Invesco Global Smaller Companies Equity Fund
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1 Invesco Global Smaller Companies Equity Fund Q This presentation is exclusively for use by Professional Clients and Financial Advisors in Continental Europe and is not for consumer use. Please do not redistribute this document Erik Esselink Fund Manager
2 Contents Fund overview Portfolio structure, philosophy and strategy Investment process Positioning and performance Appendix - Invesco Global Smaller Companies Group - Invesco Small Cap Equity Team - The role of environmental, social and governance (ESG) - Risk management 2
3 Invesco Global Smaller Companies Equity Fund Overview Investment approach and universe Benchmark Fund size Fund manager ESG/SRI approach No. of holdings Share class Bloomberg/ ISIN codes Active valuation-led approach that seeks to invest in undervalued companies that are managed in a sustainable fashion The investment universe comprises all smaller companies listed in developed markets. MSCI World Small Cap Net Return index US$80.6 million Invesco Perpetual Global Smaller Companies Group Erik Esselink (EAFE sub-portfolio) and Juliet Ellis (US subportfolio) are supported by the remaining members of the Invesco Perpetual Global Smaller Companies Group Integrated ESG/SRI approach embedded in investment process. Circa. 200 stocks A : IGSCAAU LX/ LU A (distribution): IGSCADU LX/ LU A (EUR hedged): IGSCAEH LX/ LU C: IGSCCAU LX/ LU E: IGSCEAE LX/LU R: IGSCRAU LX/LU Cumulative returns, gross of fees in USD (%) Fund launch September, 2011 On 1 June 2010, following Invesco Ltd. s acquisition of Morgan Stanley s retail asset management business (including Van Kampen Investments), the Morgan Stanley Global Small Cap Value Fund transferred to Invesco Perpetual s management. On 6 September 2010, the Morgan Stanley Global Small Cap Value Fund became the Invesco Global Small Cap Value Fund. On 30 September 2011, the Invesco Global Small Cap Value Fund was amalgamated into the newly-created Invesco Global Smaller Companies Equity Fund months YTD 1 year 3 years 5 years Invesco Global Smaller Companies Equity Fund MSCI World Small Cap Net Return index Invesco Perpetual has managed global smaller companies portfolios since 1984 Past performance is not a guide to future performance. Source: Invesco as at 30 June Invesco has managed the fund since 1 June Fund performance figures are shown for the C share class (accumulation-usd) on a mid-to-mid basis, inclusive of reinvested income and gross of the annual management charge and all other fund expenses. The figures do not reflect the entry charge paid by individual investors. Net returns will be lower. Please see Net Performance slide for the impact of all fund charges, including the annual management charge. Benchmark source: Invesco, net return, in USD. The fund is available only in jurisdictions where its promotion and sale is permitted. Not all share classes of this fund may be available for public sale in all jurisdictions. Not all share classes are the same nor do they necessarily suit every investor. There may be differences in fee structures, in minimum investment amounts, etc. Please see the disclaimer on page 31 for further information. 3
4 Portfolio structure, philosophy and strategy
5 Portfolio structure Two expertly managed sub-portfolios Erik Esselink EAFE 1 smaller companies portfolio Circa 100 stocks Invesco Global Smaller Companies Equity Fund Circa 200 stocks Juliet Ellis US smaller companies portfolio Circa 100 stocks Asset allocation between EAFE and the US is valuation and opportunity driven and is based upon recommendations from the Invesco Perpetual Global Smaller Companies Group, which is chaired by Invesco Perpetual s CIO, Nick Mustoe. Underlying sub-portfolio regional allocation is a result of our bottom-up approach. 1 EAFE = Europe, Australasia and Far East. Source: Invesco as at 30 June For illustrative purposes only. 5
6 Specialist sub-portfolio managers Erik Esselink & Juliet Ellis Erik Esselink European Small Cap Equities Fund Manager at Invesco Perpetual Based in Henley-on-Thames, Erik specialises in the research and management of European small cap equities. His career started in 1997 with ING Barings in Amsterdam, where he worked within the Institutional Equity Sales team for three years, specialising in Dutch equities. In 2000, Erik worked with Morgan Stanley, most recently as a pan European small and mid cap specialist salesperson and covered their institutional equity sales into the Benelux region. He joined our company in October Erik graduated from the Rotterdam School of Economics (HES) where he studied Commercial Economics. He is fluent in English and Dutch with a working knowledge of French and German. Juliet Ellis, CFA Managing Director CIO of Invesco s Domestic Growth Investment Management Unit Juliet Ellis, Managing Director, is Senior Portfolio Manager for a Small Cap Equity Portfolio and a Small Cap Growth Portfolio. She also serves as Chief Investment Officer for Invesco s U.S. Growth Investment Management Unit. Juliet has been a lead portfolio manager for Small Cap asset strategies since Prior to joining Invesco in 2004, Juliet was a Managing Director with JPMorgan Fleming Asset Management, where she served as Senior Portfolio Manager of JPMorgan s Small Cap Equity and Small Cap Growth Strategies. At JPMorgan, she was responsible for the management of more than US$2 billion in assets, including mutual funds, sub-advised portfolios, and institutional separate account portfolios. Juliet began her investment career in 1981 as a financial consultant with Merrill Lynch. She joined JPMorgan in 1987 as a Senior Equity Analyst, where she also served as Assistant Portfolio Manager and Director of Equity Research, before being promoted to Senior Portfolio Manager in 1993 and Managing Director in Juliet graduated Cum Laude and is a Phi Beta Kappa graduate of Indiana University with a Bachelor of Arts degree in Economics and Political Science. She is also a CFA charter holder. Erik Esselink is focused on EAFE smaller companies he is involved with the following: - A Continental European Small Cap Equity Portfolio (lead manager) - A Pan European Focus Equity Portfolio (co-manager) - An Europe, Australasia and Far East (EAFE) global smaller companies portfolio - Europe ex. UK sub-portfolio for Invesco Perpetual s Global Smaller Companies (all markets) strategy Juliet Ellis is focused on US smaller companies she is involved with the following: - A Small Cap Equity strategy (lead manager) - A Small Cap Growth strategy (lead manager) - US sub-portfolio for Invesco Perpetual s Global Smaller Companies (all markets) strategy Source: Invesco as at 30 June
7 Investment philosophy We believe that: Companies with high quality earnings growth outperform over time Market inefficiencies provide opportunities to buy mispriced securities Global smaller companies investors benefit from regional diversification and stock diversification Valuation is a key determinant of future performance We are active, long-term investors. As such, we seek to invest in companies that are managed in a sustainable fashion, respecting both the environment and society in which they operate Regular engagement with company management is integral to our process 7
8 Investment strategy Considerable expertise, multiple inputs Erik Esselink IP Global Smaller Companies Group 6 regional specialists Europe, Australasia, Far East (EAFE) Companies with high and sustainable returns at attractive valuations. US Companies with high and sustainable growth at attractive valuations Juliet Ellis Invesco US Small Cap Equity Team 6 US specialists Special situations Opportunistic investments to exploit valuation opportunities US/EAFE asset allocation IP Global Smaller Companies Group For illustrative purposes only. 8
9 Investment process - EAFE - US
10 Investment process - EAFE Overview Investment universe Idea generation Fundamental research Portfolio construction & risk management All listed developed market smaller companies, both on and off benchmark Quantitative screens of the investment universe Proprietary and 3 rd party Global Smaller Companies Group Regional fund manager idea Trusted external parties Selective use of brokers Independent research Candidate companies undergo rigorous analysis. Typical inputs include: Annual reports Management meetings ESG/SRI analysis Industry experts Sell side analyst meetings A portfolio of circa 200 names Typical inputs include: Best risk/reward opportunities Total portfolio consideration Multi-level system of risk management which promotes fund manager accountability Result: - Continuous flow of ideas, prioritised on watchlist Result: - Formulate investment thesis - Investment decision Result: - Optimal portfolio of global smaller companies For illustrative purposes only. 10
11 Investment process - EAFE Idea generation Sources include: Screening tools set to our specifications - Proprietary Factset screen, including historic Return on Capital Employed (ROCE) analysis, key valuation metrics and earnings revisions - Other customised 3 rd party screens such as Goldman Sachs Sustain and Credit Suisse CSFB Holt Sell-side analysts & independent research Screening tools Global Smaller Companies Group Global Smaller Companies Group - Regional specialists undertake hundreds of annual research trips and thousands of company meetings Continuously prioritised watch list for fundamental research A concentrated network of sellside analysts, strategists and independent research For illustrative purposes only. 11
12 Investment process - EAFE Fundamental research Business analysis Capital allocation analysis ESG/SRI criteria analysis Company valuation Assess the key drivers and future prospects of the business Risks and sensitivities of the various business units Assess the future sustainability of return on capital of the business units Analysis of historical return on capital, typically over the last ten years Subjective assessment on management s future capital allocation discipline As part of the business analysis: We consider the current and potential environmental and social impacts of the company s operations As part of the capital allocation analysis: We consider whether the company is run for the long-term benefit of all stakeholders, including shareholders We regularly engage with companies, aiming to meet twice a year Summary valuation models are constructed for candidate investments Focus on the relationship between the sustainable return on capital employed and the valuation An upside/downside valuation target Formulate investment thesis Investment decision 12 Our research must generate an information advantage in order to be valuable. For illustrative purposes only.
13 Investment process - EAFE Portfolio construction Key inputs: Stocks must have absolute upside potential - we do not buy stocks for exposure/benchmark reasons Assessment of individual stock downside risk Diversified portfolio of circa 100 holdings Stock weightings are conviction led, based on potential risk-adjusted upside. Portfolio is diversified with the largest holdings typically circa 1.25% Sub-portfolio sectoral and regional weightings are a result of our bottomup approach. EAFE/US total portfolio asset allocation is valuation driven and guided by Global Smaller Companies Group expertise For illustrative purposes only. 13
14 Investment process - US Overview Idea generation Fundamental research Development of Investment Thesis Selected Stocks Nineteen-factor custom mathematical model covering: Fundamentals Valuation Timeliness Development of integrated financial models: Company meetings Theme analysis Forecasts Establishing a price target based on valuation Disciplined, companylevel conclusions, including: Outlook for company and stock Risk assessment Drivers of growth Attractive on basis of: Fundamentals Valuation Timeliness Outlook Risks Identifying the buy point based on timeliness Result: Identifies attractive candidates Result: Confirms attractiveness and captures deeper understanding Result: Articulates the basis for investing Investment process identifies attractive securities through a combination of mathematical modeling and thorough, handson analysis. For illustrative purposes only. 14
15 Investment process - US Idea generation Qualified investment candidates Market cap $250 million to $3.5 billion Custom multifactor mathematical model Identifies stocks with highest probability of meeting investment criteria Fundamentals Sustainable growth revenues and earnings Strong balance sheets High returns (ROE, ROA) Solid managements significantly invested Use of capital Determines a good business model Identifies attractive small-cap growth stocks for additional analysis Valuation Attractive stock price P/E, EV/EBITDA, free cash flow yield Delivers a means to determine target price Timeliness Relative strength Proprietary industry momentum factor Confirmation of stock s potential to create wealth Mathematical modeling combined with intuitive fundamental analysis provides deeper, more focused insights. For illustrative purposes only. 15
16 Investment process - US Fundamental research Financial Model Due Diligence Theme Analysis Forecast Valuation Timeliness Develop detailed, fully integrated historical and forecast models of: Earnings statement Balance sheet Cash flow statement Consider strategic goals of management: 1,200 meetings 1 Assess customers, suppliers, competitors Management view environment, drivers, opportunities and priorities Identify macroeconomic, demographic, political, secular, credit, natural, social or other forces influencing the outlook for a company and its stock Five-year historical analysis of financial model: Historical most recent eight quarters Detailed forecast next eight quarters Additional forecast five-year forward (when relevant) Price target P/E calculation on 18-months forward earnings Reality checks EV/EBITDA Price to sales Price to free cash flow Price to book Net present value Minimum 25% upside potential Neutral technical profile No signs of accumulation or distribution Stable relative strength Frames investment thesis through: Independent view of dynamics Confirmation of strategies, goals and drivers Analysis of external influences Target price Analysis of securitylevel market dynamics 1 Invesco Growth team managers and analysts. For illustrative purposes only. 16 Disciplined, hands-on analysis identifies drivers, challenges and assumptions and evaluates risks.
17 Investment process - US Development of investment thesis What is the outlook for the company and stock? What are the critical drivers of growth? What are the risks macro, industry, stock specific? Articulates conviction and drives continuous portfolio assessment What is the upside? What is an attractive purchase price? Stock selection, the primary driver of investment returns, results from thorough bottom-up analysis. For illustrative purposes only. 17
18 Investment process - US Portfolio construction Selected Stocks Diversification by Security Diversification by Sector Sell Discipline Portfolio Attractive given: Fundamentals Valuation Timeliness Outlook Risks Equally weighted positions Historically low turnover Limits active industry group weights to ±350 basis points of benchmark weight Applies riskreward focus to active weighting decisions Positions sold due to: Investment thesis no longer valid Price target reached Timeliness profile deteriorates Discipline helps ensure diversification with no unintended concentrations. Selected Stocks Result: Helps manage risk by limiting concentration, controlling costs Result: Helps manage non stock-specific risk Result: Focuses capital on high-conviction holdings Disciplined construction practices balance structural stability with flexibility to find attractive opportunities. For illustrative purposes only. 18
19 Positioning and performance
20 Portfolio positioning Invesco Global Smaller Companies Equity Fund Regional weightings Portfolio breakdown (%) North America Europe ex UK UK Asia ex. Japan Japan Australasia EEMEA* Latin America Invesco Global Smaller Companies Equity Fund MSCI World Small Cap Source: Invesco Perpetual as at 30 June *Emerging Europe, Middle East & Africa. Regional weightings may change without notice. 20
21 Portfolio positioning Invesco Global Smaller Companies Equity Fund Sector weightings Sector Fund (%) Active weight MSCI World Small Cap index (%) Industrials , Consumer Discr , Consumer Staples , Health Care , Energy , Telecoms , Materials 7.4-0, Utilities , Information Technology , Financials , Source: Invesco Perpetual as at 30 June There is no guarantee that these sector weightings will be held by an Invesco fund in the future. 21
22 Portfolio positioning Invesco Global Smaller Companies Equity Fund Top ten holdings Stocks Country Fund (%) MSCI World Small Cap index (%) Inchape United Kingdom Asics Japan Topps Tiles United Kingdom Nissan Chemical Japan Vestas Wind System Denmark Havas France Air Canada Canada Tokyu Reit Inc Reit Japan C&C Ireland Royal Wessanen Netherlands Source: Invesco Perpetual as at 30 June There is no guarantee that these securities will be held by an Invesco fund in the future. This is no recommendation to purchase or sell the mentioned securities. 22
23 Portfolio performance Invesco Global Smaller Companies Equity Fund Gross returns Calendar year returns (%) Jan 31 May June 31 Dec YTD Invesco Global Smaller Companies Equity Fund MSCI World Small cap index Out/Underperformance Annualised returns* (%) 3 month YTD 1 year 3 years 5 years Invesco Global Smaller Companies Equity Fund MSCI World Small cap index Out/Underperformance Past performance is not a guide to future performance. Source: Invesco as at 30 June * Periods greater than one year. Invesco has managed the fund since 1 June Fund performance figures are shown for the C (Accumulation) share class, in USD on a mid-to-mid basis, inclusive of reinvested income and gross of the annual management charge and all other fund expenses. The figures do not reflect the entry charge paid by individual investors. Net returns will be lower. Please see Net Performance slide for the impact of all fund charges, including the annual management charge. The fund is available only in jurisdictions where its promotion and sale is permitted. Not all share classes of this fund may be available for public sale in all jurisdictions. Not all share classes are the same nor do they necessarily suit every investor. There may be differences in fee structures, in minimum investment amounts, etc. Please see the disclaimer on page 31 for further information. Benchmark source: Invesco, net return, in USD. 23
24 Portfolio performance Invesco Global Smaller Companies Equity Fund Net returns Calendar year returns (%) Jan 31 May June 31 Dec YTD Invesco Global Smaller Companies Equity Fund MSCI World Small cap index Out/Underperformance Annualised returns* (%) 3 month YTD 1 year 3 years 5 years Invesco Global Smaller Companies Equity Fund MSCI World Small cap index Out/Underperformance Past performance is not a guide to future performance. Source: Morningstar 2013 as at 30 June * Periods greater than one year. Invesco has managed the fund since 1 June Fund and sector performance figures are shown for the C (Accumulation) share class in USD on a mid-to-mid basis, inclusive of gross reinvested income and net of the annual management charge and all other fund expenses. The figures do not reflect the entry charge paid by individual investors. The fund is available only in jurisdictions where its promotion and sale is permitted. Not all share classes of this fund may be available for public sale in all jurisdictions. The C-Share class shown above is not registered in Belgium, Greece, Portugal and Denmark. Not all share classes are the same nor do they necessarily suit every investor. There may be differences in fee structures, in minimum investment amounts, etc. Please see the disclaimer on page 31 for further information. Benchmark source: Invesco, net return, in USD. 24
25 Portfolio performance Invesco Global Smaller Companies Equity Fund Risk statistics Risk statistics ex post 1 year 3 year 5 year Annualised standard deviation (MSCI World Small cap index) 7.85 (7.63) (17.57) (23.47) Annualised tracking error Alpha Beta Relative information ratio Sharpe ratio Past performance is not a guide to future returns. Source: Invesco Perpetual as at 30 June Fund performance figures are shown for the C (Accumulation) share class, in USD on a mid-to-mid basis, inclusive of reinvested income and gross of the annual management charge and all other fund expenses. The figures do not reflect the entry charge paid by individual investors. Net returns will be lower. Please see Net Performance slide for the impact of all fund charges, including the annual management charge. Benchmark source: Invesco, net return, in USD. The C-Share class shown above is not registered in Belgium, Greece, Portugal and Denmark. Benchmark source: Invesco, net return, in USD. 25
26 Appendix IP Global Smaller Companies Group Invesco Small Cap Equity Team The role of ESG Risk Management
27 Invesco Perpetual Global Smaller Companies Group Structure Global Smaller Companies Group Name Role Years experience Years with firm Erik Esselink Europe ex UK - regional specialist 13 6 Juliet Ellis North America regional specialist 32 9 Jonathan Brown UK regional specialist Ian Hargreaves Asia Pacific regional specialist Paul Chesson Japan regional specialist Dean Newman Emerging Markets ex Asia regional specialist Asset allocation and product strategy Nick Mustoe Chief Investment Officer, Invesco Perpetual 28 3 Martin Weiss Investment Strategist 23 8 Arwel Green Product Manager, Global Equities & Multi-Asset Source: Invesco Perpetual as at 30 June
28 Invesco Small Cap Equity Team Structure Small Cap Equity Team Name Responsibility In industry since With firm since Juliet S. Ellis, CFA Senior Portfolio Manager Juan R. Hartsfield, CFA Portfolio Manager Clay Manley, CFA Senior Equity Analyst Davis Paddock, CFA Senior Equity Analyst Michael Cole, CFA Equity Analyst Steven Johnson, CFA Equity Analyst Senior Manager (Lead): Small-Cap Core/Growth Team Health Care Manager: Small-Cap Core/Growth Team Consumer, Retail and Energy Analyst: Small-Cap Core/Growth Team Technology Analyst: Small-Cap Core/Growth Team Industrials Analyst: Small-Cap Core/Growth Team Financials Analyst: Small-Cap Core/Growth Team Health Care, Energy Hal Clark, CFA* US Growth Equities Source: Invesco Perpetual as at 30 June * Not involved in managing assets. 28
29 Investment process The role of ESG 1 We believe that the ESG practices of company management have an impact on the longterm performance of a company s stock. As active, long-term investors, we seek to encourage the companies in which we invest, to adopt best in class ESG practices How are ESG considerations embedded in our investment process? Idea generation We actively screen the market for companies that have historically demonstrated consistent, high returns on capital employed Given the high hurdle of our screening, our initial investment ideas typically possess better than average ESG credentials Fundamental research As part of the business analysis: We consider the current and potential environmental and social impacts of the company s operations As part of the capital allocation analysis: We consider whether the company is run for the long-term benefit of all stakeholders, especially shareholders We seek to quantify ESG issues, demanding significant discounts if investing in companies ESG practices that are currently sub-standard. Should we invest on this basis, we seek to effect positive change. Portfolio construction and risk management As active, long-term investors, we seek to encourage companies in which we invest, to adopt best in class ESG practices We actively employ our voting power to effect positive change in ESG practices. Where we disagree with major actions or strategy, we actively engage with management. For illustrative purposes only. 1 Environmental, social and governance 29
30 Investment process Risk management Investment risk Investment risk is the risk of losing clients money Research and valuation analysis to mitigate investment risk Fund managers are gatekeepers of risk Portfolio risk Fund managers monitor portfolio risk daily Investment Oversight and Independent Risk Function to monitor risk of portfolio CIO challenge Combining investment and portfolio risk monitoring Ensure adherence to stated philosophy, process and risk profile For illustrative purposes only. 30
31 Important information This marketing document is exclusively for use by Professional Clients and Financial Advisors in Continental Europe and is not for consumer use. Data as at 30 June 2013 unless otherwise stated. Please do not redistribute this document. The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested. This is a smaller companies fund, you should be prepared to accept a higher degree of risk than a fund that invests in larger companies. Opinions and forecasts are subject to change without notice. For more information on our funds, please refer to the most up to date relevant fund and share class-specific Key Investor Information Documents, the latest Annual or Semi Annual Reports and the latest Prospectus. Please refer to the prospectus for details on fees and charges. This information is available using the contact details of the issuer and is without charge. The information is also available from our website Whilst great care has been taken to ensure that the information contained herein is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. Where Erik Esselink has expressed views and opinions, they are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. This document is not an invitation to subscribe for shares in the fund and is by way of information only. Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell. This document contains general information only and does not take into account individual objectives, taxation position or financial needs. Neither does this constitute a recommendation of the suitability of any investment strategy for a particular investor. Past performance is not an indication for future performance, provides no guarantee for the future and is not constant over time. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. The distribution and the offering of the fund in certain jurisdictions may be restricted by law. Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions. This does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Not all share classes of this fund may be available for public sale in all jurisdictions and not all share classes are the same nor do they necessarily suit every investor. There may be differences in fee structures, in minimum investment amounts, etc. Please check the most recent version of the fund prospectus in relation to the criteria for the individual share classes and contact your local Invesco office for full details of the fund registration status in your jurisdiction. Please be advised that the information provided in this document is referring to the Invesco Global Smaller Companies Equity Fund Class A (accumulation - USD) and Share class C (Accumulation -USD) exclusively. Denmark, Greece : Share class C (Accumulation -USD) is not registered for sale in this jurisdiction. This document is provided only at the request of a Professional Client or qualified investor and is intended for the sole use of this person. Portugal, Belgium: Share class C (Accumulation -USD) is not currently registered for sale. As a consequence, the funds shares may not be offered or distributed by way of public advertisement or public offer in this/these jurisdiction(s). The funds shares may only be offered and the legal offering documents (KIID, prospectus, annual reports, semi-annual reports) and marketing materials of the fund may only be distributed in this/these jurisdiction(s) without public solicitation and in compliance with the private placement rules set forth in the laws, rules and regulations of the jurisdiction concerned. Germany, Austria and Switzerland: This document is issued in Germany by Invesco Asset Management Deutschland GmbH regulated by Bundesanstalt für Finanzdienstleistungsaufsicht. This document is issued in Austria by Invesco Asset Management Österreich GmbH and in Switzerland by Invesco Asset Management (Schweiz) AG. Subscriptions of shares are only accepted on the basis of the most up to date legal offering documents. The legal offering documents (fund & share class specific Key Investor Information Document, prospectus, annual & semi-annual reports, articles and trustee deed) are available free of charge at our website and from the issuers: Invesco Asset Management Deutschland GmbH, An der Welle 5, D Frankfurt am Main, Invesco Asset Management Österreich GmbH, Rotenturmstrasse 16-18, A-1010 Vienna, and Invesco Asset Management (Schweiz) AG, Stockerstrasse 14, CH-8002 Zurich, who acts as representative for the funds distributed in Switzerland. Paying agent for the funds distributed in Switzerland: BNP PARIBAS SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich. 31
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