Investing in Unpopular Assets with Investec Citywire Scotland, 13-14 June 2013
Peter Lowery, Value Investment Team
Page 2 13611
Target audience Retail
This document is only for professional investors and professional financial advisors.
No other person should rely on the information contained in this document.
This document is not to be generally distributed to the public.
Update: Monthly
Page 3 13611
Seven capabilities designed to deliver distinctive high
performance strategies
● Clear investment philosophies and
processes applied across multiple
strategies
● Focused teams with short lines of
communication for effective implementation
● Clear performance accountability
● Supported by a strong investment centre
providing leadership, support in talent
management, integration, governance, risk
management, execution, strategic and
research support
● Approximately £70 billion in assets under
management
Focused teams, one culture, one mission
4FactorTM Equities
Source: Investec Asset Management, as at 31 March 2013
Page 4 13611
Investec UK Special Situations Fund Key facts
Fund Structure UK-based OEIC, Series i, UCITS* Compliant
Objective The Fund aims to provide a combination of income and long-
term capital growth, primarily through the application of a
contrarian approach to investment in UK Equities
Comparative index FTSE All-Share
Fund manager Alastair Mundy and team
Fund size £893.5 million (31 May 2013)
Annual management fee ‘A’ Shares – 1.50%
‘I’ Shares – 0.75%
General administrative charge ** 0.09%
Charges taken from*** 50% capital, 50% income
URL www.investecassetmanagement.com/ukspecialsituations
Source: Investec Asset Management, June 2013
* Has extended investment powers which are currently not used, however they could be used without further shareholder notification
** There will be additional charges for custody
*** A proportion of the Fund’s expenses are charged to the capital account of the Fund rather than to its income, which for income shares
has the effect of increasing the Fund’s income distributions (which may be taxable) whilst reducing its capital to an equivalent extent.
This could constrain future capital and income growth. For accumulation shares this has the effect of increasing the Fund’s income
distributions automatically reflected in the value of your shares (which may be taxable) whilst reducing its capital to an equivalent extent.
Fund ratings may be provided by independent rating agencies based on a range of investment criteria. For a full description of the ratings
please see www.investecassetmanagement.com/ratings
Update: Monthly
G:\Depts\Marketing\P
resentations\~EVIDE
NCE\AUMS\Fund
size
Page 5 13611
Investec Cautious Managed Fund Key facts
Fund Structure UK-based OEIC, Series i, UCITS Compliant
Objective The Fund aims to provide a combination of income and long-
term capital growth by investing conservatively in a
diversified portfolio of equities, bonds and other fixed interest
securities of high quality and marketability. At all times the
Fund’s equity exposure will be limited to a maximum of 60%
of the portfolio value.
Performance comparison index 50% FTSE All-Share / 50% ML GBP Broad Market
Fund manager Alastair Mundy and team
Fund size £2,620.0 million (31 May 2013)
Annual management fee ‘A’ Shares – 1.50%
‘I’ Shares – 0.75%
General administrative charge 0.09%*
URL www.investecassetmanagement.com/cautiousmanaged
Source: Investec Asset Management, June 2013. Fund size valuation is preliminary * There will be additional charges for custody
Fund ratings may be provided by independent rating agencies based on a range of investment criteria. For a full description of the ratings
please see www.investecassetmanagement.com/ratings
Update: Monthly
Page 6 13611
Outperforming is difficult… what’s your edge?
Page 8 13611
Unpopular assets… difficult to buy
● Human beings are emotional and over-react
● Tendency to extrapolate
● Difficult to put yourself in the way of perceived danger
● Overconfidence… ‘I’ll wait until it turns’
Page 9 13611
Unpopular assets… but likely to represent better value
● Reversion to the mean
● Future is uncertain
● Less hope and more bad news baked in
● More lowly valued!
− Supply & Demand
− Regulation
− Complacency
Page 10 13611
Investment Life-Cycles
Company profitability
Investor Behaviour
Time
In favour /
expensive
Earnings Growth Relative /
Return on capital
Overconfidence
In trends
Decline
extrapolated
indefinitely
Tension zone
Tension zone
Fair value
Increased
investment
Out of favour /
cheap
Cutting capacity
To be in our universe, shares must have
underperformed by 50% from their peak relative
to the FTSE All-Share Index. This peak must not
have occurred in the last 2 years
Page 11 13611
But there are dangers…
● Very unpopular not slightly unpopular
● The world is changing and some (more?) businesses are in terminal decline
● Needs to have the time and the ability to make it to better times
● Often takes longer and more bad news surfaces than expected
● Turnaround shouldn’t be assumed and must be risk-adjusted
● Make sure that it is cheap… adjust for real world costs
Page 12 13611
We ask ourselves four questions
1. Why is it unpopular? What are we standing in the way of?
2. What has been missed? What were people saying when it was more highly valued?
3. Does it have the balance sheet to get to better times?
4. What is a reasonable estimate of fair value? Does this represent enough upside?
Page 13 13611
Protecting on the downside is key to long-term success
For illustrative purposes only
Warren Buffett
£100 £100
-25%
£75
+33%
£75
Rule No.1 of investing is:
Don’t lose money! “
“
£100 £100
-50%
£50
+100%
£50
Page 14 13611
Example: Signet
● Largest jeweller in US, >10% market share = sales of approx. $3.5bn
● Largest jeweller in UK, >20% market share = sales of $410m
● Mainly bought in 2008-2009 consumer gloom
● Jewellery market very attractive – − Knowledge asymmetry
− Lack of price comparison
− Prestige purchase
− Low stock risk
− Limited threat from discounters & internet
● Gaining market share from independents
● Trading as Kay and Jared in the US, and H. Samuel and Ernest Jones in the UK
0
50
100
150
200
250
300
Jun-0
3
Dec-0
3
Jun-0
4
Dec-0
4
Jun-0
5
Dec-0
5
Jun-0
6
Dec-0
6
Jun-0
7
Dec-0
7
Jun-0
8
Dec-0
8
Jun-0
9
Dec-0
9
Jun-1
0
Dec-1
0
Jun-1
1
Dec-1
1
Jun-1
2
Dec-1
2
Jun-1
3
Signet Jewelers Price relative to FTSE All Share
Buys
Source: Thomson Reuters DataStream, June 2013
This is not a buy or sell recommendation for any particular stock.
Page 15 13611
0
50
100
150
200
250
300
350
400
Dec-0
0
Aug
-01
Mar-
02
Oct-
02
May-0
3
Dec-0
3
Jul-04
Feb
-05
Sep
-05
Ap
r-06
No
v-0
6
Jun-0
7
Jan-0
8
Aug
-08
Mar-
09
Oct-
09
Jun-1
0
Jan-1
1
Aug
-11
Mar-
12
Oct-
12
May-1
3
Carnival Price relative to FTSE All-Share
Example: Carnival
● No.1 global cruise operator (c.45% market
share) in a growing and consolidated cruise
market (RCL c.25%, NCL c.7%)
● Favourable industry dynamics with ‘mobile
hotels’, possible all year demand etc
● Current returns depressed by excessive
pipeline of vessels from before downturn and
poor consumer spending… plus Carnival
Concordia sinking and Carnival Triumph
breaking down in the middle of the sea!
● Pipeline of vessels has reduced which bodes
well for future pricing and profitability
● Consumers have shown themselves to have
short memories
● $40bn of assets making EBIT of only $2bn
Source: Thomson Reuters DataStream, June 2013
This is not a buy or sell recommendation for any particular stock.
Buys
Page 16 13611
What is really riskier... unpopular or popular?
Little bad news in the price
High expectations
Complacency
Trading at new highs
Dangers of reversion
Easy to love… fickle trend chasers
Likely to be highly valued
Unpopular Popular
Lots of bad news in the price
Low expectations
Heightened desire to release value
Shown ability to be more highly valued
Reversion to mean
Hard to love… no momentum money
Likely to be lowly valued
OEIC Investec UK Special Situations Fund An ideal fund to blend with the best in the industry
Update: Monthly Data: Jo Slater (email first to review) Signoff: Alastair Mundy
Page 18 13611
Why Investec UK Special Situations Fund?
● Strong historic risk adjusted returns
● Blends very well with funds with other investment styles
● Particularly strong historic performance in down markets
● Has typically bounced back quickly after underperformance
● Award winning and highly rated fund manager
Update this table link to
check which periods
are 1st quartile
Update: Monthly
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\OEIC\OEI
C UK Special Situations Fund\~Evidence\Evidence_MASTER UK
SS.xlsx\Quartile rankings
Period
Quartile
ranking
1 year 2
2 years 1
3 years 2
5 years 1
10 years 1
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Page 19 13611
G:\Depts\Marketing\Prese
ntations\~MASTER
PITCHBOOKS\OEIC\OEI
C UK Special Situations
Fund\~Evidence\UKSS
Evidence.xlsx\UKSS_10
year_£
192.5
135.6
149.6
0%
50%
100%
150%
200%
250%
May-03 May-04 May-05 May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13
Perc
enta
ge g
row
th
Investec UK Special Situations A Acc Net (MF)
IMA UK All Companies sector
FTSE All-Share index
Investec UK Special Situations Fund A top long term performer
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Lipper, dates to 31 May 2013, NAV based, income reinvested (inclusive of management fees but excluding any initial
charge) net of UK basic rate tax, in GBP
Update: Monthly
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\OEIC\OEI
C Cautious Managed Fund\~Evidence\Master_UK Cautious Managed
Fund.xlsx\Ranking
Period
Sector
ranking
1 year 86/268
2 years 53/264
3 years 89/258
5 years 15/234
10 years 27/166
Page 20 13611
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\OEIC\OEI
C UK Special Situations Fund\~Evidence\UKSS Evidence.xlsx\UKSS 10yr
rolling_£
0%
50%
100%
150%
200%
250%
300%
Ap
r-04
Jul-04
Oct-
04
Jan-0
5
Ap
r-05
Jul-05
Oct-
05
Jan-0
6
Ap
r-06
Jul-06
Oct-
06
Jan-0
7
Ap
r-07
Jul-07
Oct-
07
Jan-0
8
Ap
r-08
Jul-08
Oct-
08
Jan-0
9
Ap
r-09
Jul-09
Oct-
09
Jan-1
0
Ap
r-10
Jul-10
Oct-
10
Jan-1
1
Ap
r-11
Jul-11
Oct-
11
Jan-1
2
Ap
r-12
Jul-12
Oct-
12
Jan-1
3
Ap
r-13
Rolling 10 year returns positive over 100% of periods
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Lipper, from 30 April 2004 to 31 May 2013, NAV based, income reinvested (inclusive of management fees but excluding
any initial charge) net of UK basic rate tax, in GBP
Double check
the percentage
is correct:
Column H & I
(Rolling
performance,
UKSS 10yr)
Update: Monthly
Page 21 13611
156.6
130.3
141.5
111.5
151.3
119.3
0
20
40
60
80
100
120
140
160
180
200
12-Mar-03 to 15-Jun-07 03-Mar-09 to 31-Mar-13
Pe
rce
nta
ge
gro
wth
Investec UK Special Situations A GBP Acc Net IMA UK All Companies FTSE All-Share TR
In aggregate, the fund has outperformed peers over bull
markets
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Lipper to 31 March 2013, NAV based, income reinvested (inclusive of management fees but excluding any initial charge) net of
UK basic rate tax, in GBP
The bull and bear markets are defined by the peaks and troughs in FTSE All-Share performance
Update: If asked Jo Slater
\\mercury\gdrive\Depts\EQUITY\UK\JoS\Presentations\Back up
data\Monthly\Bull and bear mkts_UKSS_Caut _ASI.xlsx\UKSS
Page 22 13611
-24.0
-39.1
-43.6-45.4
-46.4-45.4
-50
-45
-40
-35
-30
-25
-20
-15
-10
-5
0
31-Dec-99 to 12-Mar-03 15-Jun-07 to 03-Mar-09
Pe
rce
nta
ge
gro
wth
Investec UK Special Situations A GBP Acc Net IMA UK All Companies FTSE All-Share TR
Fund has exhibited excellent bear market capture
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Lipper to 4 October 2011, NAV based, income reinvested (inclusive of management fees but excluding any initial charge) net of
UK basic rate tax, in GBP
31.6 77.3 86.6 64.2 83.2 83.2
Performance
necessary to return to
break-even
Update: If asked
\\mercury\gdrive\Depts\EQUITY\UK\JoS\Presentations\Back up
data\Monthly\Bull and bear mkts_UKSS_Caut _ASI.xlsx\UKSS
Jo Slater
Page 23 13611
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\OEIC\OEI
C UK Special Situations Fund\~Evidence\UKSS Evidence.xlsx\UKSS 10yr
Drawdown_£
-70.0
-60.0
-50.0
-40.0
-30.0
-20.0
-10.0
0.0
Investec UK Special Situations (ranked 17/165)
Maximum drawdown top quartile versus sector over 10 years
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Lipper, based on total returns from 31 May 2003 to 31 May 2013, NAV based, income reinvested (inclusive of management
fees but excluding any initial charge) net of UK basic rate tax, in sterling. Performance refers to A Inc share class
Update: Monthly
Page 24 13611
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\OEIC\OEI
C UK Special Situations Fund\~Evidence\UKSS Evidence.xlsx\UK Risk vs
Ret_10yr_£
An ideal fund to blend with the best in the industry
Update: Quarterly
Investec UK Special Situations
BlackRock UK Special Situations
AXA Framlington UK Select Opportunities
Cazenove UK Opportunities
Invesco Perpetual UK Aggressive
Franklin UK Mid Cap
Old Mutual UK Mid Cap
Schroder UK Alpha Plus
M&G Recovery
0
2
4
6
8
10
12
14
16
18
20
10 12 14 16 18 20 22 24
Annualis
ed
perf
orm
ance %
chang
e
Annualised standard deviation
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Lipper to 31 May 2013, annualised, NAV based, income reinvested (inclusive of management fees but excluding any
initial charge) net of UK basic rate tax, in GBP. Chart axes converge on IMA UK All Companies sector averages
Performance refers to the A Acc share class
Page 25 13611
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\OEIC\OEI
C UK Special Situations Fund\~Evidence\UKSS Evidence.xlsx\UKSS Low
correlation_10yr_£
Low historic correlation vs. key competitors
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Lipper to 31 March 2013, annualised, NAV based, income reinvested (inclusive of management fees but excluding any initial charge) net of UK basic rate tax, in
GBP. Correlation data are based on the relative returns of the funds in the IMA UK All Companies sector vs. the average fund
against the FTSE All-Share over the ten year period to 31 December 2012. Chart axes converge on sector averages
Performance refers to the A Acc share class
This chart illustrates the
correlation of our
outperformance against the
FTSE All-Share Index with
the outperformance of the
average fund in the sector
against the FTSE All-Share
Index, compared with the
alpha of the funds.
Update: Quarterly
-7.0
-5.0
-3.0
-1.0
1.0
3.0
5.0
7.0
0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9
Alp
ha (y a
xis
)
Correlation (x axis)
Schroder UK Alpha Plus
M&G Recovery
AXA Framlington UK Select Opportunities
Investec UKSpecial Situations
BlackRock UK Special Situations
Cazenove UK Opportunities
Invesco Perpetual UK Aggressive
OEIC Investec Cautious Managed Fund Aiming for attractive returns with lower volatility
Update: Monthly Data: Jo Slater (email first to review) Signoff: Alastair Mundy
Page 27 13611
Why Investec Cautious Managed?
● Strong long-term track record
● Sufficient flexibility to purchase a spread of assets that help to dampen volatility
● Has only underperformed sector in 1 of the last 13 years
● Rolling 5 and 10 year returns have always been positive
● Award winning and highly rated fund manager
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Lipper, dates to 31 May 2013, NAV based, income reinvested (inclusive of management fees but excluding any initial
charge) net of UK basic rate tax, in GBP. Performance is preliminary
Sector rankings based on IMA Mixed Investment 20-60% Shares
Check the track
record against
the retail
performance
sheet
Should
match slide
48
Update: Monthly
Page 28 13611
Investec Cautious Managed Fund Outperformer and portfolio diversifier
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Lipper, dates to 31 May 2013, NAV based, income reinvested (inclusive of management fees but excluding any initial
charge) net of UK basic rate tax, in GBP. Performance is preliminary
Sector rankings based on IMA Mixed Investment 20-60% Shares
104.5
67.4
37.5
-20
20
40
60
80
100
120
May 03 May 04 May 05 May 06 May 07 May 08 May 09 May 10 May 11 May 12 May 13
%
Investec Cautious Managed A Acc IMA Mixed Investment 20-60% Shares
UK Retail Price Index
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\OEIC\OEI
C Cautious Managed Fund\~Evidence\Master_UK Cautious Managed
Fund.xlsx\Cautious_10 year_£
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\OEIC\OEI
C Cautious Managed Fund\~Evidence\Master_UK Cautious Managed
Fund.xlsx\Ranking
Period
Sector
ranking
1 year 58/149
2 years 53/140
3 years 46/123
5 years 3/86
10 years 7/23
Update: Monthly
Page 29 13611
10 year rolling total returns are strong
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Lipper, 08 June 1993 to 31 May 2013, NAV based, income reinvested (inclusive of management fees but excluding any
initial charge) net of UK basic rate tax, in GBP. Performance is preliminary
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
Jun-03 Jan-04 Sep-04 Apr-05 Nov-05 Jul-06 Feb-07 Oct-07 May-08 Dec-08 Aug-09 Mar-10 Oct-10 Jun-11 Jan-12 Sep-12 Apr-13
%
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\OEIC\OEI
C Cautious Managed Fund\~Evidence\Master_UK Cautious Managed
Fund.xlsx\10 yr rolling
Info from Jo Slater
\\mercury\gdrive\Dept
s\EQUITY\UK\JoS\Pr
esentations\Back up
data\Monthly\Rolling
performance LIM.xlsx
Update: Monthly
Page 30 13611
Evolving the asset allocation
The portfolio may change significantly over a short period of time
Source: Investec Asset Management, 30 April 2013
\\mercury\gdrive\Depts\EQUITY\UK\JoS\Presentations\Back up
data\Monthly\Cautious AA table.xlsx\Summary (2)
Update: Monthly
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Cash and short dated Government
Bonds
Gold Shares
Index-linked bonds
Corporate Bonds
Norwegian Government
Bonds
UK Equities
European equities
US Equities
Japanese Equities
31-Mar-11 30-Sep-11 31-Mar-12 30-Sep-12 Current (30-Apr-13)
Page 31 13611
The Fund has outperformed the Sector in 11 of the last 13
calendar years
Past performance figures are not audited and should not be taken as a guide to the future
Source: Lipper, total returns from 31 December 1999 to 31 May 2013, NAV based, income reinvested (inclusive of
management fees but excluding any initial charge) net of UK basic rate tax, in GBP. Performance is preliminary
Copy data from
G:\Depts\EQUITY\UK\Jo
S\Presentations\Back up
data\Monthly\Caut perf
YTD LIM.xlxs
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD
-20
-15
-10
-5
0
5
10
15
20
25
Investec Cautious Managed A Acc Net IMA Mixed Investment 20-60% Shares
=
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\OEIC\OEI
C Cautious Managed Fund\~Evidence\Master_UK Cautious Managed
Fund.xlsx\Outperformance 9 out of 10
Update: Monthly
Page 32 13611
Good bull market capture relative to sector
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Lipper to 31 March 2013, NAV based, income reinvested (inclusive of management fees but excluding any initial charge)
net of UK basic rate tax, in GBP
\\mercury\gdrive\Depts\EQUITY\UK\JoS\Presentations\Back up
data\Monthly\Bull and bear mkts_ASI.xlsx\Cautious
73.0 76.8
54.9 52.2
151.3
119.3
0
20
40
60
80
100
120
140
160
180
200
12-Mar03 to 15-Jun-07 03-Mar-09 to 31-Mar-13
Pe
rce
nta
ge
gro
wth
Investec Cautious Managed A Acc Net IMA Mixed Investment 20-60% Shares FTSE All-Share TR
Page 33 13611
Good bear market capture relative to sector \\mercury\gdrive\Depts\EQUITY\UK\JoS\Presentations\Back up
data\Monthly\Bull and bear mkts_ASI.xlsx\Cautious
-4.3
-22.9
-11.3
-23.4
-46.4-45.4
-50
-45
-40
-35
-30
-25
-20
-15
-10
-5
0
31-Dec-99 to 12-Mar-03 15-Jun-07 to 03-Mar-09
Pe
rce
nta
ge
gro
wth
Investec Cautious Managed A Acc Net IMA Mixed Investment 20-60% Shares FTSE All-Share TR
Update: If asked
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Lipper to 4 October 2011, NAV based, income reinvested (inclusive of management fees but excluding any initial charge)
net of UK basic rate tax, in GBP
Page 34 13611
Value investing with Investec Asset Management
● Focused on identifying out of favour, cheap stocks with appropriate balance sheets
● Strong historic risk-adjusted returns
● Particularly strong performance in down markets
● Award winning and highly rated fund manager
● Investec UK Special Situations Fund – could be ideal to blend with the best in
the industry
● Investec Cautious Managed Fund – may be suitable for clients who need a lower
volatility solution
Check the track
record against
the retail
performance
sheet
Should
match slide
48
Update: Monthly
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Thank you www.investecassetmanagement.com
Page 36 13611
Important information GSY B
OEIC
This communication is not for general public distribution. If you are a private investor and receive it as part of a general circulation, please
contact us at +44 (0)20 7597 1900. The value of this investment, and any income generated from it, will be affected by changes in
interest rates, general market conditions and other political, social and economic developments, as well as by specific matters relating to
the assets in which it invests. The Fund’s investment objective will not necessarily be achieved and investors are not certain to make
profits; losses may be made. Past performance should not be taken as a guide to the future. Performance would be lower had initial
charges been included and will vary between different share classes dependant upon their applicable charges. Returns to indiv idual
investors will vary in accordance with their personal tax status and tax domicile.
All the information contained in this communication is believed to be reliable but may be inaccurate or incomplete. Any opinions stated
are honestly held but are not guaranteed and should not be relied upon. This is not a buy, sell or hold recommendation for any particular
security. The portfolio may change significantly over a short period of time.
This communication is provided for general information only. It is not an invitation to make an investment nor does it consti tute an offer for
sale. The full documentation that should be considered before making an investment, including the Prospectus and Key Investor
Information Documents or Offering Memorandum, which set out the fund specific risks, is available from Investec Asset Management.
This communication should not be distributed to private customers who are resident in countries where the Fund is not registered for sale
or in any other circumstances where its distribution is not authorised or is unlawful. Please visit
www.investecassetmanagement.com/registrations to check registrations by country. For Funds registered in Switzerland, the Prospectus,
Key Investor Information Documents and Report & Accounts may be obtained free of charge from the Swiss Representative and Paying
Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Badenerstrasse 567, P.O. Box 101, CH-8066 Zurich.
In the USA, this communication should only be read by institutional investors, professional financial advisers and, at their exclusive
discretion, their eligible clients, but must not be distributed to US Persons.
THIS INVESTMENT IS NOT FOR SALE TO US PERSONS.
Telephone calls may be recorded for training and quality assurance purposes. Issued by Investec Asset Management Limited, which is
authorised and regulated by the Financial Conduct Authority, June 2013.
Update: Monthly
Page 37 13611
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\OEIC\OEI
C UK Special Situations Fund\~Evidence\UKSS Evidence.xlsx\UKSS
Active positions
Security
Fund
(%)
Index*
(%)
Active
(%)
Diageo PLC 0.00 2.46 -2.46
AstraZeneca PLC 0.00 2.12 -2.12
Barclays PLC 0.00 2.06 -2.06
BG Group PLC 0.00 2.05 -2.05
BHP Billiton PLC 0.00 2.03 -2.03
Rio Tinto PLC 0.00 1.79 -1.79
SABMiller PLC 0.00 1.56 -1.56
Reckitt Benckiser Group PLC 0.00 1.53 -1.53
Standard Chartered PLC 0.00 1.52 -1.52
Tesco PLC 0.00 1.47 -1.47
Investec UK Special Situations Fund Active positions
Top 15 overweight positions Top 10 underweight positions
The portfolio may change significantly over a short period of time
This is not a buy or sell recommendation for any particular stock
Data as at 31 May 2013. Source: Investec Asset Management
* Index is FTSE All-Share
Update: Monthly
Security
Overweight
Established
Fund
(%)
Index*
(%)
Active
(%)
Signet Jewelers Ltd. 2006 5.59 0.00 5.59
Grafton Group PLC 2008 5.20 0.00 5.20
GlaxoSmithKline PLC 2004 7.95 4.23 3.72
SIG PLC 2009 3.46 0.05 3.41
Avon Products Inc. 2010 2.58 0.00 2.58
Kingspan Group PLC 2009 2.55 0.00 2.55
QinetiQ Group PLC 2010 2.56 0.06 2.50
Royal Bank of Scotland Group Plc 2012 2.73 0.35 2.38
BT Group PLC 2003 3.18 1.19 1.99
Travis Perkins PLC 2007 2.10 0.20 1.90
Unilever PLC 2003 3.37 1.68 1.70
Direct Line Insurance Group PLC 2012 1.66 0.08 1.58
Carnival PLC 2012 1.57 0.21 1.36
Carrefour S.A. 2011 1.11 0.00 1.11
TNT Express N.V. 2011 1.10 0.00 1.10
Page 38 13611
UK Equities26.4%
US Equities 4.3%
Japanese Equities 10.5%
European Equities 2.3%
Gold Shares 3.8%
Physical Gold 4.7%
UK Index-Linked
Government
bonds7.9%
Corporate Bonds 1.5%
Norwegian Government Bonds 9.7%
Cash and short dated
Government
Bonds29.0%
Investec Cautious Managed Fund Asset allocation and holdings
Source: Investec Asset Management, 30 April 2013
The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular stock
G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\OEIC\OEI
C Cautious Managed Fund\~Evidence\Master_UK Cautious Managed
Fund.xlsx\Holdings
Update: Monthly
Top 5 gold holdings % of fund
Source Physical Gold ETC 4.7
Newmont Mining 1.1
Anglogold Ashanti ADR 0.7
Barrick Gold Corp 0.7
Gold Fields ADR 0.6
Top 5 Japanese equity holdings % of fund
Japan Airlines Co. Ltd. 1.2
T&D Holdings Inc. 1.0
Casio Computer Co. Ltd. 0.7
Yamaha Corp. 0.6
Konica Minolta Inc. 0.4
Top 10 equity holdings (excl. gold shares) % of fund
HSBC Holdings PLC 2.8
Signet Jewelers Ltd. 2.6
Grafton Group PLC 2.6
Royal Dutch Shell PLC (CL B) 2.4
Kingspan Group PLC 2.0
GlaxoSmithKline PLC 1.9
Avon Products Inc. 1.7
Travis Perkins PLC 1.3
Japan Airlines Co. Ltd. 1.2
QinetiQ Group PLC 1.2
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