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CITYWIRE CONFERENCE
Philippe Berthelot, CFA, Head of Credit & Structured Credit
Madrid October 2013
Document intended excl...
Summary
The Investment division and the Credit Expertise
The benefits of investing in short term credit
The fund : Natixis...
The Investment Division
And
The Credit expertise
3 04/10/2013 Document intended exclusively for professional clients in ac...
4
Asset management: core of Natixis investment solutions
Document intended exclusively for professional clients in accorda...
5
Natixis Asset Management overview
Document intended exclusively for professional clients in accordance with MIFID04/10/2...
Credit organisation
04/10/20136 Document intended exclusively for professional clients in accordance with MIFID
CORPORATE ...
Why invest in short-term credit?
7 04/10/2013 Document intended exclusively for professional clients in accordance with MI...
8 04/10/2013
Why invest in short-term credit?
More than 10 years of positive returns and a steady performance *
Annual per...
9 04/10/2013
Why invest in short-term credit?
Low duration with low volatility & the best Sharpe ratio
*Source: Natixis As...
10 04/10/2013
Why invest in short-term credit?
An attractive asset class in the current environment
Credit spreads as a % ...
• More than 10 years of positive returns1
• A steady performance over the past ten years, significantly
outpacing the EONI...
The fund : Natixis Crédit Euro 1-3
12 04/10/2013 Document intended exclusively for professional clients in accordance with...
Investment approach
• Short-term active credit management
• Disciplined, robust and active credit investment process with ...
3 Senior Credit PMs
• CFA charter holders with strong
credit analysis experience
2 Quantitative Analysts
• Chafic Merhy & ...
Natixis Crédit Euro 1-3
Investment philosophy
Core Beliefs
15 04/10/2013
Credit markets valuation may not reflect
fundamen...
16 04/10/2013
STEPISTEPII
Portfolio manager Final portfolio
Strategy selection & calibration
Model portfolio construction
...
17 04/10/2013
Alpha / Performance
Alpha sources Directional exposure and issuer selection
Outperformance objective (net of...
Sector brerakdown2
(in % of AuM)
18 04/10/2013
Natixis Crédit 1-3
Breakdown as of 08/31/2013
Source : Natixis Asset Manage...
19 04/10/2013
Natixis Crédit 1-3
Recent investment examples
Some recent investments1
• KPN6.5 % 15/01/2016 à 112.96 (ASW +...
20 04/10/2013
1: Tracking-Error Volatility.
Natixis Crédit Euro 1-3: Short Term Credit & Core Plus
TEV (Barclays POINT)1:
...
21 04/10/2013
Natixis Crédit 1-3
Performance (I-C Share)
• 4th decile in its Morningstar category YTD and over 1 year*
• 2...
Appendices
22 04/10/2013 Document intended exclusively for professional clients in accordance with MIFID
23 04/10/2013
Natixis Crédit 1-3
Features
Document intended exclusively for professional clients in accordance with MIFID
Risk control embedded in credit process
Front office risk management
• Primarily by PMs supported by Credit Analysts and C...
Fixed Income Investment Division
04/10/201325
INTEREST
RATES
Olivier de Larouzière
FIXED INCOME
Ibrahima Kobar, CFA
MONEY
...
Ibrahima Kobar, CFA
Co-Chief Investment Officer
Ibrahima Kobar began his career with Société Générale in 1989 as a statist...
Nolwenn Le Roux, CFA
Head of the Satellite Credit Team
Nolwenn Le Roux began her career managing high yield in 2001 at Dex...
Legal information
Natixis Asset Management
Registered Office: 21 quai d’Austerlitz – 75 634 Paris Cedex 13 – Tel. +33 1 78...
Additional Notes
04/10/201329 Document intended exclusively for professional clients in accordance with MIFID
Provided in ...
NATIXIS ASSET MANAGEMENT
21, quai d’Austerlitz – 75634 Paris Cedex 13
Tel. +33 1 78 40 80 00
Société anonyme au capital de...
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Philippe berthelot's presentation citywire madrid

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Philippe berthelot's presentation citywire madrid

  1. 1. CITYWIRE CONFERENCE Philippe Berthelot, CFA, Head of Credit & Structured Credit Madrid October 2013 Document intended exclusively for professional clients in accordance with MIFID
  2. 2. Summary The Investment division and the Credit Expertise The benefits of investing in short term credit The fund : Natixis Crédit Euro 1-3 Appendices 2 04/10/2013 Document intended exclusively for professional clients in accordance with MIFID
  3. 3. The Investment Division And The Credit expertise 3 04/10/2013 Document intended exclusively for professional clients in accordance with MIFID
  4. 4. 4 Asset management: core of Natixis investment solutions Document intended exclusively for professional clients in accordance with MIFID04/10/2013 (1) 3 businesses 19 Banques Populaires 2nd largest French banking group 72,3% 27,7% 50%50% • 36 millions customers • 8,6 millions cooperative shareholders • 117 000 employees • 8 000 branches Wholesale Banking • Structured finance • Capital markets • Corporate banking Investment solutions • Asset management • Insurance • Private banking • Private equity Specialized financial services • Factoring • Sureties & guarantees • Employee savings schemes • Securities services and payments • etc. • A multi-affiliate structure with 20 investment management companies applying multiple investment philosophies • Global distribution platform covering Europe, the US, Asia and the Middle East • The world’s 15th biggest asset manager (2) • €602.5 billion AuM Data as of 30/06/2013. (1) BPCE S.A. (2) Source: Cerulli Quantitative Update. Global Markets 2013, ranked Natixis Global Asset Management, S.A. as the 15th largest asset manager in the world based on assets under management as of 31/12/2012. Float
  5. 5. 5 Natixis Asset Management overview Document intended exclusively for professional clients in accordance with MIFID04/10/2013 • Investment management structured around six investment divisions • Investment solutions developed for institutions, companies, distributors and banking networks • €289.2 billion of assets under management (1) 2nd biggest French manager by market share (2) • 682 employees (1) (1) Data as of 30/06/2013 including Mirova Environment and Infrastructure AuM. Source: Natixis Asset Management. (2) Source: EuroPerformance as of 31/03/2013. EuroPerformance scope: open-end funds only – excluding discretionary management mandates and dedicated funds. European equities Investment and Client solutions Global emerging Fixed Income
  6. 6. Credit organisation 04/10/20136 Document intended exclusively for professional clients in accordance with MIFID CORPORATE CREDIT Emmanuel Schatz CREDIT Philippe Berthelot, CFA SATELLITE CREDIT Nolwenn Le Roux, CFA STRUCTURED CREDIT Stéphane Caron CORE CREDIT SYNTHETIC CREDIT HOLD TO MATURITY SRI PRODUCT SPECIALIST Florence Poncharal DEPUTY Stéphane Caron HIGH YIELD CONVERTIBLE BONDS TOTAL RETURN ABS LEGACY MANDATES COMMERCIAL REAL ESTATE LOANS
  7. 7. Why invest in short-term credit? 7 04/10/2013 Document intended exclusively for professional clients in accordance with MIFID
  8. 8. 8 04/10/2013 Why invest in short-term credit? More than 10 years of positive returns and a steady performance * Annual performance Barclays Euro Aggregate Credit-Corporate 1-3 index* An average total return of 4.87%* A performance significantly outpacing the EONIA since mid-2008* In 82% of cases, annual short -term credit return is higher than the EONIA** Document intended exclusively for professional clients in accordance with MIFID *Source: Bloomberg, Barclays and Natixis Asset Management (30/06/2013). The figures given refer to previous years. Past performance is a not a reliable indicator of future performance.
  9. 9. 9 04/10/2013 Why invest in short-term credit? Low duration with low volatility & the best Sharpe ratio *Source: Natixis Asset Management (30/06/2013). Volatility on average 2 times lower than the overall credit market* Short-term credit Sharpe ratio compared to other asset classes (Data from 2005 to 2013) A Sharpe ratio of 1.95, reflecting a consistent outperformance achieved with appropriate risk- taking. In other words, the outperformance does not come at the cost of excessive risk Document intended exclusively for professional clients in accordance with MIFID
  10. 10. 10 04/10/2013 Why invest in short-term credit? An attractive asset class in the current environment Credit spreads as a % of yield are very high on short-term bonds* Current low default rates that should remain unchanged for the next 12 months (2.99%)*** *Source: Bloomberg, Barclays and Natixis AM (09/13/2013). **Spreads calculated relative to the risk-free rate 2 year Schatz: 0.22% (13/09/2013). ***Source Moody’s Investors Service (06/2013): Europe Trailing 12-Month Issuer-Weighted Spec-Grade Default Rate Forecasts. All information is not guaranteed and should be not interpreted as having any contractual value. • Natixis Credit Euro 1-3 benefits from a Break-Even Spread of 91 bps** : - Should the spread increase by 91 bps (very negative scenario), Natixis Credit Euro 1-3 would have a performance equivalent to the risk- free rate (2 year Schatz)** • Break-Even Spread (BES) - The BES reflects the yield spread between a corporate bond and a sovereign bond weighted by the modifed duration Swap Spread + Credit Spread = 128+40 bps =91 bps 1.84Modified Duration ** 22% 29% 49% 38% 22% 41% 56% 9% 35% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2y € 5y € 10y € Credit Spread as % of yield (as of 23/08/2013) risk free rate swap spread Credit Spread 1.30% 2.40% 3.43% Document intended exclusively for professional clients in accordance with MIFID
  11. 11. • More than 10 years of positive returns1 • A steady performance over the past ten years, significantly outpacing the EONIA since mid-20082 • Low duration with low volatility for short-term credit2 • Short-term credit segment benefits from the best Sharpe ratios and large break even spreads3 • Attractive valuation and strong fundamentals4 11 04/10/2013 Why invest in short-term credit? Key points 1: Source: Bloomberg, Barclays and Natixis AM (12/31/2012). 2: Source Natixis AM (12/31/2012). 3: Source: Natixis AM (12/31/20112): data pertaining to Barclays index hedged against Euro (excluding EuroStoxx) from 01/02/2002 to 12/31/2012. 4: Source: Bloomberg, Barclays and Natixis AM (12/31/2012) and Moody’s Investors Service (11/2012). Document intended exclusively for professional clients in accordance with MIFID
  12. 12. The fund : Natixis Crédit Euro 1-3 12 04/10/2013 Document intended exclusively for professional clients in accordance with MIFID
  13. 13. Investment approach • Short-term active credit management • Disciplined, robust and active credit investment process with the aim of generating repeatable alpha • Mainly “bottom-up” approach • Two alpha drivers: directional exposure and issuer selection • Pure credit management: no currency risk and a duration of +/- 10% compared to the benchmark • Core plus / Mainly Investment Grade debt securities: with HY bonds and securitized bond diversification Investment objective • Natixis Crédit Euro 1-3 seeks to outperform the Barclays Capital Euro Aggregate Credit Corporate 1-3 Index (I share) by over 0.30%* over two years Resources • A seasoned portfolio manager (Cyrille Philippe, over 18 years of experience) within a team of specialised credit portfolio managers • Experienced credit research team composed of 16 credit analysts • 2 quant analysts and 1 stategist in support of the management team *Net of fees. 13 04/10/2013 Natixis Crédit Euro 1-3 Key points Document intended exclusively for professional clients in accordance with MIFID
  14. 14. 3 Senior Credit PMs • CFA charter holders with strong credit analysis experience 2 Quantitative Analysts • Chafic Merhy & Matthieu Garcin 14 04/10/2013 Natixis AM’s Resources Dedicated to Credit Cyrille Philippe Senior Credit Portfolio Manager 18 years of experience A research team composed of 16 experienced Credit Analysts • Kaysser Cherif • Benoit Feliho • Anna Stephan • Sophie Palagos • Cynthia Voorhes, CFA* Sanda Molotcov, CFA • Marie. de Lavallade, SFAF, CEFA • Fabien Frappart • Bruno Farvacque, SFAF, CEFA • Jon Davidson, CFA Sylvie Sauvage, SFAF, CEFA • Maggie Cheng, CFA • Quentin Girod • Cynthia Ma, CFA Bertrand Rocher • Banks • Brokers • Insurance • Real Estate Sectors • Consumer Non Cyclical • Consumer Products • Food and Beverage • Pharmaceuticals • Tobacco • Supermarkets • Communication • Utilities • Energy Sectors • Consumer Cyclical • Basic Industry • Capital Goods • Media • Technology • Transportation Sectors Sanda Molotcov, CFA Financials Defensives Cyclicals Daily interaction between portfolio managers and credit analysts High Yield & Convertible: Emilie Huot, SFAF** Philippe Berthelot, CFA Head of Credit 21 years of experience Nolwenn Le Roux, CFA Head of Satellite Credit 12 years of experience Lead portfolio manager Document intended exclusively for professional clients in accordance with MIFID *External staff based in the US under exclusive contract between Natixis AM and Nexus. **Dedicated to the Satellite Credit team.
  15. 15. Natixis Crédit Euro 1-3 Investment philosophy Core Beliefs 15 04/10/2013 Credit markets valuation may not reflect fundamentals Credit as an asset class is asymmetric Credit has several dimensions Sources of added value A disciplined, robust, active credit investment process leads to repeatable alpha generation Diversification through 70-120 issuers on 10 sectors at least on average 2 Alpha engines: Spread direction / Issuer & issue selection Risk management is in our DNA Document intended exclusively for professional clients in accordance with MIFID
  16. 16. 16 04/10/2013 STEPISTEPII Portfolio manager Final portfolio Strategy selection & calibration Model portfolio construction Idea generation Views on credit direction & issuer/issue selection Top Down Credit drivers sector analysis STEPIII Credit Strategy Committee & Credit Sector Team Cyclicals Defensives Financials Model Portfolio Allocation Committee Bottom-up Relative value analysis of issuers and issues Natixis Crédit Euro 1-3 A robust and disciplined investment process Document intended exclusively for professional clients in accordance with MIFID
  17. 17. 17 04/10/2013 Alpha / Performance Alpha sources Directional exposure and issuer selection Outperformance objective (net of fees)1 30 bps p.a. maximum over 2-year investment horizon Ex-ante tracking error target1 Target 1.2% Guidelines Summary Benchmark Barclays Capital Euro Aggregate Credit Corporate 1-3 Number of issuers 70-120 Industry minimum number2 10 Modified duration 0 à 5 Core holdings Mainly Euro investment-grade debt securities High Yield 0-15% Securitized 0-10% (excluding CDOs) Cash & money market instruments1 +/-10% Non euro-denominated issues1 0-10% if hedged to Euro Non rated bonds1 Incidental if internal investment grade rating CDS Authorized Natixis Crédit Euro 1-3 Specification 1: As a indication. 2: Barclays, Level 3. Document intended exclusively for professional clients in accordance with MIFID
  18. 18. Sector brerakdown2 (in % of AuM) 18 04/10/2013 Natixis Crédit 1-3 Breakdown as of 08/31/2013 Source : Natixis Asset Management (08/31/2013). This material has been provided for information purposes only. The figures given refer to previous years. Past performance is a not a reliable indicator of future performance1: S&P Breakdown. 2 : Barclays nomenclature. Rating breakdown1 (in % of AuM) Geographical breakdown (in % of AuM) Breakdown by maturity (in % of AuM) Document intended exclusively for professional clients in accordance with MIFID
  19. 19. 19 04/10/2013 Natixis Crédit 1-3 Recent investment examples Some recent investments1 • KPN6.5 % 15/01/2016 à 112.96 (ASW + 46) • GLENLN7.125 % 23/04/2015 à 109.96 (ASW + 78) • FBAVP 4.625 % T1 NC 27/10/2014 à 99.625 (ASW + 446) • GASSM4.375 % 02/11/2016 à 108.15 (ASW + 111) • AMSSM 4.875 % 15/07/2016 à 109.93 (ASW + 83) 1: Source Natixis AM (09/08/2013). Document intended exclusively for professional clients in accordance with MIFID
  20. 20. 20 04/10/2013 1: Tracking-Error Volatility. Natixis Crédit Euro 1-3: Short Term Credit & Core Plus TEV (Barclays POINT)1: Current major Active Strategies:Current major Active Strategies: • 7.5% of Covered bonds • 10% of HY • Geographical overexposure of Italian & Spanish corporates by 100% [ie 31% vs 15% in the benchmark) => It just makes an Annual Tracking error of : = 62 bp [=17.8 x 3.46] Document intended exclusively for professional clients in accordance with MIFID
  21. 21. 21 04/10/2013 Natixis Crédit 1-3 Performance (I-C Share) • 4th decile in its Morningstar category YTD and over 1 year* • 2 year track record • AuM: M€ 426 Performance net of fees *Source: Morningstar - Europe OE EUR Corporate Bond - Short Term Category – Morningstar Rating Overall (08/31/2013) . Referring to any ranking or award does not guarantee future results of the fund or the investment manager. The figures given refer to previous years. Past performance is a not a reliable indicator of future performance. Document intended exclusively for professional clients in accordance with MIFID
  22. 22. Appendices 22 04/10/2013 Document intended exclusively for professional clients in accordance with MIFID
  23. 23. 23 04/10/2013 Natixis Crédit 1-3 Features Document intended exclusively for professional clients in accordance with MIFID
  24. 24. Risk control embedded in credit process Front office risk management • Primarily by PMs supported by Credit Analysts and Credit Financial Engineers • Risk budgeting embedded in the model portfolio construction • PMs daily follow up on their latitudes using the in-house tool Vista 2000, supervised by Philippe Berthelot • Credit Analysts’ forward looking issuers’ rating Risk management by the Compliance, Internal Control & Risk Division • Independent division of 47 profesionals, reporting directly to Natixis AM CEO • Risk department: 20 professionals to ensure the follow up of market risks, credit risks and management risks • A mix of in-house and external tools: Moody’s KMW Credit Edge (default risk), Credit Manager (portfolio aggregated risk), Riskmetrics (TE, VaR calculations), Guardian and CRD (portfolio constraints) 24 04/10/2013 Document intended exclusively for professional clients in accordance with MIFID
  25. 25. Fixed Income Investment Division 04/10/201325 INTEREST RATES Olivier de Larouzière FIXED INCOME Ibrahima Kobar, CFA MONEY MARKET Alain Richier INSURANCE Sébastien Jallet MACROECONOMIC RESEARCH Philippe Waechter DEPUTY HEAD Nathalie Pistre, PhD CREDIT Philippe Berthelot, CFA QUANTITATIVE RESEARCH & ANALYSIS Nathalie Pistre, PhD CREDIT RESEARCH Sanda Molotcov, CFA FIXED INCOME DEALING DESK* Laurent Albert Document intended exclusively for professional clients in accordance with MIFID
  26. 26. Ibrahima Kobar, CFA Co-Chief Investment Officer Ibrahima Kobar began his career with Société Générale in 1989 as a statistician and later joined HSBC Midland Bank as a European fixed income portfolio manager and an actuary. He joined Natixis Asset Management in 1994 as a portfolio manager in the Insurance Management team of the Euro Fixed Income department. In 1998 he was made Head of Insurance Management Activities, specifically Assets and Liabilities Management, Structured Products and Derivatives. In 2007, he became Director of the Fixed Income Department. Ibrahima Kobar is Chief Investment Officer of Fixed Income and one of the members of the Executive Committee of Natixis Asset Management. Ibrahima Kobar holds a Master’s degree in Mathematics. He is an Actuary and a member of the French Institute of Actuaries (Paris) as well as a CFA charter holder. Ibrahima Kobar has 23 years of experience and has been working for the firm for 19 years 04/10/201326 Philippe Berthelot, CFA Head of Credit Philippe Berthelot began his career in 1992 at CDC Gestion, as fixed income and money market portfolio manager. In 1998, he joined AXA Investment Managers (Paris) where he was fixed income portfolio manager on euro aggregate and credit expertise. He became Head of euro credit team in 2002, and then Head of euro fixed income in 2006. In January 2009, he was promoted Head of continental credit Europe at AXA Investment Managers. In January 2010, Philippe Berthelot joined Natixis Asset Management as Head of credit teams. Philippe Berthelot holds a Master’s degree in Management Science from the European business school (Paris), and a Master’s degree in Finance from ESC Tours, a French business school. He is a CFA charter holder. Philippe Berthelot has 21 years of experience and has been working for our company for 3 years. Biographies Document intended exclusively for professional clients in accordance with MIFID
  27. 27. Nolwenn Le Roux, CFA Head of the Satellite Credit Team Nolwenn Le Roux began her career managing high yield in 2001 at Dexia Asset Management as an analyst and portfolio manager. In 2005, she joined Amundi Asset Management (previously Credit Agricole Asset Management) to manage mandates and open-ended funds. The latter included (i) long only portfolio management benchmarked on a European High Yield index for a total amount of 1.3Bn€, diversification on US high yield and emerging markets (ii) arbitrage funds for an asset of 200M€ (Amundi Funds Dynarbitrage High Yield and Amundi Dynarbitrage High Yield). Nolwenn Le Roux graduated from the Ecole Normale Supérieure of Cachan, major in Economics and Management and holds an aggregation in Economics and Management. She also holds a Master's- Level Diploma in accountancy (DESCF) and a Master’s degree in finance (Master Finance 104) from the University of Paris IX – Dauphine. She joined Natixis Asset Management in July 2011 as Head of the Satellite Credit Team. Cyrille Philippe Fixed income Credit Portfolio Manager Cyrille Philippe began his investment career in 1993 on the trading floor of Caisse des Dépôts where he held various positions in sales, market-making and trading options and derivatives until 1999. He then joined the Direction des Fonds d’Epargne as a Portfolio Manager/Analyst of credit and ABS. He joined Natixis Asset Management in 2007 as Senior ABS Portfolio Manager/Analyst. Cyrille Philippe was then appointed as an insurance fixed income manager within the Insurance fixed income management team. He is now a credit fund manager. Cyrille holds a Master’s degree in economics/statistics and an advanced degree in econometrics from University of Toulouse. Cyrille Philippe has 20 years of experience and has been working within Natixis Asset Management for 6 years. Biographies 04/10/201327 Document intended exclusively for professional clients in accordance with MIFID
  28. 28. Legal information Natixis Asset Management Registered Office: 21 quai d’Austerlitz – 75 634 Paris Cedex 13 – Tel. +33 1 78 40 80 00 Limited Liability Company, Share Capital of 50 434 604,76 euro Regulated by AMF under n°GP 90-009 RCS number 329 450 738 Paris This document is destined for professional clients. It may not be used for any purpose other than that for which it was conceived and may not be copied, diffused or communicated to third parties in part or in whole without the prior written authorization of Natixis Asset Management. None of the information contained in this document should be interpreted as having any contractual value. This document is produced purely for the purposes of providing indicative information. It constitutes a presentation conceived and created by Natixis Asset Management from sources that it regards as reliable. Natixis Asset Management reserves the right to modify the information presented in this document at any time without notice and particularly the information concerning the description of the management processes which does not in any way constitute a commitment on behalf of Natixis Asset Management. Natixis Asset Management will not be held responsible for any decision taken or not taken on the basis of information contained in this document, nor in the use that a third-party may make of it. Figures mentioned refer to previous years. Past performance does not guarantee future results. Reference to a ranking and/or a price does not indicate the future performance of the UCITS or the fund manager. The funds mentioned in this document have received the approval of the French Financial Market Authority (AMF) or have received authorization to be marketed in France. The risks and costs related to investment in a fund are described in the fund’s prospectus. The prospectus and the periodical reports are available on request from Natixis Asset Management. Potential subscribers must be in possession of a copy of the prospectus before making any subscription. In the case of funds that qualify for a special tax status, we remind potential investors that the special tax conditions depend on the individual situation of each clients and that such conditions may be subject to future modification. Under Natixis Asset Management’s social responsibility policy, and in accordance with the treaties signed by the French government, the funds directly managed by Natixis Asset Management do not invest in any company that manufactures sells or stocks anti-personnel mines and cluster bombs. 04/10/201328 Document intended exclusively for professional clients in accordance with MIFID
  29. 29. Additional Notes 04/10/201329 Document intended exclusively for professional clients in accordance with MIFID Provided in Spain to professional clients for information only by NGAM S.A. or its branch office NGAM, Sucursal en España. NGAM S.A. is a Luxembourg management company that is authorized by the Commission de Surveillance du Secteur Financier (CSSF) and is incorporated under Luxembourg laws and registered under n. B 115843. NGAM, Sucursal en España is authorized and supervised by the Comisión Nacional del Mercado de Valores (CNMV) in relation to its activities in Spain. Registered office of NGAM S.A.: 51, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. Registered office of NGAM, Sucursal en España: Torre Colon II - Plaza Colon, 2 - 28046 Madrid, Spain. The above referenced entities are business development units of Natixis Global Asset Management, the holding company of a diverse line-up of specialized investment management and distribution entities worldwide. The investment management subsidiaries of Natixis Global Asset Management conduct any regulated activities only in and from the jurisdictions in which they are licensed or authorized. Their services and the products they manage are not available to all investors in all jurisdictions. Although Natixis Global Asset Management believes the information provided in this material to be reliable, it does not guarantee the accuracy, adequacy, or completeness of such information. The provision of this material and/or reference to specific securities, sectors, or markets within this material does not constitute investment advice, or a recommendation or an offer to buy or to sell any security, or an offer of services. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing. The analyses, opinions, and certain of the investment themes and processes referenced herein represent the views of the portfolio manager(s) as of the date indicated. These, as well as the portfolio holdings and characteristics shown, are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material. This material may not be distributed, published, or reproduced, in whole or in part. All amounts shown are expressed in USD unless otherwise indicated.
  30. 30. NATIXIS ASSET MANAGEMENT 21, quai d’Austerlitz – 75634 Paris Cedex 13 Tel. +33 1 78 40 80 00 Société anonyme au capital de 50 434 604,76€ Agréée en qualité de Société de Gestion de Portefeuille sous le numéro GP 90-009 En date du 22 mai 1990 Immatriculée au RCS de Paris sous le numéro 329 450 738 DirectiondelacommunicationdeNatixisAssetManagement–Impressionécoresponsable.DirectiondelacommunicationdeNatixisAssetManagement–Impressionécoresponsable.

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