Agressor 28 June 2013 Agressor invests in the universe of European stocks through bottom up stock-picking. The “carte blanche” feature allows the manager to choose stocks without constraint of style or size.
Manager Comments on 28 June 2013
Performance as 28/06/13
Agressor is continuing to focus its efforts on the search for opportunities in the "value" market segment, which has underperformed over the past five years, but which also harbours discounted companies boasting quality assets. This is the case of German conglomerate, THYSSENKRUPP, a new investment in your fund. Poor short-term visibility combined with a massive discount due to investor mistrust has enabled us to take a position in this group in the throes of change.
Evolution of the Portfolio and its index since inception (base 100)
1650
NAV
1450 Agressor
AGRESSOR
1250
1 month YTD 1 year 3 years 5 years since inception
850
450
THYSSENKRUPP is currently emerging from a traumatic period. Between 2006 and 2012, the group invested €11bn in building two steelworks in the US. After facing significant additional costs, weak demand and overly high debt, the group is now in the process of selling of f these excessively cashconsuming assets.
250 50 Nov-91
We are continuing our research in the value segment and are also making the most of specific situations to make timely investments in companies such as Italian group SAIPEM. Portfolio Profile
- Fund
22,6
Price Earnings 2013
- Index
27,8
Dividend Yield (%)
10,8
Average Market Cap (M€)
Tracking Error Alpha
13,7%
Beta
0,8
Number of holdings Total assets (M€)
Geographic Distribution
Nov-97
Nov-00
Nov-03
Nov-06
Nov-09
Nov-12
1,5 17,0 2,4 10 972,8 46
UK 14,3%
between 1000 M€ and 2000 M€
11,0
39,3
-7,8
1378,9
156,1
Benchmark
(%)
(%)
Year
(%)
(%)
1991
1,8
0,3
2003
25,4
17,4
AGRESSOR
Benchmark
1992
2,3
1,2
2004
17,1
9,2
1993
83,0
32,1
2005
18,4
25,3
1994
21,6
-17,0
2006
13,4
19,4
1995
2,5
-1,4
2007
-0,1
0,4
1996
20,4
26,7
2008
-46,8
-43,1
1997
28,3
24,5
2009
48,3
23,9
1998
15,4
28,5
2010
28,2
0,4
1999
19,0
52,4
2011
-17,8
-16,3
2000
25,6
-1,0
2012
26,5
16,4
2001
1,7
-20,9
2013
7,8
5,4
2002
3,1
-31,1
Weight (%)
Holdings
Largest Variations* Weight (%)
Holdings
Change (%)
FRESENIUS
4,2
SCOR
3,4
DKSH
+4,6
MICHELIN
4,2
KERING (ex PPR)
3,3
SCOR
+4,1
SAFRAN
4,0
CRODA
3,1
FRESENIUS SE
+3,5
BOLLORE
4,0
SEB
3,1
ALTRAN TECHNOLOGIES
-13,5
ZODIAC AEROSPACE
3,9
CONTINENTAL
3,1
NIGERIAN BREWERIES
-12,3
CGG (ex CGG-VERITAS) *over the passed period
-11,1
Sector Distribution
10,5%
Consumer Goods 43,2% Material, Industry 35,7%
8,8%
Germany 8,9%
Financials 8,0%
between 2000 M€ and 6000 M€
Switzerland 8,8%
28,6
AGRESSOR
1 165,6
< 1000 M€
5,4 25,3
Year
Weighting by Market Capitalization
France 59,7%
7,8 25,5
Source : Bloomberg
Principal Holdings Holdings
EV/Sales 2013
-4,8
Annual Performance
The group's asset portfolio harbours a few real gems. THYSSENKRUPP is the global no. 4 in lifts, a growing business with high entry-barriers. We estimate the value of this asset at €14bn (the entire group's capitalisation stands at less than €8bn). The group is also a top-notch player in the construction of mining and chemicals equipment.
5 years
(%)
-2,2
Past performances do not guarantee future performances and are not constant over time. Fund and index performances include dividend distributed (strating January 1st 2013). Until 2012 included, index performance was calculated ex dividend.
This painful episode has prompted a dynamic of change. The group's CEO since 2011, Heinrich Hiesinger, is breaking completely with the group's tradition and would like to focus the portfolio on the engineering and services businesses while implementing a hefty cost-cutting programme, with €2bn in savings targeted over four years on a base of €1bn in operating profit.
Standard Deviation (%)
Nov-94
Benchmark
(%)
Benchmark
1050
650
Risk Measures
1 409,07 €
23,8% Health Care 5,9%
Ireland 2,1%
46,3%
> 6000 M€
Energy 3,6%
Sweden 2,0% Cash
10,6%
Information Technology 3,6%
Others 4,3%
Fund Information > Portfolio Inception > Classification > Risk level
29 November 1991 FCP equities from countries in the European Union
> ISIN Code
FR0010321802
> Portfolio Manager
Damien LANTERNIER
> Annual fees
2,392% TTC max.
6 on a scale from 1 to 7
> Benchmark
CAC All Tradable Net Return
Disclaimer This document is for informational purposes only and is not an invitation to invest in Financière de l’Echiquier’s funds. This fund is registered with and regulated by the "Autorité des Marchés Financiers" ("AMF") in France and can be marketed to a retail audience in France, Italy, Germany, Switzerland and Spain. The fund is UCITS IV compliant. This document does not constitute a recommendation to buy or sell any investment, or subscribe to any investment management advisory service.
FINANCIERE DE L’ECHIQUIER - ASSET MANAGEMENT COMPANY 53 AVENUE D'IENA – 75116 PARIS TEL. : 01.47.23.90.90 – FAX : 01.47.23.91.91 – www.fin-echiquier.fr/en S.A. AU CAPITAL DE 10 000 000 € – SIREN 352 045 454 – R.C.S. PARIS AGREMENT A.M.F. N° GP 91004