Achiievers Equities Daily Morning Outlook - Achiievers Equities
DSM US Large Cap Equitiesfunddocumentation.candoris.nl/DSM/DSM US Equities - Candoris.pdf ·...
Transcript of DSM US Large Cap Equitiesfunddocumentation.candoris.nl/DSM/DSM US Equities - Candoris.pdf ·...
FOR INVESTMENT PROFESSIONAL USE ONLY
DSM US Large Cap Growth EquitiesPerformance data as of 30/06/2020 gross of fees
FOR INVESTMENT PROFESSIONAL USE ONLY
Agenda1. About DSM Capital Partners
2. DSM’s Investment Style & Process
3. Performance & Characteristics
4. About Candoris
5. Important Information
FOR INVESTMENT PROFESSIONAL USE ONLY
Section One:
About DSM Capital Partners
FOR INVESTMENT PROFESSIONAL USE ONLY 4
About DSM Capital Partners, Ltd.A bottom-up, idea driven, growth stock firm
DSM: A growth firm with a value backbone
• 100% employee owned boutique founded in 2001, focusing exclusively on growth companies
• 25 employees currently managing over $8.7bn* in AUM long only, high-conviction growth strategies with 1 distinct philosophy
• Clients include corporate pension plans, foundations and endowments, other institutions, and high net worth individuals.
• Transparency – ease of access and open communications with clients
• Firm’s headquarters is located in Palm Beach Gardens, FL.
Candoris & DSM
• Partnership dates to 2013
• Committed to growth in the Nordics and throughout Europe
• Provides capacity to grow in strategy, without jeopardizing performance
* As of 30/06/2020
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YTD 1 Year 3 Years 5 Years 10 Years Since Inception 18.5 Years¹
Returns as of: June 30, 2020
0%
25%
Median
75%
100%
DSM Capital
Partners LLC:
DSM LargeCap
Growth Equity
Standard & Poors
Index: S&P 500
Russell Index:
Russell 1000
Growth
Universe: eVestment US Large Cap Growth Equity
Results displayed in USD using Spot Rate (SR). ¹01/2002 - 06/2020
Strategy Overview
A Collegial and Engaged Culture Aligned withOur Clients’ Interests
• Analyst/PMs compensated on firm performance and quality of work – “Buy”, “Sell” and “Avoid” recommendations equally important
• Team members have significant ownership of DSM portfolios
• Transparency – ease of access and open communications with clients
A US Equity Strategy for Sustainable Growth ofCapital
• Long-term focus on quality growth companies with attractive valuations
• Concentrated, high-conviction portfolio
• A demonstrated record of both reward and risk terms
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Organizational StructureDSM Capital Partners
Steve Memishian, CFAFounder,
Co-Managing Partner
Daniel StrickbergerFounder, CIO,
Co-Managing Partner
Research & Portfolio ManagementJustin Burk, CFAHannah Chang Pinaki Kar David McVey, CFA Takamune Fujikawa, CFASteve Tish, CFAEric Woodworth, CFAKenneth Yang, CFA Client Service & Operations
Patricia BonadioKristen D’AmbrosioVitas MartinenasHikaru Sato-Hua
Patricia MichellSandra MontoyaNina PetrushevNina Renna
TradingChris BertoniShayn Logan
Legal & ComplianceBlair Barton, JDRussell Katz, JD
Client Service & Business DevelopmentStephen Constantine James Brown
Meredith MeyerChief Operating Officer
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DSM’s Investment TeamExperienced team dedicated to one single philosophy
DSM’s ten person investment team specializes in quality growth companies worldwide
• Proprietary research used to identify and model quality growth companies, complemented by a rigorous valuation discipline used for both buying and selling positions
• 250 expert calls per year; buy-in research
• Analyst/PM’s compensated on quality of work and firm performance
• “Buy”, “Sell”, and “Avoid” recommendations are equally important
• Investment team has significant ownership of DSM portfolios
The team’s focus on proprietary research, in conjunction with a disciplined approach to valuation, results in a concentrated, benchmark-agnostic portfolio of 35-45 names
Industry DSM
Daniel Strickberger 39yrs 19yrs
Chief Investment Officer
Justin Burk, CFA 22yrs 18yrs
Medical Technology, Enterprise Software, Computer Storage & Communications, Specialty Chemicals, Agriculture, Multi-Industry
Hannah Chiang 22yrs 5yr
Payment Processing, Chinese Online Advertising, Retail, Apparel, Consumer Discretionary
Pinaki Kar 12yrs 12yrs
Biotech/Pharma, Consumer Staples, Discount Stores, Medical Technology, Industrial Glass, Business Software, Semiconductors
David McVey, CFA 24yrs 19yrs
Internet Services, Payment Processing, Banking, Media/ Advertising, Energy Services, Investment Management
Takemune Fujikawa 25yrs 2yrs
Tobacco, Consumer Services, Industrial Distributors, Luxury Products
Steve Tish, CFA 28yrs 13yrs
Biotech, Pharmaceuticals, Restaurants, Gaming, Lodging, Travel
Eric Woodworth, CFA 19yrs 19yrs
Personal Computers, Railroads, Freight Forwarders, Aviation, Computer Services, Networking Software, Security Software
Kenneth Yang, CFA 21yrs 6yrs
Consumer Discretionary, Industrials, Investment Management, Business Services, Instrumentation
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Section Two:
DSM’s Investment Style & Process
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Investment PhilosophyUnwavering adherence to convictions and discipline
DSM believes that concentrated portfolios of carefully selected equity securities of quality companies – those that demonstrate predictable earnings growth and are attractively valued – hold potential for long-term outperformance of broad market indexes.
This philosophy drives DSM’s distinct investment process, built on three core principles:
• Identify quality growth companies and perform fundamental research on them
• Create and utilize proprietary earnings models
• Utilize valuation discipline
GROWTH QUALITY
VALUATION
DSM US LARGE
CAPGROWTH
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Investment PhilosophyEssentials of our style
Intellectual Property; High Barriers to Entry
Strong Business Fundamentals
Predictable Revenue and Earnings Growth
Gaining Market Share
Growing End-Markets
Favorable Industry Dynamics
Consistent Management Execution
High ROA/ROE; Free Cash Flow
Solid Balance Sheets
Sustainable Revenue and Earnings Growth
Strong Business Models
Stable Pricing
Few Competitors
Appropriate ESG Characteristics
GROWTH QUALITY
VALUATION
DSM US LARGE CAPGROWTH
Reasonable Valuation Reduces P/E Compression Risk
Manageable “Low Case” Return
Attractive “Most Likely” Return
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Investment Process OverviewA consistent approach leading to repeatable outcomes
Idea Generation &Fundamental
AnalysisBuy
DecisionPortfolio
ConstructionMonitoring &
Selling
QUALITYValidation
GROWTHEarnings
Modelling
VALUATIONBelow
Intrinsic Value
POSITION SIZINGIncreases with conviction based
on fundamental execution
RETURN POTENTIAL
Risk Management & ESG
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Investment Process OverviewESG is fully integrated into our investment process
ESG considerations are integrated into
stock selection, sizing, and selling
MSCI feeds & in-depth monitoring
Proprietary DSM ESG scoring
system
Identifying material ESG
issues
Proactive management interactions
Centralized ESG database with daily reporting
Portfolio decision making
Environment• Biodiversity & Land Use• Energy & Climate Change• Operational Waste• Supply Chain Management• Water StressCustomer• Anticompetitive Practices• Customer Relations• Marketing & Advertising• Privacy & Data Security• Product QualityHuman Rights & Community• Civil Liberties & Human Rights• Local Community ImpactLabor Rights & Supply Chain• Child Labor• Collective Bargaining• Workforce Diversity & Discrimination• Health & Safety• Supply Chain Labor StandardsGovernance• Bribery & Fraud• Controversial Investments• Governance StructuresOther
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Fundamental AnalysisHarnessing the power of earnings to drive cash flow and fuel financial returns
QUALITY
Validation
GROWTH
Earnings
Modelling
VALUATION
Below
Intrinsic Value
BUY AND SELL DECISIONS
Identify companies with predictable revenue and earnings growth
Create detailed earnings models for candidate companies
Select equities selling below intrinsic value to reduce risk
• Strong business models• Few competitors • Stable pricing• Consistent management execution• Balance sheet strength• High ROA/ROE, free cash flow• ESG considerations• Intellectual property• Barriers to entry • Favorable industry dynamics• Growing end-markets• Gaining share
• Forecast 4 to 5 years• Revenue projections by product• Revenue/cost sensitivity analysis- Focus on major cost drivers- Project costs driven by competition• Scenario analysis- Most likely earnings case- Potential low earnings case
• Buying undervalued equities to reduce PE compression risk
• Lower entry level valuation reduces price risk
• Scenario analysis - Most likely returns- Low case returns
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Scenario AnalysisDisciplined framework for projecting return potential for individual equities
HYPOTHETICAL RETURN POTENTIAL
Most Likely Case Low Case
Revs/EPS growth At forecast level Low end of potential
Target P/E outcome Achieved Not achieved
Y1 Price $20
Y1 EPS $1.00
Y1 P/E 20
Y2-4 EPS Growth 18% 14%
Y4 EPS $1.64 $1.48
Target P/E (Y3) 23 23
Y3 P/E 23 18
Y3 Price $37.79 $26.67
Y1-3 Annual Return 24% 10%
Setting the P/E Target▪ Industry factors▪ Stock-specific factors▪ Macro factors▪ Historic PE range
Elements of Expected Return▪ EPS growth▪ Dividend yield▪ Change in P/E ratio
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Investment Decisions and Construction DisciplinesRelentless focus on identifying and capturing opportunities in all regions and industries
BUY AND SELL DECISIONS
Team Analysis Construction
Transaction Dynamics Buy Decision Diversification
▪ CIO & lead analyst/PM initiate case▪ Lead analyst/PM present▪ Investment team discusses▪ “Devil’s Advocate” discussion▪ Non-binding private vote by
investment team
▪ Growth– Strong fundamentals – Revenue and earning growth
▪ Quality – Predictable revenue and earnings
growth ▪ Valuation
– Stock is undervalued based on next four quarters projected earnings
– Attractive “Most Likely” return– Manageable “Low Case” return
▪ Typically 5 to 7 sectors▪ Up to 20% non-US*
Risk Management
▪ Evaluate common risks across holdings▪ Evaluate overlapping risks across
industries, sectors, geographies
Sell Decision General Weighting
▪ Price appreciation reduces future return potential
▪ “On-deck” stocks offer more attractive return potential
▪ Risk of business deterioration▪ Reduced revenue/earnings outlook
▪ Typically 25 to 35 positions▪ 1% to 2% weight to start▪ 3% to 5% average weight at cost▪ 5% to 7% at cost for select investments
*Adjustable to meet client restrictions
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Partnering with DSMA compelling history of capital growth and attractive risk-reward outcomes
THE DSM DIFFERENCE
History of long-term focus and fundamental analysis applied across all strategies
Highly-skilled investment team with proven record of delivering attractive outcomes in both reward and risk terms
Culture of accountability and complete commitment to clients
Openness and transparency provided at all levels
Continuous client communication and service
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Section Three:
Performance & Characteristics
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DSM US Large Cap GrowthHistorical Performance
GIPS Compliant Gross Composite Performance - DSM US Large Cap Growth
Source: eVestmentData quoted is past performance gross of fees. Current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate.
Performances in the table above is annualized
Data as of 30-06-2020 YtD 1 Year 3 Year 5 Year 10 yearSince
Inception US Equity Growth (in USD)DSM US Equity Growth (Inception – Jan 02) 10,88% 22,76% 18,69% 15,40% 17,92% 11,04%Russell 1000 Growth 9,81% 23,28% 18,99% 15,89% 17,23% 8,95%S&P 500 -3,08% 7,51% 10,73% 10,73% 13,99% 7,67%Outperformance Russell 1000 Growth +1,07% -0,53% -0,31% -0,49% +0,68% +2,09%Ourperformance S&P 500 +13,96% +15,25% +7,96% +4,67% +3,93% +3,37%
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Growth of $100 - Since Inception
G $100 - 18.5 Years
750
700
650
600
550
500
450
400
350
300
250
200
150
100
5 0
0
DSM Capital
Partners LLC:
DSM LargeCap
Growth Equity
Standard & Poors
Index: S&P 500
Russell Index:
Russell 1000
Growth
Results displayed in USD using Spot Rate (SR). ¹01/2002 - 06/2020
Historical PerformanceDSM US Large Cap Growth v. Benchmark
Growth of US$ 100 – Since inception
Source: eVestmentData quoted is past performance gross of fees. Current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate.
FOR INVESTMENT PROFESSIONAL USE ONLY 20
Earnings and Revenue Scorecard – US Large Cap GrowthHistory of earnings results of holdings
Portfolio holdings have delivered a solid record of earnings growth relative to consensus estimates
Source: Bloomberg. ^Source: DSM. Quarterly calculations are weighted averages based on position sizes. *As of: 31/12/2019
PORTFOLIO EARNINGS RESULTS - PAST TWENTY-ONE QUARTERS
1Q20
4Q19
3Q19
2Q19
1Q19
4Q18
3Q18
2Q18
1Q18
4Q 17
3Q17
2Q17
1Q17
4Q 16
3Q16
2Q16
1Q16
4Q15
3Q15
2Q15
1Q15
EPS % vs. Consensus* 6 7 5 11 9 5 9 8 9 4 7 10 5 5 5 6 6 5 4 4 3
EPS % YoY Growth (Ex Options)^
8 21 18 16 19 22 28 28 32 34 33 33 30 31 23 21 21 23 17 19 19
Revenue % YoY Growth^ 14 18 17 18 16 17 19 21 23 22 24 25 25 28 28 26 16 21 19 21 16
FWD 4Q P/E on Date of Mid-Q Letter^
24.7x
23.8x
24.0x
24.3x
23.7x
20.7x
21.8x
21.6x
22.0x
22.7x
23.7x
21.3x
20.3x
18.6x
19.4x
19.0x
17.9x
20.7x
20.9x
20.2x
20.8x
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DSM US LC Growth active trading performanceBuy and Hold vs Active Management
This table shows the performance of the actual DSM strategy and a virtual buy and hold portfolio. The buy and hold portfolio is based on the performance of weights and holdings per the 30th of June (no trading took place). You can clearly see that trimming, adding and switching names does add value.
Portfolio - Annual Returns
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD to
30/06/20
Since Inception till
(%, p,a)DSM Large Cap Growth (in US$)DSM Large Cap Growth (Gross)
-16,5% 27,1% 11,0% 13,1% 11,4% 20,8% -37,8% 25,4% 24,1% -0,2% 19,9% 37,2% 11,3% 8,5% -1,6% 39,8% -3,8% 37,6% 10,9% 11,0%
BUY AND HOLD STRATEGY (GROSS)
-19,9% 24,9% 7,7% 14,2% 7,2% 14,7% -39,2% 25,2% 18,3% -0,2% 16,2% 38,3% 7,9% 4,3% -4,8% 34,7% -4,4% 38,4% 10,8% 8,6%
Difference (Manager Activity)
3,4% 2,2% 3,3% -1,2% 4,2% 6,0% 1,4% 0,2% 5,8% 0,0% 3,7% -1,1% 3,4% 4,2% 3,2% 5,1% 0,6% -0,8% 0,1% 2,4%
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Portfolio CharacteristicsA concentrated portfolio built on the basis of growth, quality and valuation fundamentals
22
Source: Bloomberg.*As of 30/06/2020
Characteristics DSM LCGRussell 1000
Growth
Number of Holdings 25 435Weighted Avg Market Cap $534B $575BMost Likely EPS Growth4 19% NALow case EPS Growth4 16% NACalendar 2021 P/E 25.8x 27.4xCalendar 2022 P/E 21.0x 23.6xPrice to Book Ratio 8.9 10.4Dividend Yield5 0.4% 1.0%Trailing 12 Month Turnover9 21% NALT Debt/Equity 54% 113%Active Share1 66% NA
Top 10 Holdings Location %
Microsoft Corp. US 10.8%Adobe Inc. US 9.3%Alibaba Group Holdings US 7.7%Alphabet Inc. US 7.2%Tencent Holdings Ltd. China 7.2%Amazon.com China 7.0%Visa Inc US 7.0%PayPal Holdings US 6.1%Facebook Inc. US 5.7%Automatic Data Processing US 4.2%
0,0%
49,0%
3,4%
0,0%
10,3%
17,7%
0,0%
1,5%
17,8%
0,0%
44,7%
5,7%
1,1%
14,8%
10,5%
0,2%
3,9%
19,2%
Utilities
Technology
Producer Durables
Materials & Processing
Health Care
Financial Services
Energy
Consumer Staples
Consumer DiscretionarySECTOR ALLOCATION
Russell 1000 Growth
DSM US Large Cap
83%
16%
98%
2%
US
Non-US
REGIONAL ALLOCATION
Russell 1000 GrowthDSM US Large Cap
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YTD 1 Year 3 Years 5 Years 10 Years Since Inception 18.5 Years¹
Returns as of: June 30, 2020
0%
25%
Median
75%
100%
DSM Capital
Partners LLC:
DSM LargeCap
Growth Equity
Standard & Poors
Index: S&P 500
Russell Index:
Russell 1000
Growth
Universe: eVestment US Large Cap Growth Equity
Results displayed in USD using Spot Rate (SR). ¹01/2002 - 06/2020
Returns various periodsDSM US Large Cap Growth v. Benchmark and Peers
Consistent Outperformance
Source: eVestmentData quoted is past performance gross of fees. Current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate.
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Upside Market Capture Since Inception¹ Downside Market Capture Since Inception¹
70
75
80
85
90
95
100
105
110
115
Since Inception 18.5 Years 1/2002 - 6/2020
120
DSM Capital
Partners LLC:
DSM LargeCap
Growth Equity
Standard & Poors
Index: S&P 500
Russell Index:
Russell 1000
Growth
Universe: eVestment US Large Cap Growth Equity
Results displayed in USD using Spot Rate (SR). ¹01/2002 - 06/2020
Upside/Downside CaptureDSM US Large Cap Growth v. Benchmark and Peers
Higher Upside Capture and lower Downside Capture leads to superior returns since inception
Source: eVestmentData quoted is past performance gross of fees. Current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate.
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Returns Since Inception 18.5 Years¹ Standard Deviation Since Inception 18.5 Years¹
Since Inception 18.5 Years 1/2002 - 6/2020
19
18
17
16
15
14
13
12
11
10
9
8
7
6
DSM Capital
Partners LLC:
DSM LargeCap
Growth Equity
Standard & Poors
Index: S&P 500
Russell Index:
Russell 1000
Growth
Universe: eVestment US Large Cap Growth Equity
Results displayed in USD using Spot Rate (SR). ¹01/2002 - 06/2020
Returns and Standard DeviationDSM US Large Cap Growth v. Benchmark and Peers
DSM US Large Cap Growth outperforms the benchmark and almost all peers since inception.
Source: eVestmentData quoted is past performance gross of fees. Current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate.
FOR INVESTMENT PROFESSIONAL USE ONLY 26
Source: Bloomberg
Predictable earnings growth prevails over time
Standard deviation of EPS Growth Rate
EPS
Gro
wth
Rate
0%
5%
10%
15%
20%
25%
30%
35%
0% 10% 20% 30% 40% 50% 60%
DSM Act EPS% YoY Gr
DSM Est EPS% YoY Gr
RLG Act EPS% YoY Gr
RLG Est EPS% YoY Gr
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Fund Launch:July 2016
Structure:UCITS
AUM:$44.1 million as of *30/06/2020
Exchange:Luxembourg
Benchmark:Russel 1000 Growth
Liquidity:Daily Liquidity & Valuation
ISIN:
LU1016061126Fund Composite Data:
Active Share 71.51%*
DSM US Large Cap Growth UCITS FundFund Information
Management Fee<€10 million 84 basis points
>€10 million 60 basis points
Larger Investments To be discussed
Other ExpensesCapped at 15 basis points for Institutional Investors; In reality, about 11 basis points
Custodian:Northern Trust
Central Admin:Northern Trust
Transfer Agent:Northern Trust
Source: eVestment as of 30/06/2020 since inceptionData quoted is past performance gross of fees. Current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate.
There is also a Global Growth UCITS Fund available.Fund Launch : March 2014AuM : $99.3 millionISIN : LU1016061043
Alpha 2,71
Beta 0,92Std Dev 15,27UMC 100,62DMC 90,93Information Ratio 0,33Tracking Error 6,28Sharpe Ratio 0,64
FOR INVESTMENT PROFESSIONAL USE ONLY
Section Four:
About Candoris
FOR INVESTMENT PROFESSIONAL USE ONLY 29
About CandorisAccess to the world’s best investment strategies
Candoris is:
• A Dutch firm with 6 employees in 2020 and ambitions to broaden its marketing
• Honest and direct in communication
• Transparent about the managers we market and the reasons why
• Transparent on price, fund and separate account solutions
Can·dor“kandər-ˌ dôr”
noun: candour; candor
1. The quality of being open and honest in expression; frankness.
Synonyms: frankness, openness, honesty, candidness, truthfulness, sincerity, forthrightness, directness, plain-spokenness, bluntness, straightforwardness, outspokenness
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Current Activities:
• Marketing of investment strategies• Support with combining managers and portfolio optimization• Relationship management and client servicing• Fund setup under Candoris UCITS and Candoris QIAIF• Investor Support with Manager Selection
Target investors are:
• Institutional investors• Private banks • Wholesale distribution companies
Creating access for investors:
• Offering fund solutions • On the ground representation
Entrepreneurial company pairing boutique investment strategies with a compelling story, strong, unique and repeatable investment process and proven track record with investors
About CandorisAccess to the world’s best investment strategies
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Candoris organizational structure
ARC ***
Business development Austria
Full coverage of the Austrian Market
Privilege Management***
Business development Switzerland
Smaller institutions, smaller private banks and family offices
Ronald Sminia**
Candoris Linked EmployeeBusiness Development NetherlandsWholesale distributors, private banks,family offices
Roy Scheepe**
Candoris Linked Employee;Business Development Germany
*Candoris employee **Candoris linked employee ***External 3rd party marketing firm Direct marketing to investors
Martijn van Vliet*Director Business DevelopmentDenmark, Sweden, Finland
Rick van de Kamp*Director Strategies and FundsNetherlands Inst, Norway, Ireland
Rogier van de Kamp*Data intelligence/IT
Anne de Jong* Coordinator Business DevelopmentCoordinates all marketing activities and reporting
Kern Capital Advisors***
Business development Switzerland
Larger institutions, larger private banks and family offices
FOR INVESTMENT PROFESSIONAL USE ONLY 32
Candoris matches clients’ needs with unique strategies and solutions
For Investors:• Introduce and market investment strategies and styles that are unique and create alpha
• Facilitate European investment vehicles (funds) or mandates
• Manager selection, compare investment strategies with peers, provide insight on adding a strategy in portfolio context
• The organizations we introduce are boutiques, frequently employee-owned, and specialized
For Asset Managers:• Access to Northern European market at limited expense, Central Continental contact point
• Asset managers can focus on managing their assets while Candoris does the marketing
• Organize/fulfil regulatory requirements
• Organizing roadshows typically twice a year through Northern European market
• Establishing funds both UCITS and QIAIF
• ICAV, benefit from our existing Candoris ICAV structure; new sub-funds can be added
• Benefit from our agreements with all service providers, ie Manco, Custodian, Audit, Directorship
FOR INVESTMENT PROFESSIONAL USE ONLY 33
Selected Strategies & ManagersAccess to the world’s best investment strategies
Investment Manager Investment Strategy Style
DSM Capital Partners –Palm Beach Gardens, FL Global, US and EME Equities Equity Growth
Coho Partners -Philadelphia, PA ESG US Equities Equity Value-Core/Capital Preservation
Eleva Capital -Paris European Equities Equity Small & Mid Cap and Absolute
Return
Pacific Asset Management -Newport Beach, CA US Senior Loans Fixed Income Large Syndicated Liquid
Strategic Income Management (SiM) –Seattle, WA US High Yield Fixed Income All Cap/Opportunistic
VanEck –New York, NY
EMD Unconstrained, Emerging Markets Equities
Fixed Income HC, LC, Corporates Equity All Cap
Orchard Capital Management –Chicago, IL Select Small Cap Select Small Cap Equity Value
FOR INVESTMENT PROFESSIONAL USE ONLY 34
Equity Strategies & PerformanceAccess to the world’s best investment strategies
GIPS Compliant Gross Composite Performance
Source: eVestmentData quoted is past performance gross of fees. Current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate.
Data as of 30-06-2020 YtD 1 Year 3 Year 5 Year 10 YearSince
Inception
Emerging Markets Equity Strategy (in USD)
VanEck Emerging Markets Equity Strategy (Inception - Jan 06) -6,90% -0,04% 4,67% 4,26% 6,96% 7,46%
MSCI EM IMI -10,09% -3,97% 1,35% 2,35% 3,11% 4,85%DSM Emerging Markets growth (Inception Jul 2017) -1,02% 2,19% 6,59%
MSCI EM -9,78% -3,39% 1,90% 2,86% 3,27% 1,90%
Global Equity (in USD)
DSM Global Growth (Inception - Oct 10) 10,43% 20,46% 14,95% 14,26% 14,39%
MSCI ACWI ND -6,25% 2,11% 6,14% 6,46% 9,16% 7,91%
European Equities (in EUR)
Eleva Small & Mid Cap (Inception - Dec18) *performance since inception not annualized -1,11% 10,31% 35,16%
STOXX Europe Small 200 Index (net return) -13,20% -3,90% 11,75%
US Large Cap Equity (In USD)
Coho Relative Value Equity (Inception - Oct 00) -5,62% 7,10% 8,15% 8,29% 13,17% 9,22%S&P 500 -3,08% 7,51% 10,73% 10,73% 13,99% 6,04%Russell 1000 Value -16,26% -8,84% 1,82% 4,64% 10,41% 5,99%
US Equity Growth (in USD)
DSM US Equity Growth (Inception - Jan 02) 10,88% 22,76% 18,69% 15,40% 17,92% 11,04%
Russell 1000 growth 9,81% 23,28% 18,99% 15,89% 17,23% 8,95%
US Small Cap Value Equity (in USD)
Orchard US Small Cap Value (inception - Jul 01) -20,39% -13,30% -5,37% 2,11% 10,39% 9,24%
Russell 2000 Value -23,50% -17,48% -4,35% 1,26% 7,82% 6,55%
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Fixed Income Strategies & PerformanceAccess to the world’s best investment strategies
GIPS Compliant Gross Composite Performance
Source: eVestmentData quoted is past performance gross of fees. Current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate.
Data as of 30-06-2020 YtD 1 Year 3 Year 5 Year 10 YearSince
Inception
EMD Unconstrained (in USD)
VanEck EMD Unconstrained (Inception - Aug 12) -3,63% -0,81% 2,81% 2,81% 2,49%
50% JPM EMBI & 50% JPM GBI-EM -4,80% -1,10% 2,43% 3,89% 3,89% 2,15%
US High Yield (in USD)
SiM US High Yield (Inception - Feb 11) -6,43% -3,07% 3,17% 4,75% 6,60%
BofA ML US High Yield Master II -4,78% -1,10% 2,94% 4,58% 6,48% 3,82%
Corporate (Bank) Loan Strategy (in USD)
PAM Corporate (Bank) Loan Strategy (Inception - Jan 07) -3,13% -0,20% 3,09% 3,96% 5,26% 5,17%
CS Leveraged Loan -4,76% -2,27% 2,13% 2,94% 4,34% 3,82%
FOR INVESTMENT PROFESSIONAL USE ONLY
Section Five:
Important Information
FOR INVESTMENT PROFESSIONAL USE ONLY 37
This information is proprietary and cannot be reproduced or distributed. Certain information may be received from sources Candoris B.V.considers reliable; Candoris B.V. does not represent that such information is accurate or complete. Certain statements contained hereinmay constitute “projections,” “forecasts” and other “forward-looking statements” which do not reflect actual results and are based primarilyupon applying retroactively a hypothetical set of assumptions to certain historical financial data. Actual results, performance or events maydiffer materially from those in such statements. Any opinions, projections, forecasts and forward-looking statements presented herein arevalid only as of the date of this document and are subject to change. Nothing contained herein should be construed as (i) an offer to buyany security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Candoris B.V. assumes noobligation to update any forward-looking information.
Past performance is no guarantee of future results.