Product Overview. Natixis International Funds (Lux) I Harris Associates U.S. Equity Fund Harris Associates Concentrated U.S.

Transcription

1 Natixis International Funds (Lux) I Harris Associates U.S. Equity Fund Harris Associates Concentrated U.S. Equity Fund Product Overview September 18-19, 2014 This material is provided for information only to Professional or Qualified Investors. It must not be distributed to Retail Investors.

2 Natixis Global Asset Management Overview Global, affiliate-based organization Each of our affiliates manages their clients assets independently USD billion (EUR billion) under management 1 Among largest asset management companies worldwide 2 Among 10 largest asset management companies in Europe 3 Diversified product line and client base 3,382 employees worldwide Local representation in key markets NGAM s affiliates by region North America Active Investment Advisors 4 AEW Capital Management AlphaSimplex Group Aurora Investment Management Capital Growth Management Gateway Investment Advisers Harris Associates Loomis, Sayles & Company Managed Portfolio Advisors 4 McDonnell Investment Reich & Tang Asset Management Snyder Capital Management Vaughan Nelson Investment Management Europe AEW Europe Cube 5 Darius Capital Partners Dorval Finance 6 H2O Asset Management 6 Mirova 6 Natixis Asset Management Private Equity Division 7 Ossiam Seeyond 8 Vega 6 Asia Absolute Asia Asset Management IDFC 1 As of 30 June Cerulli Quantitative Update: Global Markets 2014 ranked Natixis Global Asset Management, S.A. as the 16 th largest asset manager in the world based on 31 December 2013 AUM of $867billion. 3 Source: IPE Survey, Asset Management Leaders 2014, June 2014, Natixis Global Asset Management ranked as the 8 th largest asset manager in the annual ranking of the top 120 institutional managers in Europe based on assets under management as of 31 December A division of Natixis Asset Management Advisors. 5 The fund under Natixis Environnement & Infrastructure Luxembourg, 50.4% owned subsidiary of NGAM. 6 An affiliate of Natixis Asset Management. 7 Comprised of six distinct private equity companies. 8 A global investment unit of Natixis Asset Management. 2 Natixis Global Asset Management

3 Harris Associates Overview Harris Associates manages U.S. equity, international equity, global equity and balanced portfolios. The firm employs an intensive, fundamental in-house research process to identify companies trading at a significant discount to managers' estimates of intrinsic business value. Managers construct portfolios on a stock-by-stock basis and follow a strict buy/sell discipline. Headquarters: Chicago Founded: 1976 Assets Under Management: USD billion/eur 97.8 billion (as of 30/06/2014) 3

4 Harris Associates Organizational Overview Harris Associates USD billion total assets under management U.S. strategies established 1976 USD 60.6 billion Global strategies established 1999 USD 23.5 billion International strategies established 1992 USD 49.4 billion U.S. Equity Concentrated Balanced Global All Cap Global Global Concentrated International International Small Cap Japan Offering in Natixis International Funds (Lux) I Harris Associates U.S. Equity Fund Harris Associates Concentrated U.S. Equity Fund Harris Associates Global Equity Fund As of 30 June

5 Harris Associates U.S. Equity Strategy Overview / Philosophy / Process / Team and Resources

6 Equity Investment Team Harris Associates U.S. Equity Strategy Investment experience in years Year joined Harris Associates Robert M. Levy, CFA, Partner, Chairman and Chief Investment Officer, U.S. Equities Clyde S. McGregor, CFA, Partner and Portfolio Manager William C. Nygren, CFA, Partner, Portfolio Manager and U.S. Investment Analyst Edward S. Loeb, CFA, Partner and Portfolio Manager Michael J. Mangan, CFA, CPA, Partner and Portfolio Manager Kevin G. Grant, CFA, Partner, Portfolio Manager and U.S. Investment Analyst Michael J. Neary, CFA, CFP, Partner and Client Portfolio Manager Debra L. Austin, Managing Director, Client Relations Jay R. Bornstein, Portfolio Manager Jack Wildermuth, CFA, CAIA, Managing Director, Marketing & Client Relations Edward J. Wojciechowski, CFA, Portfolio Manager and U.S. Investment Analyst Win Murray, Partner, Portfolio Manager and Director of U.S. Research Kathleen O. Gerdes, Managing Director, Marketing & Client Relations Judson H. Brooks, CFA, Partner and U.S. Investment Analyst M. Colin Hudson, CFA, Partner, Portfolio Manager and U.S. Investment Analyst Robert F. Bierig, Portfolio Manager and U.S. Investment Analyst Anthony P. Coniaris, CFA, Partner, Portfolio Manager and U.S. Investment Analyst Daniel A. Nicholas, CFA, Director, Client Portfolio Manager A. Corinne Clifton, Associate, Consultant Relations Michael A. Nicolas, CFA, U.S. Investment Analyst Matthew A. Logan, CFA, Partner, Portfolio Manager and U.S. Investment Analyst Jeffrey P. Vilker, Director, Institutional Sales Alex E. Fitch, U.S. Investment Analyst As of 30 June Highlighted names manage the Harris Associates U.S. Equity strategy, including the Harris Associates U.S. Equity Fund. 6

7 Investment Philosophy Harris Associates U.S. Equity Strategy We view every stock purchase as if we are buying a piece of the business, not just a stock certificate Three key tenets of our philosophy: Buy businesses trading at a significant discount to our estimate of intrinsic value Invest in companies expected to grow intrinsic value over time Invest with management teams that think and act as owners 7

8 Investment Philosophy Harris Associates U.S. Equity Strategy Paying significantly less than our estimate of intrinsic value helps generate investment returns while preserving capital and reducing portfolio risk Confirm growth in intrinsic value. Identify a wide gap between stock price and intrinsic business value Company s intrinsic value Growth in value and closing of price/value gap drive investment performance. Company s stock price 8

9 Investment Process Harris Associates U.S. Equity Strategy We build portfolios from the bottom up, focusing on company fundamentals to estimate intrinsic value and set buy/sell targets 9

10 Fundamental Research Harris Associates U.S. Equity Strategy Research analysts are generalists; focus on most attractive ideas Our research effort is proprietary. Our analysts meet regularly with management teams and industry contacts to develop our valuation estimates Sources of new ideas include: Time horizon: Wall Street overly focused on near-term conditions Missed earnings expectations / Fallen angels / New low list Mergers & acquisitions / Corporate restructurings Management changes Conduct intensive, fundamental analysis Assess each distinct business unit from a business owner s perspective Avoid fads or unseasoned businesses Assess management ability, objectives and incentives Demonstrated ability as sensible capital allocators Significant inside ownership and incentives 10

11 Fundamental Research Harris Associates U.S. Equity Strategy All fundamental elements of a business are scrutinized to determine if a significant value opportunity exists Develop estimate of intrinsic value Focus on free cash flow, not earnings Consider public and private transactions Confirm with additional valuation measures Set price targets Buy at a significant discount to intrinsic value Sell at or near intrinsic value Adjust targets to reflect fundamental changes in intrinsic value 11

12 Approved List Harris Associates U.S. Equity Strategy The Stock Selection Group meeting includes all investment professionals so investment ideas receive the broadest input and scrutiny U.S. Stock Selection Group (SSG) Weekly meeting for all investment professionals Three voting members Robert M. Levy, CIO and Portfolio Manager William C. Nygren, Portfolio Manager Clyde S. McGregor, Portfolio Manager Evaluate existing holdings and introduce new ideas Approved List Approximately 150 companies on list Portfolio Managers build customized portfolios from the Approved List Once sold, stocks are deleted from the list to encourage new ideas and reduce maintenance research 12

13 Portfolio Management Harris Associates U.S. Equity Fund We seek to drive investment performance through stock selection Construct portfolios stock by stock using a bottom-up investment process Focus: Large Cap strategy: USD 5 billion market cap and above Concentrated strategy: USD 1 billion market cap and above Avoid over-diversification: Large Cap strategy: approximately securities Concentrated strategy: approximately securities Set security weightings to reflect confidence and expected return Long-term time horizon leads to low portfolio turnover (generally 30-40%) Conduct weekly portfolio strategy meetings Discuss current and potential holdings Review security weightings 13

14 Investment and Risk Management Harris Associates U.S. Equity Strategy We define risk as the permanent loss of capital Philosophy Buy at a substantial discount to intrinsic value Invest with owner-oriented management teams Research Process Conduct intensive, fundamental analysis Limit analyst research workload to promote thorough, creative effort Perform regular company reviews, including Devil s Advocate Portfolio Management Achieve adequate portfolio diversification. In general: No more than 25% in one industry; no more than 10% in one company Sell discipline: Reduce position as better return opportunities become available Sell when the stock reaches our sell target Sell when business/management no longer matches our thesis 14

15 Why Harris Associates? People Stable organization managed by seasoned investment professionals Philosophy A value investment philosophy with a foundation in fundamental research Process A consistent, disciplined investment process Portfolios Unlevered with 100% transparency, immediate liquidity Performance Focus on capital preservation and long-term growth of capital 15

16 Harris Associates Market Overview

17 Harris Associates Market Overview The S&P 500 Index continues to rise at a surprisingly strong pace, up another 7% through 6/30/14, even after tripling from 2009 lows. The U.S. banking system is on much firmer ground and the Fed announced their intention to end years of QE by October. Corporate fundamentals remain impressive, with profit margins near all-time highs and excess cash flow at a six-decade high. Deployment of cash is delivering further benefits to investors through higher dividends, record stock buybacks and one of the strongest M&A markets we have seen in years. A stock s previous price rarely predicts its future value. While the market is not nearly as cheap as five years ago, future earnings expectations are much more important. - Why all the talk of an overvalued market? Missed the bull market again. Financials - never again. Absence of low multiple stocks/statistical cheapness. Headlines = opportunity 17

18 Product Summary Harris Associates U.S. Equity Fund Investment Objective Seek long-term growth of capital by investing primarily in equity securities of larger U.S. companies Fund Highlights Employs a disciplined value approach and long-term, absolute-return orientation Seeks to invest in companies whose stocks are trading at a substantial discount to intrinsic value and that have owner-oriented management teams Follows a rigorous, independent, fundamental research process that seeks to identify businesses with growing value Derives estimation of intrinsic value by adopting a private-equity approach to public-equity markets that uses cash-flow analysis as the main metric Diversifies portfolio across industries as a risk-management tool without sacrificing stock selection Reference Index Russell 1000 Value Index Key Guidelines Invests at least two-thirds of its total assets in equity securities of larger U.S. companies (referenced by the Russell 1000 Value Index and with their registered office or principal operations in the U.S.) 18

19 Harris Associates U.S. Equity Fund Performance and Portfolio Profile

20 Harris Associates U.S. Equity Fund I/A (USD) Fund Stats ISIN LU Share class I/A (USD) Inception Date 21/06/2001 Fund Size (USD,m) Reference Index Russell 1000 Value TR USD Hypothetical Growth of $100 Investment Calendar Year Returns Fu nd In dex Fund Index Trailing Returns as of Month End, % 1M 3M YTD 1Y 3Y 5Y 7Y 10Y Incep. Ann. Ann. Ann. Ann. Ann. Fund at NAV Index PERFORMANCE DATA SHOWN REPRESENTS PAST PERFORMANCE AND IS NOT A GUARANTEE OF FUTURE RESULTS. All data including performance data is sourced from NGAM S.A. as of the date of this material, except where otherwise indicated. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. Performance shown is net of all fund expenses, but does not include the effect of sales charges, taxation or paying agent charges, and assumes reinvestment of dividends. If such charges were included, returns would have been lower. Performance for other share classes will be more or less depending on differences in fees and sales charges. For periods when certain share classes were unsubscribed or not yet created (the "inactive share classes"), performance is imputed using the actual performance of the fund's active share class which has been determined by the management company as having the closest characteristics to such inactive share class and adjusting it based on the difference in TERs and, where applicable, converting the net asset value of the active share class into the currency of quotation of the inactive share class. The quoted performance for such inactive share class is the result of an indicative calculation. Please see additional notes for important information 20 Risk Measures as of Month End 1Y 3Y 5Y 7Y 10Y Alpha Beta R-Squared Sharpe Ratio Fund Std Dev Index Std Dev Tracking Error Data Source: NGAM S.A. As of 30/06/2014

21 Performance Attribution Harris Associates U.S. Equity Fund Attribution analysis by sector QTD as of 30 June 2014, % Sector GICS Classification Contribution to Fund s absolute return Contribution relative to reference index Total Effect Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecommunication Services Utilities Total Top 10 contributors to absolute return QTD, bp Bottom 10 contributors to absolute return QTD, % Security Contribution Intel 80 Apple 72 National Oilwell Varco 48 Lam Research 45 FedEx 44 American International Group 39 Wells Fargo 35 Applied Materials 35 Marriott International 32 General Motors 32 Reference Index: Russell 1000 Value Index TR Attribution analysis is holdings-based and does not consider management fees, fund expenses, or trading costs. Such expenses reduce the Fund s returns. Data source: Harris Associates Performance data shown represents past performance and is not a guarantee of future results. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. See the accompanying Performance pages and Additional Notes for important information. 21 Security Contribution JPMorgan Chase -24 Visa Cl A -6 MasterCard Cl A -3 Omnicom Group -3 Citigroup -2 Cummins -2 Oracle -1 Rockwell Automation 0 Starwood Hotels & Resorts 4 Medtronic 4

22 Performance Attribution Harris Associates U.S. Equity Fund Attribution analysis by sector YTD as of 30 June 2014, % Sector GICS Classification Contribution to Fund s absolute return Contribution relative to reference index Total Effect Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecommunication Services Utilities Total Top 10 contributors to absolute return trailing YTD, % Bottom 10 contributors to absolute return trailing YTD, % Security Contribution Applied Materials 94 Wells Fargo 92 Intel 80 Marriott International 79 Apple 74 Union Pacific 53 Lam Research 47 Advance Auto Parts 46 National Oilwell Varco 42 Caterpillar 37 Reference Index: Russell 1000 Value Index TR Attribution analysis is holdings-based and does not consider management fees, fund expenses, or trading costs. Such expenses reduce the Fund s returns. Data source: Harris Associates Performance data shown represents past performance and is not a guarantee of future results. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. See the accompanying Performance pages and Additional Notes for important information. 22 Security Contribution General Motors -40 MasterCard Cl A -35 Goldman Sachs -19 Visa Cl A -13 Citigroup -11 Exxon Mobil -10 Omnicom Group -6 US Bancorp -4 JPMorgan Chase -3 Nike -2

23 Portfolio Characteristics Harris Associates U.S. Equity Fund Portfolio characteristics as of 30 June 2014 Fund Index # of Holdings % Asset in Top 10 Holdings Value Measures Fund Index Price/Earnings Price/Book Price/Sales Dividend Yield Sector Allocation as of 30 June 2014, % Sector GICS Classification Fund Index Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecommunication Services Utilities Market Capitalization Allocation as of 30 June 2014, % Market Capitalization Fund Index > 50 Bln to 50 Bln to 25 Bln to 10 Bln to 5 Bln to 2 Bln to 1 Bln < 0.5 Bln Top 10 Holdings by absolute weight as of 30 June 2014, % Security Fund, % WELLS FARGO & CO 5.0 GENERAL MOTORS CO 4.1 INTEL CORP 3.9 AMERICAN INTERNATIONAL GROUP 3.7 JPMORGAN CHASE & CO 3.4 ORACLE CORP 3.4 APPLE INC 3.2 GOLDMAN SACHS GROUP INC 3.1 AON PLC 3.1 BLACKROCK INC 2.9 Index: Russell 1000 Value Index TR. Data source: MSCI, NGAM S.A. Please see the Reference Information page for important information. 23

24 Reference Information Reference and dealing information Fund name Reference index Fund inception 21 June 2001 Legal structure and domicile Administrator / Custodian Auditor Harris Associates U.S. Equity Fund Russell 1000 Value Index TR Sub-fund of Natixis International Funds (Lux) I organized as an investment company with variable capital under the laws of the Grand Duchy of Luxembourg and authorized by the CSSF as a UCITS Brown Brothers Harriman (Luxembourg) S.C.A. PricewaterhouseCoopers S.à.r.l. Luxembourg Share class availability by currency of quotation A = Accumulating, D = Distributing, H- = Currency hedged Share class USD EUR GBP SGD S - Super institutional A, D A, H-A A, D A I - Institutional A, D A, H-A A, D A R - Retail A, D A A, D A, H-A RE - Retail E A A N - No trail A H-A H-A Management company Investment manager Portfolio manager Registrations ISIN, Bloomberg code Dealing frequency Cutoff time NGAM S.A. Harris Associates L.P. Robert Levy, M. Colin Hudson, Anthony Coniaris, Robert Bierig Belgium, Finland, France, Germany, Hong Kong, Italy, Luxembourg, Netherlands, Norway, Peru*, Singapore, Spain, Sweden, Switzerland, Taiwan, U.K. I/A(USD) - LU , CDCOLCI LX Each full bank business day in Luxembourg D, 13h30 Luxembourg time Fees and minimums Share class TER, % Max sales charge, % S - Super institutional Minimum initial investment USD/EUR 15 million, GBP 7 million, SGD 20 million I - Institutional USD/EUR/SGD 100,000, GBP 50,000 R - Retail None RE - Retail E 2.60 None None Settlement Date D+3 N - No trail USD/EUR 100,000, GBP 50,000 RISKS The Fund is subject to special risk considerations, including geographic concentration risk, portfolio concentration risk and growth/value equities risk. Please refer to the full Prospectus for additional details on risks. Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. This Index is shown for comparative purposes only. Index Source: Frank Russell Company. Harris Associates L.P., a subsidiary of Natixis Global Asset Management, is an investment adviser registered with the U.S. Securities and Exchange Commission (IARD No ) and is licensed to provide investment management services in the U.S. The company conducts all investment management services in and from the U.S. * The Fund is available for investment in Peru to institutional investors regulated by the Peruvian Banking Law or entities qualified as such by the Securities Exchange Commission. This material is provided for information purposes only, and its distribution may be restricted in certain countries and to certain types of investors. The Fund may not be offered or sold in the U.S., to citizens or residents of the U.S., or in any other country or jurisdiction where it would be unlawful to offer or sell the Fund. Please read the prospectus and key investor information carefully before investing, available, if registered in your jurisdiction, from Natixis Global Asset Management offices (ngam.natixis.com) and the following Paying Agents/Representatives: France CACEIS Bank France, 1-3, Place Valhubert, Paris. Germany Rheinland-Pfalz Bank, Große Bleiche 54-56, D Mainz. Italy State Street Bank SpA, Via Ferrante Aporti, 10, Milano. Luxembourg NGAM S.A., 2, rue Jean Monnet, Luxembourg, L Switzerland RBC Investor Services Bank S.A. Esch-sur-Alzette, Zurich branch, Badenerstrasse 567, PO Box 101, CH-8066 Zurich

25 Harris Associates Concentrated U.S. Equity Fund Performance and Portfolio Profile

26 Product Summary Harris Associates Concentrated U.S. Equity Fund Investment Objective Seek long-term growth of capital by investing primarily in a limited number of equity securities of U.S. companies Fund Highlights Employs a disciplined value approach and long-term, absolute-return orientation Seeks to invest in companies whose stocks are trading at a substantial discount to intrinsic value and that have owner-oriented management teams Follows a rigorous, independent, fundamental research process that seeks to identify businesses with growing value Derives estimation of intrinsic value by adopting a private-equity approach to public-equity markets that uses cash-flow analysis as the main metric Holds a limited number of securities (approximately 20) resulting in a concentrated portfolio Invests in the securities of large-, mid- and small-capitalization companies Reference Index S&P 500 Index Key Guidelines Invests at least two-thirds of its total assets in equity securities of U.S. companies (defined as having their registered office or principal operations in the U.S.) 26

27 Harris Associates Concentrated U.S. Equity Fund I/A (USD) Fund Stats ISIN LU Share class I/A (USD) Inception Date 10/08/2011 Fund Size (USD,m) Reference Index S&P 500 TR USD Calendar Year Returns Fund Index Hypothetical Growth of $100 Investment / / / / / /2014 Fund Index Trailing Returns as of Month End, % 1M 3M YTD 1Y 3Y 5Y 7Y 10Y Incep. Ann. Ann. Ann. Ann. Ann. Fund at NAV Index Risk Measures as of Month End 1Y 3Y 5Y 7Y 10Y Alpha Beta R-Squared Sharpe Ratio Fund Std Dev Index Std Dev Tracking Error PERFORMANCE DATA SHOWN REPRESENTS PAST PERFORMANCE AND IS NOT A GUARANTEE OF FUTURE RESULTS. All data including performance data is sourced from NGAM S.A. as of the date of this material, except where otherwise indicated. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. Performance shown is net of all fund expenses, but does not include the effect of sales charges, taxation or paying agent charges, and assumes reinvestment of dividends. If such charges were included, returns would have been lower. Performance for other share classeswillbemoreorlessdependingon differences in fees and sales charges. For periods when certain share classes were unsubscribed or not yet created (the "inactive share classes"), performance is imputed using the actual performance of the fund's active share class which has been determined by the management company as having the closest characteristics to such inactive share class and adjusting it based on the difference in TERs and, where applicable, converting the net asset value of the active share class into the currency of quotation of the inactive share class. The quoted performance for such inactive share class is the result of an indicative calculation. Please see additional notes for important information 27 As of 30/06/2014

28 Performance Attribution Harris Associates Concentrated U.S. Equity Fund Attribution analysis by sector QTD as of 30 June 2014, % Sector GICS Classification Contribution to Fund s absolute return Contribution relative to reference index Total Effect Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecommunication Services Utilities Total Top 10 contributors to absolute return QTD, bp Bottom 10 contributors to absolute return QTD, bp Security Contribution Apple 121 Intel 99 National Oilwell Varco 79 CBRE Group 71 American International Group 59 Family Dollar Stores 55 CarMax 53 Wells Fargo 49 Applied Materials 48 General Motors 43 Reference Index: S&P 500 TR Attribution analysis is holdings-based and does not consider management fees, fund expenses, or trading costs. Such expenses reduce the Fund s returns. Data source: Harris Associates, NGAM S.A. Performance data shown represents past performance and is not a guarantee of future results. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. See the accompanying Performance pages and Additional Notes for important information. 28 Security Contribution JPMorgan Chase -37 Gaming & Leisure Properties -27 Visa Cl A -10 Penn National Gaming -3 Ralph Lauren -1 Oracle -1 Starwood Hotels & Resorts 6 BlackRock 9 Illinois Tool Works 13 Amazon 28

29 Performance Attribution Harris Associates Concentrated U.S. Equity Fund Attribution analysis by sector YTD as of 30 June 2014, % Sector GICS Classif ication Contribution to Fund s absolute return Contribution relative to reference index Total Effect Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecommunication Services Utilities Total Top 10 contributors to absolute return YTD, bp Bottom 10 contributors to absolute return YTD, bp Security Contribution Applied Materials 135 Wells Fargo 128 Apple 125 Intel 102 CBRE Group 85 National Oilwell Varco 72 CarMax 57 American International Group 50 Oracle 50 Aon PLC 44 Reference Index: S&P 500 TR Attribution analysis is holdings-based and does not consider management fees, fund expenses, or trading costs. Such expenses reduce the Fund s returns. Data source: Harris Associates, NGAM S.A. Performance data shown represents past performance and is not a guarantee of future results. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. See the accompanying Performance pages and Additional Notes for important information. 29 Security Contribution Triumph -78 General Motors -63 Gaming & Leisure Properties -47 Visa Cl A -26 Penn National Gaming -24 Dresser-Rand -17 JPMorgan Chase -6 Franklin Resources -3 Ralph Lauren -1 Illinois Tool Works 1

30 Portfolio Characteristics Harris Associates Concentrated U.S. Equity Fund Portfolio characteristics as of 30 June 2014 Fund Index # of Holdings % Asset in Top 10 Holdings Value Measures Fund Index Price/Earnings Price/Book Price/Sales Dividend Yield Sector Allocation as of 30 June 2014, % Sector GICS Classification Fund Index Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecommunication Services Utilities Market Capitalization Allocation as of 30 June 2014, % Market Capitalization Fund Index > 50 Bln to 50 Bln to 25 Bln to 10 Bln to 5 Bln to 1 Bln Index: S&P 500 TR. Data source: MSCI, NGAM S.A. Please see the Reference Information page for important information. Top 10 Holdings by absolute weight as of 30 June 2014, % Security Fund, % WELLS FARGO & CO 7.3 GENERAL MOTORS CO 6.1 ORACLE CORP 6.0 AMERICAN INTERNATIONAL GROUP 5.8 APPLE INC 5.7 JPMORGAN CHASE & CO 5.5 FRANKLIN RESOURCES INC 4.9 INTEL CORP 4.9 RALPH LAUREN CORP 4.8 BLACKROCK INC

31 Reference Information Reference and dealing information Fund name Reference index Harris Associates Concentrated U.S. Equity Fund S&P 500 Index TR Fund inception 10 August 2011 Legal structure and domicile Administrator / Custodian Auditor Sub-fund of Natixis International Funds (Lux) I organized as an investment company with variable capital under the laws of the Grand Duchy of Luxembourg and authorized by the CSSF as a UCITS Brown Brothers Harriman (Luxembourg) S.C.A. PricewaterhouseCoopers S.à.r.l. Luxembourg Share class availability by currency of quotation A = Accumulating, D = Distributing, H- = Currency hedged Share class USD EUR GBP CHF S - Super institutional A, D A, H-A A, H-A A, H-A I - Institutional A, D A, H-A A, H-A A, H-A R - Retail A, D A A, D RE - Retail E A A, H-A N - No trail A H-A H-A Management company Investment manager Portfolio manager Registrations NGAM S.A. Harris Associates L.P. Robert Levy, M. Colin Hudson, Anthony Coniaris, Robert Bierig Austria, Belgium, Finland, France, Germany, Hong Kong, Italy, Luxembourg, Netherlands, Norway, Singapore*, Spain, Sweden, Switzerland, U.K. Fees and minimums Share class TER, % Max sales charge, % S - Super institutional Minimum initial investment USD/EUR/CHF 15 million, GBP 7 million, I - Institutional USD/EUR/CHF 100,000, GBP 50,000 ISIN, Bloomberg code I/A(USD) - LU , NATHCVI LX Dealing frequency Each full bank business day in Luxembourg Cutoff time D, 13h30 Luxembourg time Settlement Date D+3 R - Retail USD/EUR 1,000, GBP 500 RE - Retail E 2.70 None USD/EUR 1,000 N - No trail USD/EUR 100,000, GBP 50,000 RISKS The Fund is subject to special risk considerations, including portfolio concentration risk, geographic concentration risk, and growth/value equities risk. Please refer to the full Prospectus for additional details on risks. S&P 500 Index measures the performance of 500 stocks chosen for market size, liquidity, and industry group representation. This Index is shown for comparative purposes only. Index Source: Standard & Poor's. Harris Associates L.P., a subsidiary of Natixis Global Asset Management, is an investment adviser registered with the U.S. Securities and Exchange Commission (IARD No ) and is licensed to provide investment management services in the U.S. The company conducts all investment management services in and from the U.S. *The prospectus together with the Important Information for Singapore Investors must at all times accompany this document for offers in Singapore under Sections 304 and 305 of the Securities and Futures Act, Chapter 289 of Singapore. This material is provided for information purposes only, and its distribution may be restricted in certain countries and to certain types of investors. The Fund may not be offered or sold in the U.S., to citizens or residents of the U.S., or in any other country or jurisdiction where it would be unlawful to offer or sell the Fund. Please read the prospectus and key investor information carefully before investing, available, if registered in your jurisdiction, from Natixis Global Asset Management offices (ngam.natixis.com) and the following Paying Agents/Representatives: France CACEIS Bank France, 1-3, Place Valhubert, Paris. Germany Rheinland-Pfalz Bank, Große Bleiche 54-56, D Mainz. Italy State Street Bank SpA, Via Ferrante Aporti, 10, Milano. Luxembourg NGAM S.A., 2, rue Jean Monnet, Luxembourg, L Switzerland RBC Investor Services Bank S.A. Esch-sur-Alzette, Zurich branch, Badenerstrasse 567, PO Box 101, CH-8066 Zurich

32 Additional Notes This material has been provided for information purposes only to investment service providers or other Professional Clients or Qualified Investors and, when required by local regulation, only at their written request. In the E.U. (outside of the UK) This material is provided by NGAM S.A. or one of its branch offices listed below. NGAM S.A. is a Luxembourg management company that is authorized by the Commission de Surveillance du Secteur Financier and is incorporated under Luxembourg laws and registered under n. B Registered office of NGAM S.A.: 2, rue Jean Monnet, L-2180 Luxembourg, Grand Duchy of Luxembourg. France: NGAM Distribution (n RCS Paris). Registered office: 21 quai d'austerlitz, Paris. Italy: NGAM S.A., Succursale Italiana (Bank of Italy Register of Italian Asset Management Companies no ). Registered office: Via Larga, , Milan, Italy. Germany: NGAM S.A., Zweigniederlassung Deutschland (Registration number: HRB 88541). Registered office: Im Trutz Frankfurt 55, Westend Carrée, 7. Floor, Frankfurt am Main 60322, Germany. Netherlands: NGAM, Nederlands filiaal (Registration number ). Registered office: World Trade Center Amsterdam, Strawinskylaan 1259, D-Tower, Floor 12, 1077 XX Amsterdam, the Netherlands. Sweden: NGAM, Nordics Filial (Registration number Swedish Companies Registration Office). Registered office: Kungsgatan 48 5tr, Stockholm , Sweden. Spain: NGAM, Sucursal en España. Registered office: Torre Colon II - Plaza Colon, Madrid, Spain. In Switzerland This material is provided to Qualified Investors by NGAM, Switzerland Sàrl. Registered office: Rue du Vieux Collège 10, 1204 Geneva, Switzerland. In the U.K. This material is provided by NGAM UK Limited which is authorised and regulated by the UK Financial Conduct Authority (register no ). This material is intended to be communicated to and/or directed at persons (1) in the United Kingdom, and should not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell securities in any other jurisdiction than the United Kingdom; and (2) who are authorised under the Financial Services and Markets Act 2000 (FSMA 2000); or are high net worth businesses with called up share capital or net assets of at least 5 million or in the case of a trust assets of at least 10 million; or any other person to whom the material may otherwise lawfully be distributed in accordance with the FSMA 2000 (Financial Promotion) Order 2005 or the FSMA 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the "Intended Recipients"). To the extent that this material is issued by NGAM UK Limited, the fund, services or opinions referred to in this material are only available to the Intended Recipients and this material must not be relied nor acted upon by any other persons. Registered Office: NGAM UK Limited, Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA. In the DIFC This material is provided in and from the DIFC financial district by NGAM Middle East, a branch of NGAM UK Limited, which is regulated by the DFSA. Related financial products or services are only available to persons who have sufficient financial experience and understanding to participate in financial markets within the DIFC, and qualify as Professional Clients as defined by the DFSA. Registered office: Office Level 6, Currency House Tower 2, PO Box , DIFC, Dubai, United Arab Emirates. In Latin America This material is provided by NGAM S.A. The above referenced entities are business development units of Natixis Global Asset Management, the holding company of a diverse line-up of specialised investment management and distribution entities worldwide. The investment management subsidiaries of Natixis Global Asset Management conduct any regulated activities only in and from the jurisdictions in which they are licensed or authorized. Their services and the products they manage are not available to all investors in all jurisdictions. It is the responsibility of each investment service provider to ensure that the offering or sale of fund shares or third party investment services to its clients complies with the relevant national law. 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