20110131 finding the value a global perspective - display

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  • 1. EXPERTISE BUILT IN2 NOVEMBER 2011This presentation is for investment professionals only and is not intended for retail clientsUEINSIGHTINTELLIGENTINVESTINGFOONPERFORMANCELONGTERMGROWTYSPECIALISTSACTIVEFUNDMANAGEM IQUEINSIGHTINTELLIGENTINVESTINGEDFINDINGIVALUELONGTERMGROWTTYAIGLOBALIPERSPECTIVEIVEFUNDM MJULIANILEWISMENTUNIQUEINSIGHLIGENTINVESTINGFOCUSEDONPERFOCELONGTERMGROWTHEQUITYSPECIATIVEFUNDMANAGEMENTUNIQUEINSNTELLIGENTINVESTINGFOCUSEDONPER EXPERTISE BUILT INANCELONGERMGROWTHEQUITYSPECIACTIVEFUNDMANAGEMENTUNIQUEIN West World, West Gate, London W5 1DT NTELLIGENTTel 0800 028 66 59WWW.CAVENDISHAM.CO.UK1

2. OVERVIEW EXPERTISE BUILT INThe Cavendish Worldwide Fund Focused on a long-term growth-oriented perspective. As a result, tends to have a heavy concentration in emerging markets orstocks exposed to emerging economies. Near-term risk/reward profile means that the fund has an unusually highcash weighting. We are looking for opportunities to reduce cash (non-equity) holdings asequities tend to lead economic recovery.West World, West Gate, London W5 1DTTel 0800 028 66 59 2 WWW.CAVENDISHAM.CO.UK 3. A BRIEF INTRODUCTION EXPERTISE BUILT INCavendish Asset Management Julian Lewis CIO and Fund ManagerLong-only equity specialists Cavendish Worldwide FundStockpickers Manager since launch 06/07/1994 Fund Size 61.2mRange of 10 OEIC funds IMA Sector Active ManagedExperienced fund managers working collegiatelyAll funds have same manager since launch Also manager of Cavendish UK Balanced Income FundPrivately owned by large multi-national parentcompanyManage 648mSource: Cavendish/Northern Trust. Figures as at 30/09/11West World, West Gate, London W5 1DTTel 0800 028 66 59 3 WWW.CAVENDISHAM.CO.UK 4. FINDING VALUEEXPERTISE BUILT INFor the Worldwide Fund, it is a bottom upfocus but following some top down Stock Pickersthemes. We look for companies with: STRONGATTRACTIVEGOOD MARKETNot led by sector allocation, led by the POSITIONSTRATEGY MANAGEMENTthemesShared Insight from 6 fund managers whoregularly visit their markets We take account of:MACRO ECONOMIC FLOW OF BENCHMARKTRENDS GROWTH FUNDSWEIGHTINGSSupported by 4 analysts with a globalfocusAnd use these factors to find, identify andvalidate good businesses.West World, West Gate, London W5 1DTTel 0800 028 66 59 4 WWW.CAVENDISHAM.CO.UK 5. CAVENDISH WORLDWIDE FUND EXPERTISE BUILT IN10 year Fund Performance 160 1208040 0 -40 28/09/2001 28/09/2003 28/09/2005 28/09/2007 28/09/2009 28/09/2011Cavendish Worldwide Retail FTSE World TR GBPIMA Active ManagedSource: Lipper. % growth, total return, GBP, single price, UK net income reinvested with no initial charges. Past performance is no guarantee of future returns. Figures as at 30/09/11 West World, West Gate, London W5 1DT Tel 0800 028 66 59 5WWW.CAVENDISHAM.CO.UK 6. PORTFOLIO CONSTRUCTIONEXPERTISE BUILT INDiversification across marketsSmall Bets111 HoldingsNone larger than 1.5%Invested across 26geographic locationsSource: Cavendish/Northern Trust. Figures as at 30/09/11 West World, West Gate, London W5 1DT Tel 0800 028 66 59 6WWW.CAVENDISHAM.CO.UK 7. ASSET ALLOCATION - NON EQUITIESEXPERTISE BUILT INWorldwide Fund Non-equity position to 21st October 2011 30% 25% 20% 15% 10%5%0%Source: Cavendish, Northern Trust.West World, West Gate, London W5 1DTTel 0800 028 66 59 WWW.CAVENDISHAM.CO.UK 7 8. EQUITIES TODAY EXPERTISE BUILT INEquity Dividend YieldPrice to Book Ratio6 352.54 231.52 110.50 0 10 years Dividend MSCI World Index10 years Price to Book MSCI World Index Shorter term uncertainty, positive long term outlook Equities cheap on a long term view Dividends/yields trending upwardsSource: Cavendish, Bloomberg 21/10/11 West World, West Gate, London W5 1DT Tel 0800 028 66 59 8WWW.CAVENDISHAM.CO.UK 9. CURRENT FAVOURED THEMES EXPERTISE BUILT INEmerging MarketsDeveloped Economies-prefer US to Europe (ex UK)Consumer MarketsManufacturingTechnologyDividend Growth West World, West Gate, London W5 1DT Tel 0800 028 66 59 9WWW.CAVENDISHAM.CO.UK 10. CONCLUSION CAVENDISH WORLDWIDE FUND EXPERTISE BUILT INGeographic Allocation of Equity Holdings Overweight Latin America (6.69%) Emerging Markets Asia Pacific (25.42%) Europe (ex UK) (14.27%) Looking For Japan (5.71%) Growing Consumer Markets North America (19.65%) Attractive Valuations UK (21.71%) Other (6.56%).Source: Cavendish, Northern Trust 28/10/2011 West World, West Gate, London W5 1DT Tel 0800 028 66 59 10WWW.CAVENDISHAM.CO.UK 11. CASE STUDIES EXPERTISE BUILT INDetails were provided on the following:Youngone - KoreaTrakya Cam TurkeyTractor Supply Company USA.For more contact Cavendish sales and marketing team as listed overleaf.West World, West Gate, London W5 1DTTel 0800 028 66 59 11 WWW.CAVENDISHAM.CO.UK 12. CONTACTSEXPERTISE BUILT INCRONAN MACMAHON BRETT GARLICK Sales Manager(Northern England and Midlands)Sales & Marketing Directorbrett.garlick@cavendisham.co.ukcronan.macmahon@cavendisham.co.uk T 020 8991 4198T 020 8991 4193 M 07713 388 757M 07850 917 700TYRONE LONG Sales ManagerMARK HILL Marketing Manager(London, South West and South East)mark.hill@cavendisham.co.uktyrone.long@cavendisham.co.ukT 020 8991 4993T 020 8991 4994M 07850 917 704 SALES & MARKETING 0800 028 66 59 DEALING 0870 870 75 02 WEBSITE www.cavendisham.co.uk West World, West Gate, London W5 1DT Tel 0800 028 66 59WWW.CAVENDISHAM.CO.UK 12 13. IMPORTANT INFORMATIONEXPERTISE BUILT INThis presentation is for investment professionals only, it is and is notintended for retail clients and may not be distributed to third parties.Cavendish Asset Management Limited has issued and approved thispresentation. It is authorised and regulated in the United Kingdom by theFinancial Services Authority under registration number 116252.This presentation should not be regarded as giving you or your clientsinvestment or tax advice about our products.You can obtain copies of Cavendish Investments Funds Prospectus andSimplified Prospectus, both these documents are in English and areavailable from the literature page of our website www.cavendisham.co.uk.The presentation does not form the basis of, nor should it be relied upon inconnection with, any subsequent contract or agreement. It does notconstitute and may not be used for the purpose of an offer or invitation tosubscribe to, or otherwise acquire shares in any of the products mentioned.Past performance is not a guide to future returns. The value of the shares inthe funds and the income from them, if any, may fall as well as rise.Investing in the funds involves risks, including those arising from stock andbond markets, currency exchange rate and interest rate volatility.Investors should always obtain professional advice before investing in ourfunds.Cavendish Asset Management Limited is registered in England no. 735076at Chelsea House, West Gate, London W5 1DR. 2011/046West World, West Gate, London W5 1DTTel 0800 028 66 59 13 WWW.CAVENDISHAM.CO.UK