Brochure Sector Funds_EN - E

Pictet Funds
Global Sector Funds
Pictet is one of the premier independent
asset managers in Europe.
Pictet Funds is the group’s division
responsible for the administration,
supervision and distribution of Pictet’s
investment funds.
Pictet Asset Management is
the institutional division and manages,
among other portfolios, funds distributed
by Pictet Funds.
Exploiting global megatrends by harnessing
specialised analytical resources
For each theme we identify “megatrends”
Pictet Funds offers the following range of dedi-
Global themes are subject to persistent, secular
cated funds:
changes in social and economic factors such as
demographics, lifestyle, regulation and environment. We call these long-term changes “megatrends”. We believe that the basis for successful
theme investment lies in identifying these megatrends, because they hold the potential for excellent long-term growth, irrespective of short-term
or speculative fluctuation.
Who should invest in theme funds
Theme funds should appeal not only to those
investors who are seeking exposure to superior
long-term growth and who wish to add a particular theme exposure to their portfolio, but also
to investors for whom the diversification properties of thematic investment are paramount.
• Pictet-Agriculture
• Pictet-Biotech
• Pictet-Clean Energy
• Pictet-Digital Communication
• Pictet-Generics
• Pictet-Premium Brands
• Pictet-Security
• Pictet-Timber
• Pictet-Water
Pictet: a pioneer in theme funds
Pictet has been a pioneer of thematic investment, launching dedicated theme funds in a systematic way.
For example, the Pictet-Biotech – launched in
1995 – was one of the first funds to invest in
Our theme fund managers are supported by
biotechnology stocks, while in 2000 we were the
a well resourced analytical platform
first to launch a water fund, which remains one of
The theme fund managers draw on a range of inter-
the few funds of its type. In 2008 we launched
nal and external research inputs. We employ sector
the first timber fund investing in listed companies
analysts and regional and small-cap specialists,
covering the entire timber value chain.
enabling sector fund managers to draw on
resources across Pictet Asset Management (PAM).
The management of the Pictet-Biotech and the
Pictet-Generics is delegated to Sectoral Asset
Management (Sectoral), a specialised independent adviser. Sectoral benefits from the support of
its Scientific Advisory Network, comprising ten
talented researchers and clinicians in complementary disciplines worldwide.
Pictet-Global Megatrend Selection
Thanks to efficient internal investment management structures, the Pictet-Global Megatrend
Selection offers the investor the possibility to
buy into all nine themes simultaneously through
a single investment fund. This approach is both
very simple and successful. At the end of each
month, the individual themes are automatically
rebalanced and equally weighted. The gains gen-
Each fund has a dedicated Advisory Board
erated on better-performing themes are realised
To identify future megatrends, and hence find
and allocated to those themes with upside
the companies with the greatest growth poten-
potential.
tial, each Pictet theme fund has its own Advisory
Board made up of distinguished businessmen,
scientists and scholars who are acknowledged
leaders in their fields.
2
D E D I C AT E D F U N D S
Pictet-Global Megatrend Selection:
an innovative way to invest in essential trends
MEGATRENDS…
• …represent significant developments that will
impact humanity over the coming decades.
• Uncover the major political, economic and
social challenges for the future.
• Present fundamental challenges that will only
be solved by a combination of political wisdom and sustained investment in specific
areas.
• Provide interesting investment opportunities
with powerful underlying drivers.
GLOBAL MEGATRENDS
Agriculture
1. Knowledge
Generics
Clean Energy
15. Ageing
Water
2. Environment
Timber
3. Acceleration
14. Democratisation
Biotech
4. Hyper complexity
13. Health
5. Networks
12. Globalisation
Digital Communication
11. Individualisation
6. Commercialisation
Premium Brands
7. Affluence
10. Dematerialisation
9. Polarisation
8. New Technology
Security
Sources: CIFS Copenhagen, Pictet
…can be tracked by investment solutions
active in themes related to these megatrends
• By selecting high-performance companies
whose activities are closely linked to such
trends.
• Combining investments in the economically
most promising future megatrends.
• Providing a diversified trend portfolio with a
single fund cost structure.
• Simple yet convincing investment approach:
equally weighted portfolio with monthly rebalancing which makes it possible to capture the
growth of selected megatrend investments.
• Covering approximately 2,000 firms worldwide,
with a market capitalisation close to $1 trillion.
THE TRENDS PALETTE
Biotech
Timber
Water
Digi
Com
Agriculture
Pictet-Global
Megatrend Selection
Clean
Energy
Security
Generics
Premium
Brands
Pictet and theme-related investments
Pictet is a long-standing Swiss private bank with a
superior reputation. The bank has solid experience
in theme-fund management, with some of its flagship products, such as the Biotech fund, dating
back to 1995. Pictet employs a long-term approach
to thematic investment and has frequently acted as
a pioneer in identifying high-potential investment
areas, such as with its Water fund. Pictet’s theme
funds have regularly received major international
awards.
KEY FACTS
• Invests in an equally weighted basket of Pictet’s theme funds
• Runs a monthly rebalancing process linked to the performance of
the underlying investment themes. Gains from themes that outperform on a relative basis over the month are re-invested In those that
have the most catch-up potential
• Coverage of all investment themes identified by Pictet. Exposure to
the most innovative topics is ensured by removing those topics from
the list of investments that are deemed at a given point in time to
lack future success potential
• A cost-efficient management structure makes it possible to offer the
Why invest in this fund?
Investing in the Pictet-Global Megatrend Selection
provides an easy way for investors to provide for
the future using a single instrument.
The fund offers straightforward access to all of
Pictet’s theme investments; a solution which historically outperforms worldwide equity markets
with a more attractive risk/return ratio.
fund with an effective fee structure, with no double fees and only a
single management fee for the Pictet-Global Megatrend Selection
• Daily publication of the fund’s NAV
Source: Copenhagen Institute for Future Studies, Pictet
3
D E D I C AT E D F U N D S
Pictet-Agriculture: 30 years of structural
underinvestment to overcome
AGRICULTURE…
• …produces essential
… backed by favourable long-term sociocommodities
for
humans.
• Is by far the largest employer worldwide.
• Has become a focus of public attention in
recent years because of both economic and
environmental considerations.
• As a sector is still strongly fragmented and a
consolidation phase lies ahead.
80 MILLION EXTRA PEOPLE TO BE FED EVERY YEAR
0.45
9
0.4
8
0.35
7
0.3
6
0.25
5
0.2
4
0.15
3
2
0.1
1
0.05
0
Ha of arable land per capita
Population in bn.
10
demographic trends and environmental factors
• Strong and robust correlation between population and increase in demand for food.
• An increasing global population over the coming decades will have to come to terms with
dwindling agricultural land.
• Greater prosperity in emerging countries is
leading to increased meat consumption; placing more demand on agriculture on account of
limited resources available being used to feed
animals.
• The switch to a more environmentally friendly
energy supply that also offers greater security
of supply has given biofuels a boost.
0
19
60
70
19
80
19
19
90
0
20
World population (lhs)
0
10
20
20
20
30
20
40
20
50
20
Arable land in ha/capita (rhs)
Source: Population Division of the Department of Economic and Social Affairs of the United Nations Secretariat
KEY FACTS
• The world’s population is currently estimated at 6.8 billion people
and is projected to exceed 9 billion by 2050. In other words, there
are over 200,000 additional mouths to feed every day
• Urbanisation is increasing rapidly to the detriment of arable land.
The universe addresses the pressing need for
global food security
The fund’s investment universe is composed of
over 280 companies, mostly located in North
America and Australasia, but also with important
exposure to Europe and the rest of the world. The
companies provide important farm inputs such as
fertilisers, machinery, seeds, etc. They help
increase professionalisation in farming and provide
important support through their supply chain services (e.g. origination, transportation, processing).
They have more than a 50% exposure to the theme
of agriculture. These companies help to ensure
that the world’s population will benefit from
enhanced food security.
The ratio of built-up areas to cropland was 3.5% in 2000, and is
expected to reach 7% in 2050. If this ratio is reached, a total of
0.67 million km2 of cropland will be lost to urbanisation by 2050
• About 75% of the world’s total water consumption is used for agricultural purposes
• Between plantation and harvest, food losses can be as high as 2040% of the potential production as a result of pests and pathogens,
inefficient farming techniques, and climate-related events
Sources: US Census Bureau, Stehfest et al., UNEP, Kader
4
Identifying the winning companies in the
business cycle
The Pictet-Agriculture has a strong focus on niche
players which offer strong and sustainable growth
over decades. Over 80 percent of these stocks (in
terms of number of companies) are underresearched small and mid caps. They are active in
various parts of the agriculture space. The fund
invests in companies with specific competencies
and expertise that is often unavailable to individual
investors in this largely unknown market segment.
D E D I C AT E D F U N D S
Pictet-Biotech: promising outlook for
biotech-driven therapeutic solutions
BIOTECH…
• …is the use of cellular and molecular
processes to treat disease or develop healthcare products.
• Emerging in the late 1970s, today it is one
of the fastest-growing healthcare-related segments.
• Biotechnology provides increasingly innovative therapeutic solutions, representing
about 50 percent of new drug approvals.
• More than a promise, biotechnology delivers.
With worldwide sales of above USD 60bn
and 20 percent expected annual growth, the
biotech industry is one of the fastest-growing
sub-sectors of healthcare.
BIOTECH DRUG APPROVALS
700
600
500
The universe covers a wide range of
therapeutic applications
The investment universe includes about 420
healthcare-related biotech companies globally,
covering a wide range of therapeutic areas. Most
investment candidates are based in North America, home to a large number of innovative
biotech companies.
In-depth scientific and financial expertise is
vital to identify the new successful products
Biotech is still a relatively young and highly
complex industry. A deep understanding of the
science and its potential to translate into commercially viable products is the basis for investment success. With an established record, the
investment team comprises both financial and
healthcare specialists. The fund focuses mainly
on companies that have products already on the
market or that are in the later stages of development, since we believe this approach produces
the best mix between risk and potential reward.
400
300
200
100
0
2002
2003
2004
2005
2006
2007
2008
Year
Phase I
Phase II
Phase III
Filed
TOTAL
Source: Cowen and Company
…backed by favourable long-term sociodemographic trends and technological factors
• Rising healthcare needs and costs from an
ageing developed world population.
• Need for better, more efficient personalised
medicine as global healthcare costs rise.
• Possible biotech-related solutions for currently incurable diseases such as cancer,
metabolic and neurodegenerative disorders.
• Steady advance in molecular biology and
understanding of the molecular structure of
disease.
• Increasing ability to develop targeted therapies with both biological and small-molecule
drugs.
KEY FACTS
• Biotech sales and earnings are expected to grow by 20 percent annually over the next five years
• The number of profitable biotech companies has increased from 6 in
1996 to over 30 estimated for 2007
• Over 200 medicines and related products are based on biotechnology
• Flow of biotech drugs approvals will remain strong
Sources: Cowen and Company, Sectoral, Bloomberg, Tufts Centre for the Study of Drug Development,
Pharmaceutical Research and Manufacturers of America
5
The fund is managed by
Sectoral Asset Management
D E D I C AT E D F U N D S
Pictet-Clean Energy: profit from the
move to more environmentally responsible
energy use
CLEAN ENERGY…
…backed by favourable long-term socio-
• …benefits from the transition towards less
demographic trends and environmental factors
carbon intensive energy sources.
• Increasing political willingness to meet CO2
• Is not restricted to “new” energies, but
includes low carbon energy such as hydro-
emission reduction targets.
• The rising cost of CO2 emissions is driving
investment in carbon-free, low-carbon energy
electric and natural gas.
• Includes better energy efficiency as the best
way to contribute towards lower CO2 emissions and offset climate change.
and energy-efficiency technology.
• The impending scarcity of conventional energy sources such as oil.
• Concerns over dependence on imported oil
favouring the development of alternative local
PROJECTED TOTAL GLOBAL ENERGY SUPPLY
1990-2100
CAGR: +1.6%
2000
EJ/year1
energy sources.
1500
The universe focuses on energy transition
1000
rather than pure alternative energy
The investment universe is composed of approxi-
500
mately 250 companies located mainly in North
0
1990
2000
2010
2020
Renewables
1
2030
2040
Natural Gas
2050
2060
Nuclear
2070
2080
Oil
2090
2100
Coal
EJ = Exajoules = 1018 joules
America and Europe, but opportunities can also be
found in Asia and Emerging Markets. The universe
Source: The Intergovernmental Panel on Climate Change (IPCC), SRES, Alt. 1
encompasses carbon-free energy (i.e., solar, wind,
hydroelectric, geothermal); low-carbon energy (i.e.
natural gas, biofuels, etc.) and energy efficiency
(smartgrid, metering, lighting, batteries, etc.). The
KEY FACTS
fund classifies candidate companies in four seg-
• Around two thirds of greenhouse gas emissions stem from energy
ments: technology & equipment, infrastructure,
energy efficiency and resources.
consumption
• Global oil demand will rise by 40% between 2010 and 2030, while
new deposits are increasingly hard to find
• The future cost of not acting now against climate change could rise
to 20% of global annual GDP by 2050
• Used as a source of electricity, natural gas emits 50 percent less CO2
than oil and 60 percent less than coal
• Approximately two thirds of the cut in CO2 emissions could be
achieved through improved energy efficiency
• Annual investments in clean energy more than doubled between
2005 and 2008
A flexible approach to identifying the leading
players at each stage of the transition
The fund allows investors to benefit from the transition to cleaner energy by targeting investments in
companies which provide solutions to climate
change, energy supply issues and energy dependence concerns. The fund aims to identify the leading players during the energy transition. The
investment team uses a bottom-up approach to
Sources: IAE, Stern Report 2006, New Energy Finance 2009, CLSA, Ecoinvent, International Energy Agency
build a diversified portfolio focusing on both high
growth and more defensive companies.
6
Pictet-Digital Communication:
new opportunities driven by the digitisation
of communication networks
DIGITAL COMMUNICATION…
The universe covers all new communication
• Is a dynamic, fast-moving and competitive
services based on digital technologies
field driven by new technologies.
The Pictet-Digital Communication investment
• Internet offers a cheaper alternative than the
«bricks and mortar» world.
universe comprises around 300 companies
worldwide, mainly located in developed markets
• Ever new innovation and efficiency gains
(approx. 75% in North America, Europe and
reshape business models and lead to new
Japan) and to a lesser extent emerging markets
services.
(approx. 25%). The fund focuses on companies
• More user-friendliness and personalisation
directed at meeting individual users’ needs.
that offer interactive products and/or services in
the digital communication space.
• Interactive solutions offer cost flexibility and
accelerated payback to the business world.
Selectiveness and proven expertise are required to
identify winning digital communication companies
SUSTAINABLE GROWTH DEFYING ECONOMIC WEAKNESS
The fund allows the investors to benefit from the
x12.0
opportunities afforded by digital communication.
With the business model of digital communica-
x10.0
x8.0
tion companies in the course of radical transfor-
x6.0
mation, stock selection has become even more
x4.0
critical. Taking account of market conditions, the
x2.0
x0.0
GOOG
AMZN
RIMM
BBBB
portfolio is constructed by efficiently combining
CRM
Source: Bloomberg
strong growth stocks (communication devices,
digital services, content and e-commerce) with
…backed by innovations and efficiency gains
more valuation-oriented stocks (network opera-
• Social evolution drives demand for new appli-
tors).
cations and needs.
• Expenses for advertising increasingly shift from
traditional media to online platforms, thanks to
a fast-growing online audience.
• Video conferencing as a cheap and eco-friendly alternative to air travel.
• Virtualisation of jobs and processes makes it
possible to access systems from anywhere, at
any time, providing a boost for corporate
efficiency.
• Emerging markets are leapfrogging directly
from no telephony at all to full wireless communication, which is becoming an essential
business tool for making markets more
efficient.
KEY FACTS
• World Internet penetration rate is 24 percent, growing by 25 percent p.a.
Of 1.6 billion Internet users around 300 million are in China
• Internet ad spending worldwide is only 5% of total advertising spending
• E-commerce still represents only 5% of total retail spending
• Blackberry and iPhone users worldwide estimated at 55 million, throughout the world, compared to over 3.5 billion mobile subscribers by end
2009
• Broadband penetration in the OECD is below 15 percent, while the number of subscribers is growing at 30 percent annually
• Overall banking transactions with handsets on yearly basis are to increase
from 2.7 billion in 2007 to 37 billion by 2011
• 27.5 percent of Americans will be teleworkers by 2009
Sources: Zenith Optimedia, 30 June 2008, Gold Media, NBC Universal in Handelsblatt 10 Oct 2005, Juniper,
Gartner Dataquest
7
Pictet-Generics: growing demand
for lower-priced drugs globally
GENERICS…
…backed by favourable long-term socio-
• …use already approved molecular compounds.
demographic trends
• Capitalise on patent expirations of drugs
• Increasing political and economic pressure to
and/or their active ingredients.
• Have an accelerated, low-risk regulatory path.
• Are sold at prices below branded drugs.
use generics to control rising healthcare costs.
• Strong growth of pharmaceutical markets in
developing countries mainly driven by generics.
BRAND SALES AT RISK OF GENERIC COMPETITION
USD billion
• Many developed countries with still an underdeveloped generic market.
25
• Evolution towards complex molecules and
20
biosimilars with better pricing power and
15
longer life cycles.
10
• High potential for consolidation leading to
0
stronger pricing power and higher profitability.
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
E
20
08
20 E
09
E
20
10
E
20
11
E
20
12
E
20
13
E
20
14
E
20
15
E
5
Source: FDA Orange Book, Lehman Brothers
The universe includes a range of generic drug
industry business models
Pictet-Generics’ investment universe includes
around 160 companies located mainly in North
America, Europe and Asia. The investment universe includes manufacturers and distributors of
cheaper, bioequivalent copies of branded drugs
(generics) and of improved versions of branded
drugs (specialty pharmaceuticals).
KEY FACTS
Identifying the winning companies in the
• The number of people over 65 in the U.S. will double in the next 50 years
business cycle
• Over 65s consume four times the value of drugs as do those under 65
The fund focuses on companies exposed to
• China is expected to become the world’s largest pharmaceutical market
countries with emerging pharmaceutical markets or with low generic use, as well as on niche
by 2050
• Generics sales and earnings are expected to grow by more than 15 percent annually over the next five years
• High-margin, complex molecular compounds represent an untapped
opportunity for generics manufacturers
Sources: Sectoral, Bloomberg, Data Resources Inc., Bureau of Census, Lehman Brothers
players and specialty formulators. The universe
is characterised by a wide range of company
profiles in terms of size, specialisation and distribution power. As a result, individual companies tend to follow their own cyclical trends.
Stock selection seeks to identify the stocks at
the early stages of their business cycles.
The fund is managed by
Sectoral Asset Management
8
D E D I C AT E D F U N D S
Pictet-Premium Brands:
growth of affluent consumers globally
PREMIUM BRANDS…
Universe comprises the best of consumer goods
• …possess a touch of exclusivity, stimulate
The Pictet-Premium Brands’ investment uni-
emotions, senses and even convey dreams.
verse includes around 150 companies located
• Benefit from powerful brand recognition and
mainly in Europe, the US and, to a lesser extent,
are leaders in their segment.
Asia. It covers companies active in the high-end
• Set trends through innovation with tradition.
and upper-middle consumer markets across the
• Offer superior quality and durability and bene-
whole spectrum of products and services.
fit from strong customer retention.
• Have high relative pricing power and operating margins.
• Generate good cash-flow and revenue growth.
Picking winners based on sound research
The fund’s investment universe is characterised
by a wide range of risk/return profiles. More than
one third are under-researched mid- and smallcap companies. Successful stock picking is
SUPERIOR GROWTH AND OPERATING MARGINS
therefore vital to identify the winners in the com17%
Pictet-Premium Brands
Operating Margin %
16%
plex world of brands. Our objective is to build a
15%
MSCI World
portfolio diversified in terms of exposure to both
14%
13%
MSCI World Consumer Discretionary
12%
economic and product life cycles.
MSCI World Staples
11%
10%
9%
8%
6.0%
8.0%
10.0%
July 2008
12.0%
14.0%
16.0%
18.0%
20.0%
5 Years EPS Growth %
22.0%
24.0%
26.0%
Source: Pictet
KEY FACTS
• The number of 65 year olds - who are most receptive to premium
…backed by favourable long-term socio-
brands - continues to grow in key emerging countries
demographic trends
• Travellers account for 38 percent of global luxury goods spending
• The increasing importance of aspirational
• Chinese High Net Worth Individual population has become 4th
products to confer distinction and social
largest in the world, and will grow by 16 percent p.a. in the next 5
recognition.
years
• Rising number of affluent consumers globally
who have the tastes and lifestyle to buy highend consumer goods.
• The rapid growth of the aspiring, middleclass, emerging market consumer, keen to
adopt western lifestyle standards.
• Growth of outbound Chinese tourists: 13 percent p.a. in the next 5
years
• HNWI* growth: 8 percent annually in the next 5 years
Sources: U.S. Census Bureau, Intl. Database, World Tourism Organisation, 2007 Merrill Lynch, Cap Gemini,
the World Wealth Report 2009, McKinsey Report 2009,
*High Net Worth Individuals: people with investible assets of at least USD1 million
• Increasing polarisation of consumer demand
between cheap brands at one extreme and
luxury items at the other.
9
D E D I C AT E D F U N D S
Pictet-Security: evolving safety
concerns drive the need for innovative
security solutions
SECURITY…
• …touches on all aspects of human life…
• …from individuals to governments and corporations.
• It is an endlessly developing market as continuous technological evolution drives the need
for adaptive security systems.
• It encompasses many areas and business
applications.
€ Million
HOMELAND SECURITY: TOTAL SPENDING (EUROPE),
2005-2014
1000
900
800
700
600
500
400
300
200
100
0
38% CAGR*
…backed by favourable long-term sociodemographic trends and technological factors
• Growing security concerns globally drive
higher spending on security infrastructure.
• Complex and fast-developing threats
increase the need for more sophisticated
security solutions.
• Increasing internet use globally challenges IT
security to safeguard intellectual property and
data confidentiality.
• Tighter regulatory frameworks increase need
for safety features in consumer goods in many
leading countries.
• Security is still a very fragmented industry
which offers a great potential for consolidation.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
Source: Frost & Sullivan
*Compounded Annual Growth Rate
KEY FACTS
• The global security market is expected to grow by 7-9 percent annually
over the long term
• Cyber terrorism is doubling every year
• 45 percent of EU airports plan to implement passenger biometric identification for the 2005-2014 period
• Motor vehicle crashes are the leading cause of death for people aged 3
to 33 but airbags reduce driver fatalities by 30 percent
Sources: Frost & Sullivan, IATA, National Highway Traffic Safety Administration, WHO
The universe addresses virtual and phyiscal
security concerns
The Pictet-Security investment universe is composed of about 230 companies located mainly in
North America but spread all across the world.
The companies operate in the security segments
of virtual (IT) security, physical (industrial) security or security services. All companies derive at
least 20 percent of their revenues from these
activities. Applying an SRI* compliant screening
process, companies which have more than 5 percent of their operations in defence and weapons
or are exposed to nuclear power generation are
strictly excluded.
Identifying the winning companies in the
business cycle
The Pictet-Security focuses on niche players who
offer strong growth. Roughly 70 percent of these
stocks are under-researched small-mid caps.
They are active in various security areas using
technologies that provide cutting-edge solutions
to protect against unwelcome threats. The fund
ensures the specific competency and expertise
that is often unavailable to individual investors
in this untapped market segment.
*Socially responsible investment
10
Pictet-Timber: the sustainable
and strategic resource of the future
TIMBER…
• ...is one of the oldest known materials, used
by mankind for a wide variety of purposes…
• …from construction to furniture, packaging
and paper.
• Is a carbon-neutral energy source, absorbing
as much CO2 as released when burnt.
• Shows superior characteristics in terms of
energy efficiency, versatility and recyclability
compared with other materials such as concrete, bricks or steel.
• Increases in value with age, independently
of economic or financial market conditions.
…backed by favourable long-term
sociodemographic trends and environmental
factors
• Strong and robust correlation between population and economic growth and increase in
demand for wood.
• The improvement in standards of living in
developing markets spurs the demand for
processed forest products such as paper or
hygiene products. The ever increasing demand
will be difficult to satisfy in the future, due to
over-exploitation and massive loss of productive forest surface to agricultural use.
• The climate change debate is highlighting the
role of forests as a “carbon sink”.
• Opportunity for second-generation biofuel
which, unlike traditional biofuels, does not
compete with food crops.
GLOBAL PAPER AND PAPERBOARD PRODUCTION
Million tonnes
800
700
600
500
400
300
200
The universe covers the entire
timber value chain
The Pictet-Timber investment universe is composed of approximately 100 companies, two
thirds of which are located in developed markets,
and one third in the rest of the world. The universe encompasses companies active throughout
the entire timber value chain, with a strong focus
on companies that own and/or manage forests
and timberland.
Identifying companies that are highly exposed
to timberland assets
Historically, investment in timberland has delivered good returns, low volatility and protection
against inflation. Until now, such investments
has been confined to private equity structures.
In contrast, the fund offers investors the opportunity to capture the essential benefits of the
timber asset class, while providing higher liquidity than direct investment in timberland. The
managers follow a structured screening process
to identify listed companies with high exposure
to timber resources that promise attractive
returns over the long term.
KEY FACTS
• Deforestation accounts for up to 20 percent of global greenhouse gas
emissions
• Forests are unevenly distributed: more than half of the world’s forest
area is found in Russia, Brazil, China, Canada and the USA. Forests
cover 30 percent of global land area, but only a third is available for
productive forestry
• Only a fraction, approximately one third, of the worldwide forest area
is available for commercial forestry
• The average Chinese consumes about 45 kg of paper per year, while
an inhabitant of Shanghai already consumes about 170 kg and a US
citizen approaching 300 kg
100
Sources: FAO, Worldwatch Institute, 2006, World Resources Institute
0
1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030
Africa
Asia and the Pacific
Western and Central Asia
Latin America and the Caribbean
North America
Europe
Sources: FAO, 2008a, 2008c
11
D E D I C AT E D F U N D S
Pictet-Water: critical importance of efficient
water distribution and recycling
WATER…
…backed by favourable long-term socio-
• …is essential for life and has no substitute.
demographic trends
• As global fresh water resources are being
• Increasing demand for fresh water worldwide,
overexploited, solutions for optimising water
driven by population growth projections, par-
distribution and reuse are becoming vital.
ticularly in emerging markets.
• The water theme combines proven defensive-
• Outdated or nonexistent infrastructure and/or
ness with above-average growth potential.
new regulatory standards, creating the need
• Water companies are expected to generate
for substantial investment, to the benefit of
stable cash flows and attractive, sustainable
equipment manufacturers.
• Outsourcing of water-related services to the
returns over time.
• Upper-end markets for water technology (e.g.
private sector in order to reduce operating
UV, Ozone disinfection) have been experienc-
costs and to comply with increasingly strin-
ing double-digit growth rates in an undersup-
gent water quality standards.
• The water services industry is still highly frag-
plied market.
mented, offering considerable potential for
consolidation.
WATER SERVICES OUTSOURCING - FORECAST
Population
(2003)
Potential
2015
Already completed
privatisation (%)
389m
19%
44%
15%
9%
Central &
Eastern Europe
16%
1’398m
3%
Middle- &
South America
mainly in Europe and the US and, to a lesser
1’954m
1%
19%
12%
721m
9%
5%
posed of about 270 listed companies, is located
18%
27%
19%
11%
The Pictet-Water’s investment universe, com-
54%
301m
Western
Europe
459m
The universe covers the complete water cycle
Middle &
South Asia
South East Asia
Middle East
& Africa
World
Source: David Owen, Managing Director Envisager Ltd, 2007
extent, in Asia and Latin America. These companies have at least 20 percent of group enterprise
value derived from water activities. The universe
covers the entire water cycle from water sourcing
to water distribution, waste-water collection and
treatment.
Both defensive and growth stocks
KEY FACTS
The fund focuses on global outsourcing of water
• Water covers three quarters of the earth’s surface but only 1/4 percent is freshwater
• Total consumption owing to the growth in population and industrialisation has increased nine-fold since 1900
• Demand for water is increasing twice as fast as the world’s population, namely 4 to 6 percent annually
• With current trends, by 2025, one third of all humans will face severe
and chronic water shortages
• The private sector serves about 9 percent of the total world population, a figure expected to grow to 16 percent by 2015
Sources UNESCO, Envisager Ltd., USAID
12
related services (water supply), tougher environmental standards (water technology, environmental services), water safety concerns and
convenience (packaged water). The fund offers
investors a very attractive risk/return profile, efficiently combining defensive stocks and growth
stocks with long-term potential.
INVESTMENT PROCESS
Investment process: focus on bottom-up
stock selection
INVESTMENT PHILOSOPHY
FUNDAMENTAL ANALYSIS AND APPROACH
We believe in…
TO VALUATION
• Active management, in areas where there is
Our fundamental approach is based on four
solid evidence of the potential to generate
key elements
alpha over the long term by taking active risk.
• A focus on bottom-up stock selection, with
the emphasis on fundamental analysis and
FUNDAMENTAL APPROACH
VALUATION
INDUSTRY
DYNAMICS
company visits.
• Continuous risk management, integrated into
UNIVERSE
the investment process, and then ensured by
independent risk control units.
Our global sector approach means …
FINANCIAL
ANALYSIS
BUSINESS FRANCHISE/
MANAGEMENT STRATEGY
• A non-benchmark style. Although our theme
funds have reference indices, none is able to
Each of Pictet’s theme funds draws on the
fully reflect the diversity of the themes we
expertise of both financial and industrial special-
invest in. Our approach can be described as
ists and benefits uniquely from collaboration
“benchmark-aware, but not benchmark-driv-
with a dedicated Advisory Board.
en”.
• We are undogmatic about style. Our bias is
influenced by the economic cycle, which
shifts between emphasis on growth and
value. As a result all funds display both
growth and value characteristics. However if
a bias exists at all it is because we seek to
build a portfolio comprising companies with
both strong growth prospects and the greatest opportunity for price appreciation - often
called GARP – “growth at a reasonable
price”. The universe of companies which represent the themes, and therefore the funds,
are in most cases tilted towards mid and
small cap companies.
14
D E D I C AT E D F U N D S
INVESTMENT PROCESS
For each fund, dedicated Advisory Boards…
PORTFOLIO CONSTRUCTION
…give the fund managers an essential long-term
The purpose of portfolio construction is to max-
perspective and depth to their investment deci-
imise the potential return from our bottom-up
sions. Through regular consultation between fund
stock-selection process for a predefined level of
managers and members of their Advisory Board,
ex-ante risk, or volatility.
day-to-day investment decisions can be made in
We do not apply specific limits to country and
the context of a longer-term sector framework. In
sub- sector weights, except those imposed by
addition, a Scientific Advisory Network supports
Luxembourg law.
Sectoral with due diligence in the Pictet-Biotech
and Pictet-Generics funds’ investment process by
providing a unique and flexible resource to assess
the scientific and technological quality of an
investment opportunity.
Portfolio characteristics and constraints
• Country weightings arise from the bottom-up
stock selection.
• Sub-sector weightings depend on our initial
investment strategy and are fine-tuned
through bottom-up stock selection.
• Stock weightings at market value are limited
under Luxembourg law to a maximum of 10
percent in a single position and a maximum
40 percent in those positions of more than 5
percent weight.
• The typical number of stocks in a portfolio is
around 20 to 80, depending on the fund.
• Cash allocation may be up to 10 percent
temporarily while changes are made to the
portfolio, otherwise fully invested.
15
Risk and quality control
Risk management and control is part of our
In the same way, we monitor country exposures
investment analysis, debate and decision-
to ensure that the structure of our portfolio is
making in all funds managed by PAM...
consistent with our macro perspectives. Where
Our fund managers have instant and seamless
single sectors contribute most of the active risk,
access to complete risk analysis, while PAM’s
the Risk Control Unit ensures this is understood
Compliance Team independently monitors the
by the investment manager.
risk dimensions appropriate to each fund and
takes care of compliance procedures that cover
Liquidity risk is the potential cost or penalty aris-
fund guidelines and restrictions. This unit has
ing from the lack of marketability of a financial
direct access to PAM’s CIO.
instrument. It is a critical dimension of risk, particularly for Small Cap and Emerging Market
…monitored by a dedicated Risk Control Unit
exposure, likely to be most damaging when sig-
There are no region, country, sector or stock con-
nificant portfolio redemptions occur in difficult
straints placed on the Funds. However risk man-
market conditions. It can also happen when pur-
agement is part of our analysis, debate and
chases have to be made in thin markets. Regular
decision-making process. While the Investment
liquidity risk analysis is based on the number of
team manages risk in the portfolio, a dedicated
days required to liquidate a given percentage of
Risk Control Unit monitors all positions inde-
the portfolio, assuming that PAM accounts for no
pendently.
more than one third of daily volume. This measure is known as ‘liquidity duration’. Our method-
We measure market risk using APT, a statistical
ology allows us to perform stress testing, to see
and fundamental multi-factor risk model. The
how difficult market conditions would affect the
portfolio is viewed both in absolute (volatility)
liquidity profile of our portfolios. We also track
and relative terms (against the MSCI World Index
changes in the liquidity profile of a portfolio over
as a proxy index). We are able to decompose risk
time.
at the holding level to monitor the largest contributions to absolute and relative risk. In extreme
cases, when a few holdings are responsible for
most of the active risk, the investment manager
must be able to justify these exposures.
16
D E D I C AT E D F U N D S
RISK AND QUALITY CONTROL
…and Pictet Funds ensures independent
VOLATILITY CONTRIBUTIONS VS HELD WEIGHTS
quality control
Total Contribution to Volatility (bp)
180
Pictet Funds’ Product Management Unit carries
160
Suez
140
out an additional level of supervision, focusing
120
on quality control. This team is independent of
100
ITT Industries
80
RWE ‘A’
the investment management teams and of
60
40
PAM’s Compliance Team, thereby ensuring full
20
0
-2
-1
0
1
2
3
% Held Weight
4
5
6
objectivity to avoid conflicts of interest.
Source: Pictet
The team carefully analyses and compares overall risk and performance results to ensure that
each fund remains competitive within its peer
group and consistent with its mandate.
In particular, the Product Management Unit
focuses on peer-group rankings for ex-post
tracking error and risk-adjusted performance.
Any unusual variations or other matters of concern are discussed and resolved directly with
the fund manager and PAM’s CIO.
NOTE: Pictet-Biotech and Pictet-Generics
For these two funds, Sectoral applies its own risk control process, which
takes regular analytical input from PAM’s Risk Control Team, while Pictet
Funds carries out quality control in the same way as for other theme funds.
17
A R A N G E O F D E D I C AT E D F U N D S
A range of dedicated funds
The Pictet theme funds are compartments of the Pictet Funds (LUX) umbrella, which is a Luxembourg-domiciled SICAV conforming to Part 1 of the Investment Fund Law of 22 December 2002.
PICTET SECTOR FUNDS AT A GLANCE
Consolidation Launch date
currency
Benchmark
NAV
calculation
Dividends
Pictet-Global Megatrend
Selection
USD
November 2008
MSCI World2
Daily
Reinvested
Pictet-Agriculture
EUR
May 2009
MSCI World2
Daily
Reinvested1
Pictet-Biotech
USD
March 1995
NASDAQ Biotech
Daily
Reinvested1
Pictet-Clean Energy
USD
May 2007
MSCI World2
Daily
Reinvested1
Pictet-Digital
Communication
USD
November 19973
MSCI World2
Daily
Reinvested1
Pictet-Generics
USD
July 2004
MSCI World Pharmaceuticals2
Daily
Reinvested1
Pictet-Premium Brands
EUR
June 2005
MSCI World Consumer
Discretionary2
Daily
Reinvested1
Pictet-Security
USD
November 2006
MSCI World2
Daily
Reinvested1
Pictet-Timber
USD
September 2008
MSCI World2
Daily
Reinvested1
Pictet-Water
EUR
January 2000
MSCI World2
Daily
Reinvested1
MANAGEMENT FEE
Class I4
Class P
Class R
Class HP-EUR5
Classe HR-EUR5
Pictet-Global Megatrend
Selection
0.80%
1.60%
2.50%
–
–
Pictet-Agriculture
0.80%
1.60%
2.30%
–
–
Pictet-Biotech
0.80%
1.60%
2.30%
1.60%
2.30%
Pictet-Clean Energy6
0.80%
1.60%
2.30%
–
–
Pictet-Digital
Communication6
0.80%
1.60%
2.30%
–
–
Pictet-Generics6
0.80%
1.60%
2.30%
1.60%
2.30%
Pictet-Premium Brands7
0.80%
1.60%
2.30%
–
–
Pictet-Security6
0.80%
1.60%
2.30%
–
–
0.80%
1.60%
2.30%
1.60%
2.30%
0.80%
1.60%
2.30%
–
–
6
6
Pictet-Timber
Pictet-Water
1
2
3
4
5
6
7
7
Except for P-Distr. shares.
Net dividends reinvested.
Change of investment strategy as at end of June 2008 (former name Pictet-Telecom).
Minimum investment: 1 million (EUR or USD).
Currency-hedged share class in EUR to protect euro-based investors from additional currency risk, thus preserving the fund’s risk/return profile.
The Pictet-Biotech, Pictet-Digital Communication, Pictet-Generics, Pictet-Security, Pictet-Timber and Pictet-Clean Energy funds have additional I, P and R share classes
that are denominated in EUR, and P Distr share classes that are denominated in USD and GBP. The management fees for these additional classes have not changed.
The Pictet-Water and Pictet-Premium Brands funds have additional I, P & R share classes that are denominated in USD
and P-Distr share classes that are denominated in USD and GBP. The management fees for these additional classes have not changed.
18
ISIN CODE
Class I
Class P
Class R
Class HP-EUR
Class HR-EUR
Pictet-Global Megatrend
Selection
LU0386856941
LU0386859887
LU0386865348
–
–
Pictet-Agriculture
LU0366533882
LU0366534344
LU0366534773
–
–
Pictet-Biotech
LU0112497283
LU0090689299
LU0112497440
LU0190161025
LU0190162189
Pictet-Clean Energy
LU0280430405
LU0280430660
LU0280431049
–
–
Pictet-Digital
LU0101689882
LU0101692670
LU0101692753
–
–
Pictet-Generics
LU0188500879
LU0188501257
LU0188501331
LU0248320664
LU0248320821
Pictet-Premium Brands
LU0217138485
LU0217139020
LU0217138725
–
–
Pictet-Security
LU0256845834
LU0256846139
LU0256846568
–
–
Pictet-Timber
LU0340557262
LU0340557775
LU0340558583
LU0372507243
–
Pictet-Water
LU0104884605
LU0104884860
LU0104885248
–
–
Communication
19
BIOGRAPHIES
D E D I C AT E D F U N D S
Laurent Belloni
Laurent Belloni joined Pictet Asset Management
in 2005 and is an Investment Manager in the
Sector & Theme Funds team. He manages the
Pictet-Premium Brands fund. Laurent is also a
sector specialist for Consumer Staples.
He began his career at Pictet & Cie’s Financial
Research Department in 2001 as an Equity BuySide Analyst for Consumer Staples and Consumer Goods.
Laurent graduated from the University of Geneva
with a BA in Finance.
cles.
Philippe De Weck
Philippe de Weck joined Pictet Asset Management in 2004 and is a Senior Investment Manager in the Sector & Theme Funds team. He
manages the Pictet-Clean Energy fund.
Before joining Pictet, he worked for Credit
Suisse First Boston in both New York and London as a Financial Analyst in the Investment
Banking division from 1997 to 2003.
Philippe holds a BA in Economics from the University of Pennsylvania.
Arnaud Bisschop
Arnaud Bisschop joined Pictet Asset Management in 2007 as an Investment Manager in the
Sector and Theme Funds team. He manages the
Pictet-Water fund.
Before joining Pictet, he worked for Lyonnaise
des Eaux (Suez Group) as a project leader in the
Sales Department and prior to that was a Senior
Consultant in the Sustainability Services Team
of Ernst & Young in Paris.
Arnaud graduated with MSc degrees as an Engineer from the Ecole Polytechnique (Paris) and
from the Ecole Nationale du Genie Rural, des
Eaux et des Forêts (Paris).
Luciano Diana
Luciano Diana joined Pictet Asset Management
in 2009. He is a Senior Investment Manager in
the Sector & Theme funds team and manages
the Pictet-Clean Energy fund.
Before joining Pictet, Luciano spent four years
at Morgan Stanley, where he headed the London
based clean energy sell-side research team. He
began his career in 1998 as an IT strategy consultant at Accenture.
Luciano holds a Laurea in Engineering from the
University of Padua, Italy, and an MBA from
INSEAD.
Christoph Butz
Christoph Butz joined Pictet Asset Management
in 2002 as a sustainability expert, responsible
for the development and implementation of sustainable investment concepts. He is also a member of the Pictet-Timber investment team.
He previously worked for Bank Sarasin & Cie in
Basel as deputy head of sustainability research.
Christoph has gathered practical experience in
the field of natural resources’ management in
Canada, Switzerland and Brazil. He is also the cofounder and former partner of an engineering
consultancy specialised in climate-protection
projects within the framework of the Kyoto Protocol.
Christoph has an MSc degree in Forest Engineering from the Swiss Federal Institute of Technology in Zurich. He is a Certified International
Investment Analyst (CIIA) and has authored several sustainability-related publications and arti-
Frédéric Dupraz, CFA
Frédéric Dupraz, CFA, joined Pictet Asset Management in 2007 and has been an Investment
Manager in the Sector & Theme Funds team
since 2009. He manages the Pictet-Security
fund.
Before joining Pictet in 2004, Frédéric was a
consultant in the Financial Services industry
with PricewaterhouseCoopers and IBM. He
started his career as a research assistant working
on energy problems at the University of Geneva.
Frédéric holds a Master's degree in Econometrics from the University of Geneva. He is also a
Chartered Financial Analyst (CFA) charterholder
and certified Financial Risk Manager (FRM) of
the Global Association of Risk Professionals.
21
BIOGRAPHIES
Karen Kharmandarian
Karen Kharmandarian joined Pictet Asset Management in 2004 and is a Senior Investment
Manager in the Sector & Theme Funds team. He
manages the Pictet-Water fund.
Before he assumed his current responsibilities
in 2007, Karen worked in Pictet's Fixed Income
team as a Senior Credit Analyst and also co-managed the High Yield bond fund. Previously, he
was head of credit research for five years at Ixis
Asset Management in Paris and held the same
position for three years at Aurel-Leven, also in
Paris. He began his investment career in 1994
with Société Générale.
Karen holds an Economics degree and a postgraduate degree in Banking and Finance from
the Sorbonne and a business degree from Institut d'Etudes Politiques (Paris).
Yves Kramer
Yves Kramer joined Pictet Asset Management in
2005 and is a Senior Investment Manager in the
Sector & Theme Funds team. He manages the
Pictet-Security fund. Yves is also a sector specialist for Technology (software, hardware & IT
services).
He spent five years at Pictet & Cie’s Financial
Research Department as an Equity Buy-Side
Analyst for European and North American software stocks. Before joining Pictet, he worked as
a Financial Analyst for North American equities
at Union Bancaire Privée.
Yves graduated from the University of Geneva
with a BA in Finance.
Cédric Lecamp
Cédric Lecamp joined Pictet Asset Management
in 2007 and is an Investment Manager in the
Sector & Theme Funds team. He manages the
Pictet-Agriculture and the Pictet-Water fund.
Cédric graduated with a LLB from the University
of Durham and holds an MSc in Business and
Administration from HEC Geneva.
22
Gabriel Micheli
Gabriel Micheli joined Pictet Asset Management
in 2006 and is an Investment Manager in the
Sector & Theme Funds team. He manages the
Pictet-Clean Energy and Pictet-Timber funds.
He previously worked for Pictet Asset Management in Zurich in the Swiss Equities team.
Gabriel graduated with a degree in Economics
from the University of St. Gallen and successfully passed the three examinations of the CFA
program.
Paulina Niewiadomska, CFA
Paulina Niewiadomska, CFA, joined Sectoral
Asset Management (Sectoral) in 2006 and is a
financial analyst. Paulina is responsible for
analysing companies in the global generics and
specialty pharma sector and is backup manager
for the Pictet-Generics fund.
Prior to joining Sectoral, Paulina spent three
years working as an associate research analyst
focused on Canadian healthcare and biotechnology, most recently at Westwind Partners Inc. in
Toronto. She graduated from the International
MBA program at the Schulich School of Business at York University in 2000, specialising in
Finance. She also holds an MSc in molecular
biology from University of Toronto. She is also a
Chartered Financial Analyst (CFA) charterholder.
Hans Peter Portner, CFA
Hans Peter Portner, CFA, joined Pictet Asset
Management in 1997 and is Head of the Sector
& Theme Funds team. He is a Senior Investment
Manager responsible for the Pictet-Water. Hans
Peter is also a sector specialist for Utilities.
He began his investment career in 1992 with
UBS Brinson in Basel as Portfolio Manager for
international equities, where he managed singlecountry funds and capital preservation funds. In
1997 he joined Pictet Asset Management in
Geneva as Senior Investment Manager for international equities, a role he pursued in London
from 1999 to 2001.
Hans Peter is a Chartered Financial Analyst
(CFA) charterholder and holds a Master’s degree
in Economics from the University of Bern.
BIOGRAPHIES
Caroline Reyl
Caroline Reyl joined Pictet Asset Management in
2002 and is a Senior Investment Manager in the
Sector & Theme Funds team. She manages the
Pictet-Premium Brands fund. Caroline is also a
sector specialist for Consumer Discretionary.
She began her career in 1994 at Lehman Brothers’ corporate finance division, where she worked
as an analyst in New York and London for three
years. In 1997, she became a Fund Manager at
GLG Partners, a hedge fund management company, which was at the time part of Lehman
Brothers. She managed two long-only European
funds and helped select long-short investments.
Caroline graduated in Finance and Economics
from the Institut d’Etudes Politiques in Paris and
holds a DESS (French Master’s Degree) in
Finance from Dauphine University.
Philippe Rohner
Philippe Rohner joined Pictet Asset Management having originally joined Pictet & Cie in
1998 as a sell-side financial analyst responsible
for the Swiss Chemicals sector. He is a Senior
Investment Manager in the Sector & Theme
Funds team. He manages the Pictet-Water and
Pictet-Clean Energy funds.
Before joining Pictet, he worked in the Oil & Gas
and later in the Chemicals industries with Texaco and Ciba-Geigy respectively, having held various operational and corporate level positions in
Switzerland, the US and UK.
Philippe holds a BSc from the University of
South Carolina and an MSc from Lamar University (Texas), both in Chemical Engineering. He
also completed a programme in Environmental
Engineering at the University of Texas. Philippe
also holds a PhD in Industrial and Applied
Chemistry from the Swiss Federal Institute of
Technology (Zurich) and an MBA specialising in
Finance from the University of Strathclyde (Glasgow).
D E D I C AT E D F U N D S
Sylvie Sejournet
Sylvie Sejournet joined Pictet Asset Management in 2005 and is a Senior Investment Manager in the Sector & Theme Funds team. She
manages the Pictet-Digital Communication
fund.
After completing an industrial placement in the
Finance Department of the TF1 group, she spent
eight years as a Media Sell-Side Analyst at Fortis
Bank in Paris. In 2000, she was nominated for
the Agefi Award for best junior analyst and in
2004, won the AQ Award for best analyst, based
on her recommendations for 537 mid-cap
stocks.
Sylvie holds a Diploma in Banking and Finance
from the University of the Sorbonne in Paris and
is a member of the SFAF (French Society of
Financial Analysts).
Michael Sjöström, CFA
Michael Sjöström, CFA, is the founder and Chief
Investment Officer of Sectoral Asset Management (Sectoral), which he founded in October
2000, and Senior Fund Manager of the PictetBiotech fund since its inception, as well as Senior Fund Manager of the Pictet-Generics fund.
Prior to founding Sectoral, Michael worked for
eight years at Pictet & Cie as Deputy Head of the
Swiss Research Team and as a financial analyst
covering the pharmaceutical and biotechnology
sectors in Switzerland and Europe. Michael was
also Head of the Global Pharmaceutical
Research team. Prior to joining Pictet, Michael
spent three years at Bordier & Cie covering Swiss
equities and managing Swiss equity portfolios.
Michael obtained an MBA degree from the St.
Gallen School of Economics, Business and Public Administration and Law (HSG) with a specialisation in Financial Management and Controlling. Michael is also a Chartered Financial
Analyst (CFA) charterholder and a Vice President
and founding member of the Swiss CFA Society,
member of the CFA Institute.
23
BIOGRAPHIES
Gerardus van der Geer, CEFA
Gerardus van der Geer joined Pictet Asset Management in 2008 and is a Senior Investment
Manager in the Sector & Theme Funds team. He
manages the Pictet-Agriculture fund.
Before joining Pictet, he worked for two years at
Robeco in Rotterdam as a senior portfolio manager for the Food & Agriculture Fund. Gerardus
began his career in 2001 at Fortis MeesPierson
as an asset manager in the Private Banking division.
Gerardus graduated with a degree in Business
Economics and Financial Economics from the
Free University of Amsterdam. He is a certified
EFFAS (European Federation of Financial Analysts Societies) financial analyst.
24
ADVISORY BOARD
D E D I C AT E D F U N D S
Pictet-Agriculture
• Prof. Aalt Dijkhuizen, Chairman of the
Wageningen University, Wageningen, The
Netherlands
• François van Hoydonck, Managing Director,
SIPEF Group, Schoten, Belgium
Pictet-Digital Communication
• Dr. Torsten G. Kreindl, Partner at Grazia
Investment GmbH, member of the Board of
Directors of Swisscom AG, Switzerland
• Duncan Clark, Founder Chairman of BD Advisors (BDA), China
Pictet-Biotech
• Prof. Michel Aguet, Director of the Swiss Institute for Experimental Cancer Research
(ISREC), Switzerland
• Prof. Kenneth Randall Chien, Director, Cardiovascular Research Center, Massachusetts
General Hospital, USA
• Prof. Pascal Nicod, Chairman of the Dept of
Medicine, CHUV, Lausanne, Switzerland
• Prof. Gianni Gromo, Global Head of Metabolic
& Vascular Disease Area, F. Hoffmann-La
Roche, Switzerland
Pictet-Generics
• Hardy Chan, Co-founder and CSO of Scinopharm, Taiwan
• Dr. Dave Gershon, Professor at Harvard University, Health Science and Technology Program, USA
Pictet-Clean Energy
• Prof. Eberhard Jochem, Energy efficiency
expert, Swiss Federal Institute of Technology
(ETHZ), Switzerland
• Prof. Vaclav Smil, Distinguished Professor,
University of Manitoba, Canada
Pictet-Premium Brands
• Max Katz, CFO, Kuoni Travel Holding Ltd,
Switzerland
• Sebastian Escarrer, Vice Chairman & CEO, Sol
Melia, Spain
• Michel Perraudin, President, World Federation
of the Sporting Goods Industry, Switzerland,
former Executive Vice President, Adidas,
Germany
• Sandrine Zerbib, Executive Partner, United in
Sports, China
• Robert Bensoussan, Member of the Board of
Jimmy Choo, London, United Kingdom and of
Inter Parfumes Inc., USA
25
ADVISORY BOARD
Pictet-Security
• Laurent Combalbert, Security and crisis management consultant, Geos, France
• Jules Trocchi, Research Manager, Industrial
Automation & Electronic Practises, Frost &
Sullivan
• Doron Bergerbest, CEO, Asero Worldwide, former Head of Security and Protection Division
at Israeli Security Agency (ISA), Israel
Pictet-Timber
• Prof. Michael Köhl, World Forestry Professor
University of Hamburg Head of Institute for
World Forestry German Research Centre for
Forestry and Forest Products, Germany
• George Weyerhaeuser, Chairman of Forestry
Advisory Council University of British Columbia, Canada, Former Chairman & Senior Vice
President of Technology Weyerhaeuser Comp.,
USA
Pictet-Water
• Dr David Owen, Independent Water Sector
Analyst, Founder CEO, Envisager Ltd, UK
• Henri Proglio, non-executive CEO, Veolia Environnement, Chairman/CEO EDF SA, France
• Bill Alexander, Xansa Plc, Chairman, former
CEO of RWE Thames Water, UK
• James Hotchkies, Co-founder, JWH Consulting GmbH, Switzerland
• Michael Deane, CEO National Association of
Water Companies, USA
26
For further information, please contact us at:
www.pictetfunds.com
Tel. 0041 58 323 30 00
Pictet Funds S.A.
Route des Acacias 60, 1211 Geneva 73, SWITZERLAND
Pictet Funds (Europe) S.A.
3, boulevard Royal, L-2449 LUXEMBOURG
Pictet Funds S.A., Zurich Office
Freigutstrasse 12, 8002 Zurich, SWITZERLAND
Pictet (Asia) Limited
Room 3901-10, Edinburgh Tower, The Landmark,
15 Queen’s Road Central, HONG KONG
Pictet & Cie (Europe) S.A., Niederlassung Frankfurt
Neue Mainzer Strasse 1, 60311 Frankfurt am Main, GERMANY
Pictet & Cie (Europe) S.A., Succursale italiana
Via Fratelli Gabba 1/A, 20121 Milan, ITALY
Pictet & Cie (Europe) S.A., Sucursal en España
Calle Hermosilla 11, 28001 Madrid, SPAIN
Pictet Asset Management Ltd
Moor House, Level 11, 120 London Wall
GB-London EC2Y 5ET
Pictet & Cie (Representative Office)
Sheikh Zayed Road, Park Place, 12th Floor, PO Box 125567
Dubai, UNITED ARAB EMIRATES
Pictet & Cie (Europe) S.A., Succursale de Paris
34, avenue de Messine, 75008 Paris, FRANCE
This marketing document is issued by Pictet Funds (Europe) S.A. It is neither directed to, nor intended for distribution or use by, any person or entity who is a citizen or resident
of or located in any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Only the latest version of
the fund’s prospectus, regulations, annual and semi-annual reports may be relied upon as fund the basis for investment decisions. These documents are available on www.pictetfunds.com or at Pictet Funds (Europe) S.A., 3 Boulevard Royal, L-2449 Luxembourg.
The information and data presented in this document are not to be considered as an offer or solicitation to buy, sell or subscribe to any securities or financial instruments.
Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to change without notice. Pictet Funds
(Europe) S.A. has not taken any steps to ensure that the securities referred to in this document are suitable for any particular investor and this document is not to be relied upon
in substitution for the exercise of independent judgment. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future.
Before making any investment decision, investors are recommended to ascertain if this investment is suitable for them in light of their financial knowledge and experience, investment goals and financial situation, or to obtain specific advice from an industry professional.
The value and income of any of the securities or financial instruments mentioned in this document may fall as well as rise and, as a consequence, investors may receive back less
than originally invested. Risk factors are listed in the fund’s prospectus and are not intended to be reproduced in full in this document.
Past performance is neither guarantee nor a reliable indicator of future results. Performance data does not include the commissions and fees charged at the time of subscribing
for or redeeming shares. This marketing material is not intended to be a substitute for the fund’s full documentation or for any information which investors should obtain from
their financial intermediaries acting in relation to their investment in the fund or funds mentioned in this document.