Presentacion Mirabaud con Gemma Hurtado: Funds Experience 2016

1. M I R A B A U D – E Q U I T I E S S P A I N
October 2016

2. 2
1819
FOUNDATION
OF THE GROUP
CHF 32.8bn
AUM
14
OFFICES
WORLDWIDE
28
FUNDS
110
FTE
CHF 8.5bn
AUM
MIRABAUD
ASSET MANAGEMENT
CHF 184.1mio
DE FONDS PROPRES
MIRABAUD GROUP
12
PORTFOLIO MANAGEMENT
TEAMS

3. 3
 A pure player with a boutique, focused approach
 Active management only, conviction based in sectors where value can be created
 Alignment of interest embedded at all levels
 Managing specialised portfolios and mandates
 Focused approach in terms of products
 AUM sweet spot: credible and nimble

4. 4
 The Spanish equity market is relatively constricted with approximately 120
listed companies
 Using liquidity as a first filter, we are left with 75 companies that constitute
our investment universe
 No homogeneous sectors, with the exception of banking
A perfect world for a stock picker

5. 5
+ +
Searching for sustainable long term value
Strong balance
sheet and highly
skilled management
Castle Moat
Resilient business
model with
competitive
advantages that
make it sustainable
Goldmine
High visibility and
steady cash flow
generation

6. QUANTITAVE
ANALYSIS
QUALITATIVE
ANALYSIS
Combination of
both
Valuation drives the final decision
Proprietary
analysis
 Understanding of the
company business
model
 Deep knowledge of
company financials
 In-house valuation
models
 CMG approach
6
External events
 Earnings releases and
conference calls
 Meetings with
companies
 Strategic Plans
presentations
 Changes in regulatory
environment

7. 7
 Company turnaround: success based on Opex
 Sales falling at a double digit…-10% yoy 1H16!!
 EBIT margin 5,3% 1H16 vs -1,8% 1H15, efficiency measures behind
(headcounts)
 Financials net debt 660mios EUR 3.1x jun-16 thanks to FCF and WC
 And order intake +6% 1H16 and accelerating +11% 2Q16 so increasing
top line visibility….
 Strong potential based on our target price of 13,4EUR

8. 8
 Company with a uncomfortable strategic situation: price taker +
distributors…
 … but January markets meltdown drove price to 8EUR per share
 Focus on efficiency always valued, Excellence Plan help save 250mios
EUR/year
 Strong balance sheet, 1,9x NFD/EBITDA 2016est vs 2.5x Dec-15
 In September above11.5EUR per share position was sold

9. 9
 Double digit top line growth for the next 5 years, we estimate CAGR
+10.1%
 Above sector and sustainable operating margins at 20% thanks to
business model => full price maximization
 Extraordinary strategic positioning: flagship stores and online fast rollout
 Healthy financials, with a net cash position of 5bn EUR as of 2Q16
 Demanding valuation trading at around 30EUR/share…

10. 11
Position Portfolio weight
CIE AUTOMOTIVE 7.9%
DIA 7.3%
BANKINTER 6.9%
INDRA SISTEMAS 6.8%
TECNICAS REUNIDAS 5.6%
BANKIA 4.9%
TUBACEX 4.9%
GAMESA CORPORACION TECNOLOGICA 4.6%
REPSOL 4.5%
TELEFONICA 4.4%
Top 10 57.7%
Total AuM: *400 mio EUR
Cash position: 3.3%
Data as of 30 September 2016
*Fund and Mandates AUMs

11. Overweight (%) Underweight (%)
Data as of 30.09.2016
9
7
10
8
5
14
13
6
18
21 1
4 5
2
14
15
11
29
17
0
10
20
30
40
Materials Cons.
Staples
Energy IT Health
Care
Industrials Cons.
Discr.
Telecom. Financials Utilities
Mirabaud - Equities Spain A EUR IBEX 35 Price / IBEX 35 Net Return
12

12. YTD 2015 2014 2013 Since inception*
Fund +1.3% +1.4% +3.0% +32.8% +156.7%
Benchmark -5.5% -4.3% +7.6% +26.4% +64.7%
*Share class inception date 18 February 2003
As of 28th of September 2012, the benchmark of the fund is the IBEX 35 with Net Dividends Reinvested. Prior to this date,
the benchmark was the IBEX 35 Price Index.
Data as of
Fund inception date
Indice de référence IBEX 35 Price / IBEX 35 Net Return
18 February 2003
30 September 2016
13

13. 14
900
1'400
1'900
2'400
2'900
3'400
02.03
02.04
02.05
02.06
02.07
02.08
02.09
02.10
02.11
02.12
02.13
02.14
02.15
02.16
Mirabaud - Equities Spain A EUR IBEX 35 Price / IBEX 35 Net Return
Data as of 30.09.2016

14. 15
All Investors LU0787970960 / MIRSPAE LX
Institutionals LU0787971182 / MIRSPIE LX
Domicile Luxembourg
Registration CH / CL / DE / ES / FR / UK / LU / PT
Fund Legal Type SICAV
Mgmt. Fee (All Investors) 1.5%
Mgmt. Fee (Institutionals) 0.75%
Quotation Daily
Subscription / Redemption Daily / Daily
Dividends distribution policy Capitalised
Custodian Pictet & Cie (Europe) SA
Auditor Ernst & Young Luxembourg
Mirabaud - Equities Spain

15. 16

16. 17
Investment restrictions are monitored daily on a pre-trade basis by the Fund Central
Administration, under the supervision of the Management Company and in close collaboration
with the investment manager.
In addition, the Management Company in close collaboration with the support of the Risk Officer
and under the supervision of the CIO of all Equity products, monitors the portfolio on bi-monthly
basis through the APT software, paying particular attention to:
 Liquidity Risk
 Performance relative to the benchmark and performance attribution
 Risk parameters: tracking error (systematic and specific), beta, volatility, VaR
 Portfolio structures and risk concentration

17. 18
Gemma Hurtado San Leandro, CFA
Gemma Hurtado San Leandro, Portfolio Manager / Analyst in the European equity research and portfolio
management team within Mirabaud Asset Management, manages the Mirabaud - Equities Spain fund and has
experience in the portfolio management industry since 2001.
Professor of Portfolio Management at the University of Barcelona since 2013.
Prior to joining Mirabaud in 2002, Ms Hurtado San Leandro worked at Invercaixa where she started her career.
Ms Hurtado San Leandro Bachelor degree in Mathematics from the Autonomous University of Barcelona, master’s
degree in Mathematics and is CFA charterholder.
Emilio Barberá Pegueró
Emilio Barberá Pegueró, Portfolio Manager / Analyst in the European equity research and portfolio management
team within Mirabaud Asset Management, co-manages the Mirabaud - Equities Spain fund and has experience in
the portfolio management industry since 1998.
Prior to joining Mirabaud Asset Management in 2015, Mr Barberá worked as Portfolio Manager / Analyst at
InverSeguros Gestión, which he joined in 2000. Prior to that, he worked as Accountant at Bancaja, where he started
his career in 1998.
Mr Barberá graduated in 1998 from the Universidad de Valencia with a Bachelors degree in Business Administration
and Management.

18. MIRABAUD ASSET MANAGEMENT
(Espaňa) SGIIC, S:A
C/ Fortuny, 6, 2a planta
28010 Madrid
Spain
Marketing-am@mirabaud.com
www.mirabaud-am.com
RAIMUNDO MARTIN MAYORAL
Director General
Asset Management Iberia & Latam
raimundo.martin@mirabaud.com
Direct Line +34 91 793 78 47
ANTONIO RODRIGUEZ GARCIA
Institutional Relationship Manager
Asset Management Iberia
Antonio.rodriguez@mirabaud.com
Direct Line +34 91 793 78 48
19
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