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
http://www.slideshare.net/ignaciopedrosa/edm-strategy-factsheet
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
The document summarizes the EDM Strategy Fund, a European equities fund that aims for growth and low volatility. It provides performance data showing the fund has outperformed European stock indices like the STOXX 50 since 1995 while exhibiting lower volatility. The document then discusses the fund's investment philosophy, portfolio holdings, and performance during the financial crisis.
The document summarizes the EDM Strategy Fund, a European equities fund managed by EDM Asset Management since 1995. It provides an overview of the fund's performance, investment philosophy, portfolio composition, and top holdings. The fund has outperformed major European indices with higher returns and lower volatility since inception due to its bottom-up stock picking approach and focus on high quality companies with sustainable earnings growth trading at reasonable prices.
Portfolio Management & Trading Assistant: Administration & Operations
Graduated in Business Administration from the University of Deusto. Graduated in Business Administration from the University of
Holds a Master in Financial Markets from the University of Barcelona. Barcelona. Holds a Master in Financial Markets from the University
Worked at BBVA Asset Management and Gesconsult SGIIC in the areas of Barcelona. Worked at Gesconsult SGIIC in the areas of
of portfolio management and trading. Joined EDM in July 2005. administration and operations. Joined EDM in July 2005.
Javier García, 38 Javier Sánchez,
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
http://www.slideshare.net/ignaciopedrosa/edm-strategy-factsheet
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
The document summarizes the EDM Strategy Fund, a European equities fund that aims for growth and low volatility. It provides performance data showing the fund has outperformed European stock indices like the STOXX 50 since 1995 while exhibiting lower volatility. The document then discusses the fund's investment philosophy, portfolio holdings, and performance during the financial crisis.
The document summarizes the EDM Strategy Fund, a European equities fund managed by EDM Asset Management since 1995. It provides an overview of the fund's performance, investment philosophy, portfolio composition, and top holdings. The fund has outperformed major European indices with higher returns and lower volatility since inception due to its bottom-up stock picking approach and focus on high quality companies with sustainable earnings growth trading at reasonable prices.
Portfolio Management & Trading Assistant: Administration & Operations
Graduated in Business Administration from the University of Deusto. Graduated in Business Administration from the University of
Holds a Master in Financial Markets from the University of Barcelona. Barcelona. Holds a Master in Financial Markets from the University
Worked at BBVA Asset Management and Gesconsult SGIIC in the areas of Barcelona. Worked at Gesconsult SGIIC in the areas of
of portfolio management and trading. Joined EDM in July 2005. administration and operations. Joined EDM in July 2005.
Javier García, 38 Javier Sánchez,
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
The document discusses trends in scientific, technical, and medical (STM) publishing. It provides an overview of Simba Information, a publisher of industry newsletters and research reports. It then analyzes data on the STM market size and growth trends by region from 2006 to 2015. Key findings include North America and Europe dominating the market, and emerging markets like Asia and China experiencing higher growth rates.
The Korea Fund saw a 9.86% rally in the third quarter of 2012, driven by actions from the ECB and Fed to support the Eurozone and US economies. The fund underperformed its benchmark by 245 basis points due to stock picks in consumer discretionary, industrials, and quality/value styles outperforming growth and large caps. Materials and healthcare stock picks contributed most to performance while consumer discretionary and industrials detracted. The Korean won appreciated against the dollar and may continue strengthening.
Monthly review of key market segments within India including Equity (Domestic and International), Fixed Income, Currency, Economic Indicators, Mutual Funds & Recommended Portfolios (India).
The document provides financial information for Ramirent, a construction equipment rental company, for Q4 2011 and full year 2011. Key highlights include:
- Net sales for Q4 2011 were up 24.4% to MEUR 186.8, with organic growth of 17.8%. Full year net sales increased 22.3% to MEUR 649.9.
- EBITDA for Q4 2011 was MEUR 55.0 compared to MEUR 36.9 in Q4 2010. Full year EBITDA was MEUR 181.8 compared to MEUR 127.4 in 2010.
- Nine acquisitions and two outsourcing deals were completed in 2011 to support growth,
The document provides an overview of Paraná Banco's financial performance in the fourth quarter and full year of 2009. It summarizes that net income increased 81.4% in 4Q09 and 24.0% for the full year, driven by recovery in credit operations and a reduction in expenses. The insurance business contributed over half of 4Q09 net income and 43.0% for the full year. Total assets grew 6.1% in 4Q09 and 21.8% for the year. Loan volumes and deposits increased compared to prior periods. Asset quality remained strong, with over 90% of loans rated AA to C.
U ti investorday2011-freightforwardingFrankie Coki
This document summarizes UTi Worldwide's 2011 Investor Day presentation on their freight forwarding business. The presentation covered:
1) An overview of UTi's freight forwarding revenue and net revenue growth from FY2009 to FY2011, as well as operating income and margin over the same period.
2) UTi's competitive position in the global airfreight and ocean freight forwarding markets compared to other major companies.
3) An outlook projecting modest growth of 4-5% annually for air freight and 6-8% for ocean freight from 2011 to 2013, though risks from economic, fuel and geopolitical factors remain.
The global economy is experiencing one of the largest crises since 1929. The airline and leisure industries have been significantly impacted by the downturn as well as rising oil prices and airport charges. While the long term outlook remains positive, many airlines have failed and the industry saw large losses in 2008-2009. Low cost carriers have proven more resistant to the downturn. There are signs of potential recovery in 2010, but still much uncertainty, and travel behaviors may be altered by the crisis. Ancillary revenues and further cost optimization will be important to overcoming the challenges.
The document analyzes why Japan is not like Greece in facing its debt crisis and argues that Japan can sustain its debt for the following key reasons: 1) Japan has a large trade surplus and net international asset position that can finance its debt, 2) interest payments on Japan's debt remain low despite rising debt levels, and 3) Japan has policy tools like quantitative easing to boost demand and reduce deflationary pressures. However, the document notes Japan's growth remains weak with productivity gains slowing.
Monthly review of key market segments within India including Equity (Domestic and International), Fixed Income, Currency, Economic Indicators, Mutual Funds & Recommended Portfolios (India).
The document provides information on Embraer's corporate and business strategy, aircraft deliveries, revenues, backlog, product portfolio, and defense and security division. The key points are:
- Embraer focuses on organic growth, margins enhancement, diversification of business and revenues, and excellence in customer experience.
- Aircraft deliveries increased between 2006-2011 for both commercial and executive jets. Revenues grew from $3.76 billion in 2006 to $5.8 billion in 2011.
- The firm backlog was $21 billion in 2011 and Embraer has a diverse product portfolio and over 1,000 customers from 48 countries.
- The defense and security division focuses on intelligence,
Localiza reported strong financial results for the first quarter of 2007, with net income increasing 53.4% compared to the first quarter of 2006. EBITDA from car rentals increased 14.9 million or 30% due to growth in revenue and margins. Overall market share increased to 20.5% as Localiza grew revenues at a rate 2.9 times faster than the overall car rental market between 2004-2006. Cash generation was robust at R$228.5 million after adjusting for a reduction in debt from automakers. Fleet size continued to grow significantly with a net investment of R$242 million and over 10,000 additional cars.
The document provides a monthly markets update for India in September 2011. It summarizes key events in global and Asian markets in August 2011, including declines in major indices due to the downgrade of US debt by S&P and impacts on Indian markets. The document also reviews performance of equity markets, global market indices, and economic indicators and outlook for various countries. It advises that Indian markets are undervalued and recommends investing at current levels.
The company reported strong growth in the third quarter of 2012, with gross revenue increasing 31.7% and net profit growing 10.2% compared to the prior year period. Expansion of the store network and gains across all brands contributed to the positive results. Management provided guidance for continued growth in 2013 with a planned 15% increase in total sales area through new store openings and expansions.
This document analyzes Africa's shifting economic partnerships, noting that emerging partners like China, India, Turkey, Brazil and South Korea have become major drivers of Africa's growth, surpassing traditional partners in some trade. While traditional partners still play a significant role, emerging partners now account for 39% of Africa's total trade, up from 23% in 2000. China in particular has tripled its share of Africa's trade. However, the report also finds that emerging and traditional partners take complementary approaches that often benefit African countries, and that fears of harm have exceeded the actual impacts so far. It calls into question perceptions that emerging partners undermine governance, contribute to debt or deindustrialization.
The JNLR 2011 review showed:
1) Any radio listenership decreased to 2008 levels of 85% while national stations' market shares either increased or remained steady except 2FM.
2) In Dublin, Radio One, Today FM, and Newstalk increased their market shares while local stations declined. Nova also made an impact despite competition.
3) In Cork, Cork 96's large market share declined while Classic Hits 4FM grew larger than Newstalk.
4) Regional stations like local radios in the South West and North West performed well, gaining younger listeners, while Radio 1 also increased its market share in other regions like the North East.
Embraer Day NY 2011 - Defense and SecurityEmbraer RI
Embraer Day 2011 was held on November 4th 2011 in New York. The presentation included forward-looking statements about Embraer Defense and Security (EDS). EDS is a new Embraer company established in January 2011 with approximately 1,500 employees and revenues of around $750 million including services in 2011. The presentation showed growth in EDS revenue and backlog from 2006-2010 and discussed EDS's vision to be a leader in providing solutions for the Brazilian defense and security market and where Brazil exercises influence.
This document discusses the challenges and opportunities facing middle-income countries as global wealth shifts. It notes that while shifting wealth has created opportunities through reduced poverty and new development resources, middle-income countries face challenges around productivity growth, social cohesion, environmental sustainability, and maintaining fiscal revenue levels. Specific challenges discussed include the risk of falling into a "middle income trap" with slowing growth, rising inequality and labor disputes, high youth unemployment in Africa, and tax revenues generally being lower in Latin American countries compared to OECD nations.
This interim report provides a summary of Ramirent's financial results for the first quarter of 2012. Some key points:
- Net sales increased 22.3% to MEUR 164.3, driven by growth in all segments. EBITDA was MEUR 41.9 and EBIT was MEUR 12.3.
- All segments saw sales growth compared to Q1 2011, led by Norway at 34% growth. Finland, Sweden, and Europe East also saw double-digit growth.
- EBIT improved in most segments due to high fleet utilization and stable/improved pricing. Finland, Norway, and Europe East saw significant EBIT gains.
- The number of outlets increased
01 04 2009 I Embraer Day Ny 2009 ApresentaçãO AviaçãO ExecutivaEmbraer RI
This document provides an overview of Embraer's executive aviation business from its 9th US Annual Analyst & Investor Meeting. It discusses Embraer's executive jet product portfolio including the Phenom 100 and 300, Legacy 450/500, and Lineage 1000. Performance data for these models is presented. It also summarizes Embraer's customer support solutions including its growing global service center network and training programs.
The portfolio of the EDM Ahorro fund focuses on short-term fixed income investments with high credit quality and low volatility. It holds 85 different investment grade corporate bonds and government debt, all denominated in euros, with an average duration of 1.6 years. The fund aims to preserve capital above the inflation rate with a low historical default rate of 0% and current portfolio returns over 3.5%.
1) Total revenue for the year ended March 31, 2005 was Rs. 782 crores, a marginal increase of 2.5% from the previous year.
2) Profit before tax decreased 50% to Rs. 32.9 crores due to provisioning against receivables from two international clients totaling Rs. 16 crores.
3) On a consolidated basis, total revenue increased 1.6% to Rs. 814.2 crores while profit before tax decreased 55.2% to Rs. 34.7 crores.
The document discusses trends in scientific, technical, and medical (STM) publishing. It provides an overview of Simba Information, a publisher of industry newsletters and research reports. It then analyzes data on the STM market size and growth trends by region from 2006 to 2015. Key findings include North America and Europe dominating the market, and emerging markets like Asia and China experiencing higher growth rates.
The Korea Fund saw a 9.86% rally in the third quarter of 2012, driven by actions from the ECB and Fed to support the Eurozone and US economies. The fund underperformed its benchmark by 245 basis points due to stock picks in consumer discretionary, industrials, and quality/value styles outperforming growth and large caps. Materials and healthcare stock picks contributed most to performance while consumer discretionary and industrials detracted. The Korean won appreciated against the dollar and may continue strengthening.
Monthly review of key market segments within India including Equity (Domestic and International), Fixed Income, Currency, Economic Indicators, Mutual Funds & Recommended Portfolios (India).
The document provides financial information for Ramirent, a construction equipment rental company, for Q4 2011 and full year 2011. Key highlights include:
- Net sales for Q4 2011 were up 24.4% to MEUR 186.8, with organic growth of 17.8%. Full year net sales increased 22.3% to MEUR 649.9.
- EBITDA for Q4 2011 was MEUR 55.0 compared to MEUR 36.9 in Q4 2010. Full year EBITDA was MEUR 181.8 compared to MEUR 127.4 in 2010.
- Nine acquisitions and two outsourcing deals were completed in 2011 to support growth,
The document provides an overview of Paraná Banco's financial performance in the fourth quarter and full year of 2009. It summarizes that net income increased 81.4% in 4Q09 and 24.0% for the full year, driven by recovery in credit operations and a reduction in expenses. The insurance business contributed over half of 4Q09 net income and 43.0% for the full year. Total assets grew 6.1% in 4Q09 and 21.8% for the year. Loan volumes and deposits increased compared to prior periods. Asset quality remained strong, with over 90% of loans rated AA to C.
U ti investorday2011-freightforwardingFrankie Coki
This document summarizes UTi Worldwide's 2011 Investor Day presentation on their freight forwarding business. The presentation covered:
1) An overview of UTi's freight forwarding revenue and net revenue growth from FY2009 to FY2011, as well as operating income and margin over the same period.
2) UTi's competitive position in the global airfreight and ocean freight forwarding markets compared to other major companies.
3) An outlook projecting modest growth of 4-5% annually for air freight and 6-8% for ocean freight from 2011 to 2013, though risks from economic, fuel and geopolitical factors remain.
The global economy is experiencing one of the largest crises since 1929. The airline and leisure industries have been significantly impacted by the downturn as well as rising oil prices and airport charges. While the long term outlook remains positive, many airlines have failed and the industry saw large losses in 2008-2009. Low cost carriers have proven more resistant to the downturn. There are signs of potential recovery in 2010, but still much uncertainty, and travel behaviors may be altered by the crisis. Ancillary revenues and further cost optimization will be important to overcoming the challenges.
The document analyzes why Japan is not like Greece in facing its debt crisis and argues that Japan can sustain its debt for the following key reasons: 1) Japan has a large trade surplus and net international asset position that can finance its debt, 2) interest payments on Japan's debt remain low despite rising debt levels, and 3) Japan has policy tools like quantitative easing to boost demand and reduce deflationary pressures. However, the document notes Japan's growth remains weak with productivity gains slowing.
Monthly review of key market segments within India including Equity (Domestic and International), Fixed Income, Currency, Economic Indicators, Mutual Funds & Recommended Portfolios (India).
The document provides information on Embraer's corporate and business strategy, aircraft deliveries, revenues, backlog, product portfolio, and defense and security division. The key points are:
- Embraer focuses on organic growth, margins enhancement, diversification of business and revenues, and excellence in customer experience.
- Aircraft deliveries increased between 2006-2011 for both commercial and executive jets. Revenues grew from $3.76 billion in 2006 to $5.8 billion in 2011.
- The firm backlog was $21 billion in 2011 and Embraer has a diverse product portfolio and over 1,000 customers from 48 countries.
- The defense and security division focuses on intelligence,
Localiza reported strong financial results for the first quarter of 2007, with net income increasing 53.4% compared to the first quarter of 2006. EBITDA from car rentals increased 14.9 million or 30% due to growth in revenue and margins. Overall market share increased to 20.5% as Localiza grew revenues at a rate 2.9 times faster than the overall car rental market between 2004-2006. Cash generation was robust at R$228.5 million after adjusting for a reduction in debt from automakers. Fleet size continued to grow significantly with a net investment of R$242 million and over 10,000 additional cars.
The document provides a monthly markets update for India in September 2011. It summarizes key events in global and Asian markets in August 2011, including declines in major indices due to the downgrade of US debt by S&P and impacts on Indian markets. The document also reviews performance of equity markets, global market indices, and economic indicators and outlook for various countries. It advises that Indian markets are undervalued and recommends investing at current levels.
The company reported strong growth in the third quarter of 2012, with gross revenue increasing 31.7% and net profit growing 10.2% compared to the prior year period. Expansion of the store network and gains across all brands contributed to the positive results. Management provided guidance for continued growth in 2013 with a planned 15% increase in total sales area through new store openings and expansions.
This document analyzes Africa's shifting economic partnerships, noting that emerging partners like China, India, Turkey, Brazil and South Korea have become major drivers of Africa's growth, surpassing traditional partners in some trade. While traditional partners still play a significant role, emerging partners now account for 39% of Africa's total trade, up from 23% in 2000. China in particular has tripled its share of Africa's trade. However, the report also finds that emerging and traditional partners take complementary approaches that often benefit African countries, and that fears of harm have exceeded the actual impacts so far. It calls into question perceptions that emerging partners undermine governance, contribute to debt or deindustrialization.
The JNLR 2011 review showed:
1) Any radio listenership decreased to 2008 levels of 85% while national stations' market shares either increased or remained steady except 2FM.
2) In Dublin, Radio One, Today FM, and Newstalk increased their market shares while local stations declined. Nova also made an impact despite competition.
3) In Cork, Cork 96's large market share declined while Classic Hits 4FM grew larger than Newstalk.
4) Regional stations like local radios in the South West and North West performed well, gaining younger listeners, while Radio 1 also increased its market share in other regions like the North East.
Embraer Day NY 2011 - Defense and SecurityEmbraer RI
Embraer Day 2011 was held on November 4th 2011 in New York. The presentation included forward-looking statements about Embraer Defense and Security (EDS). EDS is a new Embraer company established in January 2011 with approximately 1,500 employees and revenues of around $750 million including services in 2011. The presentation showed growth in EDS revenue and backlog from 2006-2010 and discussed EDS's vision to be a leader in providing solutions for the Brazilian defense and security market and where Brazil exercises influence.
This document discusses the challenges and opportunities facing middle-income countries as global wealth shifts. It notes that while shifting wealth has created opportunities through reduced poverty and new development resources, middle-income countries face challenges around productivity growth, social cohesion, environmental sustainability, and maintaining fiscal revenue levels. Specific challenges discussed include the risk of falling into a "middle income trap" with slowing growth, rising inequality and labor disputes, high youth unemployment in Africa, and tax revenues generally being lower in Latin American countries compared to OECD nations.
This interim report provides a summary of Ramirent's financial results for the first quarter of 2012. Some key points:
- Net sales increased 22.3% to MEUR 164.3, driven by growth in all segments. EBITDA was MEUR 41.9 and EBIT was MEUR 12.3.
- All segments saw sales growth compared to Q1 2011, led by Norway at 34% growth. Finland, Sweden, and Europe East also saw double-digit growth.
- EBIT improved in most segments due to high fleet utilization and stable/improved pricing. Finland, Norway, and Europe East saw significant EBIT gains.
- The number of outlets increased
01 04 2009 I Embraer Day Ny 2009 ApresentaçãO AviaçãO ExecutivaEmbraer RI
This document provides an overview of Embraer's executive aviation business from its 9th US Annual Analyst & Investor Meeting. It discusses Embraer's executive jet product portfolio including the Phenom 100 and 300, Legacy 450/500, and Lineage 1000. Performance data for these models is presented. It also summarizes Embraer's customer support solutions including its growing global service center network and training programs.
The portfolio of the EDM Ahorro fund focuses on short-term fixed income investments with high credit quality and low volatility. It holds 85 different investment grade corporate bonds and government debt, all denominated in euros, with an average duration of 1.6 years. The fund aims to preserve capital above the inflation rate with a low historical default rate of 0% and current portfolio returns over 3.5%.
1) Total revenue for the year ended March 31, 2005 was Rs. 782 crores, a marginal increase of 2.5% from the previous year.
2) Profit before tax decreased 50% to Rs. 32.9 crores due to provisioning against receivables from two international clients totaling Rs. 16 crores.
3) On a consolidated basis, total revenue increased 1.6% to Rs. 814.2 crores while profit before tax decreased 55.2% to Rs. 34.7 crores.
The Korea Fund underperformed its benchmark, the MSCI Korea Index, in the fourth quarter of 2012 by 39 basis points. Within sectors, stock picks in consumer discretionary hurt performance while selections in industrials and an underweight in financials helped. Growth stocks strongly outperformed value stocks last quarter, contrasting the third quarter. The Fund initiated positions in selected IT and consumer names and exited a credit card company due to regulatory changes.
This document summarizes Tele2 Russia's Capital Markets Day presentation on December 12, 2012. It shows that Russia contributes significantly to Tele2's net sales, EBITDA, and capital expenditures. The presentation discusses Tele2 Russia's plans to continue growing its customer base through 2G, evaluate new licenses and acquisitions, and progress on technology neutrality. Charts are provided showing Tele2 Russia has increased its market share and maintained ARPU expansion while improving margins and reducing CAPEX. Historical data is benchmarked against the market.
Expected us gdp growth rate presentationVictoria Rock
GDP is the total value of goods and services produced in a country over a period of time. The document discusses GDP reporting, components, and measurement in the US. It provides data on US GDP from 1995-2010, showing steady growth except for declines in 1998 and 2008-2009. Sectors like consumption, government spending, investment, and net exports influence GDP. The income and expenditure approaches are used to calculate GDP.
CCR reported financial results for 2006 with net revenue increasing 9.8% to R$2,145 million and net income up 9.3% to R$547.3 million. Traffic increased 5.4% for the year. The company continues to focus on cost control while making capital expenditures to support growth. CCR is also looking to expand into new markets like Mexico, Chile and the United States while remaining focused on opportunities in Brazil.
What is the future of instore brand performance consumer behaviourLindaSidia
The document discusses strategies for in-store brand performance and consumer behavior, including analyzing shelf share, promotional spending, and regional differences for soap brands. It also covers the impact of the recession on shoppers and retailers, and strategies retailers use around pricing, merchandising, and reducing out-of-stock situations. Key metrics for measuring in-store brand performance like forward share, number of advertisements, and shelf exposure are presented.
This document discusses value investing and why it is an effective strategy. It provides examples of several famous value investors like Warren Buffett who have achieved high returns over long periods of time by focusing on finding undervalued companies rather than predictions or technical analysis. The key aspects of the value investing approach discussed are finding companies trading at a discount to their intrinsic value, having a long-term orientation, and not worrying about short-term market fluctuations.
The document discusses the results of a yearly marketing survey conducted in Belgium. It finds that marketing confidence is back, with expectations of increased projects, budgets, and team sizes in 2011 compared to previous years. Marketers recognize the huge potential of mobile marketing to increase relevance and engage customers. Creating a dialogue with customers is seen as a major challenge for 2011 and marketers intend to use online and mobile channels to facilitate this dialogue.
This document discusses using relative strength (RS) and trend analysis to optimize returns across asset classes and implement dynamic asset allocation strategies. It describes analyzing important market relationships like stocks vs bonds, large vs small caps, and US vs international stocks. The author explains how to construct a TrendScore to gauge short, intermediate and long term trends. Binary RS is introduced as focusing on just two markets to isolate key relationships. Various asset class pairs are analyzed from 2001-2012 to demonstrate the approach.
The document summarizes JP Morgan's Basics & Industrial Conference presentation by Robert Kuhbach and Paul Goldberg of Dover Corporation. Some key points:
1) Dover reported record financial results in 2007 and strong performance in Q1 2008 with 8% revenue growth and 16% higher earnings per share.
2) Dover recently reorganized into a new four segment structure that improves clarity and visibility, and is developing growth platforms.
3) Dover focuses on strategic capital allocation to support value-creating acquisitions and shareholder returns through dividend growth and share repurchases.
The document summarizes JP Morgan's Basics & Industrial Conference presentation by Robert Kuhbach and Paul Goldberg of Dover Corporation. Some key points:
1) Dover reported record financial results in 2007 and strong performance in Q1 2008 with 8% revenue growth and 16% higher earnings per share.
2) Dover recently reorganized into a new four segment structure that improves clarity and visibility into its operations.
3) The presentation outlines Dover's growth platforms, strategic capital allocation approach, and performance targets. Dover expects mid-single digit organic growth in 2008 and 50-75 basis points of margin improvement.
The document summarizes a multiple ETF dynamic rebalanced strategy presented by Brian J Crone from 2006-2012. The strategy aims to outperform major market indices while controlling risk and volatility by dynamically rebalancing a portfolio of the most liquid ETFs. Backtested results show annual returns outperforming the S&P 500 with lower volatility and drawdowns, demonstrated strong performance even during the market downturn of 2008.
The document summarizes a multiple ETF dynamic rebalanced strategy presented by Brian J Crone from 2006-2012. The strategy aims to outperform major market indices while controlling risk and volatility by dynamically rebalancing a portfolio of the most liquid ETFs. Backtested results show annual returns outperforming the S&P 500 with lower volatility and drawdowns, demonstrated strong performance even during the market downturn of 2008.
The document summarizes the results of a multiple ETF dynamic rebalanced strategy from 2006 to 2012. It achieved annual returns ranging from -0.2% to 47.5% and had an average annual Sharpe ratio of 2.54. The strategy combines technical analysis with statistical distribution theory to identify trends and reversals in ETFs to outperform markets with less volatility. It uses monthly rebalancing and focuses on controlling risk, volatility, and drawdowns.
The document provides annual results for Veolia Environnement for 2005. Some key points:
1) Veolia saw strong growth in 2005 with revenue up 12.2% and recurring operating income up 17.5%. Profits also increased with recurring net income up 33%.
2) The company confirmed its leadership position in environmental services and saw continued growth in emerging markets.
3) Veolia met its commitments for 2005 with improving financial results and a 25% increase in dividends for shareholders.
This document provides key figures about L'Oreal, the world's largest cosmetics company, and discusses its category management approach. L'Oreal has over 130 countries, 67,500 employees, 23 international brands, and 17.5 billion euros in sales in 2008. It operates in four distribution channels and has a diverse brand portfolio. L'Oreal aims to double its consumer base through innovation, globalization, and strategic initiatives. Category management is important for understanding shoppers, categories, and partners to develop the beauty department and drive growth.
The document discusses forward-looking statements and risks associated with them. It provides an overview of Atmos Energy, including its scope of operations across 12 states in the utility segment and 22 states in the nonutility segment. It also summarizes Atmos Energy's financial and operational performance over time, including earnings growth, dividend increases, and acquisition history such as the purchase of TXU Gas.
Este documento analiza el fondo de renta fija EDM-Ahorro. El fondo invierte en bonos de alta calidad a corto y medio plazo, principalmente de emisores europeos. El fondo es gestionado por Karina Sirkia desde 2001, obteniendo rentabilidades superiores a la media de su categoría con menor volatilidad. El fondo mantiene un enfoque conservador invirtiendo en deuda pública y corporativa en euros a corto plazo, con una duración actual algo alta. El analista asigna al fondo la cal
This document provides an overview and performance summary of the EDM Strategy European Equities Fund as of June 30, 2012. The fund manager comments that while global growth forecasts have been revised down, the fund focuses on companies not highly susceptible to economic slowdowns. Recent additions to the portfolio include the freight forwarders Panalpina and Kuehne & Nagel due to their quality and attractive valuations. Long-term performance charts show the fund outperforming benchmarks over various time periods.
Este documento presenta información sobre el fondo EDM Strategy, un fondo de renta variable europea gestionado activamente. Incluye datos sobre el fondo como su fecha de lanzamiento, patrimonio, rentabilidad y riesgo en comparación con índices de referencia. También resume la opinión del gestor sobre algunas compañías de logística como posibles incorporaciones a la cartera debido a su calidad y generación de flujo de caja.
This document provides an overview and performance summary of the EDM International Strategy fund as of March 31, 2012. The fund focuses on large cap European equities and has €70.4 million in assets under management. For the past five years, the fund has outperformed benchmark indexes with lower volatility. The fund manager comments that the fund has performed well in 2012 due to strong results from holdings like Danone and Roche, and reiterated growth targets for the year.
Este documento resume la estrategia y rendimiento del fondo EDM Strategy, un fondo de renta variable europea. El fondo ha obtenido buenos rendimientos superiores a sus índices de referencia en los últimos 5 y 10 años a pesar de la volatilidad de los mercados. Su cartera está bien diversificada en sectores como salud, consumo defensivo e industrias, y en países como Francia, Alemania y Reino Unido.
Este documento resume los resultados y la filosofía de inversión del fondo EDM Strategy Fund, que invierte en renta variable europea desde 1995. Ofrece una cartera concentrada de hasta 30 compañías con sólidos fundamentales y crecimiento sostenible de beneficios. El fondo ha obtenido mayores rentabilidades que el índice Stoxx 50 con menor volatilidad desde su creación.
The document provides information on the EDM-Inversión FI Spanish equities fund. It summarizes the fund's performance over various time periods, showing it has outperformed its benchmark index. The fund has a long-term investment horizon, low turnover, and focuses on selecting stocks of high-quality companies with sustainable earnings growth trading at reasonable prices across different market sectors.
Este documento resume los resultados, la filosofía de inversión, la cartera y el equipo de gestión de EDM Inversión, una firma de inversión española especializada en renta variable española. EDM Inversión ha obtenido mayores rendimientos que el IBEX 35 con menor volatilidad desde 1987. Su estilo de inversión se basa en el análisis fundamental a largo plazo de unas 20 compañías españolas de alta calidad. El equipo de gestión lleva trabajando junto durante más de 6 años con el
Este documento resume los resultados, la filosofía de inversión, la cartera y el equipo de gestión de EDM Inversión, una empresa de gestión de activos española fundada en 1989 que se especializa en la gestión de renta variable española. EDM Inversión ha obtenido mayores rendimientos y menor volatilidad que el índice IBEX 35 a lo largo de sus 23 años de historia. Su filosofía de inversión se basa en el análisis fundamental a largo plazo de unas 20 compañías españolas líder
El documento resume un fondo de inversión en renta variable española. El fondo se centra en compañías sólidas con buenos resultados financieros y presencia internacional, evitando sectores como la banca. El fondo ofrece una rentabilidad superior a largo plazo respecto al índice Ibex 35, con una cartera concentrada en unas 20 compañías y baja rotación. Sus principales posiciones son Grifols, Técnicas Reunidas y deuda pública española.
Este documento resume la información clave sobre el fondo EDM Ahorro. Ofrece resultados históricos que demuestran rentabilidades superiores a la inflación y a su categoría con menor volatilidad. Describe la cartera diversificada con énfasis en deuda corporativa de grado de inversión y corta duración. También presenta información sobre EDM Asset Management, la gestora experta con 23 años de experiencia enfocada exclusivamente en renta fija.
Este documento proporciona información sobre el fondo de inversión EDM Ahorro, que invierte principalmente en bonos corporativos españoles. El fondo ha tenido un rendimiento del 1.13% en el mes de febrero y del 2.87% en lo que va del año. Su duración efectiva promedio es de 1.67 años y su calidad crediticia promedio es BBB. Sus principales tenencias son bonos de entidades bancarias españolas como BBVA, Bankinter y Santander.
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
Este documento presenta la estrategia de inversión EDM Strategy Sicav, que se centra en el crecimiento y la baja volatilidad en renta variable europea. La estrategia ha demostrado mayores rentabilidades que los principales índices europeos con menor volatilidad. La cartera está compuesta por alrededor de 30 compañías europeas de alta calidad con sólidos fundamentales y crecimiento sostenible de beneficios. La estrategia también ha mostrado su resistencia durante la crisis financiera, superando a la mayoría de sus competidores.
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
Este documento proporciona información sobre el fondo EDM Strategy Sicav Renta Variable Europea. Resume los resultados del fondo, su filosofía de inversión basada en el stock picking a largo plazo de compañías de calidad, su cartera concentrada liderada por Roche, Tesco y Danone, sus sólidos resultados durante la crisis financiera en comparación con los índices, y brevemente describe su equipo de gestión y enfoque en la renta variable europea.
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
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
South Dakota State University degree offer diploma Transcriptynfqplhm
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The Impact of Generative AI and 4th Industrial RevolutionPaolo Maresca
This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Does teamwork really matter? Looking beyond the job posting to understand lab...
EDM Strategy Fund
1. EDM Strategy Fund
Growth & low volatility
European Equities
1
This document is reserved for professional investors only as defined by the MIFID
January 2012
2. EDM Strategy Sicav Index
1- Fund´s Performance
2- Investment Philosophy
3- Portfolio
4- Performance over the crisis
5- Fund Managers
6- European Equities
7- About EDM
8- Summary
2
4. EDM Strategy Sicav Fund’s Performance
Higher return and lower volatility
Year EDM STRATEGY STOXX 50 Relative Performance
2000 15,83% 1,88% 13,95%
2001 -8,55% -18,66% 10,11%
2002 -34,36% -35,05% 0,69%
2003 2,35% 10,50% -8,16%
2004 6,96% 4,30% 2,66%
2005 23,96% 20,70% 3,26%
2006 15,98% 10,39% 5,59%
2007 2,55% -0,36% 2,91%
2008 -28,74% -43,43% 14,69%
2009 25,50% 24,06% 1,43%
2010 11,88% 0,04% 11,84%
2011 -5,00% -8,39% 3,39%
Total Return 6,67% -50,04% 56,71%
Annual Return 0,54% -5,62% 6,16%
Annualized Volatility 12,81% 16,45% -3,64%
All EDM return data are expressed in euros and are stated net of expenses and fees. 4
Each Set of comparisons takes into account: a) Retail class at fund level (the one with the highest charge). b) Price returns at Indice level (ex dividends)
5. EDM Strategy Sicav Fund’s Performance
Consistent Alpha generation in both bear and bull markets
50%
EDM Strategy
30%
10%
-10%
Stoxx 50
-30%
-50%
-70%
2007
2000
2010
1999
2004
2006
2008
2008
2009
2005
2005
2003
2002
2002
2001
2011
Stoxx 50 has been selected due to its high concentration (50 weights) in European Equities, including relevant countries such as Switzerland and the UK. 5
Each Set of comparisons takes into account: a) Retail class at fund level (the one with the highest charge). b) Price returns at Indice level (ex dividends)
6. EDM Strategy Sicav Fund’s Performance
Beating all the main european indices
6
Each Set of comparisons takes into account: a) Retail class at fund level (the one with the highest charge). b) Price returns at Indice level (ex dividends)
7. EDM Strategy SICAV Fund’s Performance
Ratings & Ranking
Ranking 2011: 32 / 345 EU Equity Funds
Ranking Allfunds Bank:
5 YEARS 3 YEARS 1 YEAR YTD VOLATILITY
EDM Strategy Sicav -3,2% 29,0% -7,2% -9,1% 15,2%
European Equity Funds -27,2% 18,5% -11,5% -15,6% 20,9%
Rating Lipper:
7
9. EDM Strategy Sicav Investment Philosophy
Portfolio construction
• Long-only traditional investment style (bottom-up)
• Stock picking. No benchmarking (low overlapping against its benchmark)
• Long-term investment horizon (5 years on average)
• Low turnover (15% average for the last 6 years)
• High liquidity (92% of the portfolio can be sold within one trading day)
• Restricted investment universe: only 100 companies globally
• Concentrated portfolio, maximum 30 companies
• Always fully equity invested (competition among stocks)
• European currency diversification (EUR, GBP, CHF, DKK)
• 100 % currency hedged (we do not predict currency fluctuations)
9
10. EDM Strategy Sicav Investment Philosophy
Stock picking methodology
• Demanding criteria: High quality of the business (ROE = 31%)
• Sustainable EPS growth (11%)
• Low debt balance-sheet (Net Debt/EBITDA = 0,9)
• Recurrent and solid cash-flows
• Companies focused on emerging markets to generate growth (1/3 Sales)
• Focus on understandable and predictable businesses at reasonable prices
• Management quality & integrity are crucial for us
10
11. EDM Strategy Sicav Investment Philosophy
How do we manage to obtain such a low volatility?
• Following certain long-term Macro-trends:
Western live style globalization
Outsourcing is increasing
“Low Cost” trend
Population aging
Increasing emerging markets exposure
• Lack of sectors whose profits are not easily foreseen:
Banking & Insurance
Cyclical sectors
Regulated tariffs
Commodities
11
12. EDM Strategy SICAV Investment Philosophy
How do we manage to obtain such a low volatility?
60%
∆ BPA S&P 500: +6,4% TAE
50% ∆ BPA DJ Stoxx 600: +3,8% TAE
40%
∆ BPA EDM Strategy: +14,8% TAE
30%
20%
10%
0%
-10%
-20%
-30%
-40%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
S&P 500 Growth DJ Stoxx 600 Growth Portfolio Growth
12
17. EDM Strategy SICAV Performance over the crisis period
EDM Strategy vs. Stoxx50 since the beginning of the crisis
10%
-38% +45%
0%
-10%
-5%
EDM Strategy
-20%
-30%
-40%
-58% Stoxx 50 - 40%
-50%
-60%
+34%
08
09
10
1
11
07
8
9
0
-1
-0
-0
-1
p-
p-
p-
p-
p-
ar
ar
ar
ar
se
se
se
se
se
m
m
m
m
17
18. EDM Strategy SICAV Performance over the crisis period
EDM Strategy vs. Stoxx50 since the beginning of the crisis
Higher return... 12m Rolling Return
... and lower volatility 12m Rolling Volatility
18
Each Set of comparisons takes into account: a) Retail class at fund level (the one with the highest charge). b) Price returns at Indice level (ex dividends)
19. EDM Strategy SICAV Performance over the crisis period
EDM Strategy vs. Competitors since the beginning of the crisis
Allianz Annualized
Fund/ Benchmark/Category Volatility
Return
EDM Strategy -1,99 13,97
Franklin Carmignac Portf Grande Europe A -7,19 16,10
EDM LFP Europe Impact Emergent R -5,37 16,50
Bestinver
Franklin European Growth A -0,74 16,56
Invesco Invesco European Growth A -3,70 16,77
LFP
Fidelity Tocqueville Value Europe P -7,47 17,15
Agressor
Fidelity European Dynamic Grth A -5,15 19,49
Category
Carmignac Allianz RCM Europe Eq Growth AT 2,50 20,13
Agressor -6,20 23,54
Tocqueville
Bestinver Internacional -2,69 23,97
STOXX 50 -10,11 18,49
Stoxx EDM EURO STOXX 50
EDM ED -13,14 22,29
ED ED Euro Stoxx
Europe Large-Cap Growth Equity Category
M
-5,39 18,02
M M
19
21. EDM Strategy Sicav Fund Managers
Ricardo Vidal, 42. CO-CIO
Fund Manager of EDM Strategy and Consumption Sector Specialist
Holds an MBA from ESADE University (Barcelona). Worked at Banco Vitalicio (Insurance
Company) and Gesindex SGIIC (Financial Services) from 1993 until 1997. Holds the Certified of
European Financial Analyst (CEFA). Joined EDM in July 1997.
Adolfo Monclús, 38. CO-CIO.
Retail, Business Services and TMT´s Sector Specialist for EDM Strategy
Graduated in Business Administration by the Universitat Internacional de Catalunya & in
Economics Finance by Bentley College (USA). Holds an International MBA from Instituto de
Empresa (Madrid). Worked at Argentaria and BBVA in the Mid-Corporate Banking area. Joined
EDM in July 2005 after finishing his MBA.
Beatriz López, 34.
Fund Manager of EDM Strategy and Medical, Food and Insurance Specialist
Graduated in Economics from Universitat Pompeu Fabra (UPF) in 1999, followed by a Masters
Degree in Finance from CEMFI (Bank of Spain) in 2001. Holds the Chartered Alternative
Investment Analyst (CAIA) by the CAIA Association. She started her career at Banco Sabadell
where she became Senior Equity Analyst. Joined EDM in 2007.
21
22. EDM Strategy Sicav Fund Managers
Juan Grau,66 Gonzalo Cuadrado,41
Spanish Stocks Specialist for EDM Pharmacy, construction and
Strategy infrastructure Sector Specialist for
EDM Strategy
He worked in several industrial companies as CFO
during 16 years. Joined EDM in 1989 where he Graduated in Economy by UB. Holds a
has always worked on Investment Management Master in Finances by the IEF, the CEFA,
as a fund manager. Holds a degree in Economics the CIIA and the CAIA. Holds the
and a PDE IESE Business School. Manager of “Certificado de Experto en Valoración de
EDM Inversion since 1989. Empresas”(CEVE) by IEAF. Worked as a
fund manager and analyst in Caixa
Penedès. Analyst and asset manager in
EDM since 2004.
Alberto Fayos,39
Specialised industries and Financials • No distinction between analyst & portfolio manager
Sector Specialist for EDM Strategy
Holds a Bachelor in Actuarial and Finances and • Collective discussion & Individual decision
a Degree in Statistics from University of
Barcelona (UB) . Holds the CEFA Certified.
Worked at Gaesco Gestión SCIIC from 1997 until • Investment Team over the last 6 years:
2005. Worked at Banc Sabadell Gestión SGIIC Non-existent staff turnover
from 2006 until 2009. Joined EDM in March
2009 as an Analyst and Portfolio Manager.
22
28. EDM Strategy Sicav About EDM
Regulated companies in three European domiciles
EDM
HOLDING, S.A.
100%
EDM SERVICIOS EDM GESTIÓN EDM FUND EDM ASSET
Company
FINANCIEROS S.A. SGIIC MANAGEMENT, S.A. MANAGEMENT, Ltd
S.A. AV
Country SPAIN SPAIN LUXEMBOURG IRELAND
Since 1989 Since 1989 Since 1990 Since 1999
Service Discretionary Domestics Funds International Fuds Fund of
Management SICAV SICAV Hegde Funds
28
29. EDM Strategy Sicav About EDM
EDM Senior Managers
Eusebio Díaz-Morera, 66 Antonio Estabanell, 52
EXECUTIVE CHAIRMAN CEO
Graduated in Economy from Barcelona Holds an MBA from ESADE University
University and MBA from IESE (Barcelona). (Barcelona). Worked at KPMG and two
Before founding EDM in 1989, he was international food companies in the Financial
General Director of PAS (Fund Management Area. Joined EDM in 1990 and since then has
and Corporate Finance), Chairman of Caja de been involved in all investment management
Barcelona (Savings Bank), Chairman of activity within the company. Until 2010 he was
Banca Catalana, and Chairman of Tunel del the Managing Director and CIO.
Cadí (tollway concession)
Javier Prada, 62 Luis Fortuny , 45
DIRECTOR HEAD OF BACK-OFFICE & COMPLIANCE
Graduated in Law, he holds a Master in Graduated in Economics and Finances from
Finance (University of Paris). He started his UAB. In 2006, he received a BA degree in PDD
career in Banif Private Bank (Santander) from IESE Business School. He was working at
where he was Regional Manager and Former SONY from 1990 to 2000 as Accounting
Managing Director. In 1991 he joined Manager and Control Manager. He was Senior
Indosuez-Credit Agricole where he was Private Consultant at Cap Gemini Ernst & Young. He
Banking General Manager and Regional was also Finance Director at Baker & Mc
President. He joined EDM in 2005. Kenzie (Law firm). He joined EDM in 2008.
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31. EDM Strategy Sicav About EDM
EDM performance with other asset types
20 Years 15 Years 10 Years 7 Years 3 Years 2 Years 2011
FUND CATEGORY Inception Date ISIN
RETURN RETURN RETURN RETURN RETURN VOLATILITY RETURN
EDM Strategy Europe Equity Large Cap 241,68 81,18 0,70 40,15 28,54 11,28 -5,00 31/10/1995 LU0028445327
EDM Ahorro Euro Corporate Credit 115,95 48,55 25,23 17,64 9,29 1,81 2,00 01/04/1991 ES0168673038
EDM Inversión Spanish Equity 331,87 170,68 63,37 18,62 6,94 17,25 -6,10 01/04/1991 ES0168674036
EDM Renta Euro Fixed Income 47,62 23,82 16,27 4,10 0,63 1,60 22/12/1994 ES0127795039
EDM American Growth (USD) US Equity Large Cap Growth -24,22 3,19 45,70 12,58 4,01 31/05/1999 LU0095539242
EDM Cartera Global Equity Large Cap 10,09 11,60 -5,15 11/07/2008 ES0128331008
EDM American Growth (EUR) US Equity Large Cap Growth 41,91 18,24 0,22 10/09/2008 LU0388590050
EDM Credit Portfolio High Yield Fixed Income 43,65 7,89 4,24 08/10/2008 LU0028445590
EDM Emerging Markets Emerging Markets Equity 12,72 -17,80 21/12/2009 LU0051440435
EDM High Yield Short Duration High Yield Fixed Income 1,52 06/10/2011 LU0146855530
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All EDM return data are expressed in euros and are stated net of expenses and fees.
33. EDM Strategy Sicav Summary
10 reasons for investing in EDM Strategy Sicav
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
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34. EDM Strategy Sicav Summary
EDM STRATEGY SICAV
CURRENCY Euro IDENTITY
NAV 267,66 € EUTD - 15% Threshold
FUND AUM 66.300.000 € German Tax Transparency
EUROPEAN PORTFOLIO AUM 405.000.000 € UCITS
INCEPTION DATE 01.01.1995 LEGAL STRUCTURE LU - SICAV - Part 1
MANAGEMENT FEE (Private) 2,50% INCOME DISTRIBUTION Retained
MANAGEMENT FEE (Institutional) 1,5% (in process)
CUSTODIAN FEE 0,20%
TOTAL EXPENSE RATIO 2,79%
FUND MANAGERS Ricardo Vidal & Beatriz López
MANAGER EDM Fund Management EU TAX DIRECTIVE
CUSTODIAN RBC Dexia Eu Tax Directive Start Date 01/05/2011
AUDITOR Deloitte, S.A. Eu Tax End Date 30/04/2012
DOMICILE Luxembourg Eu Tax Directive Status In Scope-No Tax
DEALING Daily Eu Tax Directive 15% Threshold Yes
CATEGORY European Equities Eu Tax Directive 40% Threshold No
HOLDING BASED CLASSIFICATION Europe Multi-Cap Growth Prospectus vs Asset Allocation No
MORNINGSTAR CLASSIFICATION Europe Large-cap Growth NAV Taxable Interest Income Accrued No
LIPPER CLASSIFICATION Equity Europe Dividend Taxable Interest Incime Accrued No
COUNTRIES REGISTERED FOR SALE DISTRIBUTION PLATFORMS
Luxembourg Allfunds Bank
Spain ("Traspasable") Inversis Banco (in process)
CROSS REFERENCES CROSS REFERENCES
ISIN LU0028445327 F&E FUND CODE 2550
ISIN CURRENCY CLASS LU0028445327.EUR F&E GROUP CODE 727
BLOOMBERG EDMISFI LX FT MEXLD LXEDIS
REUTERS 002844532X.LU HOLDINGS LOADING ID LU6081
LIPPER 60013965 PERM ID 8590296188
SEDOL 4106744 RIC 002844532X.LU
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TELEKURS 353647 RIC LP60013965
WKN- GERMAN A0Q1TQ VALOR 353647
35. www.edm.es
Ignacio Pedrosa
Head of Investor Relations
+34 636814186
+34 914110398
ipedrosa@edm.es
http://es.linkedin.com/in/ipedrosa
LEGAL NOTICE
1) This information represents disclosure by EDM and is intended merely to inform those to whom it is addressed in compliance with the code of cunsuct applying to all investment services in Spain. For this reason
efforts have been made to ensure that it is sufficient and understandable to anybody likely to receive it.
Given that the information may refer to or include separate additional documentation, the recipient is invited to request this from EDM.
If, within the body of information in this notification, there should be any offer regarding products, financial instruments or services, the recipients thereof also have at their disposition supplementary or additional
documentation which will enable them to authorise all the terms and conditions pertaining to the offer of interest to them.
2) EDM is a securities broker registered in Spain (Avda. Diagonal 399 3º 1ª, 08008 Barcelona) and is authorised to provide investment services with regard to securities and financial instruments for clients, in relation
to whom it is subject to the supervision of the Comisión Nacional del Mercado de Valores (National Securities Market Commission) (CNMV, Paseo de la Castellana 19, 28046 Madrid), where it is registered under
number 139. The broker is a member of the Fondo de Garantía de Inversiones (FOGAIN, the Investment Guarantee Fund).
3) The recipients of this information should bear in mind that any results or data provided may be subject to fees, commission, taxes, expenses or duties, which could lead to a reduction in the gross return, which
will depend on the particular nature of each case.
4) It is here left on record that the instruments described in this information are subject to the impact of various common causes, such as:
i- Alterations to the markets due to unforeseen circumstances
i- Liquidity risks and others which affect the progress of the investment.
5) Within this information here figures appear that refer to past returns for the products mentioned. It is obvious that such information should be used as a reference and as valid background data to reach one’s
own conclusions, but under no circumstances should it be employed as an indicator guaranteeing future performance.
By the same token, the information contained that might simulate future trends for any product and its performance must, for identical reasons as those cited for past data, be considered as a valid reference to
reach one’s own conclusions but in no way seen as a guarantee of returns that will be obtained.
6) Within this documentation there may be figures based on currencies other than those used by recipients hereof. For this reason consideration should be given to any possible change upwards or downwards in the
value of the currency and how this affects the results for the products or instruments proposed.
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This document is reserved for professional investors only as defined by the MIFID