1-Consistent returns above benchmark (+6% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
1-Consistent returns above benchmark (+6% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
Luc Bertrand is een man met visie. Op ondernemerschap. Op investeren. Op participeren. Op leidinggeven. Op ons maatschappelijk model. Op duurzaamheid. Op de toekomst. Hij heeft er duidelijke ideeรซn over, een mening, een langetermijnvisie, die hij met ons gedeeld heeft.
http://www.vkw.be
European Investing in Distressed Debt Forum 2010Rosa Cortez
ย
Examining the latest opportunities in distressed debt and how to find them in the recovery
Opportunities in distressed investing continue to be lucrative, yet as an investment professional, you know that deal origination is becoming more difficult as banks continue to hold onto their NPL portfolios.
At the European Investing in Distressed Debt Forum a leading line-up of investors from across Europe will trade war stories and experiences of the past 18 months and discuss where they see opportunities for 2011.
The European Investing in Distressed Debt Forum will help you to:
*Plan for the coming โwall of restructuringsโ.
Benchmark against the likes of Better Capital, Oaktree and M Capital
*Understand the opportunities resulting from the sovereign debt crisis in Europe:
*Do credit ratings indicate corporate distress? Fitch and Moodyโs talk about the changes they have made since the crisis
*Boost your origination strategies by hearing creative ideas about how to partner with banks to coax them out of their NPL portfolio positions in an action packed workshop
*Decide if distressed opportunities in real estate are for you after hearing a lively debate between the biggest funds in the market
The September issue of the Monthly Briefing on the World Economic Situation and Prospects highlights the recent sell-off in equity markets among heightened uncertainty for the world economy. Indeed, the sovereign debt crisis in the euro zone remains unabated while job creation is on hold in the United States and unemployment remains about three percentage points above its pre-crisis level in developed countries.
2010 was a good year for the European leveraged finance market, compared to the dismal activity in 2009, at least. High yield bonds posted record volume, loans returned a healthy 8%-plus and investor coffers remain filled, meaning 2011 could be an even healthier year.
Connect with LCD Facebook: http://www.lcdcomps.com/facebook LinkedIn: http://www.lcdcomps.com/linkedin Twitter: http://www.twitter.com/lcdnews Web: http://www.lcdcomps.com
Contact: anna_cini@sandp.com
1-Consistent returns above benchmark (+4% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
Luc Bertrand is een man met visie. Op ondernemerschap. Op investeren. Op participeren. Op leidinggeven. Op ons maatschappelijk model. Op duurzaamheid. Op de toekomst. Hij heeft er duidelijke ideeรซn over, een mening, een langetermijnvisie, die hij met ons gedeeld heeft.
http://www.vkw.be
European Investing in Distressed Debt Forum 2010Rosa Cortez
ย
Examining the latest opportunities in distressed debt and how to find them in the recovery
Opportunities in distressed investing continue to be lucrative, yet as an investment professional, you know that deal origination is becoming more difficult as banks continue to hold onto their NPL portfolios.
At the European Investing in Distressed Debt Forum a leading line-up of investors from across Europe will trade war stories and experiences of the past 18 months and discuss where they see opportunities for 2011.
The European Investing in Distressed Debt Forum will help you to:
*Plan for the coming โwall of restructuringsโ.
Benchmark against the likes of Better Capital, Oaktree and M Capital
*Understand the opportunities resulting from the sovereign debt crisis in Europe:
*Do credit ratings indicate corporate distress? Fitch and Moodyโs talk about the changes they have made since the crisis
*Boost your origination strategies by hearing creative ideas about how to partner with banks to coax them out of their NPL portfolio positions in an action packed workshop
*Decide if distressed opportunities in real estate are for you after hearing a lively debate between the biggest funds in the market
The September issue of the Monthly Briefing on the World Economic Situation and Prospects highlights the recent sell-off in equity markets among heightened uncertainty for the world economy. Indeed, the sovereign debt crisis in the euro zone remains unabated while job creation is on hold in the United States and unemployment remains about three percentage points above its pre-crisis level in developed countries.
2010 was a good year for the European leveraged finance market, compared to the dismal activity in 2009, at least. High yield bonds posted record volume, loans returned a healthy 8%-plus and investor coffers remain filled, meaning 2011 could be an even healthier year.
Connect with LCD Facebook: http://www.lcdcomps.com/facebook LinkedIn: http://www.lcdcomps.com/linkedin Twitter: http://www.twitter.com/lcdnews Web: http://www.lcdcomps.com
Contact: anna_cini@sandp.com
1-Consistent returns above benchmark (+4% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
1-Consistent returns above benchmark (+6% annual outperformance) 2-Very small volatility for an equity fund (-4% annual bellow benchmark) 3-Excellent relative performance throughout the financial crisis (2007-2011) 4- Stable investment philosophy all over 23 years 5-Unique and tested investment process developed by an experienced management team 6-Very high quality (ROE) and liquid concentrated portfolio 7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors 8-Portfolio valuation at historial minimum levels 9-Poor overlapping and low correlation with other fund managers 10-Complementary with other equity styles
1-Consistent returns above benchmark (+6% annual outperformance) 2-Very small volatility for an equity fund (-4% annual bellow benchmark) 3-Excellent relative performance throughout the financial crisis (2007-2011) 4- Stable investment philosophy all over 23 years 5-Unique and tested investment process developed by an experienced management team 6-Very high quality (ROE) and liquid concentrated portfolio 7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors 8-Portfolio valuation at historial minimum levels 9-Poor overlapping and low correlation with other fund managers 10-Complementary with other equity styles
1-Consistent returns above benchmark (+6% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
1-Consistent returns above benchmark (+6% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
1-Consistent returns above benchmark (+6% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
1-Consistent returns above benchmark (+6% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Attending a job Interview for B1 and B2 Englsih learnersErika906060
ย
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
"๐ฉ๐ฌ๐ฎ๐ผ๐ต ๐พ๐ฐ๐ป๐ฏ ๐ป๐ฑ ๐ฐ๐บ ๐ฏ๐จ๐ณ๐ญ ๐ซ๐ถ๐ต๐ฌ"
๐๐ ๐๐จ๐ฆ๐ฌ (๐๐ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
๐๐ ๐๐จ๐ฆ๐ฌ provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
โญ ๐ ๐๐๐ญ๐ฎ๐ซ๐๐ ๐ฉ๐ซ๐จ๐ฃ๐๐๐ญ๐ฌ:
โข 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
โข SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
โขFreenBecky 1st Fan Meeting in Vietnam
โขCHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
โข WOW K-Music Festival 2023
โข Winner [CROSS] Tour in HCM
โข Super Show 9 in HCM with Super Junior
โข HCMC - Gyeongsangbuk-do Culture and Tourism Festival
โข Korean Vietnam Partnership - Fair with LG
โข Korean President visits Samsung Electronics R&D Center
โข Vietnam Food Expo with Lotte Wellfood
"๐๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ง๐ญ ๐ข๐ฌ ๐ ๐ฌ๐ญ๐จ๐ซ๐ฒ, ๐ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ฃ๐จ๐ฎ๐ซ๐ง๐๐ฒ. ๐๐ ๐๐ฅ๐ฐ๐๐ฒ๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐ ๐ญ๐ก๐๐ญ ๐ฌ๐ก๐จ๐ซ๐ญ๐ฅ๐ฒ ๐ฒ๐จ๐ฎ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐จ๐ฎ๐ซ ๐ฌ๐ญ๐จ๐ซ๐ข๐๐ฌ."
Improving profitability for small businessBen Wann
ย
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
ย
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
ย
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
ย
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
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Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
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What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
ย
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Memorandum Of Association Constitution of Company.pptseri bangash
ย
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
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Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
VAT Registration Outlined In UAE: Benefits and Requirements
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EDM Strategy Factsheet
1. EDM Strategy Return Date: 31/12/2011
European Equities Portfolio Date: 30/09/2011
Snapshot Fundยดs Data
Name EDM Intl Strategy Inception Date 10/31/1990
Global Category Europe Equity Large Cap NAV (Daily, โฌ) 253.92
Custodian / Administrator RBC Dexia Investor Services Bank S.A.
Fund Size (โฌ) 65,497,234.00
Auditor Deloitte S.A.
Domicile Luxembourg Base Currency Euro
UCITS Yes ISIN LU0028445327
5 Years Risk-Reward Fundยดs Manager Comment
Time Period: 01/01/2007 to 31/12/2011 Our fundโs consistent returns during the last bear market come from its lack of exposure to
1,0 EDM Strategy ๏ฌnancial and cyclical sectors, such as automobiles and commodities, which dropped
STOXX 50 between 20% and 30%. On the other hand, some of our heavily weighted sectors like food
-2,0 EURO STOXX 50 PR EUR
Europe Large-Cap Growth Equity (Category) or pharmaceutical ended 2011 delivering pretty good results.
-5,0
The adverse European macroeconomic environment contrasts with our companies solid
-8,0
results, which will end 2011 with pro๏ฌts growth above 10%; main reasons being their high
-11,0
exposure to emerging markets and their brandยดs strengths. In December, we increased our
position in Danone, Air Liquide and Straumann, all of them high quality companies whose
Return
-14,0 prices are very attractive. In fact, EDM Strategy has reached minimun valuation levels since
0,0
Std Dev
4,0 8,0 12,0 16,0 20,0 24,0 28,0 launch (P/E 2011: 12.9)
Historical Performance vs. Benchmark
Time Period: 01/01/2000 to 31/12/2011
127,0
118,0
109,0
100,0
91,0
82,0
73,0
64,0
55,0
46,0
37,0
28,0
2001 2003 2005 2007 2009 2011
EDM Strategy STOXX 50 EURO STOXX 50
Returns
15,0
10,0
5,0
0,0
-5,0
-10,0
-15,0
Return
-20,0
YTD 1 year 3 years 5 years 7 years 10 years 15 years 20 years
EDM Strategy STOXX 50 EURO STOXX 50
Statistical Risk
YTD 1 year 3 years 5 years 7 years 10 years 15 years 20 years
Alpha 0,06 0,06 5,32 5,45 5,61 3,56 1,53 2,09
Beta 0,78 0,78 0,73 0,77 0,78 0,74 0,66 0,66
Std Dev 3,96 3,96 12,50 13,43 12,28 13,06 13,38 13,14
Correlation 0,89 0,89 0,93 0,92 0,91 0,90 0,82 0,80
Sharpe Ratio -0,12 -0,12 0,35 -0,10 0,12 0,13 0,10 0,22
Sortino Ratio -0,16 -0,16 0,53 -0,13 0,16 0,17 0,13 0,30
EDM Asset Management www.edm.es/en -1- Tel. +34914110398 +34934160143 edm@edm.es
2. EDM Strategy Return Date: 31/12/2011
Portfolio Date: 30/09/2011
European Equities
Portfolio Holdings Equity Sectors Equity Country Exposure
% %
Roche Holding AG 7,1
%
Capita Group (The) PLC 7,0 Basic Materials 3,8
Tesco PLC 6,3 Denmark 7,4
Consumer Cyclical 5,0
Danone 6,2
Sap AG 5,9 Financial Services 4,2 France 21,3
Grifols SA 5,0
Eutelsat Communications 4,4 Real Estate 0,0 Germany 13,2
Bolsas y Mercados Espanoles 4,2 Consumer Defensive 17,4
Coloplast 4,1 Spain 15,7
Essilor International 3,9 Healthcare 26,5
Brenntag AG 3,8 Switzerland 14,6
Utilities 0,0
Industria de Diseรฑo Textil,S.A."inditex" 3,6
Wincor Nixdorf Aktiengesellschaft 3,5 Communication Services 5,5 United Kingdom 27,8
HomeServe PLC 3,3
Novo Nordisk A/S 3,2
Energy 0,0
Straumann Holding AG 3,2 Industrials 25,1
Other 25,2
Total 100,0 Technology 12,4
Portfolio construction Stock picking methodology
โข Long-only traditional investment style (bottom-up) โขFocus on understandable and predictable businesses at reasonable prices
โข Stock picking. No benchmarking (low overlapping against its benchmark) โข Management quality & integrity are crucial for us
โข Long-term investment horizon (5 years on average) โข Demanding criteria: High quality of the business (ROE = 31%)
โข Low turnover (15% average for the last 6 years) โข Sustainable EPS growth (11%)
โข High liquidity (92% of the portfolio can be sold within one trading day) โข Low debt balance-sheet (Net Debt/EBITDA = 0,9)
โข Restricted investment universe: only 100 companies globally โข Recurrent and solid cash-๏ฌows
โข Concentrated portfolio, maximum 30 companies โข Companies focused on emerging markets to generate growth (1/3 Sales)
โข Always fully equity invested (competition among stocks) โข Following certain long-term Macro-trends
โข 100% currency hedged (we do not predict currency ๏ฌuctuations) โข Lack of sectors whose pro๏ฌts are not easily foreseen
Equity Sectors vs benchmarks Style Box
Portfolio Date: 30/09/2011
Morningstar Equity Style Boxโข
Euro
Strategy Stoxx 50 Market Cap %
Large
Stoxx
Basic Materials 3,84 7,37 5,93 Market Cap Giant 40,1
Mid
Market Cap Large 12,8
Consumer Cyclical 5,00 3,48 9,52
Market Cap Mid 42,7
Small
Financial Services 4,21 19,30 23,21 Market Cap Small 4,3
Market Cap Micro 0,0
Real Estate 0,00 0,00 0,98 Value Blend Growth
Consumer Defensive 17,38 16,30 9,74
Holdings-Based Style
EDM Strategy 30/09/2011
Healthcare 26,53 18,55 7,56 STOXX 50 31/12/2011
Giant
EURO STOXX 50 31/12/2011
Utilities 0,00 3,99 9,06 Europe Large-Cap Growth Equity (Category) 31/12/2011
Large
Communication Services 5,53 9,10 9,21
Mid
Energy 0,00 14,35 9,87
Small
Industrials 25,06 5,04 9,81
Technology 12,44 2,52 5,12
Micro
Deep-Val Core-Val Core Core-Grth High-Grth
EDM Asset Management www.edm.es/en -2- Tel. +34914110398 +34934160143 edm@edm.es