Eiffel Investment Group Emerging Manager Day Morningstar / NExT AM 19 Décembre 2012
Eiffel Investment Group (EIG) EIG est un gérant alternatif investissant en crédit et actions européennes avec une approche fondamentale 3 stratégies : long/short crédit, long/short actions (sectoriel), transactions «buy & hold» en crédit Plus de 300 millions d euros d actifs sous gestion Equipe de 15 personnes, avec 250 ans d expérience cumulée Société indépendante détenue par l équipe et Jacques Veyrat, ex-pdg de Louis Dreyfus (EIG a été fondée en 2008 au sein du groupe Louis Dreyfus ; spin-off mi- 2011) 100 millions d euros investis par la société et l équipe dans ses fonds DISCLAIMER: the information contained herein is strictly confidential and should not be copied or distributed without the prior written consent of Eiffel Investment Group. It is provided for information and discussion purposes only and is not an offer to sell or a solicitation to buy securities or other instruments. 2
L équipe combine l expérience des marchés financiers et du monde de l entreprise Fabrice DUMONTEIL Managing Director, CEO Founded EIG in 2008 15 years in general / financial management roles (Neuf Cegetel / Louis Dreyfus and EIG) Jan Carel KINGMA Managing Director, General Counsel Joined Q3 2008 40 years in general management, corporate finance and private equity Emmanuel WEYD CIO Credit Joined Q1 2009 7 years of portfolio management experience (JP Morgan and EIG) >20 years of experience of the credit markets (S&P, JP Morgan and EIG) Pierre-Antoine MACHELON CIO Equity Joined Q4 2008 4 years of portfolio management experience (EIG) 13 years in equity research (Exane BNPP) 3 years in senior business management roles (Neuf Cegetel and Louis Dreyfus Commodities) Olivier VILLEDEY CFO, Head of Risk & Operations Joined Q3 2008 4 years as head of risk & operations (EIG) >10 years in financial reporting and control functions Guillaume PANIE Head of Development Joined Q1 2010 15 years in general management and business development roles DISCLAIMER: the information contained herein is strictly confidential and should not be copied or distributed without the prior written consent of Eiffel Investment Group. It is provided for information and discussion purposes only and is not an offer to sell or a solicitation to buy securities or other instruments. 3
Long-short crédit : Eiffel Credit Opportunities Fonds long-short discrétionnaire investissant en crédit d entreprises et d institutions financières européennes Sélection de crédits basée sur notre recherche (20 à 30 positions) Gestion dynamique de l exposition en fonction du régime de marché Exemples de thèmes actuels (exprimés par des positions idiosyncratiques) Bulle du crédit des entreprises IG des pays non-périphériques A 6%, est-ce toujours du «high yield»? Bâle 3 et le capital hybride des institutions financières Opportunités de trading grâce à l amélioration de la liquidité VNI/action (100 au 1 Dec 2011) (*) 130 120 110 100 90 2010 +20% 2011-1% Lancement du fonds 80 1/1/10 1/1/11 1/1/12 HF Eur Fonds 1 Dec 2011 (*) HFRXGLE) depuis (indice 2012 +19% Credit Eur (indice iboxxcdtr) 2012 18,6% 2,1% 11,2% Perf. annualisée 22,2% 1,6% 14,3% Vol. annualisée 9,8% 3,1% 3,4% Ratio Sharpe 2,2 0,4 4,1 Fonds Indice iboxxcdtr Indice HFRXGLE (*) Notes importantes à la fin de ce document DISCLAIMER: the information contained herein is strictly confidential and should not be copied or distributed without the prior written consent of Eiffel Investment Group. It is provided for information and discussion purposes only and is not an offer to sell or a solicitation to buy securities or other instruments. Dec-12 4
Long-short crédit Exemple de la position Dexia BIL Position Thèse d investissement Recherche dédiée Gestion de la position Rendement / risque Long hybrid Tier 1, puis lower Tier 2 de Dexia BIL Le Groupe DEXIA implose en octobre 2011. La cession de la BIL, sa filiale luxembourgeoise, est rapidement annoncée. Malgré ses fondamentaux et les garanties entourant les conditions de la cession, le dette subordonnée traite avec une très forte décote Modélisation et projection du profil financier de la BIL. Entre 10/2011 et 10/2012, 15+ conversations avec le management DEXIA S.A. et BIL (y compris CFOs) Renforcement progressif au fil des évènements (signature du MoU, signature du SPA, approbation du deal par la CE, clôture de l opération, etc ) P/L : environ 5% de la VNI Exposition brute moyenne : 10% de la VNI Prix (100 le 24 Janvier 2012) 170 160 150 140 130 120 110 100 90 80 70 60 50 01/06/11 01/12/11 01/06/12 01/12/12 Dexia Bil T1 Dexia Bil LT2 Itraxx Sub Financial DISCLAIMER: the information contained herein is strictly confidential and should not be copied or distributed without the prior written consent of Eiffel Investment Group. It is provided for information and discussion purposes only and is not an offer to sell or a solicitation to buy securities or other instruments. 5
Long-short actions sectoriel : Eiffel Equity Opportunities Fonds long-short discrétionnaire investissant en actions d entreprises européennes des secteurs TMT et énergie Sélection basée sur l expertise unique d EIG de ces deux secteurs (20 à 40 positions) Gestion market neutre permettant une décorrélation totale du marché actions VNI/action (100 au 1 Dec 2011) (*) 120 115 110 105 100 95 2010 +13% 2011-3% Lancement du fonds 2012 +8% 90 1/7/10 1/1/11 1/7/11 1/1/12 1/7/12 SX5E Fonds Indice HFRXEXE Version UCITS début 2013 Thème actuels (exprimés à travers des positions idiosyncratiques) : Bouleversement par les nouveaux entrants des structures de marché établies (opérateurs alternatifs de télécom, producteurs d énergie renouvelable) (*) Notes importantes à la fin de ce document HF Eur Fonds 1 Dec 2011 (*) HFRXEXE) depuis (indice Actions Eur (indice SX5T) 2012 8,3% 3,8% 15,3% Perf. annualisée 7,1% 2,9% 14,7% Vol. annualisée 3,6% 4,6% 14,9% Ratio sharpe 1,9 0,6 1,0 Corrélation SX5E -0,1 0,7 1,0 DISCLAIMER: the information contained herein is strictly confidential and should not be copied or distributed without the prior written consent of Eiffel Investment Group. It is provided for information and discussion purposes only and is not an offer to sell or a solicitation to buy securities or other instruments. Dec-12 6
Stratégie sectorielle long/short actions Exemple de la position Telenet Price (100 on 1/1/2012) Position Long Telenet, short Belgacom et indices 150 Thèse d investissement Recherche effectuée Gestion de la position Rendement / risque Telenet surfe sur deux tendances de fonds : le développement du triple play et l entrée des opérateurs fixes sur le marché mobile Modèle propriétaire (hypothèses d ARPU, de CAPEX ) Une douzaine de contacts avec le management et la concurrence Position initiée en 2010. Vente partielle en 7/12 avant remplacement du dividende par rachat d actions. Rachat en 9/12 suite à baisse excessive. Sortie fin 2012 à l annonce par Liberty Global du rachat des minoritaires à 35 P/L de ca. 3% de la VNI Exposition brute moyenne de ca.11% de la VNI. Exposition nette moyenne de ca. 0% 140 130 120 110 100 90 80 01/01/2012 10/04/2012 19/07/2012 27/10/2012 Belgacom Telenet DISCLAIMER: the information contained herein is strictly confidential and should not be copied or distributed without the prior written consent of Eiffel Investment Group. It is provided for information and discussion purposes only and is not an offer to sell or a solicitation to buy securities or other instruments. 7
Disclaimer The enclosed materials contain general information about Eiffel Investment Group B.V and its affiliates (collectively the Manager ) and the funds they manage and advise. They are being provided to you on a confidential basis for informational and discussion purposes only. They are not an offer to sell nor a solicitation of an offer to purchase interests in any current or future related fund (a Fund and collectively, the Funds ), nor do they constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment, nor do they suggest, implicitly or otherwise, that the Funds have received regulatory approval. Offers and sales of interests in a Fund will be made only pursuant to a confidential private placement memorandum (the Memorandum ), which describes risks related to an investment therein and which qualifies in its entirety the information contained in the enclosed materials, complete documentation of the relevant Fund and in accordance with the applicable securities laws, and the enclosed materials are qualified in its entirety by reference to such documentation. The Memorandum, including the risk factors and potential conflicts of interest described therein, and other governing documents should be read in their entirety and carefully prior to investment. The enclosed materials are intended exclusively for the use of the person to whom it was delivered by the Manager. The enclosed materials may not be reproduced or redistributed in whole or in part. The Manager disclaims any obligation to update this document to reflect subsequent developments. Each person accepting the enclosed materials thereby agrees to return them promptly upon request. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in the enclosed materials by the Manager, the Funds, their principals and employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. Strategies discussed herein may involve investments in less liquid securities as well as leverage. Due to the potential volatility of net asset values, these products are intended for sophisticated investors. You and your advisor(s) should consider any legal, tax and accounting matters relevant to any investments discussed herein or arising therefrom. If you are subject to ERISA, this presentation is being furnished to you on the condition that it will not form a primary basis for any investment decision. The past performance of the Funds or any other investment vehicle or account managed or advised by the principals of the Manager is not necessarily indicative of their future results. There can be no guarantee that investment objectives will be obtained. Any investment in the Funds is speculative, involves a high degree of risk and is illiquid. An investor in the Funds can lose all, a significant portion or some amount of its investment. The Funds performance is subject to volatility. Use of leverage by the Funds is permitted and may result in greater losses to investors. In addition, the Funds fees and expenses may offset their profits. There is no secondary market for investors interests in the Funds and none is expected to develop. There are restrictions on withdrawing and transferring interests from the Funds. In making an investment decision, you must rely on your own examination of the Funds and the terms of the offering. You should not construe the contents of the enclosed materials as legal, tax, investment or other advice. Important note on the track-records The track-records shown include three phases: (i) Until December 2010: proprietary portfolios managed on the balance sheet of Eiffel Investment Group (ii) From December 2010 to November 2011: portfolios managed within a multi-strategy fund (Eiffel Credit & Equity Opportunities fund) (iii) Since December 2011: funds in their current format All performance are net of funding costs, other costs and fees (proforma) DISCLAIMER: the information contained herein is strictly confidential and should not be copied or distributed without the prior written consent of Eiffel Investment Group. It is provided for information and discussion purposes only and is not an offer to sell or a solicitation to buy securities or other instruments. Dec-12 8
Merci! Dec-12