Threadneedle North American Investment Capabilities

Transcription

1 Threadneedle North American Investment Capabilities OEIC Threadneedle American Fund Threadneedle American Select Fund Threadneedle American Extended Alpha Fund Threadneedle American Smaller Companies Fund SICAV Threadneedle (Lux) American Absolute Alpha Fund Threadneedle (Lux) American Fund Threadneedle (Lux) American Select Fund 1 threadneedle.com

2 Contents About Threadneedle Investments... 1 Why North American equities?... 2 Why Threadneedle for North American equities?... 2 A neglected investment opportunity... 3 Threadneedle s experienced team... 4 How the team works... 4 Our North American equity fund range... 5 Ratings explained... 7 Key risks... 8 How to contact us

3 About Threadneedle Investments Threadneedle is an international investment manager with a strong track record of outperformance across asset classes. We actively manage US$123.6 billion ( 96.0 billion, 76 billion)* of assets, investing on behalf of individuals, pension funds, insurers, and corporations. Threadneedle s distinctive investment approach is based on creative thinking, sharing of ideas and rigorous debate. Established in 1994 in London, Threadneedle has a presence in 16 countries. Threadneedle and Ameriprise Financial Threadneedle is the international asset management arm of Ameriprise Financial (NYSE: AMP), a leading US diversified financial services company and one of the 30 largest asset management firms globally. Ameriprise has US$678 billion* in total assets under management and administration and is the US leader in financial planning. As its international investment platform, Threadneedle provides Ameriprise and its clients with world class investment solutions. Please read this important information. You cannot predict future performance by looking at past performance. The value of investments, and the income from them, can go down as well as up, and you may not get back what you put in. Threadneedle is unable to provide financial advice and you should not interpret anything in this guide as advice. If you are unsure about anything you should speak to an investment adviser. The material in this brochure is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any fund. *As at

4 Why North American Equities? The US continues to be the main engine of the global economy and its stock market remains the biggest in the world, offering an unrivalled range of investment opportunities. The US is home to some of the world s largest and most successful companies, from more traditional businesses, such as food and drinks company PepsiCo, to companies at the cutting edge of technology, such as Apple, Google and Microsoft. America is well known for its entrepreneurial spirit and has a long history of groundbreaking innovations. Over the longer term, the commitment of company managements to drive their businesses forward and adopt new ideas should ensure that the future potential of the US equity market remains bright. It is our belief that US equities merit a prominent place in any well-balanced portfolio. Why Threadneedle for North American Equities? n Our US Equities team boasts a complementary set of skills and experience. This means that the team generates a broad spectrum of ideas and that potential investments are cross-examined from a range of perspectives. n By placing company research in a global context, the team can unearth further investment opportunities for its portfolio. n In a world where economies are increasingly converging, the team has a perspective advantage as it leverages a fully integrated research process carried out by over 140 investment professionals working on asset classes as diverse as commodities, credit or equities. This provides the team with a unique perspective on developments and highlights investment opportunities as well as risks. n The team s outstanding performance record illustrates the quality of the people and the strength of the investment process. n Our North American fund range is broad and helps investors to tailor their portfolios according to the investment themes they want to exploit. 2

5 A neglected investment opportunity US equities, along with other global markets, are subject to various short-term pressures, including the continuing problems in the eurozone. In the longer-term, there are also challenges, not least the need to deal with the budget deficit and the high level of public debt. However, while the US is likely to experience a modest pace of economic growth for the foreseeable future, we believe that areas of the economy and selected companies present compelling investment opportunities. Rebuilding the banks As we all know, the US financial system lay at the epicentre of the global financial crisis. However, the US authorities, in stark contrast to their European counterparts, took bold steps to restore the financial system to health, forcing US domestic banks to recapitalise by raising equity. As a result, US banks now have very healthy capital ratios. Coupled with the fact that they are also almost completely deposit funded, US banks are now in a position to start lending again, which should support domestic economic activity and provide opportunities for profit growth. Housing woes recede The reviving financial fortunes of Americans are reflected in the housing market. Much of the housing bad debt that precipitated the dramatic events of 2008 has now been washed through the system. Our optimism over US housing is underpinned by the fact that homes are now extremely affordable. Indeed, when you look at the price of the average house compared to average incomes, prices are at an historic low. Energising investment The revolution in the USA s energy environment also underpins our confidence in America s long-term prospects. New technology has enabled companies to economically extract oil and gas that had been regarded as too expensive until relatively recently. We believe that the energy boom unleashed by these developments will drive investment for many years to come and provide US businesses with a cheap energy source, placing these corporations at a structural advantage to their global peers. 3

6 Cormac Weldon Head of US Equities Diane Sobin Fund Manager Brad Colton Analyst Nafis Chowdhury Analyst Stephen Moore Fund Manager William Warren Analyst Paul Gannon Analyst Olivia Miller Junior Analyst Threadneedle s experienced team Our US Equity team features a range of complementary skills and investment styles. US Equity Team Manager Role Years of experience Sector Cormac Weldon Head of US Equities 20 years Industrials, Healthcare Stephen Moore Fund Manager 12 years Telecoms Diane Sobin Fund Manager 28 years Basic Materials, Industrials, Energy, Utilities William Warren Analyst 13 years Technology Brad Colton Analyst 13 years Banks Paul Gannon Analyst Joined Threadneedle 2010 Consumer staples, Consumer discretionary, Automotive Nafis Chowdhury Analyst 3 years Technology Olivia Miller Junior Analyst 5 years How the team works Threadneedle s team-based, fundamental, stock picking approach has enabled its North American funds to deliver impressive long-term returns. The team s competitive edge Threadneedle has one of the largest US equity teams in the City of London and currently manages more than US$12 billion. * The team draws on a combination of top down and bottom up analysis n The team maintains a constant dialogue with colleagues on the other desks, the majority of whom are located on the same floor in our London office. This enables our US sector analysts to compare industry trends, company results and stock valuations with global peers but also benefit from the insights of our fixed income credit team. With increasing globalisation, this has become a vital prerequisite for successful fund management. n The team excels at bottom-up analysis which is where the team focus on researching individual stocks and deciding whether they are a good investment opportunity. They have a strong track record of identifying successful companies. We believe that companies capable of sustaining good earnings momentum in a slower economic environment will be rewarded with superior share price performance. n Threadneedle s fund managers and analysts are always looking for potential catalysts for change such as new regulatory requirements or structural developments led by regulation; or changes in demand patterns and competitive pressures within a specific industry. n The team also pays attention to the strength of company management teams and looks for evidence of past success, industry experience, track-record at allocating capital and, most importantly, whether management s interests are closely aligned with those of the company s shareholders. n Threadneedle s prominent position in managing North American funds means that the team has excellent access to the company management teams of the region. Our team conducts approximately 700 meetings per year with company management both on site and at our offices in London which provide us with significant insights into a company s strategy and fundamentals. n What sets Threadneedle apart is that we do not look at companies in isolation. The team is mindful of macroeconomic developments when it assesses the prospects for individual stocks and sectors. This means that when conducting bottom-up research on companies, the team is also mindful of what is happening in the economic and political environment. Considering the political and economic environment in this way is known as top down analysis. Moreover, the team benefits from Threadneedle s culture of information sharing across different investment desks which helps us form unique and detailed investment insights. *Source: Threadneedle, as at AUM excludes externally managed funds under administration. 4

7 Our North American equity fund range Threadneedle American Fund Threadneedle American Select Fund Threadneedle American Extended Alpha Fund Threadneedle American Smaller Companies Fund A well diversified portfolio offering mainstream access to North American stocks. Investing in North American Equities this fund offers a relatively more concentrated portfolio following high conviction ideas. The Fund is a combination of a longonly portfolio and a short portfolio, and aims to keep broadly 100% net exposure to the market. A focused strategy targeting the high growth potential of North American smaller companies. n ntypically invests in stocks n nmanaged by Cormac Weldon nnindex: S&P 500 n nlaunched: February 1968 n nannual Management Charge: 1.5% (class 1 retail) nnfund Structure: OEIC nntypically invests in stocks n nmanaged by Cormac Weldon n nindex: S&P 500 nnlaunched: March 1982 n nannual Management Charge: 1.5% (class 1 retail) nnfund Structure: OEIC n ntypically invests in stocks combined long/short portfolio n nmanaged by Stephen Moore n nindex: S&P 500 n nlaunched: October 2007 n nannual Management Charge: 1.5% (class 1 retail) plus 20% performance fee n nfund Structure: OEIC n ntypically invests in stocks n nmanaged by Cormac Weldon nnindex: S&P 400 Mid Cap n nlaunched: November 1997 n nannual Management Charge: 1.5% (class 1 retail) nnfund Structure: OEIC The Fund aims to achieve capital growth. By employing both fundamental bottom-up, stock-specific research and top-down, strategic analysis the Fund Manager has the flexibility to pursue investment opportunities wherever they exist in the marketplace. The Fund aims to deliver above average capital growth. The Fund s investment approach gives the Fund Manager the flexibility to take significant stock and sector positions and this may lead to a higher level of risk relative to the benchmark. The Fund aims to achieve above average capital growth, investing primarily in North American equities. The portfolio is less constrained than traditional long-only funds. The ability to adopt short positions, expressed via synthetic instruments, allows the manager to take a more aggressive negative view on particular stocks than would be possible in a long-only fund, increasing the opportunity for out-performance. The Fund aims to achieve capital growth. As a relatively concentrated portfolio, the Fund Manager invests only in those smaller companies that he believes are best placed to experience significant earnings growth over the short to medium term. The Fund may be suitable for investors with a long-term investment horizon seeking capital growth who are prepared to tolerate large price fluctuations. The Fund may be suitable for investors with a long-term investment horizon seeking above average capital growth who are prepared to tolerate large price fluctuations. The Fund may be suitable for investors with a long-term investment horizon seeking above average capital growth who are prepared to tolerate large price fluctuations. The Fund may be suitable for investors with a long-term investment horizon seeking capital growth who are prepared to tolerate large price fluctuations. SRRI*: 6 SRRI*: 6 SRRI*: 6 SRRI*: 7 Market Risk High Volatility Risk Market Risk Effect of Portfolio Concentration High Volatility Risk Market Risk Liquidity Risk Valuation Risk Leverage Risk Investment in Derivatives Short Selling Risk High Volatility Risk Market Risk Liquidity Risk High Volatility Risk Ratings nnmorningstar OBSR Bronze rating nn4 star Morningstar Rating Ratings nnmorningstar OBSR Silver Rating nn4 star Morningstar Rating Ratings n n4 star Morningstar Rating Ratings n n4 star Morningstar Rating Morningstar OBSR Analyst Rating All information as at *Risk and Reward Profile from the Key Investor Information Document. For full explanations of Key Risks relating to each Fund please see page 8. 5

8 Threadneedle (Lux) American Absolute Alpha Fund The Fund is a high conviction long/ short portfolio of North American equities. Threadneedle (Lux) American Fund A well diversified portfolio offering mainstream access to North American stocks. Threadneedle (Lux) American Select Fund A more concentrated portfolio of high conviction ideas investing in North American equities. n ntypically invests in long stocks and short stocks n nmanaged by Stephen Moore n nindex: US$ 3 month LIBOR** n nlaunched: June 2010 n nannual Management Charge: 1.5% (class A retail) plus 20% performance fee n nfund Structure: SICAV n ntypically invests in stocks n nmanaged by Cormac Weldon n nindex: S&P 500 n nlaunched: October 1995 n nannual Management Charge: 1.5% (class 1 retail) n nfund Structure: SICAV n ntypically invests in stocks n nmanaged by Cormac Weldon n nindex: S&P 500 n nlaunched: July 2000 n nannual Management Charge: 1.75% (class 1 retail) n nfund Structure: SICAV The Fund aims to achieve a positive absolute return investing in North American equity securities. Stephen Moore, a manager with over 5 years absolute return experience, aims to generate a positive return irrespective of the performance of broad US equity indices via assembling a portfolio of high conviction long and short positions. Short positions are expressed via synthetic instruments. The Fund aims to achieve capital growth. By employing both fundamental bottom-up, stock-specific research and top-down, strategic analysis the Fund Manager has the flexibility to pursue investment opportunities wherever they exist in the marketplace. The Fund aims to deliver above average capital growth. The Fund s investment approach gives the Fund Manager the flexibility to take significant stock and sector positions and this may lead to a higher level of risk relative to the benchmark The Fund may be suitable for investors with a long-term investment horizon seeking capital appreciation principally by long and short investment decisions with a high risk tolerance. The Fund may be suitable for investors with a long-term investment horizon seeking capital growth who are prepared to tolerate large price fluctuations. The Fund may be suitable for investors with a long-term investment horizon seeking above average capital growth who are prepared to tolerate large price fluctuations. SRRI*: 5 SRRI*: 6 SRRI*: 6 No Capital Guarantee Liquidity Risk Valuation Risk Short Selling Risk Leverage Risk Investment in Derivatives Volatility Risk Market Risk High Volatility Risk Ratings n n4 star Morningstar Rating Market Risk Effect of Portfolio Concentration High Volatility Risk All information as at *Risk and Reward Profile from the Key Investor Information Document. For full explanations of Key Risks relating to each Fund please see page 8. **This is a hurdle rate, the Fund is not managed with reference to any benchmark. 6

9 Ratings explained Morningstar OBSR Rating definitions Morningstar OBSR is an independent ratings company which gives ratings based on performance and quality of investment process. The ratings given run from Bronze to Gold (Gold being the highest possible rating). The Morningstar OBSR Gold Rating is the highest rating awarded. It is an indication of excellence. It is given to funds which demonstrate very powerful investment processes and disciplines which they believe will translate into exceptional long-term performance. The Morningstar OBSR Silver Rating is an indication of highly superior quality based on process and track record. A fund which achieves the Morningstar OBSR Bronze Rating status is a highly commendable one. Please note that Morningstar OBSR ratings are only available for UK domiciled Funds. Morningstar Rating definitions Morningstar rates mutual funds from one to five stars based on how well they ve performed (after adjusting for risk and accounting for all sales charges) in comparison to similar funds. Within each Morningstar category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods three, five, and ten years and these ratings are combined to produce an overall rating. Funds with less than three years history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They re a useful tool for identifying funds worthy of further research, but shouldn t be considered buy or sell recommendations. Threadneedle funds and fund managers regularly receive ratings. These ratings are provided by independent rating agencies based on a number of investment criteria. Details of the different ratings are provided here. Source: Morningstar OBSR. 7

10 Key risks Please read the risks below which relate to specific funds. If you are uncertain if a fund is suitable for you, please contact an investment adviser. The following risks are applicable to all funds Market Risk: The value of investments can fall as well as rise and investors might not get back the sum originally invested, especially if investments are not held for the long term. : Where investments in the fund are in currencies other than your own, changes in exchange rates may affect the value of your investments. High Volatility Risk: The fund typically carries a risk of high volatility due to its portfolio composition or the portfolio management techniques used. This means that the fund s value is likely to fall and rise more frequently and pronounced than with other funds. Fund-specific key risks Threadneedle American Select Fund and Threadneedle (Lux) American Select Fund Effect of Portfolio Concentration: The fund has a concentrated portfolio (holds a limited number of investments and/or takes large positions in a relatively small number of stocks) and if one or more of these investments declines or is otherwise affected, it may have a pronounced effect on the fund s value. Threadneedle American Smaller Companies Fund Liquidity Risk: The fund invests in assets that are not always readily saleable without suffering a discount to fair value. The portfolio may have to lower the selling price, sell other investments or forego another, more appealing investment opportunity. Threadneedle American Extended Alpha Fund and Threadneedle (Lux) American Absolute Alpha Fund Effect of Portfolio Concentration: The fund has a concentrated portfolio (holds a limited number of investments and/or takes large positions in a relatively small number of stocks) and if one or more of these investments declines or is otherwise affected, it may have a pronounced effect on the fund s value. Liquidity Risk: The fund invests in assets that are not always readily saleable without suffering a discount to fair value. The portfolio may have to lower the selling price, sell other investments or forego another, more appealing investment opportunity. Valuation Risk: The fund s assets may sometimes be difficult to value objectively and the true value may not be recognised until assets are sold. Short Selling Risk: Short selling is designed to make a profit from falling prices. However, if the value of the underlying investment increases, the short position will negatively affect the fund s value. Leverage Risk: Leverage amplifies the effect that a change in the price of an investment has on the fund s value. As such, leverage can enhance returns to investors but can also increase losses. Derivatives Risk: Investment in derivatives may result in losses in excess of the amount invested (Threadneedle (Lux) American Absolute Alpha Fund only). 8

11 Threadneedle Threadneedle North American US Threadneedle Investment Capabilities for income How to contact us For further information, please contact your usual Threadneedle Investments representative or visit threadneedle.com OEIC If you are a UK resident, please contact us on: Telephone: * Fax: Website: threadneedle.co.uk questions@service.threadneedle.co.uk Post: Threadneedle Investment Services Limited PO Box 1331 Swindon SW38 7TA If you are a non-uk resident, please contact us on: Telephone: +44 (0) * Fax: +44 (0) Website: threadneedle.com questions@service.threadneedle.co.uk Post: Threadneedle Investment Services Limited PO Box 1457 Swindon SN1 1FP Our team is available from 9am to 5pm (GMT), Monday to Friday SICAV please contact Customer Services at IFDS: Telephone: * Fax: threadneedleenquiries@statestreet.com Post: Threadneedle Management Luxembourg S.A International Financial Data Services 47, Avenue J. F. Kennedy L-1855 Luxembourg Our website contains information about our products and services, and all fund prices. You can also download the prospectus, simplified prospectus, application forms and the latest annual and interim reports. Alternatively, these documents are available free of charge on request from: Austria: Raiffeisen Zentralbank Österreich AG, Am Stadtpark 9, 1030 Wien (TIF and TSIF), and Erste Bank, Petersplatz 7, 1010 Wien (TFIF); Belgium: J.P. Morgan Chase Bank Brussels, 1, Boulevard du Roi Albert II, 1210 Brussels; Denmark: Threadneedle Portfolio Services Ltd Tuborg Boulevard Hellerup Copenhagen Denmark; Finland: Threadneedle Portfolio Services Ltd Tuborg Boulevard Hellerup Copenhagen Denmark; France: BNP Paribas Securities Services, 66 rue de la Victoire, Paris; Germany: JP Morgan AG, Junghofstr. 14, Frankfurt; Italy: State Street Bank S.p.A., via Col Moschin 16, Milano; Ireland: J.P. Morgan Bank Administration Services (Ireland) Limited, J.P. Morgan House International Financial Services Centre, Dublin 1; Luxembourg: State Street Bank Luxembourg S.A., 49 Avenue J. F. Kennedy, 1855 Luxembourg; Netherlands: Fortis Intertrust, Rokin 55, NL 1012 KK Amsterdam; Spain: any appointed distributor listed in the Spanish Financial Regulator website ( Sweden: Skandinaviska Enskilda Banken AB (publ), Sergels Torg 2, Stockholm, Sweden; Switzerland: BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich (please note that the instrument of incorporation is also available on request), for OEIC documents, RBC Dexia Investor Services Bank S.A. Esch-sur-Alzette, succursale de Zurich, Badenerstrasse 567, CP 101 CH-8066 Zurich (please note that the instrument of incorporation is also available on request), for SICAV documents. *Please note that calls may be recorded. 9

12 Find out more Visit threadneedle.com Important information: All data as at unless otherwise shown. Past performance is not a guide to future performance. The value of investments and any income from them may go down as well as up. Threadneedle Investment Funds ICVC ( TIF ) is an open-ended investment company structured Finland as an umbrella company, incorporated in England and Wales, authorised and regulated in the UK by the Financial Services Authority (FSA) as a UCITS scheme. TIF is registered for public offer in Austria, Belgium, France, Germany, Hong Kong, Ireland, Italy, Luxembourg, The Netherlands, Portugal, Spain, Switzerland (some sub-funds only) and the UK. TIF is authorised in Spain by the Comisión Nacional del Mercado de Valores (CNMV) and registered with the relevant CNMV s Registered with number 482.Shares in the Funds may not be offered to the public in any other country and this document must not be issued, circulated or distributed other than in circumstances which do not constitute an offer to the public and are in accordance with applicable local legislation. TIF is registered with the Danish Financial Services Authority for marketing to professional investors only. The Funds may not be offered or sold to retail investors in Denmark. Threadneedle Specialist Investment Funds ICVC ( TSIF ) is an open-ended investment company structured as an umbrella company, incorporated in England and Wales, authorised and regulated in the UK by the Financial Services Authority (FSA) as a UCITS scheme. TSIF is registered for public offer in Austria, Belgium, France, Germany, Hong Kong (some sub-funds only), Italy, Luxembourg, The Netherlands, Spain, Switzerland (some sub-funds only) and the UK. TSIF is authorised in Spain by the Comisión Nacional del Mercado de Valores (CNMV) and registered with the relevant CNMV s Registered with number 481. Shares in the Funds may not be offered to the public in any other country and this document must not be issued, circulated or distributed other than in circumstances which do not constitute an offer to the public and are in accordance with applicable local legislation. TSIF is registered with Danish Financial Services Authority for marketing to professional investors only. Threadneedle (Lux) is an investment company with variable capital (Société d investissement à capital variable, or SICAV ) formed under the laws of the Grand Duchy of Luxembourg. The SICAV issues, redeems and exchanges shares of different classes, which are listed on the Luxembourg Stock Exchange. The management company of the SICAV is Threadneedle Management Luxembourg S.A, who is advised by Threadneedle Asset Management Ltd. and/or selected sub-advisors. The SICAV is registered in Austria, Belgium, Finland, France, Germany, Hong Kong, Italy, Luxembourg, The Netherlands, Portugal, Spain, Sweden, Switzerland, Taiwan and the UK; however, this is subject to applicable jurisdictions and some sub-funds and/or share classes may not be available in all jurisdictions. Shares in the Funds may not be offered to the public in any other country and this document must not be issued, circulated or distributed other than in circumstances which do not constitute an offer to the public and are in accordance with applicable local legislation. Threadneedle (Lux) is authorised in Spain by the Comisión Nacional del Mercado de Valores (CNMV) and registered with the relevant CNMV s Registered with number 177. The Funds may not be offered or sold to retail investors in Denmark. Shares in the Funds may not be offered, sold or delivered directly or indirectly in the United States or to or for the account or benefit of any U.S. Person, as defined in Regulation S under the 1933 Act. Het compartiment is op grond van artikel 1:107 van de Wet op het financieel toezicht opgenomen in het register dat wordt gehouden door de Autoriteit Financiële Markten. / Pursuant to article 1:107 of the Act of Financial Supervision, the subfund is included in the register that is kept by the AFM. Income may fluctuate in accordance with market conditions and taxation arrangements. The difference at any one time between the sale and repurchase price of units in the scheme means that the investment should be viewed as a medium to long term investment. Investments may be subject to sudden and large falls in value, and the investor could lose the total value of the initial investment. Shares in the Funds may not be offered, sold or delivered directly or indirectly in the United States or to or for the account or benefit of any U.S. Person, as defined in Regulation S under the 1933 Act. This material is for information only and does not constitute an offer or solicitation of an order to buy or sell any securities or other financial instruments, or to provide investment advice or services. Please read the Prospectus before investing. Subscriptions to a Fund may only be made on the basis of the current Prospectus and the Key Investor Information Document, as well as the latest annual or interim reports, which can be obtained free of charge on request, and the applicable terms & conditions. Please refer to the Risk Factors section of the Prospectus for all risks applicable to investing in any fund and specifically this Fund. The above documents are available in English, French, German, Portuguese, Italian, Spanish and Dutch (no Dutch Prospectus) and free of charge on request from: Raiffeisen Zentralbank Österreich AG, Am Stadtpark 9, 1030 Wien (TIF and TSIF), and Erste Bank, Graben 21 A-1010 Wien (TFIF) in Austria; J.P. Morgan Chase Bank Brussels, 1, Boulevard du Roi Albert II, 1210 Brussels in Belgium; BNP Paribas Securities Services, 66 rue de la Victoire, Paris in France; in Finland: Eufex Bank Plc, Keilaranta 19, Espoo, Finland (TIF); JP Morgan AG, Junghofstr. 14, Frankfurt in Germany; J.P. Morgan Bank Administration Services (Ireland) Limited, J.P. Morgan House International Financial Services Centre, Dublin 1 in Ireland; State Street Bank S.p.A., via Col Moschin 16, Milano in Italy; State Street Bank Luxembourg S.A., 49 Avenue J. F. Kennedy, 1855 Luxembourg in Luxembourg; Fortis Intertrust, Rokin 55, 1012 KK Amsterdam in the Netherlands; any appointed distributor listed on the Spanish Financial Regulator s website ( in Spain and Threadneedle Investments Client Services department P.O. Box 1331, Swindon SN38 7TA in UK. The mention of any specific shares or bonds should not be taken as a recommendation to deal. The research and analysis included in this document has been produced by Threadneedle Investments for its own investment management activities, may have been acted upon prior to publication and is made available here incidentally. Any opinions expressed are made as at the date of publication but are subject to change without notice. Information obtained from external sources is believed to be reliable but its accuracy or completeness cannot be guaranteed. Threadneedle Management Luxembourg S.A. Registered with the Registre de Commerce et des Societes (Luxembourg), Registered No. B , 74, rue Mühlenweg, L-2155 Luxembourg, Grand Duchy of Luxembourg. In the UK issued by Threadneedle Asset Management Limited. Registered in England and Wales, Registered No , 60 St Mary Axe, London EC3A 8JQ, United Kingdom. Authorised and regulated in the UK by the Financial Services Authority. Threadneedle Investments is a brand name, and both the Threadneedle Investments name and logo are trademarks or registered trademarks of the Threadneedle group of companies. threadneedle.com Issued Valid to T11898