Trium Blackwall Europe L/S Fund - Trium UCITS -...
Transcript of Trium Blackwall Europe L/S Fund - Trium UCITS -...
Trium Blackwall Europe L/S Fund
ObjectiveOver a 5-7 year cycle, the Trium Blackwall EuropeL/S Fund intends to achieve an absolute annualreturn of 12-15%.
During cyclical bear markets, the intention is to atleast preserve capital.
Trium Blackwall Europe L/S Fund is a value-based long/short
equity fund
Investments are made in a limitednumber of fundamentally
mispriced European companies
– Limited number of fundamentally mispriced stocks– Only invest in companies we understand– Primacy of risk control– Margin of safety– Aim to generate profit with every single investment
Investment philosophy
– Integrity and honesty are cultural cornerstones– Staff ownership generates stability– Variable remuneration re-invested– Strategy capacity limited to avoid compromise on returns
– Unconventional thinking to achieve superior returns– Create our own ideas– Scepticism and contrarian– Respect history and market cycles
– Ideal investment horizon is about 3-5 years– Real fundamentals control the long-term– Compounding effect to the benefit of the investor– Preference to hold cash to any unfounded investment
– Typically: long-bias with 80-100% gross equity exposure– Maximum gross equity exposure: 100%– Maximum long equity exposure: 100%– Maximum short equity exposure: 50%
Research
Risk assessments
Valuation
Insights
Analysis
Proprietaryfinancial quantscreen
Prospectsscreen
Analysts,Forensicdue diligence
Blackwall’s advisers
Partners
Industryexperts
Analysts
Investors
Companymeetings
Refineresearch
Enhancedprospectsscreen
Write upinternalresearch
Updateinternalresearch
Full positionassessmentmeeting
Continuousportfoliodecisions
Setexitrules
Monitorexitrules
Look forotheropinions
Look forotheropinions
Look forotheropinions
Look forotheropinions
Refine risksForensic reports
Refinedrivers &catalysts
Refinevaluation
Insightsindustryexperts
Insightsanalysts
Insightsinvestors
Meetcompany(site visit)
Monitoring
Follownews &reporting
Reassessrisks &assumptions
Updatevaluation
Insightsindustryexperts
Insightsanalysts
Insightsinvestors
Call/Meetcompanyregularly
Call/Meetcompetitors
Call/Meetcompetitors
Initialresearch
Risks
Drivers &catalysts
Initialvaluation
Insightsindustryexperts
Insightsanalysts
Insightsinvestors
Call/Meetcompany(IR-level)
Full position assessmentFull position assessmentIdea generation MonitoringInitial assessment(continuous process) (three to five years)(up to a few weeks) (up to a few months)
InternalResearch
ExternalExperts
Company
Insights
Company representatives
Analysis
Decision to proceed with full position assessment
Decision topromote idea
Investment decisionon full position
Positionmanagement & Exit
Investment Process
Risk management is an integral part of the entire investment strategy,philosophy and process
Risk is the probability of permanent loss of capital
The aim is to reduce risk by
– only investing in companies we understand
– forensic due diligence to deepen risk analysis
– buying/shorting with a margin of safety
– not using leverage
The intention is to generate a profit with every single investment
If an investment thesis proves to be incorrect, the story is not
rewritten, but the position is exited. In such a case, the margin of
safety should allow exit without a loss.
Short-term volatility is acceptable
In aiming for an average long-term return of 12-15% annually, the
return ambitions imply that the fund may experience a high level of
volatility from time to time.
Risk 1. Risk management within the process
Risk management
Proprietaryfinancial quantscreen
Prospectsscreen
Analysts,Forensicdue diligence
Blackwall’s Advisors
Partners
Industryexperts
Analysts
Investors
Companymeetings
Refineresearch
Enhancedprospectsscreen
Write upinternalresearch
Updateinternalresearch
Full positionassessmentmeeting
Continuousportfoliodecisions
Setexitrules
Monitorexitrules
Look forotheropinions
Look forotheropinions
Look forotheropinions
Look forotheropinions
Refine risksForensic reports
Refinedrivers &catalysts
Refinevaluation
Insightsindustryexperts
Insightsanalysts
Insightsinvestors
Meetcompany(site visit)
Monitoring
Follownews &reporting
Reassessrisks &assumptions
Updatevaluation
Insightsindustryexperts
Insightsanalysts
Insightsinvestors
Call/Meetcompanyregularly
Call/Meetcompetitors
Call/Meetcompetitors
Initialresearch
Risks
Drivers &catalysts
Initialvaluation
Insightsindustryexperts
Insightsanalysts
Insightsinvestors
Call/Meetcompany(IR-level)
Full position assessmentIdea generation MonitoringInitial assessment(continuous process) (three to five years)(up to a few weeks) (up to a few months)
Internalresearch
ExternalExperts
Company
Riskmanagement
Stock selection
Longs Shorts
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Portfolio construction LongLong positions: number of stocksTotal number limited to 20 positions
Weighting of an individual stockTypically 2-8 %, maximum of 10%
Holding periodTypically 3-5 years (bias towards 5 years)
ShortShort positions: number of stocksTotal number limited to 20 positions
Weighting of an individual stockTypically 1-4%, maximum of 5%
Holding periodTypically up to 3 years
LeverageNo leverage
Gross exposure to equitiesTypically: 80-100% (max100%)Long: max 100%;Short: max 50%
Net exposureTypically long bias
LiquidityDepending on the size of thestrategy: at maximum size, 50-70% of the portfolio willrepresent holdings of more than10x of daily trading volume
Administration
Investment AdvisorBlackwall Capital Investment AG
K Capital Holding AG Reserved for strategic partner & employees
Equity partners
Chief Investment Advisor
Thomas Karlovits
Back-up Risk Management& Compliance
Dr. Richard C. Mueller
COO, Head of RiskOperations & Compliance
Dr. Heinrich Lammer
Head of Research
Bernd Laux
Thomas Karlovits (CEO), Bruno Faoro (Chairman of the Board of Directors)
Fraser McKenzie ( Board Member)
Investment Advisor
4N6 Factory(Forensic service partner)
Lukas Fischer (CEO)
Peter Jonker (Member of Executive Board)
Advisory Board
Matthias KurthProf. Dr. Linda PelzmannJosé Antonio Hernández
Investment ManagerTrium Capital LLP
Service Providers
Prime BrokerMorgan Stanley
AuditorPwC
Administrator and CustodianNorthern Trust
LegalDillon Eustace
Head of UCITSAndrew Collins
Chief Operating OfficerRob Galione
Chief Risk OfficerOnno de Koster
Full biographies are shown in Appendix I
Investment Manager
Minimum investment €100,000 €5,000,000
Investment Management fee (p.a.) 1.50% 1.00%
Performance Incentive fee (p.a.) 15% 15%
Platform fee (p.a.) 15 bps
Lockup No
Liquidity Daily
High watermark Yes
Regulation UCITS
Fund terms
AppendicesI – Biographies
II – Investment process example (illustrative)
Appendix I – Biographies
Investment Advisor
Thomas Karlovits
From 2014 Blackwall Capital InvestmentFounder and CEO
2003-2014 Kepler CheuvreuxHead of European equity research (2013-2014)
Deputy Head of European research (2007-2013)
Investment strategy (incl. Selected Lists) (2008-2013)
Head of European telecoms sector (2005-2007)
2002-2003 SantanderHead of European telecoms sector
1998-2002 CheuvreuxSenior analyst, coverage of German telecoms
1996-1998 Schröder Münchmeyer Hengst (SMH)Senior analyst, coverage of German telecoms & utilities
1991-1996 Raiffeisen ZentralbankAnalyst, coverage of various sectors
Andrew Collins
From 2015 Trium CapitalPartner, Head of UCITS
2010-2015 Citibank, LondonDirector, Investor Services
2007-2010 JP MorganExecutive Director, Hedge Fund Derivatives
2005-2007 Fortis Bank, London, Director, Prime Fund Solutions
2002-2005 Ernst & Young, Dublin, Manager, Investment Management Group
2000-2002 Davy Stockbrokers (Davy Corporate Finance), Dublin
1998-2000 AIB Capital Markets
Rob Galione
From 2015 Trium CapitalChief Operating Officer
2010-2015 ECM Asset ManagementChief Operating Officer
1999-2010 European Credit Management Head of Operations
1996-1999 UBS AG SingaporeVice President Derivatives Middle Office
1987-1996 UBS AG LondonVarious roles in fixed income derivatives
Onno de Koster
From 2013 Trium CapitalChief Risk Officer
2000-2013 HSBC Investment BankSenior structurer, structured investment strategies (2005-2013)
Trader, retail products group (2005-2013)
1999-2000 Deutsche Bank, Quantitative Analyst
1997-1999 Rabobank, Quantitative Analyst
1996-1997 Van Lanschot Bankiers, Equity Derivatives Broker
Investment Manager
Appendix I – Biographies
Dr. Heinrich Lammer
From 2016 Blackwall Capital InvestmentCOO, Head of Risk Operations & Compliance
2012-2016 J.P.Morgan, ZurichSenior Banker
2008-2012 TBIC Asset Management, ZurichChief Executive Officer (CEO) / Chief Investment Officer (CIO)
1986-2008 Goldman Sachs, ZurichChief Investment Officer (CIO) and member of the Excutive Committee
Dr. Richard C. Mueller
From 2014 Blackwall Capital InvestmentIndependent Consultant
2006-2014 47 Degrees North Capital ManagementHead of Business and Corporate DevelopmentLegal Counsel
2002-2006 Man GroupInvestment, Operations & Transaction ManagerHedge Fund Ventures (Strategic Investments)
2000-2002 Bain & CompanyStrategy Consultant – Financial Services
Investment Advisor
Bernd Laux
From 2016 Blackwall Capital InvestmentHead of Research
2013-2016 Kepler CheuvreuxHead of European Semiconductor ResearchHead of German Equity Research
1998-2013 Credit Agricole CheuvreuxSenior Engineering / Technology / Semiconductor Research AnalystHead of German Research
1995-1998 Schröder Münchmeyer Hengst (SMH)Electronics and Capital Goods Research Analyst
1995 Procter & GambleFinancial Analyst, Internal Controls
1993-1995 Oppenheim FinanzalyseRetailing and Consumer Goods Research Analyst
Appendix I – Biographies
Professor Dr. Linda Pelzmann
From 2002 Professor and Head, Department of Economic Psychology, University of Klagenfurt
Since 2003 Member of sounding boards in international corporations and foundations
1999-2001 Research Professor at the Harvard University, Cambridge
1992-1999 Permanent Visiting Professor at the Vienna University of Economics and Business Administration, Vienna
1991 Visiting Professor at the University of Ljubljana
1991 Visiting Professor, World Health Organization, Bangkok
1990 Visiting Professor at the Bulgarian Academy of Sciences, Sofia
1984-1985 Visiting Professor in New Zealand
Blackwall’s Advisory Board
Matthias Kurth
From 2012 Executive Chairman of Cable Europe
2001-2012 President of the RegTP, since 2005 renamed to Federal Network Agency regulating telecoms, post, electricity, gas and railways
2000-2001 Vice President of the RegTP (Regulatory Authority for Telecoms and Post)
1999-2000 Member of the management of COLT Telekom
1994-1999 State Secretary in the Hesse Ministry of Economics, Transport, Technology and European Affairs
1978-1994 Member of the SPD Group in the Hesse Land Parliament
1980-1994 Lawyer at Dreieich, admission to the Darmstadt Regional Court
1978 Judge at the Darmstadt Regional Court
José Antonio Hernández
From 2000 Kepler Cheuvreux*, Global Head of Equity Brokerage – Research
1990 -2000 Espinosa Partners AV, SA. (Madrid), Equity Analyst
1989 -1990 Nebursa, SVB (Madrid), Analyst
1986 -1989 Arthur Andersen & Co (Madrid), Auditing Division
(*) In 2000, the company Espinosa Partners, A.V., S.A. transferred its activity to Kepler Capital Markets.
At that time, the corporate name of Kepler Capital Markets was Julius Baer, Sucursal en España.
Appendix I – Biographies
Forensic due diligence partners
Lukas FischerChairman of the Executive Board
From 2012 4N6 FactoryManaging Director, Chairman of the Executive Board
2007-2012 KPMG SwitzerlandHead of Forensics, Zurich
2000-2011 KPMG NetherlandsAdvisor, Business Ethics and Corporate Integrity (2010-2011)
Forensic Fraud Investigations & Prevention (2003-2011)
Advisor, Audit Department (2002-2003)
Peter JonkerMember of the Executive Board
From 2012 4N6 FactoryManaging Director, Member of the Executive Board
2007-2012 KPMG SwitzerlandForensics, Head of Ethics & Integrity
1998-2007 KPMG NetherlandsAdvisor, Business Ethics and Corporate Integrity
1996-1998 Municipality of EindhovenProject Manager, Reorganisation
Appendix I – Biographies
Longs – few, late stage
Shorts – many opportunities, early stage
Longs – many opportunities, early stage
Shorts – few, late stage
Neutral
Net Shortto Neutral
Net Long
Net Long
For illustrative purposes only. We are not soliciting or recommending any action based on this material
Long/short exposure
30
25
20
15
10
5
0
Cyclically Adjusted PE
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Key market drivers:credit, inflation &structural growth
Appendix II – Investment process example (illustrative)
Strategies referred to herein are neitherregistered under the Securities Act 1933, nor arethey registered under the Investment CompanyAct of 1940. Consequently, they cannot beoffered for sale or be sold in the USA, itsterritories, possessions or protectorates under itsjurisdiction, nor to nationals, citizens or residentsin any of those areas.
Unless otherwise indicated, the informationcontained herein is believed to be accurate as ofthe date on the front cover; however, norepresentation or warranty is made as to itsaccuracy, completeness or correctness, or as toits continued accuracy after such date.
The estimates, investment strategies, and viewsexpressed in this presentation are based uponpast or current market conditions and/or data andinformation provided by unaffiliated third parties(which have not been independently verified), maydiffer from estimates, investment strategies, andviews set out in other documents published byTrium and are subject to change without notice. Norepresentation or warranty is made as to thecorrectness, completeness and accuracy of dataand/or information provided by unaffiliated thirdparties or as to any assessment made on suchbasis.
Certain information contained in this documentconstitutes “forward-looking statements,” whichcan be identified by the use of forward-lookingterminology such as “may”, “will”, “should”,“expect”, “anticipate”, “target”, “project”,“estimate”, “intend”, “continue” or “believe” or thenegatives thereof or other variations thereon orcomparable terminology. Due to various risks anduncertainties, actual events or results or theactual performance of the Fund may differmaterially from those reflected or contemplated insuch forward-looking statements.
The information herein is not intended to provide,and should not be relied upon for, accounting,legal or tax advice or investmentrecommendations. A recipient should make anindependent investigation of the investment
described herein, including consulting your tax,legal, accounting or other advisors about thematters discussed herein and the possibleconsequences for an investment in the fund andthe risks involved.
This presentation is not intended to be, norshould it be construed or used as an offer to sell,or a solicitation of any offer to buy, interests orshares in any Fund managed by Trium. An offer orsolicitation will only be made by means of aProspectus (the “Prospectus”) which will containadditional information about a relevant fund,including disclosures relating to risk factors andconflicts of interest.
An investment in the Fund may not be suitable forall investors and may only be suitable only forcertain financially sophisticated investors whomeet certain eligibility requirements, have noneed for immediate liquidity in their investment,and can bear the risk of an investment in a Fundfor an extended period of time.
Investing in financial markets involves a substantialdegree of risk. There can be no assurance thatthe investment objectives of any strategydescribed herein will be achieved. Investmentlosses may occur, and investors could lose someor all of their investment. No guarantee orrepresentation is made that a strategy’sinvestment program, including, without limitation,its diversification strategies, or risk monitoringgoals, will be successful. Investment results mayvary substantially over time. Investment lossesmay occur from time to time. Nothing herein isintended to imply that a strategy’s investmentmethodology may be considered “conservative”,“safe”, “risk free” or “risk averse”. Economic,market and other conditions could also cause anystrategy to alter its investment objectives,guidelines, and restrictions.
Performance data of the strategies is not basedon audited financial data. Performance data of thestrategy is based on its Net Asset Value inaccordance with the valuation methodology in thestrategy’s Prospectus. Performance may be
Disclaimer
This document has been issued by Trium CapitalLLP (“Trium“) which is authorised and regulated bythe Financial Conduct Authority in the UK (registernumber 497640). It is a limited liability partnershipregistered in England, No. OC343790. Itsregistered office is at 60 Gresham Street, LondonEC2B 7BB. This document is for professionalinvestors and market counterparties only.
Trium is not acting as financial adviser or fiduciaryto any party to whom it delivers this presentationor who invests in a fund or managed accountmanaged by Trium. In particular, this presentation(in whole or in part) does not constituteinvestment advice. Before investing in a fund ormanaged account you should ensure that youfully understand its potential risks and rewardsand independently determine that it is appropriatefor you given your objectives, experience,financial and operational resources, and otherrelevant circumstances. You should consult withsuch advisors as you deem necessary to assistyou in making these determinations. Anyindicative terms provided to you are provided foryour information and do not constitute an offer, asolicitation of an offer, or any advice orrecommendation to invest in a fund or managedaccount (whether on the indicative terms orotherwise).
This presentation is intended for discussionpurposes only and does not create any legallybinding obligations on the part of Trium. Withoutany limitation, this presentation does notconstitute an offer, or invitation to offer or arecommendation to invest in a fund or managedaccount. These materials were designed for useby specific persons familiar with your businessand affairs and Trium assumes no obligation toupdate or otherwise revise these materials.Nothing contained herein should be construed astax, accounting or legal advice.
This document may not be reproduced ortransmitted to any other person without theexpress permission of Trium. Although the aboveinformation has been taken from sources which
Trium believe to be accurate, no warranty orrepresentation is made as to the correctness,completeness and accuracy of the information orthe assessments made on its basis.
The information contained in this document ispreliminary and is qualified and superseded bythe prospectus for the fund or governingdocument for the managed account to which itrelates, and in particular the risk factors andinformation on conflicts of interest describedtherein, and any investment decision should onlybe made following consideration of thatprospectus or other document. Any performancedata is based on a fund’s or an account’s actual orexpected net asset value in accordance with thevaluation methodology in its prospectus.Performance may be impacted by capitalcontributions and withdrawals and unlessotherwise stated is net of management,performance and other fees as described hereinand includes reinvestment of earnings. The fund’sor account’s fees may be modified or waived forcertain investors as described in its prospectusor other governing document. An investor's actualperformance and actual fees may differ from thedata reflected herein.
This presentation is confidential, is intended onlyfor the recipient’s own internal use and under nocircumstances may a copy be shown, copied,transmitted, or otherwise given to any personother than the initial recipient without the priorwritten consent of Trium. The distribution of thispresentation and/or the information containedherein in certain jurisdictions may be restricted,and, accordingly, it is the responsibility of anyrecipient to satisfy itself as to compliance withrelevant laws and regulations.
This presentation may not be provided to anyperson in the United States or to any U.S. Personas such term is defined under the Securities Actof 1933 of the USA, as amended. The informationcontained in this presentation about Trium is notdirected to any person in the United States.
impacted by capital contributions andwithdrawals and unless otherwise stated is net ofmanagement, performance and other fees asdescribed herein and includes reinvestment ofearnings. The strategy’s fees may be modified orwaived for certain investors. Please refer to thestrategy’s Prospectus for more informationregarding the strategy’s fees and other terms. Aninvestor’s actual performance and actual feesmay differ from the data reflected herein due toamong other factors, different share classes andeligibility to participate in “new issues“. It shouldalso be noted that certain share classes of thestrategy may be closed, including the share classfrom which the performance data presentedherein has been derived.
Past performance may not necessarily berepeated and is no guarantee or projection offuture results. Past performance is not a guide tofuture performance and the value of investmentsand the income derived from those investmentscan go down as well as up. Future returns are notguaranteed and a loss of principal may occur.Performance may be affected by economic andmarket conditions.
Information about market indices is provided forthe purpose of making general market dataavailable as a point of reference only. There is norepresentation that any index is an appropriatebenchmark for comparison. Index returns do nottake into account trading commissions and costsor other fees and expenses associated with theactive management of portfolios. The volatility ofindices may be materially different from theperformance of the strategy. The strategy’sholdings may differ substantially from thesecurities that comprise the indices. Furthermore,the strategy may invest in different tradingstrategies from the indices and therefore it shouldbe noted that the sector, industry, stock andcountry exposures, volatility, risk characteristicsand holdings of the strategy may differ materiallyfrom those of the indices. The performancereturns of the indices include the reinvestment ofearnings and are obtained from Bloomberg and
other third party sources. Although Trium believesthese sources to be reliable, it is not responsiblefor errors or omissions from these sources.
In certain jurisdictions the strategy may only beavailable to professional or otherwise qualifiedinvestors or entities. An investment in thestrategy involves a number of risks that is outlinedin the strategy’s Prospectus. There can be noguarantee that the strategy’s investmentobjectives will be achieved, and the investmentresults may vary substantially from year to year oreven from month to month. It may engage ininvestment practices or trading strategies thatmay increase the risk of investment loss and aloss of principal may occur. Trium may have totaltrading authority over the strategy, and thestrategy will be dependent upon the services ofTrium. The strategy’s fees and expenses asdescribed in the strategy’s Prospectus may offsetthe strategy’s gains. In addition, there may berestrictions on transferring interests in thestrategy, please refer to the strategy’s Prospectusfor additional information.
[23.11.2016 – A]
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