Impact of Asia s development on investment strategy

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1 Impact of Asia s development on investment strategy Strategic Investment Advisors (Suisse), SA 1 / 51

2 Presentation plan. Why the development of Asia is an extremely important economic phenomenon. What s happening is normal: this time is NOT different. But it s enormous. And some things are different. Size. Speed. Impact on many industries. In addition, it s sustainable. A word on the macroeconomic situation. How can investors profit from Asia s development. Value investing Index investing. Research focus. Some examples. Data on our funds Key message: A combination of visible long-term growth, supported by solid macroeconomic policies, plus difficulties of coverage creates great investment opportunities 2 / 51

3 Back to the future 100% Asia s economic renaissance is well under way Share of total world GDP % 90% 80% 70% 60% 50% 40% 30% Switzerland Rest of world Rest of Europe North America Rest of Asia India China 20% 10% 0% Source: OECD, Angus Maddison 3 / 51

4 Nothing new: It s been happening for more than 50 years GDP per capita - growth since 1950 (1990 Int. GK$) 35'000 30'000 25'000 20'000 15'000 10'000 Japan S. Korea Taiwan Hong Kong Singapore World 5'000 0 Source: OECD, Angus Maddison 4 / 51

5 What s NOT quite the same this time 3'000 Size matters 2'500 Population of the previous tigers (Japan, Korea, Taiwan, Hong Kong, Singapore) 2'000 versus the new ones (China, India, Indonesia, Vietnam) in millions (2008) 1'500 >10x 1' Hong Kong ; 7 Singapore ; 5 Vietnam ; 89 Taiwan ; 23 Indonesia ; 231 S. Korea ; 49 India ; 1'157 Source: OECD - Japan; 127 China ; 1'331 5 / 51

6 Size matters India - 13 cities will have a population of more than 4 million Source: MGI 6 / 51

7 What s NOT quite the same this time Millions in the BRICs to Enter Middle Class Income Bracket by 2020, Far Surpassing the G7 In millions of people Source: Goldman Sachs 7 / 51

8 And the speed has accelerated And so is the Speed Number of years required to grow from to 6 000, then to USD per capita (GK$) Switzerland France Germany Italy USA Japan South Korea Hong Kong Singapore 7 27 Taiwan China 12 9? 32 from 3000 to 6000$ GDP/capita to 18000$ GDP/capita Source: OECD, Angus Maddison 8 / 51

9 The net result is a huge impact on a series of industries As recently as 2006, China accounted for only 10% of global all vehicle volumes. It is expected to be 22% in 2010 and it is the largest car market in the world China vehicle sales, m units Source: CAAM 9 / 51

10 Impact on Healthcare Healthcare: Emerging markets versus Mature markets Source: WHO, GSK 10 / 51

11 Impact on Healthcare Low overall Healthcare Expenditure Source: WHO, BoA Merrill Lynch Research 11 / 51

12 Impact on Natural Resources Natural Resources Source: WorldSteel, CISA, Chinese Customs, Macquarie Research 12 / 51

13 Most importantly, this is sustainable. The key drivers are demographic, urbanization, and infrastructure. This is self-sustainable: Asian countries are exporting more and more to each other. China, in particular, is going from export-oriented growth to domestic consumption-led growth: see last statistics on exports and, above all, imports. Finally, sustainability is assured by macro balances: list of foreign reserves, deficits, etc, of the main Asian countries 13 / 51

14 Sustainable Demand Cars penetration rate per 1000 ppl Source: CEIC, Nomura 14 / 51

15 Sustainable Demand Infrastructure It is forecasted that by 2010, about 125 cities in China will have a population of over 1 million Among them, about 50 cities in China will have a population of over 2 million Source: KPMG 15 / 51

16 Sustainable Demand Railway density per 1m population Source: World Bank 16 / 51

17 Sustainable Demand Urban services demand in India Source: MGI 17 / 51

18 Sustainable Demand BRICs economies still require significant infrastructure investment Penetration of infrastructure indicators in developed and BRICs economies, most recent reported year Source: World Bank, Goldman Sachs 18 / 51

19 Sustainable Demand China - Export and Import Growth Source: MGI 19 / 51

20 Sustainable Demand From Made in China to Sold in China Source: BCG 20 / 51

21 Sustainable labour force China and India are producing more engineering and technology graduates than the US Source: Journal of Engineering Education 21 / 51

22 Supported by high level of investment Gross fixed investment, % GDP Source: National Statistics Bureau 22 / 51

23 Sustainability is assured by macro balances Much lower debt levels than in mature markets Total debt by country as % of GDP Source: MGI 23 / 51

24 Is the next bubble in China s property market? Mortgage Loan Payment to Income Ratio Home Price to Income Ratio Affordability on the national level has remained relatively stable due to slower price increases outside top-tier cities Home prices in China have become more affordable compared to when the housing reform just began Source: Goldman Sachs 24 / 51

25 Summary. The process of development that started in Asia more than 50 years ago is now reaching, like any exponential curve, a point in which the absolute changes are very important. This has several impacts for investment:. Creation of world class competitors, based on their domestic market. Pressure on on the more scarce global natural resources. All this coincides with a difficult phase in advanced economies. Overall, a need to shift eastwards the investor s focus of attention During the possibly worst crisis of the past half century, oil demand fell by around 2.0mn boep/d (2% of the total) OECD oil demand max. fall was 4% in Q109 BUT demand in China and Other Asia stayed in positive territory All areas will move to positive territory by 2010 so back to trend Transportation just can not stop. 25 / 51

26 Natural Resources Copper consumption and GDP per capita Steel consumption and GDP per capita Source: CS 26 / 51

27 Presentation plan. Why the development of Asia is an extremely important economic phenomenon. What s happening is normal: this time is NOT different. But it s enormous. And some things are different. Size. Speed. Impact on many industries. In addition, it s sustainable. A word on the macroeconomic situation. How can investors profit from Asia s development. Value investing Index investing. Research focus. Some examples. Data on our funds Key message: A combination of visible long-term growth, supported by solid macroeconomic policies, plus difficulties of coverage creates great investment opportunities 27 / 51

28 The case of Japan The country has continued doing well, it s just that the stock exchange was inflated GDP per capita (LHS) Nikkei (RHS) 30'000 28'000 26'000 24'000 22'000 20'000 18'000 16'000 14'000 12'000 10'000 45'000 40'000 35'000 30'000 25'000 20'000 15'000 10'000 5'000 - Source: Bloomberg, Angus Maddison 28 / 51

29 Lesson from Japan Lesson from Japan: Stock picking matters Relative performance Export sectors vs TOPIX Relative performance Export sectors vs Banks Source: GS, Tokyo stock Exchange, DS 29 / 51

30 Research focus. We like companies that are not well understood / closely followed. This is the arena where others are less interested due to commissions; visibility; size; access etc. We believe the momentum-driven Asian Mr market offers great opportunities to stock-picking investors, that focus on the long-term fundamentals, and with a strict and systematic value approach. More inefficiencies could be found in Asian countries, but there are barriers to stock picking in Asia:. Informational. Limited public information: We do extensive interviews with industry experts, industry analysts, competitors, suppliers, buyers. Regular management visits: In Hong-Kong, China, Korea. Transparency: Extra-mile in terms of due diligence. Avoid companies with corporate governance issues. Linguistic. Local linguistic skills give access to research in primary sources information. Better access to companies/managements. Importance of local expertise: the case of Korea 30 / 51

31 Aug 2003 Nov 2003 Feb 2004 May 2004 Aug 2004 Nov 2004 Feb 2005 May 2005 Aug 2005 Nov 2005 Feb 2006 May 2006 Aug 2006 Nov 2006 Feb 2007 May 2007 Aug 2007 Nov 2007 Feb 2008 May 2008 Aug 2008 Nov 2008 Feb 2009 May 2009 Aug 2009 Nov 2009 Feb 2010 Value from our stock picking Since inception in % 900% 800% 700% 600% 500% 400% 300% 200% 100% 0% -100% SIA Emerging Markets Portfolio (calculated in EUR) MSCI Emerging Markets Net TR (calculated in EUR) (rebased) 31 / 51

32 Developed country: Korea Korea: one of the most advanced Emerging markets 32 / 51

33 One of the cheapest market in Asia 1000 Attractive valuations 60% % % % 40% % 27% % % 25% % 12% % 30% Estimate P/E EPS Growth Korea Thailand Singapore 20% Hong Kong India Philippines Taiwan 10% Indonesia Malaysia Japan % Korea Thailand Singapore Hong Kong India Philippines Taiwan Indonesia Malasia Japan Stock Universe (Mkcap >100m ; ADTV >1m ) % PE<10 Source: Bloomberg. As of May / 51

34 EUR bn EUR bn Liquid market: Korea Market size vs. Liquidity 2' ' ' Korea Hong Kong Singapore market cap (LHS) Daily trading value (RHS) 0.0 Source: KRX, HKEx, SGX 34 / 51

35 but not well known Coverage vs. number of listed companies Korea Singapore Global house coverage Local house coverage Listed companies Only 9% of total listed companies in Korea is covered by local research Only 4% of total listed companies in Korea is covered by global research 35 / 51

36 and hard to access Limited access to primary source information in English 36 / 51

37 Some examples: Xingda 6.0 Xingda Holdings International The Group manufactures and distributes radial tire cords and bead wires, which are the principal skeleton materials of radial tires. It is the largest PRC-based producer of radial tire cords in China in terms of annual production volume Market cap (m) e Sales 2'516 2'778 3'489 3'864 5'177 % 10% 26% 11% 34% Profits % 78% 21% 31% 27% /09 04/09 07/09 10/09 01/10 04/10 Source: Bloomberg Strong growth driven by auto demand and increased use of radial tires in China. However, not only dependent on growth prospects as 70% of the demand in China is still from replacement. Xingda is more focused on the higher end and higher margin truck radial tire cords which make up 80% of its revenue. PE / 51

38 Some examples: Sichuan Expressway 5.0 Sichuan Expressway The Group's principal activities are investing, constructing, managing, and operating expressways and a high-grade toll bridge. The expressways are all located in the western province of Sichuan in China Market cap (m) 1' e Sales 1'016 1'317 1'610 1'879 2'164 % 30% 22% 17% 15% Profits % 69% 19% 40% 20% PE /09 04/09 07/09 10/09 01/10 04/10 Source: Bloomberg The strongest long term growth prospects among the Chinese expressway companies as it operates in the less developed western part of China. Around 470 km under operation in its current portfolio, with a 105 km greenfield project under construction and additional 250 km planned for acquisition in / 51

39 Some examples: Midas Midas Holdings is a manufacturer of aluminum alloy extrusion products for the passenger rail transportation sector in China, with a 32.5% stake in a licensed metro train manufacturing company in the People s Republic of China, Nanjing SR Puzhen Rail Transport Co., Ltd /09 04/09 07/09 10/09 01/10 04/10 Source: Bloomberg Market cap (m) e 2011e Sales % -2% 9% 39% 40% Profits % 2% 15% 36% 37% PE The Company s is certified to supply to top global train manufacturers, ALSTOM, Siemens AG and to divisions of Bombardier. Currently expanding capacity in order to satisfy the strong order demand, both from inter-city high speed trains and metro train projects in China 39 / 51

40 Summary. This time is NOT different: just another long term structural trend. Size and Speed matter: net result is a huge impact on a series of industries. This is Sustainable: still a long way to go. We believe value opportunities come from careful stock picking and extensive due diligence, not macro forecasting. Key message: A combination of visible long-term growth, supported by solid macroeconomic policies, plus difficulties of coverage creates great investment opportunities 40 / 51

41 LTIF fund s data. LTIF started trading as a British Virgin Islands-incorporated entity in January With its different classes it has in excess of 750 mill. of assets under management.. In February 2006 it has been incorporated as a Luxembourg SICAV, UCITS III, Part I.. Investment Manager: SIA Funds AG, Ziegelbrücke, Switzerland. Central administration Agent: Pictet&Cie (Europe) S.A., Luxembourg. Custodian: Pictet&Cie (Europe)S.A., Luxembourg. Auditor: Deloitte S.A., Luxembourg Compartments Classic Series II Alpha Series II Natural Resources Investment style Long-only Beta-neutral Long-only, centered on natural resources Management fee 1.5% pa 1.5% pa 1.5% pa Performance fee 15% (HWM) 20% (HWM) 15% (HWM) Currency EUR CHF USD GBP EUR CHF USD GBP EUR CHF USD GBP ISIN number LU LU LU LU LU LU LU LU LU LU LU LU Telekurs valor 10'096'865 10'096'893 10'096'889 10'638'930 10'096'895 10'097'000 10'096'898 10'638'835 2'432'575 3'101'836 3'101'839 10'638'983 Bloomberg ticker LTIFC2E LX LTIFC2C LX LTIFC2U LX LTIFC2G LX LTIFA2E LX LTIFA2C LX LTIFA2U LX LTIFA2G LX LTIFGEV LX LTIFGEC LX LTIFGEU LX LTIFGEG LX Daily liquidity, cut-off time previous day at 16:00. Performance fees are assessed and paid quarterly, subject to High Water Marks. There are no entry or exit fees. There is a discretionary 1% fee to transfer funds between compartments to prevent excessive market timing, which generates costs for investors. 41 / 51

42 Inception jun 02 dec 02 jun 03 dec 03 jun 04 dec 04 jun 05 dec 05 jun 06 dec 06 jun 07 dec 07 jun 08 dec 08 jun 09 dec 09 NAV (EUR) - logarithmic LTIF (SIA) - Classic The evolution of the market value of the shares (NAV), net of all fees and expenses has been, since inception, as follows: January - 1.3% - 0.6% 1.8% 2.9% 10.6% 1.9% % - 1.6% 0.0% February - 0.5% - 3.1% 4.8% 7.5% - 1.1% 2.0% 10.0% - 3.4% 0.5% March 1.8% 0.8% 1.4% - 1.0% 3.3% 6.0% - 7.9% 3.0% 8.0% April 3.0% 5.3% - 3.0% - 2.7% 3.6% 9.3% 6.6% 14.9% 0.6% May 1.5% 8.4% - 1.0% 3.7% - 6.0% 7.3% 5.8% 13.3% - 8.3% June - 8.2% 5.8% 4.2% 6.6% 1.6% 2.9% - 9.1% 1.8% July % 1.2% 1.6% 6.3% 2.9% 5.4% % 11.0% August 5.3% 5.6% 0.7% 5.5% - 0.2% - 3.6% - 1.9% 3.7% September - 7.5% 1.2% 6.7% 8.7% - 1.3% 5.4% % 6.7% October 2.2% 5.8% 0.5% - 7.7% 6.1% 3.9% % - 2.2% November 4.1% 0.7% 5.4% 4.9% 3.2% % - 8.1% - 1.0% December 5.1% 6.7% 2.0% 2.7% 2.8% 0.3% - 2.5% 9.5% Y e a r- to- da te % % % % % % % % 0.1% LTIF Classic MSCI World Index TR Performance Statistical analysis (calculated over 3 years) NAV Standard deviation (annualized) 35.82% Month -8.28% Information ratio Months rolling -0.35% Sharpe ratio Months rolling 9.64% Alpha -3.0% 12 Months rolling 32.62% Beta 1.48 Year-to-date 0.14% Average return (annualized since inception) 10.29% Return since inception % Fund size in million ( ) 586 Please find the disclaimer at the end of the presentation. 42 / 51

43 Inception apr 05 jul 05 oct 05 jan 06 apr 06 jul 06 oct 06 jan 07 apr 07 jul 07 oct 07 jan 08 apr 08 jul 08 oct 08 jan 09 apr 09 jul 09 oct 09 jan 10 apr 10 NAV (EUR) - logarithmic LTIF (SIA) - Alpha The evolution of the market value of the shares (NAV), net of all fees and expenses has been, since inception, as follows: January 10.6% 0.9% - 7.9% 5.8% 3.1% February 6.2% - 1.7% 2.5% 7.5% 1.5% - 0.9% March - 0.5% 2.2% 4.0% - 6.2% 0.7% 3.7% April - 1.5% 3.3% 6.7% 1.8% 5.0% 0.7% May 1.9% - 3.3% 4.8% 4.3% 6.6% - 3.1% June 2.3% 3.0% 3.5% - 2.7% 1.5% July 4.3% 0.6% 6.6% - 7.4% 7.1% August 5.0% - 1.6% - 3.2% - 1.6% 1.6% September 4.9% - 2.8% 3.6% % 1.4% October - 7.1% 4.6% 2.8% % 0.7% November 0.8% 4.5% - 8.7% - 2.8% - 3.8% December 1.4% 1.3% 0.5% - 3.3% 6.0% Y e a r- to- da te 18.2 % % % % % 3.4 % LTIF Alpha Performance Statistical analysis (since inception) NAV Standard deviation 5.08% Month -3.08% Standard deviation (annualized) 20.27% 3 Months rolling 1.25% Sharpe ratio Months rolling 9.54% Average return (annualized) 7.88% 12 Months rolling 18.82% Fund size in million ( ) 103 Year-to-date 3.37% Return since inception 49.83% Please find the disclaimer at the end of the presentation. 43 / 51

44 LTIF (SIA) - Classic & Alpha Breakdown by industry Breakdown by geographic area Industrial Metals; 25% Oil & Gas; 20% Europe 27% Latam 6% South Africa 3% Telecom / IT; 2% Healthcare; 3% Motorway; 3% Utilities; 3% Australia 9% Coal; 4% Industrial; 5% Insurance & Reinsurance; 15% USA, Canada 34% Homebuilding & Real Estate; 6% Oil Services; 7% Consumer Products; 8% Asia, Pacific 21% as of May 31 st, / 51

45 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 The Alpha Fund has been very stable MSCI World TR LTIF Classic LTIF Alpha Source: SIA Group / Bloomberg 45 / 51

46 Inception jun 05 Okt 05 feb 06 jun 06 oct 06 feb 07 jun 07 oct 07 feb 08 jun 08 oct 08 feb 09 jun 09 oct 09 feb 10 NAV (USD) - logarithmic LTIF (SIA) Natural Resources * The evolution of the market value of the shares (NAV), net of all fees and expenses has been, since inception, as follows: January 20.1% - 1.9% % - 5.4% - 5.7% February - 7.6% - 2.0% 14.4% - 4.1% 1.0% March - 6.2% 3.5% 5.9% 0.5% 14.5% 12.9% April - 6.0% 6.0% 7.7% 8.9% 15.7% - 1.1% May - 0.1% - 5.6% 7.6% 11.1% 24.6% % June 10.7% 2.2% 4.1% 1.4% 3.1% July 6.3% - 0.8% 0.2% % 13.3% August 11.4% - 2.0% - 7.1% - 6.2% 1.6% September 3.5% - 8.0% 10.8% % 12.2% October % 3.8% 5.2% % - 0.2% November 5.1% 8.5% - 6.3% % 3.3% December 4.4% - 1.5% 9.1% - 5.3% 5.5% Y e a r- to- da te 12.1% 16.6 % % % % % LTIF Natural Resources SIA Natural Resources Index ** Performance Statistical analysis (since inception) NAV $ Standard deviation 10.99% Month % Standard deviation (annualized) 45.47% 3 Months rolling % Sharpe ratio Months rolling % Average return (annualized) 1.43% 12 Months rolling 22.89% Fund size in million ($) 126 Year-to-date % Return since inception 7.71% * "LTIF Natural Resources" (previously "LTIF Global Energy Value") and "Value Opportunities Fund - Global Mining Value" were merged on into the "LTIF Natural Resources" Fund. ** Benchmark changed on from "MSCI World Energy TR" to customized "SIA Natural Resources Index" (50% "MSCI World Energy TR" and 50% "MSCI World Metals & Mining TR") Please find the disclaimer at the end of the presentation. 46 / 51

47 LTIF (SIA) Natural Resources Breakdown by industry Breakdown by geographic area Oil & Gas; 29% Coal; 12% Asia; 8% Australia, New Zealand; 14% Industrial Metals; 47% Others; 2% Oil Services; 8% Industrial; 2% USA, Canada; 55% Europe; 12% Latam; 10% as of May 31 st, / 51

48 LTIF Stability (SIA Funds). LTIF Stability started trading as a British Virgin Islands-incorporated entity in September As of October 1st, 2006 it has become a fund domiciled in Switzerland, denominated in Swiss Francs.. Investment Manager: SIA Funds AG, Ziegelbrücke, Switzerland. Central Administration Agent: Pictet Funds SA, Geneva, Switzerland. Custodian: Pictet&Cie, Geneva, Switzerland. Auditors: PricewaterhouseCoopers AG, Switzerland Investment style Stability Low volatilty Management fee: Performance fee: ISIN number Telekurs valor Bloomberg ticker 0.8% pa 15% (HWM) CH '638'920 LTIFSTA SW. Weekly liquidity, cut-off time Tuesday at 12:00.. Performance fees are assessed and paid quarterly, subject to High Water Marks.. There are no entry or exit fees. 48 / 51

49 Inception Okt 05 jan 06 apr 06 jul 06 oct 06 jan 07 apr 07 jul 07 oct 07 jan 08 apr 08 jul 08 oct 08 jan 09 apr 09 jul 09 oct 09 jan 10 apr 10 NAV (CHF) - logarithmic LTIF Stability (SIA Funds) Last year s drop could not be avoided, but the fund should behave in a much more stable fashion now, with new hedges and investments in place. 150 LTIF Stability (SIA Funds) January 3.7% 3.4% - 5.9% 2.4% 0.7% February 0.6% 2.6% 5.1% - 2.7% - 0.7% March 1.4% 3.4% - 3.8% - 0.5% 0.6% April 1.5% 7.1% 2.9% 5.1% 0.3% May - 2.6% 4.2% 1.4% 6.4% - 2.6% June 1.0% 3.4% 0.1% 2.7% July 0.6% 4.1% - 6.7% 6.7% August 2.5% - 4.5% - 0.4% 1.2% September 1.6% - 0.7% 1.7% - 8.4% 2.9% October - 3.5% 1.2% 2.6% % - 0.1% November 0.9% 2.7% - 4.8% - 0.5% - 4.3% December 2.0% 3.1% 1.3% - 2.7% 4.3% Y TD 0.9 % 16.2 % % % % % YTD (Total Return) 28.4% - 0.0% Dividend paid 2010: CHF 3.69 Ex-Date Dividend paid 2009: CHF 3.23 Ex-Date Performance Statistical analysis (since inception) NAV Standard deviation 3.67% Month -2.63% Standard deviation (annualized) 12.70% 3 Months rolling -1.76% Sharpe ratio Months rolling 2.52% Average return (annualized) 6.32% 12 Months rolling 11.70% Fund size in million (CHF) 41 Year-to-date -1.71% Return since inception 33.81% Please find the disclaimer at the end of the presentation. 49 / 51

50 Contacts SIA Funds AG. Parkweg Ziegelbrücke - Switzerland. Tel: Fax: Strategic Investment Advisors (Suisse), SA. 23 Rue Ferdinand Hodler Geneva Switzerland. Tel: Fax: Strategic Investment Advisors (España), SA. Diagonal Barcelona - Spain. Tel: Fax: SIA Holding, S.A. Overall. 41, Bvd Prince Henri Luxembourg - Luxembourg. Tel: Tel: Web site: / 51

51 Disclaimer LTIF (SIA) Classic, Alpha and Natural Resources. Performance up to is that of the BVI-based LTIF, of which the LTIF Luxembourg is an identical successor. Previous performance is audited by Ernst & Young. Past performance is neither a guarantee nor a reliable indicator of future results. Performance data does not include the commissions and fees charged at the time of subscribing for or redeeming shares. This information has been furnished to you upon request and solely for your information and may not be reproduced or redistributed to any other person. It is not intended as an offer or solicitation with respect to the purchase or sale of shares of the Sicav. Neither the Central Administration Agent nor the Investment Manager assume any liability in the case of incorrectly reported or incomplete information. Please be aware that investment funds involve investment risks, including the possible loss of the principal amount invested. For a detailed description of the risks in relation to each share in the investment fund, please see the latest version of the prospectus, simplified prospectus, annual and semi-annual reports, which may solely be relied upon as the basis for investment decisions; these documents are available on or from the Central Administration Agent at 3, Boulevard Royal, L Luxembourg. LTIF Classic, Alpha and Natural Resources (previously Global Energy Value) were approved for distribution in and from Switzerland by the Swiss Financial Market Supervisory Authority (FINMA) according to Art. 19 al. 1 of the Collective Investment Schemes Act; notified to the Austrian Finanzmarktaufsicht according to 36 of the Investment Funds Act; authorised in France by the Autorité des Marchés Financiers (AMF) pursuant to Art of the AMF General Regulation; authorised by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) according to 132 of the Investment Act; authorised in Italy by the Bank of Italy and the CONSOB according to Article 42 of Legislative Decree no. 58 of 24 February 1998; registered in the register of foreign collective investment schemes commercialized in Spain by the Comisión Nacional del Mercado de Valores (CNMV) pursuant to Art. 15 of the Law on Collective Investment Vehicles; recognised in the United Kingdom by the Financial Services Authority (FSA) as a recognised scheme within the meaning of Section 264 of the Financial Services and Markets Act LTIF Stability (SIA Funds). Performance up to is that of the LTIF BVI Fund restated in CHF, of which the LTIF Stability is an identical successor. Previous performance is audited by Ernst & Young. Reports are available from SIA Group. Past performance is neither a guarantee nor a reliable indicator of future results. Performance data does not include the commissions and fees charged at the time of subscribing for or redeeming shares. This information has been furnished to you upon request and solely for your information and may not be reproduced or redistributed to any other person. It is not intended as an offer or solicitation with respect to the purchase or sale of shares of the Sicav. Neither the Central Administration Agent nor the Investment Manager assume any liability in the case of incorrectly reported or incomplete information. Please be aware that investment funds involve investment risks, including the possible loss of the principal amount invested. For a detailed description of the risks in relation to each share in the investment fund, please see the latest version of the prospectus, simplified prospectus, annual and semi-annual reports, which may solely be relied upon as the basis for investment decisions; these documents are available from the fund management company SIA Funds AG, Parkweg 1, CH-8866 Ziegelbrücke ( 51 / 51

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