Diapositive 1 - Gérifonds, Your investment funds partner since 1970

UbAM (CH) - swiss small and mid cap equity
Swiss gems
NOVEMBER 2015
For Swiss qualified investors only
Content
 The Swiss small- and mid-cap market
3
 Investment team, philosophy and approach
11
 UBAM (CH) - Swiss Small and Mid Cap Equity
25
 Conclusion
29
 Appendix
36
Union Bancaire Privée, UBP SA │ Asset Management
2

I. THE SwIss small- and mid-cap MARKET
Union Bancaire Privée, UBP SA │ Asset Management
The Swiss Small- and Mid-Cap Market
Strong long-term absolute and relative performance
Comparative performance
700
700
Index: Jan.1996 =100
600
600
SPI Extra
500
SPI
500
MSCI World Net TR (CHF)
400
400
300
300
200
200
100
100
Source: Datastream, Bloomberg as of 31/10/2015
Past performance is not an indicator of future results
0
0
 The SPI Extra (the Swiss small- and mid-cap index) has demonstrated strong long-term returns, driven
by generally higher underlying growth rates, while both the SPI and the SPI Extra have delivered
significantly higher returns than global equity markets.
Union Bancaire Privée, UBP SA │ Asset Management
4
The Swiss Small- and Mid-Cap Market
A well-diversified market
Swiss indices comparison
 The SPI Extra, often referred to as
Referred to as
the small- and mid-cap index, is
Universe
well-diversified.
 It has less concentration risk given
the exclusion in particular of the
Stocks
Calculation
Market cap
Swiss ‘Big 3’ (Nestlé, Novartis,
Roche).
from
the
large-cap
focused
(GICS)
more balanced and very different
Sectors
 Sector weightings are similarly
SPI
SMI
Swiss Performance Index
Swiss Market Index
Swiss all cap index
Swiss large cap index
All Swiss-listed companies 20 large Swiss companies
SPI Extra
Swiss small & mid cap
index
SPI excluding SMI
Total return index
Price index
Total return index
Number
207
20
187
Weight of
top 3
51%
(Nestlé, Novartis, Roche)
61%
(Nestlé, Novartis, Roche)
11%
Weight of
top 10
74%
88%
34%
Range
CHF 0.01 - 250 billion
CHF 5 - 250 billion
CHF 0.01 - 17 billion
Weighted
average
CHF 129 billion
CHF 153 billion
CHF 5 billion
Breakdown
Large (>CHF 5bn): 92%
Mid (CHF 1-5bn): 6%
Small (<CHF 1bn): 2%
Large (>CHF 5bn): 100%
Large (>CHF 5bn): 53%
Mid (CHF 1-5bn): 34%
Small (<CHF 1bn): 13%
Largest
(Weight)
Healthcare (36%)
Consumer Staples (21%)
Financials (19%)
Healthcare (40%)
Consumer Staples (22%)
Financials (17%)
Financials (29%)
Industrials (23%)
Healthcare (15%)
Smallest
(Weight)
Energy, Technology,
Utilities (each <1%)
Energy, Technology,
Utilities (each <1%)
Energy, Telecom,
Utilities (each <1%)
indices. Industrials in particular
are more represented.
Source: UBP, Bloomberg; as of 31/10/2015
Union Bancaire Privée, UBP SA │ Asset Management
5
The Swiss Small- and Mid-Cap Market
Smaller companies but still global market leaders
Select SPI Extra market leading companies
 Switzerland is renowned for its large
global industry leaders, many are
Company
Name
Market cap
(CHF bn)
household names in their fields e.g.
Kuehne + Nagel
16
Industrials
seafreight forwarding
Sonova
9
Health Care
hearing care solutions
Barry Callebaut
7
Cons. Staples
Dufry
6
Cons. Discretionary
Clariant
6
Materials
Aryzta
4.1
Cons. Staples
OC Oerlikon
3.2
Industrials
plasma-based coatings for precision components
Leonteq
3.0
Financials
white label structured products servicing
Logitech
2.5
Info. Technology
computer peripherals
ams
2.3
Info. Technology
analog MEMS solutions, analog light sensors
Gategroup
1.0
Industrials
independent airline catering and provisioning
Autoneum
0.8
Cons. Discretionary
acoustic and thermal management solutions
Kuoni Reisen
0.8
Cons. Discretionary
group travel and visa services
Komax
0.6
Industrials
Comet
0.5
Info. Technology
Feintool
0.4
Industrials
Schaffner
0.1
Info. Technology
electromagnetic compatibility products
Cicor Technologies
0.1
Info. Technology
PCBs for pacemakers
Nestlé,
Novartis,
LafargeHolcim,
Richemont.
 The
space
Swiss
is
small-
and
mid-cap
also characterised
global industry leaders, often
by
in
niche and attractive markets.
 This leadership is a reflection of
competitive advantages and high
value-add products and services,
and ultimately creates pricing power.
Union Bancaire Privée, UBP SA │ Asset Management
Sector
(GICS)
Global market leader in:
high-quality chocolate and cocoa products
travel retail
organic pigments, catalyst applications
frozen bakery goods
wirebonding
components for x-ray machines
fineblanking systems
Source: UBP, Bloomberg; as of 31/10/2015
6
The Swiss Small- and Mid-Cap Market
A source of M&A targets and regular IPOs
 Swiss small- and mid-caps have
SPI Extra M&A targets and IPOs
14.0
M&A targets volume (CHF bn, lhs)
9
IPO volume (CHF bn, lhs)
12.0
10
M&A targets deal count (rhs)
8
IPO deal count (rhs)
10.0
8.0
6.0
been regular acquisition targets
over the years.
 A regular stream of IPOs has
7
partially
6
reduction in shares. We believe
5
there is an interesting IPO pipeline
4
coming to market.
compensated
for
this
3
4.0
2
2.0
1
0.0
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Source: UBP, Bloomberg; as at 31/12/2014
Past performance is not an indicator of future results
 On the whole though, we continue
to see de-equitisation in the smalland mid-cap space, similar to the
one
in
large
caps
(through
buybacks).
Source: UBP, Bloomberg; as at 31/12/2014
Past performance is not an indicator of future results
Union Bancaire Privée, UBP SA │ Asset Management
7
The Swiss Small- and Mid-Cap Market
Improving global environment and strong earnings growth profile
 We expect global economic growth to improve in 2015-16, driven by the US and Europe. This is positive
for many companies’ end-users and is generally positive for equity markets as a whole.
 Swiss small- and mid-caps have strong earnings growth profiles. Over the next 3 years, SPI Extra
earnings are expected to grow at a rate of 12% vs. 9% for large-caps.
Improving global growth
GDP y/y %
WORLD
. Market exchange rate
. PPP basis
2014
Consensus earnings growth expectations
2015
2016
(consensus)
(consensus)
16%
SMI (large-cap)
SPI (all-cap)
SPI Extra
12%
2.7
3.4
2.7
3.3
3.0
3.6
8%
USA
2.4
2.5
2.6
Eurozone
0.8
1.5
1.6
Japan
-0.1
0.7
1.2
4%
0%
2016
2017
2018
Source: UBP, Bloomberg; as at 31/10/2015
Union Bancaire Privée, UBP SA │ Asset Management
8
The Swiss Small- and Mid-Cap Market
Strong balance sheets and cash returns to investors
 Swiss small- and mid-cap companies boast solid balance sheets given a history of conservative
management. The SPI Extra can claim a majority of net cash companies.
 With zero-to-negative yield on cash, cheap debt financing available and a high cost of equity, we expect
increased cash returns to shareholders (dividends, buybacks) and for M&A opportunities to emerge.
Weight of index companies in net cash position*
60%
Swiss companies lowly leveraged: net debt-to-equity (%)*
80
SMI (large-cap)
*ex-financials
SPI (all-cap)
SPI Extra
*ex-financials
60
40%
40
50%
20%
20
9%
15%
0%
0
US
Europe exSwiss
Japan
Swiss
Swiss Small& Mid-caps
Source: UBP, Bloomberg; as at 31/10/2015
Union Bancaire Privée, UBP SA │ Asset Management
9
The Swiss Small- and Mid-Cap Market
Current timing is attractive
Performance since Mar 2011
180
 Swiss small- and mid-caps have considerably
+63%
underperformed large-caps since 2011.
140
+39%
 In terms of relative valuations, the SPI Extra
100
is trading near ten-year lows to the SMI.
SMI Total Return (large-cap)
SPI Extra (small- & mid-cap)
 We attribute this to reduced sell-side focus
60
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
given constrained resources at many brokers,
and, more recently, to the perception—
incorrect
in
our
view—that
SPI Extra forward P/E ratio premium to SMI
40%
smaller
companies are more sensitive to currency
moves.
 We believe our depth of experience and
Higher valuations for
small- & mid-caps
30%
20%
10%
knowledge of small- and mid-caps create
potential for significant alpha generation.
0%
2005
2006
2008
2009
2010
2011
2012
2013
2015
Source: UBP, Bloomberg; as at 31/10/2015
Past performance is not an indicator of future results
Union Bancaire Privée, UBP SA │ Asset Management
10

ii. Investment TEAM, philosophy AND APPROACH
Union Bancaire Privée, UBP SA │ Asset Management
UBP’s Swiss Equity Team
A local team with extensive experience
 An extensive knowledge of the Swiss equity market
 Managing Swiss equities is a key expertise at UBP

Team and investment process in place since 2006

Strong and recognized performance for our range of funds
 Conviction-based approach
 Bottom-up stock selection, aimed at finding…

…Undervalued stocks along the companies’ cash flow return on investment (CFROI) life cycle

Active management of positions and tracking error
 Diverse range of products
 UBAM - Swiss Equity

UBAM - Swiss Small and Mid Cap Equity

UBAM (CH) - Swiss Small and Mid Cap Equity

UBP Swiss Small Cap Basket

Swiss Leaders strategy

Institutional mandates
Union Bancaire Privée, UBP SA │ Asset Management
12
UBP’s Swiss Equity Team
Benefitting from UBP’s global network of investment professionals
The Swiss & Global Equity team
Eleanor
Taylor Jolidon
Martin Moeller, CFA
Swiss Equity,
Lead Manager
Head of Swiss & Global Eq.,
Deputy Manager Swiss Eq.
Bettina Baur,
CFA
Souleymane
Diallo
Omar Moufti,
CFA, CAIA
Swiss & Global Equities, Portfolio Manager / Analysts
The Swiss & Global Equity Team manages CHF 2.4 billion in mandates and funds (Swiss and Luxembourg structures)
UBP’s Global Network
CIO and Economic & Thematic Research
4 people, Geneva
Global Equity Research
6 people, Geneva
Equity Portfolio Management Europe
6 people, London
Equity Portfolio Management Emerging Europe & EM
5 people, London
Equity Portfolio Management Asia
18 people, HK, Shanghai & Taipei
Convertibles Research and Portfolio Management
7 people, Paris
Credit Research
7 people, Geneva
Union Bancaire Privée, UBP SA │ Asset Management
Macro flash notes, earnings update, market
views









Stock recommendations
Investment cases
Financial models
Company meetings feedback
Views on catalysts
Theme generation
Sector views
Local market updates
Sell-side access and selection
Cross-check payouts, balance sheets, cash
flow analyses
13
UBP’s Swiss Equity Team
Biographies
Eleanor TAYLOR JOLIDON joined UBP in 2008 and is the lead portfolio manager for all Swiss equity portfolios and the deputy manager for all
global ones. She has began her career at Banque Indosuez (now Crédit Agricole) in 1993 where she held various positions in private banking,
discretionary portfolio management, marketing and risk management. She later worked as a management consultant for financial services with
PriceWaterhouseCoopers, Switzerland, before moving to Bank Sal. Oppenheim in Zurich doing institutional sales and Swiss equity analysis. Prior
to UBP, she spent 4 years at Independent Asset Management (IAM) in Geneva as a Swiss equity analyst in the Swiss equity portfolio
management team. Eleanor holds a diplôme d’études approfondies (DEA) in Economics from the College of Europe, Natolin (Poland) and a MA in
Modern and Medieval Languages (French and Russian) from the University of Cambridge, UK.
Martin MOELLER joined UBP in 2006 and is the head of the Swiss & Global Equity team. He is the lead portfolio manager for global equity
portfolios and the deputy manager for all Swiss ones. He has been in banking since 1992, and involved in equity research and portfolio
management since 1998. Previously he spent 14 years at Deutsche Bank, in Berlin, Frankfurt and New York, in various roles including equity and
credit research, generally focusing on banking and insurance. He holds a MA in Banking and Finance from the Frankfurt School of Finance &
Management and is a CFA charterholder. Martin is the author of Strategic Concepts of Universal Banks, published in 2000.
Bettina BAUR joined UBP in 2015 as a portfolio manager in the Swiss & Global Equity team. Bettina started her career in banking in 2005 as a
graduate trainee in Private Banking at HSBC Private Bank in the UK and the US. Upon completion of the trainee program she became a
structured products trader at HSBC Private Bank in Geneva. After that she moved to the equity sales department at Credit Suisse in Zurich where
she advised Swiss institutional clients on European and global emerging market equities for 7 years. Bettina holds a MA in Business
Administration from the University of Zurich and is a CFA Charterholder.
Souleymane DIALLO joined UBP’s Swiss & Global Equity team as junior portfolio manager in 2014. He assists the lead portfolio managers in all
aspects, and is in charge of trading and execution. He has been in the asset management industry since 2006 primarily as IT Business Analyst,
the role in which he initially joined UBP in 2010. Prior to this, he spent 4 years at HSBC Global Asset Management in Paris and London.
Souleymane holds a MSc in Computer Science from ESME Sudria (Paris) and a MSc in Finance and Asset Management from Université Paris
Dauphine (Paris).
Omar MOUFTI joined UBP’s Swiss & Global Equity team as junior portfolio manager in 2014, focusing on macroeconomic and thematic views
and on Emerging Market stocks. Additionally, as the Team’s designated investment specialist, he represents the portfolio management
team inside and outside the firm. He joined UBP in 2006 as an investment advisor for hedge fund portfolios, in London and then Hong Kong. In
2011, he joined UBP’s Asian Equity Team, ultimately serving as portfolio manager concentrating on macro research and Southeast Asian stocks.
Omar holds a BA Economics from the American University of Beirut, Lebanon, and a MSc Economics (Hons.) from the University of Surrey, UK.
He is a CFA and CAIA charterholder.
Union Bancaire Privée, UBP SA │ Asset Management
14
Investment Philosophy
CFROI-based investing with active management of tracking error
 Income statements can be misleading and/or manipulated; cash flows are more accurate and more
indicative in the long run.
 Cash flow return on investment (CFROI) best reflects the decision-making process of company’s
management, and is a consistent indicator of its ability to create value for investors.
 Corporations tend to follow a similar life cycle of profitability, reflected by their respective CFROI which
is an efficient tool for comparing companies across sectors and countries.
 We seek undervalued stocks along the company CFROI life cycle. We build conviction by in-depth
analysis of companies and their environment.
 Active stock picking is necessary to deliver long run outperformance for our investors…
 …but it is important to manage the degree of active risk. Active management of portfolio tracking error
is a key part of our approach to portfolio construction and risk.
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15
Investment Philosophy
Examining the corporate life cycle
Above-average share performance will typically be achieved by companies that are:
 Well-established and able to “beat the fade” i.e. surprising the market by maintaining the spread CFROI > CoC
 Expanding and delivering strong growth
 Able to reinvent themselves in difficult times
Three alpha opportunities along the CFROI life cycle
CONCEPT
During a typical company’s life, its business generates varying levels of cash flow return on investment (CFROI) reflecting its stage of development: growth, maturity or decline.
While superior CFROIs tend to fade down to the Cost of Capital (CoC) as value creation attracts competition, inferior returns may “fade up” to the CoC as a result of restructuring
or competitors exiting the market. The team seeks to find companies with consistent, superior CFROIs and that steadily create value over the long term but that are not yet
discounted by the market. We also look for turnaround stories that are drastically undervalued and for companies that are experiencing a phase of accelerating growth that may
not yet be fully appreciated in terms of the magnitude and duration of the widening positive spread between CFROI and CoC.
Source: Credit Suisse HOLT, UBP; Past performance is not an indicator of future results
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16
Investment Process
Overview – A four-stage process
Monitoring the
Investment Universe
Fundamental
Research
and Stock Selection
Portfolio
Construction
and Risk Control
Monitoring and Exit
 Proprietary company
data forecasts
 Stock and theme idea
generation
 Company meetings
 Screening of valuation,
fundamentals and
momentum
 CFROI-based
modeling
 Conviction
 Catalysts
 Liquidity
 Absolute and relative
valuation
 Active management of
tracking error
 Contribution to risk
 Strict sell discipline;
company-specific and
portfolio factors
considered
 Growth potential and
sustainability
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17
Investment Process
Monitoring the investment universe
Idea generation:
 Stocks:
company
annually),
meetings
screening
tools,
(~300
market
Stock screening example: CFROI revision & price divergence
dynamics; internal and external research
sources.
 Themes:
macroeconomic,
regional,
sectoral and opportunities along the value
chain.
We are looking for:
 Stable/high and/or improving CFROI
 Stable/high
and/or
improving
growth,
sustainability of company operations
Source: Credit Suisse HOLT, UBP; as of 07.10.2015
Investigate
cause
 Unexpected growth avenues
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18
Investment Process
Monitoring the investment universe
Company meeting summary example: Myriad Group AG
Source: UBP, Credit Suisse HOLT – used internally only; not a recommendation to buy or sell
Union Bancaire Privée, UBP SA │ Asset Management
19
Investment Process
Stock selection – Our analytical framework
Fundamentals:
Level of CFROI
Spread between CFROI and CoC
Change in CFROI
Business model
Competitive positioning
Valuation:
Price target upside
Price-to-earnings
ratio
Price-to-book ratio
Dividend yield
Momentum:
Catalysts
Analyst momentum
(estimates, ratings)
Price momentum
Evolution in
stock liquidity
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Position
Company's competitive advantages
within its industry, including networks*
and balance sheet strength
Product
Specialized products and unmatched
core competencies
Brand
Loyalty discouraging competition;
quality of brand sustained through
decent corporate social responsibility
Growth
Exposure to geographic and
demographic growth markets and
new market penetration opportunities
* By “networks” we mean customers, suppliers and logistics.
20
Investment Process
Stock selection – ESG criteria, part of UBP’s responsible investment policy
Screening

Systematic assessment of portfolio holdings and
candidates

Supported by specialist ESG research provider
Engagement

Entering into dialogue with controversial
companies

Supported by globally leading Engagement
manager
Proxy Voting

Voting in order to fulfil obligations as responsible
shareholder

Supported by Institutional Shareholder Services
(ISS)
Source: GES, UBP
Past performance is not an indicator of future results
Union Bancaire Privée, UBP SA │ Asset Management
21
Investment Process
Portfolio construction – Investing across the company life cycle
Growing Sales
and CFROI
Beating the Fade
Turning
around
Dufry
Lindt & Sprungli
Calida
Leonteq
Partners Group
Daetwyler
U-Blox
Sonova
Georg Fisher
 Relative to the all-cap Swiss market, we expect to invest more often in and have a higher allocation to
the Growth and Turn-around segments than the Beating the Fade.
Union Bancaire Privée, UBP SA │ Asset Management
Source: Credit Suisse HOLT, UBP
Past performance is not an indicator of future results
22
Investment Process
Portfolio construction – Conscious and measured risk-taking
 Volatility, liquidity, degree of conviction as well as catalysts and sustainability criteria influence the
weighting of each position
 Risk management (tracking error, active money, beta, contribution to tracking error of a single position)
 Portfolio construction aims to balance more defensive and more cyclical sectors, while maintaining a
stock-picking approach
This
holding
should contribute
a total of 26bp to
the
portfolio
tracking error
Source: UBP; data for UBAM - Swiss Small and Mid Cap Equity as of 31/10/2015
Union Bancaire Privée, UBP SA │ Asset Management
23
Investment Process
Risk control – Active management of tracking error
 Control of tracking error target range and maximum level.
 Absolute and marginal contribution to portfolio tracking error at the single stock level.
 Tracking error decomposition in specific and systematic risk components.
 Analysis of risk contribution and performance attribution – allocation, selection, down to single stock
level.
Union Bancaire Privée, UBP SA │ Asset Management
Source: UBP; data for UBAM - Swiss Small and Mid Cap Equity as of 31/10/2015
Past performance is not an indicator of future results
24

iii. UBAM (CH) - Swiss Small and Mid Cap Equity
Union Bancaire Privée, UBP SA │ Asset Management
UBAM (CH) - Swiss Small and Mid Cap Equity
Fund structure and strategy
UBAM (CH) - Swiss Small and Mid Cap Equity *

Existing fund under Swiss law

Investment strategy changed to a Swiss small- and mid-cap one, effective 30th June 2015

AUM CHF 39 million
Investment strategy
Investing predominantly in Swiss small- and mid-cap cap stocks.
Targeting 300bp annual outperformance relative to the benchmark SPI Extra on a recurring and consistent basis.
Stock-specific approach with an emphasis on company fundamentals and cash flow generation.
Strong discipline in portfolio construction, with active management of portfolio tracking error, expected to range
between 4-8%.
* fund name changed from UBAM (CH) - Swiss Excellence Equity
Source: UBP; data as of 31/10/2015
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26
UBAM (CH) - Swiss Small and Mid Cap Equity
Illustrative performance history
Swiss equity Institutional Mandate small- and mid-cap carve-out Performance vs. SPI Extra & SPI 2006-2014*
160
Carve-out Small & Mid Cap
SPI Extra
SPI
140
120
100
80
60
2006
2007
2008
2009
2010
2011
2012
2013
2014
This graphic is for illustrative purposes only. THIS IS NOT THE PERFORMANCE OF THE FUNDS. Due to various differences between the institutional mandate
and the funds presented herein (including but not limited to, the different regulatory environments and the fee structures), the investment returns relating to the
funds will differ from the investment performance of the mandate, potentially in a substantial manner
Union Bancaire Privée, UBP SA │ Asset Management
Source: UBP, data ends 31/12/2014; all performance data is based on gross returns
*from 19.12.2008 to 15.05.2009 all performances have been frozen due to zero allocation to Swiss equities in the Institutional Mandate.
Past performance is not an indicator of future results
27
UBAM (CH) - Swiss Small and Mid Cap Equity
Terms & Conditions
UBAM (CH) - Swiss Small and Mid Cap Equity
UBAM (CH)
FUND NAME
LEGAL FORM
Fund under Swiss law in the category "Other funds for traditional investments"
SUB-FUND CURRENCY
CHF
HEDGED CLASSES
none
BID/OFFER PRICE
NAV
CUT-OFF TIME
INCEPTION DATE
12:00 (CET) on T-day
08/10/2010 (strategy changed to existing one on 30/06/2015)
1 share
MINIMUM INVESTMENT
Daily
SUB./REDEMPTION
MANAGEMENT FEE
A: 1.50%
I: 1.00%
none
PERFORMANCE FEE
ISIN
A: CH011798372
I: CH011798384
BLOOMBERG
A: USEXECA SW
I: USEXECI SW
INVESTMENT MANAGER
CUSTODIAN
ADMINISTRATOR
Union Bancaire Privée, UBP SA │ Asset Management
Union Bancaire Privée, UBP SA (Geneva)
Banque Cantonale Vaudoise, Lausanne
Gérifonds SA
28
Conclusion
 The Swiss small- and mid-cap equity space, represented by the SPI Extra, has generated strong long-
term returns, outperforming Swiss all cap (SPI) and large cap (SMI) indices, as well as the global equity
markets. The SPI Extra also has greater underlying diversification and reduced concentration risk, both
on a stock and on a sector level.
 Though Switzerland is recognized for its large global industry leaders, many of which household names
(e.g. Nestlé, Novartis, Roche, UBS), the Swiss small- and mid-cap space also contains global industry
leaders, often in more niche yet attractive markets.
 That said, the SPI Extra’s performance has significantly trailed the SMI in recent years and relative
valuations are at the (attractive) lower-end of their range. We attribute this to reduced sell-side focus
and certain investor misconceptions.
 The UBP Swiss & Global Equity Team has been investing in the Swiss small- and mid-cap space for
numerous years within all cap strategies. We expect our depth of knowledge in the area along with our
strong investment process to create good alpha-generation opportunities.
Past performance is not an indicator of future results
Union Bancaire Privée, UBP SA │ Asset Management
29

V. Appendix
Union Bancaire Privée, UBP SA │ Asset Management
The Swiss Equity Market
Offering the best CFROI globally
Source: UBP, Credit Suisse HOLT, December 2014
Past performance is not an indicator of future results
Union Bancaire Privée, UBP SA │ Asset Management
31
UBAM - Swiss Equity
Our flagship fund – Awards and recognition
 Lipper Fund Awards Europe – Equity Switzerland, best fund over 3, 5
and 10 years in 2015 and 2014; best fund over 3 and 5 years in 2013.
 FERI EuroRating Awards winner in 2011 and Top 5 in 2015, 2014, 2013.
 Morningstar peer group analysis (absolute rankings, not quartiles):
Morningstar
Switzerland Large-Cap Equity
absolute peer group rank
UBAM Swiss Equity
vs. UCITS Funds
vs. All Funds
(includes UCITS and
Swiss vehicles)
Morningstar
Rating
1-year
returns
3-year
returns
5-year
returns
10-year
returns
2nd
1st
1st
1st
(46 peers)
(40 peers)
(37 peers)
(33 peers)
5th
3rd
2nd
2nd
(151 peers)
(121 peers)
(107 peers)
(73 peers)
Morningstar
Analyst
Rating
Bronze
5 stars
(highest in peer
group)
Bronze
5 stars
(highest
in peer group)
Source: UBP, Morningstar; based on 30/09/2015 performance data and information
Source: UBP
Past performance is not an indicator of future results
Union Bancaire Privée, UBP SA │ Asset Management
32
UBP’s Swiss & Global Equity Team
Contacts

Eleanor TAYLOR JOLIDON

Souleymane DIALLO
Analyst
+41 (0) 58 819 2217
sdi@ubp.ch

Omar MOUFTI, CFA, CAIA
Swiss Equity Portfolio Manager
+41 (0) 58 819 2352
etj@ubp.ch

Martin MOELLER, CFA
Head Swiss & Global Equity
+41 (0) 58 819 2708
mom@ubp.ch

Analyst & Investment Specialist
+41 (0) 58 819 7586
omo@ubp.ch
Bettina BAUR, CFA
Portfolio Manager
+41 (0) 58 819 2217
sdi@ubp.ch
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33
CFROI Lifecycle Examples
Richemont :
Daetwyler :
Superior competitive position maintains growth and CFROI spread
Sealing coffee capsules and tunnels
CFROI finally
above CoC further
to restructuring
measures
Steady longterm growth
and
investment
Share price
performance
reflects company
restructuring and
cyclicality
Long-term
outperformance

Growth: penetration of luxury goods in emerging
markets

Growth trend: increased single-serve capsules in
coffee consumption, restructuring to growth activities

Valuation: priced for steady, not growing returns

Valuation: low in view of future shape of company
Source: Credit Suisse HOLT; UBP
Past performance is not an indicator of future results
Union Bancaire Privée, UBP SA │ Asset Management
34
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