About Convictions AMAllocation Euro Morningstar Convictions Classic UCITS fund Convictions Infinite...

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www.convictions-am.com Observe, Understand, Invest As of March 28 th , 2013, Convictions AM manages assets accounting to € 539.5 million through a range of funds: Convictions Premium - € 522.6 million Convictions Europactive - € 3.8 million Convictions Infinite - € 2.8 million Convictions Classic - € 10.3 million About Convictions AM Convictions Asset Management is an independent asset management firm authorised by the AMF (French financial market authority). The company has been created by Philippe Delienne and a small team of asset management professionals. Our success is based on our fund management method according to a Global Macro / Top Down approach. We invest in all asset classes, focusing on economic scenarios and the analysis of central banks’ monetary policies. Our multi-disciplinary team has 32 members, over a third of whom works exclusively in asset management, research and analysis. Convictions AM is an asset management firm authorised by the AMF, with licence number GP 08000033. Presentation History Key figures The history of the company is inextricably linked to the history of the Convictions Premium fund: In 2003, Philippe Delienne, co-founder and Vice President of La Française des Placements, wanted to create Convictions Premium, a fund dedicated to a close group of investors. The fund was managed by himself and a few colleagues using a Global Macro/Top Down approach, which he defined with a performance target of 7% over the medium term and a limited volatility (max. 7%). Having consistently achieved its performance and risk control objective, the fund has expanded its client base to include private banking, wealth management consultants and institutional investors. Consistent with this development, Philippe Delienne decided in 2007 to create a management company called «Conviction Asset Manage- ment», which took over the management of the Convictions Premium fund. In December 2007, the company expanded its product offering to include Convictions Europactive, a flexible fund invested in the European equity markets and eligible for share savings plans. In 2012, Convictions AM decided to increase its range of funds allocation by creating two new funds (Convictions Classic and Convictions Infinite) to offer its clients greater diversification of their investments. The Convictions Classic fund invests in all bond asset classes, in all geographical areas and unconstrained allocation. The fund aims to achieve steady performance* with a maximum volatility of 5%. The Convictions Infinite fund offers a dynamic management style and has extensive investment flexibility to achieve the performance objec- tives while respecting** volatility below 12% over a long-term investment time frame. * outperform its benchmark (60% iBoxx € Corporate TR 1-5 + 30% capitalized Eonia + 10% DJ Euro Stoxx Index) over the recommended investment horizon/period (over 3 years). ** outperform its benchmark (70% MSCI World Hedge EUR + 20% JPM GBI EUR Hedge capitalized Eonia + 10%) of the recommended investment horizon/period (over 7 years).

Transcript of About Convictions AMAllocation Euro Morningstar Convictions Classic UCITS fund Convictions Infinite...

Page 1: About Convictions AMAllocation Euro Morningstar Convictions Classic UCITS fund Convictions Infinite UCITS fund • The fund’s objective is to achieve a 7% annualized performance

www.convictions-am.com

Observe, Understand, Invest

As of March 28th, 2013, Convictions AM manages assets accounting to € 539.5 million through a range of funds:

Convictions Premium - € 522.6 million Convictions Europactive - € 3.8 million Convictions Infinite - € 2.8 million Convictions Classic - € 10.3 million

About Convictions AM

Convictions Asset Management is an independent asset management firm authorised by the AMF (French financial market authority). The company has been created by Philippe Delienne and a small team of asset management professionals.

Our success is based on our fund management method according to a Global Macro / Top Down approach. We invest in all asset classes, focusing on economic scenarios and the analysis of central banks’ monetary policies.

Our multi-disciplinary team has 32 members, over a third of whom works exclusively in asset management, research and analysis.

Convictions AM is an asset management firm authorised by the AMF, with licence number GP 08000033.

Presentation

History

Key figures

The history of the company is inextricably linked to the history of the Convictions Premium fund:

In 2003, Philippe Delienne, co-founder and Vice President of La Française des Placements, wanted to create Convictions Premium, a fund dedicated to a close group of investors. The fund was managed by himself and a few colleagues using a Global Macro/Top Down approach, which he defined with a performance target of 7% over the medium term and a limited volatility (max. 7%). Having consistently achieved its performance and risk control objective, the fund has expanded its client base to include private banking, wealth management consultants and institutional investors.

Consistent with this development, Philippe Delienne decided in 2007 to create a management company called «Conviction Asset Manage-ment», which took over the management of the Convictions Premium fund.

In December 2007, the company expanded its product offering to include Convictions Europactive, a flexible fund invested in the European equity markets and eligible for share savings plans.

In 2012, Convictions AM decided to increase its range of funds allocation by creating two new funds (Convictions Classic and Convictions Infinite) to offer its clients greater diversification of their investments.

The Convictions Classic fund invests in all bond asset classes, in all geographical areas and unconstrained allocation. The fund aims to achieve steady performance* with a maximum volatility of 5%.

The Convictions Infinite fund offers a dynamic management style and has extensive investment flexibility to achieve the performance objec-tives while respecting** volatility below 12% over a long-term investment time frame.

* outperform its benchmark (60% iBoxx € Corporate TR 1-5 + 30% capitalized Eonia + 10% DJ Euro Stoxx Index) over the recommended investment horizon/period (over 3 years).

** outperform its benchmark (70% MSCI World Hedge EUR + 20% JPM GBI EUR Hedge capitalized Eonia + 10%) of the recommended investment horizon/period (over 7 years).

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Investment Process

Investors

Convictions AM is owned by the independent group CLORAN Finance (70%), which includes equity interests held by founders, mana-gers and employees of Convictions AM, and Crédit Mutuel Nord Europe through its subsidiary La Française AM (30%).

CLORAN Finance is the Group’s holding company which defines the strategy of the Group entities, collects the investments and sup-ports the development of the Group. It includes a Strategic Planning Committee consisting of outside consultants with considerable experience in asset management. As of end of 2012, CLORAN Finance’s working capital was €11 million.

Convictions AM’s working capital of €6 million provides the company with the means required to successfully pursue its development.

Organization chart

CEO AdviserD. MARIETTE

ComplianceF. SEGALEN

Cloran Finance

P. DELIENNE P. LE BOULERE P. RIVIERE J.COIRIER

Convictions AM

Analytic & Prospective Committee

P. SERREHead of Investor Relations

P. DELIENNE P. LE BOULERE A. LECLAIR PH. CASSOU P. CAPARROS H. GRESH

P. DELIENNE - A. HEZEZ - J.BLOT - JL. BRUGUIÈRE - D. MARIETTE - T. DE MONTBRIAL C. PIERRET - F. VEVERKA

Advisory Board/Board of Directors

70%30%

Group Strategic Committee

H. RIANTPrivate Management

& Communication

P. LE BOULEREDeputy General Manager

A. HEZEZCIO

Philippe DELIENNEPrésident

La Française AM Group

Investment Team

M. ALLAUME - P. BARRAL - C. DAILLAND - G. DE RAYNAL - S. MANDELBAUMJ. OUAFQA - A. TAILLEFER - J.F. TILQUIN

32% IFAs

32% Private Banking

(Private Banks,

Asset Management)

21% Institutionals

15% Family Offices

S. AFRIATCOO & Risk Controller

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ExpansionInterest Rates HikeCommodities, Equities,

Convertible Bonds, Hedge Funds

Convictions AM AUM

Investment Process

The fund allocation takes into consideration major macroeconomic trends and monetary policies of Central Banks.

Assets Allocation

SlowdownRates stability

Bonds, Hedge Funds, Cash

RecoveryRates stability

Commodities, EquitiesConvertible Bonds

RecessionInterest Rates Cut

Bonds

TOP DOWN GLOBAL MACRO ANALYSIS AND CENTRAL BANKS POLICIES form the core of our investment process.

EVEN THOUGH THE FUND CAN INVEST IN ALL ASSET CLASSES equities, commodities, real estate, bonds, convertible bonds, FX..., the allocation takes into consideration our macroeconomic analysis.

WE INSURE A RIGOROUS RISK MANAGEMENT PROCESS to assess the ex-ante volatility target using stress test scenarios, flags and stop loss.

WE ALWAYS INTEGRATE A UNIQUE HEDGING TOOL AGAINST UNEXPECTED VIOLENT MARKET DROPS CARETM

«Couverture Active des Risques Extrêmes» (Active hedging of Extreme Risks)

Our Convictions

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MACROECONOMIC ANALYSIS• Top-Down analysis of macroeconomic factors

• Economic scenarios and market analysis• ideas selected by the investment committees

INVESTMENT DECISIONS

PORTFOLIO CONSTRUCTION• Microeconomic Analysis

• Investment support selection • Flags, Stop-loss & CARETM

• Trend analysis • Tactical management

RISK MANAGEMENT• Risk analysis

• Risk budget definition • Stress tests

PORTFOLIO SIMULATIONS AND LIMITS BY STRATEGY

Investment Process

Risk Management

THE PORTFOLIO ALLOCATION IS SUBJECT TO A RIGOROUS RISK BUDGETING PROCESSThe risk assessment and management are integrated along the whole investment process.Risks are estimated on each investment (short term and long term volatilities, VaR, CVaR, correlations,..) and the impact of each asset class is calculated on the overall risk of the portfolio.

SINGLE POSITIONS MANAGEMENTFor each holding in the portfolio the risk manager defines different flags & stop-loss levels based on its volatility.

CARETM We have developed a proprietary model: CARE™ (Couverture Active des Risques Extrêmes - active cover of extreme risks) to protect the portfolio from extreme market dislocations through a basket of put options.

Risk Management Risk Definition Risk Analysis Protection Strategy

Max exposure by holdings

Specific risks Botton-up analysis

Asset allocation based on risk budgets

Stop-loss alert/FlagsVolatility

Analyse des corrélationsAnalyse des volatilités

Normal Market

Unpredictable risks Risk assessment during market crisis

Portfolio management of options: CARETM

UnexpectedMarket Crushes

Liquidity CrisisCredit Crunch

BID/ASK SpreadsVolumes/Liquidities

Liquidity analysis• Stabilize the hedging levels AND• Reduce positions

Stressed Market High volatility Analysis of implicitvolatility

• Keep the positions at an acceptable level AND• Suspension of stop loss

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Convictions AM Funds

For further details on available shares please request the fund weekly reports or contact Convictions AM

Convictions PremiumUCITS fund

Convictions EuropActiveUCITS fund

Morningstar

EUR Flexible Allocation 5 years

World Flexible Assets Allocation Euro

Dynamic Assets Allocation

Europe Dynamic Assets Allocation Euro

Morningstar

Convictions ClassicUCITS fund

Convictions InfiniteUCITS fund

• The fund’s objective is to achieve a 7% annualized performance over more than 3 years with a maximum volatility of 7%. The fund’s strategy is to invest globally in all asset classes using all types of supports. • The fund has a discretionary and active Top/Down Global Macro investment style. A global understanding of the macroeconomic environment (through the study of published economic data and information collected from Central Banks) is fundamental.

• The Convictions infinite fund seeks to outperform its benchmark over the recommended investment period (over 7 years) with a maximum annualized volatility of 12%.

• The fund invests in all asset classes (bonds, equities, convertibles, absolute performance, currencies, etc;) and all geographical areas (Europe, USA, Asia, Emerging Countries). It can invest significantly in alternative strategies (Long/Short, Global Macro, CTA, Merger Arbi-trage, distressed, etc;). The portfolio allocation is determined by a Macro Top / Down process based on the analysis of macroeconomic cycles and monetary policies of central banks.

• Benchmark : 70% MSCI world hedged EUR + 20% JPM GBI hedged EUR + 10% capitalised Eonia.

• The Convictions Classic fund seeks to outperform its benchmark over the recommended investment period (over 3 years) with a maximum annualized volatility of 5%. The fund offers a distribution share to provide quarterly additional incomes.

• The fund invests mainly in bonds (sovereign bonds, High Yield, credit, etc) in all geographical areas (Europe, USA, Asia). Due to its low volatility profile, the fund invests mainly in bond markets. The portfolio allocation is implemented in a macro Top / Down cycles process based on macroeconomic and monetary policies.

• Benchmark : 60% iboxx € Corporate 1-5 TR + 30% Capitalised Eonia + 10% DJ Euro Stoxx Index.

• The fund’s objective is to outperform -over 5 years- the Dow Jones Stoxx 600 index while actively managing risk to reduce market downturn impacts.

• Convictions EuropActive is a flexible fund investing in the European equities and combining top down market exposure & thematic selection with a bottom up stock picking process.

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Cloran FinanceP. DELIENNE - P. LE BOULERE - PH. CASSOU - P. CAPARROS - H. GRESH - A. LECLAIRGroup Strategic Committee

PHILIPPE DELIENNE - Convictions AM President A graduate of ISFA (Lyon), Philippe Delienne began his career at Caisse Centrale des Banques Populaires in 1972. In 1974 he joined Crédit Agricole where he remained until 1987 : he was the Head of the Fixed Income department, then the took the responsibility of the Bond Group. After a stay in the US (Chicago) as a Vice President he headed the Treasury department of Caisse Nationale du Crédit Agricole up to 1987.From 1988 to 1989, while Chief Executive Officer of banque CPR and Chairman of CPR Gestion, he founded the first French online broker : CPR Bourse, later CPR e*Trade.In 2000 he co-founded the asset management company La Française des Placements. In 2003, to meet investors expectations with regards to asset management, he created the Convictions Premium fund.In 2008 he founded Convictions AM.

PIERRE LE BOULERE - Convictions AM Deputy Chief Executive OfficerA graduate of the Ecole Supérieure de Commerce de Caen-Le Havre and holder of a DECS diploma (chartered accountant), Pierre Le Boulère started his career as a financial controller with BHV SA (1981-1984). From 1984 to 1994 he is a deputy director at BHV Services n°1, from 1995 until 2004 he is a Chief Financial Officer at BHV, and then a director of audit and internal control at the Galeries Lafayette Group. Pierre Le Boulère joined Convictions AM as a Deputy Chief Executive Officer in 2007.

PIERRE-HENRI CASSOUAlumnus of Ecole Polytechnique and Ecole Nationale d’Administration, Pierre-Henri Cassou successively fulfilled the positions of Insurance Control Commissioner (1969-1973), civil administrator in the Treasury department at the Minister of Economy (1973-1984) and General Secretary of the credit institutions and investment firms committee (CECEI) (1984-2001). Since 2001, he has been a Senior Advisor at Deloitte Consulting.

ALAIN LECLAIRA graduate of H.E.C. and the I.E.P. of Paris, member of the Supervisory Board and the Strategic Planning Committee of Fonds de Réserve pour les Retraites (FRR), Alain Leclair was Chief Executive Officer of Paribas Asset Management (Paris, Tokyo, New York , London) from 1981 to 1999 and Director of Banque Paribas from 1990 to 1999, and successively President of the French Association of Financial Management (AFG) from 1997 to 2009. A former President of the European Federation of Investment Funds and Companies (FEFSI) from 1999 to 2000, Alain Leclair is Chevalier of the Legion of honor.

PEDRO CAPARROSA graduate of ESSEC business school, Pedro Caparros worked from 1981 to 1997 within Crédit National as successively a director of finance and treasury, a member of the executive committee, and an adviser of the Chairman. He subsequently joined the La Poste Group where he served as a Director of Financial Management, and then as an advisor to the President of Banque Postale (1998-2006). From 2007 to 2009 he was director of international development at Caisse Nationale des Caisses d’Epargne, and since 2009 he has been a member of Pecafi and Associates.

HANI GRESHA graduate of E.N.S.A.E., holder of a post-graduate specialisation in economics, Hani Gresh started his career within the Minister of Economy, Ministery of Labor (1968-1984) before joining from 1984 to 1997 Suez Lyonnaise as a Deputy Director. He then fulfilled the position of President of GIE AFER (1997-2002) and successively President and Chief Executive Officer of Union Financière de France (2002 to 2009).

P. DELIENNE - P. LE BOULERE - J.COIRIER - N. DUBANAdvisory Board/Board of Directors

NICOLAS DUBANA graduate of ISG Business School and a holder of a master in Capital Markets as well as a member of the SFAF (Société Française des Analystes Financiers), Nicolas Duban has been the President of NExt AM, New Talents and Expertise AM, an affiliate of La Française AM) since January 2012.After beginning his career as Executive Assistant for the Bank Henin, he took the responsibility of Fixed Income within the CRI group, then at AIG and later at Manufacturers Hanover Bank. He then served as Deputy Managing Director for BFT Gestion (Crédit Agricole Group). In 2001 he joined “La Française des Placements” as a Deputy Managing Director. From 2009 to 2012 he served as a Managing Director for La Française AM Financial Services. Since 2009 he has been a member of the Board of La Française AM and a member of the Board of La Française AM Finance Services.

JEROME COIRIERA Director of Group Organization and Partnerships at GIE UFG since January 2010, Jérôme Coirier served as a financial controller at C.G.E.R. Bank (1992-1994), a general secretary at Multifonds (1996-1998) and a director of back-offices at Fimagest (1997-1998). Later, he served as a director of organization at KBL France (1998-2004), a director of mission for FBH Associates (2005-2007) and a general secretary of LFP (2008-2009). Jérôme Coirier holds a D.E.S.C.F. degree.

Convictions AM

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P. DELIENNE - P. LE BOULERE - A. HEZEZ - H. RIANT - P. SERRE Convictions AMExecutive Committee

HUGUES RIANT - Private Management and Communication, Convictions AM, CIFA graduate in General Management of ESSEC business school and Institut Supérieur de Gestion, Hugues Riant was a financial adviser for private clients at Merrill Lynch (1987). Later, he became a senior executive vice president Sales and Marketing with EuroRSCG Omnium (1988-2000), then a partner at La Française des Placements where he served as head of marketing and communication (2000-2004). From 2004 to 2007 he was head of development at La Française des Placements Gestion Privée.In 2008, Hugues Riant joined Convictions AM as Head of Private Development and Communication.

ALEXANDRE HEZEZ - Convictions AM CIOA graduate of ISFA (Lyon), Alexandre Hezez joined BAREP in 1998 to work on interest rate markets. From 1998 to 2000 he was a risk manager at Banque CPR, in charge of managing market risk on the company’s own account. From 2000 to 2006 he was a partner at La Française des Placements, where he served as an equity manager and was responsible for quantitative research. From 2006 to 2008, he was a deputy chief financial officer and a head of management at Roche-Brune, a company specializing in equity management. In 2008, Alexandre Hezez joined Convictions AM as Chief Investment Officer.

PATRICK SERRE - Convictions AM Head of Investor RelationsA graduate of Institut Supérieur de Gestion and former fellow at IHEDN, Patrick Serre was an associate director at CCF and Banque Transatlantique (CIC Group) from 1986 to 1990, a board member and head of investor relations and institutional management at Fortis Investments (France) from 1990 to 2000, a president and CEO at CCF-SEI (HSBC Asset Management Group) from 2000 to 2001, a member of the board of directors at SEI Investments (France) from 2001 to 2003 and a senior executive vice president Sales & Marketing at Systeia Capital Management (Crédit Agricole Asset Management) from 2003 to 2009. Patrick Serre joined Convictions AM as Head of Investors Relations in 2009.

Convictions AM

Investment Team

Damien GRULIER - Responsible for quantitative researchAn engineer graduate of ENST (Telecom Paris) and of Institut d’Etudes Politiques de Paris (Sciences Po) as well as a CFA charterholder, Damien Grulier was a founding partner of Traderforce (1999-2001) before joining the Risk Management Project team of Banque du Louvre in 2002 and the IT development service of the commodity desk, front office, of Société Générale in 2003. In 2004 he left for Reuters where he served as a risk software projects manager until 2006. From 2007 to 2013 he was a Senior Analyst Quant Strategy for Exane Derivatives.In March 2013, Damien Grulier joined Convictions AM investment team as Responsible for Quantitative Research.

PIERRE BARRAL - Senior Portfolio ManagerA graduate of ESDE business School, Pierre Barral began his career as a trader at Banque Générale du Phénix (1990-1992), then at Bank of Tokyo (1992-1993). He joined CPR Bank in 1993 as a senior trader on proprietary trading then he moved to Natixis AM in 2000 as a portfolio manager for institutional clients.Pierre Barral joined Convictions AM in May 2011 to work in the investment team as a senior portfolio manager.

CYRIAQUE DAILLAND - Analyst/ManagerA graduate of Lyon University, holder of a B.S.c in Economics and Business Management and a master in financial markets from Clermond Ferrand University, Cyriaque Dailland began his career as an analyst /multi-manager at La Française des Placements from 2008 to 2009. He joined Convictions AM in 2009 to work in the investment team as a manager / financial analyst.

JOFFREY OUAFQA - Manager/AnalystA graduate of Dauphine university with a master in business management and holder of a master in finance from Paris-Sorbonne university, Joffrey Ouafqa joined in 2006 Roche-Brune AM where he served as an equity analyst until 2008. In 2009 he joined Convictions AM as a manager / financial analyst.

ALAIN TAILLEFER - Manager/AnalystAlain Taillefer began his career at Crédit Lyonnais as a trader for German institutional investors (1981-1987), and successively as a trader of French and European stocks for SICAV managers at Crédit Lyonnais Asset Management (1987-1991). In 1991 he moved to the Credit Lyonnais Securities Group as a trader on the European stocks and futures markets for large clients until 1995, and as a senior proprietary trader of European stocks and futures until 2003. In 2003 he joined Systeia Capital Management to serve as a senior trader with the Equity Quant fund and Futures CTA fund until 2005, and as a trader with the Global Equity Event Driven fund until 2009. In 2009 he joined Convictions AM to work as a manager / financial analyst.

GUILLAUME DE RAYNAL - Economic Intelligence AnalystAn holder of a master 1 of Economics and a master 2 of Economic intelligence from Toulouse University, Guillaume de Raynal after working for SAS Secteur Public and CSGL-CLEID in Toulouse joined the research team of Convictions AM in 2012 as an economic intelligence Analyst.

P. BARRAL - C. DAILLAND - G. DE RAYNAL - D. GRULIER - S. MANDELBAUM - J. OUAQA - A. TAILLEFER - J.F. TILQUIN

STEPHANE MANDELBAUM - Economic ResearchA Graduate of Essec business school, Stéphane Mandelbaum also holds a master of history from Sorbonne university. He participated in the financial analyst professional program «Burkenroad Reports» at Tulane University (New Orleans, USA), and he accomplished several missions as an analyst for Accenture (Paris), Hang Lang Properties (Hong Kong), Oxyvie (Paris), Lorentz, Deschamps et Associés (Paris). In 2011 he joined the research team of Convictions AM.

JEAN-FRANCOIS TILQUIN - Senior Portfolio ManagerA holder of a master degree in banks and finance from Dauphine University, Jean-François Tilquin started his career as a fund manager for the UAP (today part of Axa) from 1987 to1994. After that he joined Fimagest as Head of the international bonds and diversified mandates department from 1994 to 1997. In July 1997 he co-founded the asset management company Expertise AM where he stood as a partner, in Paris and Boston until 1999, when he moved to Tokyo in order to create and lead the fixed income and diversified asset management activity for AXA Investment Managers. In July 2002 he served as a Director of Investment for the SCOR Group in Paris, which he left in 2008. After that he took the position of investment and asset management advisor within CII Finance.In 2012 he joined Convictions AM in 2009 to work in the investment team as a senior portfolio manager.

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Convictions AM

Analytic & Prospective Committee P. DELIENNE - A. HEZEZ - J.BLOT - JL. BRUGUIÈRE - D. MARIETTE T. DE MONTBRIAL - C. PIERRET - F. VEVERKA

DOMINIQUE MARIETTE - Adviser to the President, Convictions AMA chief editor at Telpresse Banque (1984-1987), a chief editor at Option Finance (1987-1988), a deputy chief editor Finance / Markets at Agefi and a chief editor at Haute Finance (1988-1991), a chief editor Finance / Markets at La Tribune (1991-2008), then an editor of the www.slate.fr site (2009), Dominique Mariette has been the Adviser to the President since 2008.

JACQUES BLOTAlumnus of the E.N.A., Jacques Blot graduated from Sciences-Po and holds a master in Law. He held various positions, such as Assistant Secretary-General of National Defense, Deputy Chief of Staff to the Minister for Foreign Affairs, Technical Adviser to the President of the Republic, Head of Europe, Permanent Representative of France to the NATO, General Manager of Political Affairs, Ambassador of France in Italy. Appointed Councillor Extraordinary at the French Council of State in 2002 (Department of Economics), he was a Researcher at the Institute for Strategic Studies (I.I.S.S., London) and the Royal College of Defense Studies (London), and the Chairman of Culturesfrance (2006 -2008). Jacques Blot is a Commander of the Order of Merit, and a Commander of the Legion of Honor.

FRANCOIS VEVERKAA graduate of ESSEC Business School and an alumnus of ENA, François Veverka held various posts within the Secretary of Finance from 1978 to 1986 : a civil administrator (1978), an assistant of Heads of Foreign Economies and International Trade & Capital Markets in the Forecast department (1978-1980), a financial Attaché at the French embassy in West Germany (1982-1984), a Head of Europe Economies Bureau and a Head of public administration in the forecast department (1984-1986). From 1987 to 1991 he is a chief investment officer at COB (French stock exchange control organism). In 1991 he joins Standard & Poors as a member then a President of Standard & Poors-ADEF (1991-1997), and then a a Chief Executive Officer and Europe and Managing Director in charge of Institutional Affairs, Standard & Poors Rating Services (1997-2007). From 2007 to 2008 he holds the position of managing director at Compagnie de Financement Foncier - CFF Group. Since 2008, François Veverka has been a Director and a Chairman of the audit and risk Committee at Crédit Agricole SA, Crédit Agricole CIB and LCL, and a member of the strategic planning Committee and the compensation Committee of Crédit Agricole SA.THIERRY DE MONTBRIAL

An alumnus of the Polytechnique leading school, holder of a PhD in Economics from the University of Berkeley (California) and a former general engineer of the Corps des Mines, Thierry de Montbrial is the CEO of IFRI (the French Institute of International Relations), which he founded in 1979. A professor emeritus at the Conservatoire National des Arts et Métiers, he launched the World Policy Conference in 2008. He has been a member of the Academy of Moral and Political Sciences of the Institut de France since 1992 and an associate member of many foreign academies, including the Russian Academy of Sciences. He serves on the Board or Advisory Board of several companies and international institutions.Thierry de Montbrial headed the Economics department of the Polytechnic between 1974 and 1992. He was the first President of the Foundation for Strategic Research (1993-2001). He established the Center for Analysis and Forecast of the Secretary of Foreign Affairs and served as its first director (1973-1979). He is the author of fifteen books, translated into several languages.He is Commander of the Legion of honor and holds numerous other French and foreign decorations.

JEAN-LOUIS BRUGUIEREJean-Louis Bruguière was appointed as an investigating judge in Evreux then in Paris from 1973 to 1995; From 1995 to 2007 Judge Bruguière led and coordinated the anti-terrorism section of the Paris Court of Serious Claims. In 2008 he had been appointed by the European Union as an Eminent European Person representing Europe in the US within the framework of the US Terrorism Finance Tracking Programme. In 2010, he joined the science committee of the “Conseil Supérieur de la Formation et de la Recherche Stratégique”. He also takes part of the World Economic Forum and joined in 2009 the Board of Advisors of Chertoff Group LLC. Jean-Louis Bruguière is Officer of the Legion of Honor and commander of the national Order of the Merit.

CHRISTIAN PIERRETAn alumnus of the Ecole Nationale d’Administration, graduate in economics, Mayor of Saint Dié des Vosges, elected Representative of the Lorraine region, President of the Federation of medium-sized cities (FVM), Civil administrator, former Minister for Industry, Small and Medium Enterprises, Trade, Craft and Consumption, Christian Pierret has held numerous management positions in the Socialist Party. He is currently an Associate Lawyer (Partner) at August and Debouzy. He is also member of the board of directors for several innovative SMIs: Déinove (Alternext), Pharnext (Alternext) and GrDF.He has been a Chairman of the supervisory committee of the Caisse des Dépôts et Consignations (1988-1993), Chairman of the Higher Committee of the Caisse Nationale de Prévoyance (1986-1988), a Vice-Chairman of the Accor Group (1993-1996) in charge of legal and tax.Author of several books, he is a Knight of the Legion of Honor, Order of Academic Palms, Arts and Letters. He is member of the Franco-British Council.

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Convictions AM15 bis rue de Marignan, 75008 Paris, France

Tel : +33 (0) 1 70 37 39 50 www.convictions-am.com I [email protected]

AMF: GP08000033 I 494 909 906 RCS PARIS B

The information, opinions and materials contained in this document are provided for informational purposes only and are subject to change without notice. Nothing contained on this document constitutes investment, legal, tax or other advice nor is to be relied upon in making an investment or other decision. Past performance is no guarantee of future performance. The information and opinions contained on this document are provided without any express or implied warranty. The full prospectus of the fund is available on our website www.convictions-am.com or upon request . The presented funds can not be bought or sold or promoted in any jurisdiction where the funds are not legally authorized.

Awards & Partners

Tremplin 2009, 2010 & 2011Diversified Fund

Tremplin 2009Launch of the year

Partner of:

Contacts

Patrick SERREHead of SalesTel : +33 (0)[email protected]

Nicolas GAUTIERInstitutional and Private BankingTel : +33 (0)1.70.37.39.88 [email protected]

Edoardo CHIOZZI MILLELIRE International DevelopmentTel : +33 (0)1.70.37.36.09 [email protected]

Philippe WELLER International DevelopmentTel : +33 (0)[email protected]

Muriel SERGENTMarketing & Clients SupportTel : +33 (0)[email protected]

2013

SOCIETES DE GESTION(encours inférieur à 1Md€)

Page 10: About Convictions AMAllocation Euro Morningstar Convictions Classic UCITS fund Convictions Infinite UCITS fund • The fund’s objective is to achieve a 7% annualized performance

www.convictions-am.com

Convictions Asset Management

10

Notes

Page 11: About Convictions AMAllocation Euro Morningstar Convictions Classic UCITS fund Convictions Infinite UCITS fund • The fund’s objective is to achieve a 7% annualized performance

Observe, Understand, Invest

Page 12: About Convictions AMAllocation Euro Morningstar Convictions Classic UCITS fund Convictions Infinite UCITS fund • The fund’s objective is to achieve a 7% annualized performance

OBSERVE,

INVEST.

UNDERSTAND,