Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.
 
Adrian Whittingham Head of Retail <ul><li>Concentrated is better </li></ul><ul><li>High dividend yield equals safety </li>...
Martin Conlon Head of Australian Equities
Our Philosophy
Our Philosophy <ul><li>External pressures to change product and business direction may not always be well informed </li></...
Myth  Concentrated is better
Concentrated Portfolios –  Will they win the race? <ul><li>Betting on fewer horses in the race doesn’t change the odds </l...
Specialisation – has it gone too far? <ul><li>Clients of fund managers are consolidating rapidly while fund managers are f...
  High Dividend Yield  = Safe Investment Myth
Stable business may not be  a stable investment <ul><li>Aggressive gearing necessarily makes an equity investment more vol...
Stable business may not be  a stable investment <ul><li>Investor’s focus on yield is </li></ul><ul><li>removing focus on u...
Stable business may not be  a stable investment Source: Company Reports, Schroders as at 30 June 2006 High Dividend Yield ...
Myth  You have to be small  to be good
How have smaller managers fared? <ul><li>Limited evidence of smaller  managers generating superior performance </li></ul><...
How have smaller managers fared? <ul><li>Size of FUM is only one factor impacting investment performance – it shouldn’t be...
Competition Works <ul><li>As the number of small boutiques proliferates, the claimed advantages of being small and nimble ...
Myth  Cap weighted indicies
Enough Diversity in the ASX300? <ul><li>Cap weighted indices often over emphasise sectors with strong recent performance <...
Market Outlook
Market Outlook <ul><li>Momentum in earnings and returns is slowing </li></ul><ul><li>Defensive assets are not defensively ...
Australian Equity Fund Performance Source: Schroders, performance is to end Sep 06, post fee %
Myths <ul><li>Concentrated is better </li></ul><ul><li>High dividend yield equals safety </li></ul><ul><li>You have to be ...
Where can you access us? <ul><li>AMP </li></ul><ul><li>Portfolio Care </li></ul><ul><li>AUSMAQ </li></ul><ul><li>AXA Gener...
Stephen Kwa Head of Product & Marketing
Agenda <ul><li>Myths in global equity investing  </li></ul><ul><ul><li>Cap weighted indices are hard to beat </li></ul></u...
Myth  Cap weighted indices are hard to beat
Where do you look for global opportunities? <ul><li>It’s a big world of opportunity… </li></ul>All global stocks (>15,000)...
Is your benchmark biased? <ul><li>1,831 biggest stocks in the world </li></ul><ul><li>Half of the benchmark is in the top ...
Other benchmark limitations <ul><li>Buy & Hold / Momentum strategy  </li></ul><ul><ul><li>greater weight on stocks which h...
Limitations of cap weighted indices <ul><li>Universe excludes valuable investment opportunities </li></ul><ul><li>Bias to ...
Myth  Concentrated is better
Concentration or Conviction? <ul><li>Conviction = Backing your investment ideas </li></ul><ul><li>Not looking like the ind...
Diversification with conviction Global Active Value Tracking Error versus global indices Source: Schroders, Barra  Based o...
Myth: Concentrated is better <ul><li>Concentration = more volatile returns </li></ul><ul><li>Don’t confuse conviction and ...
Myth You have to be small to be good
Myth: You need to be small to be good <ul><li>The claims: </li></ul><ul><li>More nimble and faster decision making </li></...
Bringing it all together <ul><li>Go global:  </li></ul><ul><li>Adopt widest possible universe </li></ul>Schroder Global Ac...
Portfolio positioning – Cap weights <ul><li>Mega and large caps crowd out other opportunities </li></ul><ul><li>Mid cap st...
Portfolio Positioning - Regions <ul><ul><li>More even allocation between regions </li></ul></ul><ul><ul><li>Within Emergin...
Global Active Value Performance Source: Schroders. Inception is 01 September 2005 to 29 September 2006 Performance is in A...
GAV complements key competitors Source: Zephyr, Schroders  Based on Schroder Global Active Value Composite and Backtest, 3...
Market Review
Global Equity Returns Source: MSCI as 29  September 2006 12.4% 8.4%
Conclusion <ul><li>Myths </li></ul><ul><li>Cap weighted benchmarks are hard to beat </li></ul><ul><li>Concentrated is bett...
Schroder Global Active Value <ul><li>Available from </li></ul><ul><li>Direct </li></ul><ul><li>BT Wrap </li></ul><ul><li>M...
Panel Discussion <ul><li>Tim Farrelly, Principal of farrelly’s </li></ul><ul><li>Marcus Hanel, Associate  </li></ul><ul><l...
farrelly’s +3.6%pa +9.1%pa Small value and Big value  vs All Ords 0.400 0.600 0.800 1.000 1.200 1.400 1.600 1.800 89 91 93...
Performance of large,  mid & small caps <ul><li>As at June 30, 2006 (% p.a.) </li></ul><ul><li>Source: Standard & Poor’s <...
Mainstream vs boutique market cap exposure <ul><li>As at June 30, 2006 </li></ul><ul><li>Source: Standard & Poor’s </li></...
farrelly’s Relative performance of Boutiques and Institutions for Australian equity portfolios Boutiques v Institutions 90...
farrelly’s Pricing Small v Big  Australia 10 12 14 16 18 20 22 24 97 98 99 00 01 02 03 04 05 PE Ratio ASX 100  ASX Small O...
Disclosure <ul><li>Analyst Disclosure:  Analyst(s) remuneration is not linked to the rating outcome.  The Analyst(s) may h...
Disclosure <ul><li>Analyst Disclosure:  Analyst(s) remuneration is not linked to the rating outcome.  The Analyst(s) may h...
Disclaimer <ul><li>This presentation is intended solely for the information of the person to whom it was provided by Schro...
 
Upcoming SlideShare
Loading in …5
×

Download a copy of presentation slides

603 views

Published on

Published in: Economy & Finance, Business
  • Be the first to comment

  • Be the first to like this

Download a copy of presentation slides

  1. 2. Adrian Whittingham Head of Retail <ul><li>Concentrated is better </li></ul><ul><li>High dividend yield equals safety </li></ul><ul><li>You have to be small to be good </li></ul><ul><li>Cap weighted indices are hard to beat </li></ul>
  2. 3. Martin Conlon Head of Australian Equities
  3. 4. Our Philosophy
  4. 5. Our Philosophy <ul><li>External pressures to change product and business direction may not always be well informed </li></ul><ul><li>Change should be in the best interests of our clients </li></ul>
  5. 6. Myth Concentrated is better
  6. 7. Concentrated Portfolios – Will they win the race? <ul><li>Betting on fewer horses in the race doesn’t change the odds </li></ul><ul><li>“ Sure things” don’t always win </li></ul><ul><li>Knowing a lot about 1 or 2 horses isn’t the point. To win you need to know how good they are versus the field </li></ul><ul><li>Confidence from picking winners in the past doesn’t improve your odds in the next race </li></ul><ul><li>Educated punters focus on process, not on outcomes </li></ul>Is Concentrated Better?
  7. 8. Specialisation – has it gone too far? <ul><li>Clients of fund managers are consolidating rapidly while fund managers are fragmenting </li></ul><ul><li>Decisions across asset classes have been largely removed from fund managers </li></ul><ul><li>Myopia is a significant danger for fund managers as product specialisation narrows </li></ul>Is Concentrated Better?
  8. 9. High Dividend Yield = Safe Investment Myth
  9. 10. Stable business may not be a stable investment <ul><li>Aggressive gearing necessarily makes an equity investment more volatile </li></ul><ul><li>Valuations are based on extrapolating cashflows into the distant future </li></ul><ul><li>Distributions are not supported by current cashflow </li></ul>Source: Morgan Stanley as at 30 June 2006 Risk Free Rate Inflation Traffic MIG Valuation Sensitivity -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 1% -1%
  10. 11. Stable business may not be a stable investment <ul><li>Investor’s focus on yield is </li></ul><ul><li>removing focus on underlying </li></ul><ul><li>cashflow </li></ul><ul><li>Absence of tax and depreciation </li></ul><ul><li>for most infrastructure and </li></ul><ul><li>property trusts means yield </li></ul><ul><li>comparisons with traditional </li></ul><ul><li>companies are misleading </li></ul>Source: Company Reports, Schroders as at 30 June 2006 7.6% 7.1% 4.6% 6.3% 4.1% 0 5 10 15 20 25 30 35 40 45 Macquarie Infrastructure Group Macquarie Goodman Westfield Group Coca-Cola Amatil Telstra 0 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 EV/EBITDA Multiple Distribution Yield
  11. 12. Stable business may not be a stable investment Source: Company Reports, Schroders as at 30 June 2006 High Dividend Yield = Safety?
  12. 13. Myth You have to be small to be good
  13. 14. How have smaller managers fared? <ul><li>Limited evidence of smaller managers generating superior performance </li></ul><ul><li>Strong performance of small cap stocks has provided a tailwind </li></ul><ul><li>Track records are generally short and don’t cover varied market conditions </li></ul><ul><li>There are many good boutiques, but size in itself is an overemphasised attribute </li></ul>Australian Equity Managers/FUM vs Performance Source: Mercer Australian Shares Survey 3 Years Ended 31 Aug 2006 FUM Source: van Eyk, Rainmaker, Lonsec S&P/ASX Accum Index 3 Year Return to 31 August 2006 22.1% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 FUM A$ Billion 0 5 10 15 20 25 30 35 3 Year Performance % pa FUM (lhs) 3 yr Perf % (rhs) Schroder Australian Equity
  14. 15. How have smaller managers fared? <ul><li>Size of FUM is only one factor impacting investment performance – it shouldn’t be overemphasised </li></ul><ul><li>Size is more important to short-term trading based processes than investment processes </li></ul><ul><li>As companies become global, fund managers must have global capability </li></ul>Incentivisation Global Capability Team & Focus Systems & Resources Process FUM Portfolio Performance
  15. 16. Competition Works <ul><li>As the number of small boutiques proliferates, the claimed advantages of being small and nimble will dissipate </li></ul><ul><li>Hedge funds have exhibited similar characteristics – their number has proliferated, excess returns have dwindled </li></ul>Does Size Matter?
  16. 17. Myth Cap weighted indicies
  17. 18. Enough Diversity in the ASX300? <ul><li>Cap weighted indices often over emphasise sectors with strong recent performance </li></ul><ul><li>A well diversified portfolio may significantly depart from the index </li></ul><ul><li>Diversification is key – do your clients have property exposure in addition to a broader ASX mandate? </li></ul>Diversify Source: ASX300 as at 30 June 2006
  18. 19. Market Outlook
  19. 20. Market Outlook <ul><li>Momentum in earnings and returns is slowing </li></ul><ul><li>Defensive assets are not defensively priced </li></ul><ul><li>Despite weaker earnings environment, riskier earnings streams offer greater reward </li></ul>Return on Equity Return on Equity Source: Schroders as at 30 June 2006 72 76 80 84 88 92 96 00 04 08 4 6 8 10 12 14 16 18 %
  20. 21. Australian Equity Fund Performance Source: Schroders, performance is to end Sep 06, post fee %
  21. 22. Myths <ul><li>Concentrated is better </li></ul><ul><li>High dividend yield equals safety </li></ul><ul><li>You have to be small to be good </li></ul><ul><li>Cap weighted indices are hard to beat </li></ul>
  22. 23. Where can you access us? <ul><li>AMP </li></ul><ul><li>Portfolio Care </li></ul><ul><li>AUSMAQ </li></ul><ul><li>AXA Generations </li></ul><ul><li>AXA Summit </li></ul><ul><li>Asgard </li></ul><ul><li>BT Wrap </li></ul><ul><li>BT Wrap Essentials </li></ul><ul><li>Fiducian </li></ul><ul><li>First Choice </li></ul><ul><li>ING One Answer </li></ul><ul><li>IOOF </li></ul><ul><li>Macquarie Wrap </li></ul><ul><li>MLC Masterkey </li></ul>MLC Masterkey Custom Navigator Navigator Access Netwealth Investments Ltd Oasis Perpetual Wealthfocus Synergy Capital Skandia Tower Trust Westpac Life & PPS Zurich Financial Services
  23. 24. Stephen Kwa Head of Product & Marketing
  24. 25. Agenda <ul><li>Myths in global equity investing </li></ul><ul><ul><li>Cap weighted indices are hard to beat </li></ul></ul><ul><ul><li>Concentrated is better </li></ul></ul><ul><ul><li>Small is good </li></ul></ul><ul><li>Schroder Global Active Value Fund (Hedged) </li></ul><ul><li>Market Review </li></ul>
  25. 26. Myth Cap weighted indices are hard to beat
  26. 27. Where do you look for global opportunities? <ul><li>It’s a big world of opportunity… </li></ul>All global stocks (>15,000) MSCI All Country World (>2,700) MSCI World (>1,900) Consider this… In the top 100 stocks YTD Sep 06, Go broad Source: Schroders, MSCI Australian stocks ASX 200 Paladin +145% Pan Fish (Norway) +155% Akamai Tech (US) +151% Shenzhen Inv (China) +153% The other 96 stocks average stock +406%
  27. 28. Is your benchmark biased? <ul><li>1,831 biggest stocks in the world </li></ul><ul><li>Half of the benchmark is in the top 150 stocks </li></ul><ul><li>A quarter of the benchmark is in the top 40 stocks </li></ul><ul><li>Exposure to big, liquid stocks in developed markets. </li></ul><ul><li>IT HAS A DEVELOPED MARKET, MEGA CAP BIAS!!! </li></ul>Source: MSCI at 29 September 2006 Go unconstrained MSCI World ex Australia (unhedged to AUD) index is the most common benchmark used for international equities.
  28. 29. Other benchmark limitations <ul><li>Buy & Hold / Momentum strategy </li></ul><ul><ul><li>greater weight on stocks which have gone up </li></ul></ul><ul><li>Classic example - Tech boom of late 90’s </li></ul>Technology/Telecoms weight as a % of MSCI World Follow markets up… and follow them back down! Invest Without Constraints Source: Schroders, MSCI Do you want 36% of your portfolio in tech stocks here?
  29. 30. Limitations of cap weighted indices <ul><li>Universe excludes valuable investment opportunities </li></ul><ul><li>Bias to developed markets not the best markets </li></ul><ul><li>Bias to large stocks not the best stocks </li></ul><ul><li>Momentum strategies forcing you to buy high and sell low </li></ul>Go global and unconstrained
  30. 31. Myth Concentrated is better
  31. 32. Concentration or Conviction? <ul><li>Conviction = Backing your investment ideas </li></ul><ul><li>Not looking like the index </li></ul><ul><li>Drop constraints </li></ul><ul><li>Allow greater flexibility in stock, sector, region and currencies </li></ul><ul><li>New sources of alphas </li></ul><ul><li>Take off index bets </li></ul><ul><li>Emerging, small/micro </li></ul><ul><li>caps, etc </li></ul><ul><li>Shorting </li></ul>Conviction NOT concentration <ul><li>Concentration </li></ul><ul><li>Reduce number of stocks and increase bet size </li></ul>
  32. 33. Diversification with conviction Global Active Value Tracking Error versus global indices Source: Schroders, Barra Based on Schroder Global Active Value Fund, 29 September 2006 Tracking Error (%pa) Tracking Error: How much a fund’s returns deviate from the benchmark return Conviction with diversification
  33. 34. Myth: Concentrated is better <ul><li>Concentration = more volatile returns </li></ul><ul><li>Don’t confuse conviction and concentration </li></ul>Conviction with diversification
  34. 35. Myth You have to be small to be good
  35. 36. Myth: You need to be small to be good <ul><li>The claims: </li></ul><ul><li>More nimble and faster decision making </li></ul><ul><li>Fewer capacity issues, can buy smaller stocks </li></ul><ul><li>Better aligned incentives as fund managers own the business </li></ul><ul><li>The reality: </li></ul><ul><li>Small is less relevant for low turnover long term strategies </li></ul><ul><li>Capacity less of an issue in global markets </li></ul><ul><li>Fewer distractions of business risks </li></ul><ul><li>Systems and infrastructure </li></ul><ul><li>Trading costs </li></ul>Does size really matter?
  36. 37. Bringing it all together <ul><li>Go global: </li></ul><ul><li>Adopt widest possible universe </li></ul>Schroder Global Active Value Remove constraints: Freeing ourselves from the rules of the benchmark boosts returns Diversify broadly: To manage risk yet retain high conviction Source: Schroders Unifying strategy Region/sector weights Stock weights Unconstrained bottom-up Non cap weighted, max 0.5% *Tracking error is not targeted, based upon simulations we expect a range of 5 to 10% p.a. relative to the MSCI world or comparable index Target excess return Number of stocks Tracking error 3% to 4% p.a. 500+ 5 to 10% p.a. Global Active Value Style Global Value Universe >15,000 stocks > 45 countries
  37. 38. Portfolio positioning – Cap weights <ul><li>Mega and large caps crowd out other opportunities </li></ul><ul><li>Mid cap stocks offer attractive opportunities </li></ul>Source: Schroder Global Quantitative Active Value Fund, MSCI World ex Australia as at 29 September 2006 All cap not large or small cap Mega and large account for 90% of the index Mid cap offers attractive opportunity
  38. 39. Portfolio Positioning - Regions <ul><ul><li>More even allocation between regions </li></ul></ul><ul><ul><li>Within Emerging Markets Asia is favoured </li></ul></ul>Source: Schroder Global Active Value Fund, current weights at 29 September 2006
  39. 40. Global Active Value Performance Source: Schroders. Inception is 01 September 2005 to 29 September 2006 Performance is in AUD and post fees Schroder Global Active Value relative to MSCI World ex Australia (Both hedged to AUD) (Inception: 1 September 2005)
  40. 41. GAV complements key competitors Source: Zephyr, Schroders Based on Schroder Global Active Value Composite and Backtest, 31 July 2003 to 30 June 2006 Global Active Value Correlation of Excess Returns with key competitors
  41. 42. Market Review
  42. 43. Global Equity Returns Source: MSCI as 29 September 2006 12.4% 8.4%
  43. 44. Conclusion <ul><li>Myths </li></ul><ul><li>Cap weighted benchmarks are hard to beat </li></ul><ul><li>Concentrated is better </li></ul><ul><li>Small is good </li></ul>Diversified Global Global Diversified Unconstrained Value
  44. 45. Schroder Global Active Value <ul><li>Available from </li></ul><ul><li>Direct </li></ul><ul><li>BT Wrap </li></ul><ul><li>Macquarie Wrap </li></ul><ul><li>SMF </li></ul><ul><li>Global Active Value offers a robust and repeatable process for capturing opportunities from global equity investing </li></ul>Global Unconstrained Diversified Global Diversified Value
  45. 46. Panel Discussion <ul><li>Tim Farrelly, Principal of farrelly’s </li></ul><ul><li>Marcus Hanel, Associate </li></ul><ul><li>Standard&Poor’s </li></ul><ul><li>Randal Jenneke, Head of Research </li></ul><ul><li>Schroders </li></ul><ul><li>David Philpotts, Portfolio Manager </li></ul><ul><li>Global Active Value </li></ul><ul><li>Schroders </li></ul>
  46. 47. farrelly’s +3.6%pa +9.1%pa Small value and Big value vs All Ords 0.400 0.600 0.800 1.000 1.200 1.400 1.600 1.800 89 91 93 95 97 99 01 03 05 Small value vs All Ords Large value v All Ords
  47. 48. Performance of large, mid & small caps <ul><li>As at June 30, 2006 (% p.a.) </li></ul><ul><li>Source: Standard & Poor’s </li></ul>. CONFIDENTIAL AND PROPRIETARY. Permission to reprint or distribute any content from this presentation requires the written approval of Standard & Poor’s. 0% 5% 10% 15% 20% 25% 30% 35% 1 year return 3 year return 5 year return Large Cap (1-50 ) Mid Cap (51-100 ) Small Cap (ex 100)
  48. 49. Mainstream vs boutique market cap exposure <ul><li>As at June 30, 2006 </li></ul><ul><li>Source: Standard & Poor’s </li></ul>. CONFIDENTIAL AND PROPRIETARY. Permission to reprint or distribute any content from this presentation requires the written approval of Standard & Poor’s. Large Cap (1-50) Mid Cap (51-100) Small Cap (ex 100) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% S&P/ASX 200 Accumulation Index Average Mainstream Manager Average Boutique Manager
  49. 50. farrelly’s Relative performance of Boutiques and Institutions for Australian equity portfolios Boutiques v Institutions 90 95 100 105 110 115 120 125 130 135 140 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05
  50. 51. farrelly’s Pricing Small v Big Australia 10 12 14 16 18 20 22 24 97 98 99 00 01 02 03 04 05 PE Ratio ASX 100 ASX Small Ords
  51. 52. Disclosure <ul><li>Analyst Disclosure: Analyst(s) remuneration is not linked to the rating outcome. The Analyst(s) may hold the financial product(s) referred to in the website or a rating report but Standard & Poor’s considers such holdings not to be sufficiently material to compromise the rating or opinion. Analyst(s) holdings may change during the life of a rating report. The Analyst(s) certify that the views expressed in the website or a rating report reflect their personal, professional opinion about the financial product(s) to which the website or report refers. </li></ul><ul><li>Standard & Poor’s Disclosure: In the event of any person subscribing to the financial product(s) referred to in the website or a rating report, such subscriptions may result in a Standard & Poor’s client receiving a commission, fee or other benefit or advantage. Details of any such benefits can be obtained from your financial adviser. Standard & Poor’s itself does not receive any commission. Prior to the assignment of any rating, the fund manager agreed to pay Standard & Poor’s a fee for the appraisal and rating service rendered. Standard & Poor’s assign ratings using comprehensive and objective criteria. Standard & Poor’s fee is not linked to the rating outcome. Costs incurred during the rating process, including travel and accommodation expenses, may be paid for by the fund manager to enable on site reviews. Standard & Poor’s does not hold or have a material interest in the financial product(s) referred to in the website or a rating report. Standard & Poor’s associates may hold the financial product(s) referred to in the website or a rating report but detail of these holdings are not known to the Analyst(s). Standard & Poor’s from time to time provides fund managers with investment data, research software, consulting and other financial planning services. Standard & Poor’s is a wholly owned member of the McGraw Hill Companies, a New York Corporation. The analytic services and products provided by Standard & Poor’s are the result of separate activities in order to preserve the independence and objectivity of each analytic process. Each analytic product or service is based on information received by the analytic group responsible for such product or service. Standard & Poor’s has established policies and procedures to maintain the confidentiality of non-public information received during each analytic process. Standard & Poor’s holds an Australian Financial Services Licence Number 258896. </li></ul><ul><li> Standard & Poor’s Information Services (Australia) Pty Limited </li></ul>. CONFIDENTIAL AND PROPRIETARY. Permission to reprint or distribute any content from this presentation requires the written approval of Standard & Poor’s.
  52. 53. Disclosure <ul><li>Analyst Disclosure: Analyst(s) remuneration is not linked to the rating outcome. The Analyst(s) may hold the financial product(s) referred to in the website or a rating report but Standard & Poor’s considers such holdings not to be sufficiently material to compromise the rating or opinion. Analyst(s) holdings may change during the life of a rating report. The Analyst(s) certify that the views expressed in the website or a rating report reflect their personal, professional opinion about the financial product(s) to which the website or report refers. </li></ul><ul><li>Standard & Poor’s Disclosure: In the event of any person subscribing to the financial product(s) referred to in the website or a rating report, such subscriptions may result in a Standard & Poor’s client receiving a commission, fee or other benefit or advantage. Details of any such benefits can be obtained from your financial adviser. Standard & Poor’s itself does not receive any commission. Prior to the assignment of any rating, the fund manager agreed to pay Standard & Poor’s a fee for the appraisal and rating service rendered. Standard & Poor’s assign ratings using comprehensive and objective criteria. Standard & Poor’s fee is not linked to the rating outcome. Costs incurred during the rating process, including travel and accommodation expenses, may be paid for by the fund manager to enable on site reviews. Standard & Poor’s does not hold or have a material interest in the financial product(s) referred to in the website or a rating report. Standard & Poor’s associates may hold the financial product(s) referred to in the website or a rating report but detail of these holdings are not known to the Analyst(s). Standard & Poor’s from time to time provides fund managers with investment data, research software, consulting and other financial planning services. Standard & Poor’s is a wholly owned member of the McGraw Hill Companies, a New York Corporation. The analytic services and products provided by Standard & Poor’s are the result of separate activities in order to preserve the independence and objectivity of each analytic process. Each analytic product or service is based on information received by the analytic group responsible for such product or service. Standard & Poor’s has established policies and procedures to maintain the confidentiality of non-public information received during each analytic process. Standard & Poor’s holds an Australian Financial Services Licence Number 258896. </li></ul><ul><li> Standard & Poor’s Information Services (Australia) Pty Limited </li></ul>. CONFIDENTIAL AND PROPRIETARY. Permission to reprint or distribute any content from this presentation requires the written approval of Standard & Poor’s.
  53. 54. Disclaimer <ul><li>This presentation is intended solely for the information of the person to whom it was provided by Schroder Investment Management Australia Limited (ABN 22 000 443 274) (Schroders). Investment in the Schroder Australian Equity Fund or the Schroder Global Active Value Fund Hedged (“the Fund”) may be made on an application form in the Product Disclosure Statement available from the Manager website www.schroders.com.au. It does not contain and should not be taken as containing any securities advice or securities recommendations. </li></ul><ul><li>Schroders does not give any warranty as to the accuracy, reliability or completeness of information which is contained in this presentation. Except insofar as liability under any statute cannot be excluded, Schroders and its directors, employees, consultants or any company in the Schroders Group do not accept any liability (whether arising in contract, in tort or negligence or otherwise) for any error or omission in this presentation or for any resulting loss or damage (whether direct, indirect, consequential or otherwise) suffered by the recipient of this presentation or any other person. Returns shown are before tax and after fees and all income is reinvested. </li></ul><ul><li>You should note that past performance is not a reliable indicator of future performance. Opinions constitute our judgement at the time of issue and are subject to change. </li></ul>

×