January 2020

MIRABAUD – EQUITIES
GLOBAL FOCUS

For Professional Investors Only

 2

AGENDA

1. Introduction to Mirabaud and the Global Equities Team

2. Philosophy and Process
3. Global Themes
4. Strategy Information
 3

INDEPENDENT AND FAMILY OWNED

HIGH CONVICTION, ENTREPRENEURIAL APPROACH
Mirabaud
Group

200 yrs CHF 34.0 bn 15 Offices 20.4%

Of independent Assets under Across 10 countries Well capitalised: Tier 1
culture and looking administration* with 700 employees ratio versus regulatory
after client assets requirement of 11.2%*
Management

 Global Equities
Mirabaud

 Regional Equities
Asset

1982 CHF 7.2 bn 13  Fixed Income

Long-only active Unique portfolio  Real Assets
Under management
capability traces its teams across different
roots back to 1982 strategies

Source: Mirabaud Asset Management as of 30 June 2019. *Mirabaud Group

 4

STOCK PICKING DRIVES SUCCESS

Key Metrics
• Invests in a best-ideas, highly focused portfolio
Clear Strategy • Seek lower volatility than average fund in the Global
Equity sector*
25
Stock portfolio

• Portfolio of sustainable growth companies with different

97%
Active share
Clear characteristics
Approach
• Investing responsibly through ESG overlay
1.52
3 year Sharpe Ratio
(annualised)***

Clear Targets
• Focus on companies that are innovative 110.8%
• Companies need to benefit from key global themes Upside capture**

63%
Downside capture**

Sources: Mirabaud Asset Management as at 29 November 2019. *FE Analytics as at 29 November 2019 relative to IA Global Sector
for Mirabaud – Equities Global Focus. ** Mirabaud Asset Management, three years to 31 July 2019. *** Morningstar as at 29
November 2019. Past performance is not indicative of a guarantee of future returns
 5

FOCUS AND SKILL IN GLOBAL EQUITIES

Anu Narula, CFA Paul Middleton, CFA
Head of Global Equities Co-portfolio manager

Year joined industry/Mirabaud 2001 / 2013 2002 / 2013

Prior Experience Axa Framlington, running global Axa Framlington, global equity
equity portfolios portfolios
Education Economics Degree (LSE) and Economics degree, Bristol
MBA from London Business University
School
Professional Qualifications CFA Charterholder CFA Charterholder

Consistent application 34 years of combined Worked together on

of investment beliefs experience focused on thematic global strategies
with a focused team global equities for over 10 years

Past performance is not indicative of a guarantee of future returns

 6

TRACK RECORD OF SUCCESS

% Returns 50.0%
USD 45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
3 Months YTD 6 Months 1 Year 3 Years Since Inception
(13/04/2015)
Fund MSCI AC World TR

YTD 3 months 6 months 1 Year 3 Years

Mirabaud Equities Global Focus I Cap USD 23.49% 1.94% 6.54% 16.05% 61.83%

MSCI AC World TR 22.29% 7.76% 12.11% 13.68% 40.30%

Source: Mirabaud Asset Management, 29 November 2019. I CAP US Dollar Share Class, net of fees
Past performance is not indicative or a guarantee of future returns. Indices are not available for direct investment. Performance figures do not
take into account subscription and redemption fees and costs.
 7

WE PRODUCE ALPHA WITH LOWER RISK

70 Mirabaud – Equities
Global Focus
Above average performance with below 60 Annualised Sharpe

3 Year Returns and

Ratio 1.52*
average volatility 50

Volatility
40

Return 30 IA Global Equity

(%) Sector
20

10

0
7 8 9 10 11 12 13 14

Annualised Volatility

Stock selection has been the main

contributor to Alpha Return
contribution (%)

3 Year Attribution
Contribution
-10 0 10 20 30 40

Stock Selection Sector Selection

Chart 1: Three years to 29 November 2019. Source: Chart 1: FE Analytics on I Class USD . Chart 2: 30 July 2019. Source: Mirabaud Asset Management. All performance based on I
Class USD.*Source Morningstar as at 29 November 2019.
Past performance is not indicative or a guarantee of future returns. Indices are not available for direct investment. Performance figures do not take
into account subscription and redemption fees and costs.
 8

FOCUSING ON SUSTAINABLE GROWTH

Global themes provide We believe the market often We believe leadership

companies with secular underestimates the determines whether a
tailwinds sustainability of growth on company will capitalise on
these companies its growth opportunity

• 0
• •
• Sustainability of growth: Millennial population that is • Sustainability of growth: Mastercard remains in a
moving into greater earning years ‘duopoly positon. Global payments industry growing at a
• Leadership insight: Ability to collect consumer data to 11% compounded annual growth rate*
spot trends and inform better brand strategies • Leadership in technology: Global platform which links
the whole payments ecosystem from banks, to customers
• Thematic Tailwind – Millennial Consumer: One of
and merchants. Very difficult to replicate.
the world’s most important generation cohorts in terms
of consumer spending • Thematic Tailwind - Platform Companies: Digital
enablers that show more persistent growth

* From company report and accounts

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THEMATIC OVERLAY PROVIDES TAILWIND

THEMES ARE AN IMPORTANT DRIVER TO COMPANY GROWTH

Innovation drives • Themes support a company’s

themes potential in a low growth cycle
• Challenging traditional
business models • Focusing on multiple themes
• Creating new provides additional
advancements
• Drives change
diversification
Technology an enabler
 10

FINDING OPPORTUNITIES
COMPANIES WITH STRONG COMPETITIVE ADVANTAGE AND
INNOVATIVE EDGE
Broad IDENTIFYING SUSTAINABLE GROWTH
Universe  Rank every sub-sector by growth
 Focus on sub-sectors growing faster than GDP
 Identify sub-sectors that are benefitting from global themes

400 Stocks FINDING LEADERS WITHIN THEMES

 Identify companies with a strong  High return on
competitive advantage with innovative invested capital
edge  ESG hurdle
 Exhibit leadership in their sector

200 Stocks VALIDATING IDEAS

 Screening tools  Company meetings
 Technical analysis  Conferences

100 Stocks Short List

 Portfolio constraints and valuation determine portfolio entry
Source: Mirabaud Asset Management, September 2019
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HURDLES NEEDED TO ENTER PORTFOLIO

Mixing different Emphasising
types of idiosyncratic risk
sustainable growth
Deep focus on risks that each
Portfolio balanced between company faces. Stock risk
companies with diverse growth has to be higher than any
characteristics to control risk other factor

We focus on One in
companies that
meet responsible
one out
Best ideas approach. New
25
Stock
criteria entrants must be better portfolio
than any existing holdings
Only select stocks with a
Sustainalytics score of over 50

Source: Mirabaud Asset Management, November 2019

 12

HOW WE EXIT POSITIONS

WE GENERALLY EXPECT LONG HOLDING PERIODS

 As high conviction investors, our focus is on owning companies for a long period of time
 A thematic approach leads the Fund to investment opportunities in non-cyclical companies

Sell discipline focuses on two pillars:

Fundamentals
Pillar 1

If the investment thesis

Portfolio positions are monitored frequently of a company changes,
and if the investment case has changed, portfolio positions are
the position will be re-evaluated immediately exited, in
contrast to holding
Valuation smaller holdings sizes
Pillar 2

or gradually reducing
If valuations look too stretched relative to the weighting
similar opportunities in the sector globally, the
position will be re-evaluated
 13

WE FOCUS ON RESPONSIBLE INVESTING

We invest in companies with a Sustainalytics
rating of 50 or above

64 64
62 61 61
60
60 59 59 59
58
58
56
54
52
50
48
46
44
Global Score Environment Score Social Score Governance Score
Mirabaud - Equities Global Focus Benchmark

FUND’S ESG SCORE BY CATEGORY

Source: Quarter-end date - Mirabaud, Sustainalytics, 31 October 2019. Benchmark is MSCI AC World Index.
 14

A FOCUS ON SUSTAINABILITY
ENVIRONMENT GOVERNANCE RISK RATING
ESG RATING SOCIAL
16.8/100
78/100 74 86 72
(Weight 40%) Low Risk
(Weight 35%) (Weight 25%)

Leader

 Leading global water technology company committed to

developing innovative technology solutions to the world’s water
and critical infrastructure challenges.

 Considered a leader on ESG issues compared to its industry

peers. This stems from its outperformance on governance and
social issues and leading position on environmental issues.

 The company is at low risk of experiencing material financial

impacts from ESG factors, due to its medium exposure and
strong management of material ESG issues

 No evidence of relevant controversies.

Source: Sustainalytics
 15

ESG SWOT
STRENGTHS WEAKNESS OPPORTUNITIES THREATS

 The quality of the company’s  Even though Xylem Inc is spending  Government green drive opens an  Liability laws differ across countries
equipment impacts water quality and more than the average research and opportunity for procurement of and Xylem may be exposed to
water services, thereby directly development expenditure within the Xylem products by the state as well various liability claims given policy
influencing water ecosystems and industry, it is spending way less than as federal government contractors, changes in those markets. This could
customers’ health. a few players within the industry that this could positively impact revenues have a material adverse effect on
have had a significant advantage as  New environmental policies. New their competitive position.
 High level of customer satisfaction a result of their innovative opportunities will create a level
– the company with its dedicated products.  Disruptions to their supply chain,
playing field for all industry players. It
customer relationship management increased costs, due to hard Brexit.
represents an opportunity for Xylem
department has able to achieve a  The unpredictable nature of
to drive home its advantage in new  If they do not, or cannot adequately
high level of customer satisfaction weather conditions and climate
technology and gain market share in protect intellectual property, if third
among present customers and good change may result in volatility for
the new product category. parties infringe their intellectual
brand equity among the potential certain portions of our business, as
customers. well as the operations of certain of  Technological developments property rights, or if third parties claim
our customers and suppliers. come with numerous benefits across that they are infringing or
 Highly skilled workforce through many departments. Operations can misappropriating their intellectual
successful training and learning  Xylem takes into consideration be automated to reduce costs; better property rights, they may suffer
programs. Xylem is investing huge sustainability early in the design data may be collected on customers competitive injury, expend significant
resources in training and phase; however, there is limited to improve marketing efforts. This resources enforcing their rights or
development of its employees evidence of end-of-life programs. could favourably impact gross defending against such claims, or be
resulting in a workforce that is not margin prevented from selling products or
only highly skilled but also motivated  Increase in education and training by services, which could adversely
to achieve more. numerous institutes has increased impact their competitive position,
the amount of skilled labour business and financial condition.
available within the country. If Xylem
 If the Federal Communications
is able to hire skilled labour, it would
Commission (“FCC”) did not renew
have to spend less on training and
their existing spectrum licenses,
development, thus saving costs and
their business could be adversely
increasing productivity.
affected.
 16

SERVICE ECONOMY EXAMPLE

HIGH REVENUE GENERATING WITH SUSTAINABLE GROWTH

Research • Market often overestimates the fade rate on growth A global leader in
Insight companies like Ecolab water hygiene
• 12% market share from an addressable market of $125bn working with
– 5x the next biggest competitor commercial
laundries to help
• Dominant market share, which is sustainable
Leadership improve efficiency
• Largest Research & Development Budget in their industry
• Largest and most efficient salesforce
• Focus on sustainability

• Recurring revenues at a high rate

Validation
• Ecolab can grow in any market environment

90% 40% 50% 59

Sustainalytics
of revenues water savings energy savings
are recurring for commercial for commercial rating
laundries laundries
*Source: Mirabaud Asset Management, as at 28 June 2019
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ACHIEVING BELOW AVERAGE VOLATILITY

COMBINING COMPANIES WITH DIVERSE GROWTH CHARACTERISTICS

Dynamic allocation to volatility buckets for diversified sources of

return and to manage risk-on and risk-off Attackers
Faster growing with higher stock
100% price volatility
90%
Example in portfolio: Ulta*
80%
Increased as market moves risk-on
70%

60%
Midfielders
50% Consistent growth, less impacted by
40% shifts in the economy
30% Example in portfolio: Mastercard*
20%

10% Defenders
0% High sustainable growth rates and
lower stock price volatility
Example in portfolio: Compass*
Attackers Midfielders Defenders Cash Increased as market moves risk-off

Source: Mirabaud Asset Management 29 November 2019. Attackers are top quartile by stock price volatility and defenders are bottom quartile
*Note: These are current examples in the Mirabaud – Equities Global Focus portfolio and are provided for information purposes only. They
are not a recommendation to buy or sell and are shown for illustrative purposes only
 18

SUMMARY
High active, Global Equity Fund, with a focus on
themes to drive sustainable growth

HIGH CONVICTION GROWTH MULTI-THEMED APPROCH

 Highly focused portfolio of around 25 best  Innovation is at the centre of themes
ideas, with a focus on sustainable growth  Create additional focus on those companies
that can grow faster than GDP

ESG OVERLAY FULLY DIVERSIFIED

 Only invests in companies with a  Themes provide another diversification
Sustainalytics score of 50 or more overlay
GLOBAL THEMES
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DYNAMIC EVOLUTION OF THEMES

Multi-Themes
At the beginning of each year,
we evaluate our themes.

If the investment thesis

changes, we will remove the
theme.

If a new theme emerges, we

will add the theme. In 2019, we
added Service Economy as a
new theme

Ageing population Explosion

Explosion of data
of data Non Banking Financials Service Economy
Media Content Payment Tech & E Commerce Reflation Cars of the Future
Gas & Transitional Fuel Platform Companies Consumer Brands End of Globalisation
Automation Health & Wellbeing Millennial Consumer
Emerging Technology Real Estate & Infrastructure Stabilising Oil

More cyclical in nature New theme introduced

Source: Mirabaud Asset Management as at September 2019

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THEME TRANSLATION INTO PORTFOLIO

Ageing Population

Explosion of Data

Health & Wellbeing

Millennial Consumer

Platform Companies

Real Estate & Infrastructure

Service Economy
Tencent

Automation

Source: Factset and Mirabaud Asset Management 29 November 2019

 THEME: AGEING POPULATION
Global population 65 and over Share of total health spending by
growing 60% by 2030 age group and share of population

•
•

Source: United Nations

 23

AGEING POPULATION: EDWARDS

LIFESCIENCES & AIA
AGEING DRIVES NEW APPROACHES TO HEALTHCARE AND
FINANCIAL PLANNING – TWO MAJOR SUB-THEMES

 Sustainable Growth: Healthcare spend  Sustainable Growth: Low insurance

continues to increase as the global penetration and limited social welfare
population gets older provision alongside growing need for
retirement savings
 Leadership: Pioneer in Aortic Valve
Replacement, which replaces open heart  Leadership: AIA is getting 17% market
surgery – more efficient and lower cost share of new premiums
 Edwards Lifesciences has 50%  Already services 32 million
share for this type of surgery individual policies
 THEME: PLATFORM COMPANIES
ABILITY TO DEFY LAW OF LARGE NUMBERS

 Creating a large network of captive users for one initial service, then
continually layering more services, creating strong consumer dependency
 Ability to grow at quicker rates than traditional industries
 Represent $2.6 trillion in market-cap worldwide
 Leverages technology to disrupt

Active users of top

global social platforms

Source: Hootsuite, 2018

•
 25

PLATFORM COMPANIES: MASTERCARD

GLOBAL PAYMENTS INDUSTRY GROWING 11% A YEAR

advanced economies like the US

Cash still accounts for a high

percentage of expenditure in
Global cash to card penetration
43% only 43%.

Global card penetration reaching

51% 51% by 2022. Translated to 6%

annual revenue tailwind for
Mastercard.

25% Percentage of cash and cheques

on US consumer purchases

Source: Bernstein
 THEME: HEALTH & WELLBEING
TAKING ACTION

1.9bn globally are overweight or obese

37% in the US are following a dietary regime
39% are eating plant-based food in the US
are worried about the longer term
75% impact of artificial ingredients

Leading to a new wave of healthy eating globally

 THEME: REAL ESTATE
& INFRASTRUCTURE
HUGE DEMAND IN INFRASTRUCTURE

By 2040 the global population will

have grown by almost 2 billion
people, a 25% increase.
Over half the population (55%)
lives in urban areas. By 2050,
that number will rise to 68%.

Capturing the real estate theme in India

• Leadership: 40% share of Indian

mortgage market
• Sustainable growth: Existing mortgage
penetration is low
Source: World Bank 2018
 THEME: MILLENNIAL CONSUMER

WORLD’S MOST IMPORTANT GENERATIONAL COHORTS

FOR CONSUMER

Millennial Consumers represent

27% of the world’s total
population

94% have a preference for digital

formats

They are driving change in

industries such as cosmetics
and food & beverages

Source: ECB Iconoculture Consumer Insights

THEME: AUTOMATION

FROM A MOBILE FIRST WORLD TO AN ARTIFICIAL

INTELLIGENCE-FIRST WOLD

The pace of automation is

accelerating with the surge of
Artificial Intelligence
The benefit of using AI might
range from 1 to 9% of revenues

Consumer industry will benefit

most as they use the
information to predict trends

If a company can do more, faster, the benefits can be enormous,

and, unsurprisingly, demand for Machine Learning specialists is
currently at a high.
 THEME: THE EXPLOSION OF DATA

THE VOLUME OF ELECTRONIC DATA IS GROWING

EXPONENTIALLY WITH MAKRET PLAYERS COLLECTING
EVER SO MORE DATA
We are creating 2.5 quintillion
bytes of data per day & counting

90% of all data was created in

the past 2 yrs

IP traffic is growing at a similar

pace and should increase x3
over the next 5 yrs
By 2022:
• 4.8 billion internet users or 60% of the world’s population
• In excess of 28.5bn global network connections (18bn in 2017)
 31

DIVERSIFIED BY THEME
Service Economy Ageing Population
9.59% 20.05%

Automation
8.53%
Real Estate and
Infrastructure
19.97%

Explosion of data
13.29%

Platform
Companies
7.71%
Health and
Wellbeing
Millenial Consumer 6.86%
11.00%
Source: Factset and Mirabaud Asset Management 29 November 2019. Excludes cash.
THE DETAIL
 33

DIVERSIFIED BY SECTOR AND REGION

Sector Allocation (%) Region Allocation (%)
4.4
Cash & Other
0 3.1
0
Cash & Other
Utilities 0
3.3
0 10.5
Real Estate Emerging Markets
3.3
11.8
0
Materials
4.7
3.6
25.9 UK
Information Technology 4.7
16.9
17.1
Industrials 60
10.5 North America
11.8 58.9
Health Care
11.8
9.2
19.9
Financials Japan
16.9 7.3
0
Energy 8.3
5.1
Europe ex UK
3.9 13.8
Consumer Staples
8.2
9.4 4
Consumer Discretionary Asia ex Japan
10.8
3.5
7.7
Communication Services
8.8
0 10 20 30 40 50 60 70
0 5 10 15 20 25 30
Mirabaud - Equities Global Focus MSCI AC World TR Index
Mirabaud - Equities Global Focus MSCI AC World TR Index

Source: Mirabaud Asset Management, 29 November 2019

 34

LARGE-CAP BIAS
BLENDS WINNERS OF TODAY WITH WINNERS OF TOMORROW

Market Cap Weightings

37.24
>$50bn 54.95

16.89
$20-50bn 22.61

26.93
$10-20bn 12.5

3.38
$5-10bn 7.43

9.22
$2-5bn 2.32

3.35
$0.5-2bn 0.16

0 10 20 30 40 50 60
Fund Benchmark

AROUND 40% OF PORTFOLIO NAMES IN COMPANIES

WITH MARKET-CAP BETWEEN $10BN-50BN
Source: Mirabaud as at 29 November 2019.
 35

THREE LAYERED RISK MANAGEMENT

INDEPENDENT RISK AND COMPLIANCE MONITORING AND OVERSIGHT

Investment Independent Periodic review between Risk

restrictions risk reporting & Fund Management:

 Hard coding of pre-trade rules  Volatility / tracking error  Portfolio statistics: past
of fund and IMA requirements  Active share / off-benchmark performance, T.E., volatility
allocation  Review of performance
 Concentration / correlation / attribution vs. risk attribution
 Monitoring of post-trade and systematic & stock-specific risk  Transaction analysis:
end of day limits
 Portfolio breakdowns by market winners/losers ratios, holding
cap, sector, country, currency, period, drawdown / momentum
 Internal and external audit duration etc. analysis
 Contribution to volatility / T.E. /  Current and future positioning
beta on a stock level and its impact on the statistics
 Scenario analysis: what ifs?

Concentrated, unconstrained portfolios need

3 levels of controls to ensure funds and Independent portfolio oversight is key to pick
portfolio scenario and stress testing with
mandates operate within defined limits up any unintended risks or risk creep
helpful ex-ante and ex-post risk guidance

Additional risk and attribution reporting is aligned to the themes identified by the Global Equity team
 36

MANAGING RISK
RISK IN AN INDEPENDENT FUNCTION WITHIN MIRABAUD
 Dedicated risk management team of six ‘risk’ professionals
 Dénes
The risk function works closely with portfolio Galyó
management and the business. It sits independently from
the portfolio management function and reports directly into the CEO of Mirabaud Asset Management

Dénes Galyó
Chief Risk Of ficer

Traditional Alternative Emmanuel

Investments Investments Cogels
Conduc ting of f ic er
Fayçal M ichael Farouk in charge of risk
Zerigue Hauck Saidji m anagem ent

Senior ris k Dimitrios

Senior
Ris k Manager m anager & Head Sakellaris
Ris k Manager
of O perational
Due Diligenc e Ris k Manager
 37

HISTORICAL PERFORMANCE
MIRABAUD - EQUITIES GLOBAL FOCUS I CAP. USD

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

Fund 2019 7.05 3.60 3.68 3.14 -2.26 5.84 0.93 -2.16 -0.28 0.13 2.09 23.49

Benchmark 7.90 2.67 1.26 3.38 -5.93 6.55 0.29 -2.37 2.10 2.74 2.44 22.29

Fund 2018 7.02 -0.68 -0.48 -1.39 1.82 1.06 2.84 1.69 1.87 -7.04 3.50 -6.03 3.39

Benchmark 5.64 -4.20 -2.14 0.95 0.12 -0.54 3.02 0.79 0.44 -7.49 1.46 -7.04 -9.42

Fund 2017 3.79 1.76 0.97 2.75 2.16 -0.12 2.67 2.19 2.76 0.11 3.76 1.96 27.67

Benchmark 2.73 2.81 1.22 1.56 2.21 0.45 2.79 0.38 1.93 2.08 1.94 1.61 23.97

Fund 2016 -6.27 -4.33 4.70 -0.15 1.58 -1.10 2.53 -1.13 1.36 -2.87 0.66 -0.72 -6.06

Benchmark -6.03 -0.69 7.41 1.48 0.13 -0.61 4.31 0.34 0.61 -1.70 0.76 2.16 7.86

Fund 2015 -1.65 -0.97 -1.37 3.67 -5.94 -3.37 7.46 -0.13 -2.14 -4.92

Benchmark 0.50 -0.13 -2.35 0.87 -6.86 -3.62 7.85 -0.83 -1.80 -6.79

Source: Mirabaud Asset Management, 29 November 2019. I CAP US Dollar Share Class, net of fees
Past performance is not indicative or a guarantee of future returns. Indices are not available for direct investment. Performance figures do not
take into account subscription and redemption fees and costs.
 38

LATEST THEMES: YEAR TO DATE

Ageing Population
Theme 1: Ageing Population • Between 2015 and 2030, the global Theme Impact to Portfolio
population aged 65 and older is
Fund Holdings projected to grow by more than 60% Performance YTD*
compared to working age population
growth of 14%
Compass Group • By 2020, for the first time in human Average weight: 16.63%
AIA Group history, people aged 65 and over will Total return: 41.31%
outnumber children under age five.
Mani Inc Contribution to return: 5.66%
• Beneficiaries: Medicine, Financial
Edwards Life Sciences
Planning
Service Corporation Int

Automation
Theme 2: Automation Theme Impact to Portfolio
• We have moved from mobile-first
Fund Holdings world to AI-first world Performance YTD*
• Waymo has driven more than 10m
miles in Autonomous Vehicles on
public roads Average weight: 5.84%
Adobe • Beneficiaries: Software, Industrials Total return: 27.70%
Zebra Technologies Contribution to return: 1.84%
Alphabet

*Absolute attribution for the period 31 December 2018 to 29 November 2019. Company names in bold denote current holdings.
Past performance is not indicative of a guarantee of future returns
 39

LATEST THEMES: YEAR TO DATE

Platform Companies
Theme 3: Platform Companies Theme Impact to Portfolio
• Companies with captive audiences
Fund Holdings that can layer in more and more Performance YTD*
products
• Barrier to exit are significant Average weight: 7.86%
MasterCard • Beneficiaries: Internet, FinTech, Total return: 33.62%
Tencent Consumer Tech Contribution to return: 2.06%

Explosion of Data
Theme 4: Explosion of Data Theme Impact to Portfolio
Fund Holdings • 90% data on Earth was created in Performance YTD*
last 2 years
• Internet traffic growth accelerated
again to 26% Average weight: 9.28%
PayPal • Beneficiaries: Industrials, Software, Total return: 25.08%
Edenred Semis Contribution to return: 2.55%
Texas Instruments
Broadridge Financial Solutions

*Absolute attribution for the period 31 December 2018 to 29 November 2019. Holdings YTD: Company names in bold denote current holdings.
Past performance is not indicative of a guarantee of future returns
 40

LATEST THEMES: YEAR TO DATE

Service Economy
Theme 5: Service Economy • Service economy is a new theme, Theme Impact to Portfolio
Fund Holdings reflecting that services are set to
Performance YTD*
account for more than 50% GDP in
lower income economies for the first
TechnoPro Holdings
time in 2019 Average weight: 14.45%
EcoLab
• Beneficiaries: Commercial & Total return: 45.19%
Automatic Data Processing
Professional Services, Software Contribution to return: 5.75%
Verisk Analytics

Real Estate & Infrastructure

Theme 6: Real Estate &
• Global population is growing 26% Theme Impact to Portfolio
Infrastructure
to 2040, urban population is
Fund Holdings Performance YTD*
growing 1.5x
• Years of underinvestment in
CME Group Blackstone Group Infrastructure needs to reverse Average weight: 25.91%
China Everbright Deutsche Boerse • Beneficiaries: Utilities, Industrials, Total return: 21.97%
Xylem WEC Energy Group Financials, Housing
Home Depot Contribution to return: 5.81%
HDFC
United Rentals

*Absolute attribution for the period 31 December 2018 to 29 November 2019. Company names in bold denote current holdings
Past performance is not indicative of a guarantee of future returns
 41

LATEST THEMES: YEAR TO DATE

Health and Wellbeing
Theme 7: Health and Wellbeing Theme Impact to Portfolio
• 1.9bn people globally are now either
Fund Holdings overweight or obese Performance YTD*
• Healthcare systems cannot cope
with escalating costs
• Onus is falling on individuals to
Church & Dwight Average weight: 4.84%
maintain healthier lifestyles
OdontoPrev Total return: -5.61%
• Beneficiaries: Food companies,
Medicine
Contribution to return: 0.38%

Millennial Consumer
Theme 8: Millennial Consumer Theme Impact to Portfolio

Fund Holdings • Millennials are 26% population but Performance YTD*

50% skincare and beauty purchases
• 83% Millennials cooking more at
Electronic Arts
home Average weight: 11.21%
Ulta Beauty
• Beneficiaries: Beauty, Sports, Total return 4.69%
McCormick & Co
Consumer Staples Contribution to return: 0.83%
First Republic Bank

*Absolute attribution for the period 31 December 2018 to 29 November 2019. Company names in bold denote current holdings
Past performance is not indicative of a guarantee of future returns
 42

YOUR CONTACTS
MIRABAUD ASSET MANAGEMENT LIMITED
5th Floor, 10 Bressenden Place, London
SW1E 5DH

+44 20 3167 7000

www.mirabaud-am.com
Mirabaud Group
@mirabaud-AM

DAVID BASOLA MATTIA PASTROLIN

Head of Sales & Marketing, Italy, Malta, Monaco, Ticino (CH) Institutional Sales and Marketing Executive
[email protected] [email protected]
D +44 20 3167 7014 D +44 20 3167 7015

ILARIA MALACCO
Marketing Analyst
[email protected]
D +44 20 3897 4488
 43

DISCLAIMER

This document contains information or may incorporate by reference data concerning certain collective investment schemes (hereinafter "funds") which are only
available for distribution in the countries where they have been registered. This document is for the exclusive use of the individual to whom it has been given and
may not be either copied or transferred to third parties. In addition, this document is not intended for any person who is a citizen or resident of any jurisdiction
where the publication, distribution or use of the information contained herein would be subject to any restrictions or limitations. The contents of this document
are illustrative only and shall not be construed as an offer or a recommendation to subscribe for, retain or dispose of fund units, shares, investment
strategies or courses of dealing. Before investing in any fund or pursuing any strategy mentioned in this document, potential investors should consult the
latest versions of the legal documents pertaining to such funds or underlying financial instruments or indices and in particular the Prospectus and Key Investor
Information Document (KIID) which describe in greater detail the specific risks related to the funds. Moreover potential investors are recommended to seek
professional legal and tax advice. The sources of the information contained in this document are deemed reliable by the issuer. However, the accuracy or
completeness of the information contained in this document cannot be guaranteed, and some figures are only estimates.

Past performance is not indicative or a guarantee of future returns. Fund values can fall as well as rise, and investors may lose the amount of their
original investment. Returns may decrease or increase as a result of currency fluctuations. Performance figures do not take into account subscription and
redemption fees and costs. Any values or holdings quoted are relevant only on the day they are issued and investment values and strategies may be revised
without notice. This communication may only be circulated to Eligible Counterparties and Professional Investors and should not be circulated to Retail
Investors for whom it is not suitable.

“Mirabaud” and “Mirabaud Asset Management” © are trading styles of Mirabaud Asset Management Limited and associated Mirabaud Group companies. Issued
by Mirabaud Asset Management Limited which is authorised and regulated by the Financial Conduct Authority under firm reference number 122140.

© 2019 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied
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losses arising from any use of this information.
Past performance is no guarantee of future results. For more detailed information about Morningstar Rating, including its methodology, please go to:
http://corporate.morningstar.com/US/documents/Methodology/Documents/MethodologyPapers/MorningstarFundRating_Methodology.pdf