David J.Winters, CEO, Wintergreen Advisers, LLC
Global Deep-Value Expertise Exclusively available in Canada to Renaissance Investments, David J. Winters brings his global fund management expertise to the Renaissance Global Markets Fund.
K E Y FAC T S • Highly regarded deep-value manager with over 20 years of global investment experience • Seeks out the best value opportunities in the global market • Ability to invest in companies of any size, in any sector or in any geographic region • Manager of the Renaissance Global Markets Fund since October 2006
S E A R C H I N G F O R C O M P E L L I N G O P P O RT U N I T I E S I N T H E G LO B A L M A R K E T David J. Winters employs a deep-value style to managing equities by investing in undervalued and distressed companies that are currently out of favour with the broader market, but whose solid prospects demonstrate signs for a significant return. He may also take advantage of arbitrage opportunities and distressed securities in the global market.
Fund Details: Renaissance Global Markets Fund Fund Codes: Front-End Load: ATL1029 Back-End Load: ATL1873 Low Load: ATL2873 Class F: ATL1647 Trailer: Front-End Load: 1.25% MER (Class A): 2.74%1
“
…one of the
top deep value
investors in the United States Levi Folk, February 2008
F L E X I B I L I TY I S K E Y David J. Winters’ stock selection is based on the strength of his conviction where he carefully follows companies waiting for their prices to fall to a level where he believes they are seriously undervalued. In order to provide consistent returns over the long term, flexibility is key. As a result, Mr Winters has the ability to invest in companies of any size, in any geographic region or sector.
A H I G H LY R E G A R D E D M A N AG E R David J. Winters has over 20 years of investment experience. He held various senior positions with Franklin Mutual Advisers, LLC, including fund manager of the Franklin Mutual Discovery Fund, President and Chief Investment Officer, before founding Wintergreen Advisers, LLC in May 2005.
One of the World’s Greatest
”
Investors
Wall Street Journal’s Smart Money, 2008
R I S K STAT I ST I C S January 2007 – December 2011 Standard Deviation (%)
Beta
13.35
0.86
2.57
71.28
-0.01
MSCI World Index (CDN$) 13.06
1.00
0.00
100.00
-0.24
MSCI World Value Index (CDN$)
1.05
-1.46
94.89
-0.34
Renaissance Global Markets Fund, Class A
14.05
Alpha R-Squared Sharpe (%) (%) Ratio
Source: Zephyr Associates, Inc.
R I S K / R E T U R N January 2007 – December 2011 -1
▲ Renaissance Global Markets Fund, Class A
Return (%)
-2
● MSCI World Index (CDN$)
-3
◆ MSCI World Value Index (CDN$) -4 -5 Source: Zephyr Associates, Inc.
-6 -7 -8
10
20
15
Volatility (Standard Deviation) (%)
N U M B E R O F U P / D OW N M O N T H S January 2007 – December 2011 Up Months
Down Months
Renaissance Global Markets Fund, Class A
33
27
MSCI World Index (CDN$)
30
30
MSCI World Value Index (CDN$)
28
32
Source: Zephyr Associates, Inc.
U P / D OW N M A R K E T C A P T U R E January 2007 – December 2011 100
Renaissance Global Markets Fund, Class A
Return (%)
80 75.55%
81.16%
60 40 20
Source: Zephyr Associates, Inc.
0
Down Market Capture
Up Market Capture
P R OT E C T I O N D U R I N G D OW N M A R K E T S Dates represent the five worst months between January 2007 and December 2011 0
■ Renaissance Global Markets Fund, Class A
Return (%)
-2
■ MSCI World Index (CDN$) -4
■ MSCI World Value Index (CDN$)
-6 Source: Zephyr Associates, Inc.
-8
200806
200810
200902
200901
-12
200809
-10
M A N AG E R P E R F O R M A N C E as at December 31, 2011 (%)
1 year
2 years
3 years
4 years
5 years
Renaissance Global Markets Fund, Class A
0.61
8.40
10.41
(3.26)
(1.49)
MSCI World Index (CDN$)
(2.67)
1.80
4.80
(3.73)
(4.41)
MSCI World Value Index (CDN$)
(2.57)
0.68
3.21
(4.64)
(6.10)
(%)
2011
2010
2009
2008
2007
Renaissance Global Markets Fund, Class A
0.61
16.80
14.53
(34.91)
5.92
MSCI World Index (CDN$)
(2.67)
6.48
11.07
(25.37)
(7.08)
MSCI World Value Index (CDN$)
(2.57)
4.04
8.45
(24.76)
(11.72)
C A L E N DA R Y E A R R E T U R N S
Source: Zephyr Associates, Inc.
P E R I O D I C R E T U R N S January 2007 – December 2011 20 15
Return (%)
10 5 0 -5 -10 -15
Q411
Q311
Q211
Q111
Q410
Q310
Q210
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
-20
■ Renaissance Global Markets Fund, Class A ■ MSCI World Index (CDN$) ■ MSCI World Value Index (CDN$)
Source: Zephyr Associates, Inc.
MER as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. This material was prepared for investment professionals only and is not for public distribution. It is for informational purposes only and is not intended to convey investment, legal or tax advice. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. The material and/or its contents may not be reproduced or distributed without the express written consent of CIBC Asset Management. 1
01760E(201204)