Fidentiis Funds - fidentiis gestion

Transcription

Fidentiis Funds
March 2016
2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA
Contents
Company Overview
Biographies
Investment Process
Long / Short Equity Fund
Long Only UCITS Fund
Global Strategy UCITS Fund
Appendix
2
Company Overview
Iberian Equity Specialists since 2006
Team of 7 investment professionals, including 4 Fund Managers, 2 Analysts and 1 Risk Officer
Equity Long / Short Fund launched 2007
Equity Long / Short UCITS launched 2016
Long Only UCITS Fund launched 2009
Global Strategy Fund launched 2014
Investment Management company regulated in Spain by CNMV and authorized Investment Manager in Luxembourg
by CSSF
3
Biographies
Ricardo de Seixas
Alvaro Llanza Figueroa
Idoia Basterretxea Aranda
Jorge Nuño
Founder & Co-PM
Iberian Equities
Co- PM
Iberian Equities
Member of Investment
Committee & Senior Partner
Committee & PM
Global Strategy
Ricardo previously managed the
Iberian Opportunities Fund at
Banco Privado Portugues for 11
years.
Alvaro was previously a European
Fund Manager at DUX Inversores
SGCII for 9 years.
Idoia was previously deputy
General Director and CIO at
Norbolsa SVB, having co-founded
the firm in 1989.
Ricardo has worked in financial
analysis, brokerage and portfolio
management since 1989.
Ricardo graduated in Systems
Engineering and has an MBA from
INDEG/ISCTE.
Prior to that he was Head of
European Equity Sales at Citigroup
for 5 Years. Prior to that he was a
Partner and Spanish Equity Sales
Director at Carnegie.
Alvaro graduated with a B.A. at
University of Pennsylvania
Prior to this Idoia was part of the
International Equity Sales team at
Savory Milln and SBC.
Idoia holds a Law degree from
Deusto University and an MSc
from LSE. She is an FSA and IEAF
registered adviser and a member
of the Bar Association of Vizcaya .
Jorge previously managed the
1.5bn EUR Liberbank Global Fund
for 11 years. Awards for his fund
include:
“Best Diversified Global Fund 10Y”
Lipper 2013
“Best Diversified Flexible Fund”
Morningstar 2008
“Best Small Management
company for Mixed Funds” Lipper
2005
Prior to this, Jorge worked at
Banco Urquijo & Credit Suisse in
Sales Trading & Equity Sales.
Jorge graduated in Business
Administration at CEU San Pablo
University.
4
Biographies
Luis Peña Morientes
Javier Ortiz de Artiñano,CFA
Kais Shehebar
Committee & PM
Spanish Banking Opportunties
Analyst
Risk & Compliance Officer
Kais was previously Institutional Sales Officer at Multiactivos for 5 years.
Luis has worked over 20 years
industry experience.
Javier graduated in Law ICADE E-1
in 2005, obtained an MBA from IE
Business School in 2011 and is a
Certified Financial Analyst (CFA).
His first role was as an Auditor of
financial institutions for Arthur
Andersen.
Arianne Del Castillo
Junior Analyst
Following that Luis was a Banking
Analyst with AB Asesores-Morgan
Stanley for 3 years, Societe
General for 5 years and JB Capital
Markets for 9 years.
Luis graduated in ICADE E-2
Business Administration in Madrid
and in Law from UNED University.
Arianne previously worked at a
Family Office in Bilbao for 2 years.
Prior to this Arianne was a Client
Relationship Officer at Axa and
worked in Institutional Equity
Sales for Ahorro Corporacion.
Araianne graduated in Business
Administration and has a Masters
in Accounting and Finance from
Deusto University.
Kais graduated in Economics from San Pablo CEU University in Madrid and
has a Masters in Financial Markets from Instituto Español Bursatil (IEB)/
Complutense University.
Enrique Parra Saez
Silvia Mesia Medina
Business Development
Business Development
Enrique previously worked at
Edmond de Rothschild as a Sales
Officer. Prior to this he was Head
of Sales at MetaGestion for 3
Years.
Silvia was previously a Corporate
Debt Analyst in London for 2
years. Prior to this she was a PM
at Vetusta AM, Geneva for 4
years.
Enrique graduated in Economics
from Universidad Autonoma in
Madrid.
Silvia graduated in Economics at
Webster University, Geneva and
has an MSc in Financial
Management from University of
London.
5
Iberian Investment Process
6
Investment Philosophy
Approach
Focused on Iberian equity markets aim to provide solid risk
adjusted returns over the long term to its investors.
Visits, meetings &
conferences
PM and analysts keep over 300 meetings yearly with company’s
management and sell side analysts.
Investment style
Bottom up driven.
Portfolio construction
In addition to Stock Selection, top-down considerations, vital to a
proper asset allocation and an effective risk management.
Momentum plays
Managers trade around positions based on short-term news and
money flows.
Risk Management
Active management of the net & gross market exposure, according to each Funds risk/return
strategy objectives and available tools
Dynamic hedging through single stock and index futures
Opportunistic, short positions are typically held for short periods of time, unless a clear
downtrend in markets or sectors is detected
7
Ongoing Investment Process
Bottom Up & Top Down Contributions
8
Long / Short Equity
9
Fund Characteristics
Objective
Target universe1
Focus and bias
Approach
Double digit yearly returns (12% - 14%) with volatility under 8%.
Iberian equity markets. Can invest up to 20% in subsidiaries of
Iberian companies wherever they are listed.
Iberian Long Short equity fund - Long Bias.
Stock-picking, concentrated portfolio.
Long Book
Short Book
Limit per position: 20% of
assets (for “foreign” stocks,
limit is 5%)
Expected
number
positions: 15 to 20
No stop losses
of
Derivative Book
Maximum 50% of net
assets
Maximum +/- 100% of net
assets
Limit per position: 5% of
assets, at cost
Market risk hedging
Market trend play
Expected number
positions: 5 to 10
of
Reassess position at 5%
loss and stop-loss at 10%
1 “Iberian” market. Number of companies : 162
Total market cap: 752b Eur. Daily turnover: 3,4b Eur
10
Performance & Volatility
31.1%
-20.4%
-42.1%
* Data as at 29/01/2016
Initial 12 M
period
22.0%
8% Target
5.6%
11
Exposure
* Data as of 31/ 03 /2016
12
Outperformance Breakdown
Stock Picking vs. Market Timing
* Data until 31 / 03 //2016
13
Fund Details
Name
Tordesillas FIL
Name
Tordesillas Iberia L/S Equity UCITS
Inception
March 12th, 2007
Inception
March 17th, 2016
Domicile
Spain
Domicile
Spain
Fees
Management: 1,5%
Fees
Performance: 10% above HWM
Performance: 20% above HWM
Minimum investment
Dealing frequency
Equalization
Prime Broker
Administrator & Custodian
ISIN
100.000 EUR
Weekly
No
Morgan Stanley
BNP Paribas Fund Services (Madrid)
ES0175989039
Management: 1,25%
Minimum investment
Dealing frequency
Equalization
150,000EUR
Daily
No
Counterparty
Morgan Stanley & Banco Santander
Administrator & Custodian
EdR Europe & EdRAM Luxembourg
ISIN
Bloomberg Ticker
SIITTOR SM
Bloomberg Ticker
Lipper Reuters Id
LP67011717
Lipper Reuters Id
Class I LU1375654982, Class A LU1375654800
FIDTILI LU
14
Iberia
Long Only UCITS Fund
15
Objective
To achieve a capital appreciation while protecting from downtrends
Target universe1
Iberian equity markets, reference market 90% IBEX/10%PSI. Can
invest up to 20% in other companies
Iberian – Long-only fund
Focus and bias
Stock-picking, concentrated portfolio
Approach
Long Book
Rule 5% - 10% - 40%
Expected number of positions:
15 to 20
Derivative Book
Maximum 100% of net assets (legal
limit set by regulation)
Use of derivatives as market risk
hedging and as investment, up to
100% exposure (flexible exposure to
market)
Total market cap: 646b Eur Daily turnover: 4.8b Eur
16
Performance & Volatility
36.84%
-25.47%
Benchmark: 90% IBEX35 + 10% PSI20
24.37%
Initial 12 M
period
18.58%
Benchmark: 90% IBEX35 + 10% PSI20
* Data as at 31/ 03/ 2016
17
Exposure & Outperformance
* Data as at 31 / 03 //2016
18
Outperformance Breakdown
Stock Picking vs. Market Timing
* Data until 31/ 03 /2016
19
Fund Details
Type of Vehicle
SICAV UCITS IV
Subscription fee
Max. 5%
Inception
December, 6th 2010
Redemption fee
Max. 3%
Domicile
Luxembourg
Custody Bank & Administrator
Management Fee
Class I 1,25% - Class A 1,75%
Performance Fee
10% above HWM
Bloomberg Ticker
Class I STILSIE LX / Class A STILSAE LX
Daily
Lipper Reuters Id
Class I LP68078971 / Class A LP68078970
NAV frequency
Minimum investment
Class I 150.000€ - Class A 1.000€
Dealing frequency
Daily
Settlement
D+3
ISIN
Rating and Awards
Class I - LU0563745826 / Class A – LU0563745743
5-star rating by Morningstar and Vdos
Top Performing UCITS Fund 2013
20
Global Strategy
Balanced UCITS Fund
21
Investment Philosophy
22
Objective
Target universe
Style
Other instruments
Preservation of capital & Absolute return.
Equity, currency & Fixed Income investments – Long Equity
Biased
Global Balanced Fund – bias Europe & The USA
Cash, Listed and OTC Derivatives.
Fixed Income
Equity
Government, Corporate and
HY Bonds
No Duration restrictions
Credit quality
medium
high
to
Sector & Security selection
30- 35 Maximum number of
securities
Max. Limit per position 3%
No cap weighted maximum
Min. Liquidity 3d trading
Equity swaps for shorts
Fundamental analysis
Momentum
Short term identification for
hedging and/or leveraging
the portfolio
Total market cap: 752b Eur. Daily turnover: 3,4b Eur
23
Fund Details
Type of Vehicle
SICAV UCITS IV
Subscription fee
Max. 5%
Inception
January, 3rd 2014
Redemption fee
Max. 3%
Domicile
Luxembourg
Custody Bank & Administrator
Management Fee
Class A 2,00% - Class I 1,50%
Performance Fee
10% above HWM
NAV frequency
Minimum investment
ISIN
Bloomberg Ticker
Class I -LU0985830925/ Class A – LU0985830768
Class I STSGSIE LX / Class A STSGSAE LX
Daily
Class I 150.000€ - Class A 1.000€
Dealing frequency
Daily
Settlement
D+3
24
Appendix
25
Discrete Monthly Performance
FIL
Jan
Feb
2007
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Year
0.80%
1.73%
4.91%
0.86%
0.42%
-4.26%
-1.22%
1.74%
1.69%
-0.32%
6.26%
2008
2.00%
0.36%
-1.14%
1.35%
1.16%
-1.11%
-0.28%
0.13%
-5.23%
-7.98%
0.65%
1.55%
-8.69%
2009
-0.23%
-0.22%
-1.03%
1.41%
0.91%
0.31%
3.52%
1.73%
3.91%
0.20%
0.56%
0.62%
12.19%
2010
-2.29%
-2.28%
6.45%
0.27%
-6.14%
-0.16%
-0.05%
0.05%
-0.76%
1.29%
-1.80%
1.23%
-4.57%
2011
-0.90%
-0.53%
0.76%
1.04%
-1.69%
-0.09%
-3.27%
0.92%
1.12%
0.69%
-0.50%
0.06%
-2.45%
2012
-0.01%
0.35%
1.33%
0.36%
-1.22%
0.79%
-1.68%
-1.01%
0.91%
1.54%
0.30%
4.23%
5.94%
2013
2.90%
1.83%
-2.38%
2.64%
0.58%
-1.71%
2.53%
-0.35%
2.44%
4.48%
1.23%
2.61%
17.92%
2014
2.65%
1.64%
1.78%
-0.59%
-1.06%
-1.24%
-1.55%
-0.32%
1.43%
-2.97%
0.93%
-1,58%
-1,05%
2015
3.27%
1,56%
1,22%
-0,43%
-0,24%
-0,77%
2.70%
-1.16
-0,89%
2.22%
0,26%*
-0.42%
7.61%*
2016
-1,41%
-1,38%
1.19%
-2.77%
Fund Launch March, 12th 2007
* Performance taken from estimated NAV as of 31/12/15
SICAV– IBERIA I
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
IBERIA SICAV "I" 2009
Bmk
Bmk
Bmk
Bmk
Bmk
Bmk
Bmk
Oct
Nov
Dec
Year
-0.06%
-3.74%
2.17%
-1.70%
-2.56%
1.71%
2.54%
1.62%
-4.75%
-4.96%
8.11%
-3.94%
-9.72%
-0.29%
8.39%
-1.72%
1.84%
5.55%
-9.01%
6.54%
-6.04%
-8.11%
-5.51%
5.40%
-4.00%
-10.17%
-0.92%
12.42%
-2.65%
3.06%
3.32%
-13.81%
6.11%
-8.92%
6.54%
1.02%
1.49%
-0.44%
-2.50%
-2.00%
-2.38%
-5.20%
0.99%
2.01%
-2.67%
-0.03%
-3.62%
8.94%
0.60%
-2.57%
2.47%
-3.48%
-1.30%
-6.91%
-9.34%
-2.44%
4.26%
-5.63%
1.18%
-14.57%
1.60%
1.46%
-4.05%
-2.38%
-5.76%
3.48%
-2.23%
-0.34%
6.20%
3.45%
0.16%
6.33%
7.36%
-0.90%
0.02%
-4.91%
-11.79%
-13.19%
15.34%
-4.62%
9.81%
3.92%
1.87%
0.86%
3.40%
-3.74%
5.26%
1.77%
-4.48%
5.26%
1.05%
-3.11%
6.23%
-0.57%
6.57%
8.26%
2.27%
3.10%
35.49%
3.10%
-1.75%
-3.67%
6.42%
-1.53%
-6.67%
8.07%
-1.36%
9.94%
7.57%
-0.50%
1.09%
20.99%
4.36%
2.83%
3.53%
-0.33%
0.86%
-1.07%
-2.39%
-0.10%
2.03%
-4.99%
2.02%
-3,41%
2,92%
0.25%
2.76%
2.33%
0.83%
2.44%
0.60%
-3.03%
0.13%
0.47%
-3.81%
2.44%
-4,83%
0,61%
5.54%
5,79%
3,25%
-1,46%
-1,71%
-2,28
4.70%
-5.14%
-4,85%
8.42%
0,10%
-3.54%
7.63%
-0,85%
-1,74%
-4,08
3.74%
-8.24
-6,54%
8.39%
0,01%
-7.37%
1.80%
7,76%
3,25%
-7.07%
-1.56%
3.07%
-8.52%
-5.37%
Bmk
-7.33%
-4.20%
3.30%
-11.24%
Fund investment policy set forth on March 14th, 2011. From October 2009 to March 14th 2011, performance based on official NAVs of IBOP Fund. Since March 15th 2011 on, performance based on official EdR NAVs
26
Track Record
Iberian Opportunities Fund
Year
Iberian
Opportunities
Iberian
Benchmark 4
1994 1
Outperform
21.5%
(5.3%)
26.8%
1995
1996
1997
1998
1999
2000
2001
2002 2
(12.4%)
(6.3%)
(6.2%)
37.8%
32.1%
5.8%
61.5%
71.1%
(9.5%)
12.0%
24.9%
(13.0%)
11.0%
8.7%
2.2%
8.0%
(13.0%)
21.0%
(9.1%)
(24.7%)
15.6%
(17.2%)
(30.9%)
13.8%
2003
2004
2005 3
33.8%
25.6%
8.2%
30.1%
16.8%
13.3%
29.1%
17.7%
11.4%
2006
2007
Jun08
43.4%
31.7%
11.7%
15.6%
8.4%
7.2%
(14.8%)
(23.2%)
8.3%
850%
1 Launched in January 10
750%
th
Ricardo Seixas managed the Iberian Opportunities fund since its
inception, in 1994.
The Fund was managed with a long-only style, benchmarking
(performance wise) against a market-cap weighted Index 4.
This Fund had no restrictions in terms of cash-levels, which ranged
from 0% to 35% in the history of the Fund.
The performance of the Fund is shown net of all fees and expenses.
Ricardo leaves Management company by the end of August 2005 but
continues with the mandate at Fidentiis Gestion (formerly, Siitnedif)
until June 2008.
Alpha since inception: 9.6% (Beta 0.83)
, 1994
Alpha since 2005: 12.7% (Beta 0.84)
2 The Fund turns iberian in November 1st
650%
3 From September 2005 on, figures refer to an Iberian
550%
equities mandate managed by the two managers
450%
350%
4 PSI20 until Oct02 and mkt cap weighted IBEX35 and PSI20 thereafter
Bloomberg ticker PTGSMLI LX and ID LU0049186579.
250%
1 – Fund launched January10th 1994
2 – Fund changes from Portuguese country Fund into Iberian in November 2002
3 – Manager leaves previous company while holding the mandate to manage the fund, until June 2008.
4 – Until November the Benchmark was the portuguese index, since than its a market cap weighted index of
the two main indices of Spain (about 90%) and Portugal (about 10%)
150%
50%
-50%
n/
08
Ju
l/0
8
n/
07
Ju
l/0
7
Ja
n/
06
Ju
l/0
6
Ja
n/
05
Ju
l/0
5
Ja
n/
04
Ju
l/0
4
Ja
n/
03
Ju
l/0
3
PSI20
Ja
n/
02
Ju
l/0
2
BENCHMARK
Ja
n/
01
Ju
l/0
1
Ja
n/
00
Ju
l/0
0
IBOP (€)
Ja
n/
99
Ju
l/9
9
Ja
n/
98
Ju
l/9
8
Ja
n/
97
Ju
l/9
7
Ja
n/
96
Ju
l/9
6
Ja
n/
95
Ju
l/9
5
Ja
Ja
Ja
n/
94
Ju
l/9
4
-150%
IBEX35
27
Track Record
Liberbank Global Fund
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
LIBERBANK GLOBAL
10,56
14,59
14,59
13,18
8,27
-6,77
9,46
2,51
-5,04
7,64
4,90
MSCI WORLD (EUR)
30,81
12,84
7,56
17,95
7,09
-42,08
26,98
9,55
-7,62
13,18
10,99
28
Disclaimer
This document is being furnished on a confidential basis to a limited number of sophisticated prospective Investors for the purpose of providing
information about an investment in Fidentiis Tordesillas SICAV and its sub-funds (hereinafter, the “Fund”). The information contained herein may not be
distributed, published or reproduced, in whole or in part, nor may the contents of this information be disclosed by recipients to any person other than
their professional advisers without the prior written consent of Fidentiis Gestión, SGIIC, SA.
In making an investment decision, prospective Investors must rely on their own examination of the legal, financial and other consequences o fan
investment in the Fund, including the merits of investing and the risks involved. Prospective investors should not treat the contents of this
documentation as advice relating to legal, taxation or investment matters and should consult their own professional advisers concerning the acquisition,
holding or disposal of interests.
Certain economic and market information contained in this documentation has been obtained from published sources prepared by other parties. While
such sources are believed to be reliable, none of the Fund, Fidentiis Gestion SGIIC SA or any of its affiliates, assumes any responsibility for the accuracy
or completeness of such information.
All statements of opinion and/or belief contained in this documentation and all views expressed and all projections, forecasts or statements relating to
expectations regarding future events or the possible future performance of the Fund, represent Fidentiis Gestion SGIIC SA’s own assessment and
interpretation of information available to it as of the date of this documentation. No representation is made or assurance given that such statements,
views, projections or forecasts are correct or that the objectives of the Fund will be achieved. Prospective Investors must determine for themselves what
reliance (if any) they should place on such statements, views, projections or forecasts and no responsibility is accepted by the Fund, Fidentiis Gestion
SGIIC SA or any of its affiliates.
This Memorandum has not been submitted for approval to either the Autorité des Marches Financiers (“AMF”) of France or the Financial Services
Authority (“FSA”) of the United Kingdom (“U.K.”) or the or the Comissão do Mercado de Valores Mobiliários (“CMVM”) or the Commission de
Surveillance du Secteur Financier (“CSSF”) of Luxembourg or the Comisión Nacional del Mercado de Valores (“CNMV”) of Spain. This documentation
does not constitute, and may not be used for the purposes of, an offer of Interests or an invitation to participate in the Fund to any person in any
jurisdiction in which such offer or invitation is not authorised, in which the person endeavouring to make such offer or invitation is not qualified to do
so, or to any person to whom it is unlawful to make such an offer or invitation. It is the responsibility of the prospective Investors to satisfy themselves
as to full compliance with the relevant laws and regulations of ay territory in connection with any application to participate in the Fund, including
obtaining any requisite governmental or other consent and adhering to any other formality prescribed in such territory.
29
www.fidentiis-g.com
Velázquez 138-L10, 28006. Madrid. Spain
Silvia Mesia – [email protected] ; Enrique Parra – [email protected]
30

Fidentiis Funds - fidentiis gestion

Transcription

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