Company was founded to manage the assets of its Clients by investing on the capital markets, in particular in shares and debt securities. The Asset Management activity is run under a licence obtained from the Polish Financial Supervision Authority on May 26, 2010. Caspar AM was founded as an alternative to large asset managing institutions which are a part of complex, often multi-layered, capital groups. In comparison to such entities, Caspar AM acts independently and is flexible when it comes to meeting the needs of its clients. Caspar AM’s services are directed to High Net Worth Individuals with available assets of more than 1 mln PLN and Institutional Investors who wish to invest in Central and Eastern European Markets with the help of experienced specialists of the region.
2. We manage our clients’ assets on the Equities and Fixed Income
markets. We are independent and all our investment decisions
are dictated by the specific needs and best interest of our
clients.
We offer professionally and efficiently managed individual
clients’ portfolios and investment funds, including dedicated
closed private funds. We invest, among others on the US and
European markets.
THE CASPAR
GROUP
A B O U T U S
ASSETS UNDER THE MANAGEMENT AND ADMINISTRATION OF THE CASPAR
CAPITAL GROUP: OVER PLN 2.5 BILLION* (OVER 640 MILLION USD)
S . 2
Caspar Asset Management SA
* D A T A AS OF 3 1 . 0 3 . 2 0 2 1 .
3. S . 3
Caspar Asset Management SA
CASPAR
The Caspar Capital Group consists of 3 companies: Caspar Asset Management SA (founder).
Caspar Mutual Funds Company SA and the independent distributor F-Trust SA.
4. S . 4
Caspar Asset Management SA
financial instruments
OFFER
manage the assets
ASSET MANAGEMENT
investment
COUNSELING
CASPAR AM SA
The company was founded to manage the assets of its Clients
by investing on the capital markets, in particular in shares and
debt securities. The Asset Management activity is run under a
licence obtained from the Polish Financial Supervision Authority
on May 26, 2010.
5. S . 5
Caspar Asset Management SA
investmen funds
CREATION
investment funds units
DISTRIBUTION
Caspar Parasolowy FIO and dedicated
closed-end investment funds
MANAGEMENT
CASPAR TFI SA
The company’s main activity is the creation and
management of investment funds and the distribution of
units of investment funds. The company is regulated by
the Polish Financial Supervision Authority.
6. S . 6
Caspar Asset Management SA
mutual funds and saving products
OFFER
over 1000 polish and foreign funds
MUTUAL FUNDS
reports, guides, barometers
EDUCATION
F-TRUST SA
The distributor of mutual funds and savings products, in its offer
has more than 1,000 funds. The overriding feature of the
company is a total independence in the selection process and
offering customers the best products tailored to their needs.
7. WHAT MAKES US DIFFERENT
REPUTATION
We are independent from
any large financial
corporation, our only focus
is our clients’ interest.
INVESTMENT RESULTS
Good and stable long
term investment results
and award winning
asset managers.
PHILOSOPHY
We look for investment
opportunities all around
the world.
INVESTMENT TEAM
Investment
methodology based on
fundamental analysis.
S . 7
Caspar Asset Management SA
8. CASPAR AM: THE INVESTMENT PROCESS
S . 8
Caspar Asset Management SA
The Investment Committee (monthly meetings) supervises fund managers perfomance and investment risk.
The Investment Commitee may impose internal investment limits.
Clear decision making process: fund managers are responsible for composites - stock-picking (bottom-up approach) enhanced by top-down
approach and sectorial analysis.
Fund managers are supported by a team of 4 Analysts.
Weekly Analytical Committee – regular analysis of the portfolio companies and potential new investments.
Hundreds of meetings, presentations and conference calls every year with management and IR departments of companies around the world.
Investment decisions supported by in house analysis tools, models and IT solutions.
Cooperation with outside research providers. Research agreements signed with global investment banks, regional brokers and some specialized
research boutiques. Regular calls with outside analysts.
Dealers Department use IT systems for centralized dealing. Low cost execution-only agreements signed with brokers within MIFID II.
TEAM WORK IS ESSENTIAL
9. BŁAŻEJ BOGDZIEWICZ, CFA
20 years of experience in Capital Markets and Asset
Management. CFA charterholder and licensed
Investment Advisor. Co-founder, shareholder and
Investment Director of Caspar AM.
PIOTR ROJDA, CFA
CFA charterholder and licensed Investment Advisor.
Deputy Investment Director, portfolio manager.
With Caspar AM since 2015.
CASPAR AM - THE INVESTMENT TEAM
A D D I T I O N A L L Y S U P P O R T E D B Y A T E A M O F A N A L Y S T S
T H E C A S P A R V A L U E S : C R E D I B I L I T Y A N D D E V E L O P M E N T
MATEUSZ JANICKI
Holder of a polish Investment Advisor license.
Portfolio manager.
With Caspar AM since 2014.
WOJCIECH KSEŃ
20 years of experience in Capital Markets , including in
Paris and London.
Holder of a polish Securities Broker license.
Deputy Investment Director.
With Caspar AM since 2010.
S . 9
Caspar Asset Management SA
BARTOSZ WAWRZYNÓW, PHD
Scientific consultant. Actively associated with the
subject since 2002, accumulated expertise in the field
of molecular biology, biochemistry and
biotechnology.
10. S . 10
Caspar Asset Management SA
INVESTMENT MEETINGS
AND CONFERENCE
CALLS WITH
COMPANIES IN 2020
11. S . 11
Caspar Asset Management SA
C A S P A R T O W A R Z Y S T W O F U N D U S Z Y I N W E S T Y C Y J N Y C H S A
INVESTMENT FUNDS
CASPAR
FUND
CASPAR EUROPEAN
EQUITY SUBFUND,
FROM 02.11.2012
BEST EUROPEAN
DEVELOPED
MARKETS FUND 2019
CASPAR GLOBAL
SUBFUND, FROM
15.12.2015
BEST MIXED
FUND 2020
CASPAR STABLE
SUBFUND, FROM
04.06.2019
BEST STABLE FUND
04.06.2019-
16.07.2020
12. S . 12
Caspar Asset Management SA
A strategy focused on markets around the world.
We focus on innovative companies that are or have the potential to become leaders in their industries at the expense of companies from the so-
called "Old economy".
The valuations of European companies are clearly lower than those of the US.
The dispersion of investments across many countries around the world, mostly in the USA.
Investments in biotechnology. Biotechnology and medicine are changing and creating new investment opportunities. Currently, we are
witnessing great progress, among others in genetics and oncology. Many of these changes and new therapies are available thanks to advances
in genome research.
Investing globaly to maximise the scope of investment opportunities. Our managers gain knowledge about individual markets, industries and
companies listed on global stock exchanges during regular meetings and teleconferences with company management boards.
CASPAR GLOBAL SUBFUND
13. S . 13
Caspar Asset Management SA
( B L O O M B E R G – C A S P G L S : P W )
CASPAR GLOBAL SUBFUND PLN
Data as: 31.03.2021.
Benchmark: 100% MSCI World Net Total Return USD Index (NDDUWI).
3m 1y 3y YTD
Fund 4,06% 54,49% 91,63% 4,06%
Benchmark 12,33% 35,23% 43,00% 12,33%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
12.2015 04.2016 08.2016 12.2016 04.2017 08.2017 12.2017 04.2018 08.2018 12.2018 04.2019 08.2019 12.2019 04.2020 08.2020 12.2020
Fund
Benchmark
14. S . 14
Caspar Asset Management SA
A fund based on 3 pillars - global equities, US Treasury bonds, Polish Treasury bonds.
It is the instruments issued by the State Treasury that enjoy the opinion of the safest. They are the ones where resources flow when something bad
happens and investors seek shelter. They are characterized by high liquidity, which is a key issue in times of crisis and unrest. They account for
approximately 30-40% of the fund's portfolio.
US Treasury bonds are considered the safest financial instrument on a global scale. Behind it stands the largest and most innovative economy in
the world. In the investment portfolio, they play the role of a fuse in the event of crises in the global economy or on global stock exchanges and
constitute about 30-40% of the total.
Adding stocks to your savings is essential if you want to get a positive real rate of return. In the face of low interest rates and, at the same time,
significant inflation - you have to be invested in equities. It is not easy, and the current crisis certainly does not make it easier. Equities represent
approximately 30% of Caspar Stable's portfolio.
Risk parity is an investment portfolio management concept, according to which each asset class included in the portfolio should have the same
contribution to the risk of the entire portfolio. "Stitched" is too strong a word in this case because we do not want to automate the management of
this fund based on volatility. We treat this mechanism as a supporting tool that will allow us to adjust the allocation to market risk.
CASPAR STABLE SUBFUND
15. S . 15
Caspar Asset Management SA
( B L O O M B E R G – C A S P L E A : P W )
CASPAR STABLE SUBFUND PLN
Data as: 31.03.2021.
Benchmark: 30% MSCI World Index (MXWO) + 50% of the NBP reference rate (or the middle of the range if a range is specified instead of the rate level) + 20% Federal Funds Target Rate - Lower Bound (FDTRFTRL).
3 m 6 m 1 y YTD
Fund 2,41% 8,01% 13,81% 2,41%
Benchmark 3,73% 6,32% 12,29% 3,73%
-5%
0%
5%
10%
15%
20%
25%
30%
06.2019 08.2019 10.2019 12.2019 02.2020 04.2020 06.2020 08.2020 10.2020 12.2020 02.2021
Fund
Benchmark
16. S . 16
Caspar Asset Management SA
Like every crisis, the current one has its winners and losers. Among European companies, there are sectors which may be beneficiaries of
changing social trends, as well as those which may benefit from the political decisions made.
Caspar European Equity Subfund focuses on three groups of companies:
technological and combining IT and medicine - the main items in this sector include, among others the Dutch manufacturer of
semiconductor production equipment ASML Holding or Evotec A.G. - a drug discovery and development company.
renewable energy sources and clean technologies - in this group it is worth mentioning the Danish manufacturer of wind turbines Vestas or
the company Alstom, which is associated with trains and locomotives, but which has, among others, developed an innovative hydrogen drive
for locomotives.
smart value or stable revenues - a lot has changed in recent months in the lives of consumers, but companies such as Jeronimo Martins or
global telecoms - such as Orange or Deutsche Telekom - do not complain about the lack of traffic.
It is an open and regional equity sub-fund which implements an investment policy by investing assets mainly in equities and concentration of
investments in a specific geographical area.
CASPAR EUROPEAN EQUITY SUBFUND
17. S . 17
Caspar Asset Management SA
( B L O O M B E R G – C A S C E E A : P W )
CASPAR EUROPEAN EQUITY SUBFUND PLN
Data as: 31.03.2021.
Benchmark: MSCI Europe Net Total Return Index.
3 m 1 y 3 y YTD
Fund 5,55% 46,25% 61,56% 5,55%
Benchmark 10,37% 49,77% 0,89% 10,37%
-50%
0%
50%
100%
150%
200%
250%
11.2012 05.2013 11.2013 05.2014 11.2014 05.2015 11.2015 05.2016 11.2016 05.2017 11.2017 05.2018 11.2018 05.2019 11.2019 05.2020 11.2020
Fund
Benchmark
18. S . 18
Caspar Asset Management SA
P O R T F O L I O M A N A G E M E N T S E R V I C E
INVESTMENT STRATEGIES
The asset management service consists in managing the financial assets of institutional and individual clients in order to achieve above-average
profits. The funds entrusted to us by the client are invested on his behalf and on his account in carefully selected financial instruments. Many years
of experience in managing portfolios are indispensable here. We analyze European and global listed companies, choosing those with the potential
to be leaders in their sectors and the highest innovation potential.
HIGH
S T R A T E G Y
EUROZON E EQUITY
HIGH
HIGH
S T R A T E G Y
USA EQUITY
S T R A T E G Y
STABLE GROWTH FOR
CONCENTRATED EQUITY
MEDIUM
RISK
S T R A T E G Y
BI OTECHNOLOGY A ND
HEA LTHCARE COMPANIES
S T R A T E G Y
CONCENTRATED EQUITY
19. S . 19
Caspar Asset Management SA
STABLE GROWTH STRATEGY FOR CONCENTRATED EQUITY
Data as: 31.03.2021.
Benchmark 30% MSCI World Net Total Return USD Index (NDDUWI) + 70% WIBOR 6M. The currency of the Benchmark is Polish zloty. Results counted from: 31/07/2018.
YT 3m 6m 1y YTD
Strategy 2,64% 10,28% 15,29% 2,64%
Benchmark 3,27% 6,66% 13,10% 3,27%
INVESTMENT RESULTS IN PLN
0%
10%
20%
30%
40%
50%
12.2018 05.2019 10.2019 03.2020 08.2020 01.2021
Strategy
Benchmark
20. S . 20
Caspar Asset Management SA
USA EQUITY STRATEGY
Data as: 31.03.2021.
Benchmark: MSCI Daily Total Return Net USA USD (NDDUUS). The currency of the Benchmark is Polish zloty. The results are counted from: 30/06/2017.
3m 1y 3y YTD
Strategy 2,74% 51,50% 151,70% 2,74%
Benchmark 11,24% 51,71% 85,14% 11,24%
INVESTMENT RESULTS IN PLN
-50%
0%
50%
100%
150%
200%
06.2017 11.2017 04.2018 09.2018 02.2019 07.2019 12.2019 05.2020 10.2020 03.2021
Strategy
Benchmark
21. This strategy is limited to a maximum of 35 investments in companies from all over the world, with a
majority of stocks picked from the american market.
We select companies with good managements and a clear competitive advantage on their market.
At least part of the portfolio companies should generate a free cash flow yield that is higher than current
yields on the bond market.
In order to manage risk, we can also invest to a certain extent into government bonds, mainly US
Treasuries (usually through ETFs).
The strategy is not limited to a given sector, but it is probable to have a higher exposure to technology
companies, like sofware and semiconductor producers, e-commerce companies or innovative medical
equipment providers.
We can also completely avoid certain sectors or markets.
Investments on this strategy are characterised by a very high liquidity.
S . 21
Caspar Asset Management SA
CONCENTRATED EQUITY STRATEGY
22. S . 22
Caspar Asset Management SA
CONCENTRATED EQUITY STRATEGY
Data as: 31.03.2021.
Benchmark: from January 1.2019, the Benchmark is changed to the following: 100% MSCI World Net Total Return USD Index (NDDUWI). The currency of the Benchmark is Polish zloty. The values of indices included in the
Benchmark given in USD will be converted into Polish zlotys according to the average exchange rate for USD established by the National Bank of Poland for a given day. The results are counted from: March 31. 2015.
INVESTMENT RESULTS IN PLN
YT 1y 3y 5y YTD
Strategy 58,46% 148,43% 310,06% 3,49%
Benchmark 47,38% 44,38% 65,31% 10,76%
-50%
0%
50%
100%
150%
200%
250%
300%
02.2015 06.2015 10.2015 02.2016 06.2016 10.2016 02.2017 06.2017 10.2017 02.2018 06.2018 10.2018 02.2019 06.2019 10.2019 02.2020 06.2020 10.2020 02.2021
Strategy
Benchmark
23. S . 23
Caspar Asset Management SA
A specialized strategy focused on companies in the healthcare area.
Exposure to biotech companies (around 60%) that:
Have higher profitability of investments in R&D than large pharmaceutical concerns.
Make attractive targets to take over.
Offer direct exposure to new trends in medicine (IO, bispecifics, CAR-Ts, gene editing).
Offer exposure to binary events with positive expectation.
Are responsible for most of the innovations in the pharmaceutical industry.
In the long term, are not correlated with the broad market.
Exposure to companies operating in the field of medical technology and life science (approximately 40%), which:
Take advantage of demographic changes - increasing life expectancy, better access to healthcare.
Operate in an oligopolistic market.
Offer exposure to trends such as advances in genetic diagnosis, the use of data in medicine, and the growing outsourcing of the early
stages of drug discovery.
STRATEGY OF BIOTECHNOLOGY AND
HEALTHCARE COMPANIES
24. S . 24
Caspar Asset Management SA
STRATEGY OF BIOTECHNOLOGY AND HEALTHCARE
COMPANIES PLN
Data as: 31.03.2021.
Bechmark: MSCI Daily Total Return World Net Health Care USD (NDWUHC). The currency of the Benchmark is Polish zloty. The value of the index given in USD will be converted into Polish zlotys according to the
average exchange rate for USD established by the National Bank of Poland for a given day. Results counted from: 30/06/2019.
YT 3m 6m 1y YTD
Strategy 2,66% 43,77% 96,63% 2,66%
Benchmark 6,33% 10,44% 23,59% 6,33%
0%
20%
40%
60%
80%
100%
120%
140%
160%
12.2018 04.2019 08.2019 12.2019 04.2020 08.2020 12.2020
Strategy
Benchmark
25. This strategy is geografically focused on Europe.
We target innovative companies which have the potential to become leaders in their area at the expense of „old economy” firms.
Valuations of European equities are significantly lower than on the american market.
The dividend yield offered by european companies is very attractive compared to the negative yields of european government bonds.
The dispersion of investments into many markets instead of focusing on a single country enables to select the best companies (the portfolio
contains companies headquartered, among others, in Germany, The Netherlands, France, Sweden, Portugal and Austria.
Low investor positioning in European equities and regular redemptions from european funds.
S . 25
Caspar Asset Management SA
EUROZONE EQUITY STRATEGY
26. EUROZONE EQUITY STRATEGY
Investment results as of 31.08.2020.
Benchmark: 100% MSCI EMU EUR Net Total Return Index (M7EM).
1y 3y 5y YTD
Strategy 44,94% 57,43% 138,60% 3,53%
Benchmark 47,38% 34,59% 62,23% 10,03%
S . 26
Caspar Asset Management SA
INVESTMENT RESULTS IN PLN
-50%
0%
50%
100%
150%
200%
06.2014 01.2015 08.2015 03.2016 10.2016 05.2017 12.2017 07.2018 02.2019 09.2019 04.2020 11.2020
Strategy
Benchmark
27. LEGAL DISCLAIMER
S . 27
Caspar Asset Management SA
This document, prepared by Caspar Asset Management S.A. (Caspar AM) is informative and advertising in nature and does not constitute an offer within the meaning of the Polish Civil
Code, or financial, legal and/or tax advisory services. It should not be considered as a recommendation for financial instruments and/or their issuers. The materials and information
presented in this document are only for information, advertising or promotional purposes and should not be the sole basis for making any investment decisions. In particular, this
information does not constitute a recommendation to invest in any financial instruments or investment advisory services, within the meaning of the Act of July 29, 2005 on trading in
financial instruments (i.e. Journal of Laws of 2020, item 89, as amended) , as well as offer, within the meaning of the provisions of the Civil Code (i.e. Journal of Laws of 2019, item 1145, as
amended). Caspar AM operates based on the decision of the Polish Financial Supervision Authority.
If the content of the material does not indicate otherwise, own calculations of Caspar AM are the source of the data. The risk of using the information contained in this document will be
borne entirely by the investor. Caspar Asset Management S.A. has made due efforts to ensure that the information about the offered products and services are presented reliably and
based on competent sources, but cannot guarantee its correctness, completeness and timeliness. In the event that mistakes are discovered, Caspar AM will make every effort to correct
the information promptly.
Caspar AM informs that there are risks associated with any investment. The level of this risk is diversified and depends for example, on the type of investment strategy chosen by the
client. The rates of return on portfolios may be subject to significant fluctuations resulting from, among others, changes in the market valuation of securities and, in particular, in the case
of investing in securities quoted abroad, from changes in currency exchange rates. Therefore, the client must take into account the possibility of achieving a worse result than expected,
as well as the risk of incurring a loss. At the same time, information about the high rate of return on the portfolio obtained in the past, does not guarantee that it will be achieved either
now or in the future.
Before ordering the service of managing the portfolio of financial instruments, please read the Regulations for the Provision of Asset Management Services by Caspar Asset Management
S.A., which contains detailed information on the terms and conditions of providing the above-mentioned services, available investment strategies and the risks associated with investing
in accordance with the specified investment strategy.
The rates of return represent the rate of return for a specific period, calculated by using the compound percentage metod, on the basis of the monthly average rates of returns in
accordance with a specific strategy throughout the month..
The results of the investment strategies have been calculated as the average gross results of all the portfolios managed in accordance with a specific investment strategy. The gross
results do not include the calculated Success Fee. Detailed information about the model of a specific investment strategy can be found in the descriptions of investment strategies. The
reported results do not include the management fee and taxes. VAT is added to the management fee rate. Detailed information about charging management and distribution fees is
specified in the Regulations for the Provision of Asset Management Services at Caspar Asset Management S.A.
28. CONTACT
W W W . C A S P A R . C O M . P L
PÓŁWIEJSKA STREET 32, 61 –888 POZNAN, POLAND TEL./FAX +48 61 855 16 14