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UNIQUEINSIGHTINTELLIGENTINVESTINGFOCUSEDONPERFORMANCELONGTERMGROWTHEQUITYSPECIALISTSACTIVEFUNDMANAGEMENTUNIQUEINSIGHTINTELLIGENTINVESTINGF
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2 NOVEMBER 2011
This presentation is for investment professionals only and is not intended for retail clients
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OVERVIEW
The Cavendish Worldwide Fund
• Focused on a long-term growth-oriented perspective.
• As a result, tends to have a heavy concentration in emerging markets or stocks exposed to emerging economies.
• Near-term risk/reward profile means that the fund has an unusually high cash weighting.
• We are looking for opportunities to reduce cash (non-equity) holdings as equities tend to lead economic recovery.
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Cavendish Asset Management
Long-only equity specialists
Stockpickers
Range of 10 OEIC funds
Experienced fund managers working collegiately
All funds have same manager since launch
Privately owned by large multi-national parent company
Manage £648m
Source: Cavendish/Northern Trust. Figures as at 30/09/11
A BRIEF INTRODUCTION
Julian Lewis CIO and Fund Manager
Cavendish Worldwide Fund
Manager since launch 06/07/1994
Fund Size £61.2m
IMA Sector Active Managed
Also manager of
Cavendish UK Balanced Income Fund
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FINDING VALUE
For the Worldwide Fund, it is a bottom up focus but following some top down themes.
Not led by sector allocation, led by the themes
Shared Insight from 6 fund managers who regularly visit their markets
Supported by 4 analysts with a global focus
STRONGMARKETPOSITION
ATTRACTIVE STRATEGY
GOOD MANAGEMENT
MACRO TRENDS
ECONOMIC GROWTH
FLOW OF FUNDS
BENCHMARK WEIGHTINGS
We take account of:
And use these factors to find, identify and validate good businesses.
Stock Pickers We look for companies with:
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CAVENDISH WORLDWIDE FUND
10 year Fund Performance
Cavendish Worldwide Retail FTSE World TR GBP IMA Active Managed
Source: 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
-40
0
40
80
120
160
28/09/2001 28/09/2003 28/09/2005 28/09/2007 28/09/2009 28/09/2011
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PORTFOLIO CONSTRUCTION
Diversification across markets
Small Bets
111 Holdings
None larger than 1.5%
Invested across 26 geographic locations
Source: Cavendish/Northern Trust. Figures as at 30/09/11
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Source: Cavendish, Northern Trust.
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ASSET ALLOCATION - NON EQUITIES
0%
5%
10%
15%
20%
25%
30%
Worldwide Fund – Non-equity position to 21st October 2011
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EQUITIES TODAY
• Shorter term uncertainty, positive long term outlook
• Equities cheap on a long term view
• Dividends/yields trending upwards
10 years Dividend MSCI World Index 10 years Price to Book MSCI World Index
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Equity Dividend Yield
0
1
2
3
4
5
6
0
0.5
1
1.5
2
2.5
3
Source: Cavendish, Bloomberg 21/10/11
Price to Book Ratio
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CURRENT FAVOURED THEMES
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Emerging Markets
Developed Economies-prefer US to Europe (ex UK)
Consumer Markets
Manufacturing
Technology
Dividend Growth
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CONCLUSION – CAVENDISH WORLDWIDE FUND
Geographic Allocation of Equity Holdings
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Latin America (6.69%)
Asia Pacific (25.42%)
Europe (ex UK) (14.27%)
Japan (5.71%)
North America (19.65%)
UK (21.71%)
Other (6.56%)
Overweight
Emerging Markets
Looking For…
Growing Consumer Markets
Attractive Valuations
Source: Cavendish, Northern Trust 28/10/2011
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CASE STUDIES
Details were provided on the following:
Youngone - Korea
Trakya Cam – Turkey
Tractor Supply Company – USA.
For more contact Cavendish sales and marketing team as listed overleaf.
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TYRONE LONG Sales Manager
(London, South West and South East)
T 020 8991 4994
M 07850 917 704
CRONAN MACMAHON
Sales & Marketing Director
T 020 8991 4193
M 07850 917 700
MARK HILL Marketing Manager
T 020 8991 4993
BRETT GARLICK Sales Manager (Northern England and Midlands)[email protected] 020 8991 4198M 07713 388 757
www.cavendisham.co.uk
SALES & MARKETING
DEALING
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CONTACTS
0800 028 66 59
0870 870 75 02
WEBSITE
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IMPORTANT INFORMATION
This presentation is for investment professionals only, it is and is not intended for retail clients and may not be distributed to third parties.
Cavendish Asset Management Limited has issued and approved this presentation. It is authorised and regulated in the United Kingdom by the Financial Services Authority under registration number 116252.
This presentation should not be regarded as giving you or your clients investment or tax advice about our products.
You can obtain copies of Cavendish Investments Funds’ Prospectus and Simplified Prospectus, both these documents are in English and are available 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 in connection with, any subsequent contract or agreement. It does not constitute and may not be used for the purpose of an offer or invitation to subscribe 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 in the 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 and bond markets, currency exchange rate and interest rate volatility.
Investors should always obtain professional advice before investing in our funds.
Cavendish Asset Management Limited is registered in England no. 735076 at Chelsea House, West Gate, London W5 1DR.
2011/046
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