europe’s future leaders - viewon · 5 years annualised inception ... past performance is not a...

27.11.2014 Pavillon Cambon, Paris

For Professional Investors only

Europe’s Future Leaders Franz Weis, Eva Fornadi & Rebecca Kaddoum

Comgest Growth Greater Europe Opportunities

2

COMGEST GROWTH GREATER EUROPE OPPORTUNITIES

Size of the fund: EUR 108m

Performance since launch:

+14.2% p.a. cagr

+4.0% p.a. compared to MSCI Europe

Morningstar ranking*: 13 / 138

Data as of end October 2014

Net performance in EUR, source: Factset / Comgest

* As of 31/10/2014, Morningstar Category: Europe Flex Cap Equity

Past performance is no guarantee of future results. Indices are used for comparison of past performance only.

Performance calculation based on NAV to NAV variation expressed in euros.

3

COMGEST GROWTH GREATER EUROPE OPPORTUNITIES Performance* (net, in EUR)

Cumulative performance since inception (%)

Rolling performance (%)

QTD YTD 1 Year

annualised

3 Years

annualised

5 Years

annualised

Inception

annualised

Portfolio -0.74 -1.81 1.57 18.29 13.74 14.23

Index -1.83 5.04 7.20 14.23 10.11 10.27

*Net performance in EUR as of 31/10/2014. Source: FactSet/Comgest

Past performance is no guarantee of future results. Indices are used for comparison of past performance only. Performance calculation based on NAV to NAV variation expressed in euros.

© 2014 Morningstar, Inc. All rights reserved. Ratings and awards mentioned in this document can change at any time and do not constitute a buy recommendation.

4

Dec

2009

Dec

2011

Dec

2013

100

120

140

160

180

200

220% change

Fund MSCI Europe - NR

THE FUND

A more opportunistic application of Comgest’s quality growth approach

Faster investment in companies at an earlier stage of their growth trajectory

Earlier investment in companies with short stock market history

More aggressive exposure to companies in cyclical markets, with a record of strong

growth over the cycle and high profitability in a difficult macro environment

Wider geographical exposure

Stronger earnings growth potential

Sharper focus on attractive valuations to manage risk

5

Data as of 15/09/2014

* 5-year monthly share price volatility / ** 10-year EPS CAGR

COMGEST GROWTH GREATER EUROPE OPPORTUNITIES: FUND OBJECTIVE

Earnings growth** Earnings decline**

High risk*

Lower risk*

Comgest’s European Universe

6


%

Bayer AG Germany Health Care 5.4

Eurofins Scientific Societe Europeenne France Health Care 4.8

Core Laboratories NV United States Energy 4.8

Wirecard AG Germany Information Technology 4.8

Sartorius Stedim Biotech S.A. France Health Care 4.8

CTS Eventim AG & Co. KGaA Germany Consumer Discretionary 4.6

ARM Holdings plc United Kingdom Information Technology 4.1

Rightmove plc United Kingdom Consumer Discretionary 3.6

Essentra plc United Kingdom Materials 3.5

ElringKlinger AG Germany Consumer Discretionary 3.1

Data as of 31/10/2014. Source: FactSet/Comgest

Data on holdings is provided for information purposes only and is not a recommendation to buy or sell the securities shown. Data on holdings is subject to change and excludes cash and cash

equivalents. Past performance is no guarantee of future results.

69% of fund invested in Comgest’s classic quality growth companies

Top 10 holdings

7

2009 2010 2011 2012 2013 2014 2015 20160

100

200

300

400

0

100

200

300

400

″OPPORTUNISTIC″ GROWTH OPPORTUNITIES: Candidates for Comgest’s European Flagship Funds

Novozymes (Denmark)

Leading supplier to the food, detergent and textile

industries (47% market share).

Strong barriers to entry based on track record, know-how,

scale and innovation: R&D costs represent 14% of sales

Dynamic growth, driven by new functionalities, substitution

of chemicals and productivity improvements for customers

Market potential from innovations (improved washing

performance, low calorie beer, biopharmaceutical

applications)

Significant additional opportunity in bioethanol

Sector: Materials

Market cap.: EUR 9.1bn

EPS growth 5 yrs (est.)*: 17%

ROE: 21.3%

Dividend yield: 1.1%

Data updated as at 30/09/2014. *EPS growth 5 years is a Comgest estimate and can differ from data in the graph which are based on the Factset consensus. Market Cap is calculated as of end of last calendar

quarter while ROE and dividend yield are calculated as of end of last fiscal year. Past performance is not a reliable guide to future performance. The value of investments may go down as well as up. Forward

looking data included is estimated and it is not a reliable guide to the future performance. The material presented in this document is for information purposes only and is not intended as an offer or solicitation

with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment.

2007 2009 2011 2013 20150

50

100

150

200

250

0

50

100

150

200

250

Source: FactSet Research Systems

EPS and price rebased at 100

Price ()

Price Actual EPS Estimated EPS

8

2009 2010 2011 2012 2013 2014 2015 20160

100

200

300

400

0

100

200

300

400

″OPPORTUNISTIC″ GROWTH OPPORTUNITIES: Early discovery of dynamic growth

Biotest (Germany)

Established player (3% global market share) in the growing

blood plasma market: oligopolistic market structure and high

barriers to entry

Rapid growth through product innovation and geographic

expansion: management aims for +10% p.a. sales growth and

+20% p.a. earnings growth until 2020

Key blood plasma R&D projects: Civacir (hyper

immunoglobulin for the prophylaxis of re-infection with hepatitis

C after a liver transplant) and Fibrinogen (coagulation factor

patients bleeding disorders due to congenital or acquired

fibrinogen deficiency)

Exciting biotech pipeline including two very promising antibody

molecules addressing large markets like rheumatoid arthritis

and various cancers

Sector: Health Care



ROE: 13.0%

Dividend yield: 0.8% 2007 2009 2011 2013 20150

50

100

150

200

250

0

50

100

150

200

250



Price ()






9

2009 2010 2011 2012 2013 2014 2015 20160

100

200

300

400

0

100

200

300

400

″OPPORTUNISTIC″ GROWTH OPPORTUNITIES: High quality companies with higher economic sensitivity

Atlas Copco (Sweden)

World-leading provider of sustainable productivity solutions

(compressors, vacuum solutions and air treatment, construction

and mining equipment and power tools) for applications in mining,

construction and general industry

Long-term double-digit earnings growth driven by product

innovations and redeployment of strong cash flow for acquisitions

Stronger sensitivity to economic cycle (sales -22% in 2009, EPS -

34%) but leading market positions in industry niches and strong

sales contribution from consumables and services result in pricing

power, robust profitability (14.3% operating margin in 2009) and

very strong cash flow

Sector: Industrials



ROE: 32.3%

Dividend yield: 3.1% 2007 2009 2011 2013 20150

50

100

150

200

250

0

50

100

150

200

250



Price ()






10

2009 2010 2011 2012 2013 2014 2015 20160

300

600

900

0

1000

2000

3000

″OPPORTUNISTIC″ GROWTH OPPORTUNITIES: Companies with very attractive earnings growth

Opera Software (Norway)

Leader in mobile browsing, mobile advertising and

mobile video advertising markets

310m consumers in emerging markets use Opera’s

browser due to its unique compression technology:

growth in ARPU from migration to smartphones

Structural growth (+40% p.a.) in mobile channels: 20%

of consumer’s media intake but only 4% of advertising

spend

Sector: Info. Technology



ROE: 26.2%






Pri

ce

EP

S

2007 2009 2011 2013 20150

50

100

150

200

250

0

50

100

150

200

250



Price ()


11

2009 2010 2011 2012 2013 2014 2015 20160

200

400

600

800

0

100

200

300

400

″OPPORTUNISTIC″ GROWTH OPPORTUNITIES: Quality growth companies in European periphery markets

Bim Birlesik Magazalar (Turkey)

Turkey’s largest food retail operator growing space over 10%

and LFL close to 10%

Follow a strict hard discount philosophy (low costs = low

prices) modeled on Aldi in Germany

The success of the strategy is reflected in the strong growth

and the fact they are only one of two operators to make a

profit in the country (the other being a high end supermarket

chain)

Long-term potential to more than double (currently <10%

share) with optionality on Morocco and Egypt

Sector: Consumer Staples



ROE: 45.6%






2007 2009 2011 2013 20150

50

100

150

200

250

0

50

100

150

200

250



Price ()


12

COMGEST GROWTH GREATER EUROPE OPPORTUNITIES Superior earnings growth

Data as of 30/09/2014

Source: FactSet/Comgest

Past performance is no guarantee of future results. Indices are used for comparison of past performance only.

0

5

10

15

20

25

30

Jan-10 Jan-11 Jan-12 Jan-13 Jan-14

MSCI EUROPE EPS Gr NTM CG GEO EPS Gr NTM

13

(%)

COMGEST GROWTH GREATER EUROPE OPPORTUNITIES Performance (net, in EUR) Annualised performance in bull markets (since inception) Annualised performance in bear markets (since inception)

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%18.39

16.65

Comgest Growth Greater Europe Opportunities MSCI Europe-6%

-5%

-4%

-3%

-2%

-1%

0%

-4.29

-5.65

Comgest Growth Greater Europe Opportunities MSCI Europe

CMSCI Number of quarters of bull markets: N17 CMSCI Number of quarters of bear markets: N4

*Net performance in EUR as of 31/10/2014


Past performance is no guarantee of future results. Indices are used for comparison of past performance only. Performance calculation based on NAV to NAV variation expressed in euros.

14

COMGEST GROWTH GREATER EUROPE OPPORTUNITIES Portfolio characteristics*

*Portfolio as of 31/10/2014


*Estimation based on a long-term historical average . Past performance is no guarantee of future results. Indices are used for comparison of past performance only.

Forward looking data included is estimated and it is not a reliable guide to the future performance.

Comgest Growth GEO MSCI Europe

Average Market Cap (bn €) 11.3 60.9

Number of holdings 38 436

ROE 19.1% 16.7%

Operating margin 18.8% 15.7%

Long-term EPS growth 16% 6%*

P/E next 12 months 19.7x 13.7x

PEG ratio 1.2x 2.3x

Dividend yield 1.3% 3.3%

15


The quality growth fund particularly geared to rising markets’ potential

Dynamic earnings growth

Opportunistic investment in ‘quality growth‘ candidates

Wider sector and geographical exposure

Valuation discipline

Risk control

Additional performance upside

Source: Factset / Comgest. Past performance is no guarantee of future results. Indices are used for comparison of past performance only. Performance calculation based on NAV to NAV variation expressed in euros. Fund volatility is calculated using

weekly performance data. *Morningstar. © 2014 Morningstar, Inc. All rights reserved. Ratings and awards mentioned in this document are as of 31/10/2014 and can change at any time. They do not constitute a buy recommendation.

Ranked in the 1st quartile of European Flex Cap equity funds

over the past 3 and 5 years *

0%

5%

10%

15%

20%

25%

10% 11% 12% 13% 14% 15%

Retu

rn (

annualis

ed

)

Risk/Return over 3 years (as of 31/10/2014)

Index: MSCI Europe - NR

Fund

Index

16

Comgest Growth Mid-Caps Europe

17

THE FUND

Taps into the pool of dynamic mid-cap companies in Europe to invest in stocks

with high earnings growth and lower volatility than small-cap companies

Same investment philosophy and selection criteria as Comgest’s large-cap funds

Interesting opportunities in smaller market capitalizations

Early identification of future large-cap quality growth companies


18

COMGEST GROWTH MID-CAPS EUROPE Performance* (net, in EUR)

Cumulative performance since inception (%)

Rolling performance (%)


Source: FactSet/Comgest. Past performance is no guarantee of future results. Indices are used for comparison of past performance only. Performance calculation based on NAV to NAV variation

expressed in euros. © 2014 Morningstar, Inc. All rights reserved. Ratings and awards mentioned in this document can change at any time and do not constitute a buy recommendation.

QTD YTD 1 Year

annualised

3 Years

annualised

5 Years

annualised

10 Years

annualised

Inception

annualised

Portfolio 0.30 0.42 1.15 16.79 14.68 8.13 3.63

Index -0.64 3.64 6.17 15.61 11.51 6.97 2.96

19

Dec

2001

Dec

2003

Dec

2005

Dec

2007

Dec

2009

Dec

2011

Dec

2013

40

60

80

100

120

140

160

180

% change

Fund MSCI Europe Mid Cap - NR

OUR DEFINITION OF MID-CAPS Companies with a market cap between EUR 300m to 10bn

Market cap breakdown

MSCI

Data as of 31/10/2014, in EUR

Source: FactSet/Comgest. Indices are used for comparison of past performance only.

20

8%

39%

45%

4% 5%

0%

11%

42%

35%

11%

[500m-1bn] [1-3bn] [3-6bn] [6-10bn] [10-20bn]

Comgest Growth Mid-Caps Europe MSCI Europe Mid Cap

TREASURE HUNTING: EARLY DISCOVERY

0

5

10

15

20

25

0

100

200

300

400

500

600

Jan-00 May-01 Sep-02 Jan-04 May-05 Sep-06 Jan-08 May-09 Sep-10 Jan-12 May-13 Sep-14

Number of brokers covering stock (rh. scale) Coloplast price (in local currency, lh. scale)

Example of Coloplast

Data in EUR as of 30/09/2014

Source: FactSet/Comgest. Past performance is no guarantee of future results. The material presented in this document is for information purposes only and is not intended as an offer or solicitation


21

COMGEST GROWTH MID-CAPS EUROPE Portfolio composition

Sector breakdown (vs. MSCI Europe Mid Cap, %)

MSCI

Portfolio in EUR as of 31/10/2014

Source: FactSet/Comgest. Indices are used for comparison of past performance only.

22

37

22

12 12

8

4

2 2 1

6

19

5

9

23

6

0

2 4

22

4

Health Care ConsumerDiscretionary

InformationTechnology

Materials Industrials Consumer Staples Cash Energy TelecommunicationsServices

Financials Utilities


20% of our stock selection has contributed to 90% of the performance over the last 5 years

Our best performers’ podium (top 5 contributors, % contribution)

Apply a Darwinian selection by maximising the weighting of the winners

8%

8%

11%

11%

17%

A RIGOUROUS SELECTION

Data as of 30/09/2014, net performance in EUR. Contribution analysis over the last 5 years. Source: FactSet/Comgest. Past performance is no guarantee of future results. Comgest runs a buy-and-hold contribution system which performs holdings-based

analysis using the beginning of period weights of securities and their returns to calculate contributions. Returns are therefore not derived from the actual portfolio return and may not reconcile with the real portfolio return as measured by NAV to NAV variation. This

material is for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Duration of inclusion

in the portfolio

> 5 years

> 5 years

3 - 5 years

> 5 years

> 5 years

23

0%

5%

10%

15%

20%

15.90

20.53


-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

-10.42

-14.28


COMGEST GROWTH MID-CAPS EUROPE Performance* (net, in EUR)

Annualised performance in bull markets (since inception) Annualised performance in bear markets (since inception)

CMSCI Number of quarters of bull markets: N36 CMSCI Number of quarters of bear markets: N22


Source: FactSet/Comgest. Past performance is no guarantee of future results. Indices are used for comparison of past performance only. Performance calculation based on NAV to NAV variation expressed in euros.

24

COMGEST GROWTH MID-CAPS EUROPE

%

Data as of 31/10/2014

Source: FactSet/Comgest. Data on holdings is provided for information purposes only and is not a recommendation to buy or sell the securities shown. Data on holdings is subject to change and excludes

cash and cash equivalents. Past performance is no guarantee of future results.

Top 10 holdings

Eurofins Scientific Societe Europeenne France Health Care 8.1

Wirecard AG Germany Information Technology 7.2

Chr. Hansen Holding A/S Denmark Materials 6.2

Hikma Pharmaceuticals Plc United Kingdom Health Care 6.1

Essentra plc United Kingdom Materials 5.9

Sartorius Stedim Biotech S.A. France Health Care 5.2

CTS Eventim AG & Co. KGaA Germany Consumer Discretionary 4.6

L’Occitane International S.A. Luxembourg Consumer Discretionary 4.4

Edenred SA France Industrials 4.1

Chocoladefabriken Lindt & Spruengli Switzerland Consumer Staples 4.0

25

2014: MAIN PORTFOLIO CHANGES

Data as of 31/10/2014, Source: FactSet/Comgest

This material is for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

BOUGHT

SOLD

INC

RE

AS

ED

RE

DU

CE

D

Core Laboratories

CTS Eventim

Rightmove

Zodiac

Essentra

Wirecard

Devro

Prada

Telecity

Eurocash

Asos

Iliad

26

COMGEST GROWTH MID-CAPS EUROPE Portfolio characteristics*

*Portfolio as of 31/10/2014


*Estimation based on a long-term historical average . Past performance is no guarantee of future results. Indices are used for comparison of past performance only.

Forward looking data included is estimated and it is not a reliable guide to the future performance.

Comgest Growth

Europe

Comgest Growth

Mid-Caps Europe

MSCI Europe

Mid Cap

Average Market Cap (bn €) 46.7 3.9 7.5

Number of holdings 35 27 236

ROE 22.8% 19.1% 14.0%

Operating margin 19.8% 19.2% 15.6%

Long-term EPS growth 13% 16% -

P/E next 12 months 20.1x 20.9x 15.4x

PEG ratio 1.6x 1.3x -

Dividend yield 1.9% 1.3% 2.6%

27

RIGHTMOVE (UK)

Leading residential property portal in the UK, with

over a million properties for sale and to rent

A subscription-based model, not directly leveraged

into house prices or transactions

50% of property ad spend is digital and the

penetration may go up to 80% within the next 5 years

Strong margins at 70% and high free cash-flow

conversion with a policy to return it all to shareholders

Sector: Cons. Discretionary



ROE: 905.0%


2009 2010 2011 2012 2013 2014 2015 20160

500

1000

1500

2000

0

200

400

600

Pri

ce

EP

S





2007 2009 2011 2013 20150

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100

150

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250

0

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100

150

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Price ()


28

CTS EVENTIM (GERMANY)

Europe’s #1 ticketing company, #2 worldwide,

present in 23 countries

Benefitting from the conversion from traditional

offline to online ticketing

Robust ticketing distribution platform

Unique combination of live entertainment and

ticketing, more than 100 million tickets sold

annually

Sector: Cons. Discretionary



ROE: 28.0%

Dividend yield: 1.7% 2009 2010 2011 2012 2013 2014 2015 2016

0

200

400

600

0

100

200

300

400

Pri

ce

EP

S





2007 2009 2011 2013 20150

50

100

150

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0

50

100

150

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Price ()


29

ESSENTRA (UK)

UK-based leading international supplier of

specialist plastic, fibre, foam and packaging

products

Offers a wide range of products to a growing

number of industries

Benefits from a broad distribution platform

The only global leading independent cigarette

filter supplier

Geographically well diversified

Sector: Materials



ROE: 19.0%

Dividend yield: 1.7% 2009 2010 2011 2012 2013 2014 2015 2016

0

200

400

600

800

1000

0

200

400

600

Pri

ce

EP

S





2007 2009 2011 2013 20150

50

100

150

200

250

0

50

100

150

200

250



Price ()


30

5%

10%

15%

20%

10% 12% 14% 16%

COMGEST GROWTH MID-CAPS EUROPE

Taps into the pool of dynamic mid-cap companies in Europe to invest in stocks

with high earnings growth and lower volatility than small-cap companies

Same investment philosophy and selection criteria

as Comgest’s large-cap funds

Great opportunities in smaller market

capitalizations

Early identification of future large-cap quality

growth companies


Source: Factset / Comgest. Past performance is no guarantee of future results. Indices are used for comparison of past performance only. Performance calculation based on NAV to NAV variation expressed in euros. Fund volatility is calculated using

weekly performance data. *Morningstar. © 2014 Morningstar, Inc. All rights reserved. Ratings and awards mentioned in this document are as of 31/10/2014 and can change at any time. They do not constitute a buy recommendation.

Ranked in the 1st quartile of European Mid-Cap equity funds

over the past 3 and 5 years *

Retu

rn (

annualis

ed)

Risk/Return over 3 years (as of 31/10/2014)

Index: MSCI Europe Mid Cap - NR

Fund Index

31

Appendices

32

COMGEST GROWTH GREATER EUROPE OPPORTUNITIES Portfolio composition*

Country breakdown (%) Sector breakdown (%)

Source: Factset / Comgest. *Portfolio as of 31/10/2014

33

0 5 10 15 20 25 30 35

Austria

Belgium

Finland

Ireland

Italy

Portugal

Spain

Turkey

Norway

Denmark

Luxembourg

Netherlands

[Cash]

United States

Sweden

Switzerland

France

United Kingdom

Germany


0 5 10 15 20 25 30 35

Utilities

Financials

Telecommunication Services

Consumer Staples

Industrials

[Cash]

Energy

Materials

Consumer Discretionary

Information Technology

Health Care


COMGEST GROWTH GREATER EUROPE OPPORTUNITIES Portfolio contribution analysis*

Top 5 contributors and detractors - Year-to-date, 31/10/2014

Source: Factset / Comgest. *Data in EUR. Past performance is no guarantee of future results. Indices are used for comparison of past performance only. Comgest runs a buy-and-hold contribution system which performs holdings-based analysis using

the beginning of period weights of securities and their returns to calculate contributions. Returns are therefore not derived from the actual portfolio return and may not reconcile with the real portfolio return as measured by NAV to NAV variation.

% contribution

34

-1.04

-0.79

-0.72

-0.6

-0.56

0.54

0.64

0.73

0.78

2.28

Ipsos

Eurocash

Monitise

ThromboGenics

ASOS

L'Occitane International

Orpea

Sartorius Stedim Biotech

Bayer

Hikma Pharmaceuticals

Data as of 31/10/2014, Source: FactSet/Comgest

This material is for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

BOUGHT

SOLD

INC

RE

AS

ED

RE

DU

CE

D

Biotest

Elringklinger

Opera Software

Rightmove

Svenska Cellulose

Syngenta

ARM Holdings

Atlas Copco

Core Laboratories

CTS Eventim

L’Occitane

Croda International

DKSH

Experian

Eurocash

Naturex

Prada

COMGEST GROWTH GREATER EUROPE OPPORTUNITIES 2014 main portfolio changes

Elekta

Gemalto

Hikma

Orpea

Sartorius

Telecity

Thrombogenics

Tod’s

Yandex

35

COMGEST GROWTH MID-CAPS EUROPE Portfolio composition*

Country breakdown (%) Sector breakdown (%)

Source: Factset / Comgest. *Portfolio as of 31/10/2014

36

0 5 10 15 20 25 30 35

Austria

Belgium

Finland

Ireland

Norway

Portugal

Spain

Sweden

Netherlands

United States

[Cash]

Italy

Luxembourg

Switzerland

Denmark

Germany

United Kingdom

France


0 5 10 15 20 25 30 35 40

Financials

Utilities

Telecommunication Services

Energy

[Cash]

Consumer Staples

Industrials

Materials

Information Technology

Consumer Discretionary

Health Care


COMGEST GROWTH MID-CAPS EUROPE Portfolio contribution analysis*

Top 5 contributors and detractors - Year-to-date, 31/10/2014

Source: Factset / Comgest. *Data in EUR. Past performance is no guarantee of future results. Indices are used for comparison of past performance only. Comgest runs a buy-and-hold contribution system which performs holdings-based analysis using

the beginning of period weights of securities and their returns to calculate contributions. Returns are therefore not derived from the actual portfolio return and may not reconcile with the real portfolio return as measured by NAV to NAV variation.

% contribution

37

-1.62

-1.12

-0.97

-0.92

-0.86

0.82

0.84

1.21

1.37

3.64

Tod's

Ipsos

Essentra

ASOS

AVEVA Group

L'Occitane International

Sartorius Stedim Biotech

Coloplast

Iliad

Hikma Pharmaceuticals

IMPORTANT INFORMATION This document has been prepared for professional investors only and may only be used by these investors. This material is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment. The securities discussed herein may not be held in the portfolio at the time you receive this presentation. Performance figures are provided net of all fees unless otherwise stated and are calculated on a time-weighted, total return basis. Funds which specialise in a particular region or market sector may entail higher risks than those which hold a very broad spread of investments. Past investment results are not necessarily indicative of future investment results. The value of all investments and the income derived therefrom can decrease as well as increase. This may be partly due to exchange rate fluctuations in investments that have an exposure to currencies other than the base currency of the Fund. Reference to market indices or other measures of relative market performance over a specified period of time are provided for your information only. Reference to an index does not imply that the portfolio will achieve returns, volatility or other results similar to the index. The composition of the index will not reflect the manner in which a portfolio is constructed. The information and any opinions have been obtained from or are based on information from sources believed to be reliable, but accuracy can not be guaranteed. No liability is accepted by Comgest in relation to the accuracy or completeness of the information contained in this document. The information in this document is not comprehensive and is presented for informational purposes only. All opinions and estimates constitute our judgment as of the date of this presentation and are subject to change without notice. Comgest does not provide tax or legal advice to its clients and all investors are strongly urged to consult their own tax or legal advisors concerning any potential investment. Before making any investment decision, investors are advised to check the investment horizon and category of the Fund in relation to any objectives or constraints they may have. Investors must read the latest Fund prospectus and the Key Investor Information Document (“KIID”), available at our offices and on our website www.comgest.com Investors shall undertake to respect the legal, regulatory and deontological measures relative to the fight against money laundering, as well as the texts that govern their application, and if modified investors shall ensure compliance with the applicable texts. This material is in no case an offer for people living in a specific jurisdiction which does not authorize the distribution of the Funds mentioned herein. The investment professionals listed in this document are employed either by Comgest S.A., Comgest Asset Management International Limited, Comgest Far East Limited, Nippon Comgest Inc, Comgest Singapore Pte. Ltd. Comgest S.A. is regulated by the Autorité des Marchés Financiers (AMF). Comgest Far East Limited is regulated by the Hong Kong Securities and Futures Commission. Comgest Asset Management International Limited is regulated by the Central Bank of Ireland. Nippon Comgest Inc. is regulated by the Financial Service Agency of Japan (registered with Kanto Local Finance Bureau (No. Kinsho 1696)). Comgest Singapore Pte Ltd, created 18 August 2010, is a Licensed Fund Management Company & Exempt Financial Advisor (for Institutional and Accredited Investors) regulated by the Monetary Authority of Singapore.

38

europe’s future leaders - viewon · 5 years annualised inception ... past performance is not a...

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