M Convertibles Eurozone Convertible Bonds AD share class 30 APRIL 2015 NAV (AD) Fund Total Assets 2 249.75 152.1M€ Evolution 130 M Convertibles (AD) Exane Eurozone Convertible * Presentation The objective of M Convertibles fund, which is based on european bond and equity markets, is to outperform the Exane Eurozone Convertible Bond index over the medium term, through a discretionary investment management. 120 The M Convertibles fund aims to capture equity market upside, whilst benefiting from the defensive aspect provided by the bond component of its investments, which mitigates downside market risk. 110 100 90 *Benchmark Source Bloomberg, base 100 as at 31/12/2007 80 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Performance & Risk Indicators M 25.9% 21.6% Convertibles AD 21.6% 30.4% 7.1% 4.1% 8.4% 14.1% Perf. Inception (a) Perf. 5 years Perf. 3 years Perf. YTD Perf. 2014 Perf. 2013 Perf. 2012 Volatility 1 year Sensitivity to stock** Modified Duration Perf. Inception (a) M Convertibles (AD) Exane Euro Convertibles Exane ECI Euro 25.9% 32.4% 6.8% 3.1% 9.8% 18.2% Port. 25.4% 14.6% 11.3% 8.9% 7.8% 7.2% 7.1% 6.7% 6.6% 4.4% Index 31.7% 8.7% 8.9% 14.7% 4.6% 7.3% 5.4% 0.0% 13.5% 5.2% Investment universe Lower risk Typically lower rewards Higher Risk 3 4 Portfolio construction Convertible bonds screening France Italy Germany Spain Portugal Belgium Austria Sweden Others Port. 28.6% 20.1% 19.7% 8.2% 7.2% 5.5% 4.2% 1.7% 4.7% Index 42.8% 8.3% 23.3% 6.8% 10.3% 2.0% 2.4% 0.0% 4.1% Securities selection and monitoring Underlying stock upside potential Source Exane / Montpensier Finance Risk / Return Profil 2 The M Convertibles portfolio construction process is based on five key tenets : Country RépartitionBreakdown Géographiques Sector Breakdown 1 M Convertibles investment process focus on pure Euro zone Convertibles Bonds. 6.1% 43.4 3.4 Source Bloomberg-Montpensier / Performance calculation : rolling month-end NAV Volatility calculation : Friday NAV, rolling weekly steps / (a) 14/04/2011 ** measuring the variation of convertible bond price related to a variation of 1% of the underlying stock price. Past performance is not indicative of current or future results. The fund undertakes risks that may lead to a loss of capital. Financials Consumer Goods Industrials Oil & Gas Health Care Technology Consumer Services Telecommunications Utilities Basic Materials The M Convertibles fund's investments are managed on a discretionary basis. The portfolio managers applies a multi-criteria stock picking approach, combining equity upside potential, credit risk and the technical profile's analysis of convertible bonds. 5 6 7 Typically higher rewards Risk of capital loss Discretionary management risk Convertible bond risk, equity risk, interest rate risk, credit risk BEFORE ANY INVESTMENT, PLEASE CAREFULLY READ THE KIID AND PROSPECTUS OF THE UCIT www.montpensier.com Presented performance refer to AD share class. See full disclaimer overleaf Montpensier Finance - 30 Avenue George V - Paris VIII - France Regulated by the AMF, agreement n° GP 97-125 - Tel. : +33 1 (0) 45 05 55 55 - E-mail : [email protected] - AMF : 17, place de la Bourse, 75002 Paris, France M Convertibles Portfolio Economic indicators remain on a positive trend in Europe. In the US, the very weak initial Q1-2015 GDP growth estimates (+0.2% with rising inventories) may stall the Fed. In China, markets were fuelled by a shift towards a highly accommodating monetary policy. Among European convertible bonds, Unibail capitalised on market conditions to redeem an existing tranche which had assumed a strong "equity" profile and to issue a longer-dated CB with a more balanced profile. We continued increasing our weightings in more balanced profiles. We therefore reduced our BNP (Pargesa) 2016 holding, and added to the following positions: Bekaert 2018, Parpublica (Galp) 2017, Rag (Evonik) 2021 and Telecom Italia 2022. We also initiated positions in CEZ (Mol) 2017 and HUSTHO (Richter) 2019, which are both relatively undervalued and close to their bond floor. Investment objective The objective of the fund is to achieve annualised capital appreciation over the medium term through a risk adjusted outperformance against the Exane Eurozone Convertible Bond index. Convertible bonds are picked on an active, discretionary and unconstrained approach. The recommended minimum investment horizon is three years. Investment Universe The fund will invest its assets in convertible bonds and convertible bonds related securities issued by companies that are headquartered in the Eurozone and other OECD members, or conduct the preponderant part of their activity in the Eurozone and other OECD members. Main Holdings Parpublica (Galp) - 5.25% - 09/2017 Telecom Italia - 1.125% - 03/2022 Caixaholding (CaixaBank) - 1% - 11/2017 Misarte (Kering) - 3.25% - 01/2016 Rag Stiftung (Evonik) - 0% - 02/2021 Fresenius - 0% - 09/2019 Eni (Snam) - 0.625% - 01/2016 Fresenius Medical Care - 1.125% - 01/2020 Alcatel Lucent - 0.125% - 01/2020 Rallye (Casino) - 1% - 10/2020 4.8% 4.7% 3.8% 3.5% 3.4% 3.2% 2.9% 2.8% 2.7% 2.6% Source Montpensier Finance Fund Data Legal Status AMF classification Agreement date Currency Approved for public distribution in Management fee Performance fee Isin Bloomberg Asset Management Company Custodian Valuation Cut-off Investment horizon Sub. settlement Red. Settlement FCP UCITS IV Diversified 28th December 1990 EUR France, Switzerland, Luxembourg IC : 0.80% ID : 0.80% AC : 1.20% AD : 1.20% none IC : FR0011033844 ID : FR0011029503 AC : FR0010722884 AD : FR0011029495 IC : ATLCONV FP ID : - / AC : - / AD : Montpensier Finance CACEIS Bank France Daily (Caceis) 11:00 AM CET 3 years minimum T+3 T+3 Montpensier Finance is a signatory to the PRI (Principles for Responsible Investment) Legal notices : The present document is for simplified informative purposes only and represents 1) neither a proposal, purchase offer or any other type of transaction relating to the financial instruments described herein; 2) nor a form of investment advice. It is important to read the most recent version of the prospectus and the KIID (available on our website: www.montpensier.com) before making any investment decisions with regard to the financial instruments described in the present document. Future investors must take the necessary steps to determine how much they can invest, on the basis of their knowledge of financial markets, the legal, tax and accounting considerations which apply to their specific situation. The opinions expressed in the present document may be modified without prior notice. Investors are responsible for ensuring that they are in possession of the most recent available version of the present document. Past performances are no guarantee of current or future results. There is no guarantee on capital. Performance data do not reflect the fees that may be charged on issue and redemption of shares. MorningstarTM rating is not guaranteed to be accurate, complete or timely. This document is not certified by the auditors, and will not involve the responsibility of Montpensier Finance. Applicants for the subscription of the Fund will be required not to be Private Customers in the sense of current regulations in force in the United Kingdom. Montpensier Finance - 30 Avenue George V - Paris VIII - France Regulated by the AMF, agreement n° GP 97-125 - Tel. : +33 1 (0) 45 05 55 55 - E-mail : [email protected] - AMF : 17, place de la Bourse, 75002 Paris, France
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