oddo avenir europe strategy

Oddo Avenir Europe

E U R O P E A N M I D A N D S M A L L C A P F U N D S

May 2010

Sébastien MAILLARD – Analyst portfolio managerEric SIMONNET – Institutional Sales BeneluxBertrand LEVAVASSEUR – Head of International Sales

Morningstar®

2

Mid Cap: Already structured companies, billion euros market capitalisations (weighted average market cap above €3bn)

Value creators on the whole cycle: self-financing growth, preserved profitability and self-financing even in recession times, whatever the sector

International companies: tomorrow’s global leaders, capturing growth where it is

Risk/Return optimisation: avoid individual appreciation bias, avoid mistakes and if any, limit capital loss risk

No style bias, no macroeconomic bets: but a structural underweighting of non-value creator sectors and/or purely domestic businesses versus a structural overweighting on sectors with numerous attractive investment opportunities

One team, one mission: a stable management team with high team spirit, united for the past 7 years ; one mission, our client capital’s growth

One investment philosophy, one investment process, one mission

« Investing in tomorrow’s best companies »

3

Who are we ?

« Investing in tomorrow’s best companies »

Oddo AM: a recognized know-how in Mid Cap with a 18-year track record for Oddo Avenir and a 11-year track record for Oddo Avenir Europe

A stable management team with high team spirit, in charge of the funds for more than 7 years

Over €1,716m assets under management

3 open-ended funds (€1,225m of AuM): Oddo Avenir Europe (Pan-Europe), Oddo Avenir Euro (Euro zone), Oddo Avenir (70% French equities)

Dedicated funds and mandates (€491m of AuM)

One of the longest track record in the

market

A sound offer

Source: Oddo AM. Data as of 04/30/2010

4

1

Appendices

Performance: Oddo Avenir Europe 4

Philosophy 9

People 14

Process 16

Product 25

4

5

Contents

2

3

5

A strategy designed to deliver alpha

1. Oddo Avenir Europe

6

Oddo Avenir Europe, performing since inception

A continuous value creation

Oddo Avenir Europe since inception (05/25/99): Jensen’s alpha* of 3.21%

Oddo Avenir Europe + 148.8%

Benchmark index:HSBC Small Cap Europe (total return)+ 88.6%

DJ Stoxx 50 (as information) (net total return)- 6.3%

*Jensen’s alpha determines the excess return of a fund over its theoretical risk-adjusted return. A positive (negative) Jensen’s alpha reading indicates performance that is higher (lower) than normal. It measures the ability to create value by being able to detect securities that return more over a given time period than their risk profile would suggest.

Source: Oddo AM. Data as of 04/30/2010Past performance is not a reliable indication of future returns and is not constant over time

0

50

100

150

200

250

300

may-99 may-00 may-01 may-02 may-03 may-04 may-05 may-06 may-07 may-08 may-09

7

Oddo Avenir Europe, performing since 01/01/04


Oddo Avenir Europe since 01/01/04: Jensen’s alpha of 4.84%


Benchmark index:HSBC Small Cap Europe (total return)+ 83.2%

DJ Stoxx 50 (as information) (net total return)+ 16.4%

Source: Oddo AM. Data as of 04/30/2010Past performance is not a reliable indication of future returns and is not constant over time

40

60

80

100

120

140

160

180

200

220

240

260

jan.-04 july-04 jan.-05 july-05 jan.-06 july-06 jan.-07 july-07 jan.-08 july-08 jan.-09 july-09 jan.-10

8

Focus on value creators, delivering high Return on Capital Employed

2. Philosophy

9

DJ Stoxx 600 + 322%

Sika + 1011%

Lafarge + 160%

Value creators

The right fuel to finance growth

Construction: Lafarge vs Sika (Total return, EUR)

Source: Datastream. Data as of 03/31/2010Past performance is not a reliable indication of future returns and is not constant over time

0

200

400

600

800

1000

1200

1400

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

10

DJ Stoxx 600 + 193%

Kuehne Nagel + 2330%

British Airways - 25%

Value creators

Where to find them ?

Consumer Cyclical: British Airways vs Kuehne Nagel (Total return, EUR)


0

500

1000

1500

2000

2500

3000

may-94 may-96 may-98 may-00 may-02 may-04 may-06 may-08

11

DJ Stoxx 600 + 322%

Nestlé + 1220%

Carrefour + 363%

Value creators

Bubbles and long term changes

Consumer Non Cyclical: Carrefour vs Nestlé (Total return, EUR)


0

200

400

600

800

1000

1200

1400

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

12

DJ Stoxx 600 + 322%

Volvo + 782%

Ericsson + 322%

Value creators

Bubbles and accidents

Capital Expenditure: Ericsson vs Volvo (Total return, EUR)


0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

13

Do not mistake growth and value creation

Market performance for Europe vs Asie Emergente over 20 years in $

Sources : Bloomberg, Factset. Data as of 03/31/2010

GDP, base 100 in 1990 MSCI indices per area

Average GDP : 7.6% Average GDP : 1.8%

0

50

100

150

200

250

300

350

400

450

500

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

Emerging Asia European Union

0

100

200

300

400

500

600

700

1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009

MSCI Asie ex Japon (TR) MSCI Europe (TR)

14

Oddo Avenir Europe vs MSCI Emerging Countries


Oddo Avenir Europe since inception (05/25/99)


Benchmark index : HSBC Small Cap Europe(total return)+ 85.0%

MSCI Europe (for information) (EUR, total return)+ 12.7%

Sources : Oddo AM, Datastream. Data as of 03/31/2010

0

50

100

150

200

250

300

may-99 may-00 may-01 may-02 may-03 may-04 may-05 may-06 may-07 may-08 may-09

MSCI Asie ex Japon (for information) (EUR, total return)+ 92.4%

Past performance is not a reliable indication of future returns and is not constant over time

15


Oddo Avenir Europe since 01/01/04


Benchmark index : HSBC Small Cap Europe(total return)+ 79.7%

MSCI Europe (for information) (EUR, total return)+ 38.6%

Sources : Oddo AM, Datastream. Data as of 03/31/2010

MSCI Asie ex Japon (for information) (EUR, total return)+ 112.2%

Oddo Avenir Europe vs MSCI Emerging Countries

40

60

80

100

120

140

160

180

200

220

240

260

jan.-04 july-04 jan.-05 july-05 jan.-06 july-06 jan.-07 july-07 jan.-08 july-08 jan.-09 july-09 jan.-10

Past performance is not a reliable indication of future returns and is not constant over time

16

A stable and united committed team

3. People

17

A stable and united team, collective investment decisions, shared values

An experienced team in charge of the funds since July 2003

Investment experienceRole

Grégory Deschamps

Sébastien Maillard

Pascal Riégis

Maryse Sauvageot

17 ans

7 ans

22 ans

20 ans

Analyst-portfolio manager



Assistant manager

18

Picking value creators offering an attractive risk/return profile, while controlling liquidity and volatility

4. Process

19

Bottom-up investment process

A rigorous four steps investment process

Universe of European Small andMid Cap stocks

Investment rules and risk management

Valuation of companies on which the management team has a positive fundamental opinion

Qualitative analysis of each company

Determination of buy and sell target price

Selection of stocks

Concentrated portfolio (around 40 lines) composed of managers

strongest convictions

Fundamental opinion on each stock

Quantitative filter Fundamental analysis ValuationPortfolio construction and management

Reducing investment universe

20

Key points

“Identify tomorrow’s best companies”

Mid Cap

A solid and tested management

Solid growth perspectives

International development

Value creators on the whole cycle

Already structured companies, with leadership position on their market, billion euros market capitalisations (weighted average market cap above €3bn)

Companies able to preserve fair profitability and to finance their own long term development even in recession times

Tomorrow’s global leaders, capturing growth where it is

Companies built on a strong and understandable business model, offering organic development perspectives, with small acquisition at a good price

Performing companies, pure players in one business line and with strong management teams

21

Rolls Royce : a world leader on a protected and buoyant market

3 investment cases

Market capitalisation : €12.4Bn (£ 11Bn)

1990 – 2009, result of an industrial will: Turnover x 3, number of shares x 2, EPS x 10

Turnover : 60%, recurring. Order book : 52 Md£, amounts 5 times its turnover. Recent installed base.

Growth of results in 2009 and 2010

World coleader for civilian and military planes engines (GE, Safran, P&W) and boats

40% of the orders are coming from emerging countries

Entrance barriers : no new entrant in this market

Leader for long-haul’s engines, the more buoyant market

Powers the A380 (RR or GE+P&W) and the B787 (RR ou GE)

Sir John Rose joined Rolls Royce in 1984, CEO since 1996

Andrew Shilston joined Rolls Royce in 2002, CFO and member of the Board since 2003

Mid Cap





22

Fresenius SE : an international group in human healthcare

3 investment cases

Market capitalisation : €9Bn

1990 - 2009 : turnover x 30, number of shares x 2.2, EPS x 30

Growth of results in 2009 and 2010

Constitution of an international group, based on R&D and a long term strategy

World leader in equipments and dialyse centers (FMC owned by 36%), among world leaders of clinic nutrition (Kabi) of injected generics medicine (APP), coleader in hospital management in Germany (Helios)

Present on buoyant markets

Implementation of commercial synergies between Kabi and APP

Ulf Schneider, joined Fresenius SE in 2001, Chairman of the Board since 2003 Ben Lipps, joined Fresenius Medical Care in 1985, CEO since 1999

Rainer Baule, joined Fresenius Kabi in 1997, CEO since 2001

Mid Cap





23

Aryzta : world leader in industrial bread

3 investment cases

Market capitalisation of €2.5Bn

1991-2009 : turnover x 6.5, number of shares remains stable (+20%), EPS x 19

2009 : Strong resilience of the operating income despite a strong decrease of the turnover

ROCE above 30%

World leader in industrial bread

Turnover : 66% in Europe, 32% in North America, 2% Rest of the world

Regular and relutive acquisitions

A developing market thanks to an increasing outsourcing

Local acquisitions opportunities still important

Owen Killian joined Aryzta in 1977, CEO since 2003

Patrick McEniff joined Cuisine de France (Aryzta) in 1989, CFO since 2004

Mid Cap





24

Main holdings Weight in the portfolio

Total top 10 holdings 40.6%

Top 10 holdings

Oddo Avenir Europe


International companies, with leadership positions, profitable and performing

Wincor Nixdorf

Fresenius

Sodexo

Rolls-Royce

Skf

Michael Page International

Sika

Dassault Systèmes

Aryzta

Imtech

3.8%

3.9%

3.5%

3.5%

5.4%

5.0%

3.8%

4.0%

3.8%

3.8%

25

Never more than 6% of the AuM for one position

Never more than 5% of the capital of a company (for all funds managed by Oddo AM)

About 10% liquidity position in the open-ended funds

Weighted average market capitalisation (in €m)

Market capitalisations between €1000m and €5000m(% of AuM)

Market capitalisations > €5000m(% of AuM)

Market capitalisations < €1000m(% of AuM)

Oddo Avenir Europe

Mid Cap : weighted average market cap above €3Bn


A controlled level of cash

9%

3 400

57%

25%

26

Compared ROE between Oddo Avenir Europe and DJ Stoxx 600


Sources: Oddo AM, Oddo Securities base Factset. Data as of 03/31/2010

19.8%

14.5%15.1%

16.3%

9.4%

12.0%

0%

5%

10%

15%

20%

25%

2007 2009 2010e

Oddo Avenir Europe DJ Stoxx 600

27


* Free Cash Flow Yield = Free Cash Flow per Share / Current Market Price per Share

Return On Capital Employed post tax and free cash flow yield* of the portfolio main holdings


Dassault Systèmes

SodexoIngenico

ArcadisSeb

Rolls Royce

Legrand

Biomérieux

Imtech

Wincor Nixdorf

Fresenius

Software AG

Safran

Aryzta

Michael Page

Sika Moyenne

Ipsen

-2%

0%

2%

4%

6%

8%

10%

ROCE post tax 2010e

Fre

e C

ash

Flo

w Y

ield

*

12%

28Source : Oddo AM. Data as of 03/31/2010

International companies

Local market

Americas

Rest of the world

Rest of Europe

25%

30%

25%

20%

75% of their activity outside of their local market

% of turnover

29

0

20

40

60

80

100

120

140

160

Pri

ce

(€

)

Investment decision 60€

Best Case Scenario + 40%

Worst Case Scenario - 20%

Controlled volatility

Risk/return optimisation

One “obsession”: limit the capital loss risk

A strict buy and sell discipline

Valuation through in-house DCF models: “best case” scenario vs. “worst case” scenario

30

Risk / Return optimisation : among « defensives »

October 2009 : Disposal of Beiersdorf, investment in Fresenius SE

Fresenius SE

Beiersdorf

70

80

90

100

110

120

130

140

150

160

170

march-09 apr.-09 may-09 june-09 july-09 aug.-09 sept.-09 oct.-09 nov.-09 dec.-09 jan.-10 feb.-10 march-10

ARBITRAGE

Beiersdorf at €40

+20% upside

-10% downside

20x PE 2010

Fresenius SE at €35

+55% upside

0% downside

10x PE 2010

Source : Datastream. Data as of 04/02/2010Past performance is not a reliable indication of future returns and is not constant over time

31

Risk / Return optimisation : among « cyclicals »

June 2009 : Disposal of Kuka, investment in Legrand and Sika

Kuka at €12.5

+25% upside

-55% downside

n.s. PE 2010

Legrand at €15

+30% upside

0% downside

13x PE 2010

Sika at CHF 1150

+50% upside

0% downside

12.5x PE 201050

70

90

110

130

150

170

190

210

230

250

270

nov.-07 feb.-08 may-08 aug.-08 nov.-08 feb.-09 may-09 aug.-09 nov.-09 feb.-10

Kuka

Legrand

SikaARBITRAGE

Source : Datastream. Data as of 04/02/2010Past performance is not a reliable indication of future returns and is not constant over time

32

Industrials34%

Technology18%

Health11%

Base materials3%

Oil & gas2%

Financials3%

Consumer services10%

Consumer goods9%

Cash10%

Oddo Avenir Europe

No theme bias, no macroeconomic bets

But strong disparities between sectors


33

3 funds with consistent performance over the long term

5. Products

34

Funds details

3 funds based on a common investment process and management team

Oddo Avenir Europe

Geographical coverage

AuM at 04/30/10

Benchmark index

Europe

HSBC Small Cap Europe

Sources: Oddo AM, © 2010 Morningstar, Europerformance-Edhec. Data as of 04/30/2010

€651M

35

Geographic breakdowns

Germany 20.60%

France 20.20%

Sw itzerland 13.30%

United Kingdom 12.60%

Holland 7.20%

Sw eden 5.30%

Greece 3.30%

Austria 2.40%

Others 3.30%

Cash 9.20%

Ireland 2.10%

Oddo Avenir Europe

36

1 year 3 years 5 years

Oddo Avenir Europe

Ranking

Benchmark index:HSBC Small Cap Europe(total return)

DJ Stoxx 50 (net total return)

Morningstar® average European Mid Cap funds

YTD

Cumulative performance since inception (05/25/1999)

Oddo Avenir Europe: + 148.8%

Benchmark index: HSBC Small Cap Europe (total return): + 88.6%

As information, DJ Stoxx 50 (net total return): - 6.2%

Oddo Avenir Europe

Annualised volatility/return since inception (05/25/1999)

Past performance is not a reliable indication of future returns and is not constant over timeSources: © 2010 Morningstar, Oddo AM. Data as of 04/30/2010

Annualised volatility in %

An

nu

alis

ed r

etu

rn i

n %

- 4.7%+ 54.2% + 68.1%

5 / 1003 / 100 9 / 100

- 27.1%+ 49.2% + 38.3%

- 26.9%+ 29.4% + 5.6%

- 26.9%+ 37.9% + 28.7%

+ 12.6%

10 / 100

+ 10.8%

- 0.8%

+ 7.0%

Oddo Avenir

Europe

( )

+ 8.7%

DJ Stoxx 50

dividendes

réinvestis

- 0.6%

HSBC Small Cap Europe dividendesréinvestis

+ 6.0%

-12%

-8%

-4%

0%

4%

8%

12%

16% 18% 20% 22% 24% 26%

37

*C : capitalisation D : distribution

Detailed characteristics

Fund name Oddo Avenir Europe

Legal status French regulated mutual fund

Classification International equity fund

ISIN codesShare A share : FR0000974149

Share B share : FR0010251108

Inception date 05/25/1999

Minimum investment period 5 years

Benchmark index HSBC Small Cap Europe total return

Management company Oddo Asset Management

Custodian Oddo & Cie

Initial Minimum subscription

Share A share : 1 thousandth share

Share B share : €1,000,000

Subscription fees4% ATI max of the AuM not allocated to the fund

Redemption fees Nil

Management fees

Share A share: 2.00% ATI

Share B share: 1.00% ATI

Performance fees

ShareA share: 20% of the outperformance relative to the benchmark index if the fund performance is positive

ShareB share: 20% of the outperformance relative to the benchmark index if the fund performance is positive

38

Oddo Avenir Europe – Risk profile (1/2)

Risk of loss of capital: The Fund has no guarantee or safeguard, so initial capital invested might not be returned in full.

Equity risk: The Fund is invested, directly or indirectly, in one or more equity markets which could experience significant fluctuations. In periods of low equity prices, Fund net asset value could be reduced. The fund has a 100% max exposure to equity markets.

Risk from holding small and mid capitalisation stocks: The Fund may be exposed to small and mid capitalisations. Upward and downward changes in these stocks can be both more marked and more rapid than for large capitalisations and can therefore lead to large fluctuations in net asset value. Moreover the restricted volume on these markets may present a liquidity risk. This type of investment may impact the valuation of the Fund and the price terms on which the Fund could liquidate its positions, and particularly, in the case of large redemptions, even make it impossible to sell them, with the consequent possible fall in Fund net asset value.

Interest rate risk: This is the risk that bond market yields may rise, which would result in a fall in bond prices, and consequently lead to a fall in Fund net asset value. The fund can hold up to 25 % of its asset in bonds or in euro denominated debt securities.

39

Oddo Avenir Europe – Risk profile (2/2)

Credit risk: This is the risk of potential deterioration in the rating of an issuer or, in extreme cases, of default, which would have an adverse impact on the prices of the debt securities issued by that issuer and therefore on the net asset value of the Fund, which could lead to a loss of capital. The level of credit risk varies according to forecasts, maturities and the level of confidence in each issuer which might reduce the liquidity of any particular issuer and have an adverse impact on Fund net asset value , particularly in the case of the Fund liquidating its positions in a market with low transaction volumes.

Discretionary management risk: This risk relates to the management style which is based on anticipating movements on the various markets. There is a risk that at any point in time the Fund would not be invested in the best performing markets or in the best performing assets. Fund performance therefore depends on the ability of the fund manager to anticipate movements in the market or in the securities. This risk may lead to a fall in net asset value and/or a loss of capital for the unitholder .

Counterparty risk: This is the risk of default by a counterparty leading to payment default. The Fund may be exposed to counterparty risk through using forward instruments negotiated over-the-counter with financial institutions. The Fund is therefore exposed to the risk that one of these credit institutions cannot honour its commitments in respect of these transactions .

Exchange rate risk: This risk affects portfolios invested wholly or partly in securities denominated in foreign currencies, and arises from changes in the parities of these currencies by comparison to the fund reference currency. Thus, a security, the value of which in its own currency does not change, could nevertheless be affected by fluctuations in that currency against the euro and might therefore cause Fund net asset value to fall. This risk is limited up to 30% max of the total asset of the Fund.Please note that the exchange rate risk is of secondary importance for Oddo Avenir and Oddo Avenir Euro.

40

Disclaimer:

This document has been drawn up by Oddo Asset Management. Its communication to any investor is the responsibility of each promoter, distributor or advisor. It was designed for information purposes alone and does not constitute an offer or a personalised recommendation or a solicitation to subscribe to the product mentioned. However, should investors decide to subscribe, they undertake to consult the fund’s prospectus in order to acquaint themselves with the precise nature of any risks incurred and in particular the risk of capital loss and, where relevant, the liquidity risk of underlying assets. The investment must be made in accordance with investors’ investment objectives, their investment horizon and their capacity to deal with the risk arising from the transaction. Any simulations and opinions presented in this document result from analysis carried out by Oddo Asset Management at a particular point in time and are no indication whatsoever of future results. Investors are reminded that past performance is not a reliable indication of future returns and is not constant over time. Legal information concerning this fund, notably the full and simplified prospectuses, is available from Oddo Asset Management or its internet site www.oddoam.fr.

Investor’s attention is drawn on the fact that mentioned funds and related legal documents have been accredited and regulated by the French securities regulator (AMF). All the mentioned funds funds are entitled to be sold in France, and for Oddo Avenir Europe in Spain and Switzerland.

Oddo Asset ManagementPortfolio management company constituted in the form of a french société anonyme with a capital of €2 102 800. Company house number: RCS 340 902 857 Paris. Licensed by the Autorité des Marchés Financiers (French financial markets authority) under number GP 99011 12 boulevard de la Madeleine – 75440 Paris Cedex 09 FRANCEPhone: 33 (0)1 44 51 85 00 – www.oddoam.fr

41

Appendices

42

An expected resilient Return On Equity

DJ Stoxx 600 ROE: the crisis impact


13.2% 13.1%

10.3%9.7%

13.0%

15.5%16.3%

17.0%16.2%

12.6%

9.4%

12.0%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e

43

2008 2007 2004

Oddo Avenir Europe

Ranking

Benchmark index:HSBC Small Cap Europe(total return)

DJ Stoxx 50 (net total return)

+ 8.0%- 39.5% + 24.2%

5 / 10024 / 100 4 / 100

- 5.8%- 51.3% + 24.2%

+ 2.6%- 41.2% + 7.1%

Average of European Large and Mid Cap funds*

+ 0.9%- 42.8% + 11.9%

2009

+ 42.6%

8 / 100

+ 59.1%

+ 28.7%

+ 30.1%

Oddo Avenir Europe

Annual performance

2006

+ 31.3%

4 / 100

+ 32.8%

+ 13.6%

+ 19.2%

2005

+ 31.1%

14 / 100

+ 37.2%

+ 24.2%

+ 26.1%

*GIFS Category (Global Investment Funds Sectors)

Past performance is not a reliable indication of future returns and is not constant over timeSources: © 2010 Morningstar, Oddo AM

44

AuM of Oddo AM European Mid and Small Cap funds (in €m)

Assets under management with an institutional size


472

940

1 250 1 303

1 717

1 321

677

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

2004 2005 2006 2007 2008 2009 2010

45

Biography of the team members

Grégory DESCHAMPS - Analyst-Portfolio manager, Mid Cap equities

A graduate of HEC Paris and the SFAF, Grégory DESCHAMPS joined Oddo Securities in 1992 as a sell-side analyst and vice head of equities research. Since early 2007, he has joined the Oddo AM teams as an analyst-portfolio manager for Mid Cap equities

Sébastien MAILLARD - Analyst-Portfolio manager, Mid Cap equities

A graduate of the Ecole Supérieure de Commerce of Nantes (AUDENCIA), Sébastien MAILLARD joined Oddo AM in 2002 as an assistant manager for Mid Caps equities. He has been a Mid Cap equities analyst-portfolio manager since 2003

Pascal RIEGIS - Analyst-Portfolio manager, Head of Mid Cap equities management

A graduate of economy at Pau Business School, member of the SFAF, Pascal RIEGIS began his career in 1987 as a financial analyst for Paribas. After five years of Equity Research at the CIC group, he joined Oddo et Cie in 1995 as Head of Equity Research for Oddo Securities. Since July 2003, Pascal RIEGIS has been an analyst-portfolio manager of Mid Caps equities

Maryse SAUVAGEOT - Assistant manager for Mid Cap equities

Maryse SAUVAGEOT began her career in 1984, within Paribas as a vice-head of the fixed income and Forex back office, then as a Trader on the short-term interest rates of Paribas Capital Market. She then joined Paribas AM as a trader in the European equities team. Since 2001, Maryse SAUVAGEOT has worked for Oddo AM teams as a trader

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