Financière de l’Echiquier
Financière de l’Echiquier at a glance One of the leading independent Asset Management companies in France
6,5
Billion euros AUM
12% 39%
Private Clients
Institutionals
49%
Third party distribution
Independent
100% Of the funds rated upon ESG criterias
AUM by region
24%
90 employees
France
27 fund managers and analysts
International
76%
Data as of 28/06/2013. Source: Financière de l’Echiquier’s database.
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Financière de l’Echiquier’s UCITS offer Performances as of June, 28th 2013
EUROPEAN EQUITIES
AUM (ml€)
Annualized performances since inception
2012
YTD
Agressor
‘Carte Blanche’
1 427
+13,3% (1991)
+26,5%
+7,8%
Echiquier Major
European large caps
1 040
+6,9% (2005)
+24,2%
+6,9%
Echiquier Agenor
European small and mid caps
483
+7,8% (2004)
+23,1%
+12,0%
2012
YTD
Annualized performances since inception
INTERNATIONAL EQUITIES Echiquier Global
Worldwide leaders
100
+7,9% (2010)
+13,6%
+3,5%
Echiquier Global EAFE
Small and mid caps in developed countries except North America
« Fund laboratory »
Inception date : 04-16-2013
NA
NA
Data as of 28/06/2013. Source: Financière de l’Echiquier’s database.
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Recognised expertise Almost 50% of the total assets are currently held by institutional investors
Client
Confidentiel
Confidentiel
Type
Country
Strategy
AUM
Philanthropic Foundation
United States
Active European Equities
60 ml€
Bank
France
Active French Equities
249 ml€
Pension Fund
Canada
Active European Equities
77 ml€
Financial service provider
UK
Active European Equities
30 ml€
Sovereign Wealth Fund
Norway
Confidential
Confidential
Insurance Company
Belgium
Active European Equities
154 ml€
Pension Fund
France
Active European Equities and SRI
Confidential
Data as of 28/06/2013. Source: Financière de l’Echiquier’s database.
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Financière de l’Echiquier : A case for European Midcaps
Large caps comparison
MSCI Europe
S&P 500
40%
30% 20% 10% 0% -10% -20% -30% -40% -50% 2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Average PE
Price to Book
Dividend Yield
MSCI Europe
12,9
1,7
3,8
S&P 500
14,3
2,4
2,1
2013
Data as of 09/07/2013. Sources: Bloomberg, Morningstar, Financière de l’Echiquier’s database.
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Small & mid caps comparison
MSCI Europe Small Cap
Russell 2000
80% 60% 40% 20% 0% -20%
-40% -60% 2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Average PE
Price to Book
Dividend Yield
MSCI Europe Small Cap
14,3
1,5
2,8
Russell 2000
18,7
1,7
1,2
2013
Data as of 09/07/2013. Sources: Bloomberg, Morningstar, Financière de l’Echiquier’s database.
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ECHIQUIER AGENOR Fund focus Looking for the best midcaps in Europe
Growth at reasonable price
Searching for niche leaders
Emblematic managers
Around 40 growth projects rigourously assessed
80% of companies in the fund are leaders in their segment
Companies led by entrepreneurial managers
Echiquier Agenor
EV/ sales 2013
MSCI Europe Small Cap
250
PER 2013
230
Yield(%) 2013
210
+101,9% +69,0%
190 170
150
Average capitalisation (M€) Number of holdings Total assets (M€)
1,6 18,2 2,0 1 532,1 40 489
130 110 90 70
50 févr.-04
avr.-05
juin-06
août-07
oct.-08
déc.-09
févr.-11
avr.-12
juin-13
This document is meant for professional investors and has no contractual value. The information it provides is based on the best sources in our possession. Past performances are not a reliable indicator of future performances and may vary over time. Performances of the Fund and the benchmark include distributed income (as of the 2013 financial year). However, up to 2012 inclusive, the benchmark’s performance does not include distributed income.
Data as of 28/06/2013. Sources: Bloomberg, Financière de l’Echiquier’s database.
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Echiquier Agenor Case study, growth and improvement of results : Safilo N°2 of the optical manufacturing in the world Key information of the company An oligopolistic and growing market : the luxury market A new start after the end of the Armani’s licence
A strong shareholder, HAL, the first european eyewear distributor Great margin enhancement potential, not already priced in.
EBIT’s evolution Presentation of the company
EBIT Margin :
Country
Italy
Market capitalisation
1 000 ml €
EBIT Margin :
Sales in 2012
1 175 ml €
74
Shareholder
HAL Holding : 42%
EPS CAGR
+ 45% between 2012 and 2015
11%
151
6,3%
ml € 2012
Data as at 10/07/2013. Sources: Safilo, Bloomberg, Financière de l’Echiquier’s database. These companies are mentioned as examples. Neither their presence in the portfolio, nor their performances are guaranteed.
2015 9
Echiquier Agenor Case study, a small european company with an international presence : Krones A global leader of bottling lines for the beverage industry Key information of the company A business with strong barriers to entry : no new competitor for more than 20 years A leading company which succeeded in its international development : a higher market share in China (40%) than in the rest of world (25-30% global market share) An underlying market with a growth potential of 5-7% per annum Presentation of the company Country
Germany
Market Capitalisation
1 780 ml €
Sales in 2012
2 664 ml €
Shareholder
Kronseder family : 53 %
PE Ratio 2014
13,5x
Sales’ evolution
+7% 2 770 1 435 Sales ml € 2003
Data as at 10/07/2013. Sources: Krones, Bloomberg, Financière de l’Echiquier’s database. These companies are mentioned as examples. Neither their presence in the portfolio, nor their performances are guaranteed.
2013 10
ECHIQUIER AGENOR Fund under spotlight If Echiquier Agenor was a company… Characteristics :
Sectorial analysis :
Agregate Sales
540 Bn €
- USA
18%
- Europe
53%
- Emerging Markets
25%
- Rest of the world
4%
Sales growth in 2013
+5%
EBIT margin
5%
8%
Consumer Cyclical 32%
20%
5% 6%
9,7%
EPS growth adj. 2013
+18,5%
12%
6%
Ratios : 2013 1,6x
1,4x
EV/EBIT
12,3x
10,0x
PER
18,2x
14,8x
FCF Yield
4,6%
5,4%
Yield
2,0%
2,5%
Consumer Defensive
4%
Financial Services
17%
Healtcare
Industrials
2014
EV/sales
Basic Materials
22%
23%
9%
9%
Technology
2%
3%
Utilities
MSCI Europe Small Cap
Echiquier Agenor
Data as of 28/06/2013. Sources: Bloomberg, Financière de l’Echiquier’s database.
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This document is designed for investment professionals only and cannot be considered as a contract. The information contained herein are drawn from the best sources in our possession. References to listed stocks are made for illustrative purposes only and shall in no case whatsoever be considered as guidelines for investment. Previous performances are not systematic indicators of future performances, and do not remain constant over time. Finally, the tax treatment deriving from investment of Mutual Fund stocks or shares depends on the situation of each investor. It therefore advisables to consult your tax adviser. As management is discretionary, there is a risk that the Fund will not be invested at all times in the best-performing stocks. If the stocks to which it is exposed decline in value, the Fund’s net asset value could also decline. Funds is invested mainly in equities. The Fund incurs a risk of loss of invested capital. For further information on the Funds presented herein, kindly refer to the simplified brochure readily available at the management company by calling +33 – (0)1.47.23.90.90 or your usual contact person. All the funds presented herein are registered in France.
Agressor, Echiquier Major, Echiquier Agenor, all French Mutual Funds, are authorized to operate in Germany, Belgium, Spain, Italy, Netherlands and Switzerland. Echiquier Global, also a French Mutual Fund is registered in Germany, Belgium, Spain and Italy. Echiquier Global EAFE, also a French Mutual Fund is registered in France. Financière de l’Echiquier is registered as an Investment Adviser Firm by the french market authority (AMF Number: GP91004) Financière de l’Echiquier is registered as an Investment Adviser Firm in the United States (SEC Number: 801-76219).
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