Download
wheb listed equity n.
Skip this Video
Loading SlideShow in 5 Seconds..
WHEB Listed Equity PowerPoint Presentation
Download Presentation
WHEB Listed Equity

WHEB Listed Equity

111 Views Download Presentation
Download Presentation

WHEB Listed Equity

- - - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

  1. WHEB Listed Equity April 2014 www.whebgroup.com CONFIDENTIAL - FOR PROFESSIONAL INVESTORS ONLY

  2. Important information This presentation, its contents and any related communication (altogether, the “Presentation”) is provided by WHEB Asset Management LLP (“WHEB Asset Management”) and: (1) does not constitute or form part of any offer or invitation to buy or sell any security including any shares in the FP WHEB Sustainability Fund (“Shares” and “Fund” respectively), or any offer to perform investment management or other investment business; (2) should not be relied upon and should not form the basis of any investment decision in relation to Shares or otherwise; any such investment decision should be made only on the basis of authorised material provided to you, legal documents and the advice of your professional advisers; (3) is not and should not be treated as advice of any kind, investment research or a research recommendation; (4) any opinions expressed in this Presentation should not be relied upon as an indication of future performance of the Fund, Shares or any stock market, or of any guarantee of any return from the Fund or Shares; (5) is in summary form and may refer to and may be materially affected by future events, and may contain statements, estimates and projections of anticipated future performance which reflect various assumptions which may or may not be within the control of WHEB Asset Management or be correct; (6) WHEB Asset Management has exercised all reasonable care in preparing this Presentation and it includes information from sources that we consider to be reliable, however no representation or warranty, express or implied, is made as to the accuracy, reliability or completeness of the Presentation or as to whether any future event may occur, by WHEB Asset Management, its group companies and its or their directors, officers, employees, associates and agents (“WHEB Persons”); (7) is subject to change at any time and no WHEB Person is under any obligation to inform any person of any such change; (8) is only made available to recipients who may lawfully receive it in accordance with applicable laws, regulations and rules and binding guidance of regulatory bodies; (9) in the UK, is only directed at and available to persons who are Professional Clients or Eligible Counterparties; and (10) is not available to or directed at persons located in the U.S. or to U.S. Persons, as defined in SEC Rule 902 of Regulation S under the U.S Securities Act 1933, as amended, and does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States, other than pursuant to an exemption under that act.  To the fullest extent permitted by applicable law, regulation and rule of regulatory body, WHEB Persons shall have no liability for any loss in relation to the Presentation, however arising including without limitation direct, indirect, consequential or loss of profit. The prices of Shares and the income from them can fall as well as rise and you may not get back the amount originally invested. This can be as a result of market movements and also of variations in the exchange rates between currencies. Past performance is not a guide to future returns and may not be repeated. By opening, reading and not returning this Presentation you agree to and acknowledge the above. “WHEB Asset Management” is a trading name of WHEB Asset Management LLP, whose registered office is at 2 Fitzhardinge Street, London W1H 6EE and which is registered in England and Wales with number OC 341489. WHEB Asset Management LLP is authorised and regulated by the FCA with registered number 496413.  Fund Partners Limited (formerly   IFDS Managers Limited) is the Authorised Corporate Director of the Fund and is authorised and regulated by the Financial Conduct Authority and has its registered office at Cedar House, 3 Cedar Park, Cobham Road, Wimborne, Dorset, BH21 7SB’. FP WHEB Sustainability Fund is listed on ImpactBase, the online directory of impact investment funds and products. CONFIDENTIAL

  3. WHEB: Leading Sustainability Boutique Founded in 2002 £370m of assets under management1 Team formerly ran leading strategies at Jupiter, Henderson and Aviva Source: 1WHEB Group Feb 2014 CONFIDENTIAL

  4. Exponential growth in population and resource use Northern hemisphere average surface temperature Population GDP Paper consumption Species extinctions Fisheries exploited Loss of tropical rainforest and woodland Water use CO2 concentration Ozone depletion Foreign investment Motor vehicles 1750180018501900 19502000 Source: New Scientist 18/08/2009 reporting Singer-Verlag, Berlin, Heidelberg, New York on unsustainable exponentials CONFIDENTIAL

  5. Half the population will live under water stress by 20301 Source: 1. Bank of America CONFIDENTIAL

  6. Traditional energy production is unsustainable Source: UNEP CONFIDENTIAL

  7. Global infrastructure is in crisis 2 http://www.mckinsey.com/insights/mgi3 Reuters CONFIDENTIAL

  8. Population is growing older… and more obese Average global life expectancy: 1960 – 52 / 2011 – 681 1 http://projects.flowingdata.com/life-expectancy/ CONFIDENTIAL

  9. From crisis stems opportunity: Resource Efficiency Environmental Services Water Management Cleaner Energy Sustainable Transport Safety Education Health Well-being CONFIDENTIAL

  10. Resource efficiency: Less is more LONG-TERM SUSTAINABLE GROWTH | INTEGRATED STOCK-LED RESEARCH | FOCUSED INDEPENDENT CLIENT-DRIVEN | PERFORMANCE AND UPDATE Lighting sales growth 2011-20201 * Source: 1 McKinsey 10

  11. Powerful, sustainable growth The growth rates of the universe are weighted average growth rates of the individual stocks based on their current market capitalisations. The growth rates of MSCI World are weighted average growth rates of the constituents based on their weightings in the index. 1The 5-year historical sales growth of individual stocks is calculated as: [((Most recent sales growth / Sales growth five years earlier) ^ 0.2) – 1 ] * 100 3The 1-year forecast sales growth of individual stocks is calculated as: [(Sales estimate for current financial year / Comparable sales a year earlier) -1] * 100 Source: Bloomberg. (5-year and 1-year data are the latest available from Bloomberg as at 31/3/2014.) CONFIDENTIAL

  12. Fund diversified by sub-theme: Legend: Resource Efficiency Cleaner Energy Sustainable Transport Environmental Services Water Safety Health Wellbeing Education Source: Bloomberg, Data as of 31 March 2014 CONFIDENTIAL

  13. Fund Characteristics Fund beta less than market average Geographic exposure in line with MSCI World Index Large and mid-cap rather than small Market Cap Exposure Geographic Exposure 1 Bloomberg, WHEB Asset Management Research. Active Weighting refers to the % overlap between the fund and Index weightings Data as at 31 March 2014, source: Bloomberg. The data in the forward P/E, long-term earnings growth, PEG and beta tables were taken on 1 April 2014. Cash is excluded in the exposure calculation in the forward P/E, FY2 earnings growth, PEG and beta tables. 2 The average holding period is derived from the fund turnover at the last reporting date (six months to 31.08.2013), Source: State Street Global Services. CONFIDENTIAL

  14. Most analysts miss half the picture …ignores vital information A narrow financial focus… CONFIDENTIAL

  15. Adding value through the investment process • Fundamental Analysis: Faiveley 58% / Wabtec 63% • Sector is highly exposed to business ethics risks though long-term contracts, role in public procurement, Transparency International Bribe Payers’ Index. • Our analysis indicated that Faiveley has weaker governance, related party transactions, lack of independence, poor disclosure • Faiveley had poorer management of business ethics issues when compared to Wabtec 15

  16. Strategy Track Record 2005-2011 at Henderson This chart provided for illustrative purposes only. Tim Dieppe was the manager of the Henderson Industries of the Future fund (‘Henderson IoF’) during the period from 1 January 2006 to 31 December 2011. Tim has been the lead fund manager of the FP WHEB Sustainability Fund since 1st April 2012. Prices are last quoted prices for each day in GBP i.e. MSCI World quoted after market close in North America; Henderson IoF quoted at midday in UK. Prices net of fees. Source: Bloomberg; MSCI. Neither MSCI no any other party involved in or relating to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. CONFIDENTIAL

  17. Performance versus Benchmarks since May 2012 This chart shows the performance of the FP WHEB Sustainability Fund (A share class, net of 1.5% AMC and other fees) since 30 April 2012 to 31 March 2014 versus a range of benchmarks. Tim Dieppe has been the lead fund manager of the FP WHEB Sustainability Fund since 1st April 2012, and the portfolio was transitioned to the new process by the end of April 2012. Until 30 September 2013 the FP WHEB Sustainability Fund was named the IM WHEB Sustainability Fund. The C share class was launched on 3 September 2012 and is shown net of 0.85% AMC and other fees. Calculated using last quoted prices for each day in GBP i.e. MSCI World quoted after market close in North America; FP WHEB Sustainability quoted at midday in UK. Source: Bloomberg; MSCI Numbers in brackets on the graph legend are total returns for each fund for the period described. CONFIDENTIAL 17

  18. Performance versus IMA Peer Group since May 2012 FP WHEB Sustainability IMA Global Equities sector Return Source: Trustnet. Investment Management Association index of global funds shows the performance of the average of 259 mainstream global equities funds in the UK. CONFIDENTIAL

  19. A N Other UK Ethical Fund top 10 holdings 3.6% Vodafone Glencore Xstrata 7.5% 3.5% 4.5% Lloyds Banking Group National Grid 3% 4.2% Tesco BG Group 2.1% 3.9% Shire Prudential 3.7% BT Group Legal & General Group 1.6% Source: Anonymous ethical fund fact sheet. Data as at 31 March 2014. CONFIDENTIAL

  20. FP WHEB Sustainability Fund Top 10 Holdings 1.9% Pentair Covidien 2% 1.8% 2% Borg Warner Novo Nordisk 1.8% 1.9% Mednax Quanta Services 1.7% 1.9% Cooper Companies Trimble 1.9% Thermo Fisher Varian Medical Systems 1.7% Source: Bloomberg. Data as at 31 March 2014. CONFIDENTIAL

  21. Conclusion FP WHEB Sustainability Fund 1 Integrity • Every stock in our universe provides a solution to a sustainability challenge 2 Growth • Universe growing faster than MSCI World Index 3 Leading team • Long track-record of out-performance 1Source: WHEB Listed Equity estimates CONFIDENTIAL