Foto cedidaGuy Wagner, director general de BLI.. Banque de Luxembourg unifica sus unidades de gestión de activos
BLI – Banque de Luxembourg Investments, the asset manager of Banque de Luxembourg, and Conventum Asset Management, fund management company for third-party fund initiators and also subsidiary of the bank, have announced in a press release that they are combining their activities with effect from 1 January 2021.
This operation means that BLI will manage the 60 employees that constitute the workforce of the two entities, under the leadership of Guy Wagner, its Managing Director. Services to third-party fund initiators will be offered by BLI under the Conventum TPS (Third Party Solutions) brand.
“The merger of the two companies will enable us to enhance our expertise as a portfolio management company and provider of services for third-party funds, and share the necessary investments to strengthen our operational, technical and control systems,” explained Wagner.
The asset manager pointed out that this merger will strengthen its positioning by “capitalizing on the combined skills, expertise and systems of Conventum Asset Management and BLI”. It also revealed that their ambition is to continue to develop a full range of offers within two key business lines: portfolio management services and investment fund management company services for third-party initiators.
Michèle Biel, Director of Conventum Asset Management, highlighted that by pooling the resources of both companies, the new entity will enable them to combine their respective expertise in the best interests of or current and future clients. “The teams’ formidable experience will be the foundation for the development of our business in a constantly-evolving market and regulatory environment”, she added.
The surge in demand for thematic funds in Europe last year is set to continue, according to the latest research of Cerulli Associates “The Cerulli Edge—Global Edition”. This demand will specially grow in 2021 and 2022 in those strategies focused on water, biotechnology, and technology.
Net flows into sector-themed equity products during the first 10 months of 2020 amounted to 89 billion euros (108 billion dollars), more than triple the net sales for 2019. Meanwhile, assets under management amounted to 512.4 billion euros at the close of October 2020.
“The consensus of managers operating in Europe is that broad themes relating to technology and sustainability will prevail in the aftermath of COVID-19 and longer term,” says Fabrizio Zumbo, associate director, European asset and wealth management research at Cerulli.
Some 84% of the ETF issuers in Europe that responded to the survey expect “significant or moderate demand” for thematic ETFs in the next 12 to 24 months. Over the first 10 months of 2020, technology-related themes were the most popular, attracting 28 billion euros or 32% of net inflows, followed by healthcare at 15%, and renewable energy or climate change at 12%.
Sustainability and technology first
Cerulli’s research shows that ETF issuers in Europe expect growth in demand over 2021 and 2022 to be strongest for sustainability-related themessuch as water and biotechnology, closely followed by technology. Almost all the managers that responded to the survey (92%) expect demand for water-themed ETFs to increase over the next two years. Combined active and passive assets in the water-themed sector have achieved a compound annual growth rate (CAGR) of 23% over the past five years.
The firm believes that asset managers can source new opportunities from working closely with technical experts in fields such as biotechnology and healthcare to ensure that specialist funds are able to capitalize on areas of potential growth.
“Technology themes, which include artificial intelligence, cybersecurity, and 5G networks, are expected to continue to attract high demand, in part due to the success of mass remote working, which is likely to continue to an extent post-pandemic. Some 84% of our survey respondents believe that technology-themed ETFs will experience an increase in demand in the next 12 to 18 months,” said Zumbo.
In his view, investors are becoming more comfortable with using thematic ETFs for diversification and to express their investment objectives: “a reflection of how the product set is evolving”, he points out. In addition, several asset managers interviewed by Cerulli in Europe highlighted that thematic funds are generally easier to sell to end clients because the attached compelling narratives make the products easier to understand.
This year will see major changes that will be highly supportive of the green bond market in Europe: the European Union’s Green Bond Standard will be published, the EU will issue green bonds for an estimated amount of 225 billion euros and several governments will start issuing this asset class. As such, NN Investment Partners estimates in a press release that the global green bond market will grow by 300 billion euros in 2021 to 1 trillion.
The asset manager believes that the EU Taxonomy and the Green Bond Standard will be the first driver of the green bond market surge in 2021, stemming from the EU’s Sustainable Action Plan to finance sustainable economic growth. In its view, the standard and the finalization of the first version of the new taxonomy will have “a long-term positive impact on the integrity and transparency of the EU green bond market and will act as the blueprint for regulation in other regions”, because it will:
Further standardize and professionalize the rapidly maturing green bond market
Raise knowledge levels on whether economic activities are environmentally friendly and how they can transition to become more sustainable
Give investors an increasingly detailed overview of what they are investing in, enabling them to make better-informed choices
Give issuers more guidance how to identify green assets or activities
Therefore, the firm believes that this legislation could be regarded as “a catalyst for the global green bond market growth”, encouraging lagging sectors such as industrials to come forward with a green bond issuance. Currently, the market is dominated by financials, utilities and government-related issuers.
“These new regulations herald what could be a watershed decade for climate change mitigation, with Europe leading the way via its target to be carbon-neutral by 2050. ESG and green finance are really entering the mainstream. The pandemic has created a positive boost too, as a lot of countries clearly need more funding, and with green ambitions stronger than ever the green bond market will be widely viewed as a major opportunity”, says Jovita Razauskaite, portfolio manager for green bonds at NN IP.
Additionally, the asset manager expects the green bond market developments will be spurred by several countries that plan to issue their inaugural green bonds in 2021, including Italy, Spain, the UK, Denmark, Ukraine and Slovenia. Also, repeated issuers such as the Netherlands, France and Germany will come back to the market with an ambition to tackle climate change. “All in all, the pipeline of government green issuances is extensive and significantly larger than in previous years”, they pointed out.
Finally, the issuance of new Next Generation EU-Bonds (NGEU), of which EUR 225 billion is dedicated to environmental projects between 2021 and 2023, will significantly enlarge the supranational share of the global green bond universe. “The EU is likely to start issuing these bonds in Q2 2021 to support the national recovery and resilience plans of member countries”, highlighted NN IP.
Pixabay CC0 Public Domain. Morningstar Indexes lanza un nuevo índice de género para mercados desarrollados
Morningstar announced the launch of the Morningstar® Developed Markets ex-Japan Gender Diversity Index℠, designed to provide exposure to developed market companies exhibiting strong gender diversity policy and practices.
In a press release, the firm pointed out that investor demand for ESG has increased drastically in the last decade, driving the need for these types of indexes. In this case, it will be powered by the data and scoring methodology of Equileap, a global provider of data and insights on gender equality for investors. More specifically, the constituents of the new index are weighted according to 19 gender equality criteria, including gender balance across the workforce, the gender pay gap, paid parental leave, and anti-sexual harassment policies.
The Japan’s Government Pension Investment Fund (GPIF), the world’s largest pension fund with approximately 1.5 trillion dollars in assets under management as of June 2020, has adopted the index as its benchmark to invest.
“During a tumultuous year consumed by a global health and economic crisis in which research shows working women pay a disproportional toll, transparent practices and policies that advance gender representation should be top of mind for companies. We are thrilled to be working with Equileap and GPIF on a meaningful endeavor that we believe will have the potential to not only act as a catalyst to shape corporate behavior but also help investors achieve their financial goals”, said Ron Bundy, president of Morningstar Indexes.
This launch is in line with the white paper published by Morningstar and Equileap “Investing Inclusively: Building Shareholder Value Through Gender Diversity.” The report highlights that companies that foster gender diversity and create inclusive cultures are tapping into the potential of the full population and are positioned to benefit from the effects of cognitive diversity. In this sense, “they are not only advancing the cause of human rights but also have the potential to maximize shareholder value”.
The index is derived from the Morningstar Developed Markets ex-Japan Large-Mid Index, which includes large and mid-capitalization equities from the U.S., Canada, Western Europe, Israel, Australia, Hong Kong, New Zealand, and Singapore. “In addition to providing a similar risk/return profile to the broad market, it is built to provide exposure to publicly traded companies with strong gender diversity policies embedded in their corporate culture and that ensure equal opportunities to employees, irrespective of their gender”, Morningstar concluded.
Banco Santander’s board of directors has resolved to name Gina Díez Barroso as a new independent director after Rodrigo Echenique‘s departure, announced the bank in a press release. The board has also agreed to appoint Alejandro Butti as the new CEO and country head of Santander Argentina.
Díez Barroso is a Mexican entrepreneur, founder and president of Diarq Group, an architecture and design company that carries out real estate projects in Mexico and the United States. She has career of more than 20 years in the real estate and education sectors, in addition to the experience she acquired in banking as an independent director of Banco Santander Mexico. She is also the founder and president of Universidad Centro, Mexico City’s first university specializing in creative studies.
With this appointment, which will be submitted for ratification at the next general shareholders’ meeting of Santander, Díez Barroso will fill the vacancy left by Rodrigo Echenique, who will step down from his role as director after 32 years at the Santander Group. He also left his executive positions as vice chairman of the bank and chairman of Santander Spain in May 2019.
“Gina Díez Barroso has vast knowledge of the US and Mexico, two of the group’s most important markets. She will also add additional expertise in areas such as real state, banking, education, and sustainable business. Her arrival means 40% of our board will be women”, said the bank’s executive chairman, Ana Botín.
She also highlighted the “privilege and honor” it has been to work with Echenique. “He has been pivotal to the growth and success of Banco Santander over the last 30 years, from the launch of the Supercuenta in 1989 to the recent acquisition of Banco Popular”, she added.
With the addition Díez Barroso, the board of directors of Santander will continue to be made up of 15 members, 10 of whom are independent directors.
New country head for Argentina
The board has also agreed to appoint Alejandro Butti as the new CEO and country head of Santander Argentina, subject to regulatory approvals. He will report to Head of South America, Sergio Rial. Butti, who has been with Grupo Santander for over 25 years, is a member of Santander Argentina’s executive committee and, until now, headed Santander Corporate & Investment Banking (CIB) in Argentina.
“Sergio Lew, who has played an important role in driving Santander Argentina’s growth in the last two and a half years, will return to the CIB business in the United States, where he has spent a large part of his professional career and collaborated to implement a global service model with a focus on Latin America. He will remain as country head of Santander Argentina until 31 March 2021 to ensure a smooth transition”, revealed the bank in the press release.
Pixabay CC0 Public Domain. El departamento Federal de Finanzas de Suiza (FDF) levanta las restricciones al Reino Unido
Polar Capital has reached an agreement to acquire 100% of Dalton Capital, the parent company of Dalton Strategic Partnership, for 15.6 million pounds (around 20.85 million dollars). This UK based boutique asset manager had 1.24 billion pounds (1.68 million dollars) in assets under management as at 15 December 2020.
In a press release, Polar Capital stated that the acquisition has “a strong strategic rationale” with its growth and diversification strategy and adds “a leading European investment team” to its existing European Income team. It also provides the group with broader wholesale and institutional distribution into Europe, particularly in the German market.
The deal excludes the Velox Fund, which is on the Dalton platform, but includes the Melchior European Opportunities Fund and the existing Luxembourg SICAV umbrella which will aid the group’s product range for international distribution.
The transaction reaches 15.6 million pounds split between the initial consideration of 8.3 million of which 7.8 million will be paid in cash from Polar Capital’s existing resources and half a million pounds in Polar Capital shares. Afterwards, there will be a deferred cash consideration of 7.3 million pounds, payable 12 months after completion, with the amount being linked to the value of assets under management at the time.
A strategic fit for 2021
“The acquisition of Dalton Strategic Partnership is further delivery of our growth and diversification strategy and is an excellent strategic, geographic and cultural fit with our existing business. It delivers greater scale, new capabilities and an expanded distribution reach in Europe, as well as highly experienced investment teams with a good track record. This acquisition will also provide Polar Capital with its first Luxembourg SICAV”, said Gavin Rochussen, CEO of Polar Capital.
Meanwhile, Nick Mottram, CEO at Dalton, claimed to be “delighted” to be joining the group and pointed out that they have long been impressed by their strong client focus, proposition and growth aspirations. “It is a good cultural fit for us and that was important when we were looking to join a larger group, as we wanted to ensure we retained investment autonomy over our funds”, he commented.
Also, he pointed out that the managers of their two key investment strategies, David Robinson and Leonard Charlton, are “committed and enthusiastic” about the acquisition and the opportunity it will provide “to further develop their investment propositions to the benefit of their investors”.
The transaction is expected to complete in Q1 2021 with a transition of the DSP business onto the Polar Capital platform during Q2 2021.
Pixabay CC0 Public DomainAntoine Onfray, nuevo director financiero de Tikehau Capital.. Antoine Onfray, nombrado director financiero de Tikehau Capital
Tikehau Capital, the alternative asset management and investment group, has announced in a press release the appointment of Antoine Onfray as Chief Financial Officer. In this position, he will be responsible for developing and implementing the group’s financial strategy and will report to Henri Marcoux, Deputy Chief Executive Officer of the firm.
Onfray began his career in 2007 in the General Inspection department of Société Générale. Between 2010 and 2016, he was Head of Financing and Treasury and Head of Investor Relations at Unibail-Rodamco-Westfield and he was then named Deputy Chief Financial Officer at Eurosic. Prior to joining Tikehau Capital, Onfray was Group Deputy CEO of Paref, a listed real estate group, where he arrived at 2017 as Chief Financial Officer.
“We are delighted to welcome Antoine, who brings a wealth of expertise in the financial function of listed groups. He will be a major asset in the growth dynamic of Tikehau Capital, whose solid financial structure with 2.8 billion euros shareholders’ equity, contributes directly to the achievement of the Group’s strategic objectives,” said Henri Marcoux, Deputy CEO of Tikehau Capital.
Foto cedidaAdrie Heinsbroek, director de sostenibilidad de NN Investment Partners.. NN Investment Partners nombra a Adrie Heinsbroek director de sostenibilidad
NN Investment Partners (NN IP) has announced in a press release the appointment of Adrie Heinsbroek as Chief Sustainability Officer, as of 1 January 2021. In this newly created role he will advise the Board on sustainability matters and challenges, and their implications for the entire organization.
Heinsbroek will be responsible for bringing external developments that shape the operational surroundings and society, such as increased regulations and climate change, directly to the Board. He will also advise on NN IP’s own footprint and the further implementation of its responsible investing approach in its strategies. He will continue to report to Arnoud Diemers, Head of Innovation and Responsible Investing Platform, and will additionally take on a direct advisory role to Satish Bapat, CEO of NN IP.
The asset manager believes that Heinsbroek will help them remain “at the forefront of global sustainability and ESG developments”. In their view, his appointment enables NN IP to leverage on his knowledge and experience whilst setting priorities and make decisions for the future.
“As a responsible investor, we aim to improve both our clients’ returns and the world we live in. We do this by looking beyond financial performance, because the people we work for and with, represent more than just the investments we manage. The announcement illustrates our strong commitment as a responsible investor”, said Satish Bapat.
Heinsbroek joined NN IP in February 2017 as Principal Responsible Investment and has over 20 years of experience in the field of sustainability and ESG integration.
Pixabay CC0 Public Domain. Amundi amplía su gama de ETFs ESG con una nueva estrategia de renta variable alemana
Amundi announced in a press release the expansion of its ESG ETF range, with the addition of a new passive investing strategy that offers broad exposure to the German equity markets while incorporating sustainable investment criteria. The fund is listed on Xetra and is offered “at a competitive price of 0.19% OGC”, stated the asset manager.
The Amundi DAX 50 ESG UCITS ETF is composed of the 50 largest German companies with strong sustainable profiles. It tracks an index that excludes all companies violating the international standards and involved in controversial weapons, as well as some sectors such as tobacco and thermal coal.
Amundi offers a comprehensive range of ETFs designed to make sustainable investing accessible to investors no matter what their ESG integration requirements and risk budgets are. In their view, this approach empowers investors to cost-effectively reflect their individual goals and values within their ESG allocations.
“We are delighted to enhance our offering of responsible ETFs, providing investors with the choices they need to implement cost-effective ESG portfolios. Building on our existing range of core ESG ETFs, we are now extending our offer through country flagship exposures like the S&P 500 ESG and today the DAX 50 ESG”, said Fannie Wurtz, Head of ETF, Indexing and Smart Beta at Amundi.
Meanwhile, Juan San Pío, Head of Sales at Amundi ETF for Iberia and Latam pointed out that with the expansion of their range, they make available to investors “new instruments that allow them to build and diversify their ESG strategies by helping to meet their sustainable investment needs with a simple, transparent and cost-efficient solution”.
Pixabay CC0 Public DomainBroker observando la evolución de las acciones en Wall Street. Wall Street
As every month, Gabelli provides investors a fresh overview of what has happened in the markets the previous month. In November’s outlook, Gabelli’s experts pay attention to three main topics.
Value
U.S. equities rallied sharply in November, posting its biggest monthly gain since 1987. Prospects for improved economic growth have been supported by progress on vaccines, expectations for more government fiscal stimulus, and a continued U.S. Federal Reserve accommodative monetary policy.
The greatest tailwind for U.S. stock was the upbeat news regarding coronavirus vaccines. Pfizer (PFE) and BioNTech (BNTX) disclosed that an initial analysis of a late-stage study showed their coronavirus vaccine candidate was more than 90% effective, while follow-up data put the efficacy rate at 95%. Shortly after, Moderna (MRNA) and AstraZeneca (AZN) also reported positive news with effective rates that also exceeded 90%. Despite the renewed spike COVID-19 cases, investors remain focused on the distribution and short-term availability of the vaccine.
Former Vice President Biden defeated President Trump in the U.S. Presidential election while the widely previewed “blue wave” failed to come to fruition as Republicans narrowed the Democrats’ majority in the House of Representatives and appear to be in a position to retain control of the Senate. The idea of a split Congress suggests minimal changes in tax and regulatory policies in the near future.
The removal of election uncertainty may have helped put more focus back on a statistically strong Q3 earnings season. As Value Investors, we will continue to use the current market volatility as an opportunity to buy attractive companies, which have positive free cash flows, healthy balance sheets and are trading at discounted prices.
Merger Arbitrage
Mergers and acquisitions activity remained robust in November with $388 billion of deals announced, an increase of 18% over November 2019 levels. Through the end of November, global deal activity totaled $3.2 trillion, down only 11% from 2019 activity.
December is off to a fast start with salesforce.com acquiring Slack Technologies for cash and stock totaling $26 billion, and consolidation of asset managers continued with Macquarie agreeing to acquire Waddell & Reed Financial in an all-cash deal valued at $1.6 billion.
We are finding investment opportunities in newly announced deals attractive, and continue to add to existing positions in our portfolio. Our absolute return investments also positively impacted performance in November. More specifically, HD Supply Holdings (HDS-$55.78-NASDAQ), a distributor of industrial products for maintenance, repair & operations, and other infrastructure applications, agreed to be acquired by The Home Depot for $56 cash per share, or about $8 billion. Home Depot previously sold its HD Supply business to private equity in 2007, and was taken public in 2013.
Convertible Securities
Global converts have outperformed as their asymmetric exposure to stocks and high concentration of tech, software, and other “stay-at-home” names proved to be valuable benefits amid the high volatility post-lockdown backdrop.
As of today, the global convertibles market has expanded more than 35% in 2020 to over $460bn, its largest size since fall 2008.
The portfolio management team is keenly focused on what the “reopening” may suggest about a cyclical rotation within the CB space, which currently has a heavy concentration of tech and growth names, We believe that in 2021 equities will grind higher while volatility remains supported amid the economic recovery, we are of the belief that the momentum in CBs will persist and that unprecedented monetary easing will continue to encourage aggressive behavior in risk assets. We think converts will once again prove valuable in this environment as they allow investors to own the upside cautiously with the benefit of asymmetric exposure.
We think the macro backdrop will remain broadly supportive of CB issuance in the near-term given stocks are close to highs, market volatility is still elevated, credit spreads remain wide versus pre-COVID levels, and investor appetite for new deals is strong. We have seen the pace of High Yield issuance picking up versus CBs in the second half of 2020 as spreads trended tighter. Nonetheless, we are confident CBs will still be relatively attractive to borrowers despite the decline of their explicit cost savings as they allow for easier and speedier access to capital markets than HY bonds
November proved to be a volatile month as investors weighed the US presidential election and rising COVID cases in both Europe and the US. Outright global CBs excelled as the ICE BofA Global Convertibles G300 (VG00) added more than 9.8% on a local currency basis last month, outperforming all other global asset classes and bringing its year-to-date total return to +25.8%. (see chart below)
US Converts posted their best monthly returns in November (+13.5%) and the U.S. convertibles market size finally breached the previous peak (in May 2008) to reach $373.8bn in market value.
Recent economic data may be suggesting that inflation has begun to rebound from its post-COVID lows, and inflationary concerns have begun to manifest in the prices of various assets, including gold and TIPS but our analysis of both convertible bond floors and cross-asset performance suggests that CBs are much less negatively impacted by rising inflation as traditional fixed income assets.
Column by Gabelli Funds, written by Michael Gabelli
To access our proprietary value investment methodology, and dedicated merger arbitrage portfolio we offer the following UCITS Funds in each discipline:
GAMCO MERGER ARBITRAGE
GAMCO Merger Arbitrage UCITS Fund, launched in October 2011, is an open-end fund incorporated in Luxembourg and compliant with UCITS regulation. The team, dedicated strategy, and record dates back to 1985. The objective of the GAMCO Merger Arbitrage Fund is to achieve long-term capital growth by investing primarily in announced equity merger and acquisition transactions while maintaining a diversified portfolio. The Fund utilizes a highly specialized investment approach designed principally to profit from the successful completion of proposed mergers, takeovers, tender offers, leveraged buyouts and other types of corporate reorganizations. Analyzes and continuously monitors each pending transaction for potential risk, including: regulatory, terms, financing, and shareholder approval.
Merger investments are a highly liquid, non-market correlated, proven and consistent alternative to traditional fixed income and equity securities. Merger returns are dependent on deal spreads. Deal spreads are a function of time, deal risk premium, and interest rates. Returns are thus correlated to interest rate changes over the medium term and not the broader equity market. The prospect of rising rates would imply higher returns on mergers as spreads widen to compensate arbitrageurs. As bond markets decline (interest rates rise), merger returns should improve as capital allocation decisions adjust to the changes in the costs of capital.
Broad Market volatility can lead to widening of spreads in merger positions, coupled with our well-researched merger portfolios, offer the potential for enhanced IRRs through dynamic position sizing. Daily price volatility fluctuations coupled with less proprietary capital (the Volcker rule) in the U.S. have contributed to improving merger spreads and thus, overall returns. Thus our fund is well positioned as a cash substitute or fixed income alternative.
Our objectives are to compound and preserve wealth over time, while remaining non-correlated to the broad global markets. We created our first dedicated merger fund 32 years ago. Since then, our merger performance has grown client assets at an annualized rate of approximately 10.7% gross and 7.6% net since 1985. Today, we manage assets on behalf of institutional and high net worth clients globally in a variety of fund structures and mandates.
Class I USD – LU0687944552 Class I EUR – LU0687944396 Class A USD – LU0687943745 Class A EUR – LU0687943661 Class R USD – LU1453360825 Class R EUR – LU1453361476
GAMCO ALL CAP VALUE
The GAMCO All Cap Value UCITS Fund launched in May, 2015 utilizes Gabelli’s its proprietary PMV with a Catalyst™ investment methodology, which has been in place since 1977. The Fund seeks absolute returns through event driven value investing. Our methodology centers around fundamental, research-driven, value based investing with a focus on asset values, cash flows and identifiable catalysts to maximize returns independent of market direction. The fund draws on the experience of its global portfolio team and 35+ value research analysts.
GAMCO is an active, bottom-up, value investor, and seeks to achieve real capital appreciation (relative to inflation) over the long term regardless of market cycles. Our value-oriented stock selection process is based on the fundamental investment principles first articulated in 1934 by Graham and Dodd, the founders of modern security analysis, and further augmented by Mario Gabelli in 1977 with his introduction of the concepts of Private Market Value (PMV) with a Catalyst™ into equity analysis. PMV with a Catalyst™ is our unique research methodology that focuses on individual stock selection by identifying firms selling below intrinsic value with a reasonable probability of realizing their PMV’s which we define as the price a strategic or financial acquirer would be willing to pay for the entire enterprise. The fundamental valuation factors utilized to evaluate securities prior to inclusion/exclusion into the portfolio, our research driven approach views fundamental analysis as a three pronged approach: free cash flow (earnings before, interest, taxes, depreciation and amortization, or EBITDA, minus the capital expenditures necessary to grow/maintain the business); earnings per share trends; and private market value (PMV), which encompasses on and off balance sheet assets and liabilities. Our team arrives at a PMV valuation by a rigorous assessment of fundamentals from publicly available information and judgement gained from meeting management, covering all size companies globally and our comprehensive, accumulated knowledge of a variety of sectors. We then identify businesses for the portfolio possessing the proper margin of safety and research variables from our deep research universe.
Class I USD – LU1216601648 Class I EUR – LU1216601564 Class A USD – LU1216600913 Class A EUR – LU1216600673 Class R USD – LU1453359900 Class R EUR – LU1453360155
Disclaimer: The information and any opinions have been obtained from or are based on sources believed to be reliable but accuracy cannot be guaranteed. No responsibility can be accepted for any consequential loss arising from the use of this information. The information is expressed at its date and is issued only to and directed only at those individuals who are permitted to receive such information in accordance with the applicable statutes. In some countries the distribution of this publication may be restricted. It is your responsibility to find out what those restrictions are and observe them.
Some of the statements in this presentation may contain or be based on forward looking statements, forecasts, estimates, projections, targets, or prognosis (“forward looking statements”), which reflect the manager’s current view of future events, economic developments and financial performance. Such forward looking statements are typically indicated by the use of words which express an estimate, expectation, belief, target or forecast. Such forward looking statements are based on an assessment of historical economic data, on the experience and current plans of the investment manager and/or certain advisors of the manager, and on the indicated sources. These forward looking statements contain no representation or warranty of whatever kind that such future events will occur or that they will occur as described herein, or that such results will be achieved by the fund or the investments of the fund, as the occurrence of these events and the results of the fund are subject to various risks and uncertainties. The actual portfolio, and thus results, of the fund may differ substantially from those assumed in the forward looking statements. The manager and its affiliates will not undertake to update or review the forward looking statements contained in this presentation, whether as result of new information or any future event or otherwise.
