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Make space for our performance

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Neptune European Opportunities Fund Neptune Investment Management Make space for our performance The Basics about Neptune Founded in May 2002, Neptune is an ... – PowerPoint PPT presentation

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Title: Make space for our performance


1
Neptune European Opportunities Fund
Neptune Investment Management
Make space for our performance
2
The Basics about Neptune
  • Founded in May 2002, Neptune is an independent
    privately-owned boutique investment house (over
    80 held by directors employees) with over
    1.6bn AUM
  • Disciplined, team-based investment process
    driving strong in-house sector views and stock
    picking
  • Team of experienced investment professionals
    focused on delivering superior performance across
    the fund range
  • A distinctive active global investment philosophy
    which has been at the core of our outperformance

Source Neptune as at 31.08.07
3
Assets Awards
  • Pension Investment Provider Awards 2007 High
    Alpha Equity Provider
  • Professional Pensions Awards 2007 Pooled Fund
    Manager of the Year
  • Financial News Awards 2006 Runner up for
    Boutique of the Year
  • Professional Adviser Awards 2006 2007 Hot 100
    Best Fund Group, 1 year
  • Money Observer Awards 2006 2007 Best European
    and Global Growth Funds
  • Lipper Awards 2007 Best Small Equity Group (both
    in UK and non-UK Equity)
  • Investment Week Awards 2006 Specialist Group of
    the Year

4
Meet the Team
Jeremy Smith Oil Gas Sectors
Rob Burnett Financials Sector
Felix Wintle Healthcare Biotech Sectors
Derek Bartlett Chief Economist Fixed Income
Chris Taylor Technology Telecoms Sectors
Robin Geffen Chief Investment Officer
Shelley Kuhn Consumer Sector
James Dowey Economist
Ewan Thompson Mining Metals Sectors
Alex Breese Industrials Sector
Emma Stanford Chemicals Utilities Sectors
Doug Turnbull Financials Sector
Harriet Grieve Consumer Sector
5
Neptune European Opportunities Fund
  • Launched on 29th November 2002
  • Managed by Rob Burnett
  • A rated by Forsyth-OBSR
  • Fund size 298m (as at 31.08.07)
  • Income class introduced in January 2005, current
    gross yield 2.7 (Source Thomson Ibes Data as at
    29.08.07)
  • Available via key platforms third party
    distributors

6
The Performance Story
1st / 97
1st / 103
1st / 95
39th / 87

18th / 105
Source Lipper. Discrete calendar year
performance. Year to date 31.12.06 31.08.07
7
Tactics and Themes
Tactics
Old Europe
New World Order
8
TacticsLarge Cap Aesop and the boy who cried
wolf?
  • Valuation
  • Duration
  • Re-rating phases

9
Large Cap Credit, Risk and Growth
  • Balance sheet strength, credit lines
  • Risk appetite, credit spreads
  • Growth expectations

10
Cyclicals vs. Defensives
  • Is the story for cyclicals this good?
  • US housing
  • Central banks

11
Cyclicals vs. Defensives
  • Unprecedented outperformance
  • IFO, earnings momentum turning
  • Crowded trade

12
Banks Stay cautious
  • Structured Investment Vehicles and Asset Backed
    Commercial Paper a new black hole?
  • ABCP market size 1.2 trillion. Gearing to equity
    base
  • SIVs are off balance sheet until something goes
    wrong

Source Bloomberg
Visibility of earnings and book value limited
13
Themes Cash Outperformance Yield, MA?
  • Fund has income class, current yield c.2.7
    (Source Thomson Ibes Data)
  • European FCF generation has trebled in the last 5
    years
  • Balance sheet strength has peaked

Source Morgan Stanley
14
Old EuropeGerman Competitiveness
  • Entered euro at a competitive disadvantage, now
    level playing field
  • Only G7 economy to maintain export market share
  • Capital per employee

15
Old EuropeGerman Consumption
  • Savings ratio set to fall to track consumer
    confidence
  • Compensation and implications for the ECB
  • Germany is a little over-owned

Source Bank Sal Oppenheim
16
Old EuropeFrance Short-term stimulus
  • French productivity
  • Sarkozys fiscal stimulus to boost GDP growth by
    0.5 for 5 years
  • Labour market reform imperative, but no sign yet

GDP per person GDP per person GDP per hour GDP per hour Hours per person Hours per person
1970 2000 1970 2000 1970 2000
US 100 100 100 100 100 100
France 73 71 73 105 99 67
Source Neptune Economics
17
New World Order Europe the Gateway to Global
Growth
  • Basic demographic and economic implications.
    Strong US parallels from 20th century
  • Savings rate at 30 will fall. Banking sector
    consolidation. Welfare provision
  • Civil unrest pollution and the Chinese equity
    market

18
New World OrderOpportunity and Threat
  • Stage 1 Infrastructure and industrials Chinese
    companies winning
  • Stage 2 Consumption. Crops and Food
  • Inflation

19
Oil Strange Developments in Demand
  • Consensus vs. limited world oil demand growth in
    2007
  • Short term politics meets economics
  • Petrodollar recycling

20
Sector Market Cap Splits
  • Target price discipline for every stock
  • Holding period n/a

gt5bn
1bn 5bn
gt1bn
Source Neptune as at 31.08.07
21
Outlook
  • Financials, liquidity
  • Mid-cycle slowdown?
  • Reduced volatility of interest rates and growth.
    Risk premia

Neptune European Opportunities Fund is a core
European fund offering outperformance, yield and
low absolute risk profile
22
Neptune - A Structure for Success
  • Concentrated portfolio where only the best ideas
    are pursued
  • Flexible environment to foster fund manager
    expertise / stockpicking
  • Capping philosophy putting performance first
  • Ownership incentivisation both the Company
    the Fund

23
Appendices
24
Schematic Investment Process Overview
UNIVERSE
RESEARCH
PORTFOLIO CONSTRUCTION
PORTFOLIO MONITORING
  • 3rd Party Service
  • Full Risk Analysis
  • Absolute/relative data
  • 30-50 Stocks
  • 8-10 Countries
  • 7-10 MSCI Sectors

Ex-ante
Ex-post
Countries
Economic Reviews
GLOBAL SECTOR MATRIX
Industries
Global Sector Reports
Portfolio Management Risk Return
Stock Tiering
Valuation
Monitored Stocks
Stocks
Company Valuations
  • Sector News
  • Economic releases
  • ----------------------
  • Target Prices
  • Security Prices
  • Return Contribution
  • Profit Loss

Real-time
Ongoing
Target Price
Sector Screening
Screening Valuation Reports
Weekly Meeting Cycle
Ongoing
Ongoing
40,000 Stocks
25
Global Sector Matrix Example
Sector Global US Europe UK Japan
Energy Overweight Overweight Overweight Overweight Overweight
Materials Overweight Overweight Neutral Neutral Underweight
Industrials Overweight Overweight Overweight Overweight Overweight
Consumer Disc. Underweight Underweight Underweight Underweight Neutral
Consumer Staples Underweight Underweight Underweight Underweight Underweight
Health Care Underweight Underweight Underweight Underweight Underweight
Financials Underweight Underweight Neutral Underweight Overweight
IT Underweight Underweight Underweight Neutral Underweight
Telecoms Overweight Underweight Neutral Neutral Underweight
Utilities Neutral Overweight Underweight Overweight Underweight
Regional Allocation Overweight Emerging Mkts Underweight Overweight Neutral Overweight
26
Neptune Performance
Source Lipper as at 30.06.07 Sterling
Bid-to-Bid Net Income Reinvested
27
Neptune Performance
Source Lipper as at 30.06.07 Sterling
Bid-to-Bid Net Income Reinvested Important
Information Source Lipper Hindsight, net income
reinvested, based in Sterling with no initial
charges. With the exception of the Neptune
MultiManager Income Fund, since launch data
reflects the performance data for each fund since
their respective launch dates. This
document is issued by Neptune Investment
Management Limited (Neptune). Neptune is
authorised and regulated by the Financial
Services Authority. This document is directed
only to persons who are professional investors,
market counterparties or intermediate customers.
Persons who do not fall within these categories
must not act or rely on the contents of this
document. Private investors should consult their
Independent Financial Adviser or other authorised
intermediary. Data not shown over certain
periods is due to the information not being
available.
28
Neptune Organisational Chart
Robin Geffen Managing Director Chief Investment
Officer
OPERATIONS
SALES
INVESTMENT
MARKETING
COMPLIANCE MLRO
PROJECT DEVELOPMENT
Derek Bartlett Investment Director
Chris Taylor Investment Director
Robert Warner Finance Director Main Board
Director
Karen Barker Compliance Officer
Neil Moore Head of Project Development
Patrick Berton Sales Director Main Board
Director
Georgina Pardoe Marketing Director
Rob Burnett Investment Director
John Husselbee Investment Director
Alasdair Johnson Assistant Marketing Manager
Catherine Heathfield Personal Assistant to Robert
Warner Office Manager
Alistair Wilson Head of Institutional Business
Felix Wintle Head of US Equities
Jeremy Smith Head of UK Equities
Mohammad Chisti Senior Investment Writer
Adam Hughes Head of Intermediary Sales
Roz McLean Accountant
Shelley Kuhn Fund Manager
Alex Breese Fund Manager
Caroline Speers Marketing Assistant
Iain Jee Head of Operations
Mike Woolley Business Development Manager
Ewan Thompson Assistant Fund Manager
Jennifer Cross Team Assistant
Harriet Grieve Analyst
Philip Keiff Senior Fund Administrator
John Lester Head of Third Party Distribution
Doug Turnbull Junior Analyst
James Dowey Economist
Michael Jackson Fund Administrator
Dennis Pellerito Sales Consultant, Third Party
Distribution
Emma Stanford Junior Analyst
Nick Snell Fund Administrator
Nicola Weigert Fund Administrator
Leigh Fisher Sales Support Manager
Daniel Dent Fund Administrator
Frederick McNeill Institutional Sales Support
Sandra Thomson Retail Sales Support
Angela Mowbray Third Party Sales Support
29
Contact Details
  • Neptune Investment Management Limited,
  • 1 Hammersmith Grove, London W6 0NB
  • Tel 020 3008 8000 (For security purposes, calls
    may be recorded)
  • Fax 020 3008 8008
  • Email enquiries_at_neptune-im.co.uk
  • website www.neptune-im.co.uk
  • Sales Marketing
  • Patrick Berton, Sales Director 020 3008 8001 /
    07734 919 846
  • Adam Hughes, Head of Intermediary Sales 020 3008
    8003 / 07740 640 647
  • Mike Woolley, Business Development Manager 020
    3008 8005 / 07809 875 229
  • Leigh Fisher, Sales Support Manager 020 3008
    8034
  • Sandra Thomson, Retail Support 020 3008 8009

30
Important Information
This document is issued by Neptune Investment
Management Limited (Neptune) which is
authorised and regulated by the Financial
Services Authority. Neptune Funds are available
to any persons that may be marketed to under the
Financial Services and Markets Act (Promotion of
Collective Investment Schemes) (Exemptions) Order
2001. Private customers should consult their
Independent Financial Adviser or other authorised
intermediary. Please check with your
professional financial adviser as to whether such
products are available in the country in which
you are resident. None of our products are
available to residents in the United States. The
information and statistical data herein have been
obtained from sources we believe to be reliable
but in no way are warranted by us as to accuracy
or completeness. We do not undertake to advise
you as to any change of our views. This is not a
solicitation or an offer to buy or sell. Neptune
Investment Management Limited has produced this
report for private circulation to professional
and institutional clients only. The material is
not intended for the use of private investors.
All information and advice is given in good faith
but without any warranty. Please remember that
past performance should not be seen as a guide of
future performance. The value of an investment
and any income from it can fall as well as rise
as a result of market and currency fluctuations
and you may not get back the amount originally
invested. Any past performance data that has not
been shown is due to the information not being
available. Neptune is not authorised to give
investment advice and only provides information
on Neptune products.
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