Delubac pricing power 2013 gb
-
Upload
citywirewebsite -
Category
Business
-
view
753 -
download
1
description
Transcript of Delubac pricing power 2013 gb
DELUBAC Pricing Power
Invest in a new world
This document is provided for information purposes only.
This presentation document has been prepared by Delubac AssetManagement, the legally‐required disclosure details of which are shown atthe foot of this page.
This document has no contractual force and in no circumstances shall itconstitute a solicitation or a recommendation to buy or to sell.
The comments and analyses herein reflect the views of the staff of BanqueDelubac & Cie; accordingly, Banque Delubac & Cie shall not be held liablefor any investment decision made by clients on the basis of such commentsand analyses.
Although this document has been prepared with due care using sourcesthat the company believes to be reliable, no guarantee is given as to theaccuracy and completeness of the information and assessments containedherein.
Past performances or awards received by the investment managementteams mentioned herein are not an indication of future performances.
The reproduction of all or a part of this document or of its contents isprohibited.
Copies of this document may only be given to third parties with the priorpermission of Banque Delubac & Cie.
The analyses, figures and other data contained herein shall in nocircumstances be communicated to third parties, including in particular toinvestment service providers.
The official information on the management of UCITS (the prospectus orannual or half‐yearly reports) mentioned in this document shall prevailover all other information and may be obtained free of charge from :
Banque Delubac & CieGestion d’épargne
152 Boulevard Haussmann75008 Paris
Delubac Asset Management is a portfolio management company authorized by the French securities regulator (l’Autorité des Marchés Financiers) under authorization no. GP 00‐009 dated 31 March 2000. A French limited liability company (Société Anonyme) with capital of € 1 006 169,98.
Registered office: 152 Boulevard Haussmann, 75008 Paris. Paris Trade & Companies Registry no. 430 045 229.
This document has been prepared independently of the specific or future objectives, or of the particular financial or tax position or specific needs, of anygiven recipient. To obtain a personalized recommendation, please contact the sales and marketing staff of Banque Delubac & Cie.
Notice for the reader of this document
2
I ‐ Major changes 3
II ‐ The new reading of the stock market 5
III ‐ Our response 7
IV ‐ Methodology 11
V ‐ Delubac Pricing Power 17
VI ‐ Biographies 28
VII ‐ Risk Reward profile 29
VIII Fund Characteristics 30
Themes
3
Today the world is:
‐ EMIRATES as the world’s leading airline.
‐ SAMSUNG making a 100 million $ profit daily when ALCATEL can no longer make it on a year.
‐ PSA out the CAC40.
‐ 30 000 references by year for the big of the textile industry.
‐ AMAZON in the top 10 retailers in the world
The 21st century is too dangerous to manage as in the 20th :
In this world, how could it be considered as normal to manage assets using an « opportunist » approach,without ruling out any stock, even when he is attacked on all sides from its rivals ? Without taking intoaccount that globalisation produces both loosers and winners ?
In a world in which the younger generation is no longer prepared to pay for music and films … should weconsider that these new behaviours have only negligible consequences for shareholders?
This is not our approach : Do not forget that if competition is positive for the consumer, it’s harder for the shareholders because
it hurts companies’ margins that have failed to differentiate themselves.
I ‐Major changes
4Source: Delubac AM
Customers are now “in a position of power”
‐ The customer is now king, is no longer loyal and refuse to overpay for a product
‐ Customers are well informed, and need price justifications
‐ Promotions have become the norm
Long‐term trend towards sectoral deflation
‐ The theory of rising inflation is an economic theory. As for sectoral deflation, it is structural.
‐ Having lost their position of strength in relation to consumers for several years now certainsectors have been trending towards deflation.
The pharmaceuticals sector is an example:
With the constant rise of generics, prices of medicines have been fallingcontinually. The sector majors will see revenues fall by $18 billion in 2011in the public health field, then by $16 billion and $12 billion in 2012 and2013, respectively.
I ‐Major changes
5Source: Delubac AM
A new stock classification
‐ The apparent haphazardness of stock market performances over the last years has invalidated theusual approaches of the market.
‐ To understand the market moves, it is necessary to modify its “reading grid” from a traditionalclassification to a new analysis :
Deflation stocks :Price Warsurvival policy
Growth stocksCyclical stocks
Pricing Power stocks : Price priority
margins
« Volume » stocks : volume / productivity
gains pairing
II ‐ The new reading of the stock market
Defensive stocks
6Source: Delubac AM
End of the so‐called ‘defensive’ stocks
‐ Over the past ten years, a period that has featured no fewer than three major shocks, thetraditionally defensive sectors have failed to fulfil their role and have even amplified market falls.
Performances over 10 years (07/31/03 – 07/31/13) :
FRANCE TEL. *
CAC 40 *
‐ 67 %
+ 24 %
DEUTSCHE TEL. *
DAX *
‐ 32 %
+ 138 %
PFIZER *
DJIA *
‐ 12 %
+ 67 %
* Dividends not reinvested
II ‐ The new reading of the stock market
7Sources: Delubac AM, MarketMap
Sustainable Pricing‐Power: a key factor for emerging as a winner from thesechanges
‐ Pricing‐Power: being in a strong position in relation to customers.
‐ Only those firms with:
particular know‐how,
a strong brand,
an undisputed technological edge,
and having built barriers to entry that can only be breached withdifficulty by competitors,
are able to overturn positions of strength and thus impose their prices.
‐ In the context of high cost increases (commodities, marketing, regulatory constraints, etc.), onlythose companies with Pricing Power will be able to increase prices and thus protect theiroperating margins.
III ‐ Our response
8Source: Delubac AM
Pricing‐Power: a concept for today
‐ The concept of Pricing‐Power has not only stood up to the “post‐Lehman” crisis, but has emergedfrom it stronger :
Businesses talk more and more of the growing disloyalty of consumers, fiercercompetition and price wars.
There are now a dozen major brokerage companies that have recently placePricing‐Power at the heart of their strategy, an unprecedented occurrence.This theme has therefore become of primordial importance to the investor.
We have chosen to invest in « shareholder proposals » and, regardless of their price, to reject stocks that are contaminated by deflation and which would destroy value for the shareholders.
III ‐ Our response
9Source: Delubac AM
Strategic positioning as a starting point
‐ It is no longer possible to rely on the usual methods (whether sectoral or classification) tounderstand the market evolution in recent years.
‐ A sector as a whole can be both a growth sector (in volume) and be undergoing deflation (invalue).
‐ A company ’s ‘profitability curve’ can no longer be assessed based on its sector or classification,but solely on its competitive position within its sector.
Example of telecoms: what does EUTELSAT, a satellite operator withdefinitively allocated orbital positions and therefore safe from ‘attack’ bycompetitors or new entrants, have in common with the traditional operators,under attack from all sides?
Example of air transport: what does AMADEUS, which has managed to makeitself essential to airlines and travel agencies, have in common with theairlines, which have failed to maintain their prices and are underconstant attack by low‐cost companies and emerging‐country airlines?
III ‐ Our response
10Source: Delubac AM
Stock picking: more than ever indispensable
Following the radical transformations seen in the financial markets in recent years, a “traditional” approachto investing, using a sectoral or geographical approach, is no longer possible.
Individual companies, their strategy, positioning, and so on are what now counts.
For example:
‐ Amongst the strongest contributors to the 2010 performance of Delubac Pricing Power, we findtwo Italian stocks, CAMPARI and TOD’S, which posted performances of, respectively, 34% and42%. Over the same period, the Milan stock exchange had a difficult year and fell by more than13%.
‐ Likewise on the Spanish market for the year 2012, Amadeus increased by 52% in a domesticmarket at ‐ 4,66%.
III ‐ Our response
11Source: Delubac AM
Investment univers :1 500 stocks
Quantitative Criteria
Qualitative Criteria
Selection : 25 to 50 lines
Delubac Pricing Power
IV ‐Methodology
Selection criteria
‐ The fund is built on a selection of stocks with Pricing
Power. These « protected growth » companies are
able to follow their own path, without being heavily
impacted by general economic conditions.
‐ The internal selection process is extremely strict and
is based on 8 criteria (quantitative and qualitative).
To be eligible, a stockmustmeet all of these criteria.
12Source: Delubac AM
Universe of eligibilty
‐ The stocks selected are companies that meet all of our eight selection criteria.
‐ Stocks that fail to meet one or two of these criteria are placed on watch in our “waiting” universe.
Our limited and stabilized universe allows us to have a greater knowledge of our stocks, which helps us to be extremely responsive to the news flow of our portfolio and thus to adjust the weightings.
Investment universe 1500
stocks
Stock picks
25‐50 lines *
Universe
On standby
80 stocks* Average = 30 lines
IV ‐Methodology
13Source: Delubac AM
182,50%
91,41%
78,52%
66,99%
48,96%
14,12%
6,56%
1,75%
‐24,79%
‐33,03%
‐36,54%
‐46,20%
‐48,05%
‐54,63%
‐67,23%
‐68,97%
‐77,19%
‐2,50%
‐100% ‐50% 0% 50% 100% 150% 200%
SGS
SYNTHES
NESTLE
RICHEMONT
SWATCH GROUP
JULIUS BAER
HOLCIM
NOVARTIS
ROCHELONZA
CREDIT SUISSE
SWISSCOM
ABB
UBS
ADECCO
ZURICHSWISSRE
SWISS LIFE
The five best performers on the SMIover the past ten years form part ofour stock picks. They have been orare currently among the stocks inthe portfolio.
« Buy & Hold »
‐ Once the stock picking process is complete, the stocks may remain in the fund as long as they meet our 8 criteria, which is by no means bad news …
Performance of the SMI stocks (Swiss index) over ten years :
IV ‐Methodology
14
Sources: Delubac AM, AGEFI Suisse Data as of: 12/2009
« Buy & Hold »
‐ Holding a share does not imply a target selling price. What is important is not the share’simmediate performance but its outlook and therefore its potential.
Case of EADS: the share price rose by 39% over the first six months of 2013. Many analystsrecommended selling following this strong outperformance. According to our methodology,we strengthen the stock because : despite the rise, EADS was not more expensive on June30th 2013 than on December 31th 2012. We can observe that the group ’s outlook hadimproved over the period as quickly as the share price, retaining the stock potential.
Au 12/31/12 : PEG = 0,44
with a share priceat 29,5€
Au 06/30/13 :PEG = 0,50
with a share priceat 41€
+39%
30313233343536373839404142434445
IV ‐Methodology
15
Sources: Delubac AM, MarketMapData as of: 06/30/2013
Weightings
‐ In our day‐to‐day management, we pay very close attention to the news flow on portfoliostocks in order to adjust their weightings. The work on adjusting weightings is particularlysignificant at the end of each reporting season.
‐ In the case of disappointing earnings releases, the stock is kept only if the company’s outlookfor the year remains intact.
‐ Even though the majority of our portfolio companies release earnings figures that are in linewith or exceed expectations, there are nonetheless differences in terms of ‘quality’.
Companies that have:
released earnings figures that greatly exceed expectations, raised their outlook for the year, issued a very positive and confident message as to the future,
will be overweighted and will form part of the fund’s main lines.
IV ‐Methodology
16Source: Delubac AM
Delubac Pricing Power
‐ Open universe : European Union markets, with no index, sector or geographicallimitation.
‐ Concentrated funds: composed of 25‐50 lines (30 in average).
‐ Middle and large cap approach: investing in companies with marketcapitalisation of more than €500 million (average = around 19 billions €).
‐ Portfolio rotation: adapted to the market environment.
‐ Fund always very invested: average investment rate for 2012 > 99% (>98% in 2011).
IV ‐Methodology
17Source: Delubac AM
The 4 drivers of Delubac Pricing Power outperformance
‐ The stocks in the fund are protected growth stocks, far less prone than the stock exchange as awhole to operating margin upsets.
‐ When their free float so permits, the companies in the fund may be preys for large, more cyclicalgroups. This has already been the case for seven stocks in the fund: Aguas de Barcelona, Escada,Fadesa, Hugo Boss, Numico, Tandberg and Bulgari.
‐ The cash flows generated by these "exceptions" enable the shareholders to be "pampered",through regular increases in the pay‐out‐ratio, windfall dividend distributions and share buy‐backs.
‐ Thanks to the high barriers to entry that they have been able to erect, these stocks are capableof delivering earnings exceeding or at least meeting expectations and market average (cf page 18& 19).
V – Delubac Pricing Power
18Source: Delubac AM
The quality of earnings announcements : driver of outperformance
For several quarters, we notice that companies operating margin rates are under pressure and the trend continues to grow.
According to a study by Ernst & Young published early November 2012:
‐ The average EBIT margins for European Stocks droped from 11% to 9,8% between 3Q11 and 3Q12(and from 13,3% to 12,8% in the US).
‐ In Europe, 65% of companies, published a smaller margin than the previous year (54% in the US).
Delubac Pricing Power stocks are one of these companies able to preserve theirmargins , even in this difficult environment.
These companies are also able to publish growing margins year on year, which is aquality recognized by the market and therefore an outperformance driver.
V – Delubac Pricing Power
19
Sources: Delubac AM, MarketMapData as of: 3Q12
* Start of earnings announcements period** End of earnings announcements period(1) Dividends not reinvested
The quality of earnings announcements : driver of outperformance
Since the fund was launched, at the end of each announcement period we have calculated the percentageof companies having released operating results above or equal to analysts’ expectations.
These better‐than‐expected announcements are a driver of Delubac Pricing Power outperformance, as wecan see with the 4th quarter 2012 earnings period :
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
86% 87% 88% 88% 83% 85% 86% 85% 86% 76% 90% 71% 81%
YTD OUTPERF. FUND / MSCI Europe (1) AS OF 01‐14‐2013 *
YTD OUTPERF. FUND / MSCI Europe (1) AS OF 03‐28‐2013 **
OUTPERFORMANCE OVER THE PERIOD
‐ 0,70% + 5,40% + 6,10%
V – Delubac Pricing Power
20
The data cited is for past years. Past performances, classifications, prices, ratings, statistics and data are not reliable indicators of future performances,classifications, prices, ratings, statistics and data. Simulations based on past performances are not reliable indicators of future performances and are notconstant over time. Performance data does not take into account fees and expenses received at the time of the subscription or redemption of units. This non‐contractual document does not constitute an offer to buy or a proposal to sell.
Sources: Delubac AM, BloombergData as of: 4Q12
2nd quarter 2013 earnings period : 83% of earnings ≥ expectations
REMY COINTREAU 06/11/13 ≥ AGGREKO 08/02/13 ≥ZODIAC 06/13/13 ≥ AMADEUS 08/02/13 ≥AGGREKO 06/18/13 ≥ TOD'S 08/07/13 ≥SERCO 06/28/13 ≥ HENKEL 08/08/13 ≥BURBERRY 07/10/13 ≥ KERRY GROUP 08/08/13 ≥B. CUCINELLI 07/18/13 ≥ NOVO NORDISK 08/08/13 ≥PUBLICIS 07/18/13 ≥ DE'LONGHI 08/27/13 ≥REMY COINTREAU 07/18/13 ≥ EUROFINS 08/27/13 ≥KONE 07/19/13 ≥ BUREAU VERITAS 08/28/13 ≥SWATCH 07/23/13 ≥ B.CUCINELLI 08/28/13 ≥DASSAULT SYSTEMES 07/25/13 ≥ PERNOD 08/29/13 ≥LVMH 07/25/13 ≥ FERRAGAMO 08/29/13 ≥LUXOTTICA 07/25/13 ≥ ZODIAC 09/17/13 ≥SAFRAN 07/26/13 ≥EUTELSAT 07/30/13 ≥ CHRISTIAN HANSEN 07/03/13 <TELECITY 07/30/13 ≥ SGS 07/17/13 <AB INBEV 07/31/13 ≥ EDENRED 07/24/13 <INGENICO 07/31/13 ≥ CAMPARI 08/06/13 <HUGO BOSS 07/31/13 ≥ NESTLE 08/08/13 <EADS 07/31/13 ≥ ADIDAS 08/08/13 <DIAGEO 07/31/13 ≥ SERCO 08/29/13 <
V – Delubac Pricing Power
21
Source: Delubac AMData as of: 2Q2012
Investing in the Delubac Pricing Power is :
1 AVOIDING being a shareholder of companies operating in the following sectors:
• Banking• Mass retailing• Air transport• Hotel industry• Automotive industry• Utilities
• Pharmaceuticals• Telecoms• Brown goods• Heavy industry• Exploration/production
2 BEING PRESENT in:• Concession operators• Travel retail• Aerospace Equipment• Specialist services• Luxury goods• Certification, testing
• Healthcare specialists• Established brands• High‐tech• Industrial blue chips• Food processing
= 76% of the EuroStoxx 50
The most uncompromising fund :
V – Delubac Pricing Power
22Source: Delubac AM
Performance of Delubac Pricing Power vs. MSCI Europe NTR by civil year :
Since inception, Delubac Pricing Power has always outperformed its benchmark, except in 2009.
V – Delubac Pricing Power
2006 2007 2008 2009 2010 2011 2012 2013 (09.30.2013)
DELUBAC Pricing Power (P class) 23,96% 1,65% ‐44,66% 13,44% 17,16% ‐4,03% 27,97% 15,71%
DELUBACPricing Power (I class)
Launched in Sept. 6, 201216,10%
MSCI EUROPE (€) Div. Reinvested 16,49% 0,07% ‐45,52% 27,15% 8,04% ‐10,94% 13,38% 13,67%
23
The data cited is for past years. Past performances, classifications, prices, ratings, statistics and data are not reliable indicators of future performances,classifications, prices, ratings, statistics and data. Simulations based on past performances are not reliable indicators of future performances and are notconstant over time. Performance data does not take into account fees and expenses received at the time of the subscription or redemption of units. This non‐contractual document does not constitute an offer to buy or a proposal to sell.
Sources: Delubac AM, BloombergData as of: 09/30/2013
Performance of Delubac Pricing Power vs. MSCI Europe NTR as of 09‐30‐2013
V – Delubac Pricing Power
24
The data cited is for past years. Past performances, classifications, prices, ratings, statistics and data are not reliable indicators of future performances,classifications, prices, ratings, statistics and data. Simulations based on past performances are not reliable indicators of future performances and are notconstant over time. Performance data does not take into account fees and expenses received at the time of the subscription or redemption of units. Thisnon‐contractual document does not constitute an offer to buy or a proposal to sell.
Sources: Delubac AM, BloombergData as of: 09/30/2013
1 month 3 months 1 year 2 years 3 years 5 years Inception
DELUBAC Pricing Power (P class) 2,92% 6,82% 18,86% 57,93% 52,48% 42,90% 29,17%
DELUBACPricing Power (I class)
Launched in Septembre 6, 20122,98% 6,96% ‐ ‐ ‐
16,14% vs. 17,4% MSCI Europe TNR
MSCI EUROPE (€) Div. Reinvested 4,43% 9,14% 18,75% 46,30% 31,44% 43,56% 34,81%
Delubac Pricing Power (P share) ranking as of 08‐30‐2013:
Delubac Pricing Power (P share) volatility ranking as of 08‐30‐2013 :
Source : MORNINGSTAR Catégorie : Actions Europe Gdes Cap. Mixte
YTD 1 YEAR 2 YEARS 3 YEARS 5 YEARS
26/283 120/280 12/264 1/253 75/226DELUBAC PRICING POWER
YTD 1 YEAR 2 YEARS 3 YEARS 5 YEARS
DELUBAC PRICING POWER 43/283 54/280 73/264 30/253 91/226
V – Delubac Pricing Power
25
The data cited is for past years. Past performances, classifications, prices, ratings, statistics and data are not reliable indicators of future performances,classifications, prices, ratings, statistics and data. Simulations based on past performances are not reliable indicators of future performances and are notconstant over time. Performance data does not take into account fees and expenses received at the time of the subscription or redemption of units. This non‐contractual document does not constitute an offer to buy or a proposal to sell.
Sources: Delubac AM, Morningstar,Data as of: 08/30/2013
As of 12‐30‐2011: ¼ of the portfolio at its all time high …
In a strongly bearish year for the markets, there were companies to invest in, stocks which do not know the crisis. For evidence, in this environment, some of our stocks continued to perform and ended the year at their all time high :
As of 12‐31‐2012: it’s confirmed
After a great 2011 and a closing at a all time high, a number of quality stocks continued their own path and once again distinguished themselves with an exceptional 2012 :
‐ ABINBEV ‐ NOVOZYMES‐ AGGREKO ‐ REMY COINTREAU‐ DASSAULT SYSTEMES ‐ TELECITY‐ GEMALTO ‐ ZODIAC
‐ ABINBEV : + 42% ‐ REMY COINTREAU : + 35%‐ DASSAULT SYSTEMES : + 37% ‐ TELECITY : + 22%‐ GEMALTO : + 81% ‐ ZODIAC : + 30%
V – Delubac Pricing Power
26
Source: Delubac AMData as of: 12/31/2012
Delubac Pricing Power : Evolution of the fund size
V – Delubac Pricing Power
27
Source: Delubac AMData as of: 09/30/2013
Au 09.30.2013
Warren Buffett to the financial crisis inquiry commission
« I rate businesses on their ability to raise prices and sometimes don’t even consider the people in charge. »
« The single most important decision in evaluating a business is pricing power. »
« If you’ve got the power to raise prices without losing business to a competitor, you’vegot a very good business. And if you have to have a prayer session before raising
the price by 10 percent, then you’ve got a terrible business. »
« The extraordinary business does not require good management. »
V – Delubac Pricing Power
28Source: Delubac AM
Gérard MOULIN
Graduate of Ecole Supérieure de Gestion, he joined Banque Populaire Val de France as portfoliomanager for institutional and private clients. He becomes international equities manager at Barclay'sInvestment Management in 1998 before joining Delubac Asset Management in 2004 as equitymanager in order to create Delubac Pricing Power fund. Gérard Moulin has 20 years of experience inequity fund management.
Séverine ALLUIN
Holder of a master in accounting and finance and graduated in 2004 from the IAE Gustave Eiffel –Master of portfolio management, she joined Delubac Asset Management in 2005. Firstly fundmanagement assistant and then Junior fund manager, she is part of the management team since theinception of Delubac Pricing Power fund.
VI – Biographies
29Source: Delubac AM
Risk / reward ProfileInvestors are warned that a fund is generally exposed to a range of risk factors that could cause a fall in itsnet asset value :
‐ Equity market risk,
‐ Capital risk,
‐ Discretionary management risk,
‐ Currency risk.
Refer to the full prospectus for a more detailed
description of the various risks incurred.
VII – Risk Reward Profile
30
Lower risk Higher risk
Potentially higher returnPotentially lower return
Risk/reward profile as of 09.30.2013
The data cited is for past years. Past performances, classifications, prices, ratings, statistics and data are not reliable indicators of future performances,classifications, prices, ratings, statistics and data. Simulations based on past performances are not reliable indicators of future performances and are notconstant over time. Performance data does not take into account fees and expenses received at the time of the subscription or redemption of units. Thisnon‐contractual document does not constitute an offer to buy or a proposal to sell.
Sources: Delubac AM, BloombergData as of: 09/30/2013
MSCI Europe NTR
Delubac Pricing Power
6%
7%
8%
18% 19% 20% 21% 22% 23% 24% 25%
Annu
alize
dreturn
Annualized volatility
VIII – Fund Characteristics
31Source: Delubac AM
Name PART P PART I
ISIN code FR0010223537 FR0011304229
AMF Classification European Equities European Equities
Base currency Euro Euro
Management Delubac Asset Management Delubac Asset Management
Custodian Banque Delubac & Cie Banque Delubac & Cie
Dealing Daily Daily
Dealing Deadline Daily before 5PM (Paris Time) Daily before 5PM (Paris Time)
Recommanded investment holding 5 years 5 years
Initial share value 100 Euros 10 000 Euros
Minimum initial subscription 1 share 250 000 Euros
Subsequent subscriptions (min.) 1/100 share 1 share
Entry charge (up to) 2,50% None
Management fee (up to) 2,1528% 1,0000%
Performance fee 15% performance > MSCI Europe NTR 15% performance > MSCI Europe NTR
Exit charge None None
Investors concerned All investors All investors; more particularly institutional investors
All the information contained in this document may be changed without prior notice and should be read togetherwith the latest version of the full prospectus for the product.
This document has no contractual force and in no case constitutes either a solicitation to buy or sell, or arecommendation to buy or sell.
These comments and analyses reflect Delubac AM's view of the financial markets and their trends; they provideno guarantee of future performance. As a consequence, Groupe Banque Delubac may not be held liable for aninvestment or divestment decision taken on the basis of these comments and/or analyses.Groupe Banque Delubac recommends to the investor to invest in a UCITS only after carefully reading the fullprospectus concerning it.
Before making any subscription to a financial product, the investor should, in particular, make sure that saidinvestment is appropriate for his financial and wealth situation, his experience and his objectives with regard torisk and investment period.
It should be remembered that past performance is not necessarily a guide to future performance.
Non‐contractual document, updated in September 2013
Notice for the reader of this document
32