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Catella Nordic Tiger   The Best of Both Worlds2011-01-25      STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED...
Catella Fondförvaltning AB   Catella is the leading multi-boutique   asset manager serving investors a   gateway into the ...
Why Catella Nordic Tiger      “The Nordic way, safe and sound”    Get emerging markets exposure through a mature,        ...
Executive summary   Fund objective      Catella Nordic Tiger aims to exploit compelling opportunities in      Nordic growt...
Investment Philosophy    We believe that promising stocks requires hard work, not        guesswork    Emerging Markets w...
Investment Process Catella Nordic Tiger     The fund is investing in Nordic equities with significant revenue exposure to...
Invest in Catella Nordic Tiger    Investors with risk appetite seeking       Nordic exposure       Emerging markets exp...
The team                                          Industry           Years with the firm        Years managing            ...
Facts     Strategy                          Long Only             Investment Universe               Nordic listed companie...
Appendix 1: Catella Nordic Tiger    Catella’s Risk Management has back tracked a portfolio of 38 holdings that qualifies i...
Catella Nordic Tiger v.s. iShares MSCI EMI SEK        400,00        200,00        100,00             2003-04-11      2004-...
Appendix 3: Catella Nordic Tiger – Top   performers 1 Month                            Asset Name                         ...
Appendix 3: Catella Nordic Tiger investment   univers– Overweight and underweight since 20th   Jan, 2010                  ...
DISCLAIMER       This material has been prepared for professional investors. Catella Fondförvaltning AB when preparing thi...
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Catella Nordic Tiger 2011

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Catella Nordic Tiger - En helt ny typ av aktivt förvaltad fond som ger dig som investerare exponering mot tillväxtmarknader genom mogna och transparenta marknader i norden.

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Transcript of "Catella Nordic Tiger 2011"

  1. 1. Catella Nordic Tiger The Best of Both Worlds2011-01-25 STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED PARTY 1
  2. 2. Catella Fondförvaltning AB Catella is the leading multi-boutique asset manager serving investors a gateway into the Nordic investment landscape. • Catella AB, strong capitalized owner, OMX Nasdaq listed (First North). • 50 employees in Stockholm and Malmö. • Providing asset management for • Institutions, High Net Worth Individuals and Retail through distributors. • Strategies: Long Only, Alternativ, Allocation • Funds available through distributors like Folksam, Sparbanken Finn, Sparbanken Gripen, UBS, Skandia, Swedbank, Storebrand, MaxM, Länsförsäkringar,, SEB, Avanza and Nordnet. • Sponsor of Swedish Tennis2011-01-25 STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED PARTY 2
  3. 3. Why Catella Nordic Tiger “The Nordic way, safe and sound”  Get emerging markets exposure through a mature, % revenue sales toward Estimated growth toward regulated market with great fundamentals. emerging emerging markets markets 1-2 yrs  Emerging markets are driving global growth today. 62% 5-12%  Asia is on its way to uncovering the power of a rapidly awaking consumer market 45% 10-15%  Nordic companies have a large and increasing exposure towards emerging markets. 40% 2-5%  Catella has a thorough knowledge of and a proven 40% 5-10% track record in the Nordic equity space.  Portfolio outperforming index significantly when 38% 15-20% back testing. Source: Societe General, Emerging markets attraction report “You are in a great position. Your country´s finance has no problems and you have a strong export that gains on globalization.” Jim O’Neill, Chief economist Goldman Sachs. Source: Dagens Industri 2010-09-102011-01-25 STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED PARTY 3
  4. 4. Executive summary Fund objective Catella Nordic Tiger aims to exploit compelling opportunities in Nordic growth stocks with a large revenue exposure against emerging markets  Highly liquid Nordic stocks with a significant revenues exposure in emerging markets.  Long only fund  The fund’s target is to outperform the Nordic equity market  Tracking Error target: 4-8% p.a.  UCITS III, Daily traded, Luxembourg domiciled  Experienced team  Back testing results are impressive2011-01-25 STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED PARTY 4
  5. 5. Investment Philosophy  We believe that promising stocks requires hard work, not guesswork  Emerging Markets will be leading the global growth for the foreseeable future.  Investors should expect a return better than market index through active management.  Our experience, our combination of fund managers and our non-committee style position taking are the key offerings to our investors  All portfolio managers should be close to the market, all trading are done directly by the portfolio managers.  We also believe in the use of derivatives for risk control and as a complement for enhanced return.2011-01-25 STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED PARTY 5
  6. 6. Investment Process Catella Nordic Tiger  The fund is investing in Nordic equities with significant revenue exposure towards emerging markets.  The average revenue sales exposure of the companies in the investment universe should normally be above 45%. All companies in portfolio has a minimum of 20% revenues in emerging markets.  Emerging market definition: Countries included in the Dow Jones emerging markets classification.  Investment universe reviewed on a quarterly basis.  Alpha is generated from bottom up stock picking and top down allocation.  Significant bet size and concentrated portfolio, average of 30-45 lines.  Trend analysis of fundamental data, macro and equity markets.  A top down view governs the choice of preferred sectors and region exposure.  The bottom up analysis dictates preferred shares within the universe.  Derivatives are actively used to control risk or balance the cash, but also as a complement to the stock portfolio.2011-01-25 STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED PARTY 6
  7. 7. Invest in Catella Nordic Tiger  Investors with risk appetite seeking  Nordic exposure  Emerging markets exposure  Growth  Concentrated portfolio  High return, high risk  Nordic markets: Mature, regulated and secure market venues with sound fundamentals. We will offer you the best of both worlds2011-01-25 STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED PARTY 7
  8. 8. The team Industry Years with the firm Years managing experience Nordic equities Primary Portfolio manager: Ola 11 7 11 Mårtensson Pehr Blomquist 23 10 16 Henrik Holmer 5 5 2 Klas Nisbeth 5 4 1 The team have solid experience of managing Nordic equities and European equities under relative, absolute and allocation mandates. The team is today managing 1.6 Billon SEK Mr Mårtensson has been portfolio manager at Catella since 2003. He has previous been working for SEB Asset Management as Quantitative Analyst and for Sungard as developer. He has a Master of Science in Engineering Physics from Lund University and is a CFA chart holder. Mr. Blomquist has been portfolio manager at Catella since 2004. He has previous been CIO at Catella Sponsor Stiftelseförvaltning and portfolio Manger and Partner at IBP, Selective Capital and GSAM (today Goldman Sachs). He has Bachelor of Science in Economy from Stockholm Univ, Master of Science Economy from University of Pennsylvania and Post graduate studies in Macro Economy from Princeton University. Henrik and Klas has solid experience from post trade functions and have recently been promoted to support Pehr and Ola in with the portfolio management, research and trade execution.2011-01-25 STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED PARTY 8
  9. 9. Facts Strategy Long Only Investment Universe Nordic listed companies Type UCITS III Tracking error target 4-8% Liquidity < 50% Exposure Normal gross 95-103% Benchmark NASDAQ OMX VINX Nordic Net Return Concentration 25-35 long positions Management Fee Min Investment 1,5% 100 SEK Management Fee Min investment Max 0,8%, 20% Performance Fee 10 MSEK HWM: Eternal Share classes Retail, Institutional, SEK, EUR, GBP Subscription/Redemption Daily Domicile Luxembourg Performance dissemination Catella website & Swedish financial media, Currency SEK Inception date Q4 20102011-01-25 STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED PARTY 9
  10. 10. Appendix 1: Catella Nordic Tiger Catella’s Risk Management has back tracked a portfolio of 38 holdings that qualifies in the universe of having minimum of 20 percent revenue sales (Aug 2010) from emerging markets. The companies have in average 45% revenue sales exposure against emerging market. Research received from third party: Bloomberg 200,00 Nordic Tiger VINX Nordic Equity 100,00 Index 50,00 We have back tracked a market weighted (historical market weights) capped (<9%) Nordic portfolio against Nasdaq OMX Nordic VINX Benchmark Net Return. (Nordic Equity Index capped <9%)2011-01-25 STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED PARTY 10
  11. 11. Catella Nordic Tiger v.s. iShares MSCI EMI SEK 400,00 200,00 100,00 2003-04-11 2004-04-11 2005-04-11 2006-04-11 2007-04-11 2008-04-11 2009-04-11 2010-04-11 iShares MSCI Emerging Market Index SEK Catella Nordic Tiger * Volatility since 2003-04-11 Ishares MSCI EMI SEK 33,48% Catella Nordic Tiger Value Weighted 22,66% Catella’s Risk Management has back tested a portfolio (20030411-20101219) of 45 holdings that qualifies in the universe of having minimum of 20 percent revenue sales (Aug 2010) from emerging markets. The companies have in average more than 45% revenue sales exposure against emerging market. The fund was launched 20101217. The data from 20101220 is based on Catella Nordic Tigers net asset value. Research received from third party: Bloomberg2011-01-25 STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED PARTY 11
  12. 12. Appendix 3: Catella Nordic Tiger – Top performers 1 Month Asset Name DANISCO AP MOLLER­MAERSK B SUBSEA 7 INC NOKIA OYJ ABB LTD NKT (NORDISK KABEL) NOVOZYMES A/S­B VESTAS WIND SYSTEM  MEDA A AKER KVAERNER2011-01-25 STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED PARTY 12
  13. 13. Appendix 3: Catella Nordic Tiger investment univers– Overweight and underweight since 20th Jan, 2010 ELEKTA AB­B 2,00% METSO OYJ (FIM10) 1,80% NOVOZYMES A/S­B 1,75% OUTOKUMPU TECHNOLOGY 1,65% SAAB AB B 1,58% TGS NOPEC GEOPH.CO (NO 1,56% AUTOLIV SDB 1,43% TELENOR ­1,31% NOVO­NORDISK B ­1,50% TELIASONERA AB ­1,89% ERICSSON TEL. AB­B ­2,00% AP MOLLER­MAERSK B ­2,66% NOKIA OYJ ­2,68% ABB LTD ­3,53%2011-01-25 STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED PARTY 13
  14. 14. DISCLAIMER This material has been prepared for professional investors. Catella Fondförvaltning AB when preparing this presentation has not taken into account any one customer’s particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations herein are not intended to represent recommendations of particular investments to particular customers. All securities‘ transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. Due care and attention has been used in the preparation of this forecast information. However, actual results may vary from their forecasts, and any variation may be materially positive or negative. Forecasts, by their very nature, are subject to uncertainty and contingencies, many of which are outside the control of Catella Fondförvaltning AB. Catella can not guarantee that the information contained herein is without fault or entirely accurate. The information in this material is based on sources that Catella believes to be reliable. Catella can however not guarantee that all information is correct. Furthermore, information and opinions may change without notice. Catella is under no obligation to make amendments or changes to this publication if errors are found or opinions or information change. Catella accepts no responsibility for the accuracy of its sources. Catella is the owner of all works of authorship including, but not limited to, all design, text, sound recordings, images and trademarks in this material unless otherwise explicitly stated. The use of Catellas material, works or trademarks is forbidden without written consent except were otherwise expressly stated. Furthermore, it is prohibited to publish material made or gathered by Catella without written consent.2011-01-25 STRICTLY CONFIDENTIAL, NOT TO BE DISTRIBUTED TO UNAUTHORISED PARTY 14
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