Eiffel Investment Group

Eiffel
Investment Group
Emerging Manager Day
Morningstar / NExT AM
19 Décembre 2012
Eiffel Investment Group (EIG)
EIG est un gérant alternatif investissant en crédit et actions européennes
avec une approche fondamentale
3 stratégies : long/short crédit, long/short actions (sectoriel), transactions « buy &
hold » en crédit
Plus de 300 millions d’euros d’actifs sous gestion
Equipe de 15 personnes, avec 250 ans d’expérience cumulée
Société indépendante détenue par l’équipe et Jacques Veyrat, ex-PDG de Louis
Dreyfus (EIG a été fondée en 2008 au sein du groupe Louis Dreyfus ; spin-off mi2011)
100 millions d’euros investis par la société et l’équipe dans ses fonds
DISCLAIMER: the information contained herein is strictly confidential and should not be copied or distributed without the prior written consent of Eiffel Investment Group. It is provided for information and discussion purposes only and is not an offer to sell or a solicitation to buy securities or other instruments.
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L’équipe combine l’expérience
des marchés financiers et du monde de l’entreprise
Fabrice DUMONTEIL
Managing Director, CEO
Founded EIG in 2008
15 years in general / financial management roles
(Neuf Cegetel / Louis Dreyfus and EIG)
Jan Carel KINGMA
Managing Director, General Counsel
Joined Q3 2008
40 years in general management, corporate
finance and private equity
Emmanuel WEYD
CIO Credit
Joined Q1 2009
7 years of portfolio management experience (JP
Morgan and EIG)
>20 years of experience of the credit markets
(S&P, JP Morgan and EIG)
Pierre-Antoine MACHELON
CIO Equity
Joined Q4 2008
4 years of portfolio management experience (EIG)
13 years in equity research (Exane BNPP)
3 years in senior business management roles
(Neuf Cegetel and Louis Dreyfus Commodities)
Olivier VILLEDEY
CFO, Head of Risk & Operations
Joined Q3 2008
4 years as head of risk & operations (EIG)
>10 years in financial reporting and control
functions
Guillaume PANIE
Head of Development
Joined Q1 2010
15 years in general management and business
development roles
DISCLAIMER: the information contained herein is strictly confidential and should not be copied or distributed without the prior written consent of Eiffel Investment Group. It is provided for information and discussion purposes only and is not an offer to sell or a solicitation to buy securities or other instruments.
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Long-short crédit : Eiffel Credit Opportunities
Fonds long-short discrétionnaire
investissant en crédit d’entreprises et
d’institutions financières européennes
Sélection de crédits basée sur notre
recherche (20 à 30 positions)
Gestion dynamique de l’exposition en
fonction du régime de marché
Exemples de thèmes actuels (exprimés par
des positions idiosyncratiques)
Bulle du crédit des entreprises IG des
pays non-périphériques
A 6%, est-ce toujours du « high yield » ?
Bâle 3 et le capital hybride des
institutions financières
Opportunités de trading grâce à
l’amélioration de la liquidité
VNI/action (100 au 1 Dec 2011)(*)
2010
+20%
130
2011
-1%
2012
+19%
120
Fonds
Indice
iBoxxCDTR
110
Indice
HFRXGLE
100
90
Lancement
du fonds
80
1/1/10
1/1/11
1/1/12
Fonds
HF Eur
Credit Eur
depuis
1 Dec 2011(*)
(indice
HFRXGLE)
(indice
iBoxxCDTR)
2012
18,6%
2,1%
11,2%
Perf. annualisée
22,2%
1,6%
14,3%
Vol. annualisée
9,8%
3,1%
3,4%
Ratio Sharpe
2,2
0,4
4,1
(*) Notes importantes à la fin de ce document
DISCLAIMER: the information contained herein is strictly confidential and should not be copied or distributed without the prior written consent of Eiffel Investment Group. It is provided for information and discussion purposes only and is not an offer to sell or a solicitation to buy securities or other instruments.
Dec-12
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Long-short crédit
Exemple de la position Dexia BIL
Prix (100 le 24 Janvier 2012)
Long hybrid Tier 1, puis lower Tier 2 de Dexia
BIL
Position
170
160
Thèse
d’investissement
Recherche
dédiée
Gestion de
la position
Le Groupe DEXIA implose en octobre 2011.
La cession de la BIL, sa filiale
luxembourgeoise, est rapidement annoncée.
Malgré ses fondamentaux et les garanties
entourant les conditions de la cession, le
dette subordonnée traite avec une très forte
décote
Modélisation et projection du profil financier
de la BIL. Entre 10/2011 et 10/2012, 15+
conversations avec le management DEXIA
S.A. et BIL (y compris CFOs)
Renforcement progressif au fil des
évènements (signature du MoU, signature du
SPA, approbation du deal par la CE, clôture
de l’opération, etc…)
Rendement P/L : environ 5% de la VNI
/ risque
Exposition brute moyenne : 10% de la VNI
150
140
130
120
110
100
90
80
70
60
50
01/06/11
Dexia Bil T1
01/12/11
Dexia Bil LT2
01/06/12
01/12/12
Itraxx Sub Financial
DISCLAIMER: the information contained herein is strictly confidential and should not be copied or distributed without the prior written consent of Eiffel Investment Group. It is provided for information and discussion purposes only and is not an offer to sell or a solicitation to buy securities or other instruments.
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Long-short actions sectoriel : Eiffel Equity Opportunities
Fonds long-short discrétionnaire
investissant en actions d’entreprises
européennes des secteurs TMT et énergie
Sélection basée sur l’expertise unique
d’EIG de ces deux secteurs (20 à 40
positions)
Gestion “market neutre” permettant une
décorrélation totale du marché actions
VNI/action (100 au 1 Dec 2011)(*)
120
2010
+13%
2011
-3%
115
SX5E
110
Fonds
105
Indice
HFRXEXE
100
95
Lancement
du fonds
90
1/7/10
1/1/11
1/1/12
1/7/12
Fonds
HF Eur
Actions Eur
depuis
1 Dec 2011(*)
(indice
HFRXEXE)
(indice
SX5T)
2012
8,3%
3,8%
15,3%
Perf. annualisée
7,1%
2,9%
14,7%
Vol. annualisée
3,6%
4,6%
14,9%
Ratio sharpe
1,9
0,6
1,0
Corrélation SX5E
-0,1
0,7
1,0
Version UCITS début 2013
Thème actuels (exprimés à travers des
positions idiosyncratiques) :
Bouleversement par les nouveaux
entrants des structures de marché
établies (opérateurs alternatifs de
télécom, producteurs d’énergie
renouvelable)
2012
+8%
1/7/11
(*) Notes importantes à la fin de ce document
DISCLAIMER: the information contained herein is strictly confidential and should not be copied or distributed without the prior written consent of Eiffel Investment Group. It is provided for information and discussion purposes only and is not an offer to sell or a solicitation to buy securities or other instruments.
Dec-12
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Stratégie sectorielle long/short actions
Exemple de la position Telenet
Price (100 on 1/1/2012)
Position
Long Telenet, short Belgacom et indices
Thèse
d’investissement
Telenet surfe sur deux tendances de fonds :
le développement du “triple play” et l’entrée
des opérateurs fixes sur le marché mobile
Modèle propriétaire (hypothèses d’ARPU, de
CAPEX…)
Une douzaine de contacts avec le
management et la concurrence
120
Recherche
effectuée
100
Gestion de
la position
Position initiée en 2010 . Vente partielle en
7/12 avant remplacement du dividende par
rachat d’actions. Rachat en 9/12 suite à
baisse excessive. Sortie fin 2012 à l’annonce
par Liberty Global du rachat des minoritaires
à 35€
P/L de ca. 3% de la VNI
Rendement
Exposition brute moyenne de ca.11% de la
/ risque
VNI. Exposition nette moyenne de ca. 0%
150
140
130
110
90
80
01/01/2012
10/04/2012
Belgacom
19/07/2012
27/10/2012
Telenet
DISCLAIMER: the information contained herein is strictly confidential and should not be copied or distributed without the prior written consent of Eiffel Investment Group. It is provided for information and discussion purposes only and is not an offer to sell or a solicitation to buy securities or other instruments.
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Disclaimer
The enclosed materials contain general information about Eiffel Investment Group B.V and its affiliates (collectively the “Manager”) and the funds they manage and
advise. They are being provided to you on a confidential basis for informational and discussion purposes only. They are not an offer to sell nor a solicitation of an
offer to purchase interests in any current or future related fund (a “Fund” and collectively, the “Funds”), nor do they constitute a financial promotion, investment
advice or an inducement or incitement to participate in any product, offering or investment, nor do they suggest, implicitly or otherwise, that the Funds have
received regulatory approval. Offers and sales of interests in a Fund will be made only pursuant to a confidential private placement memorandum (the
“Memorandum”), which describes risks related to an investment therein and which qualifies in its entirety the information contained in the enclosed materials,
complete documentation of the relevant Fund and in accordance with the applicable securities laws, and the enclosed materials are qualified in its entirety by
reference to such documentation. The Memorandum, including the risk factors and potential conflicts of interest described therein, and other governing documents
should be read in their entirety and carefully prior to investment. The enclosed materials are intended exclusively for the use of the person to whom it was delivered
by the Manager. The enclosed materials may not be reproduced or redistributed in whole or in part. The Manager disclaims any obligation to update this document
to reflect subsequent developments. Each person accepting the enclosed materials thereby agrees to return them promptly upon request.
No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in the
enclosed materials by the Manager, the Funds, their principals and employees and no liability is accepted by such persons for the accuracy or completeness of any
such information or opinions. Strategies discussed herein may involve investments in less liquid securities as well as leverage. Due to the potential volatility of net
asset values, these products are intended for sophisticated investors. You and your advisor(s) should consider any legal, tax and accounting matters relevant to
any investments discussed herein or arising therefrom. If you are subject to ERISA, this presentation is being furnished to you on the condition that it will not form a
primary basis for any investment decision. The past performance of the Funds or any other investment vehicle or account managed or advised by the principals of
the Manager is not necessarily indicative of their future results.
There can be no guarantee that investment objectives will be obtained. Any investment in the Funds is speculative, involves a high degree of risk and is illiquid. An
investor in the Funds can lose all, a significant portion or some amount of its investment. The Funds’ performance is subject to volatility. Use of leverage by the
Funds is permitted and may result in greater losses to investors. In addition, the Funds’ fees and expenses may offset their profits. There is no secondary market
for investors’ interests in the Funds and none is expected to develop. There are restrictions on withdrawing and transferring interests from the Funds. In making an
investment decision, you must rely on your own examination of the Funds and the terms of the offering. You should not construe the contents of the enclosed
materials as legal, tax, investment or other advice.
Important note on the track-records
The track-records shown include three phases:
(i)
Until December 2010: proprietary portfolios managed on the balance sheet of Eiffel Investment Group
(ii)
(iii)
From December 2010 to November 2011: portfolios managed within a multi-strategy fund (Eiffel Credit & Equity Opportunities fund)
Since December 2011: funds in their current format
All performance are net of funding costs, other costs and fees (proforma)
DISCLAIMER: the information contained herein is strictly confidential and should not be copied or distributed without the prior written consent of Eiffel Investment Group. It is provided for information and discussion purposes only and is not an offer to sell or a solicitation to buy securities or other instruments.
Dec-12
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Merci !
Dec-12