RM Single Select Platform GE US Equity I USD

MONTHLY
REPORT
SINGLE SELECT PLATFORM GE US EQUITY
EQUITIES MANAGEMENT
I USD: LU0185280533 / I EUR: LU0185280459 / A EUR: LU0185278040
December 2011
Single Select Platform US Equity is a subfund of the Single Select Platform Luxemburg Sicav. The management has been entrusted to General Electric Asset Management through a mandate of US large cap
value stocks. The fund aims at outperforming its benchmark over a 5 year.
ASSET MANAGEMENT STRATEGY
Actions Internationales
Standard & Poor's classification US Equity - General
Market environment and performance
44,62
NAV 12/30/2011 (USD)
75,94$
56,41€
The year-end delivered its final verdict, with the US markets leading the pack of major stock markets. The S&P
Total net asset (total tranches$-€ in millions)
84,07$
62,45€
500 ended the year up 2.11% with dividends reinvested (5.11% in euros). European markets ended the year
36
well down, with the Stoxx Europe 600 losing more than 8.6% and global indices such as the MSCI AC World
CAPITALISATION SIZE
Total net asset ( millions)
Number of holdings
Large
Small
Mid
Value
STYLE
Blend
and the MSCI AC World ex Europe falling 4.63% and 3.39% respectively. The issue of developed country debt
Growth
punctuated 2011, with new developments in spring involving Greece and contagion to Italy and Spain in the
summer. Not forgetting the downgrade of US debt, even though it ended up having little impact on US bond
RETURN SINCE INCEPTION
yields and, in particular, the US dollar. The dollar ended the year up almost 3% against the euro after being
140
SSP GE US Equity I Usd
130
S&P 500 Total Return (C)
down as much as 11% at the beginning of May. However, the US economy appears to be showing some
02/18/2010*
tangible signs of recovery, with confidence indicators returning to their highest levels and an improving
120
employment market. Similarly, US companies are expected to publish double-digit growth in profits for 2011,
110
with S&P 500 earnings expected to be up more than 11%. In this environment, the S&P 500 ended December
up 1.02% in dollars and 4.76% in euros. Global markets posted gains, with the MSCI AC World NDR up 3.49%
100
and the MSCI AC World Ex Europe NDR up 3.93% in the month.
90
80
In this environment, Single Select Platform GE US Equity lost 0.42% between 30 November and 30 December
70
2011, compared with a 1.02% rise in the S&P 500 NDR in dollars over the same period.
60
50
11/30/06
(1)
The fund underperformed over the period. The main negative contributions came from the fund’s positions in
12/6/07
12/11/08
12/17/09
12/23/10
before 18/02/2010: composite GE, then Single Select Platform GE
12/30/11
Source Europerformance
technology, consumer goods and oil companies. Conversely, financials, industrial companies and basic
materials made a positive contribution. Some of the biggest gains were posted by banks, with JP Morgan up
7.3%, and financial services companies such as Visa and Western Union. In basic materials, industrial gas
specialist Praxair posted significant gains. GE rose sharply following reassuring comments by its Chairman on
RETURN
the company’s global business, while Paychex and UPS both benefited from the improving employment/activity
environment, particularly among US SMEs/SMIs. Tech stocks, on the other hand, lagged well behind indices.
1 month
SSP GE US Equity
Oracle posted heavy falls after issuing a profit warning, while Chinese search engine Baidu lost more than 10%
-0,42%
in the month. Oil stocks also made a negative contribution. Although performance was damaged by the fund’s
S&P 500 (Clo)
1,02%
underweighting in Chevron and Exxon, the biggest impact came from its position in Schlumberger, which lost
almost 9% over the period. Finally, the fund’s positions in retail, although smaller than in the previous quarter,
Since inception
were also negative, with Amazon.com, Target and Bed Bath & Beyond all posting falls.
3,92%
SSP GE US Equity
16,44%
S&P 500 (Clo)
Maxence de Lavenere - Analyst
Source Europerformance
RISK PROFILE
SECTOR BREAKDOWN
30%
since 30/11/2010
20%
17,0%
11,8%
21,93%
-0,06
1,02
3,98%
-3,96%
Volatility
Alpha
Beta
Tracking error
Worst Draw Down*
23,0%
11,2%
10%
9,2%
6,8%
5,6%
5,5%
3,2%
2,7%
2,8%
1,2%
0%
* Worst Draw Down (on a weekly basis)
before 18/02/2010: composite GE, then Single Select Platform GE
Source Europerformance
Source OFI AM
(1)
MONTHLY RETURN
2006
2007
2008
2009
2010
2011
(1)
January
February
March
April
May
June
July
August
September
October
November
December
TOTAL
Benchmark
4,17%
0,85%
-6,90%
-8,63%
-4,21%
3,08%
-0,93%
-2,54%
-1,90%
-5,32%
-0,68% (1)
3,10%
1,73%
0,72%
-0,23%
10,97%
4,77%
-0,85%
1,18%
5,05%
3,88%
11,73%
-0,66%
2,63%
-2,58%
3,22%
2,03%
4,93%
-7,80%
-1,24%
-0,74%
-0,26%
-6,90%
1,94%
-6,53%
-1,51%
0,37%
-1,99%
2,94%
6,20%
6,72%
-0,73%
3,56%
1,64%
1,45%
1,27%
-6,00%
-6,37%
2,33%
4,64%
-8,04%
4,62%
9,34%
-8,76%
3,34%
1,82%
-18,68%
-3,59%
4,25%
11,50%
2,07%
-3,67%
-9,77%
5,76%
-0,19%
-0,80%
0,38%
-0,34%
1,59%
2,88%
5,29%
-0,42%
15,67%
9,10%
-35,55%
35,44%
6,20%
-1,74%
15,80%
5,49%
-37,88%
28,26%
15,06%
2,11%
Source OFI AM
before 18/02/2010: composite GE, then Single Select Platform GE
CONTACT • Sales Department • +331 40 68 17 10 • [email protected]
OFI Asset Management • A portfolio management company authorised by the AMF under number GP 92-12 • Intracommunity VAT no.: FR 51384940342 • Principal activity (APE) code 6630Z 1 rue Vernier 75017 Paris •
Tel.: + 33 (0)1 40 68 17 17 • Fax: + 33 (0)1 40 68 17 18 • www.ofi-am.fr
1/2
MONTHLY
REPORT
SINGLE SELECT PLATFORM GE US EQUITY
EQUITIES MANAGEMENT
I USD: LU0185280533 / I EUR: LU0185280459 / A EUR: LU0185278040
PORTFOLIO
December 2011
FOCUS
TOP 10 HOLDINGS
QUALCOMM
APPLE INC
SCHLUMBERGER LTD
VISA INC-CLASS A SHARES
WESTERN UNION CO
PEPSICO INC
AMERICAN TOWER CORP-CL A
EXPRESS SCRIPTS A
CME GROUP INC
DIRECTV-CLASS A
TOTAL
Weight
Performance
Contribution
Sector
5,11%
4,96%
4,61%
4,55%
4,43%
3,99%
3,92%
3,62%
3,54%
3,52%
42,24%
-0,18%
5,97%
-9,32%
4,70%
4,70%
3,67%
1,71%
-2,10%
-2,25%
-9,45%
-0,01%
0,28%
-0,46%
0,23%
0,19%
0,14%
0,07%
-0,08%
-0,08%
-0,37%
-0,09%
Technology
Technology
Oil & Gas
Financial Services
Financial Services
Food & Beverage
Technology
Health Care
Financial Services
Media
Source OFI AM & Datastream
PERFORMANCE CONTRIBUTIONS
3 best monthly contributions
Weight
Performance
2,63%
4,96%
4,55%
AMGEN INC
APPLE INC
VISA INC-CLASS A SHARES
Contribution
10,88%
5,97%
4,70%
Sector
0,41%
0,28%
0,23%
Health Care
Technology
Financial Services
3 worst monthly contributions
Weight
Performance
2,66%
4,61%
3,20%
ORACLE CORP
SCHLUMBERGER LTD
BAIDU.COM - ADR
Contribution
-18,18%
-9,32%
-11,08%
Sector
-0,59%
-0,46%
-0,40%
Technology
Oil & Gas
Technology
Source OFI AM & Datastream
FINANCIAL RATIOS
STYLE MAP
PER(2)
Valeurs de l'indice
Single Select Platform Dreman US Equity
18,41
15,26
S&P 500 USD
14,56
12,80
2,83
2,59
S&P 500 USD
2,02
1,85
(2)
PER = Price / Earning ratio
(3)
Price to Book Value = Price / Book value ratio
Fonds
S&P 500
100 000
Price to Book Value(3)
2011
2012
Single Select Platform Dreman US Equity
Valeurs du Fonds
1 000 000
2012
Capitalisation
2011
10 000
1 000
100
0
2
4
P/BV 11
6
8
10
Source OFI AM
12
Source OFI AM
RETURNS AND VOLATILITIES
Since Inception
return
volatility
Single Select Platform GE US Equity I USD
3,92%
S&P 500 Total Return C
16,44%
3 years cumulative
1 year cumulative
Year to date
return
volatility
return
volatility
return
22,28%
30,47%
24,01%
-1,74%
21,93%
-1,74%
21,95%
48,59%
19,06%
2,11%
21,40%
2,11%
3 months
1 month
21,93%
10,15%
-0,42%
21,40%
11,82%
1,02%
volatility
Source Europerformance
CHARACTERISTICS
15 march 2004
Inception date
Valuation day
each business day
Dreman Value Management
Settlement
D+5
Promoter
OFI Asset Management
Cut-off time
before 12:00 CET
Custodian
JPMorgan Bank Luxembourg
Investment manager
Main risks:
Management fees
1,80%
capital and performance, equity securities, currency
Document d’information non contractuel. Le présent document ne vise que les clients professionnels au sens de l’article D. 533-11 du Code monétaire et financier ; les conseillers en gestion de patrimoine
indépendants (CGPI) ; les conseillers en investissements financiers (CIF) au sens de l’article L. 541-1 et suivants du Code monétaire et financier. Il n’est pas destiné à être remis à des clients non
professionnels ne possédant pas l’expérience, les connaissances et la compétence nécessaires pour prendre leurs propres décisions d’investissement et évaluer correctement les risques encourus. Les
informations contenues dans ce document ne sauraient avoir une quelconque valeur contractuelle. Seuls le prospectus complet de l’OPCVM et ses derniers états financiers font foi.Les performances
passées ne préjugent en rien des résultats futurs. Les performances présentées incluent l'ensemble des frais hors commission de souscription et rachat. Ce document n'a aucun caractère contractuel et ne
fournit des informations qu'à titre indicatif. Le souscripteur reconnaît avoir reçu le prospectus visé par la AMF préalablement à son investissement. Pour tout renseignement complémentaire relatif à
l'OPCVM, le souscripteur pourra s'adresser à OFI Asset Management 1, rue Vernier 75017 Paris.
CONTACT • Sales Department • +331 40 68 17 10 • [email protected]
OFI Asset Management • A portfolio management company authorised by the AMF under number GP 92-12 • Intracommunity VAT no.: FR 51384940342 • Principal activity (APE) code 6630Z 1 rue Vernier 75017 Paris •
Tel.: + 33 (0)1 40 68 17 17 • Fax: + 33 (0)1 40 68 17 18 • www.ofi-am.fr