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Fidentiis Funds
June 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
Why Fidentiis Gestion
Alpha generation is our primary goal
Our highly experienced team of specialist investment professionals
continuously seek alpha through their focused and dynamic proprietary
research.
Risk management is the key to long term success
Deep fundamental knowledge of the companies in which we invest is
essential; Our risk management is further complemented by active
management of exposure, dynamic hedging and opportunistic shorting.
Our continuously developing Fund offering
Although we are considered Iberian specialists, we have broadened our
scope of investment where we believe we can add value with the same
risk management we apply to all our mandates.
3
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
4
Biographies
Ricardo de Seixas
Founder & Co-PM
Iberian Equities
Ricardo previously managed the
Iberian Opportunities Fund at
Banco Privado Portugues for 11
years.
Ricardo has worked in financial
analysis, brokerage and portfolio
management since 1989.
Ricardo graduated in Systems
Engineering and has an MBA from
INDEG/ISCTE.
Alvaro Llanza Figueroa
Idoia Basterretxea Aranda
Jorge Nuño
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.
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
Co- PM
Iberian Equities
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.
Senior Partner
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 .
Luis Peña Morientes
PM Spanish Banking Opportunities
Luis has worked over 20 years industry experience.
His first role was as an Auditor of financial institutions for Arthur Andersen.
PM Global Strategy
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.
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.
5
Biographies
Estela Muñoz
Javier Ortiz de Artiñano, CFA
Estela worked as Chief Compliance
officer at Banco de Valencia from
2009 until joining Fidentiis in
September 2015.
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).
Compliance officer
She began her career in 1989 in
Bank of New York Mellon in
Brussels where she worked for
almost 10 years.
Graduada por la Universidad de
Valencia, tiene un post-grado en
Derecho Europeo e internacional
por la Universidad Católica de
Lovaina (Bélgica)
.
Senior Analyst
Arianne Del Castillo
Junior Analyst
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.
Arianne graduated in Business
Administration and has a Masters
in Accounting and Finance from
Deusto University.
Kais Shehebar
Risk Analyst
Kais was previously Institutional Sales Officer at Mutuactivos for 5 years.
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
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.
Business Development
Business Development
6
Iberian Investment Process
7
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
8
Ongoing Investment Process
Bottom Up & Top Down Contributions
9
Long / Short Equity
10
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
assets, at cost
Market risk hedging
Expected number
positions: 5 to 10
of
Market trend play
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
11
Performance & Volatility
30.1%
- 19.7%
- 44.3 %
* Data as of 30/06/2016
Initial 12 M
period
27.0%
8% Target
5.2%
12
Exposure
* Data as of 30/ 06 /2016
13
Outperformance Breakdown
Stock Picking vs. Market Timing
* Data as of 30/06/2016
14
Fund Details
Type of Vehicle
Name
FIL (AIFMD)
Tordesillas FIL
Inception
March 12th, 2007
Domicile
Spain
Fees
Minimum investment
Dealing frequency
Equalization
Prime Broker
Custody Bank & Administrator
ISIN
No
Morgan Stanley
BNP Paribas Fund Services (Madrid)
ES0175989039
Management: 1,5%
Bloomberg Ticker
SIITTOR SM
Performance: 20% above HWM
Lipper Reuters Id
LP67011717
100.000 EUR
Weekly
15
Iberia Long Short
UCITS Long / Short Equity
16
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 other companies.
Iberian Long Short equity fund - Long Bias.
Stock-picking, concentrated portfolio.
Long Book
Short Book
Derivative Book
5%-10%-40% diversification
rule applied
5%-10%-40% diversification
rule applied
Maximum +/- 100% of net
assets
Expected
number
positions: 15 to 20
assets, at cost
Market risk hedging
No stop losses
of
Expected
number
positions: 5 to 10
of
Market trend play
Reassess position at 5% loss
and stop-loss at 10%
17
33.2%
- 20.4%
- 38.4 %
* Data as of 30/06/2016
Initial 12 M
period
27.0%
8% Target
5.2%
18
Exposure
* Data as of 30/06 /2016
19
* Data as of 30/06/2016
20
Fund Details
Type of Vehicle
Name
SICAV UCITS IV
Tordesillas IBERIA LONG SHORT
Dealing frequency
Daily
Settlement
D+3
Inception
March, 17th 2016
Subscription fee
Max. 5%
Domicile
Luxembourg
Redemption fee
Max. 3%
Management Fee
Class I 1,25% - Class A 1,75%
Performance Fee
10% above HWM
NAV frequency
Minimum investment
ISIN
Daily
Class I 150.000€ - Class A 1.000€
EdR Europe & EdRAM Luxembourg
Class I LU1375654982
Class A LU1375654800
Bloomberg Ticker
Class I FIDTILI LX – Class A FIDTILA LX
21
Iberia
Long Only UCITS Fund
22
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
23
38.86%
-24.48%
Benchmark: 90% IBEX35 + 10% PSI20
* Data as of 30/06/2016
25.10%
Initial 12 M
period
18.23%
Benchmark: 90% IBEX35 + 10% PSI20
24
Exposure & Outperformance
* Data as at 30/06/2016
25
* Data until 30/06/2016
26
Fund Details
Type of Vehicle
SICAV UCITS IV
Subscription fee
Max. 5%
Inception
December, 6th 2010
Redemption fee
Max. 3%
Domicile
Luxembourg
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
Dealing frequency
Class I 150.000€ - Class A 1.000€
Daily
ISIN
Rating and Awards
Class I LU0563745826 / Class A LU0563745743
5-star rating by Morningstar and Vdos
Top Performing UCITS Fund 2013
27
Global Strategy
Multi-Asset UCITS Fund
28
Investment Philosophy
29
Objective
Target universe
Style
Other instruments
Preservation of capital & Absolute return.
Equity, currency & Fixed Income investments – Long Equity
Biased
Global Multi-Asset 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
30
Performance (since inception)
6%
5%
“Estrategia Global” performance
From 01/05/15 on, “Tordesillas Global Strategy” performance
4%
3%
2%
1%
0%
-1%
-2%
-3%
dic.-14
mar.-15
jun.-15
sep.-15
dic.-15
mar.-16
jun.-16
Volatiliy 22 Day Rolling
7%
6%
5%
4%
3%
2%
1%
0%
ene.-15
abr.-15
jul.-15
oct.-15
ene.-16
abr.-16
31
Fund Details
Type of Vehicle
SICAV UCITS IV
Settlement
D+3
Inception
January, 3rd 2014
Subscription fee
Max. 5%
Domicile
Luxembourg
Redemption fee
Max. 3%
Management Fee
Class A 2,00% - Class I 1,50%Custody Bank & Administrator
Performance Fee
10% above HWM
NAV frequency
Minimum investment
Dealing frequency
ISIN
Class I LU0985830925 / Class A LU0985830768
Daily
Bloomberg Ticker
Class I STSGSIE LX / Class A STSGSAE LX
Class I 150.000€ - Class A 1.000€
Lipper Reuters Id
Class I LP65067599 / Class A LP65067598
Daily
32
Appendix
33
Discrete Monthly Performance
Jan
FIL
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%
-0,30%
0,79%
-2.35%
Apr
May
SICAV– IBERIA I
Jan
Feb
-3.46%
Fund Launch March, 12th 2007
* Performance taken from estimated NAV as of 31/12/15
Mar
Jun
Jul
Aug
Sep
IBERIA SICAV "I" 2009
Bmk
Bmk
Bmk
Bmk
Bmk
Bmk
-4.75%
-4.96%
8.11%
-3.94%
-9.72%
-8.11%
-5.51%
6.54%
1.02%
5.40%
-4.00%
1.49%
-0.44%
8.94%
0.60%
-2.57%
2.47%
-1.72%
Oct
Nov
Dec
Year
-0.06%
-3.74%
2.17%
-1.70%
-2.56%
1.71%
2.54%
1.62%
5.55%
-9.01%
6.54%
-6.04%
3.06%
3.32%
-13.81%
6.11%
-8.92%
0.99%
2.01%
-2.67%
-0.03%
-3.62%
4.26%
-5.63%
1.18%
-14.57%
-0.29%
8.39%
1.84%
-10.17%
-0.92%
12.42%
-2.65%
-2.50%
-2.00%
-2.38%
-5.20%
-3.48%
-1.30%
-6.91%
-9.34%
-2.44%
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%
1.80%
7,76%
3,25%
-0,85%
-1,74%
-4,08%
3.74%
-8.24%
-6,54%
8.39%
0,01%
-7.37%
-5.37%
-7.07%
-1.56%
3.07%
0,26%
2,03%
-8.65%
-11.89%
Bmk
-7.33%
-4.20%
3.30%
3,19%
-0,10%
-9.53%
-14.45%
Bmk
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
34
Track Record
Iberian Opportunities Fund
Year
Iberian
Opportunities
Iberian
Benchmark 4
21.5%
(5.3%)
26.8%
(12.4%)
(6.3%)
(6.2%)
1994 1
1995
1996
1997
1998
1999
2000
2001
2002 2
Outperform
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%
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)
750%
Alpha since 2005: 12.7% (Beta 0.84)
650%
550%
450%
Bloomberg ticker PTGSMLI LX and ID LU0049186579.
350%
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%
08
/0
8
n/
Ju
l
07
/0
7
n/
Ju
l
Ja
06
/0
6
n/
Ju
l
Ja
05
/0
5
n/
Ju
l
Ja
04
/0
4
n/
Ju
l
Ja
03
/0
3
n/
Ju
l
PSI20
Ja
02
/0
2
Ju
l
n/
BENCHMARK
Ja
01
/0
1
Ju
l
Ja
/0
0
n/
Ju
l
00
IBOP (€)
Ja
99
/9
9
n/
Ju
l
Ja
98
/9
8
n/
Ju
l
Ja
97
/9
7
n/
Ju
l
Ja
96
/9
6
n/
Ju
l
Ja
95
94
/9
5
n/
Ju
l
Ja
n/
Ja
n/
Ju
l
Ja
/9
4
-150%
IBEX35
35
Track Record
Liberbank Global Fund
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
LIBERBANK GLOBAL
9,76
10,62
14,59
13,18
8,27
-6,77
9,46
2,51
-5,04
7,64
6,07
MSCI WORLD (EUR)
8,83
4,43
23.95
5,51
-3,41
-39,42
23,02
17,16
-4,53
11,44
14,82
36
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.
37
www.fidentiis-g.com
Velázquez 140 Bajo. 28006. Madrid. Spain
Silvia Mesia – [email protected] ; Enrique Parra – [email protected]
38

Open - fidentiis gestion

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