Canopus. A different approach to the market SISSENER
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1 Canopus A different approach to the market
2 CANOPUS The giant star Canopus is one of the brightest in the sky, even if it is far away. PRESENTATION Our ambition is to offer you a fund that is just brilliant. To do that, we have chosen a reputable fund platform with great flexibility in how we can invest the money. AS INVESTMENT PHILOSOPHY AND PROCESS PRODUCTS AND PERFORMANCE SUMMARY
3 Canopus is an absolute return fund which is created for investors who aim to make money, rather than cover market exposure as traditional funds. Our flexibility to invest in several financial instruments enables a better risk-adjusted return Jan Petter Sissener Founder and Asset Manager Sissener Canopus
4 The Company An investment firm with considerable knowledge and a solid trackrecord Through its asset management services Sissener AS provides attractive investment alternatives to private and institutional investors AUM above NOK (pr ) Management team - Sissener Canopus Sissener AS was established in 2009 by Jan Petter Sissener. The creation of the company was anchored in a strong desire to create asset management products where the manager receives a success fee only after having created a reasonable return for investors. The portfolio manager s extensive experience from financial markets represents a unique knowledge to the benefit of our investors.
5 The Board Inge K. Hansen Chairman Harald Elgaaen Boardmember Anders Arnkværn Boardmember Jan Petter Boardmember Helle Sissener Secretary of the board Team Sissener Asset Management team Jan Petter Sissener Partner, Managing Director and Portfolio Manager, Viktor Sandland Portfolio Manager Mathias Bedsvaag Mid/Backoffice Peder Steen Analyst Jon H. Findreng Analyst Emily Zhan Riskcontoller Sales - Administration Jon Pettersen Head of Sales Peter Wendelboe Sales Manager Siw-Heidi Thomas Administration Eirin Johansen Administration Knut-Erik Robertsen Compliance Officer Melvin Teigen Compliance officer/administratio n
6 What separates Sissener Canopus form traditional funds? We have taken and will take on lower risk!. We have a global mandate and have 100% flexibility to invest in those industries and regions in the world that we deem as being most attractive. We combine stocks, bonds and derivatives in the same portfolio. If we don't find anything attractive to invest in, we stay in cash. No minimum investment exposure. Lower volatility than leading stock indices through use of derivatives. The funds goal: Deliver annualized returns between 8-12% p.a. A fund with full transparency and liquidity, subject to common EUrules (UCITS 4). Daily NAV and weekly liquidity. \\\
7 Investment philosophy «Cash flow never lies, fundamentals always win. At least in the long run.» We believe in sound fundamental analysis We are loyal to our investment methodology «It`s better to let five opportunities pass you by than to make one serious mistake.» «If the market has ALL the answers, then you haven`t asked ALL the questions» Markets don`t have the right answers, prices tells nothing about the truth. Humility and ability to learn by mistakes «Pride and self destruction are for soldiers.»
8 Our selection criteria: The 4 H s High Liquidity High Quality High Yield High Potential
9 Our investment process Basic criteria for selection The critical diagnostic phase Corporate governance Evaluation of management Macro-economic framework conditions Strategic analysis Fundamental long-term analysis of return on capital and profitability The quality of the underlying figures The ability of the business model to survive, intensity of competition Identify possible value and price triggers or case indicators How is this implemented by management and decision-making bodies? Historical background Are all shareholders treated equally? Has management shown ability to exploit strategic opportunities? Has management done what it said it would? Achieved results Valuation Fundamental analysis of figures Reveal long-term normalized earnings potential Sensitivity and stress-test analysis Portfolio implementation Choice of instruments: Equities, debt instruments, derivatives Liquidity Timing and investment horizon
10 Canopus investment idea No reference index Exploit opportunities arising from financial markets imbalances and attractive pricing Primary knowledge include Norwegian, Nordic as well as international equities within the energy complex The Fund primarily invests in large, liquid companies with a solid balance sheet, predictable cash flow and good corporate governance Flexible use of financial instruments to optimize return and risk Mandate includes exposure to OECD area Investments anchored in fundamental analysis Cost positioning, competition positioning Expected income, debt servicing ability Corporate governance & management Initial selection criteria
11 The fund development so far. UCITS HEDGE Awards 2014 * Best performing UCITS Long/Short Global Equities fund UCITS HEDGE Awards 2017 * Best performer over the last 2, 3 and 4 year period UCITS HEDGE Awards 2015 * Best performing UCITS Long/Short Global Equities fund UCITS HEDGE Awards 2016 * Best performer over a 3 year period HEDGE/FUND AWARDS 2016 Investment firm of the year: AS Gamechanger of the year: Jan Petter Sissener GLOBAL AWARDS 2017 Investment firm of the year: AS * Kåret av det engelske magasinet «The hedgefund journal» Historiske resultater er ingen garanti for fremtidig avkastning.
12 Sissener Canopus (R) since inception compared to Oslo Stock Exchange (OBX) Since inception to ,00% 120,00% OBX - Oslo Børs Canopus UCITS Alternative Index Long/short Equity Sinner Canopus +129,25% 100,00% 80,00% 60,00% 40,00% 20,00% 0,00% -20,00% Oslo Stock Exchange(OBX) +87,40% UCITS Alternative Index Long/Short Equity 24,44% Canopus vs Oslo Stock Exhange Lower risk Better returns 2012 Oslo Børs (OBX): - 0,70% Canopus: +7,00% Perioden Oslo Børs (OBX): +22,73% Canopus: +33,27% 2014 Oslo Børs (OBX): +3,99% Canopus: +13,50% 2015 Oslo Børs (OBX): + 2,92% Canopus: +11,37% 2016 Oslo Børs (OBX): +14,61% Canopus: +14, 17%
13 Sissener Canopus vs. well known traditional Norwegian based Equity funds Since inception to ,00% 160,00% 154,30% 140,00% 129,25% 129,50% 120,00% 110,80% 111,80% 113,90% 114,30% 115,90% 100,00% 80,00% 60,00% 40,00% 56,90% 69,40% 69,90% 70,70% 71,30% 77,70% 85,10% 87,40% 87,40% 88,00% 88,60% 89,80% 96,20% Sissener Canopus 20,00% 0,00%
14 Sissener Sirius ASA track-record vs. Dagens Næringsliv universe of Nordic mutual funds Since inception ( to ) 141,3 % 120,9 % 90,1 % 93,3 % 99,6 % 100,6 % 102,4 % 105,9 % 113,7 % 76,4 % 78,3 % 79,6 % 60,4 % 62,3 % 67,8 % 67,8 % Closed
15 Risikojustert avkastning en viktig faktor når man investerer kapital. Risikojustert avkastning viser hvor god avkastningen har vært i forhold til risikoen. Sharpe Ratio og Standardavvik er blant måltallene som måler risikojustert avkastning. Investeringer med høy risikojustert avkastning er de beste. Risikoparametere Canopus R-Class pr Canopus OBX MSCI Europe Return 129,25 % 87,44 % 46,80 % Sharpe Ratio (last 3 years) 1,20 0,99 0,23 Sortino Ratio (last 3 years) 1,47 1,31 0,32 Best month 5,05 % 6,53 % 8,19 % Worst month -9,66 % -9,25 % -8,68 % Average monthly 1,28 % 1,00 % 0,63 % Standard deviation (last 3 years) 9,74 % 11,19 % 13,09 % 1,20 Sharpe Ratio (last 3 years) 0,99 9,74% Standard deviation(last 3 years) 11,19% 13,09% 0,23 Canopus OBX MSCI Europe Canopus OBX MSCI Europe Kilde: Morningstar.Historiske resultater er ingen garanti for fremtidige avkastning. Avkastning Canopus refererer til Retail-Class.
16 Cost structure Canopus Canopus Retail Class Investment amount in NOK Subscribtion charges Annual management fee Performance fee (High watermark)* ,50 % 1,75 % 20 % ,00 % 1,75 % 20 % ,75 % 1,75 % 20 % ,50 % 1,75% 20 % Canopus Institusjonell Klasse Investment amount in NOK Subscribtion charges Annual management fee Performance fee (High watermark)* Performance fee > 0,25 1,50 % 20 % It is calculated a performance fee of 20 % of positive returns (80% of the investor and 20% to the manager ). The lower limit is set at 3-month NIBOR + 4 percentage points (total ca.5,0 % ) is calculated by High Water Mark principle. The principle "High water mark " means that the nominee can only charge a performance fee if proven fund's price (NAV) is higher than at the last load of performance fees. For investments in INSTITUTIONAL CLASS ( total investment of NOK 5,000,000, - request own cost overview). * Net Asset Value NAV = Calculating the funds NAV by summing the current value of all stocks, bonds and other securities (including bank deposits ) contained in the Fund's portfolio, draws from ongoing expenses such as administrative costs and other running costs, and dividing that figure by the fund total outstanding shares.
17 Summary Canopus is an absolute return fund Dynamic and flexible portfolio (equities, cash, bonds) Established investment philosophy within an open structure High watermark with annual reset Reasonable required rate of return Flexible subscription & redemption policy
18 Disclaimer Neither this presentation (the Presentation ) nor any copy of it nor the information contained herein is being issued, and nor may this Presentation nor any copy of it nor the information contained herein be distributed directly or indirectly to or into, the United States, Canada, Australia, Hong Kong or Japan, or any other jurisdiction in which such distribution would be unlawful. By attending this meeting where this Presentation is made, or by reading the Presentation slides, you agree to be bound by the following terms, conditions and limitations. This Presentation has been produced by Sissener AS (the Company ) solely for use at the investor presentations and may not be reproduced, or redistributed in whole or in part, to any other person. This Presentation is for information purposes only and does not in itself constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. Any decision to purchase or subscribe for securities in any offering or investing in a fund managed by Sissener AS must be made solely on the basis of the information contained in the relevant prospectus. All investments in financial instruments such as shares are subject to certain risk including the risk of total loss. The information contained in this Presentation has not been independently verified. No representation or warranty (express or implied) is made as to the accuracy or completeness of any information contained herein, and it should not be relied upon as such. None of the Company or the Managers or any of their parent or subsidiary undertakings, affiliates, advisors, or any such person s officers or employees shall have any liability whatsoever arising directly or indirectly from the use of this Presentation. By attending the investor presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance. Neither the Company nor the Managers have taken any actions to allow the distribution of this Presentation in any jurisdictions other than Norway. The distribution of this Presentation and any application/subscription for shares of the Company, Sissener Energy ASA, Sissener Sirius ASA or Sissener Canopus may be restricted by law in certain jurisdictions, and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. None of the Company or the Managers or any of their parent or subsidiary undertakings, affiliates, advisors, or any such person s officers or employees shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with the Presentation. This Presentation is only addressed to, and the securities described herein will (if the offering is made) be offered only to, professional investors ( Professional Investors ) within the meaning of part I and II in Annex II of the EU Directive 2004/39/EC (the MiFID Directive ). Any such Professional Investor will be deemed to have represented and agreed that any such securities acquired by it in the contemplated offering by the Company, Sissener Energy ASA, Sissener Sirius ASA or Sissener Canopus have not been acquired on behalf of persons other than such Professional Investors. Neither the Company nor the Managers has authorized any offer to the public of securities, or has undertaken or plans to undertake any action to make an offer of securities to the public requiring the publication of a prospectus, in any member state of the European Economic Area which has implemented the Prospectus Directive other than Norway. In the event that this Presentation is distributed in the United Kingdom, it shall be directed only at persons who are either "investment professionals" for the purposes of Article 19(5) of the UK Financial Services Markets Act 2000 (Financial Promotion) Order 2005 (the Order ) or high net worth companies and other persons to whom it may lawfully be communicated in accordance with Article 49(2)(a) to (d) of the Order (all such persons together being referred to as Relevant Persons ). Any person who is not a Relevant Person must not act or rely on this Presentation or any of its contents. Any investment or investment activity to which this Presentation relates will (if the offering is made) be available only to Relevant Persons and will be engaged in only with Relevant Persons. This Presentation is not a prospectus for the purposes of Section 85(1) of the UK Financial Services and Markets Act 2000, as amended ("FSMA"). Accordingly, this Presentation has not been approved as a prospectus by the UK Financial Services Authority ("FSA") under Section 87A of FSMA and has not been filed with the FSA pursuant to the UK Prospectus Rules nor has it been approved by a person authorized under FSMA. This Presentation does not constitute an offer of securities for sale into the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act ), or with any securities regulatory authority of any state or other jurisdiction in the United States, and, subject to certain exemptions, may not be offered or sold within the United States, absent registration or under an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. In the United States the securities described herein will (if the offering is made) be offered only to qualified institutional buyers (QIBs) as defined in Rule 144A under the Securities Act or other transactions exempt from or not subject to the registration requirements of the Securities Act. Outside the United States the securities described herein will (if the offering is made) be offered in accordance with Regulation S under the Securities Act to non-u.s. persons (as defined in Regulation S). This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company, Sissener Energy ASA, Sissener Sirius ASA or Sissener Canopus and the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words believes, expects, predicts, intends, projects, plans, estimates, aims, foresees, anticipates, targets, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts and are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or the Managers or any of their parent or subsidiary undertakings, affiliates, advisors, or any such person s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company, Sissener Energy ASA, Sissener Sirius ASA and Sissener Canopus assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results. Neither the delivery of this Presentation nor any further discussions of the Company or the Managers with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company. The Company does not undertake any obligation to review or confirm, or to release publicly or otherwise to investors or any other person, any revisions to the information contained in this Presentation to reflect events that occur or circumstances that arise after the date of this Presentation. The Managers and/or its employees may hold shares, options or other securities of the Company and may, as principal or agent, buy or sell such securities. The Managers may have other financial interests in transactions involving these securities. By attending this presentation or receiving this document, you warrant and represent that (i) if you are a U.S. person, you are a QIB, (ii) if you are a non-u.s. person, you are a Professional Investor, or a Relevant Person (as defined above). This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.
Canopus. A different approach to the market SISSENER
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