EQUITIES & ASSET MANAGEMENT

Transcription

1 EQUITIES & ASSET MANAGEMENT 1

2 We are an outstanding team that thrives on the strong personalities of high-calibre specialists with distinctive skills. They all have the knowledge and the experience, the determination and the stamina to together achieve the distinguishing feature of MainFirst as a brand: More performance. Alpha is our objective and character is our hallmark. We are bold in the best sense of the word. Because we act in a pro-active manner, make clear recommendations and only invest in individual securities that we believe in.

3 CHARACTERS AT WORK. THE PRUDENT ONE There is never just one solution. In the same way there is never just one truth. But we all follow a clear set of rules and keep our eyes on the target return. THE STRAIGHTFORWARD ONE Beating the market that s what our customers expect from us. This is not achieved through index deviations, but rather by making clear decisions about individual securities. THE CONTRARIAN One thing we all agree on: data are facts. And these data concern the past. They serve as a starting point for opening up new possibilities: for unconventional opinions. 3

4 THE BOLD ONE Only seeing crises as opportunities is a cliché: in a low-interest environment, active management can make defensive strategies perform. THE FOCUSSED ONE Our rigorous bottom-up analysis increases the opportunities for achieving the highest possible results. Translating it all into action quickly and effectively that s what it s all about! THE ENTREPRENEUR It is one thing to spontaneously enthuse cus tomers. However, ensuring customers long-term success through low costs and well-balanced investment strategies is quite another thing. FOR MORE PERFORMANCE. 4

5 ASSET MANAGE- MENT MANAGING ASSETS WITH CHARACTER. 5

6 What characterises us: Where others focus on benchmark-related tracking of indices, we follow a different strategy. We act. We show initiative. As active portfolio managers, we pursue a fundamental selection of individual securities. Our portfolio managers have a profound understanding of the capital markets, distinct investment styles and extensive track records. 6

7 ASSET MANAGEMENT MANAGING ASSETS WITH CHARACTER. A MULTI-INVESTMENT BOUTIQUE FOR MORE DIVERSITY. We cultivate an active style of investment that is distinguished by creative fund concepts and independence. Our portfolio management teams are empowered to independently steer their own course and our customers have the freedom to choose between UCITS funds, which are registered in Luxembourg, and special mandates, which we tailor on an individual basis. Our spectrum of products encompasses attractive portfolio solutions in equities, fixed income and multi-asset classes. OUR FOCUS IS ALPHA. OUR MOTTO IN PORTFOLIO MANAGEMENT: STRONG CHARACTERS ONLY. Those who just peer at benchmarks will not achieve outperformance. The gaze of our portfolio managers deliberately reaches beyond this. Their task is to develop individual strategies and consistently implement them even in volatile markets without being steered by a Chief Investment Officer. Of course, for this we select strong characters who can offer our customers new investment possibilities and higher return opportunities. FREEDOM IS EVERYTHING. SO IS DISCIPLINE. On the one hand, we support the freedom and personal responsibility of our portfolio managers. We are convinced that it pays off to allow them to stay true to their own strategies and develop products independently and with strict style consistency. On the other hand, at MainFirst we attach great importance to disciplined operations. In this way, we track the style consistency of our funds in detail and maintain an active and sustainable approach to risk management in the face of increasing market complexity. The resulting combination puts our investors in an excellent position: Progress through taking advantage of opportunities. Moderation in the tolerance of risks. AWARD-WINNING STRATEGIES. For us, knowing how good we are is a reason to be happy, and for our customers it provides reassurance. Neutral and independent sources continue to confirm the quality of our products. Whether it is Sauren Fund Manager Ratings or Lipper Fund Awards we are happy to leave it to outside experts to recognise our achievements. 7

8 PRODUCT PORTFOLIO Current information concerning our funds can be found on our website CURRENT INFORMATION CONCERNING OUR FUNDS CAN BE FOUND ON OUR WEBSITE: 8

9 FUND CONCEPTS MADE IN LUXEMBOURG PERFORMANCE FROM THE VERY BEGINNING: THE CONFIGURATION OF YOUR INVESTMENT FUND. Our expertise and independence helps in those decisive first steps whether choosing a suitable fund vehicle and the appropriate service provider, carrying out the set-up procedures or providing help with tax and regulation-related questions. Short-term success is a wonderful thing. It s even better when it lasts. CORRECT IN ALL RESPECTS: COMPLIANCE AND REPORTING. Because abiding by legal rules and regulatory requirements is an integral part of our compliance function. We can advise you on avoiding possible conflicts of interest, as well as answer all your questions about KYC (Know Your Customer) and AML (Anti Money Laundering). Trust is essential. Expertise is irreplaceable. EXTREMELY FORTHRIGHT: OUR INVESTMENT MANAGEMENT. As one of the few management companies in Luxembourg, we can, if desired, execute trades in securities directly and have permission for the administration of managed accounts. You have to be able to seize opportunities. Through swift action. IN ADDITION TO TOP RETURNS: MARKETING AND DISTRIBUTION SUPPORT. As partners, we also support you when it comes to marketing, media relations and distribution. Where desired, we can take on the task of planning and organising joint appearances at conferences, roadshows and seminars. All the important infor mation about your fund, as well as compulsory publications, can be found on our homepage, which is updated daily. Success depends on many factors. A competent partner is the most important one. FOR OPTIMUM SECURITY: OUR RISK MANAGEMENT. Where large sums of money are involved, there is an increased need for safeguards. We therefore offer a sophisticated system of risk management for the funds that we manage. Through the use of the latest technology, we provide the required data for the analysis, integrated management and monitoring of the risk structure of your fund. We leave nothing to chance. Least of all risk. 9

10 OUTSTANDING: LUXEMBOURG. In terms of distribution, a fund that is Made in Luxembourg has the seal of quality worldwide. As a management company in the financial centre of Luxembourg, independent of any bank, we support asset managers and fund initiators in developing and implementing their individual product ideas. In doing so, our staff rely on direct communication channels, clear responsibilities and efficient interfaces. Besides close proximity to the market, we offer our customers a high level of expertise. This is provided by our Europe-wide network of well-respected specialists in the funds industry. Because we have an outstanding technical infrastructure, we can also guarantee compliance with investment guidelines and regulatory requirements particularly in the context of European UCITS and AIFM. For institutional investors, we re a veritable institution. Just like we are for everyone else. 10

11 EQUITIES WHAT WE DO IN EQUITIES MAKES A DIFFERENCE. 11

12 At MainFirst, we aspire to long-term investment success for our customers. Our approach is multi-local, with offices in core European markets and in New York. An independent and straightforward equities product and consolidated experts in sales, sales-trading and trading help us to provide institutional investors with outstanding advice in stock selection. Whether it be thoughtful sales comments or excellent transaction execution and settlement in European equities our focus is always on generating Alpha. In Equity Capital Markets, our competence lies in the structuring of innovative solutions and their implementation on the basis of our particular placement strength. In doing so, the quality of our equity research and sales services makes a decisive difference. It forms the foundation of our competence in the advisory and execution of equity placements for companies and their owners. 12

13 EQUITY RESEARCH FOR FUNDAMENTALS-BASED DECISION-MAKING we employ a team of over 45 analysts who have an average of more than 10 years experience in the field. High levels of expert knowledge, many years of experience and close relationships with companies as well as within the industry mean that we are able to offer our customers a high-quality product with tangible value-added. Our research has the sole aim of helping our clients to achieve positive performance. Close to the market, thorough in analysis, clear in our opinions and independent when it comes to making decisions. Our research product covers more than 300 stocks, with an emphasis on Germany, Switzerland, France and Italy, supplemented by shares in our European core sectors. Our equities business is built on the independent analyses carried out by our internationally coope r ating teams in offices in Frankfurt, London, Milan, Munich, Paris and Zurich. markets MainFirst research ideas and provides equity and market-specific commentary in order to support our clients in their stock selection process. Experience has shown that good fundamental analysis will indeed facilitate better investment performance. Our equity sales experts are available to our clients in several locations, with offices in Frankfurt, London, Milan, Munich, New York, Paris and Zurich. EQUITY TRADING OPTIMUM TRADING CONDITIONS are provided by our Frankfurt-based equity trading team, which consists of execution traders with an average of more than 18 years trading experience. Besides having direct exchange memberships in Germany, Great Britain and Switzerland, we also have connections to Multilateral Trading Facilities (MTFs) as well as established dark pools. In line with our best execution policy, we ensure MiFID compliance at all times. In addition, we monitor all regulatory developments in order to be able to respond promptly in the interest of our clients. EQUITY SALES FOR SUCCESSFUL STOCK-PICKING our team of analysts works hand-in-hand with our sales force. This consists of over 40 equity sales experts, with an average of over ten years experience in the field of institutional sales. They take care of our active business relationships, comprising over 400 of the most important institutional investors in European equities. The sales team 13

14 EQUITY OPERATIONS FOR EFFICIENT WORKFLOWS we use optimised structures. Over the past few years, the challenges of post-trade processing have grown significantly. Timely processing and precision have become decisive factors in lowering costs and minimising operational risk. For this reason, we have set up our operations department so that it provides service to our customers as well as to our sales and execution desks. With transactions processed in an equally timely and precise way, we seek to provide our clients with the best possible service in securities settlement, and to do so in the most costefficient manner. GLOBAL SETTLEMENT CAPABILITIES OUR COMPREHENSIVE MARKET COVERAGE is supported by a worldwide network of strong partners in the areas of clearing and custody, liqui d ity management and stock financing. This allows us to provide our customers with the same high level of settlement quality in all the markets in which we trade. ONE BACK OFFICE AS THE CENTRAL POINT FOR ALL BROKERAGE LOCATIONS ensures efficient delivery for all internal and external operational functions. Communication takes place quickly and effectively through our central European back office, and responsibilities are clearly defined. EQUITY CAPITAL MARKETS Our activities in Equity Capital Markets (ECM) focus on the structuring and execution of Initial Public Offerings (IPO) and equity placements on behalf of companies and their owners. Our clients benefit from the extensive specialist knowledge and the long-standing international experience of our ECM team. Direct access to the decision-makers of the leading institutional investors in the most important financial centres in Europe and the US combined with quick and efficient internal decision-making form the basis of our exceptional placing power. Flexible thinking, a constant readiness to challenge the status quo, and the ability to develop custommade solutions result in successful transactions for our customers. In 2013, for instance, this approach allowed MainFirst to structure and execute the largest German IPO in over 12 years with a transaction size of over EUR 2bn for Evonik Industries, through a tailor-made and innovative approach. OUR CORE PRODUCTS IN ECM COMPRISE Initial Public Offerings Secondary placements Capital increases with or without subscription rights Capital market advisory for listed companies Advisory for companies and their owners on planning, structuring and executing equity transactions 14

15 MAINFIRST IF YOU VE GOT US, YOU VE GOT ALPHA. Outperformance is the result of many factors that all have to be right. We fulfil the prerequisites for generating Alpha. Because we have experts. Because we have an excellent network. Because we do our own research. Because we pursue active fund management. Because we focus on selected individual securities rather than benchmark-related tracking of indices. In short: because we are MainFirst. 15

16 INDEPENDENT, SPECIALISED, ACTIVE, MULTI-LOCAL. THAT S US. MainFirst is an owner-managed and independent European financial services provider specialised in the areas of equity brokerage, equity capital markets and asset management. We focus on the generation of Alpha through active asset management was the year in which PARTNERS FOUNDED 7MAINFIRST. active asset management is characterised by a distinctive investment style. All of this makes us as unique as the returns that we are able to generate for our international clients. INTEGRITY, ENTREPRENEURIAL THINKING, INNOVATION. THESE STANDARDS SHAPE OUR IDENTITY. Even the best of structures is no substitute for inspiration. It is because of this that only a selection of distinct characters work for MainFirst. For all their individuality and specialisation, all of these have something in common: entrepreneurial thinking, personal integrity and dedication to consistently achieving above-average returns for our clients. PRESENCE, ANALYSIS, INDIVIDUALITY. OUR BASIS FOR YOUR SUCCESS. Ever since it was founded in the year 2001, MainFirst has stood for a special kind of service quality, which institutional and private investors have come to hold in high regard. Our presence in important financial centres such as London, Frankfurt and New York allows us to be close to companies and investors, to directly receive important information and to forge close relationships. Not only do we have a multi-local set-up, we are also completely independent, which is reflected as much in the practical value of our analysis of numerous European companies as in the quality of the advice provided by our equity capital markets team. And because we allow our portfolio managers to operate as independently as possible, our TODAY, MORE THAN 200 colleagues work for innovative products. 16

17 A LEAN AND EFFICIENT ORGANISATION. MAINFIRST HOLDING AG Zurich MAINFIRST BANK AG MAINFIRST SCHWEIZ AG MAINFIRST AFFILIATED FUND MANAGERS (Swit zerland) AG MAINFIRST AFFILIATED FUND MANAGERS S.A. MAINFIRST SECURITIES US INC. Frankfurt Zurich Zurich Luxembourg New York MAINFIRST BANK AG LONDON BRANCH MAINFIRST BANK AG MILAN BRANCH MAINFIRST BANK AG PARIS BRANCH London Milan Paris 17

18 OUR LOCATIONS. MAINFIRST BANK AG Kennedyallee Frankfurt am Main, Germany MAINFIRST SCHWEIZ AG Gartenstrasse Zurich, Switzerland MAINFIRST BANK AG Prannerstraße Munich, Germany MAINFIRST BANK AG 151 Shaftesbury Avenue London WC2H 8AL, UK MAINFIRST BANK AG Via Ugo Foscolo Milan, Italy MAINFIRST BANK AG 80 Avenue de la Grande Armée Paris, France MAINFIRST AFFILIATED FUND MANAGERS (SWITZERLAND) AG Gartenstrasse Zurich, Switzerland MAINFIRST SECURITIES US INC. 747 Third Avenue, 35th Floor New York, NY 10017, US MAINFIRST AFFILIATED FUND MANAGERS S.A. 16, rue Gabriel Lippmann 5365 Munsbach, Luxembourg info@mainfirst.com 18

19 DISCLAIMER Copyright 2016 MainFirst Group (consisting of those companies belonging to MainFirst Holding AG, hereafter also referred to as MainFirst). All rights reserved. The contents published herein serve exclusively as general information. The contents do not constitute material which can be used in claims nor, despite all efforts, can MainFirst guarantee the correctness and completeness or accuracy of the contents, neither in part nor in its entirety. All information here provided solely serves the purposes of describing the product, and does not constitute investment advice, nor does this information contain an offer in the sense of a consultancy/non-disclosure agreement, nor does it represent an invitation to buy or sell securities or to engage in any other transactions. A suitable product or an appropriate strategy can only be found through personal consultation. The actual tax position of a client depends on his personal circumstances as well as on the current legal situation and may be subject to future modification. We recommend that you always seek the advice of a tax advisor in the case of tax issues. This information in no way constitutes investment, legal, bookkeeping or tax advice or any other form of personal recommendation and does not constitute any claim that an investment or strategy is suitable or appropriate for any individual circumstances. The content has been carefully researched, collated and checked. A guarantee for the correctness, completeness and accuracy can however not be given. The information concerns data from the past which cannot, whether in whole or in part, be taken as indicators of future developments. Just as in the case of investing in securities and other assets, the act of investing in investment funds entails the risk of losses (e.g. declines in share prices and losses through changes in the exchange rate resulting from fluctuations in the market, regulatory changes, possible loss of income and of the capital invested). For these reasons, positive past performance cannot be taken as a guarantee of positive performance in the future. Investments in foreign currencies are subject to a number of additional risks, including fluctuations in the exchange rate, and settlement risks. The consequence of this is that the Net Asset Value of the fund and the amount of revenue vary and can be guaranteed neither partly nor in their entirety. The costs of investing in the fund influence the eventual performance of the investment. No guarantee can be made that investment policy aims will be achieved. The only binding principles for the promoter are the legal sales documents (prospectus, KIIDs, semi-annual and annual reports, where available), in which the detailed information concerning the purchase of the fund as well as the associated risks can be found. These are available from the management company MainFirst Affiliated Fund Managers S.A., 16, rue Gabriel Lippmann, L-5365 Munsbach, as well as from MainFirst Bank AG, Kennedyallee 76, D Frankfurt am Main. The sales documents can most easily be found at In some countries, funds can only be offered if permission has been granted by the national regulatory authority. The acquisition limitations in the prospectus should be taken into consideration. All declared opinions represent the current assessments of MainFirst, which are subject to change without further notice. No guarantee can be made that the market forecasts and assessments of MainFirst here described will be realised. MainFirst rejects any responsibility for losses or damages of any kind (including those affecting third parties) derived from the acts of accessing or making use of this information. All information (unless otherwise stated): As at 05/

20 CHARACTER. FOR MORE PERFORMANCE.