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RWC
Overview
1)
A global equity fund focused on where companies earnings are mispriced by the market
Focus on sectors that show higher analysts estimates dispersion due to change:
-
Consumer discretionary
Technology
Telecoms
Industrials
Diligent bottom-up investment process with c.70 positions, typically 25 core long and 35 core short positions.
Short book is predominantly single stocks.
Futures and ETFs used only to temporarily manage factor exposure or in markets where single stock shorts are not
available.
2)
No negative calendar year since inception with strong downside management during periods of
market turbulence
3)
0.26
*R2 versus MXWD index and HFRXEH Index, 16 February 2010 to 31 December 2015.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
RWC | 1
RWC
Generating Alpha from Change
or
sectors
Companies/sectors
facing
innovation/change
High EPS
dispersion
Global
Equities
RWC | 2
RWC
Where are the Opportunities?
Focus Sectors
Non-Core Sectors
Sector
Technology
Consumer
Discretionary
Telecoms
Industrials
Earnings
Estimate
Dispersion
Permanently
High
Permanently
High
Medium
Medium
Consumer
Staple
Healthcare
Materials
Non-Focus Sectors
Energy
Financials
Utilities
Permanently
High
Currently
High
Low
Financials - earnings
dispersion is currently
high due to the sub-prime
meltdown and credit
cycle.
RWC | 3
RWC
S&P 500 Intra Sector Correlation Confirms our Focus Bias
FY10 Average FY11 Average FY12 Average FY13 Average FY14 Average
FY10-FY14
Average
Consumer Staples
37 %
38 %
32%
33%
27%
33%
Consumer
Discretionary
50 %
40 %
35%
27%
27%
36%
Telecoms
44 %
39 %
33%
28%
42%
37%
Healthcare
43 %
44 %
41%
29%
30%
37%
Information
Technology
49 %
43 %
47%
29%
31%
40%
Materials
60 %
57 %
56%
38%
34%
49%
Industrials
62 %
58 %
53%
42%
43%
52%
Energy
69 %
63 %
56%
46%
37%
54%
Financials
62 %
59 %
62%
47%
44%
55%
Utilities
65 %
64 %
59%
61%
59%
61%
Focus Sectors
Non-Core Sectors
Increasing
Correlations
Non-Focus Sectors
RWC | 4
RWC
Strategy Outperformance vs Market Indices
Performance of Strategy since Inception
$240
$220
$200
Cumulative Return
$180
$160
$140
$120
$100
$80
$40
Jan-04
$60
Nov-04
Oct-05
Sep-06
Aug-07
Cumulative Strategy
Strategy Outperformance
Jul-08
Jan-10
MSCI World
Dec-10
Nov-11
Oct-12
Sep-13
Aug-14
Jul-15
Market
Hedge Fund
+79.0%
+138.0%
Source: data shown is for the period 29 January 2004 31 December 2015. 29 January 2004 30 April 2009, Cheyne Capital. Returns shown for the period reflect the profit and loss earned on the gross market value
of that book on a monthly basis generated by the capital book managed by Priya during that time. The data, which was supplied by the Executive Committee of Cheyne Capital, does not make provision for any
performance fees nor implied leverage, i.e. gross of 100%. Data is not included for the period May 2009 January 2010 as Priya was not running the strategy during this transition period. 16 February 2010 31
December 2015, RWC. Total fund returns are calculated on a NAV-NAV basis net income reinvested and are shown net of all fees. MSCI World Index net of dividends. Source RWC/Bloomberg. Past performance is
not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested.
RWC | 5
RWC
Outperformance driven by Alpha Generation
Gross Performance and cumulative alpha of Strategy
170%
160%
150%
140%
130%
120%
110%
100%
90%
80%
70%
60%
50%
40%
Cumulative Alpha:
Cumulative Residual Return
after adjusting for the monthly
net exposure of the Strategy
and monthly performance of
MSCI World
30%
20%
10%
0%
Jan-04
Nov-04
Oct-05
Sep-06
Aug-07
Jul-08
Gross Performance
Jan-10
Dec-10
Nov-11
Oct-12
Sep-13
Aug-14
Jul-15
Cumulative Alpha
Source: data shown is for the period 29 January 2004 31 December 2015. 29 January 2004 30 April 2009, Cheyne Capital. Returns shown for the period reflect the profit and loss earned on the gross market value
of that book on a monthly basis generated by the capital book managed by Priya during that time. The data, which was supplied by the Executive Committee of Cheyne Capital, does not make provision for any
performance fees nor implied leverage, i.e. gross of 100%. Data is not included for the period May 2009 January 2010 as Priya was not running the strategy during this transition period. 16 February 2010 31
December 2015, RWC. Total fund returns are shown gross of all fees and are used so proper Alpha contribution can be calculated. MSCI World Index net of dividends. Source RWC/Bloomberg. Past performance is not
a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested.
RWC | 6
RWC
Alpha driven by Stock Picking - Average Monthly Returns for the Fund vs Average
Monthly Returns for the Market
1.5%
1.39%
Strategy
0.62%
1.2%
0.96%
0.9%
Reporting
1.39%
Non-Reporting
0.24%
0.6%
0.3%
0.24%
0.0%
MSCI World
0.30%
Reporting
0.96%
Non-Reporting
-0.07%
-0.07%
-0.3%
Strategy
Reporting Seasons
Our process is very much oriented around stock picking - reporting season represents a period when our various stock theses are either
validated or invalidated by results/guidance
The consistent performance differential in monthly returns for reporting months vs. the market is a validation of process accuracy
Portfolio turnover remains relatively low with longs having a longer duration than shorts
| 7
RWC
Performance of Fund During Down Market Months
Compounded Return for Months when The Market Had Negative Returns
RWC Global Innovation Absolute Alpha Fund1
-10.7%
MSCI World
-62.3%
2%
0%
-2%
-4%
-6%
-8%
-10%
-12%
04/10
11/10
07/11
02/13
Fund
12/11
02/14
01/15
08/15
Market
*Only months where the market returns are negative are shown. Market: defined as MSCI World Index.
Period of Analysis: at month end February 2010 December 2015.
Market Negative,
Fund Positive
Market Negative,
Fund Negative
Total Months in
Sample
Total Months
16
16
32
Average Net
30.4%
30.3%
31.2%
0.9%
-1.5%
-0.3%
-2.6%
-3.3%
-3.0%
1 Fund previously known as RWC Global Growth Absolute Alpha. Change of name effective as at 30 April 2015.
Source: underlying index data from Bloomberg, All other data and calculations from RWC. Fund performance shown is for the B USD share class, net of fees (1% management and 20% performance where applicable)
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE
RWC | 8
RWC
The Investment Process
Idea generation
Risk - Reward
Top-down screening
Themes
Management access
Idea check
Fundamental analysis
Sentiment check
Implementation
Industry expertise
RWC | 9
RWC
Long Book High Quality
Short book attributes; low quality, low ROIC, low or declining GMs,
weak CF, poor operational leverage, poor KPIs and visibility, Short
duration
Types of changes:
Types of changes:
Aggressive accounting
Earnings season is the proof point for our stock theses and is often the catalyst for estimate revisions
The process efficiently identifies:
Upwards earnings revisions in the long book
Downwards revisions in the short book
RWC | 10
RWC
Portfolio Construction & Risk Management
Geographic Exposure
Portfolio Construction
RWC | 11
RWC
Portfolio Construction & Risk Management
n/a
1.5:1
Gross Range
n/a
Av. 125%
Net Range
n/a
No of Long Positions
n/a
No of Short Positions
n/a
Core: 25
Total: Average 40
Core: 35
Total: Average 35
Largest Long
Average 3.5%
Largest Short
Average 1.5%
Illiquids
VaR(99% / 1 month)
20% Maximum
9% Internal Maximum
Counterparty Exposure
Concentration Limits
n/a
n/a
n/a
Fund here refers to the RWC Global Innovation Absolute Alpha Fund
RWC | 12
RWC
Summary
Aim to offer strong risk adjusted returns through the cycle with a lower correlation to equity markets
A strong and demonstrable track record - the Strategy offers returns throughout the market cycle with strong downside protection
Emphasis on sectors and investment areas that offer proper long and short opportunities through the cycle
Returns generated from stock picking alpha and effective risk management - market direction does not dominate returns
A strong process driven focus on the best risk reward opportunities (the alpha sectors) in Global Markets
A focus on mispriced securities in areas of change and transition where research can often be inefficient
The process identifies and isolates securities where market consensus expectations often lag the change
Change constantly delivers winners and losers providing a plentiful supply of ideas for both sides of the portfolio
Global remit allows the strategy to maximise returns from objective analysis
Risk management philosophy that actively manages gross for periods when stock picking is likely to be rewarded
15 year track record managing long / short equity strategies including 5 years at RWC and 6 years at Cheyne Capital
19 years experience in the financial markets mainly focussed on absolute return strategies, high growth areas and innovating sectors
(Morgan Grenfell Asset Management and Europa Capital Management/ Odyssey Partners)
RWC | 13
RWC
RWC Global Innovation Absolute Alpha Fund Term Sheet
Launch Date
Liquidity
Fees
Fund Structure
Currency
UCITS IV Designation
Administrator
Instruments used
Local Registrations
Tax
UK
RWC | 14
RWC
RWC Global Innovation Absolute Alpha
Priya Kodeeswaran
Portfolio Manager
Colin Moar
Hayes Varey
Robert Ritchie
Donogh McAlonan
Investment Analyst
Investment Analyst
Risk Management
Operations and
Portfolio Analytics
RWC | 16
RWC
Priya Kodeeswaran Portfolio Manager, Head of Global Equity Team
Priya Kodeeswaran
Portfolio Manager
Joined RWC in November 2009 to set up a global equity long/short team and fund focused on rapidly
changing and innovating companies and has 21 years investment experience
Partner, Cheyne Capital LLP, London, 2004 2009
Portfolio Manager for a Global TMT oriented strategy from 2004 until early 2009 with an unlevered CAGR of 9.0%
Became a Partner in 2007
One of the original founders of the firm and helped co-launch a Cayman-based fund at Euro 85 million
Top alpha contributor for the fund
Initially managed long-only emerging markets funds and then continental European funds (funds managed USD 1.4 billion) for institutional clients
Outperformance versus benchmark and House Average for every quarter and asset class
Undertook private and public equity investments in Eastern and Central Europe on behalf of Odyssey Partners and Templeton Direct Advisors of which
the fund returned 30% investing in private and public companies in Central and Eastern Europe
RWC | 17
RWC
Investment Analyst Colin Moar
Colin Moar
Investment Analyst
Fund Manager Global & Emerging Markets, HSBC Asset Management, 2010 2011
Over time the role evolved from an Analyst on the UK Equity team until 2000; Pan-European Technology Analyst until 2002; Global Equity Analyst then Fund Manager
until 2009
RWC | 18
RWC
Investment Analyst Chang Sun
Chang Sun
Investment Analyst
RWC | 19
RWC
Execution Trader - Hayes Varey
Hayes Varey
Execution Trader and Execution Systems Manager
Cash Equity Trader - responsible for equity trade execution at Simmons & Co Ltd: London
1996 - 2006
Wide variety of trading roles, including proprietary and customer facilitated trading in equity and equity derivative products at JP Morgan London and JP Morgan Asia
Securities
RWC | 20
RWC
Investment Universe
Global equities with liquidity >$1m, Focus Sectors: Technology, Consumer Discretionary, Telecoms and Industrials
Non-Core Sectors: Consumer Staples, Healthcare, Materials, Energy
Idea Generation
Identifying secular change themes and high earnings dispersion opportunities where consensus expectations are
lagging real change
Stock Selection
Comprehensive fundamental and cashflow analysis, SWOT analysis, management and earnings quality
assessment, and bull/bear assumptions check
Watch List
Companies exhibiting currently high earnings dispersion. Monitored for valuation and event
risk
Portfolio
Best ideas with favourable risk/reward ratio, assessed on 3-vector valuation
framework.
RWC | 21
RWC
Spikes in global correlations lead to opportunities for stock picking
S&P 500 Long-Term Correlation Trends
100%
80%
60%
40%
80%
20%
0%
Jan-03 Jun-04 Nov-05 Apr-07 Sep-08 Feb-10 Jul-11 Dec-12 May-14 Oct-15
6-Month
3-Month
1-Month
60%
40%
20%
0%
Jan-03 Jun-04 Nov-05 Apr-07 Sep-08 Feb-10 Jul-11 Dec-12 May-14 Oct-15
6-Month
40%
3-Month
1-Month
20%
0%
Jan-03 Jun-04 Nov-05 Apr-07 Sep-08 Feb-10 Jul-11 Dec-12 May-14 Oct-15
6-Month
3-Month
1-Month
RWC | 22
RWC
Fund performance under varying correlation environments
90%
155
80%
145
70%
135
125
50%
(2)
40%
115
30%
Performance (NAV)
Correlation
60%
105
20%
(1)
95
10%
0%
Feb-10
85
Aug-10
Feb-11
Aug-11
Feb-12
Aug-12
Feb-13
Aug-13
Feb-14
Aug-14
Feb-15
Aug-15
| 23
RWC
Global Innovation Absolute Alpha 1 average gross & net exposure
180%
155
160%
145
140%
135
100%
125
80%
115
60%
105
Performance (NAV)
Exposure
120%
40%
95
0%
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
20%
85
RWC Performance
| 24
RWC
Performance of Strategy - Returns
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
YTD
HFRXEH
INDEX
2004
Strategy
5.7%
0.3%
-1.2%
-1.1%
-2.0%
-1.0%
0.9%
1.8%
5.6%
3.3%
-1.7%
2.5%
13.5%
2.2%
2005
Strategy
4.9%
-0.8%
-0.6%
0.4%
0.3%
4.3%
5.2%
1.7%
0.8%
-2.1%
1.1%
2.7%
19.1%
4.2%
2006
Strategy
1.7%
-0.6%
1.3%
2.8%
-3.7%
-3.5%
1.9%
1.5%
1.5%
-0.9%
3.9%
-1.1%
4.5%
9.2%
2007
Strategy
1.9%
0.3%
0.5%
1.1%
1.4%
1.4%
0.7%
-0.6%
1.0%
3.5%
-3.3%
1.6%
9.7%
3.2%
2008
Strategy
-3.5%
-0.7%
-0.3%
2.1%
1.0%
-0.6%
0.5%
0.6%
-3.3%
-1.9%
-1.1%
-0.4%
-7.4%
-25.5%
2009
Strategy
1.8%
-0.1%
2.0%
6.6%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
10.5%
2.5%1
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
YTD
HFRXEH
INDEX
2010
-0.4%
1.3%
-0.9%
-3.1%
-1.4%
1.4%
0.3%
0.8%
3.7%
1.0%
2.2%
4.9%
9.1%1
2011
-0.4%
0.4%
-0.6%
2.0%
-0.3%
0.3%
1.2%
-3.4%
0.2%
3.5%
-1.8%
-0.5%
0.5%
-19.1%
2012
0.4%
2.7%
2.0%
2.5%
-3.6%
-2.1%
4.1%
-0.5%
0.6%
0.7%
0.7%
-0.8%
6.6%
4.8%
2013
1.6%
-0.7%
0.5%
-2.4%
1.8%
1.3%
1.5%
0.5%
2.3%
1.7%
1.5%
3.0%
12.9%
11.1%
2014
-2.3%
3.6%
-4.7%
-1.9%
2.7%
0.2%
1.1%
1.2%
-2.1%
0.4%
2.1%
0.2%
0.3%
1.4%
2015
1.1%
3.8%
-0.5%
0.1%
0.5%
-2.4%
2.4%
0.9%
-0.1%
5.7%
-1.1%
0.4%
11.0%
-2.3%
% of upmonths
% of downmonths
Total
Return
Average
Gross
exposure*
Average
Net
exposure
Sharpe
Ratio
Sortino
Ratio
Volatility
R2**
66%
34%
41.1%
123.2%
30.7%
0.9
1.3
6.5%
0.26
1.
Index returns for the years 2009 and 2010 shown for the dates in which the strategy was managed, from 01 January 2009 to 30 April 2009 and 16 February 2010 to 31 December 2010
2.
Fund previously known as RWC Global Growth Absolute Alpha. Change of name effective as at 30 April 2015.
*Average Gross exposure Fund launched with one Prime Broker (restricting gross exposure) - a second Prime Broker was added during March 2011.
**R2 versus MXWD index. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE
Source: Fund performance shown is for the B USD share class, net of fees (1% management and 20% performance where applicable). Gross and Net exposure is based on the long and short book in the funds portfolio during this period, all
options are delta adjusted.
RWC
| 25
RWC
3 Month Volatility of the Strategy vs. Market with low correlation (0.26)
Monthly Net & Gross Management
180%
160%
140%
120%
100%
80%
60%
40%
20%
0%
Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15
Monthly Avg. Net Exposure
Oct-15
Fund
Source: Monthly Net & Gross Management RWC, Bloomberg, 1 March 2010 to 30 November 2015
3 Month Rolling Volatility - RWC, 17 February 2010 to 31 December 2015
RWC | 26
RWC
The TMT Subset Opportunity
EU
Japan
Hong Kong
India
US
Korea
Taiwan
0%
20%
Tech
40%
Telco
60%
80%
Media
RWC | 27
RWC
Exploiting TMT Inefficiencies Fertile Ground for Stock Picking
Social Media
50
40
30
23
20
% return
43
10
0
-10
-20
-30
-40
-50
-36
-44
Facebook
Twitter
H1 2014
Advertising Technology
30
Semiconductors
18
20
10
% return
% return
0
-10
-1
-20
-30
-40
-50
-49
-60
-70
-74
Rocket Fuel
-80
Criteo
H1 2014
FY 2014
FY 2014
80
70
60
50
40
30
20
10
0
-10
-20
-30
-40
66
44
-31
NXP Semi
AMD
H1 2014
FY 2014
Source: Bloomberg.
RWC | 28
RWC
2015 Current Themes
Theme
Industries Affected
Change Factors
Lux in flux
Luxury Goods
Mobile Monetisation
Shift to smaller screens a challenge to some former winners & an opportunity for new
entrants
FinTech/Payments
Payment Networks,
Hardware,
Semiconductors
New business models enabling a closing of the loop; Required Picks and Shovels;
Encryption technologies; Death of Cash
Media, Software, IP
Not all content is created equal and quality differences become more apparent in the
Digital world. OTT viewing models accelerate the change. UIs change.
Internet
Social media growing their share of time spent drives changing advertiser budgets
especially with better targeting and measurement
Sharing Economy
Industrials, Consumer
Services,
Software, Hardware,
Semis, Internet,
Infrastructure
Significant disruption for traditional vendors; Opportunities for those with low cost,
next generation data centres and business intelligence.
Unique Irreplaceable
Assets
Telecom , Media,
eCommerce
Digital Distribution
New, low cost distribution business models disrupt incumbents with higher cost bases
and profits to protect.
Software as a Service
Software, IT Services
Provision of most up-to-date solutions from the Cloud on a subscription basis disrupts
the traditional on-premise model from both a cost & innovation point of view.
RWC | 29
RWC
Introduction to RWC
ownership
generates
level
of
stability
and
Employee
portfolio managers.
institutions that look to us to grow the real value of their assets without
RWC | 30
RWC
Risk Management
Internal Risk Management & Oversight
Significant risks discussed directly with PM and highlighted to CEO and PRC
as and when they arise. CEO has regular review meetings with PM
generated
infrastructure periodically
Front end order management system with trip wires and full audit trail
(Longview)
RWC | 31
RWC
Contact
RWC
60 Petty France, London, SW1H 9EU
Tel:
Fax:
Email: invest@rwcpartners.com
Web: www.rwcpartners.com
RWC | 32
RWC
Risk Warnings & Disclaimers
The term RWC may include any one or more RWC branded entities including RWC Partners Limited, RWC Asset Management LLP and RWC Focus Asset Management Limited, each of which is authorised and regulated by
the UK Financial Conduct Authority and, in the case of RWC Asset Management LLP, the US Securities and Exchange Commission; RWC Asset Advisors (US) LLC, which is registered with the US Securities and Exchange
Commission; and RWC Singapore (Pte) Limited, which is licensed as a Licensed Fund Management Company by the Monetary Authority of Singapore.
RWC may act as investment manager or adviser, or otherwise provide services, to more than one product pursuing a similar investment strategy or focus to the product detailed in this document. RWC seeks to minimise any
conflicts of interest, and endeavours to act at all times in accordance with its legal and regulatory obligations as well as its own policies and codes of conduct.
This document is directed only at professional, institutional, wholesale or qualified investors. The services provided by RWC are available only to such persons. It is not intended for distribution to and should not be relied on by any
person who would qualify as a retail or individual investor in any jurisdiction or for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to local law or regulation.
This document has been prepared for general information purposes only and has not been delivered for registration in any jurisdiction nor has its content been reviewed or approved by any regulatory authority in any jurisdiction.
The information contained herein does not constitute: (i) a binding legal agreement; (ii) legal, regulatory, tax, accounting or other advice; (iii) an offer, recommendation or solicitation to buy or sell shares in any fund, security,
commodity, financial instrument or derivative linked to, or otherwise included in a portfolio managed or advised by RWC; or (iv) an offer to enter into any other transaction whatsoever (each a Transaction). No representations
and/or warranties are made that the information contained herein is either up to date and/or accurate and is not intended to be used or relied upon by any counterparty, investor or any other third party.
RWC uses information from third party vendors, such as statistical and other data, that it believes to be reliable. However, the accuracy of this data, which may be used to calculate results or otherwise compile data that finds its
way over time into RWC research data stored on its systems, is not guaranteed. If such information is not accurate, some of the conclusions reached or statements made may be adversely affected. RWC bears no responsibility
for your investment research and/or investment decisions and you should consult your own lawyer, accountant, tax adviser or other professional adviser before entering into any Transaction. Any opinion expressed herein, which
may be subjective in nature, may not be shared by all directors, officers, employees, or representatives of RWC and may be subject to change without notice. RWC is not liable for any decisions made or actions or inactions taken
by you or others based on the contents of this document and neither RWC nor any of its directors, officers, employees, or representatives (including affiliates) accepts any liability whatsoever for any errors and/or omissions or for
any direct, indirect, special, incidental, or consequential loss, damages, or expenses of any kind howsoever arising from the use of, or reliance on, any information contained herein.
Information contained in this document should not be viewed as indicative of future results. Past performance of any Transaction is not indicative of future results. The value of investments can go down as well as up. Certain
assumptions and forward looking statements may have been made either for modelling purposes, to simplify the presentation and/or calculation of any projections or estimates contained herein and RWC does not represent that
that any such assumptions or statements will reflect actual future events or that all assumptions have been considered or stated. Forward-looking statements are inherently uncertain, and changing factors such as those affecting
the markets generally, or those affecting particular industries or issuers, may cause results to differ from those discussed. Accordingly, there can be no assurance that estimated returns or projections will be realised or that actual
returns or performance results will not materially differ from those estimated herein. Some of the information contained in this document may be aggregated data of Transactions executed by RWC that has been compiled so as
not to identify the underlying Transactions of any particular customer.
The information transmitted is intended only for the person or entity to which it has been given and may contain confidential and/or privileged material. In accepting receipt of the information transmitted you agree that you and/or
your affiliates, partners, directors, officers and employees, as applicable, will keep all information strictly confidential. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this
information is prohibited. The information contained herein is confidential and is intended for the exclusive use of the intended recipient(s) to which this document has been provided. Any distribution or reproduction of this
document is not authorised and is prohibited without the express written consent of RWC or any of its affiliates.
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RWC
Risk Warnings & Disclaimers
The benchmark index is included to show the general trend of the securities markets in the period indicated. The portfolio is managed according to its investment strategy, which may differ significantly in terms of
security holdings, industry weightings, and asset allocation from those of the benchmark index. Portfolio performance, characteristics and volatility may differ from the benchmark index. No representation is made that
the portfolios strategy is or will be comparable, either in composition or regarding the element of risk involved, to the securities comprising the benchmark index. Unmanaged index returns assume reinvestment of
any and all distributions and do not reflect any fees, expenses or sales charges. Investors cannot invest directly in an index.
Representative holdings and portfolio characteristics are specific only to the portfolio shown at that point in time and is subject to change. The representative portfolio shown has been selected by RWC based on
account characteristics that RWC believes accurately represents the investment strategy as a whole.
Changes in rates of exchange may cause the value of such investments to fluctuate. An investor may not be able to get back the amount invested and the loss on realisation may be very high and could result in a
substantial or complete loss of the investment. In addition, an investor who realises their investment in a RWC-managed fund after a short period may not realise the amount originally invested as a result of charges
made on the issue and/or redemption of such investment. The value of such interests for the purposes of purchases may differ from their value for the purpose of redemptions. No representations or warranties of any
kind are intended or should be inferred with respect to the economic return from, or the tax consequences of, an investment in a RWC-managed fund. Current tax levels and reliefs may change. Depending on
individual circumstances, this may affect investment returns. Nothing in this document constitutes advice on the merits of buying or selling a particular investment. This document expresses no views as to the
suitability or appropriateness of the fund or any other investments described herein to the individual circumstances of any recipient.
In relation to each member state of the EEA (each a Member State), this document may only be distributed and shares in a RWC fund (Shares) may only be offered and placed to the extent that (a) the relevant
RWC fund is permitted to be marketed to professional investors in accordance with the AIFMD (as implemented into the local law/regulation of the relevant Member State); or (b) this document may otherwise be
lawfully distributed and the Shares may lawfully offered or placed in that Member State (including at the initiative of the investor).
Information Required for Distribution of Foreign Collective Investment Schemes to Qualified Investors in Switzerland
The representative and paying agent of the RWC-managed funds in Switzerland (the Representative in Switzerland) is Socit Gnrale, Paris, Zurich Branch, Talacker 50, 8001 Zurich. In respect of the units of the
RWC-managed funds distributed in Switzerland, the place of performance and jurisdiction is at the registered office of the Representative in Switzerland.
RWC | 34