Quest for Growth. 23 April 2010

Transcription

1 Quest for Growth Press & Analyst Meeting 23 April

2 Agenda Introduction Q results and performance Quest for Growth New managing director s agreement Market environment Questions and Answers 2

3 Introduction Key facts Net Asset Value per share on March 31st 2010: 7.42 (December 31st 2009: 7.25) Net profit Q1/2010: 2.1 million ( 0.18 per share) against a loss of 2.1 million ( per share) for Q1/2009 Share price on March 31st 2010: (December 31st 2009: 4.65) Discount of the share price versus Net Asset Value: % on March 31st 2010 (35.84 % on December 31st 2009). New managing director s agreement Quest for Growth - Quest Management: per year starting as of 01/04/2010 till 31/03/2012 3

4 Agenda Introduction Q results and performance Quest for Growth New managing director s agreement Market environment Questions and Answers 4

5 Q results and performance Quest for Growth 5

6 Q results and performance Quest for Growth 6

7 Q results and performance Quest for Growth 7

8 Q results and performance Quest for Growth 8

9 Q results and performance Quest for Growth 9

10 Q results and performance Quest for Growth Net result in millions Return % 00% ions Net re esult in milli % 10.00% 0.00% % % % % Return / / (6 months) (tot 31 maart) Dividend: 0 0 0,69 1,95 Boekjaar: 0, % 00% 10

11 Q results and performance Quest for Growth 40,000,000 30,000,000 20,000,000 10,000, ,000, (tot 31 maart) -20,000,

12 15,000,000 10,000,000 5,000, ,000,000-10,000,000-15,000,000-20,000,000-25,000,000 Q results and performance Quest for Growth Quest for Growth - Quarterly results 12 Q3/2002 Q4/2002 Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006 Q3/2006 Q4/2006 Q1/2007 Q2/2007 Q3/2007 Q4/2007 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 Q4/2009 Q1/2010

13 Performance of Quest for Growth NAV compared to Market Indices to 31 March

14 Q results and performance Quest for Growth Added value per sector Added value per sector per share (January - March 2010) Sector Hedge Cost 14 NAV / Share Waarde 31/12/2009 Technology Hardwar e Semiconductors Health Care Funds Equity Hedging Currency hedging Financiële opbrengsten Kosten Waarde 31/03/2010 Pharma & Biotech Equipment & Services & Diversified Companies Software & Services Electrical & Engineering Materials

15 Results of currency hedge since the beginning of the fiscal year Added value currency hedge (January-March 2010) 100,000 0 EUR -100, , ,000 Jan 10 Feb 10 Mar 10 15

16 Quest for Growth share price Total shareholders return 16

17 Quest for Growth share price Discount to Net Asset Value 60% 50% Discount 31/03/2010: 40,73 % 40% 30% 20% 10% Long-term holding discount Quest for Growth - discount fully diluted 0% jan 02 jul 02 jan 03 jul 03 jan 04 jul 04 jan 05 jul 05 jan 06 jul 06 jan 07 jul 07 jan 08 jul 08 jan 09 jul 09 jan 10 17

18 Quest for Growth One share of Quest for Growth represents: Share price ~ 4,40 18

19 Quest for Growth One share of Quest for Growth represents: Share price ~ 4,40 Quoted portfolio ~ 4,84 19

20 Quest for Growth One share of Quest for Growth represents: Share price ~ 4,40 Cash ~ 0,40 Quoted portfolio ~ 484 4,84 20

21 Quest for Growth One share of Quest for Growth represents: Share price ~ 4,40 Unquoted portfolio ~ 2,18 Cash ~ 0,40 Quoted portfolio ~ 4,84 21

22 Quest for Growth One share of Quest for Growth represents: 100,000,000 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000, ,000,000 20,000,000 10,000, Cash + andere netto activa Genoteerde ondernemingen Niet genoteerde ondernemingen Durfkapitaalfondsen Beurskapitalisatie 22

23 Distribution of the portfolio by sector at March 31st,

24 Distribution of the portfolio by country at March 31st,

25 Agenda Introduction Q results and performance Quest for Growth New managing director s agreement Market environment Questions and Answers 25

26 New managing director s agreement Quest for Growth Quest Management Previous agreement (1 January March 2010) 2009: 1,950,000 ( 0.16 per share) Total cost ratio: max. 3.5 % Total cost ratio 2009: 3.31% of assets under management at 31/12/ % of assets under management at 31/12/

27 New managing director s agreement Quest for Growth Quest Management New agreement In respect for article 524 of the Company code Conflict of interest: Quest for Growth - Quest Management Committee of 3 independent directors to negotiate in the interest of all shareholders of Quest for Growth with Quest Management NV Assisted by an independent expert 27

28 New managing director s agreement Quest for Growth Quest Management New agreement Term: 2 years As of 1 April 2010 to 31 March 2012 Fixed fee: 1,500,000 per year Triggers for Amendment: Global Cost Ratio > 3,5% Fee < 1,5% 28

29 New managing director s agreement Quest for Growth Quest Management New agreement (1 April March 2012) 1,500,000 ( 0.13 per share) Total cost ratio: max. 3.5 % In percentage: 1.76% of assets under management at 31/12/2009 Fee fiscal year 2010: 1,610,959 Fee fiscal year 2011: 1,500,000 29

30 New managing director s agreement Quest for Growth Quest Management Triggers for amendment: Trigger aanpassing overeenkomst 5.00% 4.50% 4.00% 3.50% Boekjaar 2009 % NAV 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 00% Dec-09 Mar-10 Jun-10 Sep-10 Evolutie beheervergoeding datum gerelateerd tot NIW Global Cost Ratio Beheervergoeding Dec-10 Evolutie global cost gerelateerd global cost tov NIW Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 - Depothoudende bank - Commisaris revisor - Abonnementstaksen - Druk- en publicatiekosten - Juridisch advies - Verzekering - Bestuurdersvergoeding Asset Management - Personeel (8 FTE) - Huisvesting - Boekhouding - Administratie - Organisaties - Lidgelden vakorganisaties

31 New managing director s agreement Quest for Growth Quest Management 2,500,000 RvB 20/03/2003: RvB 16/01/2006 tot 20/6/2006: vanaf 21/06/2006: ,85% kapitaalverhoging RvB 09/02/2008: ,000,000 in euro 1,500,000 1,000,000 kapitaalverhoging kapitaalverhoging /09/2005 kapitaalvermindering: % ingetekend kapitaal 500,000 8/11/2005 kapitaalverhoging: Dec-1 10 Dec-0 09 Dec-0 08 Dec-0 07 Dec-0 06 Dec-0 05 Dec-0 04 Dec-0 03 Dec-0 02 Dec-0 01 Dec-0 00 Dec-9 99 Dec-9 98 Dec-9 97 datum reëel in rekening gebracht 31

32 New managing director s agreement Quest for Growth Quest Management 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% datum evolutie gerelateerd tot NIW 32

33 Agenda Introduction Q results and performance Quest for Growth New managing director s agreement Market environment Questions and Answers 33

34 Market environment Economic recovery continues ISM Manufacturing & US recessions (NBER) US recession (NBER) ISM Manufacturing source : ISM, NBER, Bloomberg, Quest Management 34

35 Market environment Deliveraging ongoing US borrowing by sector ($ bn annual rate) source: SG 35

36 Market environment Valuations not excessive, but bargains more difficult to find Shiller P/E ratio for S&P Year source: Robert J. Shiller, Quest Management 36

37 Market environment High cash levels show sentiment is not over-optimistic Household cash weightings Institutional cash weightings source: Nomura 37

38 Market environment with the exception of emerging markets/china Inflow emerging market equity funds (+12 m fwd rel. return) 2009 IPOs (m $) source: EPFR, Nomura, Ernst & Young, De Tijd 38

39 Market environment European market underperforming due to euro weakness Equity market performance in Q1 2010: US, Europe, Japan Jan 10 Feb 10 Mar 10 STOXX Europe 600 (Rebased) S&P 500 (US) (Rebased) Nikkei 225 (JP) (Rebased) source: Morgan Stanley 39

40 Portfolio quoted equity Net exposure quoted equity as % NAV 100% 90% 80% 70% % NAV 60% 50% 40% 30% 20% 69% 67% 63% 61% 58% 56% 58% 61% 60% 57% 53% 48% 48% 46% 43% 46% 47% 48% 49% 53% 61% 61% 62% 62% 52% 53% 54% 54% 10% 0% Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 net exposure quoted hedged (or cash bid) cash unquoted 40

41 Portfolio quoted equity Important transactions 1st quarter 2010 JANUARY IN OUT INCREASE REDUCTION TRADING (IN/OUT) SeLoger.com TKH Faiveley Solar Millennium Vizrt EVS Teva - ADR Vestas FEBRUARY MARCH Wilex Ablynx TKH Actelion Solar Millennium Arcadis Teleperformance Teva - ADR Wirecard 41

42 Portfolio quoted equity Transactions: TEVA Next 12 months P/E for Teva Pharmaceutical Industries Ltd Teva Pharmaceutical Industries Ltd. (Ordinary) - Next 12 months P/E STOXX Europe 600 /1/ Health Care - Next 12 months P/E STOXX Europe Next 12 months P/E 5 source: Factset 42

43 Portfolio quoted equity Transactions: TEVA Teva EPS growth 5 50% 4 40% 3 30% 2 20% 1 10% 0 0% EPS ($) y/y % growth source: Factset 43

44 Portfolio quoted equity Top 10 holdings country sector/activity % NAV 31/03/10 Movetis Belgium specialty pharma with focus on gastroenterologygy 6.6% Arcadis Netherlands engineering consultancy 4.5% Unit 4 Agresso Netherlands business software 4.1% Andritz Austria plant engineering for hydro power, pulp & paper, % Tandberg Norway video conferencing solutions 3.4% Nemetschek Germany architecture-engineering-construction (AEC) software 3.0% United Drug Ireland healthcare services 3.0% Umicore Belgium materials technology 3.0% LEM Holding Switzerland current and voltage transducers 2.7% EVS Belgium digital image-processing systems for TV broadcasters 2.6% 44

45 Financial calendar

46 Agenda Introduction Q results and performance Quest for Growth New managing director s agreement Market environment Questions and Answers 46

47 Thank you for your attention! 47