macroeconomic bets: but a structural underweighting of non-value creator sectors and/or purely domestic businesses versus a structural overweighting on sectors with numerous attractive investment opportunities  One team, one mission: a stable management team with high team spirit, united for the past 7 years ; one mission, our client capital’s growth 2
  • 3. Who are we ? « Investing in tomorrow’s best companies » One of the longest  Oddo AM: a recognized know-how in Mid Cap with a 18-year track record for Oddo track record in the Avenir and a 11-year track record for Oddo Avenir Europe market  A stable management team with high team spirit, in charge of the funds for more than 7 years  Over €1,716m assets under management A sound offer  3 open-ended funds (€1,225m of AuM): Oddo Avenir Europe (Pan-Europe), Oddo Avenir Euro (Euro zone), Oddo Avenir (70% French equities)  Dedicated funds and mandates (€491m of AuM) Source: Oddo AM. Data as of 04/30/2010 3
  • 4. Contents 1 Performance: Oddo Avenir Europe 4 2 Philosophy 9 3 People 14 4 Process 16 5 Product 25 Appendices 4
  • 5. 1. Oddo Avenir Europe A strategy designed to deliver alpha 5
  • 6. Oddo Avenir Europe, performing since inception A continuous value creation Oddo Avenir Europe since inception (05/25/99): Jensen’s alpha* of 3.21% 300 250 Oddo Avenir Europe + 148.8% 200 Benchmark index: HSBC Small Cap Europe (total return) 150 + 88.6% DJ Stoxx 50 (as information) 100 (net total return) - 6.3% 50 0 may-99 may-00 may-01 may-02 may-03 may-04 may-05 may-06 may-07 may-08 may-09 *Jensen’s alpha determines the excess return of a fund over its theoretical risk-adjusted return. A positive (negative) Jensen’s alpha reading indicates performance that is higher (lower) than normal. It measures the ability to create value by being able to detect securities that return more over a given time period than their risk profile would suggest. Past performance is not a reliable indication of future returns and is not constant over time Source: Oddo AM. Data as of 04/30/2010 6
  • 7. Oddo Avenir Europe, performing since 01/01/04 A continuous value creation Oddo Avenir Europe since 01/01/04: Jensen’s alpha of 4.84% 260 240 220 Oddo Avenir Europe + 124.4% 200 180 Benchmark index: HSBC Small Cap Europe 160 (total return) + 83.2% 140 120 DJ Stoxx 50 (as information) (net total return) 100 + 16.4% 80 60 40 jan.-04 july-04 jan.-05 july-05 jan.-06 july-06 jan.-07 july-07 jan.-08 july-08 jan.-09 july-09 jan.-10 Past performance is not a reliable indication of future returns and is not constant over time Source: Oddo AM. Data as of 04/30/2010 7
  • 8. 2. Philosophy Focus on value creators, delivering high Return on Capital Employed 8
  • 9. Value creators The right fuel to finance growth Construction: Lafarge vs Sika (Total return, EUR) 1400 1200 Sika + 1011% 1000 800 600 400 DJ Stoxx 600 + 322% Lafarge + 160% 200 0 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Past performance is not a reliable indication of future returns and is not constant over time Source: Datastream. Data as of 03/31/2010 9
  • 10. Value creators Where to find them ? Consumer Cyclical: British Airways vs Kuehne Nagel (Total return, EUR) 3000 2500 Kuehne Nagel + 2330% 2000 1500 1000 500 DJ Stoxx 600 + 193% British Airways - 25% 0 may-94 may-96 may-98 may-00 may-02 may-04 may-06 may-08 Past performance is not a reliable indication of future returns and is not constant over time Source: Datastream. Data as of 03/31/2010 10
  • 11. Value creators Bubbles and long term changes Consumer Non Cyclical: Carrefour vs Nestlé (Total return, EUR) 1400 Nestlé + 1220% 1200 1000 800 600 Carrefour + 363% 400 DJ Stoxx 600 + 322% 200 0 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Past performance is not a reliable indication of future returns and is not constant over time Source: Datastream. Data as of 03/31/2010 11
  • 12. Value creators Bubbles and accidents Capital Expenditure: Ericsson vs Volvo (Total return, EUR) 5000 4500 4000 3500 3000 2500 2000 1500 1000 Volvo + 782% 500 DJ Stoxx 600 + 322% Ericsson + 322% 0 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Past performance is not a reliable indication of future returns and is not constant over time Source: Datastream. Data as of 03/31/2010 12
  • 13. Do not mistake growth and value creation Market performance for Europe vs Asie Emergente over 20 years in $ 500 700 Emerging Asia European Union MSCI Asie ex Japon (TR) MSCI Europe (TR) 450 Average GDP : 7.6% Average GDP : 1.8% 600 400 350 500 300 400 250 300 200 150 200 100 100 50 0 0 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 GDP, base 100 in 1990 MSCI indices per area Sources : Bloomberg, Factset. Data as of 03/31/2010 13
  • 14. Oddo Avenir Europe vs MSCI Emerging Countries A continuous value creation Oddo Avenir Europe since inception (05/25/99) 300 Oddo Avenir Europe 250 + 144.1% MSCI Asie ex Japon (for information) 200 (EUR, total return) + 92.4% Benchmark index : HSBC Small Cap Europe 150 (total return) + 85.0% MSCI Europe (for information) 100 (EUR, total return) + 12.7% 50 0 may-99 may-00 may-01 may-02 may-03 may-04 may-05 may-06 may-07 may-08 may-09 Past performance is not a reliable indication of future returns and is not constant over time Sources : Oddo AM, Datastream. Data as of 03/31/2010 14
  • 15. Oddo Avenir Europe vs MSCI Emerging Countries A continuous value creation Oddo Avenir Europe since 01/01/04 260 240 Oddo Avenir Europe + 120.2% 220 MSCI Asie ex Japon (for information) 200 (EUR, total return) + 112.2% 180 Benchmark index : HSBC Small Cap Europe 160 (total return) + 79.7% 140 MSCI Europe (for information) 120 (EUR, total return) + 38.6% 100 80 60 40 jan.-04 july-04 jan.-05 july-05 jan.-06 july-06 jan.-07 july-07 jan.-08 july-08 jan.-09 july-09 jan.-10 Past performance is not a reliable indication of future returns and is not constant over time Sources : Oddo AM, Datastream. Data as of 03/31/2010 15
  • 16. 3. People A stable and united committed team 16
  • 17. A stable and united team, collective investment decisions, shared values An experienced team in charge of the funds since July 2003 Investment Role experience Grégory Deschamps Analyst-portfolio manager 17 ans Sébastien Maillard Analyst-portfolio manager 7 ans Pascal Riégis Analyst-portfolio manager 22 ans Maryse Sauvageot Assistant manager 20 ans 17
  • 18. 4. Process Picking value creators offering an attractive risk/return profile, while controlling liquidity and volatility 18
  • 19. Bottom-up investment process A rigorous four steps investment process Portfolio construction Quantitative filter Fundamental analysis Valuation and management Valuation of companies on which Universe of European Small and Qualitative analysis of each Investment rules and the management team has a Mid Cap stocks company risk management positive fundamental opinion Determination of buy and sell Concentrated portfolio (around 40 Fundamental opinion on each target price lines) composed of managers Reducing investment universe stock strongest convictions Selection of stocks 19
  • 20. Key points “Identify tomorrow’s best companies” Mid Cap Already structured companies, with leadership position on their market, billion euros market capitalisations (weighted average market cap above €3bn) Value creators on the Companies able to preserve fair profitability and to finance their own long term whole cycle development even in recession times International Tomorrow’s global leaders, capturing growth where it is development Solid growth Companies built on a strong and understandable business model, offering organic perspectives development perspectives, with small acquisition at a good price Performing companies, pure players in one business line and with strong management A solid and tested teams management 20
  • 21. Rolls Royce : a world leader on a protected and buoyant market 3 investment cases Market capitalisation : €12.4Bn (£ 11Bn) Mid Cap 1990 – 2009, result of an industrial will: Turnover x 3, number of shares x 2, EPS x 10 Value creators on the Turnover : 60%, recurring. Order book : 52 Md£, amounts 5 times its turnover. Recent whole cycle installed base. Growth of results in 2009 and 2010 International World coleader for civilian and military planes engines (GE, Safran, P&W) and boats development 40% of the orders are coming from emerging countries Solid growth Entrance barriers : no new entrant in this market perspectives Leader for long-haul’s engines, the more buoyant market Powers the A380 (RR or GE+P&W) and the B787 (RR ou GE) A solid and tested Sir John Rose joined Rolls Royce in 1984, CEO since 1996 management Andrew Shilston joined Rolls Royce in 2002, CFO and member of the Board since 2003 21
  • 22. Fresenius SE : an international group in human healthcare 3 investment cases Market capitalisation : €9Bn Mid Cap 1990 - 2009 : turnover x 30, number of shares x 2.2, EPS x 30 Value creators on the whole cycle Growth of results in 2009 and 2010 Constitution of an international group, based on R&D and a long term strategy International World leader in equipments and dialyse centers (FMC owned by 36%), among world development leaders of clinic nutrition (Kabi) of injected generics medicine (APP), coleader in hospital management in Germany (Helios) Solid growth Present on buoyant markets perspectives Implementation of commercial synergies between Kabi and APP Ulf Schneider, joined Fresenius SE in 2001, Chairman of the Board since 2003 A solid and tested management Ben Lipps, joined Fresenius Medical Care in 1985, CEO since 1999 Rainer Baule, joined Fresenius Kabi in 1997, CEO since 2001 22
  • 23. Aryzta : world leader in industrial bread 3 investment cases Market capitalisation of €2.5Bn Mid Cap 1991-2009 : turnover x 6.5, number of shares remains stable (+20%), EPS x 19 Value creators on the 2009 : Strong resilience of the operating income despite a strong decrease of the turnover whole cycle ROCE above 30% International World leader in industrial bread development Turnover : 66% in Europe, 32% in North America, 2% Rest of the world Regular and relutive acquisitions Solid growth perspectives A developing market thanks to an increasing outsourcing Local acquisitions opportunities still important A solid and tested Owen Killian joined Aryzta in 1977, CEO since 2003 management Patrick McEniff joined Cuisine de France (Aryzta) in 1989, CFO since 2004 23
  • 24. Top 10 holdings International companies, with leadership positions, profitable and performing Oddo Avenir Europe Main holdings Weight in the portfolio Rolls-Royce 5.4% Fresenius 5.0% Dassault Systèmes 4.0% Imtech 3.9% Aryzta 3.8% Michael Page International 3.8% Sodexo 3.8% Skf 3.8% Sika 3.5% Wincor Nixdorf 3.5% Total top 10 holdings 40.6% Source: Oddo AM. Data as of 04/30/2010 24
  • 25. Mid Cap : weighted average market cap above €3Bn A controlled level of cash Oddo Avenir Europe Weighted average market capitalisation 3 400 (in €m) Market capitalisations < €1000m (% of AuM) 9% Market capitalisations between €1000m and €5000m 57% (% of AuM) Market capitalisations > €5000m (% of AuM) 25%  Never more than 6% of the AuM for one position  Never more than 5% of the capital of a company (for all funds managed by Oddo AM)  About 10% liquidity position in the open-ended funds Source: Oddo AM. Data as of 05/04/2010 25
  • 26. Value creators on the whole cycle Compared ROE between Oddo Avenir Europe and DJ Stoxx 600 25% 19.8% 20% 16.3% 15.1% 15% 14.5% 12.0% 10% 9.4% 5% 0% 2007 2009 2010e Oddo Avenir Europe DJ Stoxx 600 Sources: Oddo AM, Oddo Securities base Factset. Data as of 03/31/2010 26
  • 27. Value creators on the whole cycle Return On Capital Employed post tax and free cash flow yield* of the portfolio main holdings 10% 8% Arcadis Seb Wincor Nixdorf Aryzta Software AG Imtech Ingenico Sodexo Free Cash Flow Yield* 6% Legrand Sika Moyenne Rolls Royce Dassault Systèmes 4% Biomérieux Safran Fresenius Ipsen 2% 0% 12% Michael Page -2% ROCE post tax 2010e * Free Cash Flow Yield = Free Cash Flow per Share / Current Market Price per Share Source: Oddo AM. Data as of 31/03/2010 27
  • 28. International companies 75% of their activity outside of their local market Rest of the world 20% Americas 25% Rest of Europe 30% Local market 25% % of turnover Source : Oddo AM. Data as of 03/31/2010 28
  • 29. Risk/return optimisation Controlled volatility 160  One “obsession”: limit the capital loss risk 140 Best Case Scenario 120 + 40%  A strict buy and sell discipline 100 Price (€)  Valuation through in-house DCF models: 80 “best case” scenario vs. “worst case” scenario 60 Investment decision 60€ 40 20 Worst Case Scenario - 20% 0 29
  • 30. Risk / Return optimisation : among « defensives » October 2009 : Disposal of Beiersdorf, investment in Fresenius SE Beiersdorf at €40  +20% upside 170 Fresenius SE  -10% downside 160  20x PE 2010 150 140 130 ARBITRAGE Fresenius SE at €35 120  +55% upside 110  0% downside Beiersdorf 100  10x PE 2010 90 80 70 march-09 apr.-09 may-09 june-09 july-09 aug.-09 sept.-09 oct.-09 nov.-09 dec.-09 jan.-10 feb.-10 march-10 Past performance is not a reliable indication of future returns and is not constant over time Source : Datastream. Data as of 04/02/2010 30
  • 31. Risk / Return optimisation : among « cyclicals » June 2009 : Disposal of Kuka, investment in Legrand and Sika 270 Kuka at €12.5  +25% upside 250  -55% downside 230  n.s. PE 2010 210 190 Legrand at €15 170 Legrand  +30% upside ARBITRAGE Sika  0% downside 150  13x PE 2010 130 110 Sika at CHF 1150 Kuka  +50% upside 90  0% downside 70  12.5x PE 2010 50 nov.-07 feb.-08 may-08 aug.-08 nov.-08 feb.-09 may-09 aug.-09 nov.-09 feb.-10 Past performance is not a reliable indication of future returns and is not constant over time Source : Datastream. Data as of 04/02/2010 31
  • 32. No theme bias, no macroeconomic bets But strong disparities between sectors Oddo Avenir Europe Cash Oil & gas 10% 2% Base materials 3% Industrials Financials 34% 3% Consumer goods 9% Consumer services 10% Health Technology 11% 18% Source: Oddo AM. Data as of 04/30/2010 32
  • 33. 5. Products 3 funds with consistent performance over the long term 33
  • 34. Funds details 3 funds based on a common investment process and management team Oddo Avenir Europe Geographical Europe coverage AuM at 04/30/10 €651M Benchmark index HSBC Small Cap Europe  Sources: Oddo AM, © 2010 Morningstar, Europerformance-Edhec. Data as of 04/30/2010 34
  • 35. Geographic breakdowns Oddo Avenir Europe Cash 9.20% Others 3.30% Germany 20.60% Ireland 2.10% Austria 2.40% Greece 3.30% Sw eden 5.30% Holland 7.20% France 20.20% United Kingdom 12.60% Sw itzerland 13.30% 35
  • 36. Oddo Avenir Europe Cumulative performance since inception (05/25/1999) Oddo Avenir Europe: + 148.8% Benchmark index: HSBC Small Cap Europe (total return): + 88.6% As information, DJ Stoxx 50 (net total return): - 6.2% YTD 1 year 3 years 5 years Annualised volatility/return since inception (05/25/1999) 12% Oddo Avenir Oddo Avenir Europe + 12.6% + 54.2% - 4.7% + 68.1% Europe (  ) 8% + 8.7% Annualised return in % Ranking 10 / 100 3 / 100 5 / 100 9 / 100 HSBC Small 4% Cap Europe Benchmark index: dividendes HSBC Small Cap Europe + 10.8% + 49.2% - 27.1% + 38.3% 0% réinvestis DJ Stoxx 50 + 6.0% (total return) dividendes réinvestis -4% DJ Stoxx 50 - 0.6% - 0.8% + 29.4% - 26.9% + 5.6% (net total return) -8% Morningstar® average + 7.0% + 37.9% - 26.9% + 28.7% -12% European Mid Cap funds 16% 18% 20% 22% 24% 26% Annualised volatility in % Past performance is not a reliable indication of future returns and is not constant over time Sources: © 2010 Morningstar, Oddo AM. Data as of 04/30/2010 36
  • 37. Detailed characteristics Fund name Oddo Avenir Europe Legal status French regulated mutual fund Classification International equity fund Share A share : FR0000974149 ISIN codes Share B share : FR0010251108 Inception date 05/25/1999 Minimum investment period 5 years Benchmark index HSBC Small Cap Europe total return Management company Oddo Asset Management Custodian Oddo & Cie Initial Minimum Share A share : 1 thousandth share subscription Share B share : €1,000,000 4% ATI max of the AuM not allocated to Subscription fees the fund Redemption fees Nil Management Share A share: 2.00% ATI fees Share B share: 1.00% ATI A share: 20% of the outperformance Share relative to the benchmark index if the Performance fund performance is positive fees B share: 20% of the outperformance Share relative to the benchmark index if the fund performance is positive *C : capitalisation D : distribution 37
  • 38. Oddo Avenir Europe – Risk profile (1/2) Risk of loss of capital: The Fund has no guarantee or safeguard, so initial capital invested might not be returned in full. Equity risk: The Fund is invested, directly or indirectly, in one or more equity markets which could experience significant fluctuations. In periods of low equity prices, Fund net asset value could be reduced. The fund has a 100% max exposure to equity markets. Risk from holding small and mid capitalisation stocks: The Fund may be exposed to small and mid capitalisations. Upward and downward changes in these stocks can be both more marked and more rapid than for large capitalisations and can therefore lead to large fluctuations in net asset value. Moreover the restricted volume on these markets may present a liquidity risk. This type of investment may impact the valuation of the Fund and the price terms on which the Fund could liquidate its positions, and particularly, in the case of large redemptions, even make it impossible to sell them, with the consequent possible fall in Fund net asset value. Interest rate risk: This is the risk that bond market yields may rise, which would result in a fall in bond prices, and consequently lead to a fall in Fund net asset value. The fund can hold up to 25 % of its asset in bonds or in euro denominated debt securities. 38
  • 39. Oddo Avenir Europe – Risk profile (2/2) Credit risk: This is the risk of potential deterioration in the rating of an issuer or, in extreme cases, of default, which would have an adverse impact on the prices of the debt securities issued by that issuer and therefore on the net asset value of the Fund, which could lead to a loss of capital. The level of credit risk varies according to forecasts, maturities and the level of confidence in each issuer which might reduce the liquidity of any particular issuer and have an adverse impact on Fund net asset value, particularly in the case of the Fund liquidating its positions in a market with low transaction volumes. Discretionary management risk: This risk relates to the management style which is based on anticipating movements on the various markets. There is a risk that at any point in time the Fund would not be invested in the best performing markets or in the best performing assets. Fund performance therefore depends on the ability of the fund manager to anticipate movements in the market or in the securities. This risk may lead to a fall in net asset value and/or a loss of capital for the unitholder. Counterparty risk: This is the risk of default by a counterparty leading to payment default. The Fund may be exposed to counterparty risk through using forward instruments negotiated over-the-counter with financial institutions. The Fund is therefore exposed to the risk that one of these credit institutions cannot honour its commitments in respect of these transactions. Exchange rate risk: This risk affects portfolios invested wholly or partly in securities denominated in foreign currencies, and arises from changes in the parities of these currencies by comparison to the fund reference currency. Thus, a security, the value of which in its own currency does not change, could nevertheless be affected by fluctuations in that currency against the euro and might therefore cause Fund net asset value to fall. This risk is limited up to 30% max of the total asset of the Fund. Please note that the exchange rate risk is of secondary importance for Oddo Avenir and Oddo Avenir Euro. 39
  • 40. Disclaimer: This document has been drawn up by Oddo Asset Management. Its communication to any investor is the responsibility of each promoter, distributor or advisor. It was designed for information purposes alone and does not constitute an offer or a personalised recommendation or a solicitation to subscribe to the product mentioned. However, should investors decide to subscribe, they undertake to consult the fund’s prospectus in order to acquaint themselves with the precise nature of any risks incurred and in particular the risk of capital loss and, where relevant, the liquidity risk of underlying assets. The investment must be made in accordance with investors’ investment objectives, their investment horizon and their capacity to deal with the risk arising from the transaction. Any simulations and opinions presented in this document result from analysis carried out by Oddo Asset Management at a particular point in time and are no indication whatsoever of future results. Investors are reminded that past performance is not a reliable indication of future returns and is not constant over time. Legal information concerning this fund, notably the full and simplified prospectuses, is available from Oddo Asset Management or its internet site www.oddoam.fr. Investor’s attention is drawn on the fact that mentioned funds and related legal documents have been accredited and regulated by the French securities regulator (AMF). All the mentioned funds funds are entitled to be sold in France, and for Oddo Avenir Europe in Spain and Switzerland. Oddo Asset Management Portfolio management company constituted in the form of a french société anonyme with a capital of €2 102 800. Company house number: RCS 340 902 857 Paris. Licensed by the Autorité des Marchés Financiers (French financial markets authority) under number GP 99011 12 boulevard de la Madeleine – 75440 Paris Cedex 09 FRANCE Phone: 33 (0)1 44 51 85 00 – www.oddoam.fr 40
  • 41. Appendices 41
  • 42. An expected resilient Return On Equity DJ Stoxx 600 ROE: the crisis impact 20.0% 17.0% 16.3% 16.2% 16.0% 15.5% 13.2% 13.1% 13.0% 12.6% 12.0% 12.0% 10.3% 9.7% 9.4% 8.0% 4.0% 0.0% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e Source: Oddo AM. Data as of 03/31/2010 42
  • 43. Oddo Avenir Europe Annual performance 2009 2008 2007 2006 2005 2004 Oddo Avenir Europe + 42.6% - 39.5% + 8.0% + 31.3% + 31.1% + 24.2% Ranking 8 / 100 24 / 100 5 / 100 4 / 100 14 / 100 4 / 100 Benchmark index: HSBC Small Cap Europe + 59.1% - 51.3% - 5.8% + 32.8% + 37.2% + 24.2% (total return) DJ Stoxx 50 + 28.7% - 41.2% + 2.6% + 13.6% + 24.2% + 7.1% (net total return) Average of European Large and Mid Cap + 30.1% - 42.8% + 0.9% + 19.2% + 26.1% + 11.9% funds* *GIFS Category (Global Investment Funds Sectors) Past performance is not a reliable indication of future returns and is not constant over time Sources: © 2010 Morningstar, Oddo AM 43
  • 44. Assets under management with an institutional size AuM of Oddo AM European Mid and Small Cap funds (in €m) 2 000 1 800 1 717 1 600 1 400 1 303 1 321 1 250 1 200 1 000 940 800 677 600 472 400 200 0 2004 2005 2006 2007 2008 2009 2010 Source: Oddo AM. Data as of 04/30/2010 44
  • 45. Biography of the team members Grégory DESCHAMPS - Analyst-Portfolio manager, Mid Cap equities A graduate of HEC Paris and the SFAF, Grégory DESCHAMPS joined Oddo Securities in 1992 as a sell-side analyst and vice head of equities research. Since early 2007, he has joined the Oddo AM teams as an analyst-portfolio manager for Mid Cap equities Sébastien MAILLARD - Analyst-Portfolio manager, Mid Cap equities A graduate of the Ecole Supérieure de Commerce of Nantes (AUDENCIA), Sébastien MAILLARD joined Oddo AM in 2002 as an assistant manager for Mid Caps equities. He has been a Mid Cap equities analyst-portfolio manager since 2003 Pascal RIEGIS - Analyst-Portfolio manager, Head of Mid Cap equities management A graduate of economy at Pau Business School, member of the SFAF, Pascal RIEGIS began his career in 1987 as a financial analyst for Paribas. After five years of Equity Research at the CIC group, he joined Oddo et Cie in 1995 as Head of Equity Research for Oddo Securities. Since July 2003, Pascal RIEGIS has been an analyst-portfolio manager of Mid Caps equities Maryse SAUVAGEOT - Assistant manager for Mid Cap equities Maryse SAUVAGEOT began her career in 1984, within Paribas as a vice-head of the fixed income and Forex back office, then as a Trader on the short-term interest rates of Paribas Capital Market. She then joined Paribas AM as a trader in the European equities team. Since 2001, Maryse SAUVAGEOT has worked for Oddo AM teams as a trader 45