CADMOS-GUILÉ EMERGING MARKETS ENGAGEMENT

CADMOS-GUILÉ EMERGING MARKETS ENGAGEMENT FUND – A Novembre 2015
280.00
PERFORMANCE (mensuelle)
260.00
240.00
220.00
200.00
PERFORMANCE
11/15
Fond
MSCI EM
Différence
180.00
2015
2014
-1.49% -10.03%
-3.90% -12.98%
+2.41% +2.95%
+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%
+89.77%
+96.46%
-6.69%
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)
MSCI
MSCIEM
EM- -Net
NetReturn
Return$$
Sep-09 Mar-10
Mar-10 Sep-10
Sep-10 Mar-11
Mar-11Sep-11
Sep-11
Mar-12
Sep-09
Mar-12
Sep-12Sep-12
Mar-13 Mar-13
Sep-13 Sep-13
Mar-14
Mar-14
Sep-14
Sep-14
Mar-15
Mar-15
Sep-15
COMMENTAIRE DU GÉRANT
Après un bon mois d’octobre, les actions émergentes ont perdu 3.9% en USD (+0.5% en EUR), les investisseurs intégrant la forte probabilité
d’une hausse des taux de la Réserve fédérale en décembre. L’USD continue de s’apprécier, ce qui pèse sur les devises émergentes et les prix
des matières premières. La volatilité reste de mise en Chine, où l’autorité de régulation a ouvert une enquête sur les plus grandes maisons de
courtage du pays.
Au mois de novembre, la performance du fonds a été favorisée par le rebond du Brésil et de la Chine.
Au sein de nos sociétés, Bharat Heavy Electricals en Inde a souffert de la détérioration de la rentabilité de son activité, consécutive au
changement du profil de ses projets. Le cycle d’investissement est cependant en train de tourner en Inde et BHEL en est un des principaux
bénéficiaires : cette année plus de 70% des commandes dans le secteur de la production électrique ont été remportés par la société indienne.
NetEase a publié de très bons résultats grâce au succès des jeux récemment publiés. La société semble aujourd’hui mieux positionnée que
jamais pour tirer profit de la croissance du trafic internet fixe et mobile en Chine.
Dans le même segment d’activité mais en Russie, Mail.ru a également favorablement contribué à la performance. La société bénéficie non
seulement d’une certaine normalisation du marché publicitaire, mais également de l’intégration réussie de VK, principal réseau social russe,
acquise durant la crise russo-ukrainienne.
INFORMATIONS
LES 10 PRINCIPAUX TITRES
Taiwan Semiconductor-Sp Adr
China Life Insurance Co-H
China Mobile Ltd
Netease Inc-Adr
Infosys Ltd-Sp Adr
Ping An Insurance Group Co-H
Sanlam Ltd
Power Grid Corp Of India Ltd
Samsung Life Insurance Co Lt
Fomento Economico Mex-Sp Adr
7.8
6.6
5.8
5.3
4.8
4.1
3.8
3.8
3.7
3.4
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 USD
Volatilité
Beta
Alpha
Ratio Sharpe
Tracking Error
Information Ratio
Nombre de titres détenus
29.1
15.9
11.8
9.3
7.8
5.0
4.5
3.7
3.5
3.4
2.1
1.8
2.0
35.4
189.77
16.5%
0.74
-0.02
-0.71
6.22
0.31
43
POLITIQUE D'INVESTISSEMENT
INFORMATIONS GÉNÉRALES
La stratégie Buy & Care® du Fonds 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
Nous engageons le dialogue actionnarial et encourageons les entreprises à progresser
sur les 10 principes du Pacte Mondial des Nations Unies ("UN Global Compact UNGC"). Ainsi nous renforcons nos convictions et pouvons intégrer à notre analyse la
valeur de la durabilité de leur avantage compétitif.
Signée par plus de 1100 sociétés cotées, l'UNGC est la plus grande initiative de
responsabilité sociale des entreprises et 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])