Investor Sif / Presentaties Prospects / Investor Equities 06 2013

1,555 views

Published on

Presentation Investor Equities June 2013

Published in: Economy & Finance, Business
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
1,555
On SlideShare
0
From Embeds
0
Number of Embeds
24
Actions
Shares
0
Downloads
26
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide
  • 1-jarig bestaan op eind april.
  • structuur is net zoals bij Belgische BEVEKSveiligheid: wij kunnen enkel activa beheren, kunnen geen geld ontvangen, mogen ook zelf de waarde van 1 deelbewijs niet berekenen BCEE draagt grote verantwoordelijkheid als bewaarder BCEE: Banque et Caisse d’Epargne de l’Etat EFA: European Fund Administration (aandeelhouders: KB Lux, BCEE, Banque de Luxembourg) CSSF: Commission de Surveillance du Secteur Financier
  • 5e punt: fraude of opletten voor bedrijven die de schuld in de schoenen van shorters steken (vb. in België: L&H en Dexia)
  • sdf
  • sdfg
  • Opmerkingen: gemengde gevoelens: het blijft een daling, anderzijds zijn we niet ontevreden dat de portefeuille goed standhield en we de portefeuille hebben kunnen vrijwaren van rampen (vb. Fortis, in week na eerste overheidsinterventie)goed stand gehouden .... in extreme omstandigheden tijdshorizon van 1 jaar is kort om conclusies te trekken // doel: beter doen dan de index is onze reden op LT (pas na circa meer dan 5 jaar) van bestaan ander geen toegevoegde waarde, maar verwacht geen jaarlijkse stabiele outperformance!!! verleden zegt niet noodzakelijk iets over toekomst small cap-profiel portefeuille  niet veralgemenen dat small caps te risicovol zijn, de individuele aandelen en investeringsstrategie primeren excess return ligt in lijn met de gemiddelde jaarlijkse excess return van Investor beursclub, i.e. +10% over meer dan 9 jaar. ook bij Investor beursclub hield de portefeuille telkenmale goed stand in moeilijke periodes (2001-2002)
  • Opmerkingen: gemengde gevoelens: het blijft een daling, anderzijds zijn we niet ontevreden dat de portefeuille goed standhield en we de portefeuille hebben kunnen vrijwaren van rampen (vb. Fortis, in week na eerste overheidsinterventie)goed stand gehouden .... in extreme omstandigheden tijdshorizon van 1 jaar is kort om conclusies te trekken // doel: beter doen dan de index is onze reden op LT (pas na circa meer dan 5 jaar) van bestaan ander geen toegevoegde waarde, maar verwacht geen jaarlijkse stabiele outperformance!!! verleden zegt niet noodzakelijk iets over toekomst small cap-profiel portefeuille  niet veralgemenen dat small caps te risicovol zijn, de individuele aandelen en investeringsstrategie primeren excess return ligt in lijn met de gemiddelde jaarlijkse excess return van Investor beursclub, i.e. +10% over meer dan 9 jaar. ook bij Investor beursclub hield de portefeuille telkenmale goed stand in moeilijke periodes (2001-2002)
  • BRUNO:Gisteren hebben we ook onze LIPPER ratings ontvangen en ook daar kregen we 5 Lipper Leaders voor Total Return, Consistent Return and Preservation over driejaarsperiode.Met dezekers op de taart, willen we graagafsluiten,Nogmaals dank aanMr PARO en Mr Hanhela, KADOOTJE AFGEVEN.En nodigen we u graaguit op de receptie ! MrParo en Mr Hanhela en Jan en ikbeantwoordenookdaarverdereventuelevragen en doendatnogveelliever met eenhapje en drankje!
  • Investor Sif / Presentaties Prospects / Investor Equities 06 2013

    1. 1. Investor Equities Sicav-SIF Specialized Investment Fund June 2013 1
    2. 2. Disclaimer 2 • Investor Asset Management Bvba, Manager of Lux-Investment Partners (LIP) SICAV-FIS SA - Investor Equities. • All information in this presentation is for informational purposes only and is in no way be intended as advice. • LIP Investor Equities is a "société d'investissement à capital variable" (investment company with variable capital, abbreviated SICAV) under Luxembourg law, in the form of a “société anonyme” (abbreviated SA) and accredited by the “Commission de Surveillance du Secteur Financier” (CSSF), the Luxembourg supervisory authority. The minimum investment for Belgian residents is 250,000 Euro in accordance with Article 5, of the “ICB”-Law of August 3th 2012. Individuals or institutions who invest in the fund are requested to take note of and to comply with the contents of the prospectus. For more information, see the relevant legal documentation, which is available without charge upon request at Lux-Investment Partners SICAV-FIS SCA, 2 Place de Metz L-1930 Luxembourg. The prospectus is in accordance with the Luxembourg law of the 13th of February 2007 on "Fonds d'investissement Spécialisé (FIS)" and in accordance by the prospectus approved by the CSSF by decision of 05/02/2013 and by VISA 2013/89456-7718-0-PC. • This offer is only for "well informed investors" under Article 1 of the Luxembourg Law of 13 February 2007 on the "FIS". This offer is not public in nature, in conformance with the Belgian law of 20 July 2004 on certain forms of collective management of investment portfolios and is not subject to the publication of a prospectus approved by the FSMA (formerly CBFA) as the law of June 16th 2006 prescribes. For more information, see the relevant legal documentation, which is available without charge upon request at Lux-Investment Partners SICAV-FIS SCA, 2 Place de Metz L-1930 Luxembourg. • Past performance is no guarantee for the future and the investor runs the risk to lose the amount originally invested.
    3. 3. Structure 3 INVESTOR EQUITIES compartment of Sicav-SIF ‘Lux-Investment Professionals’ Investor Asset Management Bvba - manager BCEE - financial accounts - custodian EFA -registrar - calculates the monthly NAV Ernst & Young - auditor CSSF - supervisor prospectus - supervisor Sicav- SIF
    4. 4. Investor Equities • A Luxemburg based Sicaf-Sif • Managed by Investor Asset Management Bvba • A “long only” equity fund • We mainly invest European small- and midcap stocks • A focused portfolio of around 25 stocks 4
    5. 5. Our philosophy • Outperform the market by: 1. Avoiding bad companies 2. Investing in small- and midcaps 3. Emphasis on: 1. growth stocks at reasonable price 2. Deep value 5
    6. 6. Philosophy: When do we sell? • Let your profits run! • 4 good reasons to sell: 1. Deteriorating outlook 2. expensive stocks (e.g 2x the valuation of the overall market) 3. better alternatives 4. portfolio rebalancing 6
    7. 7. Investment strategy 1. GARP: Growth At Reasonable Price (Low debt, high free cash flow, high return on capital) 2. Deep Value (only if financial position is very healthy and when a problem is well defined and isolated) 7
    8. 8. Investment Proces INVESTMENT UNIVERSE (>8000 European quoted companies) COMPACTED UNIVERSE (1000-2000 companies) IDEA LIST (CANDIDATES) (100-200 stocks) PORT- FOLIO 1. Reducing the investment universe exclusion factors : • Insufficient liquidity • Recurring losses • Poor financial position • Highly cyclical companies 2. “Fishing” for ideas • Screening • Company presentations (visits & conferences) • Broker research (company notes, sector/country selections ; NOT recommendations & price targets) 3. Detailed fundamental analysis • One-on-one meetings with company management • Understanding the company and its financials • Understanding its strengths and weaknesses • Selection criteria : check-list • Valuation & liquidity 4. Portfolio monitoring • Portfolio risk monitoring • Changes in company fundamentals • Changes in valuation • Better idea replacing existing holding 8
    9. 9. Selection Criteria PROFITABILITY & FINANCIAL STRENGTH • ROE (NP/average equity) • EBIT margins (EBITA/S) • FCF generation • Gearing (Net Debt/Equity) • Interest cover (EBITA/Fin. Result) MANAGEMENT & STRATEGY • Management experience • EPS growth track-record • Clear & consistent strategy • Focus on core activities • Corporate culture • Uniqueness / “niche” strategy • “Sustainability” • Innovation • Communication GROWTH PROSPECTS • Long term market growth • Benefiting from growth trends (“themes”) • Market share gains • External growth potential • Long term margin potential • Current FY EPS growth • EPS revisions RISK FACTORS • Economic sensitivity • Sensitivity to currency fluctuations • Sensitivity to other external factors • Diversification / Multiple revenue streams • Competitive position • Barriers to entry • Power of suppliers • Power of customers company QUALITY stock PRICE VALUATION • Absolute valuation vs. the market • Valuation vs. historical average • Valuation vs. most comparable peer(s) • Valuation vs. long term growth (PEG) LIQUIDITY • Market capitalisation • Free float • Average daily volume 9
    10. 10. Evolution Investor Equities (28/06/2013) 10 • over the period on average 90% invested • Since launch European small caps performed 15,81% (SCXR Index) vs. 76,0% L.I.P. Investor Equities EURshare class 2013 2012 2011 2010 since launch (30/ 04/ 08) Investor Equities NAV € 175,97 € 156,12 € 135,16 € 151,93 € 100 Investor Equities % 12,7% 15,5% -11,0% 41,1% 76,0% Stoxx 600 return 4,1% 18,2% -8,6% 11,6% 4,2% excess return 8,6% -2,7% -2,4% 29,5% 71,8%
    11. 11. Evolution Investor Equities 11
    12. 12. Lipper Rating (09/30/11) 5 Lipper Leaders : within the top 10% of similar funds in risk-weighted return over 5 years • Disclaimer LIPPER: 5 Lipper Leaders: within the top 10% of similar funds in risk-weighted return over 5 years. The rating of 5 stars of L.I.P Investor Equities is for the Total Return (and reflects fund historic total return performance relative to peers), Consistent returns and Preservation. Lipper Ratings for Consistent Return reflect fund historical risk-adjusted returns relative to peers. Lipper Ratings for Preservation are relative, rather than absolute. Lipper Ratings for Expense (4 stars) reflect fund expense minimization relative to peers. Lipper Ratings DO NOT take into account the effects of sales charges. Overall Ratings are based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable). Lipper Ratings and Lipper Classifications do not constitute and are not intended to constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. As a result, you should not make an investment decision on the basis of this information. Rather, you should use Lipper Ratings and Lipper Classifications for informational purposes only. Lipper is not responsible for the accuracy, reliability or completeness of the information that you obtain from Lipper. In addition, Lipper will not be liable for any loss or damage resulting from information obtained from Lipper or any of its affiliates. 12
    13. 13. Technical Information Investor Equities is a sub fund of Lux-Investment Professionals Sicav-SIF, an open-end investment company established under the laws of the Grand Duchy of Luxembourg Characteristics: Distribution shares (D) / Capitalisation shares (A) Currency: EUR / GBP(hedged) Minimum Initial Subscription: 125.000 Euro or 250.000 EUR for Belgian citizens Investment Restrictions: No more than 20% of NAV in any one position Management Fee: 1% Performance Fee: 1/5th of total increase of the NAV over a hurdle rate of 10% annual return with high watermark. Subscription Fee: 0%; only if bought through intermediary max. 2% Redemption Fee: 0% Taxation: No withholding tax Investment Advisor: Investor Asset Management Bvba Depositary Bank: Banque et Caisse d’Epargne de L’Etat Luxembourg (BCEE). Financial Services: EFA - European Fund Administration Auditor: Ernst&Young Net Asset Value: Monthly Reporting & Liquidity: Monthly ISIN-Code: LU0349406651 / LU0626556822 Bloomberg: LUXINVA LX 13

    ×