CADMOS-GUILÉ EMERGING MARKETS ENGAGEMENT
Transcription
CADMOS-GUILÉ EMERGING MARKETS ENGAGEMENT
CADMOS-GUILÉ EMERGING MARKETS ENGAGEMENT FUND – A Septembre 2015 280.00 PERFORMANCE (mensuelle) 260.00 240.00 220.00 200.00 PERFORMANCE 09/15 Fond MSCI EM Différence 180.00 2015 2014 -2.94% -13.88% -3.01% -15.47% +0.07% +1.59% +1.87% -2.19% +4.06% 2011 Depuis lancement +5.66% +15.01% -23.51% -2.65% +18.22% -18.42% +8.31% -3.21% -5.09% +81.65% +90.83% -9.18% 2013 2012 160.00 140.00 120.00 100.00 80.00 Mar-09 Guilé Guilé Emerging Emerging Markets Markets Engagement Engagement Fund Fund (A) (A) Sep-09 Sep-09 MSCI MSCIEM EM- -Net NetReturn Return$$ Mar-10 Sep-10 Sep-10 Mar-11 Mar-11 Sep-11 Sep-11Mar-12 Mar-12Sep-12 Sep-12 Mar-13 Mar-10 Mar-13 Sep-13Sep-13 Mar-14Mar-14 Sep-14 Sep-14 Mar-15 Mar-15 Sep-15 COMMENTAIRE DU GÉRANT La faible performance des bourses mondiales au mois de septembre signifie une possible fin des effets « miraculeux » des politiques monétaires sur les prix des actifs en général. Du côté des actions plus particulièrement, la maximisation des marges à outrance, les rachats d’actions à tout prix et les fusions & acquisitions atteignent leurs limites, faute de croissance des chiffres d’affaires pour de larges pans du marché, et ne devraient plus permettre aux multiples de s’étendre davantage. Les bourses émergentes sont moins exposées à ces méthodes « occidentales » mais souffrent néanmoins de la mollesse de la croissance mondiale. Après l’excès d’optimisme que nous avions eu l’occasion de souligner il y a quelques années déjà, le pessimisme actuel nous semble lui aussi un peu trop consensuel. En effet, un bon nombre de pays émergents devraient renouer avec une certaine dynamique, une fois que les réformes et dévaluations en cours auront permis de rétablir compétitivité et productivité. Dans ce contexte, les corrections du mois de septembre sont intéressantes et offrent l’opportunité d’acheter des valeurs qui jusqu’à présent étaient inaccessibles car trop chères de notre point de vue. Nous avons ainsi récemment investi dans une société de consommation au Brésil, notre premier achat dans ce secteur depuis plusieurs années. La consommation locale va certes souffrir davantage dans un premier temps avant de s’améliorer mais certaines valorisations, en particulier exprimées en monnaies fortes, en tiennent déjà largement compte. Du côté des valeurs asiatiques, nous avons également introduit en portefeuille une entreprise du secteur de l’assurance vie que nous étudions depuis longtemps et dont le cours a récemment atteint nos objectifs d’achat. INFORMATIONS LES 10 PRINCIPAUX TITRES Taiwan Semiconductor-Sp Adr China Life Insurance Co-H China Mobile Ltd Infosys Ltd-Sp Adr Netease Inc-Adr Mtn Group Ltd Power Grid Corp Of India Ltd Samsung Life Insurance Co Lt Ck Hutchison Holdings Ltd Fomento Economico Mex-Sp Adr 7.8 7.0 6.4 5.7 4.0 4.0 4.0 3.6 3.5 3.3 RÉPARTITION GÉOGRAPHIQUE INFORMATIONS QUANT. & STAT. Chine Inde Brésil Afrique du Sud Taiwan Russie Hong Kong Corée du Sud Mexique Hollande Chili Suisse Autres Taille du fonds (USD mios) NAV EUR Volatilité Beta Alpha Ratio Sharpe Tracking Error Information Ratio Nombre de titres détenus 26.9 17.8 11.9 9.4 9.0 4.6 4.1 3.7 3.4 3.3 2.4 1.7 2.0 32.4 181.65 17.3% 0.82 0.01 -0.93 6.39 0.44 43 POLITIQUE D'INVESTISSEMENT INFORMATIONS GÉNÉRALES Cadmos-Guilé Emerging Markets Engagement Fund est géré selon la stratégie Buy & Care®. Il a pour objectif de battre son indice de référence en recherchant des leaders dont le potentiel de création de valeur est significativement sous-estimé par le marché. ISIN Bloomberg Numéro de valeur Date de création Benchmark Gérant du fonds Dépositaire Promoteur L'engagement actionnarial sur les enjeux financièrement matériels permet de renforcer nos convictions et d'intégrer la durabilité de l'avantage compétitif dans notre analyse. Une partie importante des frais de gestion du fonds finance le Guilé Engagement Team. Son rôle est d'engager le dialogue auprès des entreprises en portefeuille sur les 10 principes du Pacte Mondial des Nations Unies. Signée par plus de 1100 sociétés cotées, la plus grande initiative de responsabilité sociale des entreprises couvre les droits de l'homme, le droit du travail, l'environnement et la lutte contre la corruption. Conseiller Type de fonds Transaction Distribution Commission de gestion LU0412997545 CADGEMA LX 2031571 05.03.2009 MSCI EM Comgest SA Pictet & Cie (Europe) SA de Pury Pictet Turrettini & Cie SA Fondation Guilé SICAV - UCITS IV Quotidienne Aucune 2.0% ENGAGEMENT ACTIVITIES Summary of two recent shareholder dialogues with companies from the Guilé Funds 3rd quarter 2015 The world’s largest Coca-Cola bottler in terms of sales. Present in twenty-seven European countries and Nigeria, with a high exposure to the emerging markets. Covers a total population of 560 million consumers. Controls one of the region’s finest distribution networks; for example, it has 1.7 million refrigerators placed in retail outlets. CORPORATE RESPONSIBILITY ISSUES The most financially material issues are revolving around consumer health, particularly obesity. Both, consumers and regulators are increasingly calling for more low-calorie alternatives or even a ban/high taxation of sugary beverages. Hence, the company needs to be on top of these developments in order to sustain its leading market position. Reporting on human rights is characterized by high comprehensiveness and clarity. The topic is treated systematically and all relevant aspects of human rights management are covered. SHAREHOLDER DIALOGUE PROGRESS Conference call meeting Participants: the Operational Sustainability Director and a Sustainability Manager 7th discussion with the company since its entry into the portfolio in 2009. ISSUES ADDRESSED DURING THE LAST BRIEFING - ABSTRACT Guilé addressed obesity and healthy lifestyles with the question regarding current trends in the markets. CCHBC pointed out that it was not possible to make generalization regarding the topic in the different markets but it is intensively discussed within the company and we advice to share more information about the internal stages of discussion in the next reporting cycle. Regarding human rights and labor norms the company covers the topic of complicity in violations (in the supply chain) rather implicitly and much less exhaustive and detailed than more prominent aspects of human rights within company boundaries. With regard to anticorruption information still revolves too much around Code of Conduct compliance. Natura manufactures cosmetics and personal hygiene products and is active in the fast-growing Brazilian and Latin American markets. It is Brazilian women’s preferred brand and has managed to maintain its leadership despite increasing competition from the multinationals. CORPORATE RESPONSIBILITY ISSUES Natura sells its beauty and household products through representatives in many countries across the world. The company focuses on its image as an eco-friendly, sustainable company. Major sustainability risks are product safety and corruption. Access to independent remunerated activity can be considered an opportunity. Natura Cosmeticos' reporting on extra-financial issues is on an advancing level. SHAREHOLDER DIALOGUE PROGRESS Conference call meeting Participant: the Investor Relations Manager 4th discussion with the company since its entry into the portfolio in 2012. ISSUES ADDRESSED DURING THE LAST BRIEFING - ABSTRACT The information on anti-corruption activities, while already on a good level, could be further improved by setting clearer qualitative and quantitative goals. Reporting in more details on concrete measures (e.g. trainings for employees) and their monitoring could further enhance the transparency and credibility of the reporting approach. To improve accessibility of non-financial information, the Guilé Engagement Team suggests to set up a specific online library where the relevant documents can be downloaded. Furthermore, a separate CSR webpage would help the interested readers to find relevant information more easily. The information shown in this document has been provided to you upon request and may not be reproduced or redistributed to any other person. As a consequence, the information and data presented in this document are not to be considered as an offer or solicitation to buy, sell or subscribe to the Sicav. This document relies on information obtained from sources deemed reliable but it does not engage the responsibility of de Pury Pictet Turrettini & Cie S.A.or any other party mentioned in the document. The value and income of any of the securities or financial instruments mentioned in this document may fall as well as rise and, as a consequence, investors may receive back less than originally invested. Risk factors are listed in the fund’s prospectus and are not intended to be reproduced in full in this document. Past performance is neither a guarantee nor a reliable indicator of future results. Performance data does not include the commissions and fees charged at the time of subscribing for or redeeming shares. This marketing material is not intended to be a substitute for the fund’s full documentation or for any information which investors should obtain from their financial intermediaries acting in relation to their investment in the fund mentioned in this document. For Swiss investors, the paying agent is Banque Pictet & Cie S.A. and the representative agent is FundPartner Solutions (Suisse) S.A., Route des Acacias 60, Ch-1211 Genève 73, Switzerland. The relevant legal documentation may be obtained free of charge from the representative agent, from de Pury Pictet Turrettini & Cie S.A. or online at www.ppt.ch/en/reporting-and-documents. Cadmos Fund Management, 15A, avenue J.F. Kennedy, L-1855 Luxembourg de Pury Pictet Turrettini & Cie S.A. is a signatory of the Principles for Responsible Investment: For additional information please contact Dominique Habegger ([email protected])