This document provides information on the ODDO PROACTIF EUROPE flexible European equity fund managed by ODDO MERITEN ASSET MANAGEMENT. It discusses the fund's management team, flexible investment philosophy of allocating between 0-100% to equities based on valuation analysis, bottom-up stock selection process focusing on value creating international companies, and provides some investment case examples including Nestle and SAP. The document is intended exclusively for professional clients and may not be circulated publicly.
The document provides an overview of MFS Investment Management, a global asset management firm, and their Global Total Return Fund. Some key points:
- MFS has over $425 billion in total assets under management across global equities, fixed income, and multi-strategy funds.
- Their collaborative research platform includes over 90 analysts covering global sectors and integrating equity and credit research.
- The Global Total Return Fund seeks to provide long-term capital appreciation and income by investing globally in stocks, bonds, and other securities using strategic asset allocation across asset classes. The mix is designed for moderate risk and competitive risk-adjusted returns.
This document provides an overview of Mirabaud Group, an asset management firm with CHF 32.8 billion in assets under management. It has 14 offices worldwide and manages 28 funds through 12 portfolio management teams. The document focuses on Mirabaud's Spanish equities strategy, which has CHF 400 million in assets. It describes the investment process, current portfolio positioning and holdings, performance history, and fund details. The portfolio managers, Gemma Hurtado San Leandro and Emilio Barberá Pegueró, are also introduced.
This document provides an overview of Dunas Capital Group, an asset management company based in Portugal. It summarizes Dunas Capital's investment team and philosophy, which focuses on flexible allocation between asset classes. It also outlines Dunas Capital's investment process, which involves both strategic and tactical assessment. Finally, it provides an example portfolio breakdown for one of Dunas Capital's funds, Dunas Património, which had 49.76% in equities and -31.28% in fixed income as of the date shown.
This document provides an overview of Cygnus Asset Management, an investment firm that manages approximately €500 million across various strategies focused on European utilities, infrastructure, and renewables. It describes Cygnus' investment approaches, including its long/short equity strategy for utilities and related sectors, and event-driven strategy. Performance data is presented showing the strategies' returns and risk profiles since inception.
This document provides an overview of the Threadneedle European Corporate Bond Fund managed by Columbia Threadneedle Investments. It discusses the firm's fixed income credentials, investment philosophy, team and process. Columbia Threadneedle has over €174 billion in fixed income assets under management across equities, fixed income, alternatives and asset allocation. It employs an active approach to investing and focuses on issuer and security selection to achieve strong risk-adjusted returns. The investment grade credit team utilizes rigorous fundamental research and a collaborative culture to generate ideas and construct high-quality, diversified portfolios.
Company was founded to manage the assets of its Clients by investing on the capital markets, in particular in shares and debt securities. The Asset Management activity is run under a licence obtained from the Polish Financial Supervision Authority on May 26, 2010. Caspar AM was founded as an alternative to large asset managing institutions which are a part of complex, often multi-layered, capital groups. In comparison to such entities, Caspar AM acts independently and is flexible when it comes to meeting the needs of its clients. Caspar AM’s services are directed to High Net Worth Individuals with available assets of more than 1 mln PLN and Institutional Investors who wish to invest in Central and Eastern European Markets with the help of experienced specialists of the region.
le chéile Group Income and Growth Investment Seminar 05.11.13le chéile Group
Carmignac Patrimoine is a diversified international fund managed by Carmignac Gestion, a French asset management firm. The fund aims to minimize risk while seeking returns through flexible allocation across international equities, bonds, and currencies. It is managed by three portfolio managers who collaborate on asset allocation decisions. As of September 2013, the fund had increased its equity exposure to 50% due to improving market conditions while maintaining balanced currency exposure between the dollar and euro. Over its 24-year history, Carmignac Patrimoine has outperformed its composite benchmark, demonstrating strong performance across various market cycles.
Introduction To Tap Strategies September 2011TAPStrategies
TAP Strategies is an outsourced wealth management firm that manages over £1 billion for its clients. It offers tailored portfolio solutions and additional services for brokers. TAP works with several investment managers including Portman Associates, EEA Fund Management, The Mansion Group, Montreux Capital, and Apollo Asset Management. TAP earns commission fees ranging from 3-4% initially plus trailing commissions of 0.25-0.5% from working with these investment managers.
The document provides an overview of MFS Investment Management, a global asset management firm, and their Global Total Return Fund. Some key points:
- MFS has over $425 billion in total assets under management across global equities, fixed income, and multi-strategy funds.
- Their collaborative research platform includes over 90 analysts covering global sectors and integrating equity and credit research.
- The Global Total Return Fund seeks to provide long-term capital appreciation and income by investing globally in stocks, bonds, and other securities using strategic asset allocation across asset classes. The mix is designed for moderate risk and competitive risk-adjusted returns.
This document provides an overview of Mirabaud Group, an asset management firm with CHF 32.8 billion in assets under management. It has 14 offices worldwide and manages 28 funds through 12 portfolio management teams. The document focuses on Mirabaud's Spanish equities strategy, which has CHF 400 million in assets. It describes the investment process, current portfolio positioning and holdings, performance history, and fund details. The portfolio managers, Gemma Hurtado San Leandro and Emilio Barberá Pegueró, are also introduced.
This document provides an overview of Dunas Capital Group, an asset management company based in Portugal. It summarizes Dunas Capital's investment team and philosophy, which focuses on flexible allocation between asset classes. It also outlines Dunas Capital's investment process, which involves both strategic and tactical assessment. Finally, it provides an example portfolio breakdown for one of Dunas Capital's funds, Dunas Património, which had 49.76% in equities and -31.28% in fixed income as of the date shown.
This document provides an overview of Cygnus Asset Management, an investment firm that manages approximately €500 million across various strategies focused on European utilities, infrastructure, and renewables. It describes Cygnus' investment approaches, including its long/short equity strategy for utilities and related sectors, and event-driven strategy. Performance data is presented showing the strategies' returns and risk profiles since inception.
This document provides an overview of the Threadneedle European Corporate Bond Fund managed by Columbia Threadneedle Investments. It discusses the firm's fixed income credentials, investment philosophy, team and process. Columbia Threadneedle has over €174 billion in fixed income assets under management across equities, fixed income, alternatives and asset allocation. It employs an active approach to investing and focuses on issuer and security selection to achieve strong risk-adjusted returns. The investment grade credit team utilizes rigorous fundamental research and a collaborative culture to generate ideas and construct high-quality, diversified portfolios.
Company was founded to manage the assets of its Clients by investing on the capital markets, in particular in shares and debt securities. The Asset Management activity is run under a licence obtained from the Polish Financial Supervision Authority on May 26, 2010. Caspar AM was founded as an alternative to large asset managing institutions which are a part of complex, often multi-layered, capital groups. In comparison to such entities, Caspar AM acts independently and is flexible when it comes to meeting the needs of its clients. Caspar AM’s services are directed to High Net Worth Individuals with available assets of more than 1 mln PLN and Institutional Investors who wish to invest in Central and Eastern European Markets with the help of experienced specialists of the region.
le chéile Group Income and Growth Investment Seminar 05.11.13le chéile Group
Carmignac Patrimoine is a diversified international fund managed by Carmignac Gestion, a French asset management firm. The fund aims to minimize risk while seeking returns through flexible allocation across international equities, bonds, and currencies. It is managed by three portfolio managers who collaborate on asset allocation decisions. As of September 2013, the fund had increased its equity exposure to 50% due to improving market conditions while maintaining balanced currency exposure between the dollar and euro. Over its 24-year history, Carmignac Patrimoine has outperformed its composite benchmark, demonstrating strong performance across various market cycles.
Introduction To Tap Strategies September 2011TAPStrategies
TAP Strategies is an outsourced wealth management firm that manages over £1 billion for its clients. It offers tailored portfolio solutions and additional services for brokers. TAP works with several investment managers including Portman Associates, EEA Fund Management, The Mansion Group, Montreux Capital, and Apollo Asset Management. TAP earns commission fees ranging from 3-4% initially plus trailing commissions of 0.25-0.5% from working with these investment managers.
Venture capital and financing in Europe is starting to follow the trend of upcoming unicorns and companies set for success. European startups began to gain traction in 2011 and are maturing into a global presence
Nicolas Berg_Swiss Early-stage Trends_Redalpine_SECA_sep2013Nicolas Berg
The document summarizes key points from a presentation given by Nicolas Berg on the Swiss early-stage startup ecosystem. Some of the main points covered in the presentation include:
- Conditions necessary to develop a successful high-tech startup cluster including successful founders, investors, universities, talent recruitment and a supportive ecosystem.
- Startups have a significant impact on job creation compared to established companies, with US startups creating 3 million jobs per year on average.
- Some of the top exits of Swiss ICT and life science startups that have helped establish successful role models and track records.
- Overview of some of the top early-stage investors in Switzerland for both ICT and life science sectors.
This document provides information on the Investor Equities fund, a Luxembourg-based SICAV-SIF managed by Investor Asset Management Bvba. The fund employs a long-only strategy, primarily investing in undervalued European small- and mid-cap stocks. It maintains a focused portfolio of approximately 25 stocks selected through fundamental analysis. Since its launch in 2008, the fund has generated a 76% return compared to 4.2% for the Stoxx 600 index, earning it a 5-star Lipper rating for risk-adjusted returns over 5 years. The document reviews the fund's investment philosophy, process, performance and technical details.
This document provides information about T. Rowe Price's European equity funds and investment approach. It discusses:
- T. Rowe Price's global reach and local expertise in managing over $478 billion in assets.
- Their investment process focuses on fundamental research, a collaborative culture, and disciplined process. They have 20 analysts dedicated to researching European companies.
- Their European equity fund range includes funds focused on various market caps and regions within Europe, managed by experienced portfolio managers following a bottom-up stock selection strategy.
- The funds aim to outperform benchmarks with similar risk, through identifying undervalued quality businesses and avoiding style constraints. Research is a core strength with over 130 analysts worldwide.
IFAs are using offshore structures for themselves and their clients for several benefits:
- Freedom and flexibility to invest globally without limits and access foreign currency.
- Pay considerably less tax by taking advantage of offshore jurisdictions like Mauritius.
- Secure an external capital base by establishing offshore structures like trusts and companies.
- Provide a complete offering to clients with both domestic and offshore solutions.
- Increase their share of clients' wallets and generate new revenue streams for themselves.
- ODFX is a forex broker established in 2006 in Amsterdam and incorporated in Seychelles in 2013, focusing on forex trading, fund management, and preparing for an IPO.
- It provides forex trading services using a no-dealing desk model for retail traders with leverage, and has expanded operations across Asia and the Middle East.
- The document outlines ODFX's business model, values of putting clients first, and various investment packages it offers with trading bonuses, credits, and projected returns.
This document summarizes information about a company called OD Capital Limited that provides forex trading services. It establishes that the company was founded in 2006 in Amsterdam and incorporated in Seychelles in 2013. It operates a no dealing desk business model for currency trading and offers clients direct market access and trading services focused on Asia's growth markets. The company aims to expand its business and increase assets through property development, tourism, and other industries in preparation for an IPO.
The document analyzes the Robeco European Conservative Equities I EUR fund, which aims to outperform its benchmark (MSCI Europe Composite Index) through a low volatility strategy. The fund benefits from lower risk in downturns. Style analysis shows the managers do not use market timing. Factor and alpha models indicate the fund is managed skillfully. Geographic and sector exposures vary over time as the managers adjust based on opportunities. The top holdings are in utilities, consumer staples, financials, and healthcare stocks.
The document provides an overview of the 2016 Q2 results for an advisory investment management firm called Fink House. It summarizes that:
1) The "Expert" medium risk model portfolio outperformed its index with returns of 2.9% versus 2.4% for the index, with lower volatility.
2) After a strong start to the year, global equities saw limited gains in Q2. Fink House recommended reducing equity exposure in May due to high prices and optimism.
3) Exchange-traded funds generally had positive returns in the quarter, with the S&P 500 up 4.97%. The portfolio has a regional and asset breakdown targeting balanced risk and return.
This document contains a disclaimer for trading commodities, forex, and options which carries high risk. It notes the large potential rewards but also large potential risks, and that you must be willing and able to accept the risks. It states this is not an offer or solicitation to buy or sell, and no guarantees of profit or loss are being made. Past performance is not indicative of future results. It also notes there are limitations to hypothetical or simulated performance results. The disclaimer concludes that you expressly understand and agree the trading platform provider shall not be liable for any direct, indirect, incidental, special, or consequential damages from use of the platform.
The document summarizes the Coral All Seasons Account, a hedge fund that aims to provide absolute returns in excess of 10% annually. It selects talented hedge fund managers with proven track records and offers investors absolute liquidity through monthly valuations with no redemption restrictions. The fund is structured to provide absolute security by segregating assets and conducting independent auditing and verification to prevent issues like fraud. It is advised by Deutsche Bank's Global Hedge Fund Group and aims to access top performing managers while offering investors protection, liquidity and governance.
The distinguished lecture from the Executive Director, Wealth Management Head of South and South East UK at UBS, Martyn Begbour. Exclusively for the University of Southampton Investment and Finance Society.
Asset Management in Eastern Europe | Karoll Capital ManagementKaroll
Learn more about the asset management in Eastern Europe and the investment opportunities in Emerging Europe. Karoll Capital Management is one of the leading asset management companies in the region.
This document summarizes a workshop that took place on February 19, 2014 in Leuven, Belgium on the topic of asset management. The workshop covered various topics including:
- An introduction to asset management and different asset classes such as equities, fixed income, alternatives, and money markets.
- Key concepts in asset management like risk, volatility, diversification, asset allocation, benchmarks, and performance measurement.
- Different types of fund management including mandates, UCITS funds, and examples of fund styles.
- The document provides an overview of the content that was discussed at the workshop on investing and fund management.
Asset Management in Eastern Europe | Karoll Capital ManagementKaroll
In this portfolio you can find detailed information about Karoll Capital Management history, key facts, investment strategy and key statistics for the investment processes and assets under management.
This document summarizes the key findings from the 2016 European SRI Study conducted by Eurosif. It found continued strong growth in sustainable and responsible investment in Europe, with a shift in SRI assets from equities to fixed income driven by growth in green bonds. Retail investor interest is growing, though institutional investors still drive most asset growth. Engagement and voting strategies are also growing strongly, showing increased emphasis on stewardship. While the view that ESG integration hurts returns has been largely debunked, categorizing ESG integration approaches remains difficult. Overall the study demonstrates ongoing expansion of SRI in Europe.
This document summarizes the key findings from the 2016 European SRI Study conducted by Eurosif. It found continued strong growth in sustainable and responsible investment in Europe, with a shift in SRI assets from equities to fixed income driven by growth in green bonds. Retail investor interest is growing, though institutional investors still drive most asset growth. Engagement and voting strategies are also growing strongly, showing increased emphasis on stewardship. While the belief that ESG integration hurts returns has been debunked, categorizing ESG integration approaches remains difficult. Overall the study demonstrates ongoing expansion of SRI in Europe.
This document provides summaries of 7 asset management firms and investment strategies related to sustainable and responsible investing (SRI) in Europe. Candriam is a leading pan-European asset manager with €96.6 billion AUM focusing on fixed income, equities, alternatives, sustainable investments, and advanced asset allocation. Mirova offers a global responsible investing approach across multiple asset classes and strategies with €6 billion AUM. Northern Trust is a leading global asset servicing and management firm serving institutional clients with over $10 trillion in assets under custody and administration. OFI AM is one of the largest French asset managers with €67 billion AUM, ranking 4th among French SRI managers. Etica SGR is an Italian S
This document outlines a presentation by Bank Degroof to VIVIUM Assurances on their global investment approach and behavioral value strategy. It introduces Bank Degroof as an independent merchant bank with over €24 billion in assets under management. The agenda includes an introduction to Bank Degroof, their global investment approach for VIVIUM, and their behavioral value strategy. It then discusses asset allocation, diversification, performance, and risk control in their medium risk portfolio.
This document discusses global cash management pooling and liquidity solutions. It describes how pooling cash balances across subsidiaries in a notional or actual way can optimize interest earned and reduce costs. Pools can be set up in individual currencies or across multiple currencies. The benefits of good cash management include controlling financial risk, earning additional profits, strengthening the balance sheet, and boosting confidence. Integrating investments with liquidity structures allows companies to optimize both cash balances and returns on invested cash.
Este documento proporciona instrucciones paso a paso para construir un cable Ethernet categoría 5e. Explica los materiales necesarios y los 11 pasos para desenrollar, pelar y organizar los pares de cables, insertarlos en los conectores RJ-45 en el orden correcto según el estándar 568B, y comprobar que el cable funcione correctamente.
Venture capital and financing in Europe is starting to follow the trend of upcoming unicorns and companies set for success. European startups began to gain traction in 2011 and are maturing into a global presence
Nicolas Berg_Swiss Early-stage Trends_Redalpine_SECA_sep2013Nicolas Berg
The document summarizes key points from a presentation given by Nicolas Berg on the Swiss early-stage startup ecosystem. Some of the main points covered in the presentation include:
- Conditions necessary to develop a successful high-tech startup cluster including successful founders, investors, universities, talent recruitment and a supportive ecosystem.
- Startups have a significant impact on job creation compared to established companies, with US startups creating 3 million jobs per year on average.
- Some of the top exits of Swiss ICT and life science startups that have helped establish successful role models and track records.
- Overview of some of the top early-stage investors in Switzerland for both ICT and life science sectors.
This document provides information on the Investor Equities fund, a Luxembourg-based SICAV-SIF managed by Investor Asset Management Bvba. The fund employs a long-only strategy, primarily investing in undervalued European small- and mid-cap stocks. It maintains a focused portfolio of approximately 25 stocks selected through fundamental analysis. Since its launch in 2008, the fund has generated a 76% return compared to 4.2% for the Stoxx 600 index, earning it a 5-star Lipper rating for risk-adjusted returns over 5 years. The document reviews the fund's investment philosophy, process, performance and technical details.
This document provides information about T. Rowe Price's European equity funds and investment approach. It discusses:
- T. Rowe Price's global reach and local expertise in managing over $478 billion in assets.
- Their investment process focuses on fundamental research, a collaborative culture, and disciplined process. They have 20 analysts dedicated to researching European companies.
- Their European equity fund range includes funds focused on various market caps and regions within Europe, managed by experienced portfolio managers following a bottom-up stock selection strategy.
- The funds aim to outperform benchmarks with similar risk, through identifying undervalued quality businesses and avoiding style constraints. Research is a core strength with over 130 analysts worldwide.
IFAs are using offshore structures for themselves and their clients for several benefits:
- Freedom and flexibility to invest globally without limits and access foreign currency.
- Pay considerably less tax by taking advantage of offshore jurisdictions like Mauritius.
- Secure an external capital base by establishing offshore structures like trusts and companies.
- Provide a complete offering to clients with both domestic and offshore solutions.
- Increase their share of clients' wallets and generate new revenue streams for themselves.
- ODFX is a forex broker established in 2006 in Amsterdam and incorporated in Seychelles in 2013, focusing on forex trading, fund management, and preparing for an IPO.
- It provides forex trading services using a no-dealing desk model for retail traders with leverage, and has expanded operations across Asia and the Middle East.
- The document outlines ODFX's business model, values of putting clients first, and various investment packages it offers with trading bonuses, credits, and projected returns.
This document summarizes information about a company called OD Capital Limited that provides forex trading services. It establishes that the company was founded in 2006 in Amsterdam and incorporated in Seychelles in 2013. It operates a no dealing desk business model for currency trading and offers clients direct market access and trading services focused on Asia's growth markets. The company aims to expand its business and increase assets through property development, tourism, and other industries in preparation for an IPO.
The document analyzes the Robeco European Conservative Equities I EUR fund, which aims to outperform its benchmark (MSCI Europe Composite Index) through a low volatility strategy. The fund benefits from lower risk in downturns. Style analysis shows the managers do not use market timing. Factor and alpha models indicate the fund is managed skillfully. Geographic and sector exposures vary over time as the managers adjust based on opportunities. The top holdings are in utilities, consumer staples, financials, and healthcare stocks.
The document provides an overview of the 2016 Q2 results for an advisory investment management firm called Fink House. It summarizes that:
1) The "Expert" medium risk model portfolio outperformed its index with returns of 2.9% versus 2.4% for the index, with lower volatility.
2) After a strong start to the year, global equities saw limited gains in Q2. Fink House recommended reducing equity exposure in May due to high prices and optimism.
3) Exchange-traded funds generally had positive returns in the quarter, with the S&P 500 up 4.97%. The portfolio has a regional and asset breakdown targeting balanced risk and return.
This document contains a disclaimer for trading commodities, forex, and options which carries high risk. It notes the large potential rewards but also large potential risks, and that you must be willing and able to accept the risks. It states this is not an offer or solicitation to buy or sell, and no guarantees of profit or loss are being made. Past performance is not indicative of future results. It also notes there are limitations to hypothetical or simulated performance results. The disclaimer concludes that you expressly understand and agree the trading platform provider shall not be liable for any direct, indirect, incidental, special, or consequential damages from use of the platform.
The document summarizes the Coral All Seasons Account, a hedge fund that aims to provide absolute returns in excess of 10% annually. It selects talented hedge fund managers with proven track records and offers investors absolute liquidity through monthly valuations with no redemption restrictions. The fund is structured to provide absolute security by segregating assets and conducting independent auditing and verification to prevent issues like fraud. It is advised by Deutsche Bank's Global Hedge Fund Group and aims to access top performing managers while offering investors protection, liquidity and governance.
The distinguished lecture from the Executive Director, Wealth Management Head of South and South East UK at UBS, Martyn Begbour. Exclusively for the University of Southampton Investment and Finance Society.
Asset Management in Eastern Europe | Karoll Capital ManagementKaroll
Learn more about the asset management in Eastern Europe and the investment opportunities in Emerging Europe. Karoll Capital Management is one of the leading asset management companies in the region.
This document summarizes a workshop that took place on February 19, 2014 in Leuven, Belgium on the topic of asset management. The workshop covered various topics including:
- An introduction to asset management and different asset classes such as equities, fixed income, alternatives, and money markets.
- Key concepts in asset management like risk, volatility, diversification, asset allocation, benchmarks, and performance measurement.
- Different types of fund management including mandates, UCITS funds, and examples of fund styles.
- The document provides an overview of the content that was discussed at the workshop on investing and fund management.
Asset Management in Eastern Europe | Karoll Capital ManagementKaroll
In this portfolio you can find detailed information about Karoll Capital Management history, key facts, investment strategy and key statistics for the investment processes and assets under management.
This document summarizes the key findings from the 2016 European SRI Study conducted by Eurosif. It found continued strong growth in sustainable and responsible investment in Europe, with a shift in SRI assets from equities to fixed income driven by growth in green bonds. Retail investor interest is growing, though institutional investors still drive most asset growth. Engagement and voting strategies are also growing strongly, showing increased emphasis on stewardship. While the view that ESG integration hurts returns has been largely debunked, categorizing ESG integration approaches remains difficult. Overall the study demonstrates ongoing expansion of SRI in Europe.
This document summarizes the key findings from the 2016 European SRI Study conducted by Eurosif. It found continued strong growth in sustainable and responsible investment in Europe, with a shift in SRI assets from equities to fixed income driven by growth in green bonds. Retail investor interest is growing, though institutional investors still drive most asset growth. Engagement and voting strategies are also growing strongly, showing increased emphasis on stewardship. While the belief that ESG integration hurts returns has been debunked, categorizing ESG integration approaches remains difficult. Overall the study demonstrates ongoing expansion of SRI in Europe.
This document provides summaries of 7 asset management firms and investment strategies related to sustainable and responsible investing (SRI) in Europe. Candriam is a leading pan-European asset manager with €96.6 billion AUM focusing on fixed income, equities, alternatives, sustainable investments, and advanced asset allocation. Mirova offers a global responsible investing approach across multiple asset classes and strategies with €6 billion AUM. Northern Trust is a leading global asset servicing and management firm serving institutional clients with over $10 trillion in assets under custody and administration. OFI AM is one of the largest French asset managers with €67 billion AUM, ranking 4th among French SRI managers. Etica SGR is an Italian S
This document outlines a presentation by Bank Degroof to VIVIUM Assurances on their global investment approach and behavioral value strategy. It introduces Bank Degroof as an independent merchant bank with over €24 billion in assets under management. The agenda includes an introduction to Bank Degroof, their global investment approach for VIVIUM, and their behavioral value strategy. It then discusses asset allocation, diversification, performance, and risk control in their medium risk portfolio.
This document discusses global cash management pooling and liquidity solutions. It describes how pooling cash balances across subsidiaries in a notional or actual way can optimize interest earned and reduce costs. Pools can be set up in individual currencies or across multiple currencies. The benefits of good cash management include controlling financial risk, earning additional profits, strengthening the balance sheet, and boosting confidence. Integrating investments with liquidity structures allows companies to optimize both cash balances and returns on invested cash.
Este documento proporciona instrucciones paso a paso para construir un cable Ethernet categoría 5e. Explica los materiales necesarios y los 11 pasos para desenrollar, pelar y organizar los pares de cables, insertarlos en los conectores RJ-45 en el orden correcto según el estándar 568B, y comprobar que el cable funcione correctamente.
The document discusses conflict resolution and the Thomas-Kilmann Conflict Mode Instrument. It describes conflict as the result of differences in needs, values, and motivations. There are two views of conflict - the traditional view that sees it as something to avoid, and the alternative view that sees it as inevitable and sometimes necessary for change. The document outlines five conflict modes or behaviors assessed by the Thomas-Kilmann instrument: competing, collaborating, compromising, avoiding, and accommodating. Each mode has potential benefits and costs described in the document.
El mercado de financiación alternativa online en Europa creció un 92% en 2015, alcanzando un volumen total de 5.531 millones de euros. Reino Unido sigue siendo el líder con el 81% del volumen. Excluyendo Reino Unido, los mayores contribuyentes son Francia, Alemania y Holanda, ubicándose España en sexto lugar con 50 millones de euros en 2015.
This document discusses physical, cognitive, and language development in middle and late childhood from ages 7 to 11. Key points include:
- Children experience slow, steady growth and motor skills improve. Brain development involves changes in structures like the prefrontal cortex.
- Cognitive abilities involve concrete operations and logical reasoning according to Piaget. Long-term memory capacity increases.
- Language skills continue to develop and children can understand and use more advanced vocabulary and grammar.
- The document also addresses developmental disabilities, health issues, and legal protections for children with special needs.
This document summarizes challenges faced by the Flipkart frontend team. It discusses how they handle over 4 million pageviews per day across browsers using an in-house CDN. Key challenges include secure cross-domain calls, scalable CSS, and cleaning up old code. Techniques used include iframes, window.postMessage(), and window.name for cross-domain transport. The document also covers their approach to webfonts, CSS architecture using OCSS, and an experimental tool to clean up redundant CSS declarations.
This document provides an overview of setting up Google Analytics for iOS app tracking. It discusses prerequisites, what can be measured, setup instructions, installation steps, sample reports, and other tracking options. The setup involves signing up for a Google Analytics account, getting the tracking code, adding header files and the Analytics SDK to an iOS project, and initializing the tracker. Automatic screen tracking can be implemented by extending view controllers. Sample reports include app version tracking, in-app purchases, device overview, and engagement flow.
Jackie Reau, CEO of Game Day Communications, offered a presentation on sports and social media and how to create new revenue streams through sponsorship.
The presentation was shared at the 2012 Symposium of the National Association of Sports Commissions.
Project Loon is a network of balloons travelling in the stratosphere and designed by Google to provide internet connectivity worldwide. The balloons float 20 km above the Earth's surface, where winds are steady at 5-20 mph, and each balloon can rise or descend to different wind layers to be steered in desired directions. The balloons are composed of polyethylene envelopes that are inflated to 15m x 12m sizes, solar panels that provide up to 100W of power, and electronic equipment boxes. Users on the ground connect to the balloon network using special antennas that bounce signals between balloons and then down to the global internet. Google aims to use this technology to connect the two-thirds of the world's population that currently
Flipkart is an electronic commerce company founded in 2007, by Sachin Bansal and Binny Bansal. It operates exclusively in India, where it is headquartered in Bangalore, Karnataka. It is registered in Singapore, and owned by a Singapore-based holding company. Flipkart has launched its own product range under the name "DigiFlip", offering camera bags, pen-drives, headphones, computer accessories, etc. Flipkart also recently launched its own range of personal healthcare and home appliances under the brand "Citron". The brand offers 60 day replacement guarantee and On-site repair support under its warranty terms.
Legally, Flipkart is not an Indian company since it is registered in Singapore and majority of its shareholders are foreigners. Because foreign companies are not allowed to do multi-brand e-retailing in India, Flipkart sells goods in India through a company called WS Retail. Other third-party sellers or companies can also sell goods through the Flipkart platform.
Snapdeal.com is an online marketplace, headquartered in New Delhi, India. The company was started by Kunal Bahl, a Wharton graduate as part of the dual degree M&T Engineering and Business program at Penn, and Rohit Bansal, an alumnus of IIT Delhi in February 2010
The document discusses various learning theories that are relevant for nursing education and practice. It covers behavioral, cognitive, and adult learning theories. The key theories discussed include operant conditioning, social learning theory, cognitive development theories from Piaget and Gagne, and Knowles' adult learning theory of andragogy. The theories explore how learning occurs through the interaction of person, behavior, and environment. The document emphasizes that understanding learning theories can help nurses effectively develop teaching strategies.
The basal ganglia consist of the striatum (caudate nucleus and putamen), globus pallidus interna and externa, subthalamic nucleus, and substantia nigra. The basal ganglia circuits affect motor control through direct and indirect pathways that facilitate or inhibit the motor thalamus and cortex. Dopamine excitation of the direct pathway and inhibition of the indirect pathway increases motor activity output. Lesions can result in hypokinetic disorders like Parkinson's or hyperkinetic disorders like hemiballismus and Huntington's disease.
This document provides biographical information about Martha Rogers, Margaret Newman, and Rosemarie Parse, three nurses who developed grand nursing theories. It describes Rogers' Science of Unitary Human Beings theory which views humans and the environment as open, energy fields that interact continuously. It outlines Newman's Health as Expanding Consciousness theory which defines health as the expansion of consciousness. And it provides brief details about Parse's Human Becoming theory.
This document discusses several theories from behavioral sciences that are relevant to nursing, including psychodynamic theories, cognitive-behavioral theories, humanistic theories, and stress theories. It provides details on Erikson's developmental theory, Maslow's hierarchy of needs, the health belief model, and the theory of planned behavior. It also summarizes Hans Selye's general adaptation syndrome, focusing on the three stages of alarm, resistance, and exhaustion in response to stress. Overall, the document outlines several important psychological and behavioral theories and their applications to nursing practice and research.
This document discusses challenges in teaching evidence-based practice (EBP) in clinical settings and strategies to address them. It notes that EBP education requires organizational commitment and resources. An essential first step is engaging unit managers and leaders to foster support and act as role models. Educating staff should involve multiple approaches, such as seminars, journal clubs, and partnerships with academic institutions. The goal is a culture where EBP is used daily to continually improve patient care.
Este documento describe las características morfológicas, bioquímicas y de cultivo de cuatro especies de estreptococos: Streptococcus pyogenes, Streptococcus viridans, Enterococcus faecalis y Streptococcus pneumoniae. Detalla su morfología, estructura antigénica, aislamiento, características de cultivo, pruebas bioquímicas, susceptibilidad a antibióticos, epidemiología, patología y pruebas de diagnóstico.
The document discusses the investment philosophy and process of the Nordea 1 - Flexible Fixed Income Fund. It emphasizes balancing risk across different market conditions by including return drivers that perform well in both bull and bear markets. These include high-quality government bonds for bear markets and high yield/emerging market debt for bull markets. The fund aims to produce a 2% excess return over cash with low volatility of 2-5% through flexible strategic and tactical asset allocation. It focuses on selecting individual return factors rather than asset classes and uses models and research to regularly rebalance the portfolio and reduce risk in changing market environments.
- TIP organized a European Midcap Event in Frankfurt on February 2, 2017 to discuss healthy capital from successful businesses and families being invested intelligently in companies that want to grow.
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- Details are given on TIP's long term investment approach, experience in M&A transactions to support company growth, and track record of value creation over 11 years as a public company.
This document summarizes the services provided by Arietti & Partners, the Italian team of M&A International. M&A International is a global partnership of over 600 professionals across 48 offices in 42 countries. It has completed over 1,300 transactions totaling more than $75 billion in the past five years. Arietti & Partners provides M&A advisory, equity capital markets, and strategic finance services to companies in Italy. It also assists startups in obtaining financing and advising investors on exit opportunities.
Asset Management Strategy for Generali in Europe - PresentationGenerali
Generali is implementing a new asset management strategy to accelerate growth and transformation. The strategy aims to:
1) Broaden investment capabilities and products, 2) Pursue a focused distribution strategy for insurance and individual clients, and 3) Create the largest European multi-boutique insurance asset management platform. The strategy expects to increase Generali Asset Management's net results from €84 million in 2016 to over €300 million in 2020 and increase assets under management from €446 billion to over €500 billion.
This document outlines a presentation by Bank Degroof to VIVIUM Assurances on their global investment approach and behavioral value strategy. It introduces Bank Degroof as an independent merchant bank with over 24 billion euros in assets under management. It then details their global investment approach, which includes selecting funds across four risk profiles that match VIVIUM's existing funds. It outlines Degroof's asset allocation and risk management process, which balances risk and return across asset classes. Finally, it introduces their behavioral value strategy, which uses quantitative models and behavioral factors to select undervalued stocks.
Opera Capital Partners is a boutique corporate finance firm founded in 2005 that provides family office/wealth management and M&A advisory services. It has 130M euros in assets under management with offices in Paris, Stockholm, and elsewhere. The firm focuses on technology businesses and offers services like private placements, M&A advisory, and investor services to optimize growth and equity value for clients. Recent deals include an 18M euro closing in Q1 2011 and private placements totaling 5.5M euros in 2010. The firm has a proven methodology and track record of successful deals over its 18 months of active dealmaking.
Emmanuel Gaffet has over 20 years of experience in capital markets and asset management, specializing in risk management, audit, project management, and equity and fund derivatives. He currently serves as Head of Insurance, Private Debt and Dealing Risk Management at Amundi Asset Management in Paris, overseeing risk analysis and guidelines for insurer and private debt portfolios totaling €350 billion. Prior to this role, he was Deputy Global Head of Equities, Balanced and Specialised Portfolios Risk Management at Amundi, managing a team of six risk managers. He holds a Master's degree in Management from HEC Paris and is fluent in English with a very good level of Spanish.
Start-up Stage - Fintech & Payment - Presentation by Thomas Bloch, Founder and Co-CEO of Vaamo at the NOAH 2015 Conference in London, Old Billingsgate on the 13th of November 2015.
This document provides an overview of Ageas, an insurance company operating in Europe and Asia. It summarizes Ageas' history starting in 1824, its operations across multiple countries, and key financial information. It highlights milestones over recent years including growing business, solving legacy legal issues, achieving financial targets, and progressing plans to improve return on equity through actions to increase profits and optimize capital structure. The document presents Ageas as a company that has grown significantly while addressing challenges from the past to position itself for continued success in the future.
This document provides information about Investor Equities, a Luxembourg-based specialized investment fund (Sicav-SIF) that invests primarily in European small- and mid-cap stocks. It aims to outperform the market by avoiding poor companies and investing in growth stocks at reasonable prices. The fund follows a focused investment strategy of 20-25 stocks selected through fundamental analysis and uses criteria like profitability, management quality, and valuation. Since its launch, Investor Equities has outperformed similar international mutual funds marketed in Belgium, despite European small caps declining over the period.
GCF - Master Presentation - UK - 0124.pdfClarisse35
The document outlines GEREJE Corporate Finance's expertise in providing strategic and financial advisory services for buy-side, fundraising, and sell-side transactions. It details GEREJE's added value including sector expertise, international presence, access to investors and targets, track record, and tailored methodology. GEREJE focuses on transactions in key sectors such as luxury, food and beverage, software, and mobility. The document promotes GEREJE's services and proprietary deal flow database.
EU External Investment Plan EaP Business Forum-f.capurso 27slidesRostyslav LUKACH
The External Investment Plan is a new initiative to boost investment in partner countries and address issues like migration. It takes an integrated three pillar approach focusing on innovative financing, technical assistance, and improving the investment climate. A key aspect is the European Fund for Sustainable Development, which provides an EU guarantee to leverage more private investment in priority areas like SMEs and clean energy. The plan aims to help close the major estimated investment gaps needed to achieve development goals through crowding in private resources and promoting a business friendly environment. Private actors are encouraged to engage through upcoming one-stop shops and structured policy dialogues to help remove constraints on investment.
This document provides information about Vontobel Asset Management. It discusses Vontobel's history and ownership structure, its global asset management business, investment strategies and geographic presence. It also outlines Vontobel's beliefs around active management, risk management, specialized investment strategies, and client focus.
Sogelife is a life insurance company established in Luxembourg in 1996 that offers tailored life insurance solutions to international clients. It operates through an open architecture with 200 partners, including private banks, custodian banks, and asset managers. Sogelife has over 9 billion euros in assets under management and provides services to clients in 9 European countries. It aims to make the customer experience with Sogelife delightful through strategic objectives and digital initiatives.
Eurofin Asset Managers provides asset management and portfolio consulting services. They use a proprietary investment process that focuses on tactical asset allocation across predefined risk buckets. Their approach aims to generate optimal risk-adjusted returns while preserving capital and maintaining liquidity. Eurofin Asset Managers has extensive experience in traditional and alternative strategies, and their team has a proven track record in manager selection and portfolio allocation.
- The document is an annual report for 2021 that provides key figures and discusses the company's performance. It reports a 5% decrease in revenue and EBIT compared to 2020 but a 20% decrease in net finance costs. The consolidated profit increased significantly from a loss in 2020.
- It discusses the economic environment in 2021, noting a 2.7% increase in GDP but ongoing supply chain issues. Retail sales increased nominally by 2.9% while consumer prices increased 3.1%. The real estate and retail sectors saw an increase in concluded leasing contracts.
- The report discusses the company's business model of investing in shopping centers, strategies around portfolio diversification and value optimization, and management systems used to monitor
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Tikehau Capital Markets Strategies document provides disclosures and disclaimers regarding Tikehau Investment Management and its funds. It notes that investing in the funds carries risks of capital loss as capital is not guaranteed. It warns that some funds have exposure to high-yield or unrated bonds which are speculative in nature. It also lists credit risk, interest rate risk, currency risk, liquidity risk and risk from use of derivatives as risks investors must consider.
Este informe resume el rendimiento de una cartera de inversiones entre el 31 de diciembre de 2020 y el 30 de marzo de 2021. La cartera comenzó con un patrimonio de 100.000 euros y terminó con 104.642,67 euros, lo que representa una plusvalía del 4,64%. La cartera está compuesta principalmente por fondos de inversión (90,44%), con un pequeño porcentaje en depósitos (9,56%). La mayor parte de la cartera se centra en renta variable global (31,61%), Europa (16,44%) y sectores específ
Máquinas algorítmicas VS traders humanos por Giancarlo prisco | Rankia Market...Rankia
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El pasado miércoles, 26 de Septiembre estuvimos en el Hotel NH Príncipe de Vergara de Madrid en la conferencia que llevaba por título Soluciones de inversión para las carteras conservadoras donde nos acompañaron las gestoras de fondos Allianz Global Investor, ODDO BHF Asset Management y Araceli de Frutos Casado EAFI y donde también contamos con Victoria Torre (Self Bank), como moderadora de de la mesa redonda.
El pasado martes, 25 de Septiembre estuvimos en el Hotel Conde Luna de León en la conferencia que llevaba por título Soluciones de inversión para las carteras conservadoras donde nos acompañaron las gestoras de fondos Allianz Global Investor, Amiral Gestion y Araceli de Frutos Casado EAFI y donde también contamos con Juan Pablo Garia Valadés (Asesor de inversiones de Renta4), como moderador de de la mesa redonda.
Tesis de inversión Signify - Quedada de foreros 2018Rankia
Este documento resume la información sobre Magallanes Value Investors y Signify. Magallanes es una gestora de fondos independiente especializada en value investing. Gestiona activos por 2.3 mil millones de euros. El documento también describe las divisiones de negocio, estrategia, posicionamiento e innovación de Signify, el líder mundial en iluminación. Signify está transformándose hacia soluciones LED e IoT y tiene objetivos de mejorar sus márgenes operativos a través de reducción de costes.
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.
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.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
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https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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.
"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.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
1. Exclusively dedicated to professional clients (MIFID) www.oddomeriten.eu
ODDO PROACTIF EUROPE
September 2016
Flexible European Equity Fund
2. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
Disclaimer:
Oddo Meriten AM is the asset management division of the Oddo Group. It is the common brand of two legally separate asset management companies: Oddo Meriten
AM SA (France) and Oddo Meriten AM GmbH (Germany).
This document, for market communication, has been drawn up by Oddo Meriten Asset Management SA (ODDO MERITEN ASSET MANAGEMENT SA) and is
exclusively dedicated to professional clients (MIFID). It may not be circulated among the public.
The fund is regulated by the Autorité des Marchés Financiers (AMF).The investor is informed that the fund presents a risk of capital loss, but also many
risks linked to the financial instruments/strategies in the portfolio. In case of subscription, investors must consult the Key Investor Information Document
(KIID) and the fund’s prospectus in order to acquaint themselves with the detailed nature of any risks incurred. The value of the investment may vary both
upwards and downwards and may not be returned in full. The investment must be made in accordance with investors’ investment objectives, their investment horizon
and their capacity to deal with the risk arising from the transaction. ODDO MERITEN ASSET MANAGEMENT SA cannot be held responsible for any direct or indirect
damages resulting from the use of this document or the information contained in it. This information is provided for indicative purposes and may be modified at any
moment without prior notice.
Investors are reminded that past performance is not a reliable indication of future returns and is not constant over time. Performance are presented net of fees except
the potential subscription fee charged by the distributor and the local taxes. Any opinions presented in this document result from our market forecasts on the publication
date. They are subject to change according to market conditions and ODDO MERITEN ASSET MANAGEMENT SA shall not in any case be held contractually liable for
them. The net asset values presented in this document are provided for indicative purposes only. Only the net asset value marked on the transaction statement and the
securities account statement is authoritative. Subscriptions and redemptions of mutual funds are processed at an unknown asset value.
The Key Investor Information Document (DEU, ESP, FR, GB, ITL, POR, SWD) and the prospectus (FR, GB) are available free of charge from ODDO MERITEN
ASSET MANAGEMENT SA or at www.oddo.com or at authorized distributors. The annual and interim reports are available free of charge from ODDO MERITEN
ASSET MANAGEMENT SA or on its internet site www.oddomeriten.eu
Risks:
The fund is exposed to the following risks : risk of capital loss, equity risk, risk associated with holding small and medium capitalisations, interest rate risk,
credit risk, currency risk, risk associated with discretionary management, counterparty risk and potentially exposed to emerging market.
Countries in which the fund is authorised for distribution to professional clients
2
3. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
3
Shareholding structure
30 %
EMPLOYEES
Oddo & Cie
A family owned financial company whose history dates back to 1849
Sources: Oddo Meriten AM S.A. Data as of 31/12/2015
Camille Gautier,
broker in Marseille
1849
Creation of Oddo Asset
Management
1978
Opening of international offices: Milan, Frankfurt,
Singapore, Geneva
2011-14
Philippe Oddo,
Managing partner
1987
Bernard Oddo, great-grandson of
Camille Gautier, broker
1971
Acquisition of Seydler Bank,
Meriten Investment Management
and BHF Bank
Creation of a Franco German dynamic
Acquisition of
Cyril Finance
2005
Acquisition of
Orsay Asset
Management
2010
2 500
Employees
€426m
Net banking income
€740m
Shareholders‘ equity
2016
60 %
ODDO
FAMILY7 %
ALLIANZ
BOUSSARD &
GAVAUDAN
THÉTYS
3 %
OTHERS
Key figures
4. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
4
2015: the rise of a unique Franco-German asset management brand
Sources: Oddo Meriten AM S.A. & Oddo Meriten AM GmbH. Data as of 30/06/2016
Oddo Asset Management1978
SINCE
Meriten Investment Management1969
SINCE
Unique Franco-German identity,
global reach
Two key investment centers in
Paris and Düsseldorf
Global distribution reach:
distribution offices in Milan,
Geneva, Frankfurt and
Singapore
One of the largest independent asset
manager in the Eurozone
Committed to client proximity
Independent, long-term oriented
Critical asset under management
size reached for fixed income,
equities and asset allocation
GERMANY
55%
FRANCE
37%
OTHERS
8%
SINCE
2015 Oddo Meriten Asset Management
Breakdown of assets by country
€41bn
Assets under management
276
Employees¥
$€
£
5. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
5
Our fundamental equity strategies
CONVICTION – ACTIVE SHARE – 25 YEARS OF TRACK RECORD
Sources: Oddo Meriten AM S.A. & Oddo Meriten AM GmbH. Data as of 30/06/2016
More than 25 years of track record
Stock picking expert
Located in the heart of Europe and well connected to
companies across the continent
Our expertise
Our team
23 dedicated investment professionals with an average of
15 years investment experience
Our process
In depth fundamental analysis
Conviction based selection and implementation
Rigorous investment, risk and control processes
Our results
High active share
Long track records with strong performance and superior
risk-return
FUNDAMENTAL EQUITIES – € 8.1bn 2.3 5.8
SMALL CAP
€ 0.8bn
0.5 0.3
Eurozone - traditional
Europe - traditional
Europe - opportunity
THEMATIC
€ 0.5bn
0.1 0.4
Eurozone real estate
European banks
MID CAP
€ 4.3bn
1.2 3.1
France
Eurozone
Europe
US
LARGE CAP
€ 1.6bn
0.5 1.1
Eurozone
Europe
Global
FLEXIBLE
€ 0.9bn
- 0.9
Europe
AUM (€bn) AUM (€bn)Dedicated products Mutual funds
6. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
6
41 2 3 5 6 7
41 2 3 5 6 7
Risk / return scale*
Risk / return scale*
Morningstar™
Morningstar™
ODDO PROACTIF EUROPE
ODDO PROACTIF EUROPE CI-EUR
ODDO PROACTIF EUROPE CR-EUR
Morningstar™ rating as of 30/09/2016
Morningstar™ Category : Euro Flexible Equity
*Synthetic indicator of risk and performance : running from 1 to 7, where one is the lowest level of risk and seven the highest. This indicator shall be
revised when changes occur in the fund’s risk and reward profile.
7. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
7
Contents
1.
2.
3.
4.
MANAGEMENT TEAM
OUR INVESTMENT PHILOSOPHY
MANAGEMENT PROCESS
INVESTMENT CASES
8. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
8
1.
MANAGEMENT TEAM
9. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
9
Experience and complementary
Management team Investment philosophy Management process Investment cases
Pascal Riégis
Since 2016 Co-Head of Fundamental Equities
2003-2016 Head of European Small & Mid Cap Equities
1995-2003 Head of Equity Research, Oddo Securities
1990-1995 Equity Research, CIC Group
1987-1990 Financial Analyst, BNP Paribas
Graduate in Economics and École Supérieure de Commerce de Pau,
Member of SFAF (French Society of Financial Analysts)
Emmanuel Chapuis, CFA
Since 2016 Co-Head of Fundamental Equities
2005-2016 Head of Large Cap Equities & Thematics
1999-2005 Equity Portfolio Manager, CM-CIC AM
1998-1999 Financial Analyst, Goldman Sachs/Archon Group
MBA from Texas Christian University (Dallas/Fort Worth)CFA
and Member of SFAF (French Society of Financial Analysts)
INVESTMENT EXPERIENCE
28 YEARS
17 YEARS
11. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
11
A pure fund invested in
equities or money market
products
A flexible fund, invested in
European equities or
money market products
(0 to 100 %)
An allocation aimed at
optimising risk / reward,
buffering the risk of
capital loss
Flexible allocation based
on “bottom-up” principles
Bottom up portfolio
construction
Valuation scenarios, best
and worst possible cases
Valuation levels: essential
criteria of the level of
strategic exposure to
equities
Stock selection within the
equity pocket: the best
ideas of the management
Stock picking, the basis of
our expertise
Selection of companies
structured to create value
regardless of the cycle
European businesses
with international
influence
Investment philosophy
The fund is principally exposed to the following risks: risk of capital loss, equity risk, risks linked
to discretionary management.
All the risks are detailed at the end of the presentation.
RISKS
Management team Investment philosophy Management process Investment cases
12. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
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3.
MANAGEMENT PROCESS
13. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
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Companies with international
reach
Businesses which seek out
growth where it can be found
and develop worldwide,
without remaining dependent
on the cycles of any one
continent
Tried and tested management
Professional and accessible
management
Growth prospects
intact
Companies built on a strong
and clear concept, offering
steady organic development
prospects complemented by
acquisitions
Our approach to stock selection
COMPANIES ABLE TO FINANCE THEIR GROWTH AND CREATE VALUE OVER THE LONG TERM,
ACCORDING TO OUR ANALYSES
Value creating companies
over time
Businesses able to preserve
steady profitability which are
self-financing even in
recessionary periods
> Return on Invested
Capital raised over the
complete duration of an
economic cycle
> Free Cash Flow capacity
for financing growth
Management team Investment philosophy Management process Investment cases
14. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
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Value creators
The right fuel to finance growth
Past performance is not a reliable indication of future returns and is not constant over time.
The examples of LafargeHolcim, Saint-Gobain and Sika are not investment recommendations | Sources: Oddo Meriten AM SA, Datastream. Data as of 30/09/2016
A construction industry example: Sika vs. LafargeHolcim & Saint-Gobain (Total Return)
Management team Investment philosophy Management process Investment cases
0
1000
2000
3000
4000
5000
6000
7000
Silka + 6 548%
Lafarge + 910 %
Saint Gobain +
679 %
Stoxx Europe 600
+ 600 %
15. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
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Value creators
The right fuel to finance growth
Past performance is not a reliable indication of future returns and is not constant over time.
The examples of LafargeHolcim, Saint-Gobain and Sika are not investment recommendations | Sources: Oddo Meriten AM SA, Datastream. Data as of 30/09/2016
An example of non-cyclical consumption: Nestlé and L’Oréal vs Carrefour and Ahold (Total Return)
Management team Investment philosophy Management process Investment cases
0
500
1000
1500
2000
2500
3000
3500
4000
Loréal + 3802%
Nestlé + 3176 %
Stoxx Europe 600 +
600%
Carrefour + 591 %
Ahold + 408 %
16. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
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HEDGING
Flexible and active allocation
Occasional use of index contracts to hedge the positions
Fundamental
strategic allocation
Cash vs. Equities
0-100%
Equity investment rate defined in a discretionary manner according
to investment opportunities: European companies with a global
dimension, creators of value over time, with attractive prices
MONEY MARKET PRODUCTSEQUITIES
1st
Tactical allocation:
hedging of the
equity pocket
Short term tactical allocation, purely discretionary according to
market sentiment / momentum and the flow of information
2nd
Management team Investment philosophy Management process Investment cases
17. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
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64%
62%
53%
60% 61%
55%
46%
56%
58% 58%
53%
-
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
20%
30%
40%
50%
60%
70%
80%
90%
Net Equity Exposure of Oddo ProActif Europe (left hand scale) Euro Stoxx 50 (NR) (for info., right hand scale) Average portfolio net exposure over the year
Flexible allocation – Evolution of the exposure to the equity market
Past performances are not a guide to future performances and are not constant over time.
The proportion not invested in equities is invested in monetary funds | Source: Oddo Meriten AM SA. Data as of 30/09/2016
Evolution of the portfolio’ s net exposure to the equity market (in %) since January 2006
Management team Investment philosophy Management process Investment cases
Min exposure
08/08/2011
23.5%
Max exposure
31/01/2007
87.0%
18. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
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Flexible allocation – Evolution of the exposure to the equity market
Focus on 2015 & 2016
Past performances are not a guide to future performances and are not constant over time.
The proportion not invested in equities is invested in monetary funds Source : Oddo Meriten AM SA. Data as of 30/09/2016
Evolution of the portfolio’ s net exposure to the equity market (in %) since 2015
Management team Investment philosophy Management process Investment cases
4 500
5 000
5 500
6 000
6 500
7 000
7 500
30%
40%
50%
60%
70%
80%
90%
Net equity exposure of Oddo ProActif Europe (left hand scale) Euro Stoxx 50 (NR) (for info., right hand scale)
20. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
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Other convictions (1/2)
The above examples do not constitute an investment recommendation
Management team Investment philosophy Management process Investment cases
Swiss pharmaceutical company specialised in medicines (78% of revenue) and diagnosis (22%). A global leader in oncology (67% of its
pharmaceutical portfolio), biological treatments (80% of its portfolio) and in vitro diagnosis.
Significant competitive advantage in oncology through its combined pharmaceutical and diagnosis offering (selection and monitoring of eligible
patients).
A promising pipeline of new products which means the company is well positioned to deal with the rise in biosimilars in the US in some of its
main franchises (blood cancer, breast cancer).
Its best-in-class R&D productivity gives options for its undervalued product pipeline (hemophilia, multiple sclerosis, asthma, ophthalmology) and
reinforces its growing credibility in immuno oncology (lung and bladder cancer).
Global leader in business software.
A promising new cycle of products across business mobility, cloud computing and in-memory database with the launch of the S/4 HANA
continuation.
50% of recurrent revenue comes from maintenance, the gross margin of which exceeds 90%, with organic growth of 5/6%.
The HANA in-memory database represents a clear competitive edge that could redefine the database market (processing of massive volumes
of data with real time results).
Rapid progress made in migrating to the cloud with the necessary investment granted (acquisition of Concur, Ariba, SuccesFactors),
strengthening the group's growth profile.
World-leading food company with a strong competitive edge in four of the sector's most attractive business lines: fresh dairy products, bottled
water, early-life nutrition, medical nutrition. A portfolio of strong global (Danone, Dannon, Evian, etc.) and regional brands. 50% of revenue is
achieved in the emerging countries.
A portfolio of activities that should generate higher organic sales growth than the sector average over the medium to long term.
New management aiming to streamline operations (optimisation of costs and the portfolio) and to focus on achieving a balance between growth
(+5% per annum) and profitability (+200bp improvement in the margin) by 2020.
The change in status should gradually reduce the discount on the share (2pts on PE vs. peers)
21. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
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Other convictions (2/2)
The above examples do not constitute an investment recommendation
Management team Investment philosophy Management process Investment cases
Leader in the high-end segment which continues to successfully penetrate the market. A strong corporate culture focusing on innovation and
performance. A leader in automotive technology, particularly in the area of CO2 / fuel consumption, with considerable expertise in electric and
hybrid vehicles.
A well-balanced break down of profits with an Europe market still representing a considerable proportion (around 45% of profits) and a now
limited contribution of China (25% of profits).
The product cycle is set to improve in 2017 (reduction in the average age of products). Consolidation of the number of platforms from 5 to 2 by
2018 enabling significant cost savings that could offset headwinds affecting the mix and content.
A defensive cash profile. Net cash representing more than 30% of the market capitalisation. Ability to generate between 50% and 100% of its
enterprise value in free cash flow over the next 5 years.
Founded in 1668, the world's oldest pharmaceutical and chemical company, operating in 3 business lines: healthcare (45% of 2016 revenue),
life science (38%) and performance materials (17%).
A significant ramp-up in life science segments with the acquisition of Sigma Aldrich in 2015, which benefits from a much more visible and stable
growth profile (and thus higher valuation multiples). Focus by the management on integrating Sigma and harnessing cost synergies of €260m by
2018, representing 10% of the Group's EBIT.
Performance materials: capacity to maintain an EBITDA margin of 40% and to grow revenue through continued efforts in innovation (new
technology LCD, OLED).
Healthcare: new management in place with a big challenge in optimizing R&D. Its pipeline options are not highly promoted by the market even
though the group holds several assets in the area of oncology and immunotherapy in PIII (implied sales peak of €500m by 2025 vs. potential of
€2bn according to the management).
German automotive original equipment manufacturer (Automotive division accounting for 60% of revenues) and tire maker (40%).
The Automotive division is ideally placed to benefit from major industry trends: hybridation/electrification of vehicles (48V technology), self-drive
cars (ADAS components), infotainment, active and passive security, reduction of emissions, etc. Significant efforts in R&D in recent years (8/9%
of revenue), enabling it to win new market share in several segments, while maintaining a very high level of value added. An order book of
€30bn, underpinning sales CAGR of 5% between now and 2020, while generating an improvement in margins
Tires: best-in-class margin (20%+) thanks to first-rate industrial productivity, a high technological content and a product mix that perfectly meets
market trends (strong growth in tires > 16’’). ROCE of 30%+ giving it unique capacity to generate FCF for the sector.
23. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
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Oddo ProActif Europe
Value creation over the long term
Past performance is not a reliable indication of future returns and is not constant over time.
*Benchmark: 50 % Euro Stoxx 50 NR + 50 % Eonia capitalisé since 02/01/2013, previously 50 % Eonia capitalisé + 50 % Euro Stoxx 50 ex dividendes
** Inception date CI-EUR: 10/09/2004 l Source : Oddo Meriten AM SA. Data as of 30/09/2016
Oddo ProActif Europe CI-EUR since inception date*
Benchmark*
+ 29.4%
Oddo ProActif Europe
+ 106.9%
EuroStoxx 50 NR
+ 56.6%
75
100
125
150
175
200
225
Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16
Oddo ProActif Europe CI-EUR 50% EuroStoxx 50 NR + 50% EONIA
100% EuroStoxx 50 (NR) (for info.) JP Morgan Global Govt Bond index (LC), (for info.)
Real Estate Index Paris 7e, (for info.)
24. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
24
Past performance is not a reliable indication of future returns and is not constant over time.
*Benchmark: 50 % Euro Stoxx 50 NR + 50 % Eonia capitalisé since 02/01/2013, previously 50 % Eonia capitalisé + 50 % Euro Stoxx 50 ex dividendes
Source : Oddo Meriten AM SA. Data as of 30/09/2016
0.0%
13.7%
10.2%
3.6%
9.7%
-7.6%
7.4%
10.7%
2.4%
3.8%
-14.1%
18.1%
21.5%
4.0%
6.4%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
2011 2012 2013 2014 2015
Oddo ProActif Europe CR-EUR
Benchmark*
Euro Stoxx 50 (NR) (for info.)
Annual performance (rolling 12 months)
From 30/09/11 28/09/12 30/09/13 30/09/14 30/09/15
To 28/09/12 30/09/13 30/09/14 30/09/15 30/09/16
Fund 16.2% 12.1% 4.4% 6.1% 5.5%
Benchmark* 7.2% 10.4% 7.4% 0.0% 0.4%
Euro Stoxx 50 (NR) for info 17.1% 21.3% 14.6% -1.4% -0.3%
Calendar performance since 5 years
Oddo ProActif Europe – CI-EUR
Performance (1/2)
25. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
25
%
Annualised performance Cumulative performance Annualised volatility
3 years 5 years
Since
inception**
1 year 3 years 5 years
Since
inception**
1
year
3
years
5
years
Since
inception**
Oddo ProActif
Europe CR-EUR
5.3 8.8 6.2 5.5 16.9 52.2 106.9 8.9 8.8 9.1 11.4
Benchmark* 2.5 5.0 2.2 0.4 7.8 27.6 29.4 10.6 9.4 9.7 10.9
Euro Stoxx 50 NR
(for info.)
4.0 9.9 3.8 -0.3 12.6 60.0 56.6 21.2 18.8 19.4 21.7
Performance analysis
Cumulative performance since Inception*
Oddo ProActif Europe – CI-EUR
Performance (2/2)
Past performance is not a reliable indication of future returns and is not constant over time.
* Benchmark: 50 % Euro Stoxx 50 NR + 50 % Eonia capitalisé since 02/01/2013, previously 50 % Eonia capitalisé + 50 % Euro Stoxx 50 ex dividendes
** Inception date CI-EUR: 10/09/2004 l Source : Oddo Meriten AM SA. Data as of 30/09/2016
+106.9%
+29.4%
+56.6%
0
50
100
150
200
250 Oddo Proactif Europe CI-EUR
Benchmark*
Stoxx 50 (NR)
26. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
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Oddo ProActif Europe
Share classes characteristics
27. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
27
Singapore
Milan
Paris
Frankfurt
Geneva
Dusseldorf
Local representation officesInvestment centers
Locations
Management team Investment philosophy Management process Investment cases
28. ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
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Oddo Meriten Asset Management SA (France)
Portfolio Management Company approved by the Autorité des Marchés Financiers under GP 99011.
Société Anonyme with capital of 7 500 000€. Trade Register (RCS) 340 902 857 Paris.
12 boulevard de la Madeleine - 75440 Paris Cedex 09 France - Tél. : 33 (0)1 44 51 85 00.
www.oddomeriten.eu