november 2020 - eventscase

For Professional Investors and Advisers Only

TM RWC UK Equity Income Fund

N O V E M B E R 2 0 2 0

|RWC

Value stocks stand at a record discount to Growth

2

Sources: Morgan Stanley, 31 July 2020

No investment strategy or risk management technique can guarantee returns or eliminate risks in any market environment.

-70

-60

-50

-40

-30

-20

-10

0

1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020

UK Value vs Growth Average Valuation Premium

Value vs Growth (Avg % Premium On PE, PBV & PD) Median

|RWC

“What were you thinking?”

3

“At 10 times revenues, to give you a 10-year payback, I have to pay you 100% of revenues for 10 straight years in dividends. That assumes I can get that by my shareholders. That assumes I

have zero cost of goods sold, which is very hard for a computer company. That assumes zero expenses, which is really hard with 39,000 employees. That assumes I pay no taxes, which is very

hard. And that assumes you pay no taxes on your dividends, which is kind of illegal. And that assumes with zero R&D for the next 10 years, I can maintain the current revenue run rate. Now,

having done that, would any of you like to buy my stock at $64? Do you realize how ridiculous those basic assumptions are? You don’t need any transparency. You don’t need any footnotes.

What were you thinking?” Scott McNeely, CEO Sun Microsystems 2003

Company Price to sales

ratio

Microsoft 10x

Tesla 14x

Beyond Meat 22x

Snowflake 150x

Past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back

the full amount invested.

Source: Bloomberg 30 September 2020

“But what’s the catalyst?”

|RWC

Potential Catalysts

5

• Often there is no catalyst e.g March 2000

• Companies can create their own catalysts e.g Dixons Carphone, Aviva, Centrica

• Long term investors are already taking advantage of the under valuation e.g. Pearson, Royal Mail

• Takeovers e.g William Hill, G4S, RSA

• Brexit deal

• Improving news on Covid/vaccine

• An increase in inflation???


|RWC

Record valuation divergence, lopsided markets and illiquid stocks produce interesting results

6

100

110

120

130

140

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20

Index 1

00 =

31/1

2/2

019

US Momentum Stocks Have Given Up 4 Months Of Gains Compared To Value

MSCI USA Momentum Price Return USD / MSCI United States Value Index

Bloomberg, 10 November 2020

Past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and

investors may not get back the full amount invested.

|RWC 7

1.0

1.2

1.4

1.6

1.8

2.0

Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20

Ratio

Four Months Of Outperformance By Growth Erased In One Day

Russell 1000 Growth Index / Russell 1000 Value Index




|RWC 8

-20

-15

-10

-5

0

5

10

15

20

1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

Daily

Retu

rn (

%)

MSCI World Energy Index Had The Third Best Day In Its 25-Year History

MSCI World Energy Sector Index - 1 Day Price Change %





|RWC

What lessons can today’s investors draw from the 1970s?

9

• Investors cannot see any chance of an increase in inflation and have priced assets accordingly

• QE did not produce inflation post 2008 and therefore do not believe it will not produce inflation this time

• But there are some major differences

• Positioning is so lopsided that many investors will be impacted by the first sign of an increase in inflation

• The 1970’s could provide a useful lesson


|RWC

Inflation and value have been closely correlated

Source: Ken French data library, Datastream, Bernstein analysis, 24 September 2020 10



|RWC

If inflation is dead, then value investing is dead

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Bond Yields

US 10 Year Yield UK 10 Year Yield German 10 Year Yield Japan 10 Year Yield

11



Source: Bloomberg as at 31 August 2020

But maybe inflation isn’t dead?

|RWC

Central bank stimulus is far greater

0

5

10

15

20

25

30

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Aggregate Balance Sheet of Large Central Banks ($tn)

Fed ECB PBOC BoJ BoE SNB

Source: Bloomberg, 22 September 202013

|RWC

Fiscal response to the coronavirus crisis is much greater

40

50

60

70

80

90

100

110

120

130

140

1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

US Debt to GDP

Source: Bloomberg, 15 September 2020 14

|RWC

Supply of money increasing at fastest rate since the 1970’s

0

5

10

15

20

25

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

Money Supply M2


|RWC

Starting to price in reflation or inflation?

16

-20

0

20

40

60

80

100

120

140

Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20

Spre

ad (

bps)

The 2 Year / 10 Year Treasury Curve Is Its Steepest In Almost Three Years

Market Matrix US Sell 2 Year Buy 10 Year Bond Yield Spread

Source: Bloomberg, 10 November 2020

|RWC

Gold seems to think something is going on

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2016 2017 2018 2019 2020

Gold Spot $/Oz




What would investors need to do differently?

|RWC

In the 1970s, real assets performed much better than financial assets

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

Commodities UST's US Corporate Bonds Equities

Asset Performance Through the 1970s

Nominal Real

Source: Variant Perception, 1st January 1970 – 31st December 1979.19



|RWC

Within equities, the best performing sectors were those that benefitted from rising commodity prices such as energy and materials

-50%

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

Energy Industrials Materials Utilities Telecoms ConsumerStaples

ConsumerDiscretionary

Health Care Real Estate Financials InformationTechnology

US Equity Sector Performance Through The 1970s

Nominal Real

Source: Variant Perception, 1st January 1970 – 31st December 1979.20

The names shown above are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations or advice. No investment strategy or risk management technique can guarantee returns or

eliminate risks in any market environment

|RWC

The Nifty 50 group underperformed the market by c. 40%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

1974 market trough 1 month after trough 2 years after trough 3 years after trough 5 years after trough End of decade

Performance of the Nifty Fifty after the 1974 Market Trough

S&P 500 Nifty Fifty

Source: Exane, 1st February 1973 – 31st December 1979 21



|RWC

The original Nifty 50 of the early 1970s

22

Name

1972 Peak

P/E

Valuation

Returns

from 1973

to 1974

Market

Trough

Returns

from 1973

to 1977

Name

1972 Peak

P/E

Valuation

Returns

from 1973

to 1974

Market

Trough

Returns

from 1973

to 1977

Polaroid 90.7 -79% -70% Corning Glass 42.9 -53% -32%

McDonald's 85.7 -49% -29% Upjohn 41.1 7% -35%

Walt Disney 81.6 -65% -56% Chesebrough Ponds 41.0 -39% -16%

Baxter Travenol 78.5 -45% -32% Minnesota Mining (3M) 40.8 -25% -29%

Automatic Data Processing 76.2 -68% -23% American Express 39.0 -55% -26%

Intl Flavors & Fragrances 75.8 -33% -43% American Home Products 38.9 -16% -21%

Avon Products 65.4 -80% -56% Schlitz Brewing 38.7 -42% -72%

Rite Aid 64.7 -93% -61% IBM 37.4 -42% -11%

Avery International 64.2 -20% -55% J.C. Penny 34.1 -47% -54%

Hewlett-Packard 63.1 -18% -9% Squibb 33.9 -59% -46%

Emery Air Freight 62.1 -33% -28% Procter & Gamble 32.0 -22% -13%

Johnson & Johnson 61.9 -29% -38% Anheuser-Busch 31.9 -43% -49%

Digital Equipment 60.0 -45% -91% Sears Roebuck 30.8 -46% -38%

Kresge (now Kmart) 54.3 -42% -32% Heublein 30.1 -49% -47%

Wal-Mart Stores 52.3 -45% 8% PepsiCo 29.3 -49% 4%

AMP 51.8 -24% -23% Pfizer 29.0 -39% -28%

Black & Decker 50.5 -59% -9% Bristol-Myers 27.6 -36% 15%

Schering-Plough 50.4 -22% -50% General Electric 26.1 -43% -9%

American Hospital Supply 50.0 -43% -46% Revlon 26.1 -33% 41%

Burroughs 48.8 -25% -34% Phillip Morris 25.9 -24% 10%

Xerox 48.8 -44% -62% Gillette 25.9 -61% -46%

Eastman Kodak 48.2 -42% -53%Louisiana Land &

Exploration25.6 -48% -24%

Coca-Cola 47.6 -48% -37% First National City 22.4 -28% -20%

Texas Instruments 46.3 -10% 1% ITT 16.3 -63% -19%

Eli Lilly 46.0 -15% -44% Nifty Average 46.8 -41% -31%

Merck 45.9 -29% -30% S&P 500 19.2 -37% 1%

The names shown above are for illustrative purposes only and is not intended to be, and should not be interpreted as, recommendations or advice.Source: Exane BNP Paribas estimates, DataStream, 04 July 2019



|RWC

Which sectors are likely to perform if inflation expectations increase?

-1.0

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

Europe Sector Correlations With 5y5y Inflation Swap Rate

23Source: Bloomberg as at 31 August 2020


|RWC

Communication Services, 17%

Consumer Discretionary,

15%

Consumer Staples, 4%

Energy, 11%

Materials, 12%

Financials, 20%

Health Care, 1%

Industrials, 10%

Information Technology, 4%

Utilities, 4%Cash, 2%

Security Weight

Kingfisher 6.6%

Anglo American 6.1%

Royal Mail 6.0%

Pearson 5.2%

Standard Chartered 5.1%

NatWest Group 5.1%

BP 4.4%

Barclays 4.2%

ITV 4.1%

Royal Dutch Shell 3.7%

Sector

24

TM RWC UK Equity Income Fund - Portfolio

Portfolio holdings are subject to change at any time without any notice. This information should not be construed as a recommendation to purchase or sell any security.

Proposed portfolio as at 31 October 2020

|RWC

NatWest Group

The names shown above are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations or advice.

Sources: Company Reports & Accounts, Bloomberg, 31 August 2020

• Share price down 50% YTD

• Q2 2020 TNAV per share 265p; currently valued at less

than 0.5x tangible book value

• Capital position strong – core equity tier one ratio 17.2%

end June (16.2% end December); £6.5bn excess capital

(>50p per share)

• Banks have 3x level of capital pre GFC, underwriting

standards much improved

• COVID19 shock – assumes GDP decline 14%,

unemployment 10%, HPI -10%; takes £2.9bn provisions in

H1, expects £4.0bn for full year; full year pre-provision

profit c.£4.0bn

• Downside economic scenario (GDP -17%, HPI -25%) gives

c.£2bn additional loan losses

• Company maintains medium term target 9% to 11% return

on tangible equity; equates to EPS c.25p

0.0

0.2

0.4

0.6

0.8

1.0

2008 2010 2012 2014 2016 2018 2020

NWG Price-to-Book

25

|RWC

ITV

The names shown above are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations or advice.

Sources: Company Reports & Accounts, Bloomberg, 31 August 2020

• Share price down 50% YTD; 2020 profits will be materially impacted by

COVID19; advertising down sharply, Q2 TV production temporarily ceased;

recovery expected for 2021

• Share of viewing and total viewing hours steady; ITV delivers 95% of

audiences over 5m; high advertiser ROI

• Studios business have seen consistent growth in profits over last 15 years;

2019 EBITA £270m, valuable content, fair value c.£4bn

• More volatile Broadcast business therefore valued at zero; 2019 EBITA

£460m, fair value c.£5bn

• Company 2019 EPS 14p, fair value c.180p, 2019 net debt / ebitda 1.0x

0

50

100

150

200

250

300

0

400

800

1200

1600

2000

2006 2008 2010 2012 2014 2016 2018

1. Studios

Total studios revenue £m Studios EBITA £m

0

200

400

600

800

0400800

1,2001,6002,0002,400

2006 2008 2010 2012 2014 2016 2018 2020e

3. Broadcast & Online

Bcast & Online Revenue (£m)

Bcast & Online EBITA (£m)

10%

15%

20%

25%

30%

10

12

14

16

18

20

2010 2012 2014 2016 2018 H12020

2. Share of Viewing

Total viewing hours bn Share of television viewing (RHS)

26

|RWCSource: RWC Partners, Bloomberg, UBS Portfolio Analysis System (PAS), 31 August 2020

Assumes 100% invested portfolio

Index: FTSE All-Share Index

Portfolio Detail Fund Index Active

P/E (Consensus) 11.3 15.1 -3.9

Yield 4.0 4.0 0.0

Price / Book 0.7 1.4 -0.6

EV / EBIT 13.5 15.2 -1.7

EV / EBITDA 6.2 8.7 -2.5

EV / Sales 0.7 1.6 -0.9

Average Market Cap 21.1 37.7 -16.6

Active Share 82.6%

Tracking Error 11.7

Total Securities Held 29

Geographic Breakdown Weight

UK equities 84.0%

Of which:

FTSE 100 63.4%

FTSE 250 20.6%

Internationally listed stocks 14.0%

Of which:

Asia Pacific 2.7%

Continental Europe 2.8%

North America 8.5%

Cash & Equivalents 2.0%

27

Fundamental analysis – Representative Fund

The information shown above is for illustrative purposes only and is not intended to be, and should not be interpreted as, recommendations or advice.

|RWC

What lessons can today’s investors draw from the 1970’s?

28

• Investors cannot see any chance of an increase in inflation and have priced assets accordingly

• But there is a non-zero probability of inflation increasing

• Asset classes are not priced for this and the consequences could be severe

• Could the FAANG’s be the new Nifty Fifty?

• Could the 2020’s be the decade that value stocks come back in to fashion?

• How confident that zero exposure to value is the correct risk profile?


|RWC

RWC Income Team: Portfolio Managers & Investment Analysts

Ian joined RWC Partners in

August 2010. He was previously

senior portfolio manager at

Schroders managing both

Institutional Specialist Value

Funds and the Schroder Income

Fund and Income Maximiser

Fund together with Nick Purves.

During his time at Schroders, Ian

was Citywire AAA rated, Nick and

Ian’s Income fund was

Morningstar 5 star rated, AA

rated by OBSR and won the

Moneywise award in 2009 in the

UK Equity Income and Equity

Income and Growth sectors.

Previously Ian was the Head of

European Equities and Director

of Research at Citigroup Asset

Management and Head of

Global Research at Gartmore.

Ian Lance

John joined RWC Partners in

September 2010. He previously

worked at Schroders, where he

co-managed the Schroder

Income Maximiser with Nick

Purves and Ian Lance. John

also co-managed the Schroder

Global Dividend Maximiser,

Schroder European Dividend

Maximiser and Schroder UK

Income Defensive funds, all

three of which employed a

covered call strategy. John also

specialised in trading and

managing derivative securities

for a range of structured funds.

Previously he worked as a

performance and risk analyst for

Bank of Ireland Asset

Management UK. John is a CFA

charterholder

John Teahan

Nick joined RWC Partners in

August 2010. He was previously

senior portfolio manager at

Schroders for over 16 years

managing both Institutional

Specialist Value Funds and the

Schroder Income Fund and

Income Maximiser Fund together

with Ian Lance. During his time at

Schroders, Nick was Citywire

AAA, Nick and Ian’s Income fund

was Morningstar 5 star rated, AA

rated by OBSR and won the

Moneywise award in 2009 in the

UK Equity Income and Equity

Income and Growth sectors. Nick

is a qualified Chartered

Accountant.

Nick Purves

Larry joined RWC in August 2010

as a graduate recruit. He

graduated from the University of

Nottingham in 2009 with an

honours degree in Economics

and during his tenure

successfully completed two

intern positions; the first at

Permal Investment Management

where he was involved in

manager research for the firm as

an Investment Analyst, and the

Government Economic Service

as an Assistant Economist. Larry

is a CFA charterholder.

Larry Furness

Jaakko joined RWC’s Equity

Income team in September 2015

from Northleaf Capital. Jaakko

was an Associate within the

Private Equity team at Northleaf,

where he focussed on secondary

private equity transactions. Prior

to this Jaakko worked at Bank of

America Merrill Lynch as a

Senior Analyst within their

Investment Banking division in

London, and at AIM Capital in

Helsinki before that. Jaakko

graduated from the Aalto

University School of Economics

with an M.Sc. (with Distinction) in

Finance. He is fluent in Finnish

and English.

Jaakko Kinanen

29

|RWC

Contact

30

Please contact us if you have any general questions or would like to discuss any of our strategies.

RWC London

Verde

10 Bressenden Place

London

SW1H 5DH

Tel: +44 20 7227 6000

Fax: +44 20 7227 6003

Email: [email protected]

Web: www.rwcpartners.com

RWC Miami

2640 South Bayshore Drive

Suite 201

Miami

Florida 33133

Tel: +1 305 602 9501



RWC Singapore

80 Raffles Place

#22-23

UOB Plaza 2

Singapore 048624

Tel: +65 6812 9540



|RWC

Disclaimer and Important Information

31

The term “RWC” may include any one or more RWC branded entities including RWC Partners Limited and RWC Asset Management LLP, each of which is authorised and regulated by the UK

Financial Conduct Authority and, in the case of RWC Asset Management LLP, the US Securities and Exchange Commission; RWC Asset Advisors (US) LLC, which is registered with the US

Securities and Exchange Commission; and RWC Singapore (Pte) Limited, which is licensed as a Licensed Fund Management Company by the Monetary Authority of Singapore.

RWC may act as investment manager or adviser, or otherwise provide services, to more than one product pursuing a similar investment strategy or focus to the product detailed in this document.

RWC seeks to minimise any conflicts of interest, and endeavours to act at all times in accordance with its legal and regulatory obligations as well as its own policies and codes of conduct.

This document is directed only at professional, institutional, wholesale or qualified investors. The services provided by RWC are available only to such persons. It is not intended for distribution to

and should not be relied on by any person who would qualify as a retail or individual investor in any jurisdiction or for distribution to, or use by, any person or entity in any jurisdiction where such

distribution or use would be contrary to local law or regulation.

This document has been prepared for general information purposes only and has not been delivered for registration in any jurisdiction nor has its content been reviewed or approved by any

regulatory authority in any jurisdiction. The information contained herein does not constitute: (i) a binding legal agreement; (ii) legal, regulatory, tax, accounting or other advice; (iii) an offer,

recommendation or solicitation to buy or sell shares in any fund, security, commodity, financial instrument or derivative linked to, or otherwise included in a portfolio managed or advised by RWC; or

(iv) an offer to enter into any other transaction whatsoever (each a “Transaction”). No representations and/or warranties are made that the information contained herein is either up to date and/or

accurate and is not intended to be used or relied upon by any counterparty, investor or any other third party.

RWC uses information from third party vendors, such as statistical and other data, that it believes to be reliable. However, the accuracy of this data, which may be used to calculate results or

otherwise compile data that finds its way over time into RWC research data stored on its systems, is not guaranteed. If such information is not accurate, some of the conclusions reached or

statements made may be adversely affected. RWC bears no responsibility for your investment research and/or investment decisions and you should consult your own lawyer, accountant, tax

adviser or other professional adviser before entering into any Transaction. Any opinion expressed herein, which may be subjective in nature, may not be shared by all directors, officers,

employees, or representatives of RWC and may be subject to change without notice. RWC is not liable for any decisions made or actions or inactions taken by you or others based on the contents

of this document and neither RWC nor any of its directors, officers, employees, or representatives (including affiliates) accepts any liability whatsoever for any errors and/or omissions or for any

direct, indirect, special, incidental, or consequential loss, damages, or expenses of any kind howsoever arising from the use of, or reliance on, any information contained herein.

Information contained in this document should not be viewed as indicative of future results. Past performance of any Transaction is not indicative of future results. The value of investments can go

down as well as up. Certain assumptions and forward looking statements may have been made either for modelling purposes, to simplify the presentation and/or calculation of any projections or

estimates contained herein and RWC does not represent that that any such assumptions or statements will reflect actual future events or that all assumptions have been considered or stated.

Forward-looking statements are inherently uncertain, and changing factors such as those affecting the markets generally, or those affecting particular industries or issuers, may cause results to

differ from those discussed. Accordingly, there can be no assurance that estimated returns or projections will be realised or that actual returns or performance results will not materially differ from

those estimated herein. Some of the information contained in this document may be aggregated data of Transactions executed by RWC that has been compiled so as not to identify the underlying

Transactions of any particular customer.

The information transmitted is intended only for the person or entity to which it has been given and may contain confidential and/or privileged material. In accepting receipt of the information

transmitted you agree that you and/or your affiliates, partners, directors, officers and employees, as applicable, will keep all information strictly confidential. Any review, retransmission,

dissemination or other use of, or taking of any action in reliance upon, this information is prohibited. The information contained herein is confidential and is intended for the exclusive use of the

intended recipient(s) to which this document has been provided. Any distribution or reproduction of this document is not authorised and is prohibited without the express written consent of RWC or

any of its affiliates.

|RWC

Disclaimer and Important Information

32

The benchmark index is included to show the general trend of the securities markets in the period indicated. The portfolio is managed according to its investment strategy, which may differ

significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark index. Portfolio performance, characteristics and volatility may differ from the

benchmark index. No representation is made that the portfolio’s strategy is or will be comparable, either in composition or regarding the element of risk involved, to the securities comprising the

benchmark index. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect any fees, expenses or sales charges. Investors cannot invest directly in an index.

Representative holdings and portfolio characteristics are specific only to the portfolio shown at that point in time and is subject to change. The representative portfolio shown has been selected by

RWC based on account characteristics that RWC believes accurately represents the investment strategy as a whole.

Changes in rates of exchange may cause the value of such investments to fluctuate. An investor may not be able to get back the amount invested and the loss on realisation may be very high and

could result in a substantial or complete loss of the investment. In addition, an investor who realises their investment in a RWC-managed fund after a short period may not realise the amount

originally invested as a result of charges made on the issue and/or redemption of such investment. The value of such interests for the purposes of purchases may differ from their value for the

purpose of redemptions. No representations or warranties of any kind are intended or should be inferred with respect to the economic return from, or the tax consequences of, an investment in a

RWC-managed fund. Current tax levels and reliefs may change. Depending on individual circumstances, this may affect investment returns. Nothing in this document constitutes advice on the

merits of buying or selling a particular investment. This document expresses no views as to the suitability or appropriateness of the fund or any other investments described herein to the individual

circumstances of any recipient.

AIFMD and Distribution in the European Economic Area (“EEA”)

The Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (“AIFMD”) is a regulatory regime which came into full effect in the EEA on 22 July 2014. RWC Asset Management LLP

is an Alternative Investment Fund Manager (an “AIFM”) to certain funds managed by it. The AIFM is required to make available to investors certain prescribed information prior to their investment in

an AIF. The majority of the prescribed information is contained in the latest Offering Document of the AIF. The remainder of the prescribed information is contained in the relevant AIF’s annual

report and accounts. All of the information is provided in accordance with the AIFMD.

In relation to each member state of the EEA (each a “Member State”), this document may only be distributed and shares in a RWC fund (“Shares”) may only be offered and placed to the extent that

(a) the relevant RWC fund is permitted to be marketed to professional investors in accordance with the AIFMD (as implemented into the local law/regulation of the relevant Member State); or (b)

this document may otherwise be lawfully distributed and the Shares may lawfully offered or placed in that Member State (including at the initiative of the investor).

Information Required for Distribution of Foreign Collective Investment Schemes to Qualified Investors in Switzerland

The representative and paying agent of the RWC-managed funds in Switzerland (the “Representative in Switzerland”) is Société Générale, Paris, Zurich Branch, Talacker 50, P.O. Box 5070, CH-

8021 Zürich. In respect of the units of the RWC-managed funds distributed in Switzerland, the place of performance and jurisdiction is at the registered office of the Representative in Switzerland.

november 2020 - eventscase

Documents