CPR SILVER AGE
Capitalizing on a future trend: Ageing
April 2014
Vafa Ahmadi
Head of Thematic
Equity Management
Speaker:
D...
CPR Asset Management
Company & Management Team
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The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investo...
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The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investo...
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The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investo...
CPR Silver Age
Ageing: a value creation’s theme
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The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investo...
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The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investo...
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The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investo...
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 Thematic Review:
Diabetes
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CPR Silver Age
Portfolio as of 28/02/2014
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CPR Silver Age
Appendice
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Nordnetin sijoitusilta 23.4.2014: CPR Silver Age -rahasto

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CPR Silver Age -rahaston alkunhoitaja Vafa Ahmadi: Väestön ikääntyminen on maailmanlaajuinen megatrendi. Se on edennyt suhteellisen hitaasti, mutta kiihtyy seuraavien vuosikymmenien aikana. Väestön ikääntymisellä on kauaskantoisia seurauksia kansantalouksille. Myös sinä voit hyötyä trendistä sijoittajana.

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Nordnetin sijoitusilta 23.4.2014: CPR Silver Age -rahasto

  1. 1. CPR SILVER AGE Capitalizing on a future trend: Ageing April 2014 Vafa Ahmadi Head of Thematic Equity Management Speaker: Document exclusively for use by professional clients, as per MIFID definition
  2. 2. CPR Asset Management Company & Management Team
  3. 3. 3 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. 75% 25% 100% A 100% subsidiary of Amundi Group, CPR Asset Management benefits from the support of its shareholders, Joined Credit Agricole Group in 2000 Key figures* CPR ASSET MANAGEMENT 20 years experience  Inception: 1989  Assets under management: €25.2 billions  A business on a human scale: 100 professionals of which a half dedicated to portfolio management Breakdown by asset classBreakdown by client’s profile A Diversified portfolio* * Source : CPR AM – 31st, December 2013 Money-Market 38% Distributor 15% Corporate 15% Institutional 69% International 4% Fixed Income &Credit 23% Balanced & Convertibles 20% Equity 19%
  4. 4. 4 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Malik HADDOUK Director Balanced & Convertibles Management Éric BERTRAND Director Fixed Income & Credit Management Cyrille COLLET Director Equity Management CFA, 21 years Experience Arnaud FALLER Chief Investment Officer Christian LOPEZ, Head of Quant Research Team Philippe WEBER Head of Strategy Nicolas JOHNSON Head of European Equities Management CFA, 21 years experience Vafa AHMADI Head of Thematic Equities Management SFAF, 17 years experience Rodolphe TAQUET Head of International Equities Management SFAF, 17 years experience Caroline CANARD European Equities Portfolio Manager 23 years experience Éric LABBÉ European Equities Portfolio Manager CFA, 22 years experience Philippe HÉRENT Assistant Portfolio Manager 21 years experience Vincent FORMERY International Equities Portfolio Manager SFAF, 17 years experience Seiha LOK International Equities Portfolio Manager 11 years experience Clément MACLOU Thematic Equities Portfolio Manager SFAF, 11 years experience Éric BERTRAND Deputy Chief Investment Officer STRATEGYQUANT RESEARCH EQUITYBALANCED & CONVERTIBLES FIXED INCOME & CREDIT EUROPEAN EQUITIES TEAM INTERNATIONAL EQUITIES TEAM THEMATIC EQUITIES TEAM CPR Silver Age CPR Asset Management Equity Management Team Walid AZAR ATALLAH Assistant Portfolio Manager 3 years experience
  5. 5. 5 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Vafa Ahmadi Head of Thematic Equities Management Vafa joined CPR Asset Management in 2006 first as Head of Direct Investments Global balanced Team and then in 2009 as Head of Thematic Equities. He began his career, in 1997, at BNP Gestion in quality of French Equity Portfolio Manager. He moved to Deutsche Asset Management as a European Equity Portfolio Manager (1998-2004), then, at Aurel Leven, as Director of Institutional Management. Vafa is a SFAF (French Financial Analystes Society) graduate and member. He holds a post-graduate in Finance from University of Panthéon-Sorbonne and spent few months (1995) at Johnson Graduate School of Management Cornell University (NY, USA) as a Researcher. Clément Maclou Thematic Equities Portfolio Manager Clément joined the Equity Team of CPR Asset Management in 2007 as Assistant Portfolio Manager: first as Assistant Portfolio Manager over Global Equities portfolios and then over European Equities portfolios. Since 2009, he has been portfolio manager within Thematic Equities department in collaboration with Vafa Ahmadi. Prior to this, he was, between 2005 and 2007, at the Reporting & performance attribution department. Before joining CPR Asset Management, he was an Assistant Fixed Income Fund Manager at Martin Maurel Gestion. Clement holds a post graduate degree in International Financial Management from IAE in Aix-en-Provence - France (Institut des Administrations d’Entreprises), he is graduated from the Business School ESCE (Paris). CPR Asset Management Portfolio management team – Thematic equities Walid Azar Atallah Assistant Portfolio Manager Walid joined CPR Asset Management in summer 2013 as Assistant Portfolio Manager within the Thematic Equities Team. Prior to this, we worked as a broker at GFIC (Gulf Finance and investment Company - Beirut), as a Macroeconomic Analyst at Aksys Capital (Beirut). Walid Obtained a masters in trading and risk management from INSEEC Business School in Paris and a Bachelor in Economics from Saint Joseph University in Beirut.
  6. 6. CPR Silver Age Ageing: a value creation’s theme
  7. 7. 7 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. CPR Silver Age in a nutshell  Ageing ?  One of the strongest underlying giga-trends in the developed world  Ageing as an investment thematic?  One of the only non-cyclical and permanent thematics  Therefore, a buy & hold approach for investors  What’s the fund’s investment universe?  European equities, since ageing phenomenon has the highest acuteness (ex. Japan)  A conviction-based management:  Actively managed non-benchmarked fund  Extremely important sector biases in order to capitalize on every aspect of the ageing  A high TE ( 3% / 7%) and a concentrated portfolio ( 60 stocks)  Characteristics  More than €465M AuM (April 2014)  Vafa AHMADI & Clément MACLOU are the portfolio managers since inception (2009)  CPR Silver Age is a FCP under French law
  8. 8. 8 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Population ageing: an inexorable trend in Europe and beyond  A trend which is affecting all countries and not only developed countries  The trend is expected to accelerate after 2015, especially in Europe  Initially the third-age boom will affect above all those in the 65-80 age group and to a lesser extent the 80+ age group 0 5 10 15 20 25 30 2010 2020 2030 2040 2050 World Asia Northern America Europe Population over 65 in % (Source : Undata – 2010) European Population by age bracket in % (Source : Undata – 2010) 0% 1% 2% 3% 4% 5% 6% 7% 8% 2010 2035
  9. 9. 9 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Average wealth per age in thousands of euros Source: Insee, wealth survey 2009-2010 Wealth at its highest. More and more sectors are more and more driven by elderly population spending. Change in seniors expenditures from 2005 to 2015 in % Source: INSEE, familly budget survey, 2006 – calculations CRÉDOC * Seniors share on the whole consumption ** the other services are 64% insurance, 18% Beauty Care, 11% other services, 3% personal care, 3% financial services & 3% personal belonging. The projection method is based on a model incorporating effects of generation, age and income. Assumption until 2015: 1.6% annual income growth 27 38 40 44 44 46 47 48 49 50 51 53 57 33 43 45 49 51 51 52 54 57 58 58 60 64 0 20 40 60 80 Education Hotels-restaurants Clothing Communication Transportation Housing Alcohol-tobacco Seniors share* Leisure Household Eq. Others services** Food Health 2015 2005 15 25 43 56 79 74 27 121 177 218 219 159 0 50 100 150 200 250 300 350 <30 years 30-39 years 40-49 years 50-59 years 60-69 years >70 years Real Estate assets Financial assets The Seniors Dynamic Consumers
  10. 10. 10 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Beyond the challenges – opportunities Taking advantage of the third age boom on European markets  We identified 2 consumer segments:  Future/young pensioners: former baby- boomers with relatively high purchasing power (major consumers):  More spare time, leisure & lifestyle (traveling, gardening…)  Staying in good health as long as possible (personal care)  Wealth at its highest (Asset gathering)  The elderly: over 80  More dependent (medical care)  Higher vulnerability (security) Leisure Well-being Asset gathering Dependency Security Healthcare Equipment Pharma -ceuticals 7 Thematic sectors ► 200 stocks identified Source: CPR AM – the identified sectors may be changed Universe’sdefinition  We identified 2 consumer segments:
  11. 11. 11 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Ageing, a value creating thematic 1. Higher than average growth  Historically, companies with ageing related activities have recorded above average growth (sales and earnings).  This trend is likely to intensify in the coming years * Median of the growth rates of the stocks making up the MSCI Europe and the CPR Silver Age investment universe as at 01/06/2014 - Source Factset ** Average of the median growth rates 1997 to 2013 Investment universe CPR Silver Age MSCI Europe Sales Growth Rate* Earnings Growth Rate* Average ** Universe 10.3% MSCI Europe 9.0% Average ** Universe 7.3% MSCI Europe 6.0% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% -8% -4% 0% 4% 8% 12% 16% 20%
  12. 12. 12 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Slowing downward trend, Accelerating upward trend Source: Factset – 14/03/2014 0% 2% 4% 6% 8% 10% 12% 14% 01/10 07/10 01/11 07/11 01/12 07/12 01/13 07/13 01/14 Univers Silver Age MSCI Europe 2% 4% 6% 8% 10% 12% 14% 01/10 07/10 01/11 07/11 01/12 07/12 01/13 07/13 01/14 Univers Silver Age MSCI Europe 6% 7% 8% 9% 10% 11% 12% 13% 14% 01/11 07/11 01/12 07/12 01/13 07/13 01/14 Univers Silver Age MSCI Europe 2013 – Forward EPS Consensus revision 2014 – Forward EPS Consensus revision 2015 – Forward EPS Consensus revision Ageing, a value creating thematic 2. A robust investment universe
  13. 13. 13 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Sector Companies Description Asset Gathering Life Insurance, Retirement Savings, Asset Management Pharmaceuticals Drugs treatment: Diabetes, Heart, Cancer… Healthcare Equipement Glasses, Hearing aids, Dialysis, scanner, Breathing aids… Leisure Travels, tourism, Hotels, Restaurant, Gardening,… Well-Being Beauty Care, Cosmetics, hygiene products… Dependency Retirement home, Personal care services, Funeral… Security Personal security, Sanitary security, Others… Investment Universe: Examples of stocks by sectors Source: CPR AM – the identified sectors & stocks may be changed
  14. 14. 14 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Investment Process: Mixed Top-Down/Bottom up approach process Portfolio construction Determining the sectors and universe of companies benefiting from population ageing Evaluation of the sectors according to their past and future growth (sales and earnings) Within each sector, selecting the most interesting stocks on the basis of qualitative and quantitative criteria 1 Sector allocation 2 Stock picking Portfolio of approximately 60 stocks (min 50 – max 70) maximum weight per stock 4% 3 (~200 stocks) (~60 stocks)
  15. 15. 15 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. 0% 5% 10% 15% 20% 25% 30% Asset Gatherer Dependency Health Care Equipt Leisure Well Being Pharmaceuticals Security 31/12/2010 31/12/2011 31/12/2012 31/12/2013 A dynamic sector allocation Historical sectors breakdown Sector Breakdown since inception Source: CPR AM An active management: CPR Silver Age is not an index fund
  16. 16. 16 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. In the course of the year a net preference for cyclical/value stocks Towards the end of the year a more defensive stance Sector Breakdown CPR Silver Age : Dynamic sector breakdown Evolution of the sectorial allocation since 2013 & Q1 2014 Source: CPR AM -3% 2% 7% 12% 17% 22% 27% 32% Asset Gatherers Dependency Medical Tech. Leisures HPC Pharmaceuticals Security 31/12/2012 30/09/2013 31/12/2013 31/03/2014
  17. 17. 17 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. An evolving investment universe Stock Country issuer Sector Capitalisation € Mios Description Profile Picking Svenska Cellulosa AB Sweden Well Being 14,562 European leader producer for personal care products, tissue and forest products Present in 100 countries 36,000 employees Sold in Q3 2013 CompuGroup Medical AG Germany Healthcare Equipment 969 World specialist for health information systems and data processing Present in 34 countries 3,600 employees Sold in January 2014 Dignity Plc United Kingdom Dependency 970 Funeral services specialist Present in UK 2,250 employees In portfolio since March 2013 Fiskars Finland Leisure & Lifestyle 1,413 Global supplier of branded consumer products for the home, garden and outdoors Present in 20 countries 4,100 employees Under review Not in portfolio N Brown Group United Kingdom Leisure & Lifestyle 1,500 World specialist for direct home shopping catalog, like senior’s clothing. Present in 3 countries (UK, DE, USA) 3,000 employees Sold in Q3 2013 Source: CPR AM
  18. 18. 18 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Denmark Health Care Equipment Marketed in more than 90 countries – 5,000 employees Market Capitalization € 3.1 bn Global market leader within hearing aids and hands free audio Leading international developer and manufacturer of advanced and innovative hearing healthcare solutions Analysis : World hearing aids market is € 4.5 bn estimated with 11 millions hearing materials sold in 2012. The market long term average growth rate is expected between 5 and 7% (5% for 2013). Business is mainly focused on Europe and USA. GN Store owns 16% market share through its brand Resound, Beltone and Intertone. Beyond hearing aids (62% of sales), GN Store is active in the hands free audio solutions and a pioneer in the Bluetooth technology. GN Store posts interesting mix-product & margin expansion opportunity driven by the SMART restructuring program Stock selected in April 2013. Price in EUR – Reinvested Dividends - 14/03/2014 - Source: Factset Stock Picking: Investment Case - Healthcare Equipment sector 0 100 200 300 400 500 600 700 800 900 1000 03/09 03/10 03/11 03/12 03/13 MSCI Europe (EUR) GN Store (EUR) 5 years returns
  19. 19. 19 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Stock Picking: Investment Case - Asset Gathering Sector Prudential – UK – Life Insurance Active in 38 countries – 27 600 employees – Market Capitalization €42 bn Prudential is the leader in life insurance in the UK and in Asia. Analysis: An important market share in the UK and more specifically fastly growing market shares in the asian markets, and a outstanding execution record, Prudential is probably one of the most intersting stock in the sector. Life insurance and asset gathering are both benefiting from the growing elderly population. Stock in portfolio since May 2012. 0 50 100 150 200 250 300 350 400 450 500 03/09 03/10 03/11 03/12 03/13 MSCI Europe (EUR) Prudential (EUR) Price in EUR – Reinvested Dividends - 14/03/2014 - Source: Factset 5 years returns
  20. 20. 20 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Anticipating medium/long term impact of ageing on sector: an Advisory Board The committee was set up at the time of the fund’s inception • A forum for discussion between experts and the fund management team • Objective: to anticipate/understand regulatory/social/medical and technological changes • To contribute a Pan-European vision regarding of ageing implications • A panel of experts covering the main sectors (CNAM, medical community, pharmaceutical industry, technology, etc.) Biyearly meetings In partnership with the Silver Life Institute
  21. 21.  Thematic Review: Diabetes
  22. 22. 22 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Thematic review: diabetes  The diabetes market is growing rapidly. The number of cases identified worldwide has increased from 30 million in 1985 to 194 million in 2010 and the World Health Organisation (WHO) estimates that the number of cases will increase to more than 300 million by 2025.  According to the data published by the Foster Rosenblatt Institute 8.6% of the US population and 7.7% of the European population suffer from diabetes. The prevalence of the disease in the 45-80 age group varies between 70 and 80%.  This growth can be attributed to the significant increase in obesity rates in developed countries and the problem of population ageing. At the same time, this issue also affects Chine where lifestyles are becoming “westernised” as a result of urbanisation and an increase in disposable income.  This theme has been at the heart of our investments in the pharmaceutical sector since the fund’s inception.
  23. 23. 23 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Body mass index Obesity in 2008 (in kg/m2 population > 20 years of age) Obesity in 1980 (in kg/m2 population > 20 years of age)
  24. 24. 24 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. A worrying upward trend in prevalence rates throughout the world It is estimated that the prevalence rate for diabetes in the USA will be 34.5 million people in 2020 (vs. 24.6 in 2010), i.e. an annual growth rate of 3.9%. It is estimated that the diabetes prevalence rate in Europe will be 26.2 million people in 2020 (vs. 24 in 2010), i.e. an annual growth rate of 1%. In the US, the number of people diagnosed with diabetes rose more than 50% in 42 states and 100% in the remaining 8 states over the 1995- 2010 period
  25. 25. 25 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Diabetes, China also exposed to the disease According to a study done by Novo Nordisk, the number of Chinese people suffering from diabetes should double in the forthcoming years to reach 80,5 Million cases in 2025 against 40 Million in 2010. The main drivers of this trend are an ageing population, urbanization and significant changes in alimentary habits. Novo Nordisk and Sanofi are already well established in this region. In China, 1 person out of 5 aged 70 and above suffer from diabetes
  26. 26. 26 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. The positive pricing power of laboratories treating diabetes The switch in the treatment of diabetes from injectable human insulin to synthetic insulin with simpler methods of administering insulin have enabled laboratories to increase significantly their prices, as can be seen from the charts opposite. Stock market performance of Novo Nordisk, the world leader in diabetes care
  27. 27. CPR Silver Age Portfolio as of 28/02/2014
  28. 28. 28 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Portfolio as of end March 2014 Main bets Source: CPR AM Stocks in portfolio: 58 Country Company Sector Ptf Wght% Bmk Wght% Spread Denmark Coloplast-B Health Care Equipt 2.75% 0.10% 2.65% Sw itzerland Sw iss Life Holding-reg Asset Gatherer 2.46% 0.09% 2.37% United Kingdom Whitbread Plc Leisure 2.43% 0.14% 2.29% France Korian Dependency 2.24% 0.00% 2.24% United Kingdom Berendsen Plc Leisure 2.19% 0.00% 2.19% France Orpea SA Dependency 2.10% 0.00% 2.10% Denmark H. Lundbeck A/S Pharmaceuticals 2.06% 0.00% 2.06% United Kingdom Stagecoach Group Plc Leisure 1.94% 0.00% 1.94% United Kingdom Greene King Plc Leisure 1.93% 0.00% 1.93% United Kingdom Home Retail Group Leisure 1.86% 0.00% 1.86%
  29. 29. 29 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Portfolio as of end March 2014 Sector Breakdown Source: CPR AM Sector breakdown CPR Silver Age Investment universe = 30% of MSCI Europe 23% 5% 12% 29% 4% 25% 3% 5% 0% 2% 2% 2% 11% 0% 0% 5% 10% 15% 20% 25% 30% 35% Asset Gatherer Dependency Health Care Equipt Leisure Well Being Pharmaceuticals Security CPR Silver Age MSCI Europe
  30. 30. 30 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Portfolio as of end March Market capitalization breakdown Source: CPR AM Market Cap. breakdown 39% 20% 39% 1% 85% 11% 4% 0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Mega >10 € Bn Large >5 € Bn Middle >1 € Bn Small < 1 € Bn CPR Silver Age MSCI Europe
  31. 31. 31 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Portfolio as of end March Country Breakdown Source: CPR AM Country breakdown 30% 11% 14% 12% 3% 5% 8% 4% 8% 2% 2% 0% 2% 32% 15% 14% 14% 3% 4% 5% 5% 2% 2% 0% 1% 1% 0% 5% 10% 15% 20% 25% 30% 35% UK FR CH DE IT NL ES SE DK BE LU NO IE CPR Silver Age MSCI Europe
  32. 32. 32 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Performance - CPR Silver Age (net of fees / share I) (22/12/2009 – 31/03/2014) Source : CPR AM Returns since inception (22/12/2009 = 100) Calendar Performances (€) Year CPR Silver Age - I MSCI Europe (ND) Spread 2009 1.39% 1.08% 0.31% 2010 14.34% 11.10% 3.25% 2011 -8.33% -8.08% -0.25% 2012 27.55% 17.29% 10.25% 2013 27.39% 19.82% 7.57% 2014 2.69% 2.08% 0.62% Source : CPR AM - Inception, December 22nd, 2009 Past performances are not constant over time and are not therefore a reliable indicator of future performance. CPR Silver Age is 1st décile over 1 year, 2 years, 3 years and since Inception source: Morningstar, Europe Large-Cap Blend Equity, February 2014 3 months YTD 1 year 3 years Inception 3 years Inception Volatility TE IR CPR Silver Age - I 2,70% 2,70% 18,83% 54,36% 77,33% 15,55% 14,34% 12,03% 3,77% 0,91 MSCI Europe (ND) 2,08% 2,08% 15,99% 31,03% 48,08% 9,42% 9,62% 12,72% Spread 0,62% 0,62% 2,83% 23,33% 29,25% 6,14% 4,72% Source: CPR AM - returns are net of fees, in euro - ratio raculated on a weekly frequency - data as of M arch 31st, 2014 - Inception, December 22nd, 2009 Cumulated returns Annualised returns Ratios (1 year rolling) 177,32 147,87 90 100 110 120 130 140 150 160 170 180 190 22/12/2009 22/02/2010 22/04/2010 22/06/2010 22/08/2010 22/10/2010 22/12/2010 22/02/2011 22/04/2011 22/06/2011 22/08/2011 22/10/2011 22/12/2011 22/02/2012 22/04/2012 22/06/2012 22/08/2012 22/10/2012 22/12/2012 22/02/2013 22/04/2013 22/06/2013 22/08/2013 22/10/2013 22/12/2013 22/02/2014 CPR Silver Age Part I MSCI Europe
  33. 33. 33 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. CPR SILVER AGE Positioning versus peers as date of February 28th, 2014  Global: Europe Large-Cap blend Equity Source: Morningstar Performances cumulated under 1 year and annualized over. Calculated net of fees Volatilty in % Returnsin% Europe Large-Cap Blend Equity – Risk / Return 3 years Source: Morningstar – Past performances are not constant over time and are not therefore a reliable indicator of future performance. Returns 1 month 3 months 6 months YTD 1 year 3 years 2013 CPR Silver Age I A/I 5.68 6.76 17.63 4.91 25.32 14.99 28.04 MSCI Europe NR EUR 4.77 3.97 13.88 2.92 18.82 8.44 20.30 Spread 0.91 2.79 3.75 2.00 6.51 6.56 7.74 %beaten competitors 91 95 93 93 94 99 97 # funds 620 620 619 620 617 562 613 Morningstar category: Europe Large-Cap Blend Equity CPR Silver Age I A/I Average Universe -2 0 2 4 6 8 10 12 14 16 18 7 9 11 13 15 17 19
  34. 34. CPR Silver Age Appendice
  35. 35. 35 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. CPR Silver Age Technical characteristics of units P, I & E General Investment manager CPR Asset Management Legal form FCP (Fonds Commun de Placement) under French law Custodian CACEIS Reference currency of the funds EUR Inception date 22-12-2009 Recommended investment period 5 years min. Order All Investors Institutional investors Distributors Share Class P I E Reference currency of the class EUR EUR EUR Currency Hedge No No No ISIN Code FR0010836163 FR0010838284 FR0010917658 Minimum initial subscription 1 share or 1/1000 € 500,000 1 share or 1/1000 Share categories Accumulation or/and distribution accumulation Frequency of NAV calculation Daily Cut off for dealing times daily, up to 12:00, on the basis of the day’s NAV, settlement D+1 Fees* Maximum subscription fee 5% 3% 3% Maximum redemption fee None Maximum annual management fee 1.50% 0.75% 2.20% Performance fee 15 % inclusive of taxes on the part of the performance in excess of the MSCI Europe (ND), up to 2% of net assets** Risk Capital Guaranteed No Equity and market risk Yes Counterparty risk Yes Foreign Exchange risk Yes 1 2 3 4 5 6 7 Risk level KID (indicative) CPR Silver Age Profile Management style Thematic, Active Universe European equities Objective To outperform the European equity market over a long period using the dynamics of the equities linked with the ageing population Not all share classes and, as the case may be, share categories are registered for sale in all countries. Investors may contact CPR Asset Management for further information. *Please consult the prospectus for a comprehensive explanation of all fees. **A detailed explanation of the performance fees is provided in the Prospectus The prospectus is available on request from CPR Asset Management Country registration Austria, Belgium, France, Finland, Germany, Spain, Switzerland, Sweden CPR AM A 100% subsidiary of Amundi Group, CPR Asset Management benefits from the support of its shareholders, Crédit Agricole and Société Génrale. The company joined Credit Agricole Group in 2000 Key figures • Inception: 1989 • AUM: €25.2 billions (Dec. 2013) • A business on a human scale: 100 professionals of which a half dedicated to portfolio management
  36. 36. 36 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Financial ratios – February 2014 Source: CPR AM - Factset CPR Silver Age MSCI Europe TE Ex-ante 3.54% - Average market Cap (bn EUR) 24.19 58.69 Per 12 Month forward 16.37 14.12 Price to Book 2.56 1.81 Price to Cash Flow 14.49 9.29 Dividend Yield 2.26% 3.32% Annualized Revenue Growth (n/n+2) 3.36% 3.68% Annualized Earning Growth (n/n+2) 13.78% 10.66%
  37. 37. 37 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Ageing, a value creating thematic Lower cost of capital • Historically, companies with ageing related activities have recorded above average growth (sales and earnings). • This trend is likely to intensify in the coming years Savings 1.43 Dependency 0.70 Medical Equipment 0.63 Leisure & Life Style 1.04 Personal grooming products 0.69 Pharmaceuticals 0.50 Security 0.99 Beta Global 0.79 • On average companies exposed to the ageing thematic show a beta below 1 Sector Beta of the universe Source : CPR AM au 31/12/2013 Growing faster Smaller than the market’s Cost of capital – related to sector beta β Earnings growth Equity valuation Ageinguniverse Value creation (overperformance) vs. MSCI Europe
  38. 38. 38 The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorized in all countries or available to all clients. Disclaimer Past performances are not constant over time and are not therefore a reliable indicator of future performance. The information contained in this document is not contractual and does not engage the responsibility of CPR AM. The information contained in this document is based on sources believed to be reliable, but no guarantee is made that it is accurate, complete, valid or relevant and it should not be considered as such for any purpose whatsoever. Neither this publication nor any part of it constitutes an offer to buy shares, an offer of securities to the public, investment advice or a solicitation of any kind by CPR AM. The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered or authorised in all countries or available to all clients. The legal documentation for OPCVM funds (information notices, full prospectuses) as approved by the AMF are available from the following address: www.cpr-am.fr For more information, please contact the publisher: CPR Asset Management, a portfolio management company approved by the AMF under registration number GP 01-056, dated 21 December 2001 (Autorité des Marchés Financiers - 17, place de la Bourse - 75082 PARIS CEDEX 02), Société Anonyme with capital of €46,155,465 – 399 392141 RCS, 90 boulevard Pasteur – 75015 Paris, France. Tel: +33 (0)1 53 15 70 00 This publication may not be reproduced in whole or in part, nor communicated to a third party, without the prior authorization of CPR AM.

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