November 2012 OYSTER US Selection Scout Investments Inc. © 2012 OYSTER Funds For professional, qualified and institutional investors only
November 2012
OYSTER US SelectionScout Investments Inc.
© 2012 OYSTER Funds
For professional, qualified and institutional investors only
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionHighlights
Investment approach without style bias
Bottom-up approach with a top-down overlay aiming at anticipating market conditions
Over 5 years of consistent outperformance in a similar strategy1
Stable team managing over USD 1.5bn in the strategy
Strong parent company - UMB Financial Corp.
Data as of 30.09.20121Performance figures from Scout US strategy may differ from OYSTER US Selection as it is not UCITS compliant and may not have exactly thesame investment restrictions and fees. Past performance does not guarantee or predict future performance.
November 2012
Page 2
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
Table of contents
November 2012
Page 3
The manager
Investment strategy and process
Market outlook and portfolio review
Appendices
The SYZ & CO Group
I.
II.
III.
IV.
V.
4
10
24
32
35
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
Table of contents
November 2012
Page 4
The manager
Investment strategy and process
Market outlook and portfolio review
Appendices
The SYZ & CO Group
I.
II.
III.
IV.
V.
4
10
24
32
35
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
UMB ranked in the top 10 best banks for the second year in a row, based on eight financial measures
of asset quality, capital adequacy and profitability, according to studies by Forbes and SNL Financial
UMB Financial Corp.Parent company of Scout Investments Inc.
Diversified financial services company established in 1913 & listed on Nasdaq
Founded by William Kemper as a regional commercial bank
CEO Mariner Kemper is grandson of founder and 5th generation
Generated steady profits during credit crisis & did not require TARP funds
Ranked #5th among US banks during 2009 stress test & rated A- by Moody’s1
1Data as of 15.02.2012
November 2012
Page 5
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
Scout Investments manages equity and fixed income strategies through
Scout and Reams divisions
OYSTER US SelectionScout Investments Inc. – the manager
Investment management arm of UMB Financials Corp. since 1982
Based in Kansas City, Missouri
Assets under management : USD 22.6bn including USD 10.6bn in equities1
Acquisition of Reams Asset Management in 2010 to add Fixed Income solutions
Stable team of 40 investment professionals with average 16 years experience
1Data as of 30.09.2012
November 2012
Page 6
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionThe portfolio managers
November 2012
Page 7
Patrick G. Dunkerley, CFASenior Vice President and Lead Portfolio Manager
Derek M. Smashey, CFACo-Portfolio Manager
John A. Indellicate II, CFACo-Portfolio Manager
Patrick has been the Lead Portfolio Manager of strategy since its inception in 2006and has 18 years of investment management experience.
Prior to Scout, he served as assistant portfolio manager and subsequently seniorportfolio manager of a mutual fund and separate account product for Victory CapitalManagement from 2001-2006.
Patrick earned his master’s in business administration from Golden Gate Universityand his bachelor’s of science degree in business administration from the University ofMissouri. He is a CFA charterholder, member of the Kansas City CFA Society, as wellas the CFA Institute.
Derek serves as co-portfolio manager and has been a member of the management team since the strategy’s inception
He has eight years of investment management experience.
Prior to Scout, he was a director at Nations Media Partners, an investment banking firm specializing in media and communications.
Derek earned his master’s degree in business administration from the University of Kansas and his bachelor’s of science degree in finance from Northwest Missouri State University. He is a CFA charterholder and a member of the Kansas City CFA Society, as well as the CFA Institute.
John serves as co-portfolio manager and has been a member of the management team since the strategy’s inception.
He has eight years of investment experience. He joined the firm in 2004 as a Senior Quantitative Analyst.
John earned his bachelor’s degree in economics from Harvard University. He is a CFA charterholder and a member of the Kansas City CFA Society, as well as the CFA Institute.
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionInvestment team
Derek Smashey, CFA John Indellicate II, CFA
Patrick Dunkerley, CFASVP, Lead Portfolio Manager
Co-Portfolio Manager Co-Portfolio Manager
INVESTMENT ANALYSIS & EQUITY RESEARCH
James Reed II, CFASVP, Director of Domestic Equity Research
Health Care sector Information Technology and TelecommunicationServices sectors
Jeff Hoernemann, CFA Larry Valencia, CFASenior Investment Analyst Senior Vice President
Dave Logeman, CFA Sean Ketcherside
Financials sectors Energy and Utilities sectorsSenior Investment Analyst Investment Analyst
Tim Miller, CFA Michael HaroldSenior Investment Analyst Investment Analyst
Industrials and Materials sectors Consumer Discretionary andConsumer Staples sectors
November 2012
Page 8
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
Scout Investments Inc.Track record as of 15.10.2012
November 2012
Page 9
Source: Lipper
Past performance does not guarantee or predict future
performance.
Reference to an index is made for comparison purposes only. Lipper peer group: ranking calculated on
Lipper Global Equity North America
Performance figures from Scout US strategy may differ from OYSTER
US Selection as it is not UCITS compliant and may not have exactly the same investment
restrictions and fees
% ptl % ptl % ptl % ptl % ptl
SCOUT US strategy 66.6% 1 31.8% 1 44.1% 3 10.1% 85 9.3% 84
S&P 500 Net TR 14.4% 0.5% 37.2% 19.4% 15.9%
Lipper Global Equity North America 10.9% -4.2% 29.8% 16.2% 13.9%
2007 2008 2009 2010 2011 Sharpe ratioMax.
relative drawdown
% % % % %
SCOUT US strategy 21.9% -35.1% 47.2% 27.9% 0.3% 21.6% 0.23 14.0%
S&P 500 Net TR 4.9% -37.4% 25.6% 14.4% 1.5% (2008)
Lipper Global Equity North America 6.8% -39.7% 31.0% 14.2% -2.1%
Volatility
YTDSince launch31.10.2006
3Y5Y 1Y
5 years
40
60
80
100
120
140
160
180
200
Oct‐06 Apr‐07 Oct‐07 Apr‐08 Oct‐08 Apr‐09 Oct‐09 Apr‐10 Oct‐10 Apr‐11 Oct‐11 Apr‐12
Scout US Strategy S&P 500 NR Lipper Global Equity US
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
Table of contents
November 2012
Page 10
The manager
Investment strategy and process
Market outlook and portfolio review
Appendices
The SYZ & CO Group
I.
II.
III.
IV.
V.
4
10
24
32
35
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionInvestment strategy
Pragmatic & opportunistic approach combining
Top-Down analysis aiming to anticipate market conditions and identify investment themes
Stock picking focusing on what the manager considers quality companies trading at a discount and with a catalyst
Flexible strategy not biased towards any investment style
Valuation methodology will depend on their anticipation of market cycle
Constructive/bullish: Discounted earnings model
Cautious/bearish: Relative valuation – P/B, P/S, EV/Sales
Aims to achieve superior long-term, risk-adjusted returns investing in attractively valued quality stocks expected to benefit from company-specific or macroeconomic catalysts
November 2012
Page 11
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
Mispricedquality
companies
Themesidentification
OYSTER US SelectionInvestment process - overview
Proprietary database
of
Economic
&
Sentiment
indicators
BEAR
BULL
Valuation
Discounted earnings
Objective
Enhance upside
Objective
Limit downside
Valuation
Relative P/S, P/B, EV
Top down Stock selection
or
1 3
Po
rtfo
lio
42
Mode definition
November 2012
Page 12
BULL
BEAR
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionTop-down analysis (1)
Proprietary system monitors more than 100 economic & sentiment indicators
Weekly monitoring of economic growth, production, consumption, inventory, orders, trade balance, employment, money supply, interest rates
Combining economic and sentiment is crucial for anticipation
Manager develops themes based on economic and market analysis that will ultimately influence preferred industries
Scout’s interpretation is key to define constructive or cautious mode as well as themes
November 2012
Page 13
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionChange of valuation mode and portfolio implications
Source: Factset
November 2012
Page 14
Sector Allocation 27.02.2009 30.04.2009 Sector Allocation 31.03.2011 31.05.2011
Consumer Discretionary 16.6% 25.1% Consumer Discretionary 21.7% 22.5%Consumer Staples 11.0% 2.4% Consumer Staples 6.6% 15.8%Energy 12.6% 14.5% Energy 8.8% 2.8%Financials 16.7% 15.2% Financials 17.2% 19.5%Health Care 6.3% 3.9% Health Care 12.7% 12.1%Industrials 7.0% 11.6% Industrials 10.2% 4.4%Information Technology 19.0% 18.5% Information Technology 10.8% 11.1%Materials 7.7% 6.6% Materials 9.8% 6.0%Telecommunication Services 2.5% 1.7% Telecommunication Services 0.0% 1.4%Utilities 0.7% 0.6% Utilities 2.2% 4.5%
beta 0.94 1.08 beta 1.09 0.93
Portfolio changes over the period number % Portfolio changes over the period number %
New names 15 27.5% New names 9 15.9%Sold names 16 18.5% Sold names 19 23.1%Name turnover 18.5% Name turnover 17.7%Existing position changes 23.8% Existing position changes 18.5%Total Turnover 46.8% Total Turnover 38.0%
From bear to bull mode From bull to bear mode
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionTop-down analysis (2)
Manager develops themes based on economic and market analysis that will ultimately influence preferred industries
Trade down in American consumption behaviour
Family Dollar Stores, Ross Stores
Recovery of the US housing market profiting to US regional banks and homebuilders
Key Corp, Comerica, D. R. Horton
Energy independence of the USA: Shale gas discoveries
Oasis Petroleum, WPX, Kodiak Oil, Pioneer Natural Resources
Ageing US auto park benefiting automotive parts manufacturers and retailers:
TRW Automotive
November 2012
Page 15
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionBottom-up: Stock selection based on 4 principles
1. Quality company
Ability to generate consistent cash flow
10 years of strong or improving operating margin & CFROI
Long-term earnings power
Strong management
2. Attractive valuation - discount to intrinsic value
3. Catalyst
4. No litigation risk
November 2012
Page 16
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionBottom-up: Step 1 - Quantitative
Cash flowstatement
Balance sheet
Incomestatement
Intrinsicvaluation
Relativevaluation
November 2012
Page 17
Assess true profitability Source of growth – organic or strategic acquisitions Consistency, growth rate & source of cash flow Strong cash flow generation Reject companies with poor cash flow
Debt term structure Liquidity events & debt covenants Rejected if debt/cash flow >5x or poor interest coverage ratios
10 year history of operating margin Used to normalize earnings Rejects companies with deteriorating margins unless temporary
Proprietary risk-adjusted valuation model including normalized earnings, discount rates, growth potential
Price to book, price to sales & enterprise value to assess downside risk
primarily used during bull markets
primarily used during bear markets
1.
2.
3.
4.
5.
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionBottom-up: Step 2 - Qualitative
Catalyst forappreciation
Company-specific risk
Managementquality
Litigation
Otherfactors
November 2012
Page 18
Company specific – management change, new market, technology change
Top-down
Accounting and revenue recognition to determine earnings quality
experience Accomplishments Incentive structures
Evaluation of significant litigation risk
Insider activity Short interest Long-term charts
6.
7.
8.
9.
10.
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionPortfolio characteristics
Typically1:
Number of holdings: 60-80
Average position weight: 2%
Turnover: 100-200% p.a.
Max per industry: 25%
Cash: Residual
1Data given as information only and is as a given date and may evolve over time
Poor
Excellent
FUNDAMENTALS
Exc
elle
nt
Poor
VA
LU
ATIO
N
November 2012
Page 19
Maximum4-5%
Outsized2-4%
Average1-2%
Outsized2-4%
Average1-2%
Small0.5-1%
Average1-2%
Small0.5-1%
Eliminate0%
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionManager’s risk management
Intangible influences Targeted portfolio level Targeted security level
November 2012
Page 20
Management & board of directors, business and industry experience is key
Accounting quality:
Policies on revenue & expense recognition
Comparison of net income & cash flow over time
25% industry maximum weighting
Typically 5% security maximum weighting
Conscious of sector under/over weights
Quality companies with solid fundamentals
Strong cash flows support balance sheet
Experienced management teams
Avoid companies with major legal/regulatory issues
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionManager’s selling discipline
Target valuation reached
Stock specific: change in fundamentals or investment case
Style purity, core strategy
Better opportunity emerges
November 2012
Page 21
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionRisk factors*
This indicator is deemed to reflect the level of risk of the fund. It can vary from 1 to 7 depending on the weekly upward anddownward fluctuations of the portfolio over the last 5 years. The level 1 on the scale does not mean that the portfolio is risk-free.However, this indicator is based on historic data and therefore does not guarantee the level of future risk of the fund. Neither is thisrisk level an investment objective for the fund and therefore it could vary over time.
Level 6 equates to an average fluctuation variance of between 15% and 25%, according to the calculation method described above.
This risk level is mainly explained as follows:
The fluctuation of stocks due to possible sudden and/or prolonged fall of the financial markets. Concentration in a particular geographic area.
This indicator does not take into account the following risks:
Liquidity risk: risk linked to the difficulty of selling a portfolio investment on the market, preventing it from being traded underoptimum conditions.
Operational risk: risk of loss for the fund linked to human or technical error, inadequate internal procedures or control systems.
For further information about risks associated to this fund, please see the full prospectus, available at the head office of the SICAV.
November 2012
Page 22
1 2 3 4 5 6 7
Typically Lower Rewards Typically Higher Rewards
Lower Risk Higher Risk
1Source: Key Investor Information Document dated 01.07.2012
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
Table of contents
November 2012
Page 23
The manager
Investment strategy and process
Market outlook and portfolio review
Appendices
The SYZ & CO Group
I.
II.
III.
IV.
V.
4
10
24
32
35
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionManager’s market outlook
Positive towards equity markets thanks to decisive action from policymakers
Markets tend to rally ahead of Presidential elections as uncertainty decreases
U.S. housing market improvement: signs of rebound following 5 years of weakness
Main risks are:
U.S. budget negotiations
Weak data from China and recession in Europe
Higher oil prices will limit future growth
November 2012
Page 24
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionRecent portfolio activity
Continued trend to reduce defensives
Principally in utilities: Vectren, UGI
Exposure to U.S. Housing and domestic consumption firmly in place
Selected consumer discretionary, building materials, homebuilders
Increase in Information technology
Skyworks Solutions, Computer Sciences, Teradata, Cymer
November 2012
Page 25
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionPortfolio breakdown as of 15.10.2012
November 2012
Page 26
Source:Factset
1Index: S&P500 Net TR
Reference to an index is made for comparison purposes only
Consumer Discretionary 19.5% 11.0% KeyCorp Financials 4.4%
Consumer Staples 2.8% 10.8% Hartford Financial Services Group Inc. Financials 4.0%
Energy 15.6% 11.3% TRW Automotive Holdings Corp. Consumer Discretionary 3.2%
Financials 21.7% 15.0% WPX Energy Inc. Energy 3.1%
Health Care 10.2% 12.3% Oasis Petroleum Inc. Energy 2.9%
Industrials 5.4% 9.7% Alliant Energy Corp. Utilities 2.4%
Information Technology 13.1% 19.7% Kodiak Oil & Gas Corp. Energy 2.4%
Materials 5.9% 3.5% Hess Corp. Energy 2.4%
Telecommunication Services 0.0% 3.2% Questar Corp. Utilities 2.3%
Utilities 5.8% 3.6% Hologic Inc. Health Care 2.1%
Total 100.0 100.0 Total 29.2
>1BLN,<5BLN 33.2% 1.8%
>5BLN,<30BLN 64.0% 31.5%
>30BLN 2.8% 67%
Total 100.0 100.0
By sector Fund Index1 Top 10 Country
United States
Sector Fund
United States
United States
United States
United States
United States
United States
Canada
United States
United States
By market capitalization Fund Index1
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionInvestment case: WPX Energy
Sector: Energy – Oil and gas producer
Position valued @ USD 17.87 per share as of 18 Oct 2012
Market Cap of USD 3.5bn
Equity Highlights
Large owner of natural gas properties in Colorado and Pennsylvania; valuable oil property in North Dakota
Catalysts:
Increased drilling in Bakken oil shale
Potential recovery in U.S. Natural gas prices
Stock trades below book value
November 2012
Page 27
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionInvestment case: D.R. Horton
Sector: Consumer Discretionary: Large U.S. homebuilder
Position @ USD 21.55 as of 18 Oct 2012
Market Cap of USD 6.8bn
Equity Highlights
Strong balance sheet
Experienced management team
Catalysts
Recovery of U.S. housing market following sharp downturn
Diversified footprint with operations in 25 states and 73 metropolitan areas
U.S. Federal Reserve QE3 program is driving down mortgage interest rates, which helps sales
New home sales +28% year-over-year; conversely, inventory of new homes near record lows
U.S. housing affordability near record levels due to lower home prices and low mortgage interest rates
November 2012
Page 28
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER US SelectionKey facts
November 2012
Page 29
UCITS compliant, Luxembourg SICAVCustodian/Central Administrator Share class ISIN code Management fee
Auditors USD2 LU0747343753 1.50%
Management Company CHF2-hedged LU0747343837 1.50%
Fund Manager EUR2-hedged LU0747343910 1.50%
Index1 GBP2-hedged LU0747344058 1.50%
Liquidity SGD2-hedged LU0747344132 1.50%
Management fee Institutional share class3 ISIN code Management fee
Performance fee I USD2 LU0747344215 1.00%
Trade date I CHF2-hedged LU0747344306 1.00%
Cut-off time I EUR2-hedged LU0747344488 1.00%
Settlement date I GBP2-hedged LU0747344645 1.00%
Minimum initial subscription, I SGD2-hedged LU0747344991 1.00%
Institutional share class only
Fund domicile Further information
Registered in2
Subscription fee
Redemption fee
1. Please note that the reference to an index is made for information purposes only. The index is not mentioned in the investment policy of the Sub-Fund.
2. Not all share classes may be registered locally, please contact [email protected] for further information.
3. for further details please refer to the prospectus.
4. Not available for investors in Belgium.
www.oysterfunds.com 3 - [email protected]
NAV available through
100'000 USD/EUR/GBP/CHF/SGD
Luxembourg
AT,BE,DE,ES,FR,GB,IT,LU,NL
Max 5%, Max 3% for "I" share class
Max 3%
OYSTER WebsiteBloomberg, Morningstar, Reuters,
SIX Telekurs, Finesti, Fundinfo
Max 1.50%
RBC Investor Services Bank SA
PricewaterhouseCoopers
Oyster Asset Management SA
Scout Investments Inc.
S&P 500 Net TR
Daily
refer to the share classes for details
Max 10% relative to the index1
T+0
T 12:00 CET
T+4
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
Table of contents
November 2012
Page 30
The manager
Investment strategy and process
Market outlook and portfolio review
Appendices
The SYZ & CO Group
I.
II.
III.
IV.
V.
4
10
24
32
35
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
Source: Scout Investments Inc.
Scout US strategyHistorical sector allocation as of 30.09.2012
November 2012
Page 31
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Dec-06 Sep-07 Jun-08 Mar-09 Dec-09 Sep-10 Jun-11 Mar-12 Jul-12
Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials
Information Technology Materials Miscellaneous Telecomm Service Utilities
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
Scout Investments Inc.Consistent outperformance vs large, mid & small and vs value & growth
Source: Lipper as of 30.09.2012Past performance does not guarantee or predict future performance.Reference to an index is made for comparison purposes only. Lipper peer group: ranking calculated on Lipper Global Equity North AmericaPerformance figures from Scout US strategy may differ from OYSTER US Selection as it is not UCITS compliant and may not have exactly the same investment restrictions and fees.
November 2012
Page 32
‐10
0
10
20
30
40
50
60
70
80
Oct‐06 Apr‐07 Oct‐07 Apr‐08 Oct‐08 Apr‐09 Oct‐09 Apr‐10 Oct‐10 Apr‐11 Oct‐11 Apr‐12
Scout vs Russell 2000 Scout vs Russel Mid Cap
Scout vs S&P 500 Scout vs Russel 3000 growth
Scout vs Russel 3000 Value
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
Table of contents
November 2012
Page 33
The manager
Investment strategy and process
Market outlook and portfolio review
Appendices
The SYZ & CO Group
I.
II.
III.
IV.
V.
4
10
24
32
35
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.Page 34
SYZ & CO Group 3 business lines but one common objective
Private Banking Institutional Asset Management
Investment FundsOYSTER
Founded in 1996by Eric Syz, Alfredo Piacentini and Paolo Luban
Sole focus on asset management across three activitieswith a common objective of delivering superior performance
Not involved in project-financing, investment banking, commercial or mortgage lending
Supervised on a consolidated basis by the FINMA (SwissFinancial Market Supervisory Authority)
SYZ & CO Group
November 2012
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.Page 35
Fast growing banking group - AuM of EUR 20bn
Solid Capital Base: A3 Moody’s rating & Core Tier 1 ratio of 23%1
Independent: not linked to a financial institution
470 employees in 14 cities worldwide
Sponsor of OYSTER Sicav
SYZ & CO Group Key facts and figures
1as of 31.12.2011
Annual report available on www.syzgroup.com
November 2012
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.Page 36
OYSTER SicavOur Philosophy
Bottom-up approach
Style & Market Cap agnostic
Risk team independent from portfolio managers
Innovation
Use of atypical managers in main asset classes
Identify tomorrow’s strategies
Anticipate future trends
Exclusivity in UCITS format Team dedicated to identify the best talents
Internally and externally managed funds
Strategy’s exclusivity for European distribution
Non-indexed approach with a focus on risk management
OYSTERphilosophy
November 2012
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.Page 37
OYSTER SicavKey facts
A Luxembourg SICAV, UCITS compliant
Sub-funds covering major asset classes as well as niche strategies
Compartments are registered in most European countries and Singapore1
The bulk of assets are held by investors external to the group
A team of professionals dedicated to our fund distribution
Mix of internally and externally managed funds
European distributors rank OYSTER TOP 20 preferred brands
(Source: Fund Buyer Focus, 2011)
1Solely targeting institutional clients as applied by local law
November 2012
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
OYSTER Funds & Representatives
November 2012
Page 38
OYSTER Funds
OYSTER Sicav Oyster Asset Management SARoute d'Esch 69 Grand Rue 74L-1470 Luxembourg L-1660 [email protected] tél. +352 26 27 361www.oysterfunds.com
Representatives
Germany Spain Switzerland Zahlstelle Entidad comercializadora Soggetto incaricato dei pagamenti BHF-Bank Aktiengesellschaft Allfunds Bank S.A. State Street Bank S.p.A Bockenheimer Landstrasse 10 c/Estafeta no6 (La Moraleja) Via Col Moschin 16 Banque SYZ & CO S.A. D – 60323 Frankfurt Complejo Plaza de la Fuente - Edificio 3 20136 Milano Rue du Rhône 30 Tel +49 (0)69 718 22 75 E – 28109 Alcobendas - Madrid Tel +39 02 879 671 53 CH – 1204 Genève
Tel +34 (0)91 274 64 00 Tél + 41 (0)58 799 19 05
Austria France Zahlstelle Correspondant Centralisateur Soggetto incaricato dei pagamenti Raiffeisen Bank International AG BNP Paribas Securities Services Société Générale SecuritiesAm Stadtpark 9 Rue du Débarcadère 9 Services SpA A – 1030 Wien F – 93500 Pantin Via Benigno Crespi 19/A-MAC 2 Tel. +43 (0)1 717 070 Tel. +33 (0) 1 57 43 12 58 I – 20159 Milano
Tel +39 02 917 846 61
Belgium Italy Agent financier – Financiële agent Soggetto incaricato dei pagamenti Soggetto incaricato dei pagamenti Caceis Belgium s.a./n.v. RBC Investor Services Bank S.A. Allfunds Bank S.A. Avenue du Port 320 Milan Branch Via Santa Margherita 7 Havenlaan 86C b Via Vittor Pisani, 26 I – 20121 Milano B – 1000 Bruxelles 20124 Milano Tel +39 02 896 283 01 Tel +32 (0)2 209 26 40 Tel +39 02 305 756 1
Représentant et service de paiement pour la Suisse
OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.
Disclaimer
This promotional document has been issued by the investment fund, OYSTER Sicav (hereinafter referred to as "OYSTER” or the “Fund”). It is not intended for distribution to or useby individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, issue oruse.
Users are solely responsible for verifying that they are legally authorised to consult the information herein.
Only the most recent version of the prospectus, by-laws and annual and half-yearly reports of the Fund (hereinafter referred to as the Fund’s “legal documentation”) should beconsidered as a basis for investment decisions. These documents are available on the website, www.oysterfunds.com, or from the OYSTER offices at 69, route d'Esch, L-1470Luxembourg. The information or data contained in the present document does not in any way constitute an Offer or a recommendation to buy or sell shares in the Fund’s units.Furthermore, any reference to a specific security in this document should not be construed as a recommendation or investment advice. They are intended solely to inform theinvestor as to past performance, and do not reflect the opinion of OYSTER or any related companies as to future returns. The information, opinions and assessments contained inthe present document shall apply at the time of publication and may be revoked or changed without prior notice. OYSTER has not taken any measures to adapt to each individualinvestor who remains responsible for his own independent decisions. Moreover, investors are advised to consult their legal, financial or tax advisors before taking any investmentdecisions. Tax treatment depends entirely on the financial situation of each investor and may be subject to change. It is recommended that investors obtain the appropriate expertadvice before taking any investment decisions. The value of the units referred to may fluctuate and investors may not recoup all or part of their original investment. Investorsshould consult the Fund prospectus for further details on the risks involved. Past performance is not indicative of future results. It is calculated in the unit currency and, whereinvestments are made in a different currency, may also be affected by fluctuations in exchange rates. The performance data given does not include commissions or any fees linkedto the subscription to and/or repurchase of shares. It is possible that companies linked to the Fund and their executives, directors or personnel hold or have held stakes or positionsin the securities listed in this document, or that they have traded or acted as market maker for these securities. Moreover, these entities or individuals may also have past orpresent ties with the executives of the companies issuing the abovementioned shares; furnish or have furnished financial or other services; or are or have been a director of thecompanies in question. The manager reserves the right not to disclose the name of certain positions that would normally rank amongst the top 10. This promotional document is inno way intended to replace the legal documentation of the Fund and/or any information that investors obtain from their financial advisors. Please note that reference to an index ismade for information purposes only. The index is not mentioned in the investment policy of the Sub-Fund. The performance of the Sub-Fund may differ from the performance of theindex. For further information on the index please refer to the website of its service provider.
OYSTER is a Luxembourg SICAV that is not open to citizens or residents of the USA. www.oysterfunds.com – [email protected]
November 2012
Page 39