Global Innovators Fund
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1 Global Innovators Fund 2 nd Quarter 2015 Investing in Human Progress
2 Who we are 2 Global Equity Manager Part of the Guinness Group of investment strategies Founded in 2002 $1.1bn AUM (Guinness Group assets as of 6/30/2015) Headquartered in London and California 19 employees including 8 investment professionals 100% employee-owned (all investment managers own equity in business) Long only investment strategies include Global Equity, Energy and Asia
3 Global Innovators strategy 3 Global multi-cap growth strategy with a value discipline Quality growth companies at attractive valuations Highly disciplined, systematic approach Mid-large cap bias Focussed portfolio of best ideas High active share Buy and hold low turnover Benchmark MSCI World Number of positions 30 Position size 3-4% Market cap range > $0.5bn Max industry weight 30% Av. holding period 3-5 years Cash range 1-3% Inception on December 15, 1998 (run in its current form since 2003) $247M AUM in strategy (as of 6/30/2015)
4 Fund manager biographies 4 Matthew Page, CFA Co-manager of strategy since 2010, previously analyst on strategy from 2005 Joined Guinness Asset Management in September 2005 CFA Charterholder Previous to Guinness Atkinson, worked for Goldman Sachs as an analyst in Fixed Income Currencies and Commodities (FICC) Graduated from University of Oxford, with a Masters degree in Physics in 2004 Dr Ian Mortimer, CFA Co-manager of strategy since 2010 Joined Guinness Asset Management in December 2006 CFA Charterholder Graduated from University of Oxford, with a D.Phil. in Physics in 2006 Graduated from University College London, University of London, with a First Class Honors Masters degree in Physics in 2003
5 Investment philosophy 5 We believe return on capital is the best identifier of quality businesses 1. Persistently above average return on capital over an entire cycle Established competitive advantage High probability of continued above average return on capital ( good companies stay good ) 2. Improving return on capital profile Potential to achieve above average return on capital in the future Significant opportunities to reinvest cash flow in high return projects We believe quality companies that can demonstrate some element of innovation through their business model, or their products, or through technological advances have the best chance of defending their superior return on capital We believe buying companies at attractive valuations significantly increases their investment return potential over the long term and provides a useful margin of safety to mitigate unforeseen risks
6 Investment process: systematic, repeatable, robust 6 Improving return on capital profile businesses Persistently high return on capital businesses Prioritisation Business strength, Valuation, Growth Fundamental analysis Proprietary modelling, Assessment of return potential, Risk analysis, Competitive advantage, Market sentiment Reject Weak business, poor allocator of capital, industry in decline Portfolio addition At least 50% upside on 3 year view, better risk/return than a current holding Watchlist Like the business, don t like the valuation
7 Investment process: prioritising companies for further due diligence 7 We screen our investment universe bi-monthly to highlight companies that have the characteristics we seek Business strength Valuation Growth 5yr average CFROI* > cost of capital Year-on-year improvements in CFROI* over last 3 years Market expectation of continued strong CFROI in future Market implied value < intrinsic value Multiples: - discount vs peers - greater than 1s.d. vs company 10yr average - discount vs broad market Above average earnings growth Profitable growth CFROI = Cash Flow Return On Investment (our preferred metric for return on capital) Standard Deviation (s.d.) is is a statistical measurement that sheds light on historical volatility by measuring the degree to which quarterly returns vary from the mean returns over a specified time period. Earnings growth is not representative of the Fund s future performance
8 Investment process: fundamental analysis 8 Highly systematic and repeatable process - look at all companies in the same way Understand what levers the company is using to create economic profit, and whether this is sustainable / achievable
9 What we are looking for when we buy a new company for the fund 9 Prospect for return from cash-flow growth Higher than average return on capital or prospect of achieving it Confidence that earnings can grow revenue growth, margin expansion Consider full spectrum of growth companies to identify best opportunities Prospect for return from re-rating Company out of favour or irrational hype has abated Multiple (P/E, EV/EBITDA) discount to peers, or market, or company history Avoid story stocks, don t pay up for expected future growth Business value creation + Return from re-rating Recognise markets can be irrational over short term Do not know when market will re-value company Buy and hold Use any short term movements to trim/top-up position = >50% upside to current valuation over 3 years Price-to-earnings ratio, or P/E ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share. Enterprise Multiple or (EV/EBITDA) is a ratio used to determine the value of a company.
10 Example investment: Danaher Danaher CFROI Asset growth Discount rate Purchased in October 2010, still held Persistent high return on capital company Moderate asset growth to ensure investments only in high return projects Highly cash generative Drivers of total return 18% 16% 6% 1% 16% More moderate growth company 14% 12% 10% 9% Require greater multiple re-rating to achieve > 50% upside over 3 years 8% 6% 4% 2% 0% Business value creation Multiple re-rating Shareholder returns Normailsed total return Might expect shareholder returns (dividend, buybacks) to also contribute to overall total return, Credit Suisse HOLT
11 Example investment: Netflix Netflix CFROI Asset growth Discount rate Purchased in June 2007, sold March 2011 Improving return on capital business High asset growth to take advantage of large opportunity of high return projects Use cash flow to reinvest and grow business Drivers of total return 18% 2% 17% 16% 14% 12% 10% 8% 6% 4% 15% 0% High growth company > 50% upside over 3 years driven by business value creation, rather than a big re-rating in the multiple 2% 0% Business value creation Multiple re-rating Shareholder returns Normailsed total return Expect little/nothing from shareholder returns, Credit Suisse HOLT
12 Portfolio construction and risk controls 12 Holdings 30 companies in portfolio: one in, one out Equally weighted (3-4% position size only) Diversification Diversified globally and across industries Maximum 30% in any one industry Common sense Benchmark aware, rather than benchmark driven Regularly assess concentration risks in portfolio versus the currently macro environment
13 Portfolio allocation by long term growth rate 13 Portfolio today Range last 10years 0 10% growth 48% 20-50% 10 20% growth 49% 30-60% 20% + growth 3% 0-20% estimates, 6/30/2015
14 Portfolio profile 14 Name Industry Mkt. cap Country of listing % NAV PE PE 15Y 16Y Boeing Co/The Capital Goods US 3.2% Danaher Corp Capital Goods 62.9 US 3.4% L-3 Communications Holdings Inc Capital Goods 10.0 US 3.1% Roper Technologies Inc Capital Goods 17.7 US 3.5% Schneider Electric SE Capital Goods 41.1 FR 2.9% Ultra Electronics Holdings PLC Capital Goods 1.9 GB 3.7% Li & Fung Ltd Consumer Durables & Apparel 6.5 HK 2.9% H&R Block Inc Consumer Services 8.7 US 3.1% Capital One Financial Corp Diversified Financials 48.6 US 3.8% Intercontinental Exchange Inc Diversified Financials 25.4 US 3.3% State Street Corp Diversified Financials 31.8 US 3.5% TD Ameritrade Holding Corp Diversified Financials 20.2 US 3.4% BP PLC Energy US 3.5% Schlumberger Ltd Energy US 3.6% Comcast Corp Media US 3.6% Gannett Co Inc Media 1.5 US 0.7% TEGNA Inc Media 7.3 US 3.1% Gilead Sciences Inc Pharmaceuticals, Biotechnology US 4.0% Applied Materials Inc Semiconductors & Semiconductor 23.7 US 2.8% Intel Corp Semiconductors & Semiconductor US 3.4% NVIDIA Corp Semiconductors & Semiconductor 10.6 US 3.0% Taiwan Semiconductor Manufacturing Co Ltd Semiconductors & Semiconductor US 3.1% Check Point Software Technologies Ltd Software & Services 14.5 US 3.3% ebay Inc Software & Services 77.5 US 3.5% Oracle Corp Software & Services US 3.1% PTC Inc Software & Services 4.5 US 3.9% Xerox Corp Software & Services 11.6 US 2.8% Cisco Systems Inc Technology Hardware & Equipmen US 3.4% Lenovo Group Ltd Technology Hardware & Equipmen 13.7 HK 3.3% QUALCOMM Inc Technology Hardware & Equipmen US 3.1% Samsung Electronics Co Ltd Technology Hardware & Equipmen GB 3.1% Average mkt. cap 65.7 Total portfolio Median mkt. cap 31.8 Y-o-Y growth 9.9% MSCI World Index Fund premium / (discount) -12.2% -10.5%, Bloomberg, 6/30/2015
15 Portfolio characteristics 15 Industry breakdown % NAV Market cap. ($bn) breakdown % NAV Country breakdown % NAV Capital Goods 19.3% <1 0.0% US 75.6% Software & Services 16.2% 1 to 5 8.1% UK 7.0% Diversified Financials 13.6% 5 to % Hong Kong 6.0% Technology Hardware & Equipmen 12.5% 10 to % Taiwan 3.1% Semiconductors & Semiconductor 12.0% 20 to % Korea 3.0% Media 7.2% 50 to % France 2.9% Energy 6.9% > % Cash 2.5% Pharmaceuticals, Biotechnology 3.9% Cash 2.5% 100.0% Consumer Services 3.0% 100.0% Consumer Durables & Apparel 2.8% Cash 2.5% 100.0% NAV = Net Asset Value, Bloomberg, 6/30/2015
16 Monitoring: sell discipline 16 Deterioration in business quality 1. Return on capital profile deteriorates 2. Balance sheet becomes stretched Valuation 3. Company no longer offering compelling upside / valuation becomes too rich Growth opportunity 4. Lack of profitable growth opportunities in the future Investment thesis/superior alternative 5. Original reason for purchase no longer holds 6. New idea more compelling
17 Portfolio turnover last 5 years 17 Low portfolio turnover typically between 15% and 25% per year Buys Sells
18 Performance vs. benchmark 18 As at 6/30/15 in USD YTD 1 YR 3 YRS (ann) 5 YRS (ann) 10 YRS (ann) Since Inception (12/15/98) Global Innovators Fund -0.24% 1.73% 21.1% 18.78% 10.75% 6.81% MSCI World Index 2.97% 2.06% 14.99% 13.68% 7.09% 5.39% Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Funds may be lower or higher than the performance quoted. Expense ratio 1.26%, Bloomberg
19 Fund performance % Total return (USD) 200% 150% 100% 50% 0% -50% YTD 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% -50% 10.9% 15.5% 11.8% 10.2% 18.8% 20.9% 21.2% 9.8% -45.4% -40.2% 45.2% 30.9% 17.0% 12.5% -6.5% -4.9% 19.9% 16.7% 45.3% 27.5% Guinness Atkinson Global Innovators 12.6% 5.6% MSCI World Index -0.2% 3.0% Performance data quoted represents past performance and does not guarantee future results, Bloomberg, 6/30/215
20 Appendix 1: People 20
21 Appendix 2: Company bios 21 Tim Guinness, CIO Tim is the lead manager for the Guinness Atkinson Global Energy Fund and has served as CIO since the firm's founding in From 1999 to November 2002, he was Joint Chairman of Guinness Flight Global Asset Management Limited and Chief Executive Officer from 1997 to While at Guinness Flight (which ultimately merged with Investec Asset Management in 1998), Tim was a founding portfolio manager of the Global Equity Fund, which was established in Tim read engineering at Cambridge University and, upon graduation in 1968, completed a Master's Degree in Management Science at the Sloan School M.I.T. in the United States. Jim Atkinson, CEO and Chief Compliance Officer Jim founded Guinness Atkinson Asset Management with Tim Guinness in 2002 and is the president of Guinness Atkinson Funds. From 1993 to 2000, Jim was the managing director of Guinness Flight Global Asset Management, which merged with Investec in Prior to 1993, he was senior vice president of Huntington Advisors, a mutual fund manager specializing in foreign currency money funds. In addition, Jim has served as the president of Max Funds and as the Principal at a mutual fund marketing research and consultancy firm. Jim graduated from the University of California, Los Angeles with a degree in History and emphasis in History of Science & Technology. While at UCLA, he served as President of the UCLA Debate Team.
22 Disclosure 22 This information is authorized for use when preceded or accompanied by a prospectus for the Guinness Atkinson Funds. The prospectus contains more complete information including investment objectives, risks, fees and expenses related to an ongoing investment in the Fund. Please read it carefully before investing. Diversification does not assure a profit or protect against loss in a declining market Mutual fund investing involves risk and loss of principal is possible. Investments in foreign securities involve greater volatility, political, economic and currency risks and differences in accounting methods. The Fund also invests in smaller companies, which will involve additional risks such as limited liquidity and greater volatility. The Fund is non-diversified meaning its assets may be concentrated in fewer individual holdings than diversified funds. Therefore, the Fund is more exposed to individual stock volatility than diversified funds. Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security Distributed by Quasar Distributors, LLC
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