GLOBAL EMERGING MARKETS FUND MILLTRUST INTERNATIONAL GROUP
“Access the best ideas from the best talent worldwide�
TABLE OF CONTENTS 04 Milltrust International Overview
06 Defining the Emerging Markets
07 Emerging Markets Today
08 Increasing Institutional Base
09 Not A Homogenous Asset Class
10 Investing in the Emerging Markets
11 Investment Profile
12 Specialist Investment Teams
13 Investment Process
14 Performance
16 Risk Management
17 Fund Summary
18 Legal & Fund Structure
19 Senior Management
EAST WEST SUMMER 2017
2
X
Milltrust International is an award-winning global
Our Firm
investment
organization
focused
on
providing
investment management expertise on both traditional and alternative investments with a strong focus on the Emerging Markets.
Milltrust has assembled a senior investment team with
Our Team
over two decades of investment, portfolio management and fund selection experience, previously responsible for managing some of the largest institutional pools of assets dedicated to the Emerging Markets.
Our Offices
Milltrust
is
co-located
in
the
regulated
asset
management hubs of Singapore and London with additional regional presence around the world.
4
Core Expertise
Emerging Markets Milltrust’s Global Emerging Market Solutions (GEMS) and Global Emerging Markets Managed Accounts (GEMMA) offer a unique “double alpha” framework. Top-down in-house asset allocation is combined with bottom-up stock selection expertise from local manager partners deeply embedded in the relevant regions.
Agricultural Investments Milltrust Agricultural Investments is one of the few firms around the world that provides exposure to agricultural land as an asset class, with a regional or global focus.
Technology & Innovation Milltrust advises on a number of science and technology related strategies which offer unique multi-stage access to the areas of cyber security, education, healthcare and artificial intelligence. These investments are backed by compelling scientific breakthrough in areas of greatest challenge to the world of today and in the future.
5
Defining the Emerging Markets By Market Cap
By GDP
The difference between EM and DM is narrowing
EM Has Bigger Share of Global GDP Percent of world GDP, based on purchasing power parity 80
Emerging Markets 24.60%
United States 36.20%
60 40
Other Developed Markets 39.20%
20 0 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Emerging and Developing Economies Advanced Economies
By Growth Driver
By Demographics
Demographics in EM to Drive Growth Global population 85%
Ratio of Working-Age to Non-Working Population Developed Economies
Emerging Economies
US
Germ
Japan
China
Brazil
India
2010
2.0
2.0
1.8
2.6
2.1
1.8
2015
1.9
1.9
1.5
2.7
2.2
1.9
2020
1.8
1.8
1.4
2.5
2.3
2.0
2025
1.7
1.6
1.4
2.4
2.2
2.1
Global share of billionaires 42% Global revenues 40% Global consumption 35% Global profits 32%
By GDP Growth “CHINDIA� To Be New GDP Leaders Developed and Emerging Market GDPs, 1950-2050 China
USA
India
UK
USA
Germany
Brazil
India
Russia
France
Japan
China
France
Russia
UK
Japan
Germany
Brazil 1960
1975
2000
2010
2020
2030
Source: Data from World Bank and The World in 2050, PriceWaterhouseCoopers 2008; updates from John Hawksworth and Gordon Cookson; authors analysis
6
2050
Emerging Markets Today Key Features •
For the first time ever, most EM economies o
floating currencies,
o
have accumulated enough savings (in foreign currency) to buy their own Eurobonds/foreign debt (and be less influenced by foreign capital flows).
o
are targeting inflation and are trying to cut their dependence on foreign currency borrowings/transactions.
•
Currencies are cheap with significant undervaluation in some cases.
•
USD debt is much lower than in the past so sensitivity to USD has declined.
•
Existing attractive valuations also offer a decent cushion for investors worried about short-term volatility related to the risks mentioned above.
Relative Price/Book: MSCI EM vs MSCI World
Absolute Price/Book: MSCI EM Index 4
0.3
3.5
0.2 0.1
3
0
2.5
-0.1
2
-0.2
1.5
-0.3
1
-0.4
Global growth has regained momentum. Given how much the Emerging Markets feed off the global economy, this bodes very well for the short-to-medium-term outlook for the asset class.
Euro Area Employment (%YoY)
U.S. Real Personal Spending (%YoY)
2 1
4 3 2 1 0
Healthy
0 -1 -2
7
Solid
Increasing Institutional Base Goldman Sachs estimates that pension funds and other institutional investors based in developed markets could raise their Emerging Markets equity weighting from 6% today to 10% by 2020 and 18% by 2030. EM Allocation of Institutional Investors 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0%
2017
2020
2030
This increase could mean those investors could purchase at least $4 trillion in Emerging Markets equities over the next 20 years.
8
Not A Homogenous Asset Class Low Equity Market Correlations
Different Equity Market Performance 220 200 180 160 140 120 100 80 60 40 20 0
Average EM Inter-country Correlation 0.6 0.4 0.2 0
Different Economies
Different Stages of Economic Cycle
Economies can differ greatly in terms of their main growth drivers
Brazil, Indonesia, South Africa, Colombia, Peru, Chile
Commodity Exporter
Manufacturing Exporter
Turkey, Mexico, India, Poland, Egypt
Growth Rate Increasing
Growth Rate Decreasing
Current Account Surplus
9%
Turkey
EXPANSION
EXPANSION
7%
Philippines
Saudi Arabia, Russia, UAE, Qatar
Colombia
Chile India -100% -50% United Arab Emirates
China, S Korea, Malaysia, Philippines, Thailand
South Africa Mexico Malaysia
3%
Peru
Brazil
Indonesia
5%
Inflation (6M Change)
Current Account Deficit
Poland
1% -1% 0%
Russia
Korea 50%
-3% China
100%
Qatar Thailand
-5% -7%
-9% GDP Growth (3M Change)
Different Stages of Monetary Policy
Different Vulnerabilities to Key Global Risks
Current versus Target Inflation
US Tightening
Egypt Mexico
10%
India
8%
Colombia
6%
Turkey
4%
United Arab Emirates
2%
-2%
Indonesia Peru Brazil South Africa
Chile
China
0%
Korea
Turkey Mexico Colombia Russia Malaysia Korea Peru South Africa Indonesia Philippines Chile China Hungary Poland Brazil India Thailand
Inflattion %
12%
Inflation
Malaysia
Saudi Arabia
Thailand Domestic Credit Deleveraging
Target Inflation (Upper Portion of Range) 9
China Deleveraging
Investing in the Emerging Markets Active vs Passive Why Active Investing Makes More Sense
Active EM Funds deliver Alpha % of Managers who Outperform their Respective Index.
Low Stock Coverage
3x More Stocks, 3x Fewer Analysts
Indices are not Efficient
EM Indices Heavily Exposed to Commodities and Global Cyclicals
US Funds
Inefficient Asset Class
Information can be priced in slowly and reliable data is far from universal
European Funds
Country Factor
Country factors contribute to equity performance
Environment, Social & Governance Factors
By investing passively, you are not protecting yourself against the risks.
Category
1-Year
3-Year 5-Year
32.7
35.6
25.1
47
44.8
52.8
Developed Markets
40.7
37
37.1
Emerging Markets
58.2
70.4
65.8
Local vs Global
760 BPS Local Managers Enhance Alpha
Deeply entrenched local investment teams have an informational edge as many EM listed equities have no
Annual Returns 2006-2015
25
750 BPS
global coverage, creating information asymmetries.
20 15 Index 10
EM first quartile local managers have added over 750 bps 240 BPS
above their index over the past decade, compared to 240 bps for global EM managers and 160 bps for international
30
160 BPS
5
equity managers.
0 -5 Intl Equity
EM Global
EM Local
Intl PE
Top Down vs Bottom Up Corporate profitability, stock market performance, consumer behaviour, sentiment and capital expenditure (CAPEX) are all affected by inflation, interest rates, economic growth amongst other important economic and fundamental factors. Similarly, each country’s position in the economic cycle provides important indications of future market performance. According to industry research, country factors have contributed around 40% to 60% of Emerging Markets stock-level dispersions since 1997.
70%
Breaking down the MSCI EM Index. % Contribution of Style, Industry & Country
60%
Country
50% 40%
Industry
30% 20%
Style
10% 0%
12/97 12/99 12/01 12/03 12/05 12/07 12/09 12/11 12/13 9/15
10
Investment Profile Access the best ideas from the best talent worldwide through Milltrust International’s multi-manager investment solutions. These include actively-managed Emerging Markets equity portfolios that combine dynamic asset allocation with country and regional specialist investment teams.
Objective The objective is to provide a high conviction, liquid portfolio of best ideas securities from across the developing world and to deliver strong risk adjusted returns across the market cycle.
Strategy •
Follow a multi-manager approach by selecting locally-based leading investment teams who have both the local penetration and informational edge in their respective markets to run country or regional unconstrained, alpha-seeking strategies.
•
Emphasis on fundamental and on-the-ground company research where the investment teams seek out strong growing companies that are well-run and levered to the dominant domestic themes in each region.
•
Actively allocate between the different regional investments teams to the countries and regions that provide the most favourable environment.
Investment Teams The GEMS portfolio combines the selection of first rate country specialist investment teams, including the Milltrust EMMA Fund Managers.
ASEAN Fund South Africa Fund Russia Fund
RUSSIA
TURKEY
LATIN AMERICA
SOUTH AFRICA
Latin America Fund
Korea Fund
CHINA
MENA
Turkey Fund
KOREA INDIA
ASEAN
MENA Fund
11
India Fund
China Fund
Specialist Investment Teams The country/regional specialist investment teams have demonstrated a significant informational edge in their respective regions. Each investment team have also been appointed to manage a country/regional mandate for their respective geography.
SOUTH KOREA
RUSSIA CHINA MENA
INDIA
ASEAN
LATIN AMERICA SOUTH AFRICA
CHINA
Led by a well-established and successful 13-person investment team with in-depth knowledge and insights of the China markets which has strongly contributed to the success of the investment approach as demonstrated through their strong track record.
INDIA
Led by a highly experienced group of India specialists with intricate knowledge and experience of investing in the Indian markets. The core team is further supported by 23 investment professionals, making it one of the largest India dedicated teams amongst its peers.
ASEAN
Led by one of the largest and most experienced teams in Asia. The team is one of the few teams managing a dedicated South East Asia Fund and counts country funds for almost each of the Asia Pac ex Japan countries.
SOUTH KOREA
Led by one of the oldest asset manager in Korea with strong expertise in managing Korean equity, backed by more than 30 investment professionals purely dedicated to Korean equity only. The team has more than 10 year track records with outstanding performance both compared to benchmark and peers.
LATIN AMERICA
Led by one of the most successful managers in the region and one of very few who has true pan-LatAm experience. Relative to peers, this is also one of the largest and most experienced research teams covering the region.
MENA
Led by one of the most experienced managers in the MENA region with over 14 years of experience in analysing and valuing companies in MENA region.
SOUTH AFRICA
Led by an experienced team of 13 investment professionals. 16 year track record managing South African equities dating back to Feb-2001. The diverse team has over 160 years combined experience investing in SA equities, with a deep network in the listed & unlisted corporate space domestically.
RUSSIA
Led by the top ranked manager by AUM and performance, with the largest investment & research team headquartered in Moscow, that is part of the second largest financial group in Russia.
12
Investment Process INVESTMENT PROCESS - OVERVIEW GEOGRAPHICAL ALLOCATION PROCESS
Milltrust has developed a PROPRIETARY COUNTRY ALLOCATION
INVESTMENT UNIVERSE
PROCESS which includes quantitative modelling techniques and STRATEGIC REGIONAL ALLOCATION MODEL
qualitative analysis to create an optimal portfolio and allocate between the different regional investments teams. The optimal portfolio is
TACTICAL REGIONAL ALLOCATION MODEL
reviewed monthly and recalibrated on a quarterly basis.
REGIONAL ALLOCATION %S
Milltrust follows a DISCIPLINED FUND SELECTION PROCESS to identify
SELECTED FUNDS FOR INVESTMENT
the preferred investment teams for investment in each of the regions. The objective is to bring together world class investment teams from the
PRE-SCREENED FUND UNIVERSE
Emerging Markets that meet the highest standard of probity and professionalism.
TOTAL EM FUND UNIVERSE
FUND SELECTION PROCESS
INVESTMENT PROCESS – GEOGRAPHICAL ALLOCATION Tactical Regional Allocation Model (TRAM)
The Optimal Portfolio is created by:
•
First weighting the countries by size and Structural Political Reform Review
growth expectations of economy and equity markets; and then, •
Strategic Regional Allocation Model (SRAM)
Applying the Z-scores from both the Strategic (SRAM)
Regional and
the
Allocation Tactical
Model
Foreign Exchange
Growth Prospects
Secular Trends
Regional
Allocation Model (TRAM) to each country.
Trade
A 50% weighting is applied to each model. •
A qualitative assessment driven by the
Demand
Policitcal Risk
Milltrust team and supported by the underlying investment teams completes the process.
Economic Cycle
Economic Risk
Sentiment Valuation & Momentum
13
Financial Risk
Performance Cumulative Performance. Monthly Net
Since Fund Inception (June 2012): Annualised Return: Annualised Standard Deviation: Annualised Sharpe Ratio (RFR=4%): Annualised Sortino Ratio (RFR=4%):
GEMS GEMS
Index
50.23% 8.34% 11.26% 0.71 1.14
24.16% 4.35% 14.30% 0.28 0.43
Cumulative Outperformance vs Index
Apr-17
Feb-17
Oct-16
Dec-16
Aug-16
Jun-16
Apr-16
Feb-16
Oct-15
Dec-15
Aug-15
Jun-15
Apr-15
Feb-15
Oct-14
Dec-14
Aug-14
Jun-14
Apr-14
Feb-14
Oct-13
Dec-13
Aug-13
Jun-13
Apr-13
Feb-13
Oct-12
Dec-12
Aug-12
Jun-12
160 150 140 130 120 110 100 90 80 70
MSCI EM Index GEMS Ann. Alpha (RFR=4%): Beta: Ann. Tracking Error: Information Ratio: Up Capture Ratio:
4.02% 0.74 5.24% 0.69 80.26%
Distribution of Monthly Returns
3,500
9
3,000
8 7
2,500
6
2,000
5
1,500
4
1,000
3 2
500
1
Underlying Funds . Monthly Net
Africa Fund
Geographical Breakdown Milltrust ASEAN Fund
Russia Fund
Turkey Fund
Milltrust MENA Fund
Milltrust Latin America Fund
Milltrust Greater China Fund Korea Fund
0 -10% -9% -8% -7% -6% -5% -4% -3% -2% -1% 0% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
Dec-16
Jun-16
Dec-15
Jun-15
Dec-14
Jun-14
Jun-13
Dec-13
(500)
Dec-12
Jun-12
Outperformance - Basis Points
. Monthly Net
Milltrust India Fund
China South Korea India Brazil Mexico Russia South Africa Singapore Indonesia Taiwan Turkey Malaysia Thailand Chile Other
0% 14
5%
10%
15%
20%
DOWNSIDE PROTECTION. Monthly Returns: GEMS vs MSCI EM Index Index 15%
GEMS Returns
10% OUTPERFORMING BENCHMARK
5%
0%
-15%
-10%
-5%
0% -5% Index Returns
5%
10%
15%
UNDERPERFORMING BENCHMARK
-10% DOWNSIDE CAPTURE: 70.40% -15% Milltrust
Milltrust
Fund
America Fund
LOWER VOLATILITY. Three-MonthLatin Rolling Standard Deviation: GEMS vs MSCI EM Index MENA 10% GEMS Returns
Milltrust 8% India Fund 6% 4% -15% 2%
Milltrust Greater China Fund Milltrust -10% ASEAN Fund
-5%
0%
5%
10%
15%
Index Returns
0% -2% Index 1
Fund
TOP PERFORMER. Peer Group Comparison Funds
3yr Ann Return 3yr Cum Return 3yr Stand Dev 5yr Ann Return 5yr Cum Return 5yr Stand Dev
Milltrust GEMS
4.8%
15.1%
12.8%
8.3%
50.2%
11.3%
Aberdeen
3.8%
12.0%
15.2%
6.1%
35.2%
14.8%
Fidelity
3.2%
9.9%
13.7%
7.6%
45.0%
12.7%
Nordea
3.1%
9.6%
16.4%
7.5%
44.7%
15.1%
Comgest
2.9%
9.1%
16.5%
6.9%
40.6%
14.9%
Vontobel
2.9%
8.9%
13.1%
5.6%
31.6%
13.1%
JPM
2.7%
8.4%
15.1%
5.7%
32.8%
14.2%
Blackrock
2.2%
6.8%
16.0%
5.1%
28.6%
14.6%
Schroders SISF
1.5%
4.5%
15.1%
4.5%
25.0%
13.8%
Franklin Templeton
1.4%
4.2%
15.0%
4.1%
22.7%
13.9%
MSCI EM Index
1.1%
3.3%
16.1%
4.3%
24.2%
14.3%
Robeco
0.0%
0.1%
13.1%
3.8%
19.5%
12.3%
Lazard
-3.0%
-8.6%
15.8%
3.1%
16.5%
15.2%
15
Risk Management The risk management process is incorporated into our investment approach where we monitor several levels of risk, including economic, political and financial risk at the country level. Our focus is on tilting the portfolio to countries that will suffer less from capital outflows; these include countries that have less external debt, healthy current account balances and are in a position to implement counter-cyclical policy to limit the risks to the domestic economy. This is part of our Strategic Regional Allocation Model (SRAM) which is a factor-based risk measurement model. In our shorter term model, the Tactical Regional Allocation Model (TRAM), we evaluate currency risk as well as risks associated with the economic cycle, which is sensitive to interest rates, inflation and trade. The benefit of this approach is that our risk management is also part of our alpha generation process. From a bottom up basis, our investment teams are allowed to increase their cash positions and use index hedges to manage downside volatility.
Methodology: Each month statistical scores are computed for each factor, and a total score is computed for each country as the weighted average of the individual factor scores from each model (TRAM & SRAM). Each country then gets an overweight or underweight allocation relative to our market-cap and growth blended benchmark that is in proportion to the difference between its total score and the cross-market average total score with restrictions on the maximum allocation possible to each market to avoid unrealistically large exposures (we limit the maximum overweight to 10% over the MSCI EM market-cap weighting). The model is updated each month and the performance of the hypothetical portfolio is compared to the benchmark. In mathematical terms, each country has a z-score for each factor which we convert into a cumulative normal distribution (score between 0 and 100). These scores are then combined and weighted based on the importance of each factor to determine the final score for each country. Scoring Example:
Starting Weight
Score (Z-score converted to cum normal distribution)
Percent Deviation
Bet
Recommended Weight
Country 1
50%
0.413
-17.2%
-1.72%
48.28%
Country 2
30%
0.443
-11.2%
-1.12%
28.88%
Country 3
20%
0.640
28.4%
+2.84%
22.84%
Avg of Markets
100%
0.499
0%
0%
100%
Country
Flow Chart: Data Collection*
Market-cap And GDP Blended Benchmark.
SRAM Model
TRAM Model
Optimal Portfolio
*Data comes from IMF, The World Bank, Bank for International Settlements, MSCI, Trading Economics and Fact Set
16
Fund Summary A.
GENERAL INFORMATION Fund Name
Milltrust Global Emerging Markets Fund (“Fund”)
Investment Adviser
Milltrust International LLP
Summary of the investment objective and policies
The investment objective of the Fund is to seek long term returns by investing in a limited number of long-biased, regional Emerging Markets equity funds. The Fund will seek to select locally-based managers who have both the local penetration and informational edge in their respective markets to run successful country or regional, unconstrained, alpha-seeking strategies. Their focus will be on investing in companies from across the developing world that are well-run and levered to the dominant domestic themes in each region. The Fund will invest in managers that may have exposure to some or all of the equity markets in their respective investment region, including but not limited to Brazil, Mexico, Chile, Peru, Colombia, China, Hong Kong, Taiwan, India, Indonesia, Malaysia, Thailand, Philippines, Saudi Arabia, United Arab Emirates and Kuwait. The Fund may also have some exposure to companies that do business in the Emerging Markets or stand to benefit from trends in the region, but are listed in equity markets outside of the Emerging Markets.
B.
C.
KEY TERMS AND FEES Base currency
US Dollar
NAV frequency
Monthly
Management fee
0.80%; This includes the total management fees paid to Milltrust International and all the underlying investment teams
Performance fee
10% over MSCI EM Index (Net) (USD) Performance fees accrue and are paid annually.
INVESTMENT MANAGEMENT Underlying Investments Investment processes
The Fund will invest in daily-priced regulated Funds. These will likely include: Milltrust China Fund, Milltrust ASEAN Fund, Milltrust India Fund, Milltrust Latin America Fund, Milltrust MENA Fund, South Korea Fund, South Africa Fund and Russia Fund. There are two key aspects of the Investment Process: the Geographical Allocation Process and the Investment Team Selection & Monitoring Process. •
•
Geographical Allocation Process o Use proprietary quantitative modelling techniques and qualitative analysis to establish the geographical allocation and allocate between the different regional investments teams. o Ongoing assessment of investment opportunities and risk with monthly review and quarterly portfolio re-balancing. Investment Team Selection & Monitoring Process o Select regional or country strategies for the portfolio from our list of leading locallybased investment teams from across the developing world. o Maintain ongoing monitoring and due diligence of the underlying investment teams and strategies. We retain the right to replace an underlying investment team should the strategy underperform, fail to meet expectations or deviate from the agreed mandate.
17
Legal & Fund Structure The fund structure is an ICAV (Irish Collective Asset-management Vehicle), which is a Dublin-domiciled open-ended investment company regulated by the Irish Central Bank. The structure also benefits from an EU Marketing Passport which gives it access to European investors.
BOARD
INVESTORS
GEMS FUND
AIFM
INVESTMENT MANAGER
CUSTODIAN
ADMINISTRATOR
AUDITOR
LEGAL COUNSEL
Global service providers:
Alternative Investment Fund Manager (“AIFM”) KBA Consulting Management Limited (“KBA”) Investment Manager Sturgeon Ventures LLP (“Sturgeon”). Sturgeon provide the regulatory structure and oversight for Milltrust International to serve as Portfolio Managers. All investment decisions are delegated to Milltrust International. Investment Adviser Milltrust International LLP. Two Milltrust partners, Eric Anderson and Alexander Kalis, serve as investment managers with Sturgeon. Administrator MUFG Alternative Fund Services (Ireland) Limited Depositary Mitsubishi UFJ Investor Services & Banking (Luxembourg) S.A.
18
Senior Management Mark Ebert
Chairman, Milltrust International Group and Member of the MAI Investment Committee Mr. Ebert is a pioneer in the Private Equity industry with a career spanning more than 30 years. Previous roles include global head of M&A at UBS, co-head at Panmure Gordon (where he helped to found Lyceum Capital), founding director at Akina Capital (a spin-out of Lombard Odier & Cie) and Chairman of Fortune Group, a company founded by Mr. Hopkins. Mr. Ebert is a qualified chartered accountant and he has recently completed a Masters in Agriculture from the Royal Agricultural University. Simon Hopkins
CEO & Founder, Milltrust International Group and Co-Founder, Milltrust Agricultural Investments Mr. Hopkins has been a senior figure in the investment management industry for more than two decades. He has been a prolific capital raiser for single manager funds, funds of funds and listed closed-end funds and founded Fortune Group, a multi asset class advisory firm which was sold to Close Bros Group plc. in 2006. Mr. Hopkins started his career at S.G. Warburg, and held senior roles at UBS, HSBC and Nomura. He now serves as a director of Swallowcourt, Xoomtrip, Novare Fund Manager, CITIC Securities One Belt One Road Fund (CSOBOR) and Roslin Technologies, and is a member of NUS Medicine International Council. He graduated from the University of Bristol Faculty of Law (LLB Hons). Griff Williams, CFA
Co-Founder and CIO, Milltrust Agricultural Investments Prior to joining Milltrust, Mr Williams was Head of Europe and interim CEO at Itau Asset Management in London. Previous roles included Institutional Solutions Strategist at Pioneer Global Investments and Investment Director at Railpen Investments, one of the largest Pension Funds in the UK, where he managed the global equities portfolio. A New Zealand National from a farming family, Mr. Williams holds a Bachelor of Commerce and Administration degree from Victoria University, Wellington. Eric Anderson
Managing Partner, Senior PM and Head of Investment Solutions, Milltrust International LLP Mr. Anderson brings over 17 years of international investment industry experience in the US, Europe and Asia, starting at State Street Global Advisors. He was most recently Managing Partner at Think Alternative Advisors LLP, an independent emerging markets research and advisory firm which was acquired by Milltrust International Group in 2011. Mr. Anderson holds a degree in International Economics from the University of California, Berkeley, and is a candidate for CFA Level 3. Alexander Kalis
Managing Partner, Senior PM & Head of Investments, Milltrust International LLP Mr. Kalis has over 15 years’ experience working at top-tier asset management firms including Banco Santander and Edmond de Rothschild Asset Management. He was most recently Managing Partner at Think Alternative Advisors LLP, an Emerging Markets research and advisory firm he co-founded which was acquired by Milltrust International Group in 2011. Mr. Kalis has a Masters’ degree in economics and management from the University Catholique de Louvain in Belgium. Anaïs de Bretizel
Managing Director Ms. de Bretizel has held senior positions at BNP Paribas, Dresdner Kleinwort (Director, Institutional Clients), James Capel – part of HSBC Group (Head of Fixed Income Sales) and Greenwich Associates (Senior Consultant). She started her career in 1985 at BFCE (now Natixis) and Lehman Brothers, where she was a foreign exchange and French government bonds trader and market maker. She holds a Master of Science in Foreign Service from Georgetown University Gary Thornton, FCA
Head of Finance and Operations Mr. Thornton is an experienced finance professional with over two decades of experience. He was formerly Finance Director at Fortune Group working with Simon Hopkins and, prior to that, worked at HW Fisher where he audited Fortune. Previously he was Head of Finance and Operations of the institutional team at Close Asset Management. He is a qualified chartered accountant with Moore Stephens in 1993 and holds a Degree in Modern Languages and History of Art from Cambridge University.
19
DISCLAIMER For professional investors only. This document is strictly private and confidential and is issued by Milltrust International LLP, incorporated in the United Kingdom, which is authorised and regulated by the Financial Conduct Authority. Milltrust International LLP has its registered office at 5 Market Yard Mews, 194-204 Bermondsey Street, London, SE1 3TQ, United Kingdom and is a subsidiary of Milltrust International Group (Singapore) Pte Ltd. East India Capital Management Pte Ltd. is registered with the Monetary Authority of Singapore as a Registered Fund Management Company (RFMC). None of the investment products mentioned herein are regulated collective investment schemes for the purposes of the UK Financial Services and Markets Act 2000. The promotion of such products and the distribution of this document are, accordingly, restricted by law. Most of the protections provided by the UK regulatory system and compensation under the UK’s Financial Services Compensation Scheme will not be available. The investments described herein are only available to investors permitted to invest in the prospectus of the fund and are not available to private investors. The nature of the fund investments carries certain risks and the Fund may utilise investment techniques which may carry additional risk. The value of investments and the income from them may fall as well as rise and is not guaranteed. Past performance is not a reliable indicator of future performance. Any investment in the funds mentioned above should be based on the full details contained in the relevant prospectus and supplements which are available from www.milltrust.com. Notice to Swiss investors: Swiss representative and paying agent is State Street Bank International GmbH, Zurich Branch, Beethovenstrasse 19, PO Box 8027 Zurich, Switzerland. The prospectus, memorandum and articles of association, the latest annual and semi-annual reports as well as the Portfolio changes may be obtained free of charge from the Swiss representative. Notice to US investors: the shares of Emerging Markets Managed Accounts plc have not been registered under the 1933 Securities Act or under the 1940 Act; however the company takes advantage of the 3[C]7 exemption and shares are available to 3[C](1) US qualified purchasers and those qualifying under Reg D distribution activity in the US is undertaken by Silverleaf Partners LLC, a registered broker-dealer based in New York.
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