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For professional use only - Not to be relied upon by retail clientsThis document is intended only for the person to whom it has been delivered and may not be forwarded to a third party without prior consent from Scottish Widows Investment Partnership. Any investment decision should be based on the information contained in the offering document which should be read prior to investing.
SWIP European Equity Dividend Plus StrategySteven Maxwell
Zurich May 2010
222
European Team
SWIP European Equity - Investing in context
Example strategy - SWIP European Smaller Companies Strategy
Example strategy - SWIP European Equity Dividend Plus Strategy
Appendices
Agenda
The trust that clients have been placing in us has made SWIP an important asset management company in Europe.
The breadth of our services and our financial stability allows us to act as long-term partners to our clients.
European Team
4
European Team
4
12 years average experience
Joint role of fund manager / analyst
Source: SWIP, 31 March 2010.
Dual role key
Kathleen DewandeleerConstruction & Telecoms
Steven MaxwellHead of European Equities
Banks/Energy
Michael WassermannInsurance/Banks
Chris ClarkeTechnology & Media
Vicky WatsonEuropean Real Estate
Greig BrysonAutos, Industrials & Pharmaceuticals
Catie WearmouthConsumer, Utilities
5
Steven Maxwell
Income Fund/Pan Europe
Alpha
Product SpecialistCountry Funds
Institutional Cont. Europe/Euro
Alpha
Pan Europe Small
Caps/Cont. Europe Alpha
Pan Europe Small Caps
Real Estate
Sector Coverage
Michael Wassermann
Chris Clarke
Greig Bryson
Catie Wearmouth
Kathleen Dewandeleer
Vicky Watson
Financials
Technology & Media
Healthcare
Industrials
Consumer
Utilities
Telecoms
Real Estate
Research / fund coverage evenly dividedSource: SWIP, 31 March 2010.
Team responsibilities
6
Focused on identifying stocks trading below their long term intrinsic value
Disciplined fundamental research is central to our investment philosophy
We buy stocks, not currencies, or countries
Our portfolios are driven by our team’s collective best ideas
Our core beliefs
A winning formula
6
SWIP European Smaller Companies Strategy
8
European Smaller Companies Strategy
Objectives:
Indicative performance target: Outperformance of 2% p.a. relative to benchmark over a rolling 3 year period
Indicative benchmark: MSCI European Small Cap Index in Euro terms
Indicative tracking error range: 4 - 8% p.a.
Investment approach:
Universe covers companies with a market cap range of: €100 million - €6 billion
Portfolio construction: High conviction (“best ideas”) portfolio with typically 60-70 stocks
Strategy highlights
Source: SWIP, 31 March 2010. These are current operating guidelines only and not necessarily prescribed or documented investment restrictions. Investment decisions should be based on the information contained in the appropriate offering document. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document).
9
Consistent performanceExample portfolio
Source: SWIP, 31 March 2010. Based on Euros. Gross of fees. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document).
66.7%
50.0%
41.7%
58.3%
Q1 2010
66.7%
55.6%
38.9%
61.1%
Q4 2009
62.5%
55.0%
47.2%
52.8%
Q3 2009
64.7%
68.4%
47.2%
52.8%
Q2 2009Statistics based on 36 months Q1 2009 Q4 2008 Q3 2008 Q2 2008 Q1 2008
Positive relative months 69.4% 75.0% 75.0% 75.0% 69.4%
Negative relative months 30.6% 25.0% 25.0% 25.0% 30.6%
Outperformance in rising markets 70.6% 77.8% 80.0% 77.3% 73.9%
Outperformance in falling markets 68.4% 72.2% 68.8 71.4% 61.5%
SWIP European Smaller Companies Portfolio - Rolling 3 years annualised relative return (%)
3.50 3.834.67 4.47
6.38
7.877.21
8.217.15 7.09
4.193.22
0.84 1.170.15
1.96
0
2
4
6
8
10
Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10
%
10
PerformanceExample portfolio
Continued focus on strong balance sheets and long-term earnings power
Identified attractive stocks in higher beta sectors through our research process
Active sector positions overweight in Industrials
19 pctl49 pctl62 pctl36 pctl36 pctl33 pctlPeer Group Ranking*
-0.89
9.88
8.99
3 months
0.15
-9.5
-9.35
3 years
2.55
5.26
7.81
5 years6 months 1 year 2 years
Portfolio 13.32 67.61 -4.81
Index 12.34 80.27 -1.36
Relative Performance 0.98 -12.66 -3.45
Source: SWIP, 31 March 2010. Gross of fees. Based on Euros. *Lipper, Lipper Global Small & Mid Cap Sector, Mid – Mid, income reinvested. Benchmark is MSCI Europe Small Cap Index. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document).
Performance to 31 March 2010
SWIP European Equity Dividend Plus Strategy
1212
Investment solution
– Focused on a combination of an attractive dividend yield as well as capital growth
Outlook
– Positive outlook for European Equities as investor and market sentiment improves
– Fundamental research is key and focus on stock features will deliver superior performance
– Quality dividend-paying/growing companies are likely to be re-rated in a low growth, low inflation environment
Why European equity dividend plus?
13
Source: Citigroup Global Markets, 31 March 2010. The above is provided for illustration and discussion purposes only and is not a recommendation to buy or sell the security. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance.
Significant contributor to total returns
Contribution to European Market Returns, since 1970
13
The importance of dividends
14
Implied dividends for EURO STOXX 50 Aggregated single stock option – implied dividends for 2010 (rebased to 100)
Implied dividends
Source: Goldman Sachs Global ECS Research estimates, 7 May 2010. The above is provided for illustration and discussion purposes only and is not a recommendation to buy or sell the security. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance.
0
20
40
60
80
100
120
Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10
Financials Non-financials
15
Source: Credit Suisse, 13 May 2010. The above is provided for illustration and discussion purposes only and is not a recommendation to buy or sell the security. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. 15
Market dividend yields
%
European yield attractive & diversified
1616
Objectives:
To provide long-term returns by investing primarily in high dividend-yielding equities of European companies
To achieve capital growth of at least 150bps over its benchmark plus a dividend yield superior to the yield of its benchmark over a three years horizon
Indicative Benchmark: FTSE Europe ex UK Index
Tracking error range: 2 - 7% p.a. over a three year investment horizon
SWIP European Equity Dividend Plus Strategy is focused on a combination of attractive dividend yield as well as capital growth
Equity dividend investing at SWIPExample portfolio
Source: SWIP, 31 March 2010. These are current operating guidelines only and not necessarily prescribed or documented investment restrictions. Investment decisions should be based on the information contained in the appropriate offering document. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document).
1717
Returns in Euros as at 31 March 2010SWIP European Equity Dividend Plus Strategy
Our track recordExample portfolio
2.4
49.5
-1.7
3.5
53.4
-4.9-10
0
10
20
30
40
50
60
3 months 1 year 2 years
SWIP European Equity Dividend Plus Portfolio FTSE W Eur ex UK Index
Source: SWIP, 31 March 2010. Based on Euros. Gross of fees. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document).
1818
Returns in Sterling as at 31 March 2010SWIP European Equity Dividend Plus Strategy
Percentile: 85 56 20
Our track recordExample portfolio
2.5
44.1
3.43.6
45.0
1.00
5
10
15
20
25
30
35
40
45
50
3 months 1 year 2 years
SWIP European Equity Dividend Plus Portfolio Europe ex UK Median
Source: Lipper, 31 March 2010. Based on Sterling. Gross of fees. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document).
1919
Returns generated by income to 31 March 2010SWIP European Equity Dividend Plus Strategy
Our track recordExample portfolio
0.4
4.8
10.3
0.4
3.9
8.5
0
2
4
6
8
10
12
3 months 1 year 2 years
SWIP European Equity Dividend Plus Portfolio FTSE Europe ex UK Index
Source: SWIP, 31 March 2010. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document).
20
Research driven investment process
A structured, repeatable process focused on delivering performance
Universe Fundamental Research Peer Group Vetting Portfolio
Screen
Cross reference
Dividend, growth, valuation, momentum
40-60 stocks
153 stocks
In-depth fundamental research
Valuationanalysis
Recommendation
Portal
Challenge case
Conviction ofanalyst
Target price upside
Decide if appropriate forportfolio
20
Source: SWIP, 31 March 2010.
21
13/05/10
M J J A S O N D J F M A M J J A S O N D J F M
60
70
80
90
100
110
120
130
(32993L/WIEXUKE)
Source: Thomson Datastream
Only global listed alternative asset manager, based in Switzerland
Highly cash generative; no gearing; no capital expenditure
High earnings visibility – 80% of AUM locked in for 10 years
2010 free cash flow yield 20%
2010 dividend yield 3.5%
Relative performance to FTSE Europe ex UKas at 31 March 2010
21
Pric
e re
lativ
e to
inde
x (r
ebas
ed to
100
)
2008 2009 Resilient model
Top SlicedTop Sliced
Stock example – Partners Group
Source: Thomson DataStream, 31 March 2010. The above is provided for illustration and discussion purposes and is not a recommendation to buy or sell the security. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance.
BoughtBought
22
12/5/10
JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR
85
90
95
100
105
110
115
120
125
130
135
(929267/WIEXUKE)
Source: Thomson Datastream
Leading supplier of steel and alloy tubing to oil, gas and other industries. 60% of sales in Emerging Markets
Trading on a significant discount to oil services
Volume and pricing both positive. Consensus earnings too low
Sound balance sheet. Dividend yield over 5%
Relative performance to FTSE Europe ex UKas at 31 March 2010
22
Pric
e re
lativ
e to
inde
x (r
ebas
ed to
100
)
BoughtBought
Quality Growth2009 2010
Stock example – Vallourec
Source: Thomson DataStream, 31 March 2010. The above is provided for illustration and discussion purposes and is not a recommendation to buy or sell the security. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance.
23
Top 5 positive active positions
SWIP European Equity Dividend Plus Strategy
High conviction portfolio based on:
Upside to target price
Conviction of analyst
Liquidity risk of the stock
Buy and sell discipline
2.72 SWITZERLAND Health Care ROCHE HLDG
2.98 FRANCE Financials SOCIETE GENERALE
2.90 GERMANY Consumer Goods DAIMLER
3.18 GERMANY Financials DEUTSCHE BANK
3.19 SPAIN Telecommunications TELEFONICA
3.46 SWITZERLAND Consumer Goods NESTLE
3.51 FRANCE Financials BNP PARIBAS
54.83 Total weight of Top 20 holdings
FRANCE
FRANCE
GERMANY
Country
2.79 Oil & Gas TOTAL
3.91 Financials SIEMENS
Top 10 Stock Holdings Sector
Absolute Weight
%
VINCI Industrials 2.67
Total weight of Top 5 holdings 17.25
Total weight of Top 10 holdings 31.32
Total number of holdings 51
ConstructionExample portfolio
23
Source: SWIP, 31 March 2010. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the important notes section at the end of this document).
24
CharacteristicsExample portfolio
Source: SWIP Quant's Analysis, 31 March 2010. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (See Note 1 in the important notes at the end of this document). These are current operating guidelines and not necessarily investment restrictions imposed by offering document. Any investment decision in connection with the products should be based on the information contained in the appropriate offering document.
SWIP European Equity Dividend Plus StrategyPortfolio Characteristics
3.4
11.6
16.3
1.63.2
12.3 12.8
1.6
0
2
4
6
8
10
12
14
16
18
Dividend yield P/E Return on equity Price to book
SWIP European Equity Dividend Plus Portfolio FTSE W Eur ex UK Index
25
Risk diagnosticsExample portfolio
25
SWIP European Equity Dividend Plus Strategy
Source: SWIP, Style Research, APT and style, 31 March 2010. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document).
Portfolio Style Skyline™
-0.1
0.8
0.5
0.20.0
-0.6
1.7
0.0
0.3
-0.8
-0.2
0.1
-0.3
0.9
0.6
0.8 0.8
0.3
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
Book to PriceDivid
end YieldEarnings YldC'Flow YieldSales to Price
EBITDA to PriceRtn on Equity
Earnings GrowthIncome/SalesSales GrowthIBES 12Mth GrIBES 1Yr R
evLog Market Cap
Market Beta
Momentum STMomentum MT
Debt/EquityForeign Sales
Style Factors
Style
Tilt
™
Appendices
2727
Country Sector
-5.26%
-2.51%
-1.73%
-1.72%
-1.34%
-0.58%
0.02%
0.94%
1.16%
2.58%
8.44%
-8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00%
CONSUMER SERVICES
CONSUMER GOODS
HEALTH CARE
UTILITIES
TECHNOLOGY
OIL & GAS
BASIC MATERIALS
CASH
TELECOMMUNICATIONS
FINANCIALS
INDUSTRIALS
%
-5.83%
-4.11%
-2.38%
-0.88%
-0.87%
-0.79%
-0.79%
-0.46%
-0.14%
-0.13%
0.17%
0.26%
0.94%
0.97%
1.89%
2.42%
2.96%
6.77%
-8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00%
SWEDEN
SPAIN
DENMARK
FINLAND
PORTUGAL
POLAND
AUSTRIA
HUNGARY
BELGIUM
NORWAY
SWITZERLAND
GREECE
CASH
FRANCE
ITALY
NETHERLANDS
IRELAND
GERMANY
%
European Equity Dividend Plus - Country and sectorExample portfolio
Source: SWIP, 31 March 2010. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the important notes section at the end of this document).
2828
Top 10 Positive Impacts
End Active Weight Impact
PARTNERS GROUP 1.5 0.32
BANCO BILBAO 0.9 0.29
TOGNUM 1.7 0.25
DEUTSCHE BANK 2.2 0.21
SIEMENS 2.0 0.21
FUGRO 1.4 0.19
BAYER -1.1 0.18
CS GROUP 1.0 0.15
SYMRISE 1.2 0.14
VALLOUREC 1.1 0.12
Top 10 Negative Impacts
End Active Weight Impact
JUMBO 1.2 -0.39
BANCO SANTANDER -2.2 -0.30
HEIDELBERGCEMENT 1.5 -0.29
NOVARTIS -0.2 -0.26
NOKIA -1.2 -0.23
DAIMLER 1.9 -0.20
SOC GENERALE 2.1 -0.18
NOVO-NORDISK -0.8 -0.18
TELEFONICA 1.0 -0.15
ABB -1.0 -0.14
European Equity Dividend Plus Example portfolio attribution analysis – 3 months
Source: SWIP, 31 March 2010. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document).
2929
Top 10 Positive Impacts
End Active Weight Impact
PARTNERS GROUP 1.5 1.07
IRISH LIFE & PERMANENT 0.8 1.06
VEIDEKKE 1.8 0.68
VOLKSWAGON STAMM -0.1 0.68
TENARIS (IT) 1.3 0.55
FUGRO 1.4 0.53
BANCO SANTANDER -2.2 0.48
KONE B 1.5 0.40
SYMRISE 1.2 0.37
BASF 1.3 0.34
Top 10 Negative Impacts
End Active Weight Impact
OPAP -0.1 -1.01
NOKIA CORP -1.2 -0.69
NEOPOST 1.0 -0.69
VIVENDI -0.7 -0.58
TELECOM ITALIA 0.9 -0.44
ROCHE 0.4 -0.44
TELEFONICA 1.0 -0.42
KPN 1.5 -0.41
CRH 1.1 -0.41
FRANCE TELECOM 0.6 -0.37
European Equity Dividend Plus Example portfolio attribution analysis – 1 year
Source: SWIP, 31 March 2010. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document).
Biographies
31
Biographies
Name: Greig Bryson Position: Investment Director, European EquitiesJoined Company: November 2008Entered Industry: 1999
Greig is the research manager for the team, in addition to being responsible for SWIP’s Euroland retail equity mandates. His sector research responsibilities within the team are chemical, pharmaceutical and automotive sectors.
Prior to joining SWIP, Greig was an equity analyst with Pioneer Investments in Dublin, responsible for covering the European basic materials sector.
Before this, Greig was an Investment Manager at SWIP, where he worked for four years as part of the European team, covering a variety of sectors including capital goods and autos.
Name: Steven MaxwellPosition: Head of European EquitiesJoined Company: May 2004Entered Industry: 1988
Steven is an investment director and Head of European equities and REITs at SWIP. He is responsible for the investment process and performance of all our European equity and REIT funds and for managing European equity portfolios for institutional clients.
Before joining SWIP in 2004, Steven worked for Standard Life Investments for nine years as part of the European equity team. He managed the company's Irish equity funds, prior to concentrating on European portfolios. When sector analysis was introduced in 1998 he concentrated on the banking sector, together with ongoing portfolio management responsibilities. Prior to joining Standard Life, he worked for Dunedin Fund Managers as a fixed income manager between 1994 and 1995.
Steven began his investment career with the Life Association of Scotland in 1987 with responsibility for sterling money market and foreign exchange analysis, before managing the company's Irish equity fund from 1989.
32
Biographies
Name: Catie WearmouthPosition: Investment Director, European EquitiesJoined Company: March 2005Entered Industry: 1999
Catie is an Investment Director in the European Equity team, responsible for managing Continental European funds. Her sector research responsibilities within the team are for consumer goods and utilities. Prior to joining SWIP, Catie spent six years as an Investment Manager with Kempen Capital Management, a small/mid-cap fund management company. Her specific fund responsibility was for the Pan European Socially Responsible Investment funds which she helped establish at Kempen in 2002.
Catie has an MA Hons in English and Italian literature from the University of St Andrews and holds the MSc in Investment Analysis from the University of Stirling. Catie is an Associate of the CFA Society of the UK.
Name: Kathleen DewandeleerPosition: Investment Director, Pan European EquitiesJoined Company: April 1997Entered Industry: 1990
Kathleen is an Investment Director in SWIP’s European Equities team. Kathleen has managed the German fund since 2000, manages the Swiss portfolio and she co-manages the small and large cap Pan European portfolios. Her research responsibilities include Construction, IT and Telecommunications sectors.
Kathleen joined the group in 1997, where she covered Eastern Europe, the Middle East and Africa. She joined the European team in 1999.Kathleen has been working with European Equities since 1990 at Matheson Investment Management, Scottish Provident and Edinburgh Fund Managers. Kathleen studied commercial management at the University of Brussels from 1984 to 1989 (equivalent to a Masters degree). She is fluent in Dutch, English, German and French, and has a basic knowledge of Spanish. She is married with two children. Kathleen is an Associate of the CFA Society of the UK.
33
Biographies
Name: Chris ClarkePosition: Investment Director, European EquitiesJoined Company: March 2008Entered Industry: 2000
Chris is an Investment Director in the European Equity team. His sector research responsibilities within the team are for technology, media, retail, beverages and leisure.
Prior to joining SWIP, Chris spent seven years at Alliance Trust. In the latter half of this period he was the Investment Manager responsible for the European portfolio. Prior to that Chris was an Investment Analyst for UK and European Equities his sector responsibility included engineering, beverages, utilities and leisure.
Chris has an MA Hons in History and International Relations from the University of Aberdeen. After graduation Chris trained and qualified as a Chartered Accountant with KPMG. Chris is also a CFA Charterholder.
Name: Vicky WatsonPosition: Investment Director, European EquitiesJoined Company: May 2006Entered Industry: 1998
Vicky is an Investment Director within SWIP’s European Equities team and her key responsibilities are the management of the Real Estate funds. Previously Vicky worked in SWIP’s Property Investment team where she was the analyst and strategist for three Direct Property funds, and she worked on producing UK and European property market forecasts.
Before joining SWIP in 2006, Vicky was a Property Market Analyst for four years at Henderson Global Investors. She was responsible for covering office markets in UK, France, Spain, Portugal and Ireland, and all European industrial markets. In the four years prior to this, she was employed by Healey & Baker (now Cushman & Wakefield) as a Property Research Analyst.
Vicky holds a BA (joint Hons) in Modern Languages from the University of Durham. She speaks French and Spanish fluently, and holds a certificate in advanced business French. She is a member of the Investment Property Forum and the Society of Property Researchers.
34
Biographies
Name: Michael WassermannPosition: Investment ManagerJoined Company: May 2008Entered Industry: 2008
Michael is an Investment Manager. He is responsible for providing research on the European insurance and banking sectors.
Prior to joining SWIP, Michael worked at Dresdner Kleinwort where he was part of the German Mid and Small Cap team.
Michael studied a BA (Hons) in Business at Hull University and graduated from the University of Erlangen-Nuremberg with a Masters in International Business. He is fluent in English, German and has advanced knowledge of French.
35
Christian E Elsmark, Managing Director, Head of International Business Tel: +44 20 7203 3013 E-mail: christian.elsmark@swip.com
Europe Japan & Asia-Pacific USA & Canada
Institutional Investors
Francesca Pilato:Southern Europe
Tel: +44 20 7203 3073E-mail: francesca.pilato@swip.com
Ketul NandaniNorthern Europe
On maternity leave; contact C Elsmark above
Client Services
Cristina PonceRelationship Manager
Tel: +44 20 7203 3485E-mail: cristina.ponce@swip.com
Institutional Investors
Richard ThomsonJapan
Tel: +44 20 7203 3445E-mail: richard.thomson@swip.com
Christian ElsmarkAsia-PacificSee above contact details
Client Services
Richard ThomsonHead, International
Tel: +44 20 7203 3445E-mail: richard.thomson@swip.com
Deborah LabergeManaging Director, Head of North America
Tel: 212 827 3101Cell: 203 508 2400Fax: 212 557 9460E-mail: deborah.laberge@swip-us.com
Client Services
Lauren MillerRelationship Manager
Tel: 212 827 3102E-mail: lauren.miller@swip-us.com
Contact information
36
Important informationThis material is intended for Professional or Institutional Clients only and is not suitable for Retail Clients. The distribution of this material and the offering of shares in a Fund or Strategy is not for use within certain countries or with respect of any person(s) where such use would be restricted or prohibited by local laws.
Note 1: Information is provided on representative funds, strategies and/or portfolios provided in this document which are only for sale in certain jurisdictions. Each portfolio would be tailored to a client’s requirements as set out in a portfolio mandate or offering document.
Investment markets and conditions can change rapidly and as such the views expressed should not be taken as statements of fact nor should be placed on these views when making investment decisions. The value of an investment can go up and down and investors may not receive back money they invested. Past performance is not a guide to future performance. A fund may have holdings which are denominated in different currencies and may be affected by movements in exchange rates. Consequently, the value of your investment may rise or fall in line with exchange rates. Smaller companies may be less well established and carry a higher degree of risk than larger companies.
The information contained in this document has been derived from sources which we consider to be reasonable and appropriate. It may also include our views and expectations, which cannot be taken as fact. Investment markets can change rapidly and the views expressed should not be taken as statements of fact, nor relied upon when making investment decisions.
This publication only contains brief information on the Fund or representative Strategy. A Prospectus or offering document provide detailed information as well as the risks of investing and should always be read before making any investment. More general information is available on our website www.swip.com or email international@swip.com.
This does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Persons interested in making an investment should always seek advice from an appropriate professional adviser and inform themselves of, and observe, all applicable laws and regulations (including tax and foreign exchange control requirements) of any jurisdiction relevant to their acquisition.
Scottish Widows Investment Partnership Limited (SWIP) is registered in England and Wales, Company No. 794936. Registered Office is at 33 Old Broad Street, London EC2N 1HZ, UK. Tel: +44 (0)131 655 8500. SWIP is authorised and regulated in the UK by the Financial Services Authority and is entered on their register under number 193707 (www.fsa.gov.uk). Calls may be recorded and monitored to help improve customer service and for training purposes.
Important information
Recommended