Presentation FOURPOINTS. July 2013

Transcription

1 Presentation FOURPOINTS Investment Managers July 2013

2 2

3 Company Profile FOURPOINTS, the new management company created by the merger of PIM Gestion France and IT Asset Management FOURPOINTS is the result of the merger of PIM Gestion France and IT Asset Management. FOURPOINTS is a leading independent investment manager, approved by the AMF in France, the CSSF in Luxembourg and registered with the SEC in the United States. It is owned by its officers and employees. FOURPOINTS has 19 employees, including 9 managers / analysts. Assets of 1.4 billion dollars as of May 31, 2013 are managed through a focused range of equity funds and institutional mandates. PIM Gestion France, led by Béatrice Philippe and Michel Raud was specialized in the management of "long-only" growth stocks listed in developed countries. It was part of Philippe Group, established in 1931, originally with offices in New York and Paris. IT Asset Management, founded in 1994 by Muriel Faure and Benoit Flamant was specialized in the management of "long-only" global technology industry equities. FOURPOINTS Investment Managers and its sister company FOURPOINTS Asset Management ( formerly Philippe Investment Management), based in New York are registered with the SEC since 1981 and continue to work closely both in management and investment teams. 3

4 Company Profile 1931 Philippe Group is founded with offices in Paris and New York 1994 Muriel Faure and Benoît Flamant form IT Asset Management 1998 Beatrice Philippe and Michel Raud form PIM Gestion France 2012 Creation of FOURPOINTS Investment Managers Prix European Funds Trophy 2013 Best Multi-Country Asset Manager Category 4 to 7 rated funds The decision to create FOURPOINTS was based on two factors: The combination of experience and know-how. Shared values: a spirit of independence, and a philosophy of international management FOURPOINTS a brand that embodies our four founding values Patience, Perennity, Proximity, Performance 4

5 Company Profile PATIENCE: we are consistent and use common sense Clearly positioned in the universe of global equity management, FOURPOINTS relies on consistency and synergy of complementary skills: strategies broken down by geographic area and strategies applied to the Information Technology. We are looking for sustainable growth, but are patient, waiting for the right entry price and understanding that it can require time for valuations to come to fruition. PERENNITY: we adapt to change while remaining true to our values FOURPOINTS is the next chapter for a company that, for three generations, has been focused solely on asset management. In 1931, Raymond Philippe, grandfather of Beatrice Philippe, opened research offices in Paris and New York and created Pan-Holding in Luxembourg, the first global investment company in Europe. Philippe Investment Management (now FOURPOINTS Asset Management) in New York was registered with the SEC in 1981 to manage assets for U.S. institutional clients. With a long heritage of successful equity management, we are now resolutely turned towards the future. PROXIMITY: the quality of relationships is at the heart of our business plan Relationships are essential in the investment world. We have a long history of active management on a global scale. We give our clients proximity to our managers and analysis, with fast and responsive client services. Our clients will find in FOURPOINTS a partner in their investment growth. PERFORMANCE: we cross conviction and risk control The quality of our investment management is recognized and regularly reflected in various ratings and awards. For our investment managers, the search for performance is based on a clearly identified investment process and compliance with prudential standards. With our international culture, we build portfolios around our convictions, based on finding growth stocks and building long track records. 5

6 Executive committee Béatrice Philippe President Muriel Faure CEO Michel Raud Chief Operating Officer Chief Investment Officer Benoît Flamant Deputy CIO Head of Tech Investments 19 Employees Investment 9 Marketing 5 Middle/Back-Office 5 6

7 Assets Under Management Technology 110 M$ International European US Equities Equities Equities 1,110 M$ 75 M$ 180 M$ AUM 1,475 M$ Outstanding at 31 May 2013 FOURPOINTS IM and FOURPOINTS AM 7

8 FOURPOINTS, the teams US Equities strategy Portfolio Manager: Béatrice Philippe Analysts: Louiza Ferrara Advisor: John Conti Global Ex US Equities Strategy Portfolio Managers: Michel Raud and Beatrice Philippe Analysts: Eric Fourrier, Julien Chehowah, Marie de Mestier, Louiza Ferrara Technologies Equities Strategy Portfolio Manager: Benoit Flamant Analyst: Leslie Griffe de Malval Euro Equities Strategy Portfoliio Managers: Michel Raud and Eric Fourrier Analysts: Julien Chehowah and Marie de Mestier 8

9 FOURPOINTS, strategies STRATEGY LINKED FUNDS VALUES MAIN CHARACTERISTICS Actions Euro, Europe FOURPOINTS Euro Global Leaders Insight to understand the fundamentals of industries and the companies business models Courage in the investment step, to focus on a limited number of stocks Patience to reach the value objectives determined in the investment process, in spite of market s illogical performances All market capitalization categories with large and mid cap bias 4* Morningstar From 25 to 35 stocks A non benchmark approach 5-year track record Actions américaines small et mid cap FOURPOINTS America IT FUNDS America Quality obtained through the careful selection of companies, as proven for close to 14 years, in up as well as down markets Solidity in its risk management, aiming to limit the loss of capital Sustainability in the construction of a long-term performance All market capitalization categories with small and mid cap bias 5* Morningstar 14-year track record A non-benchmark driven strategy A flexible cash allocation 9

10 FOURPOINTS, strategies STRATEGY LINKED FUNDS VALUES MAIN CHARACTERISTICS Technology Global Equities International Equities (Developed World ex US) Understanding: to analyze the fundamentals of a complex and highly technical industry IT FUNDS Infotech ccccccccccccccccccc Anticipation: to select themes ccccccccccccccccccc and stocks which will be the ccc IT Technologies investissement U.S. LLC for Accredited Investors winners at mid and long term of these industrial disruptions Specialization: with a track record performed by the same team in nearly 20 years Investments in the stocks of international market leaders Proven quality of securities selection for close to 12 years Patience to reach the value objectives Equity fund specializing in information technology sector All market capitalization categories with large cap bias 3* Morningstar 20-year track record All market capitalization categories with mid cap bias 10-year track record 10

11 PERFORMANCE Funds Morningstar 2012 from 1/1 to 31/5/21013 FOURPOINTS America ***** 19.31% 13.75% indice 13.45% 15.06% FOURPOINTS Euro Global Leaders **** 19.22% 6.76% indice 19.31% 8.69% IT Funds Infotech *** 11.25% 6.45% indice 10.27% 10.91% Prix European Funds Trophy 2013 Best Multi-Country Asset Manager Category 4 to 7 rated funds Béatrice Philippe named Best Manager for US Equities over five years by Citywire 11

12 Philosophy Investment Philosophy A conviction-based portfolio management of all FOURPOINTS funds. It is inspired by our integrated analysis and research. Primarily based on strong convictions and fundamental, non- benchmarked approach. Our portfolio managers practice fundamental stock picking and focus on stocks with high growth potential, sustainable and profitable. Our approach to technology funds is thematic and is characterized by the pursuit of technological disruptions that create value versus investing in a tracker or an index fund does not. Our universe comprises about 300 names, of which 30 to 50 are in the portfolios. Technological breakthroughs are becoming faster and more dense in the industry Infotech. They create winners and losers. FOURPOINTS has the ability to focus on these fault lines that run through the industry, free from index or geographical constraints. 12

13 Philosophy A tailored approach to the overall management broken down by region. In each of these funds, our selection process is based on four steps: A Selection of investment themes that favors sectors steadily growing and competitive environment legible. We avoid areas too young, sectors where deregulation is difficult to assess the consequences or those whose competitive position or profitability may be undermined by a technological breakthrough. Selecting a universe of 250 to 300 companies for which the team maintains a long-term financial scenario and monitors strict valuation and operating conditions. Valuation of securities, including the method of discounting the free cash flows. Portfolio construction which consists of 30 to 50 stocks. Our Beliefs: The success of long-term investment requires identifying high quality companies positioned for sustainable and profitable growth. But collecting great companies is not enough. What matters is their market performance. The risk is not volatility but permanent loss of capital and the sub-lasting performance. 13

14 Summary 80 years of experience in asset management Presence in Paris and New York with international clientele Conviction based management style Independent with interests of customers aligned with our management 14

15 Leadership Béatrice Philippe Muriel Faure Michel Raud President : President PIM Gestion France / Philippe Investment Management, co-cio : Business International, Paris MBA Finance HECJF / Stanford s Graduate School of Business summer program, member of SFAF CEO : Co-Founder and President de IT Asset Management, Senior Fund Manager : NSMD, Fortis, Cardif (BNP Paribas) et GPK Finance (Crédit Lyonnais) Senior fund manager : DAFSA Analyste financière Vice President of French Association of Financial Management AFG) ESSEC, Paris, member of SFAF Chief Investment Officer/ Deputy CEO : Directeur Général PIM Gestion / Philippe Investment Management, Co-CIO : Banque Financière CARDIF Director : Nivard Flornoy agent de change Director of French Equity Research MBA HEC, Paris / Member of SFAF Benoit Flamant Deputy CIO/ Head of Tech Investments : Founder and Managing Director at IT Asset Management : Marketing Director at IBM and Microsoft : Ingénieur software, ADI/GSI Ecole Centrale de Paris 15

16 Contact FOURPOINTS IM 13/15, rue de La Baume Paris France Tel.: Fax : Stéphane Lenique Ines Cointet Julien Mathou [email protected] [email protected] [email protected] Head of Development Europe Sales Manager France Sales Manager