Open - fidentiis gestion
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Open - fidentiis gestion
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 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 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 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 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 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 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. 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 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 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 6 Iberian Investment Process 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 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 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 8 Ongoing Investment Process Bottom Up & Top Down Contributions 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 9 Long / Short Equity 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 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 Limit per position: 5% of 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 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 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% 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 12 Exposure * Data as of 30/ 06 /2016 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 13 Outperformance Breakdown Stock Picking vs. Market Timing * Data as of 30/06/2016 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 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 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 15 Iberia Long Short UCITS Long / Short Equity 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 16 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 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 Limit per position: 5% of 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% 1 “Iberian” market. Number of companies : 162 Total market cap: 752b Eur. Daily turnover: 3,4b Eur 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 17 Performance & Volatility 33.2% - 20.4% - 38.4 % * Data as of 30/06/2016 Initial 12 M period 27.0% 8% Target 5.2% 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 18 Exposure * Data as of 30/06 /2016 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 19 Outperformance Breakdown Stock Picking vs. Market Timing * Data as of 30/06/2016 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 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 Custody Bank & Administrator 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 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 21 Iberia Long Only UCITS Fund 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 22 Fund Characteristics 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) 1 “Iberian” market. Number of companies : 136 Total market cap: 646b Eur Daily turnover: 4.8b Eur 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 23 Performance & Volatility 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 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 24 Exposure & Outperformance * Data as at 30/06/2016 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 25 Outperformance Breakdown Stock Picking vs. Market Timing * Data until 30/06/2016 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 26 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 Dealing frequency Class I 150.000€ - Class A 1.000€ Daily ISIN EdR Europe & EdRAM Luxembourg Rating and Awards Class I LU0563745826 / Class A LU0563745743 5-star rating by Morningstar and Vdos Top Performing UCITS Fund 2013 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 27 Global Strategy Multi-Asset UCITS Fund 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 28 Investment Philosophy 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 29 Fund Characteristics 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 1 “Iberian” market. Number of companies : 162 Total market cap: 752b Eur. Daily turnover: 3,4b Eur 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 30 Performance & Volatility 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 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 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 EdR Europe & EdRAM Luxembourg 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 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 32 Appendix 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 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 IBERIA SICAV "I" 2010 Bmk IBERIA SICAV "I" 2011 Bmk IBERIA SICAV "I" 2012 Bmk IBERIA SICAV "I" 2013 Bmk IBERIA SICAV "I" 2014 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% IBERIA SICAV "I" 2016 -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% IBERIA SICAV "I" 2015 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 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 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 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 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 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 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. 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 37 www.fidentiis-g.com Velázquez 140 Bajo. 28006. Madrid. Spain Silvia Mesia – [email protected] ; Enrique Parra – [email protected] 2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA 38
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2016 Copyright FIDENTIIS GESTION, SGIIC, S.A.. Publication or reproduction is prohibited without the expressed authorisation of FIDENTIIS GESTION, SGIIC, SA