CW Bordeaux EP 2019 Report

CASCINA FRANCIA - RIOJA ALTA RIOJA GRAN RESERVA 904 - DUHART - COMTES LAFON MEURSAULT GOUTTE D'OR - LEOVILLE
OUTTE D'OR - LEOVILLE LAS CASES - C

OLICELLA CLASSICO SUPERIORE TERRE DI CARIANO - CHAPOUTIER CHAPELLE AUSONE - DRC ECHEZEAUX - FLEUR PETRUS GRUAUD
ROTIE TURQUE - JOSEPH FAIVELEY MAZIS CHAMBERTIN - LEOVILLE CHAPELLE MISSION - CLINET - DRAGON QUINTUS - ORMES PEZ - O
GUSBOURNE BLANC DE BLANCS - PONSOT CHAPELLE CHAMBERTIN CHEVALIER MONTRACHET - LASCOMBES - DUJAC CLOS ROCHE - TERT
GES - BOUTISSE - DUCRU BEAUCAILLOU - MEYNEY - PETIT MOUTON FRANCAISES - PAGODES COS - RONAN BY CLINET - MISSION HAUT B
ONTRACHET - TROTTEVIEILLE - PELICAN ARBOIS SAVAGNIN OUILLE RUSSI - FOURRIER GEVREY CHAMBERTIN CLOS ST JACQUES - LO
CE ROUGE - BEAUSEJOUR DUFFAU - PONSOT CLOS ROCHE VV DOMINUS - CHAPOUTIER ERMITAGE BLANC OREE - PAUL JABOUL
AMBRAYS - POUJEAUX - DOMAINE LEFLAIVE BIENVENUES BATARD FELTON ROAD RIESLING DRY - CANON (SAINT EMILION) - CLAREN
ND ROUSSEAU CHARMES CHAMBERTIN - MOET & CHANDON PINOT NOIR BLOCK 5 - SMITH HAUT LAFITTE - COS D'ESTOURNE
ROY CLOS VOUGEOT - BAHANS HAUT BRION - BENJAMIN HENRI JAYER NUITS SAINT GEORGES MURGERS - GEORGES
CHAMP GAIN - MASSETO - MICHEL OGIER COTE ROTIE CRAS - RAUZAN SEGLA - BRUNO GIACOSA BAROLO FA
AZIN (POMEROL) - TUA RITA REDIGAFFI - LAVILLE HAUT DOMAINE JEAN-LOUIS CHAVE HERMITAGE BLANC - CARR
NTI BRUNELLO MONTALCINO RISERVA - SAINTAYME CERTAN - LAFLEUR - JACQUES FREDERIC MU
S NOELLAT NUITS SAINT GEORGES CRAS - HARLAN AMOUREUSES - PALMER - CHEVAL BLANC - ARROS
ROAD RIESLING BLOCK 1 - JOSEPH FAIVELEY MARES - BOLLINGER RD - JACQUES FREDERIC M
RLOT ROMANEE SAINT VIVANT - CLOS ST JEAN BONNES MARES - LOUIS ROEDERER CRISTAL - T
EX MACHINA - EVANGILE - PONSOT GRIOTTE COTE ROTIE MOULINE - JOSEPH DROUHIN
ATEAUNEUF DU PAPE - BEYCHEVELLE - CLOS ARMAND ROUSSEAU CHAMBERTIN - CHAP
CHAMPAGNE - FELTON ROAD PINOT NOIR AUSONE - ROCHE BELLENE CLOS ROCHE
Y CORTON CHARLEMAGNE - FELTON ROAD ALESSANDRIA BAROLO GRAMOLERE - P
DROUHIN GRIOTTE CHAMBERTIN - KRUG BRUNO GIACOSA BARBARESCO ASILI -
ON DOM PERIGNON ROSE - TIGNANELLO COMTE VOGUE CHAMBOLLE MUSIGN
NGARTEN GROSSES GEWACHS - PICHON SCREAMING EAGLE - TAITTINGER COMTE
- DOMAINE LEROY VOSNE ROMANEE LEROY NUITS SAINT GEORGES BOUDOT
GES - DRC ROMANEE CONTI - GUIGAL HERMITAGE - CLOS MARQUIS -
ART DOM RUINART - COMTES LAFON CHAMBERTIN CAZETIERS - POL ROGER
VILLE LAS CASES - CANON GAFFELIERE MACQUIN - LAFITE ROTHSCHILD - SOLA
NE - DRC ECHEZEAUX - FLEUR PETRUS DU PAPE - QUINAULT L'ENCLOS - MOU
TENAC - CHAPELLE MISSION - CLINET MALARTIC LAGRAVIERE BLANC - GAJ
EZ - OPUS ONE - DOMAINE LEFLAIVE CLOS GOISSES BRUT - ANGELU
ASCOMBES - DUJAC CLOS ROCHE MONTLANDRIE - COMTES LAFON M
GER VV FRANCAISES - PAGODES COS MESNIL - PETRUS - CONSEILLANTE - H
AUT BRION - CHENADE - GAJA COSTA - SAN GIUSTO PERCARLO - PONTET C
MBERTIN CLOS ST JACQUES - LOUIS BANNOCKBURN - MONTROSE - PI
NUS - CHAPOUTIER ERMITAGE BLANC ROCCHE FALLETTO - GIACOMO
RMITAGE CHAPELLE - FELTON ROAD MONFORTINO - PEBY FAUGERES -
EMILION) - CLARENCE HAUT BRION ERMITE - PAVIE - CLARENDON HILLS A
OCK 5 - SMITH HAUT LAFITTE - COS NERI BRUNELLO MONTALCINO TENU
RRE - PINGUS - HENRI JAYER NUITS SICILIA UNICO - MARGAUX - TORTOC
GEORGES ROUMIER CHAMBOLLE GRANDE ANNEE - COUTET (BARSAC
GLA - BRUNO GIACOSA BAROLO CHAMBERTIN CLOS ST JACQUES
X - DOMAINE JEAN-LOUIS CHAVE ERMITAGE ERMITE - HOSANNA - HAUT
S LAFITE - VIEUX CHATEAU CERTAN RED - GAJA SPERSS - DRC TACHE
IC MUGNIER CHAMBOLLE MUSIGNY MUSIGNY AMOUREUSES - TRAPE
VAL BLANC - ARROSEE - JOSEPH CHAMBERTIN - BEAUCASTEL CHATE
OLLINGER RD - JACQUES FREDERIC PERRIN - JOSEPH PHELPS INSIGNIA - P
E BONNES MARES - LOUIS ROEDERER SANTI BRUNELLO MONTALCINO -
GE - GUIGAL COTE ROTIE MOULINE ROMANEE CROS PARANTOUX - P
AUT BATAILLEY - ARMAND ROUSSEAU VOUGEOT VV - EGLISE CLINET - FOR
MITAGE PAVILLON - AUSONE - ROCHE SEGUR - GEORGES ROUMIER BONN
N LALANDE - FRATELLI ALESSANDRIA DENIS - FIGEAC - YQUEM - HENRI JAY
CLAUX - BRANCAIA BLU - BRUNO COMTESSE - TRAPET PERE ET FIL
BORDEAUX
ROIX BEAUCAILLOU - DOME - COMTE CABERNET SAUVIGNON - CRUZELLES
ER CRU - HAUT BRION - SCREAMING ROTHSCHILD & CONCHA Y TORO ALM
HAMPAGNE ROSE - DOMAINE LEROY MARES - TROTANOY - GAY - JANASS
TS - DOMAINE JEAN-LOUIS CHAVE PEGAU CHATEAUNEUF DU PAPE
EN PRIMEUR
S - FREDERIC MAGNIEN GEVREY CONFURON ROMANEE SAINT VIVA
ROGER SIR WINSTON CHURCHILL DOMAINE LEROY NUITS SAINT GEOR
THSCHILD - SOLAIA - BEAUCASTEL BERNARD DUGAT-PY CHAMBERTIN - F
QUINAULT L'ENCLOS - MOUTON VV - BONNEAU MARTRAY CORTON C
REPORT
ALARTIC LAGRAVIERE BLANC - GAJA MUSIGNY VV - PETER SISSECK (AL
CLOS GOISSES BRUT - ANGELUS VOLNAY SANTENOTS - GIACOMO C
ANDRIE - COMTES LAFON MEURSAULT PAVILLON ROUGE - TROPLONG MO
US - CONSEILLANTE - HENSCHKE HILL CHASSAGNE MONTRACHET BOUD
PERCARLO - PONTET CANET - FELTON COMTE VOGUE CHAMBOLLE MUSIGN
URN - MONTROSE - PIN - BRUNO LACOSTE - GIACOMO CONTERNO BA
ALLETTO - GIACOMO CONTERNO ALTA RIOJA GRAN RESERVA 904 - DU
- PEBY FAUGERES - CHAPOUTIER
VIE - CLARENDON HILLS ASTRALIS
NELLO MONTALCINO TENUTA NUOVA
2019 VINTA GE VALPOLICELLA CLASSICO SUPER
CHAPOUTIER ERMITAGE MEAL - GUIGA
FAIVELEY MAZIS CHAMBERTIN - LEO
UNICO - MARGAUX - TORTOCHOT RIG - GUSBOURNE BLANC DE B
ANDE ANNEE - COUTET (BARSAC) CHAMBERTIN - DRC RICHEBOURG - LY
Y CHAMBERTIN CLOS ST JACQUES BEAUCAILLOU - MEYNEY - PETIT
RMITAGE ERMITE - HOSANNA - HAUT BATARD MONTRACHET - TROTTEVIEI
Y RED - GAJA SPERSS - DRC TACHE OUILLE - MIRAVAL COTES DE PRO
USIGNY AMOUREUSES - TRAPET PERE DUFFAU - PONSOT CLOS ROCHE VV
N - BEAUCASTEL CHATEAUNEUF DU LAMBRAYS - POUJEAUX - DOMAINE
PH PHELPS INSIGNIA - PONSOT CLOS MONTRACHET - LATOUR - AR
UNELLO MONTALCINO - EMMANUEL CHAMBERTIN - MOET & CHANDON DO
ROS PARANTOUX - PETIT CHEVAL CLOS VOUGEOT - BAHANS HAUT BRIO
- EGLISE CLINET - FORTS LATOUR MONTRACHET CHAMP GAIN - MASSE
GEORGES ROUMIER BONNES MARES GAJA SORI SAN LORENZO - GAZIN (P
GEAC - YQUEM - HENRI JAYER VOSNE LAVILLE HAUT BRION - FARGUES
- TRAPET PERE ET FILS CHAMBERTIN MONTALCINO RISERVA - SAINTAYME
VIGNON - CRUZELLES - MONDOTTE NOELLAT NUITS SAINT GEORGES CRA
HILD & CONCHA Y TORO ALMAVIVA FELTON ROAD RIESLING BLOCK 1 -
RES - TROTANOY - GAY - JANASSE CLOS DE BEZE - ARLOT ROMANEE
PEGAU CHATEAUNEUF DU PAPE CHATEAUNEUF DU PAPE DEUS EX M
ONFURON ROMANEE SAINT VIVANT GRIOTTE CHAMBERTIN - CLOS PAP
AINE LEROY NUITS SAINT GEORGES BEYCHEVELLE - CLOS FOURTET - TAI
BERNARD DUGAT-PY CHAMBERTIN FELTON ROAD PINOT NOIR CORNISH P
IN VV - BONNEAU MARTRAY CORTON CHARLEMAGNE - FELTON ROAD P
UE MUSIGNY VV - PETER SISSECK DROUHIN GRIOTTE CHAMBERTIN -
OY VOLNAY SANTENOTS - GIACOMO CHANDON DOM PERIGNON ROSE
- PAVILLON ROUGE - TROPLONG JORDAN JESUITENGARTEN GROSSES
NARD CHASSAGNE MONTRACHET MALARTIC LAGRAVIERE - DOMAI
UD - COMTE VOGUE CHAMBOLLE W WW.W I N E I N VE S T M E N T.CO M BEAUMONTS - ECHO LYNCH BAGES -
GRAND PUY LACOSTE - GIACOMO COTE ROTIE LANDONNE - RUINART
FRANCIA - RIOJA ALTA RIOJA GRAN MEURSAULT GOUTTE D'OR - LEOVILLE
- CECILIA BERETTA VALPOLICELLA CANTEMERLE - CHAPELLE AUSONE - D
Contents
Bordeaux 2019: Executive Investment Summary 4
En Primeur Performance Analysis 7
2019 Bordeaux Vintage Summary 14
The View from Bordeaux 16
Wine Analysis: Wines & Categories 18
Left Bank First Growths 19
Right Bank First Growths 25
Second Wines 30
Left Bank Super Seconds 37
Right Bank Super Second 47
Quality Price Ratio (QPR) 56
Insiders’ Views from the Wine World 75

Executive Investment Summary
CULT WINES INVESTMENT TEAM - OLIVIER STAUB - INVESTMENT DIRECTOR
Bordeaux 2019: Executive Investment Summary

Only a few days ago, we were still sceptical we would be preparing our Bordeaux
2019 En Primeur report.
The Coronavirus impact is widespread, humanly and economically. The

virus spared no one and no region of the world. As governments imposed
lockdowns to save lives and mitigate long term effects, life came to a standstill.
Bordeaux and the wider wine community were certainly not immune. Events
were cancelled, wineries closed their doors to visitors worldwide and, whilst
confinement certainly encouraged wine consumption, the outlook was grim
and the focus was certainly not the new Bordeaux En Primeur, with Europe in
full lockdown and lives under threat.
When the traditional En Primeur campaign was suspended with a very uncertain future, rumours abounded about
the release of the 2019 vintage. Would it ever happen before it was bottled? Would the Union des Grand Crus, which
federates Bordeaux producers, organise a virtual release? Who would be able to taste the new vintage from barrel?
Would the En Primeur system altogether disappear?
As with everything post Covid 19, we are about to witness a great experiment of adaptation from Bordeaux and the
wine industry, demonstrating once again the resilience of this unique product which has been part of human history
and heritage for centuries. After all, Bordeaux survived wars, revolutions and epidemics throughout history and the
release of a new vintage was only delayed because of WW2.
France exited full confinement on 11 May. Whilst there was initial scepticism about a campaign in 2020, it is with
immense pleasure and excitement that we can confirm we will run our CW En Primeur 2019 campaign in June and
July. For sure details are still being sketched out and there is little that is certain in these unprecedented times so plans
could still be thrown out, but there is a will and some conviction emanating from Bordeaux. And we have rapidly
moved from ‘will there be a campaign’ to ‘how good are the wines’, ‘will there be appetite’ and, very importantly, ‘what
will the price be?’
The price…
A comparison with 2008 En Primeur campaign is inevitable. Then, as today, the world had suffered a major economic
shock and uncertainty about global demand for the new vintage reigned. We were in the middle of a global crisis and
the mood was sombre.
But we would argue that this is where the comparison stops. In 2009, the crisis was financial and the human impact
was limited. The world didn’t stop even if it appeared that way at the time. Central banks and governments ensured the
system was kept afloat and the economic activity supported and sustained. The present crisis is not only economic but
also very human, with tragic loss of lives and jobs, limited freedom of movements and potential long-term scarring.
From an En Primeur perspective, critics could taste, assess and score the 2008 vintage and the campaign went ahead
as planned. History will remember that it was an extremely successful campaign as prices were reduced by up to 50%
from the 2007 release and attracted strong interest.
4 Cult Wines | wineinvestment.com

What of 2019 then?
Well, before Coronavirus was part of our daily vocabulary, Bordeaux was experiencing severe headwinds. Its market
share of the wine trade was gradually eroding to reach an all-time low of 41% this year. Mixed return performance
of recent vintages despite quality, evolution of tastes and global demand, competition from other wine regions all
weighed on Bordeaux wines. Then, USA imposed a 25% tariff on European goods, targeting French wines in particular,
threatening to increase it to 100% in trade war escalation. The added uncertainty from the second biggest market for
Bordeaux was the last blow to confidence. Over the last 12 months, the Liv-ex 500, the benchmark for Bordeaux,
dropped 4.6%.
Figure 1: Liv-ex Bordeaux 500 Index: April 2017 - April 2020 Source: Liv-ex
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Against this backdrop, price will be THE most important factor in the success of this En Primeur campaign and
Bordeaux, in general. We were mentioning experiment in the opening paragraphs. With virtual tastings, limited
numbers of samples sent to critics and the press and in the absence of the usual En Primeur week in Bordeaux, we feel
that more than ever, Châteaux need to lead with aggressive pricing.
Considering the above, for the first time in 20 years we could have the combination of a high scoring vintage with a
very attractive En Primeur release price.
Indeed, with the confirmation of the high quality of the vintage by the leading critics and producers, there are reasons
to be excited about this campaign. With comments comparing 2019 to 2015, 2016 and 2018, a quasi-perfect growing
season and the return to a more classic Bordeaux style, there will undeniably be some amazing wines, possibly
legendary.

It could be just what Bordeaux needs. The 2008 and 2014 En Primeur were released at very attractive prices relative
to their respective prior vintages. They were good vintages but not perceived as exceptional. As mentioned earlier,
the 2008 campaign happened during the Great Recession whilst 2014 came out after the correction of the China led
bubble in wine prices. As seen below, both campaigns triggered a 2-year long rally in Bordeaux wine prices.
Figure 2: Liv-ex Bordeaux 500 Index: Price Rallys Source: Liv-ex
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Post Great Post China Wine
Recession Price Bubble Correction
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0
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Oct 2019
As always, Cult Wines will apply the same approach, one of rigorous analysis and selection, based on solid
fundamentals and return prospects. We are incredibly fortunate that our Purchasing Director, Hubert Buchmuller,
is based in Bordeaux and has been able to taste the wines, sometimes at the Château. This gives us and our clients
unparalleled insight in the quality of the wine.
This year, more than ever, there has been wild speculation about release prices. We have heard it all – from 2014
prices to a reduction of up to 40% on 2018 En Primeur prices. In order to cut through the noise, we have decided to
apply a range of 5-20% discount to last year’s pricing as a base case in our scenario to assess the vintage.
In the following pages we share our conclusions from in-depth quantitative analysis to qualitative reviews of key
producers. We are extremely excited by this campaign and we are confident that this could provide the spark to re-
invigorate the Bordeaux market and deliver superior returns for the savvy investor.
Just before publishing our report on Thursday 28th May, we were greeted with positive news from Pontet Canet, who
have released the 2019 at a significant 30% discount to the 2018 offering. EP investors will recall that this isn’t first
time that Pontet have been out of the blocks early. They did the same in 2013, before the rest and before any scores
were released. This time around, the 2019 is being touted as similar quality to 2018, 2016, 2010 and 2009 – all of
which trade at a significant premium.
Historically, the first major release can play a crucial role on future releases and ultimately the success or failure of the
campaign. With mounting pressure to bring prices down on last year’s release this sets a strong precedent for what’s
to come.

En Primeur Performance Analysis
CULT WINES INVESTMENT TEAM - YIJUN(LENA) LU - RESEARCH ANALYST
Left Bank First Growths Right Bank First Growths
Second Wines Second Wines
Left Bank Right Bank

Super Seconds Super Seconds
Figure 1:
Cult Wines Approach to
Quality Price Ratio (QPR)
En Primeur Wines
Source: Cult Wines
Left Bank First Growth
As demonstrated in Figure 2, brand, history and outstanding quality have made Bordeaux First Growth from Left Bank
an attractive source of long-term returns. Liv-ex 50 tracks the performance of the last ten physical vintages of the five
Left Bank First Growth.
Figure 2: Liv-ex Fine Wine 50 Index Since Inception Source: Liv-ex
500.0
400.0
+229%
300.0
200.0
100.0
–
Dec 1999
Jun 2000
Dec 2000
Jun 2001
Dec 2001
Jun 2002
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Jun 2015
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Jun 2019
Dec 2019

Generally, First Growth wines with scores over 98pts are deemed as outstanding and tend to perform better than
lower scored wines in the long run as they are highly sought after and collectible. However, high initial release price
tends to follow high-scoring vintage, which reduces the short-term growth potential of these wines.
In the chart below we compared the 3-year returns of expensive En Primeur releases of Lafite vintages with cheaper
releases (relatively), irrespective of scores.
Figure 3: High En Primeur Releases vs Low En Primeur Releases - Lafite Rothschild

3-Year Performance % Since Release
2014 69%
2013 29%
2008 314%
2007 226%
2015 13%
2011 -27%
2010 -47%
2009 -39%
-200% -100% 0% 100% 200% 300% 400%

2014 2013 2008 2007 2015 2011 2010 2009
As Figure 3 suggests, scores alone may not be the best contributor to returns over the short term. Well-priced En
Primeur vintages are initially likely to outperform expensive ones. However, over the longer term, the lower-scored
vintages tend to be capped in term of prices whereas the ‘iconic’ vintages can reach stratospheric levels – Lafite
2000, scored 98+ by Robert Parker is now worth £13,000, whilst 2001, 2002 or 2004 with scores of 94-95 are all
valued at £6,000.
With vintages that are both reasonable on release price and high on quality such as Lafite 2008, we expect to see
a greater propensity to achieve high prices in the longer term. The price of Lafite 2008, which was released at a
significant discount to previous vintages due to the economic pressure arising from the Financial Crisis, has risen by
230% in the last decade.
Second Wines
For people who wish to get access to the brand name and parallel level of winemaking technique of the Grand Vin,
Second Wines of the five First Growths would naturally be their go-to choice. Strong brand reputation from the First
Growths and solid returns have underpinned our positive stance toward Second Wines. To date our overweight on
second wines has paid off. These have been consistent top performers for the past 15 years although EP release prices
have crept up in recent years. At the right price, we remain optimistic in the category and expect them to continue
to provide potential for returns, especially from En Primeur to physical release. Benefiting from strong brands and
consistent performance across various vintages, second wines have now become an increasingly important part of
any diversified wine portfolio.

Figure 4: Best Performing Second Wines: Bordeaux En Primeur 2014, 2015, 2016 and 2017
Pavillon Rouge du
Château Margaux
Le Petit Mouton de
Mouton Rothschild
Carruades de
Lafite
-20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% 220%
2014 2015 2016 2017
Although the price gap between the First Growths and their Second Wines has continued to narrow, making Second
Wine labels less attractive at recent prices, a few names stand out due to their outstanding medium- to long-term
performance. Carruades de Lafite and Petit Mouton are undoubtedly the two names to watch, and they have
consistently been amongst the top performing wines in terms of returns. For 2019, the key will be at what price
the Grand Vin are released as it is possible that any price adjustment compared to 2018 will not be matched on the
Second Vin, in percentage terms. This would artificially inflate their price ratio and could make them less attractive to
the long-term investors. That said, we expect strong demand for those wines in this vintage.
Right Bank (RB)
The Right Bank Wines should be serious contenders for portfolio allocation in 2019 – the quality of Saint-Émilion
and Pomerol is rumoured to be high and the wines should achieve very good scores. RB First Growths and the Super
Second category performance have been fairly consistent across vintages due to scarcity value and we expect 2019
wines to be in high demand. In particular, Super Second RB’s relative attractive release prices to quality level have
been extremely supportive for overall returns in the past.
Quality Price Ratio Wines (QPR)
Away from the big names there should be plenty of opportunities to acquire some fantastic wines in a more
homogenous vintage than the previous three years and this will reward smart selection. Those wines with the best
quality (scores) to price ratio have a proven track record of positive short- to medium-term returns.
Careful selection of well-priced, high quality, investable wines has always been key to our portfolio allocation process
at Cult Wines and these wines have been consistently performing well for our investors. As ever, we will monitor 2019
release prices very closely to identify those wines with the best potential to increase in value and we are always ready
to expand our investment spectrum if we come across new wines meeting our strict investment criteria.
If 2014 is any guide, at the right En Primeur release prices in 2019 this category will provide solid returns.

In the following section Figures 5-10 evaluate the average aggregated performance of all wines (in our investment spectrum) in
each stock category. Figure 11 looks specifically at the performance of the wines that we picked in each of the last five vintages.
Last Five Physical Vintages Performance from En Primeur to Date
Figure 5: EP Performance by Category Across Vintages 2012 to 2017
70%
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
Left Bank FG QPR Right Bank FG Second Super second LB Super Second RB
2012 Vintage 2014 Vintage 2015 Vintage 2016 Vintage 2017 Vintage
Let’s look at each vintage in more detail.
Figure 6: Bordeaux 2014 En Primeur Performance
70.00%
66.34%
60.00%
50.00% 47.29% 46.74%
40.00%
31.27%
28.70% 29.47%
30.00%
20.00%
10.00%
0.00%
Left Bank First Growths Right Bank First Growths Second Wines Left Bank Super Seconds Right Bank Super Seconds Quality Price Ratio (QPR)
• For Bordeaux 2014, Second Wines significantly outperformed the other categories with a total return of 66%, followed by Left
Bank FG and QPR.
• Within Second Wines category, Carruades de Lafite (+204%) and Petit Mouton (+199%) topped the performance rankings.
• Super Second category from Left Bank and Right Bank gained 31% and 29%, respectively.
• Wines from QPR showing significant returns are Château Carmes Haut Brion (+152%), Château Clerc-Milon (+101%) and Château
Calon-Segur (+93%).

35.00%
30.62%
30.00% 28.91%
26.51%
24.59%
25.00%
21.41%
20.00%
15.00%
10.00%
5.48%
5.00%
0.00%
• As a great vintage often compared to 2005, 2009 and 2010, all categories of Bordeaux 2015 have delivered positive returns since
EP release.
• Under Right Bank FG, which is the best performing category for 2015 EP, Château Le Pin (+66%) and Château Lafleur (+64%)
contributed the most to the outperformance of the category.
• Château Margaux (+122%) from Left Bank FG is the top performer among all categories, followed by Carruades de Lafite (+106%)
from Second category and Château Carmes Haut Brion (+104%) from QPR.
• Petit Mouton has consistently performed well within second wine category, gaining 101% since EP release.
20.00%
15.35%
15.00%
10.00%
5.00% 4.41%
3.14%
2.24%
0.00%
-1.48%
-5.00%
-7.29%
-10.00%
• Château Lafleur (+109%) drove the Right Bank FG performance for Bordeaux 2016.
• Super Second LB and QPR gained 4.4% and 3.1%, respectively.
• Clos L’Église Pomerol (+105%), Château Carmes Haut Brion (+91%) and Château Fleur Cardinale St.-Emilion (+79%) from QPR
performed the best in their category.
• Left Bank FG recorded a 7.3% decline since release due to relatively high release prices.

0.00%
-2.00%
-4.00% -3.22%
-6.00% -5.29%
-8.00%
-10.00%
-10.21%
-12.00%
-11.67% -11.78%
-14.00%
-13.60%
-16.00%
• All categories of Bordeaux 2017 reported negative returns since release, with Right Bank FG and Super Second RB dropping the
most.
• Despite debatable vintage quality, Second Wines appeared to be the least affected category.
• Carruades de Lafite (+54%) from Second Wines and Château Carmes Haut Brion (+13%) from QPR performed best in their
category.
• Left Bank FG and QPR dropped 12% and 5.3%, respectively.
10.00% 9.07%
8.00%
6.00%
4.00% 3.54%
2.00%
0.00%
-2.00%
-1.81%
-2.25%
-4.00%
-4.71%
-6.00% -5.47%
-8.00%
• As shown in the chart, performance for Bordeaux 2018 vary by category, with Right Bank FG (+9%) leading the performance table.
• Super Second RB gained 3.5%, whereas Second, Super Second LB & Left Bank FG all reported negative returns over -3% since
release.
• In the top 10 performing wines, Château Trotanoy Pomerol (+84%) from Super Second RB now sits at No 1, and Château Lafleur
(+52%) and Château Carmes Haut Brion (+43%) rank the No 2 and No 3 position.
• Wines from QPR showing return potential are: Château Calon-Segur (+27%), Château Latour À Pomerol (+24%) and Château
Branaire-Ducru St.Julien (+16%).

Cult Wines Approach: Wine Selection
Wine selection, when investing, can be tricky and requires expertise. This is particularly true with En-Primeur when
the volume of information, good or bad, surrounding wine quality and what to buy increases significantly.
Our approach is to carefully pick the wines we think have the best potential for medium to long term appreciation
based on statistical analysis, market knowledge and internal research.
Cult Wines has a proven track record in building wine portfolios with superior returns and our EP selective approach
has delivered solid performance for our investors as shown below in Figure 11.
Figure 11: Performance Since Release of En Primeur Vintages

Performance of Cult Wines En Primeur Recommendations from Each Vintage / Campaign (Rebased at Release)
300
280
260 162.74%
240
220
200
180 76.91%
160
140
25.41%
120
8.24%
100 1.22%
-4.04%
80
0 1 Year 2 Years 3 Years 4 Years 5 Years
EP 2013 EP 2014 EP 2015 EP 2016 EP 2017 EP 2018

2019 Bordeaux Vintage Summary
2019 was one of the sunniest vintages in Bordeaux’s recent history. It saw an exceptionally warm dry early spring and
long gorgeous summer with cool nights, which were vital for vines to retain freshness across all sub-regions.
This vintage too had its difficulties. Budding was early thanks to the record warm and sunny weather in February and
March, but flowering was interrupted by unexpected fluctuation in temperature and periods of rain in April. Uneven
flowering and millerandage were widespread, putting a cap on the yield of 2019.
May and June were marked by cool temperatures and concentrated rainfall, often in the form of thunderstorms. There
were localised mildew outbreaks and hail in some parts of Bordeaux. On top of the cool stormy weather, coastal areas
such as Entre-Deux-Mers experienced exceptionally cold mesoclimate brought by an unusual ocean current, which
further impeded vine growth.
However, if there was not enough precipitation during this time to recharge the groundwater, the dry hot ripening
season would have caused too much water stress for the vines to produce healthy fruits. All in all, 2019 was a vintage
that balanced its own extremes.
The harvest season of 2019 was long and clear, with light rainfall toward the end. According to Dominique Arangoits,
technical director of Cos d’Estournel, this rain during harvest was ‘part of the miracle’ of the vintage that helped retain
freshness and quality of the 2019: ‘If we didn’t have the rain in September, the style of the wine could have been
affected.’

Bordeaux Institute of Wine and Vine Science (ISVV) declared that four and a half, of the five pre-requisites it determines,
constitute a great vintage were met in 2019. This means that the best wines from 2019 will be on a par with modern
classics such as 2005, 2009 and 2010.
Winemakers and critics seem to agree with ISVV and see 2019 as a promising vintage. Decanter’s Jane Anson likened
2019 to 2010 and 2016 in terms of depth of colour, extraction potential and concentration, whereas James Suckling
was impressed by the sleek tannins and pure fruit character that were associated with great Bordeaux. Hubert de
Bouard of Angélus said: ‘The wines in 2019 are the perfect wines for greedy wine lovers – sexy and already really tasty.’
2019 continue the trend of increasing levels of alcohol. The alcohol has a potential to reach 13.7%, which is a 1%
increase from 2014. But true to its self-balancing abilities, the acidity level for 2019 was high enough to offset alcohol
level and maintain the perception of freshness and elegance.
Variety-wise, there is a consensus that 2019 was an all-around homogeneous vintage. Both Merlot and Cabernet
Sauvignon reached optimal ripeness levels, though the berries may be smaller compared to recent vintages
depending on the timing of harvest. Petit Verdot is known to be less resilient to water stress and consequently did not
give an ideal crop in 2019.
As for whites, 2019 was an outstanding year for Sauvignon Blanc and Sémillon. Both varieties present refreshing notes
of grapefruits, mango and lemon with exotic fruits in the background. The Sauternes also exhibit alluring aromas and
concentration. However, many vineyards in the region unfortunately suffered losses from acidic rot in late spring and
shriveled berries in summer. The yield of sweet Bordeaux 2019 was expected to be low.

The View from Bordeaux
HUBERT BUCHMÜLLER - PURCHASING DIRECTOR

Greeted by a blue sky and a rising temperature, no doubt, I am finally back to
Bordeaux after almost two months of confinement.
My first impressions of the 2019 vintage date from last autumn, during the
harvest. I vividly remember the grapes that were entering the vats – pure caviar!
Some producers had harvested before the rain, some after, but all of their
choices had been made in harmony with their terroir and their personal touch.
One winter and one spring later, the wines have already well evolved. Usually,
we tackle this task of tasting the latest vintage from barrels in April, but this
time around, it is after six more weeks of barrel ageing that I have the pleasure
to taste the 2019 vintage, its quality true to the tradition of other wonderful
vintages ending with the number 9.
I already knew that the 2019 vintage was good, but I must confess that I have revised my appraisal and upgraded it
to excellent. I am indeed aware that I have mainly tasted the most emblematic wines of Bordeaux; nevertheless, my
impression of the 30 wines which I have tasted is superb.
In my view, one should not anymore rate vintages in order of quality, comparing them to this or that other vintage on
a scale of merit. I have been fighting that basic instinct, which nowadays prevents us from accurately appreciating the
finest wines of Bordeaux. We have been witnessing this phenomenon in recent years, while iconic growths were only
producing great wines. I do believe that the work in the vineyards and in the cellars, as well as the various selections,
have brought the ‘winemaking’ variable up to its highest potential. Besides, the terroir also expresses itself, together
with the weather and the capacity of adjustment of the winemaking teams. Whoever has tasted Haut-Brion 2013 and
Pichon Baron 2013 knows that great wines are now being produced every year, in whichever conditions. Therefore,
it seems wiser to me to appreciate a given wine according to its style, and then to rate vintages in order of style rather
than of quality. With this in mind, I would appreciate the 2019 vintage as a pure classic – elegant, juicy, saline and well
balanced.

The first wine which I tasted was Le C des Carmes Haut-Brion, which was superb, and a beautiful introduction to
Carmes Haut-Brion itself, which was remarkable! I cannot get this first impression out of my head whenever I taste
other 2019s. The wines of the Médoc have expressed well the power of the Cabernet Sauvignon, and its velvety
expression.
As Lynch-Bages’ Malou le Sommer puts it, ‘blue velvet best describes the expression of our Médoc’s Cabernet
Sauvignon across the board’. Lynch-Bages, Margaux, Pichon Lalande and Léoville-Las Cases produced magnificent
wines, while Cos d’Estournel in particular was absolutely sublime!
The Right Bank is singing the new harmony that winemakers are trying to get between the Merlot and the Cabernet
Franc. Now we know for sure that global warming, which is striking Bordeaux as it is everywhere else, forces
technicians to prepare for the future in the vineyards, which includes adapting in terms of grape varieties. Vieux
Château Certan’s Alexandre Thienpont told me about the increasing role of Cabernet Franc which becomes essential
to keep the greatest Pomerols well balanced.
He added: ‘The arrival of my son by my side has propelled our wine to new heights. Guillaume is bringing his own style
to the equation, to the greatest benefit of Vieux Chateau Certan.’ And then: ‘2019 is built for the long run.’ Indeed,
Vieux Château Certain 2019 is already a very elegant wine, and with its delicious juiciness, it will undoubtedly become
a very grand wine.
I am grateful to Pavie, La Conseillante and Cheval Blanc for having produced a 2019 vintage which will become a
true icon within their respective libraries. Pavie’s Henrique da Costa shared that ‘2019 is probably one of the most
beautiful wines of our history’, since his in-laws acquired the château twenty-two years ago.
Cheval Blanc’s Pierre-Olivier Clouet mentioned that ‘depth, length and balance reflect well the characteristics of the
vintage, and the identity of the wine’. This year again, Figeac demonstrated that its terroir is extraordinary; in spite of
the challenges related to the colossal works undertaken in their winemaking facilities, Figeac’s team adjusted to the
temporary cellar, and certainly produced one of the great successes of the Right Bank.
There are still many wines left for me to taste as I write these lines, but my feeling is strong, and all the way from
Bordeaux I am claiming it without hesitation – 2019 is a vintage which I will gladly add to my collection, even though
this year I cannot use the birth of one of my children as an excuse to acquire some of these remarkable 2019s En
Primeur.

Wine Analysis
Wine Analysis: Wines & Categories

# Wine Name Wine Category Page
1 Château Lafite-Rothschild Left Bank First Growth P 20

2 Château Haut-Brion Left Bank First Growth P 21
3 Château Mouton-Rothschild Left Bank First Growth P 22
4 Château Margaux Left Bank First Growth P 23
5 Château La Mission Haut-Brion Left Bank First Growth P 24
6 Château Angélus Right Bank First Growth P 26

7 Château Ausone Right Bank First Growth P 27
8 Château Cheval-Blanc Right Bank First Growth P 28
9 Château Pavie Right Bank First Growth P 29
10 Carruades de Lafite Second Wine P 31

11 Clarence Haut Brion Second Wine P 32
12 La Chapelle de La Mission Second Wine P 33
13 Le Carillon d’Angélus Second Wine P 34
14 Le Petit Mouton de Mouton Rothschild Second Wine P 35
15 Pavillon Rouge du Château Margaux Second Wine P 36
16 Château Cos d’Estournel Left Bank Super Second P 38

17 Château Ducru-Beaucaillou Left Bank Super Second P 39
18 Château Léoville-Las Cases Left Bank Super Second P 40
19 Château Lynch-Bages Left Bank Super Second P 41
20 Château Montrose Left Bank Super Second P 42
21 Château Palmer Left Bank Super Second P 43
22 Château Pichon-Longueville, Baron Left Bank Super Second P 44
23 Château Pichon-Longueville, Comtesse de Lalande Left Bank Super Second P 45
24 Château Pontet-Canet Left Bank Super Second P 46
25 Château Canon Right Bank Super Second P 48

26 Château Clinet Right Bank Super Second P 49
27 Château Clos Fourtet Right Bank Super Second P 50
28 Château Figeac Right Bank Super Second P 51
29 Château La Conseillante Right Bank Super Second P 52
30 Château l’Eglise-Clinet Right Bank Super Second P 53
31 Château Troplong Mondot Right Bank Super Second P 54
32 Vieux Château Certan Right Bank Super Second P 55
33 Château Beau-Séjour Bécot Quality Price Ratio (QPR) P 57

34 Château Beychevelle Quality Price Ratio (QPR) P 58
35 Château Calon-Ségur Quality Price Ratio (QPR) P 59
36 Château les Carmes-Haut-Brion Quality Price Ratio (QPR) P 60
37 Château Clerc-Milon Quality Price Ratio (QPR) P 61
38 Château Gazin Quality Price Ratio (QPR) P 62
39 Château Grand-Puy-Lacoste Quality Price Ratio (QPR) P 63
40 Château Gruaud Larose Quality Price Ratio (QPR) P 64
41 Château Haut-Bailly Quality Price Ratio (QPR) P 65
42 Château La Gaffelière Quality Price Ratio (QPR) P 66
43 Château Lagrange Quality Price Ratio (QPR) P 67
44 Château Larcis Ducasse Quality Price Ratio (QPR) P 68
45 Château Léoville-Barton Quality Price Ratio (QPR) P 69
46 Château Léoville-Poyferré Quality Price Ratio (QPR) P 70
47 Château Pape-Clément Quality Price Ratio (QPR) P 71
48 Château Rauzan-Ségla Quality Price Ratio (QPR) P 72
49 Château Smith-Haut-Lafitte Quality Price Ratio (QPR) P 73
50 Château Talbot Quality Price Ratio (QPR) P 74

Left Bank First Growths
Château Lafite-Rothschild
James Suckling has been doing Zoom tastings of Bordeaux 2019. One of the best tastings was with Eric Kohler, Technical Director
at Lafite. Kohler describes the 2019 as a ‘great-classic’ and has drawn comparisons with the quality and style of the 2010 vintage.
A sentiment clearly echoed by Suckling, who rated it 99-100pts and describes the 2019 as ‘stunning’.
Unlike one of its noisy neighbours, Lafite are great believers in the EP system and across the last 20 years, the only big
disappointments since release have been the 2009 and 2010 vintages. Aside from those, 14 out of the last 17 vintages have
performed well. In comparable years to 2019, performance has been the best within its peer group, ranging from 7-69%.
At the most prestigious and world-renowned Bordeaux estate quality is a given, so we expect the 2019 to deliver another high
score. We anticipate that Lafite will listen to the market; the 2019 could be one of the more obvious value buys in this peer group.
Current Price vs Scores
£7,000 99 99 100
96-99
98
98
£6,000 97
95 96
£5,000 94
91 92
£4,000
90
90
£3,000
88
£2,000 86
84
£1,000
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
Market Price (£ per 12x75cl) Estimated 2019 EP Price Wine Advocate Score
Ex-London Release History Vintage Performance Since En Primeur Release
180
Vintage Ex-London Release
170 69%
2012 £4,000 160
2013 £3,200 150
2014 £2,900 140
130
2015 £4,350
120 19%
2016 £6,000 110
7%
2017 £4,870 100
90
2018 £6,000
80
2019* £4,800-£5,700 EP 2y 3y 5y
2014 Vintage 2015 Vintage 2016 Vintage
* Estimated EP Release Price Range

Château Haut-Brion
Since 2005, Haut Brion has racked up 5x 100pt vintages from The Wine Advocate (2005, 2009, 2010, 2015 and 2016). This
quality and consistency is unmatched within its peer group. The only LB First Growth that comes close to this is its neighbour, La
Mission Haut Brion (4x 100pts). Haut Brion is no longer in the shadows of its rivals, far from it, but still remains the best value First
Growth. One could even argue that the team at Clarence Dillon have raised the bar set by its peers in recent years. At the same
time, our trade team has reported an increase in Asian interest for Haut Brion and Clarence Haut Brion. The average price for the
last ten vintages is £4,000.00 per 12 vs £5,000.00 for the Medoc equivalents – and, therefore, remains one of our high conviction
recommendations within our Bordeaux allocation.
EP performance has been mixed over the past few years. 2016 is marginally down (-6%) but 2014 (+47%) and 2015 (+20%) have
posted solid returns. True to recent form, quality is rumoured to be very high in 2019, so with prices set to come down, this is an
estate that should be high on any EP wants list.

100 100
£6,000 100
97-100
99 99
£5,000
98
97
97 97
£4,000 96
96
£3,000 95
94
£2,000
93
92
92
£1,000
91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)

170

160
2012 £2,800 150

47%
2013 £2,400 140
2014 £2,320 130
120 20%
2015 £4,250
110
2016 £4,980
100
2017 £4,054 -6%
90
2018 £4,900 80
EP 2y 3y 5y
2019* £3,920-£4,655 2014 Vintage 2015 Vintage 2016 Vintage

Château Mouton-Rothschild
After the last Global Financial Crisis, there was enormous pressure from the global wine trade for the EP 2008 release to be good
value for the campaign to work in such difficult economic conditions. First out of the blocks for the First Growths was Mouton
Rothschild releasing at half the price of the 2007 (£1,750.00 per 12), setting the tone for one of the most profitable En Primeur
campaigns in the last 15 years. We live in a different world now, but we are faced with a similar challenge and, for Bordeaux
devotees, the need to reset the bar is as great as it was back then.
EP performance for the fourth most powerful wine brand in the market has been solid in recent years, ranging from 5-58%.
Quality in 2019 is very good and sits somewhere in the middle of 2015 and 2016. ‘’First, I cannot be. Second, I do not design to
be. Mouton I am’’. This is an estate that writes its own history and the past tells us they will listen to the market – we hope!

100
£6,000 100
99 99
96-100
£5,000 98
98
97 97
£4,000 96
96
95
£3,000 95
94
£2,000
93
92
92
£1,000
91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
170
160
58%
2012 £2,800
150
2013 £2,400
140
2014 £2,340 130
2015 £4,160 120
14%
2016 £5,180 110
5%
100
2017 £4,320
90
2018 £5,112
80
2019* £4,090-£4,856 EP 2y 3y 5y

Château Margaux
At 8:00 in the morning there aren’t many places in the world that you’d rather be than at eponymous Chateaux Margaux. One of
the most charmed places in Bordeaux, an estate that has captured the hearts of wine collectors for centuries, and the opportunity
to taste the fruits of 204 years of labour and skill was too good for Hubert to turn down even at the crack of dawn. In Hubert’s
words, the 2019 Margaux reds wines are ‘magic’ and will possibly challenge the monumental efforts of 2015, 2016 and 2018. A
tough beat! Perhaps Pavillon Blanc ‘19 needs more élevage to restrain its youthful exuberance. The first critic review in is Jean
Marc Quarin who has rated the Grand Vin, which makes up 37% of the crop this year, at 98/100pts – a similar score to which he
awarded the iconic 2015.
Since 2013 EP release, four out of seven vintages have performed well. The 2015 has been the standout registering 146% growth
due to the commemorative 200th anniversary label. This is an impossible act to follow and, in recent years (2017 and 2016),
performance has been muted. However, if the release price lands between 2014 and 2015, then the 2019 will look exceptional
on the fair value curve.
£12,000 100
99 99
99 98-99 99
£10,000 98
98
97
£8,000 96
96
95
£6,000 95
94
£4,000
93
92
£2,000 91
91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
350
2012 £2,800 300
2013 £2,400
250
146%
2014 £2,320
200
2015 £4,250
2016 £5,180 150 50%
2017 £4,320 100 -1%
2018 £5,112
50
2019* £4,090-£4,856 EP 2y 3y 5y

Château La Mission Haut-Brion

Just like it’s neighbouring terroir Haut Brion, the wine gods have been very kind to this estate in recent times. LMHB, as it’s
affectionately known, has been awarded 4x 100pts from The Wine Advocate over the last 15 years. If their 2018 effort hits the
upper end of its 98-100 range, then it will be at the top of pile for this accolade along with its compatriot.
Whilst Haut Brion has been a very consistent EP performer, LMHB has struggled. Speculation of a significant price reduction has
been welcomed and is needed. If there isn’t a shift in strategy, investors should look to the 2012 and 2014 vintages which both
look compelling on the fair value curve.
£3,500 100
99
99 99
£3,000 98 96-99
98
£2,500 97 97
96
96
£2,000
95
95
£1,500
94
£1,000 93
92
£500 91
91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
140
2012 £1,680 130
2013 £1,200
120
2014 £1,420
110
11%
2015 £3,200
2016 £3,960 100 0%
2017 £2,760 90
-13%
2018 £3,000
80
2019* £2,400-£2,850 EP 2y 3y 5y

Right Bank First Growths
Château Angélus
Since the estate was upgraded to Premier Grand Cru Classe ‘A’ in 2012, Angélus has continued to impress and cement its
position as one the top names within Bordeaux. With two vintages now laying claim to the sought after 100-point rating from
The Wine Advocate, consistency is becoming clear. Château Angélus has been owned by the same family for over a hundred
years. The arrival of newly-qualified oenologist Hubert de Boüard in 1976 was an important milestone for quality in the present
day. Consistency has once again proved key in 2019, with Stéphanie de Boüard-Rivoal commenting ‘This vintage, I do feel at this
stage that the 2019 will go down as one of the very top vintages made by the estate. It possesses the depth, balance, tension and
energy to be a vintage of great complexity and have an ageing potential worthy of the greatest years.’
Angélus has a mixed track record, not always representing value on release. 2018 was released at €252 a bottle ex neg, down
8.7% on the 2017’s (€276). Clients who purchased 2018 have seen a softening of around 2% since release, but can take more
confidence in long term benchmarks in vintage 2005, trading at €380 a bottle. The 2005 vintage was given 100pts from Parker
in 2015, the estate’s first, and, as you would expect, the price has continued to develop well driven by high market demand. We
would need to see a reduction on the 2018 release price for this to represent a compelling buy recommendation. Also, worth
keeping an eye on Carillon d’Angelus – one of the best value second labels in Bordeaux.
£3,500 100
99 99
97 95-98 98
£3,000
95 96
94
£2,500 93 94
92
92
£2,000
90
£1,500
88
£1,000 86
84
£500
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
140
2012 £2,000 130
27%
2013 £1,640
120
2014 £1,700
110
2015 £2,680
2%
2016 £3,576 100
-5%
2017 £3,360 90
2018 £3,060
80
2019* £2,448-£2,907 EP 2y 3y 5y

Château Ausone
Château Ausone has claimed top spot amongst the Right Bank First Growths ever since the St. Émilion Classification in 1955,
which named it a ‘Premier Grand Cru Classe A’ – a ranking which has remained unchanged for over half a century.
The perfectionism of Alain Vauthier and his understanding of the château’s unique terroir – clay and limestone on sand on steep
south-facing slopes, has once again proved a formula for success in 2019. Early reviews affirm this view.
Ausone has a mixed track record with not all vintages representing value at EP release. Ausone 2018 was released at €565 per
bottle ex-négociant, up 17.7% on the 2017 release (€480), but clients who purchased the 2018 at first release are sitting on gains
of 13% in the first 12 months. If you are lucky enough to receive an allocation, then the 2009 and 2010 provide very strong long-
term benchmarks, both of which trade in excess of £9,000 per 12.
As demonstrated below, if Ausone is within the projected range, it will represent a great long-term investment opportunity. Also,
worth keeping an eye on La Chapelle d’Ausone – one of the highest quality second labels in Bordeaux.
£9,000 100
99 99 98-100
98-99
£8,000 99
98
98
£7,000
97
£6,000
96
96
£5,000 95
95
£4,000 94
94
£3,000
93
£2,000
92
£1,000 91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
160
150
2012 £3,950
140
2013 £3,250
34%
130
2014 £3,430
120
2015 £5,600 15%
110
2016 £7,250
100
-2%
2017 £5,640
90
2018 £7,000
80
2019* £5,600-£6,650 EP 2y 3y 5y

Château Cheval Blanc

Château Cheval Blanc is one of the most mysterious and enigmatic châteaux in the entire Bordeaux region. Throughout the 21st
century, the estate was owned by the Laussac-Fourcards who had come into ownership through a bridal dowry in 1852. In 1998, it
drew the eye of the luxury goods giant, LVMH, who purchased the estate for an unknown sum and run it to this day. Cheval Blanc
has a mixed track record, with not all vintages representing value at EP release. It does make the 17th listed wine in the Liv-ex
‘Power 100’ however and it can reward shrewd buyers when the price is right.
2018 was released at €528 per bottle ex-négociant, up 22.2% on the 2017 release (€432). We passed on this wine in 2018 and
this looks to have been a good move, with prices having softened 15% in the past 12 months. Investors can take some comfort in
back vintages, such as the 1990, which trades at £10,600 per 12 pack.
As seen below, and with a score range of 96-100pts predicted, release price would have to be extremely attractive for this to be
a buy, a price of £4,000 per 12, combined with a score at the upper estimate, might see Cheval Blanc look extremely attractive
once again as an EP release.

100 100
£7,000 100
96-100 99
£6,000 98
98
£5,000 97 97
96 96
£4,000
95
95
£3,000
94
£2,000 93
92
92
£1,000
91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
120
2012 £3,700 115
2013 £3,250 12%

110
2014 £3,400
105
5%
2015 £5,200
2016 £6,400 100
-1%
2017 £5,304 95
2018 £6,588
90
2019* £5,270-£6,259 EP 2y 3y 5y

Château Pavie
A Right Bank, Saint-Émilion wine – upgraded to Grand Cru Classe A status in 2012, joining Ausone and Cheval Blanc. It should
also be noted that Angélus was upgraded in the same year. Pavie has an interesting history, disappointing some critics, most
notably Robert Parker, until it was purchased by Gérard Perse, a multi-millionaire supermarket magnate in 1998 , who spent over
$30m and was fairly brutal in his renovations, completely altering the wines character. This disappointed die-hard Pavie fans, but
won over many others, including Parker.
Pavie has been a tricky customer as an EP release – last year Pavie 2018 was released €282 per bottle ex-negociant, up 2.2% on
the release price of the 2017 (€276). Buyers of the 2018 would find themselves today, 12 months on, around 17% down on their
investment. Despite receiving 100pts for the 2009, investors who had purchased this on release, have made very modest gains
on the position, around 15% over a 10-year hold.
Release prices of the 2019 would have to be extremely compelling to make this a buy this year, regardless of scores received. It
should be noted that Arômes De Pavie, the Second Wine, has performed very well in certain vintages as part of our Second Wines
strategy.

100
£3,500 98-100 100
99
99 99
£3,000 98
98
£2,500 97
96
£2,000
95 95
95
£1,500
94
£1,000 93
92
£500 91
91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
140
135
2012 £2,000 130
28%
2013 £1,800 125
2014 £1,700 120
115
2015 £2,680
110
2016 £3,588 105

7%
2017 £3,360 100 0%
95
2018 £3,504
90
2019* £2,803-£3,329 EP 2y 3y 5y

Second Wines
Second Wines
Carruades de Lafite
The Second Wine to the legendary Grand Vin and First Growth of Bordeaux’s Left Bank Château Lafite Rothschild – ‘Carruades’, as
its often referred to, has gained huge momentum and popularity in recent years, most notably in the Asian markets.
The vineyards that produce this wine hail from the Carruades Plateau, a group of plots acquired in 1845, next to the vines on the
Château Hilltop. It is a wine that has carved its own character from the Grand Vin, using a higher proportion of Merlot in the blend
than the Grand Vin.
Whilst release prices have been steadily rising for this wine in recent years, it continues to be one of the best performers En
Primeur and makes up a significant part of our ‘Second Wine’ strategy – that is not so much driven by scores, but by the closing of
the price gap on the Grand Vin; there remains a huge amount of potential here. Recent EP vintages of note, the 2016 is up 58%,
2015 is up 119%, and 2014 is up just over 200%.
As can be seen below, release prices have been creeping up in recent years, but if the 2019 is released in the £1,700-1,900 range,
it should be a very strong buy recommendation and investors will be rewarded handsomely for participating.
£3,000 100
£2,500 93 95
92 91-93
91 91
£2,000 89 90
88
£1,500 85
£1,000 78 80
£500 75
£0 70
2012 2013 2014 2015 2016 2017 2018 2019 (E)
350
2012 £1,200 300 204%
2013 £1,000
250
2014 £920 119%

200
2015 £1,260
58%
2016 £1,600 150
2017 £1,750 100
2018 £2,240
50
2019* £1,792-£2,128 EP 2y 3y 5y

Second Wines
Clarence Haut Brion

In value terms, there is really just one Second Wine of the First Growths that we cannot ignore – Clarence Haut Brion 2019.
Clarence Haut Brion continues to close the gap across all vintages with the Grand Vin – Haut Brion. However, it is still the estate
with the greatest disparity in price between the two. After being renamed in 2007 as Clarence Haut Brion (previously named
Bahans Haut Brion), average prices currently sit at ca. £1,000 per case. This still only accounts for less than a quarter of the price
of Haut Brion (average price since in 2007 is £4,000 per case) and screams value within this brand driven strategy that is almost
completely disassociated with critic scores.
As can be seen below, EP performance has been mixed over the short term as release prices have steadily increased but, due to
the increased popularity of Haut Brion, we are starting to see significant interest from Asian markets. In March, our trade team
confirmed orders for ca. 2,000 bottles of recently physical Clarence Haut Brion to China and Hong Kong trade customers.
It should be noted that with all second wine strategies, scores do play a much smaller part than other strategies in deciding
whether or not to purchase on behalf of our investors, with price on release, and overall brand quality, being the key driving
factors.
£1,400 100
98
£1,200
96
£1,000 94
93 93 92-93 94
92
91 92
£800
90
90
£600
87 88
£400 86
84
£200
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
230
210 112%
2012 £680
190
2013 £500
170
2014 £530 150
2015 £900 130

20%
2016 £1,200 110
90
2017 £1,200 -14%
70
2018 £1,260
50
2019* £1,008-£1,197 EP 2y 3y 5y

Second Wines
La Chapelle de La Mission
Another Second Wine label, this one of La Mission Haut Brion is one of nine the wines owned by French company Domaine
Clarence Dillon SAS. The company also owns two of the greatest whites in Bordeaux, Haut Brion Blanc, & La Mission Haut Brion
Blanc. There are few critics out there who do not consider La Mission to be one of the greatest Bordeaux wines made today. Robert
Parker has awarded the Grand Vin 100pts no fewer than 5 times since 1982, his consistency placing it amongst the very best
wines to come from the Pessac-Léognan.
The Second Wine, La Chapelle de la Mission, has also been part of our Second Wine strategy and one we expect to deliver good
returns in 2019. As can be seen below, prices have been creeping up in recent years on release, nearly doubling in one year from
2014 to 2015. With 2016 being one of the very few vintages to not have performed so far, it should also be noted that 16 came
with the highest release price in the last 10 years for the wine.
Despite this, we still expect it to deliver returns over a longer time frame. With expected release prices for the 2019 anticipated
to be at a significant discount, comparable to the 2014 release which has delivered just over 7% PA, the 2019 looks set to be a
strong buy.
£800 100
98
£700
96
£600 94
94
92 92 91-94
£500 92
92
90
£400 90
88
88
£300
86
86
£200
84
£100
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
150
140
2012 £410 37%
130
2013 £330
120
2014 £335
110
2015 £640
100 2%
2016 £770
90
2017 £705 -16%
80
2018 £720
70
2019* £576-£684 EP 2y 3y 5y

Second Wines
Le Carillon d’Angélus
The 2019 vintage is a landmark for Château Angélus as back in March they opened the doors of their brand-new Carillon d’Angélus
winery. Situated in the neighbouring town of Saint Magne de Castillon, the forward-thinking project by Eric Castagnotto was
awarded BREEAM certification (Building Research Establishment Environmental Assessment Method) which guarantees best
respect of the environment throughout the building’s life.
This new winery built solely for their Second Wine is a clear effort to drive the unique identity of Carrilon d’Angélus and increase
production levels from previously only ca. 1,000 cases.
Clearly the Angélus brand has grown exponentially since reclassification to Grand Cru Classe A Status (Right Bank Classification
in 2012) and whilst these new developments for Carillon d’Angélus sound and look fantastic, they must be more conscious than
ever to price sensibly for 2019. The 2017 and 2018 were both released at £940+ per 12 and a continuation at this entry will surely
struggle to find a market. Only the 2012 trades above £1,000 per case in their celebratory vintage. If they can mark the new
winery with a great value release that is cheaper than the current market for the previous five vintages (which is the 2014 trading
at £760) then they have a great chance to start a new dawn for Carillon. Let’s wait and see...
£1,200 100
£1,000 93 93 95
90-93
90 90
£800 88 90
87
£600 85
81
£400 80
£200 75
£0 70
2012 2013 2014 2015 2016 2017 2018 2019 (E)
220
2012 £475 200
84%
2013 - 180
2014 £430 160
2015 - 140
2016 - 26%
120
2017 £960
100 0%
2018 £948
80
2019* £758-£901 EP 2y 3y 5y

Second Wines
Le Petit Mouton de Mouton Rothschild

A wine held close to the hearts of Cult Wines and one that has yielded significant returns at En Primeur for many years. Between
2014 and 2018, this Second Wine of Mouton Rothschild has scored consistently between 92-93pts, signifying an uplift in quality.
The 2018 was released at £2,124 and marked the first ever release above £2,000 per case. The estate now holds back far more
stock at first release and therefore supply is now extremely restricted. Gone are the days that we can expect to see Petit Mouton
releases below £1,000 per case but if the upcoming release is priced in around 2016 levels (£1,600), this will certainly provide
pause for thought.
Quality will no doubt be high again and Petit Mouton has a robust secondary market well above £2,000 per case in better vintages.
Both the 2005 and 2000 vintages trade at £2,700, which does provide some comfort for longer term investors.
£2,500 100
98
£2,000 96
94
93 93 91-93 94
92
£1,500 91 92
90
89 90
£1,000 88
86
£500 84
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
350
2012 £760 300 199%
2013 £750
250
2014 £756
200 101%
2015 £1,140
2016 £1,600 150
36%
2017 £1,788 100
2018 £2,124
50
2019* £1,699-£2,018 EP 2y 3y 5y

Second Wines
Pavillon Rouge du Château Margaux

This is a stunning Second Wine. Château Margaux have always pushed quality levels of the Pavillon Rouge and all the plots used
have contributed to the blending of the Grand Vin in recent vintages. Whilst it doesn’t boast the same depth, the characteristics
are very similar and the estate prides themselves in the alignment of power and softness throughout both wines.
The average case price across all vintages for Pavillion Rouge is £1,650 per 12. Release prices have been increasing steadily for
the past five years with the 2018 released at £1,790 per case, representing a 10.5% hike on the 2017. Whilst quality has also been
improving, this is fundamentally a value playoff versus the Grand Vin.
Another EP Release that exceeds the £1,650 average price mark could be hard to place. If we see this released on or around the
2016 (current market value of £1,480), it will definitely demand a closer look.
£2,500 100
98
£2,000 96
94
94
92-94 94
92 92
£1,500 92
91
90
90
£1,000 87 88
86
£500 84
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
Vintage Ex-London Release 240
128%
2012 £850 220
2013 £720 200
2014 £756 180
2015 £1,140 160
140 43%
2016 £1,380
25%
120
2017 £1,620
100
2018 £1,790
80
2019* £1,432-£1,701 EP 2y 3y 5y

Left Bank Super Seconds
Château Cos d’Estournel

In the words of our own Purchasing Director, ‘best of the day, tremendous’, a sentiment clearly echoed by James Suckling who
on the 13th May championed Cos d’Estournel as the best 2019 he’d tasted so far – he was, however, only halfway through his
tastings. This is a ‘dazzling expression of the estate’s terroir’ from a powerful yet graceful and alluring vintage.
Classical Bordeaux in style. Cos, as it’s affectionally known, has been on a roll in recent years and early reports suggest that quality
is very close to levels achieved in 2018, 2017 and 2016 – accumulated Wine Advocate score of 298/300!
Their 2018 vintage was released high (ca. £1,750 per 12) and has since softened by about 10%. Therefore, to benchmark that
vintage for discounting could be a mistake. If the price lands within the 2014-2016 range, this release should generate a lot of
interest.

100
£1,800 100
£1,600 99 99 99
95-100
98
£1,400
97
£1,200
96 96
£1,000
95
£800 94
94 94
£600
93
92
£400
92
£200 91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
150
2012 £990 140
2013 £814
130 30%
2014 £825 25%

120
2015 £1,272
2016 £1,400 110 10%
2017 £1,308 100
2018 £1,776
90
2019* £1,421-£1,687 EP 2y 3y 5y

Château Ducru-Beaucaillou
This Saint-Julien Super Second is very often placed alongside the First Growths in quality, none more so than in 2009, when
enigmatic owner Bruno Borie celebrated their first perfect 100pts from Robert Parker. The 2009 now trades at £2,075 having
been released at £1,895 (representing less than 10% growth over a decade).
Herein lies the main problem faced by Ducru Beaucaillou for their upcoming release. Once again James Suckling has lauded
Bruno Borie’s efforts noting that ‘Ducru 2019 is one of the most structured and classic 2019s I have had out of 550 samples’.
The average ex-London release price for the last four vintages is £1,548 and none of them currently trade above £1,400, presenting
a problem determining value for 2019. We would need to see a seismic shift in recent pricing strategy for this to work – ultimately
a release price as close to the 2014 as possible. Fingers crossed, as it is a superb wine from a great winemaker, but until the wider
market recognises value from a First Growth’s perspective, Ducru Beacaillou needs to price far more keenly to attract buyers in
2019.
£1,800 100
£1,600 99
98 98
96-98 98
£1,400
97
97 97
£1,200
96
96
£1,000
95
£800
94
£600
93
92 92
£400
92
£200 91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
150
2012 £765 140
35%
2013 £695
130
2014 £750
120
2015 £1,272
2016 £1,704 110
2017 £1,488 100 1%

-1%
2018 £1,728
90
2019* £1,382-£1,642 EP 2y 3y 5y

Château Léoville-Las Cases

The Delon Family are on quite the hot streak with Léoville-Las Cases. Consecutive vintages of highly regarded wines adored by
critics and collectors alike. This is an estate that is truly viewed alongside the First Growths from a quality perspective. The 2019
growing season should enable the winery to craft another beautiful classic Bordeaux wine. Léoville-Las Cases really is a Super
Second Left Bank producer.
While the wines have received consistent high scores, the difficult decision surrounds the release price. While beloved by critics,
the 2018 Léoville-Las Cases was released at 25% more than the 2017 bottling, at £2,172 per case. The 2018 is currently trading
slightly below £2,000 per case.
While we are believers in the quality of the wine, there needs to be a serious conversation around potential upside for investment.
With the 2019 Léoville-Las Cases will surely register another extremely high score, the big decision will hinge on pricing. Will the
winery listen to the market or will they price aggressively once again? Only time will tell.

100
£2,500 100
99 98-100
99 99 99
£2,000 98
97
96
£1,500 96
95
£1,000 94 94
93
92
£500 92
91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
150
2012 £960 140
38%
2013 £860
130
2014 £920
120 21%
2015 £1,475
2016 £2,100 110
3%
2017 £1,776 100
2018 £2,172
90
2019* £1,738-£2,063 EP 2y 3y 5y

Château Lynch-Bages
Lynch-Bages toes the line between modern and traditional style. Incredibly powerful and structured wines that require proper
time in the bottle before they begin to show their true class. Somewhat vintage-dependant they have found a rich vein of form
with 2019, surely a continuation of successful releases for the winery.
The Grand Vin has been slightly slow out of the blocks from an investment perspective, but as mentioned, they need ample time
in the bottle to be appropriately enjoyed. The winery has historically released at fair value, the 2018 Grand Vin was released at
£1,068, and whilst it is currently trading slightly below that mark, a long-term view needs to be taken with Lynch-Bages.
The 2019 vintage is viewed as a very good-excellent from a weather perspective, this should surely play to Lynch-Bages’ favour
as they excel in good vintages making exceptional wines in similar conditions to 2016 and 2018. We are eagerly awaiting their
release for 2019.
£1,200 100
98
97 98
£1,000
92-97 96
94
94
£800 93
92
92
£600 90
87 87 88
£400
86
84
£200
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
150
2012 £670 140
39%
2013 £550
130
2014 £575
120
2015 £890
2016 £1,120 110
4%
2017 £885 100 0%
2018 £1,068
90
2019* £854-£1,015 EP 2y 3y 5y

Château Montrose
Since purchasing the Estate in 2006, the Bouygues family have spared no expense in revolutionising the Château Montrose
winery, investing in every aspect of the operation – from a revered management team to an intensive renovation, and even a hail
cannon.
Château Montrose has the ability to produce truly sublime wines, recent vintages recording Global Wine Scores of 97.18, 95.17
and 97.82. Consistent critical acclaim over recent vintages, the outlook for 2019 is one of immense optimism. We expect another
extremely high score for this wine.
Dependant on upcoming critic scores and provided they remain consistent with pricing strategy, this wine could be extremely
attractive to purchase. We hope to see release pricing closer to 2015-2017 levels and a price anywhere around £1,250 per 12
could prove very interesting.
£1,800 100
99
£1,600 98
97 95-99 98
£1,400 96
96
95
£1,200
£1,000 94
93
£800 92
£600 90
90
£400
88
£200
£0 86
2012 2013 2014 2015 2016 2017 2018 2019 (E)
150
2012 £640 140
2013 £575
130
2014 £850
120 20% 21%
2015 £1,140
2016 £1,212 110
2017 £1,175 100

2%
2018 £1,560
90
2019* £1,248-£1,482 EP 2y 3y 5y

Château Palmer
Since officially moving to biodynamic farming in 2013, Château Palmer has steadily been producing spectacular wines every
year. The risk/reward of biodynamic farming is that in difficult vintages yield quantity will be extremely low. Thankfully, 2019
had no major disasters like the frost of April 2017 or the mildew that had a significant impact on multiple growers in 2018. Over
the time period of 2015-2018, Château Palmer has an average Global Wine Score of 96.83. A truly stunning number which will
surely be raised once all of the 2019 reviews have been released. Jean-Marc Quarin has already released his score to the tune of
an impressive 97 points.
Not to be forgotten is Château Palmer’s superb Second Wine – Alter Ego. Sadly, with the mildew pressure there was no bottled
2018 Alter Ego. As lovers and supporters of Bordeaux Second Wines, we are quite excited to see the 2019 has been produced and
may alleviate some price pressure on the Grand Vin this time around.
As with all Bordeaux wines, their release price will be an important factor when considering purchase. When properly priced, this
wine has shown a history of success in the secondary market. We will be keeping an eye on the 2019 release price; 2018 release
price was £2,890 per case and we will be hoping they hit the target 2015-2017 price gap between £2,200 and £2,350 per 12.
£3,000 100
99
98 98 97-98
98
98
£2,500 96
96
94
94
£2,000
92
£1,500 90
88
88
£1,000
86
84
£500
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
140
2012 £1,710 130
2013 £1,650
2014 £1,500 120
19%
17%
2015 £2,200
110
2016 £2,880
2017 £2,350 100 0%
2018 £2,892
90
2019* £2,314-£2,747 EP 2y 3y 5y

Château Pichon-Longueville, Baron

Surely one of the visits our team will have missed the most this campaign is Pichon Baron. A truly stunning estate! Classic in style,
this has become a firm market favourite, largely due to their adoption of technology.
They strive to always be on the leading edge and were believed to be one of the first to adopt satellite imagery for the vineyards.
They have recently placed extreme emphasis on grape sorting, and by using optical sorting technology, they are stricter than ever
with the quality of the grape going into the Grand Vin. This unique approach has ultimately lowered quantity but raised quality.
Their recent consistency shows with a Global Wine Score of 96.32 covering 2016-2018. A very good-excellent 2019 vintage from
a weather perspective should continue their hot streak of highly scored critic reviews. Jean-Marc Quarin, the first critic review
score released, gave the Grand Vin 97 points, surely a sign of scores to come.
While we are a fan of their wines, recent secondary market performance would indicate they have missed the mark from a release
price point. 2018 was £1,404 per case and is currently trading around £1,200. We will be watching closely and hoping for a price
nearer to that of 2015 than of 2018.
£1,800 100
£1,600 98
98
97 97 95-98
£1,400
96
95
£1,200
94
£1,000 94
93
£800 92
£600
90
89
£400
88
£200
£0 86
2012 2013 2014 2015 2016 2017 2018 2019 (E)
150
2012 £720 140
37%
2013 £595
130
2014 £640
120
2015 £995
2016 £1,375 110 10%
2017 £1,175 100

-2%
2018 £1,404
90
2019* £1,123-£1,334 EP 2y 3y 5y

Château Pichon-Longueville, Comtesse

de Lalande
Pichon Lalande, as it’s most commonly referred to, is one of the most recognised Second Growths in Pauillac, and its grand vin
is constantly compared to that of First Growth Château Latour’s, given that these two châteaux are neighbours, sharing similar
terroir and climate.
2019 seems to be yet another outstanding vintage for this Second Growth producer with an anticipated 96-98 score range,
continuing a trend that started in 2015 with consecutive scores between 96-98, receiving a cumulative 389/400 points.
The 2018 vintage was released at £1,656 per case of 12, the highest release price for this producer, and it has come down by
6% since. Given current conditions, our expectation is for the 2019 vintage to be priced somewhere between £1,325-1,575, the
equivalent of a 5-20% discount. In this range, this vintage could be benchmarked against the likes of 2016, which two years after
its EP, returned 19% to investors and is currently sitting on 11% of gains above its release price.
£1,800 100
£1,600 99 99
98
98
£1,400 96-98
97
£1,200
96 96
96
£1,000
95
£800
94
£600 93
93
£400
92
£200 91
90
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
170
160 61%
2012 £650
150
2013 £630
140
2014 £625
130
2015 £995
120 20%
19%
2016 £1,420
110
2017 £1,116
100
2018 £1,656
90
2019* £1,325-£1,573 EP 2y 3y 5y

Château Pontet-Canet
At the time of publishing this report Pontet Canet released their 2019 vintage at a -37% discount to the 2018. The 2019 is the
cheapest release from the estate since 2008. EP investors will remember that this isn’t the first time Pontet Canet have been first
out of the blocks. They did the same in 2013 but this time around the 2019 is being touted as one of the top wines of the vintage
similar in quality to 2018, 2016, 2010 and 2009 – all of which trade at a significant premium. James Suckling is the first major critic
to release scores for Pontet Canet and he has set the bar high awarding 98-99 points in barrel.
Lisa Perrotti-Brown of the Wine Advocate has yet to release her scores but is effusive with her praise “Truly, this is a milestone
vintage for Pontet-Canet!” - high praise indeed, particularly since she scored the 2018, 97-99 Points in barrel. Will she go one
step further and give this a potential 98 -100 point score?
This looks like one of the best EP buys from this estate for a very long-time.
£1,200 100
99
£1,000 98 98
98
96-98
97 97
£800 96
96
£600 95
94
94
£400 93
93
92
£200 91
91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
Market Price (£ per 12x75cl) 2019 Ex-London Release Price Wine Advocate Score
130
2012 £690 120
2013 £675
2014 £648 110
2015 £795 2% 1%
100
2016 £1,370
2017 £1,010 90 -9%
2018 £1,038
80
2019 £732 EP 2y 3y 5y

Right Bank Super Seconds
Château Canon
This Premier Grand Cru Classé B château is located in Saint-Émilion in the Right Bank. Its recent history includes the Wertheimer
family, who controls the fashion giant Chanel. They acquired the château in 1996 and dedicated time and effort to renovate the
cellars and vineyards. In 2014 the family named Nicolas Audebert as General Director, with Canon’s subsequent vintages having
attained an average GWS of 96pts, as well as 3x 100pts from Galloni, Martin and Suckling for the 2015 effort.
2019, just as 2018, is expected to be yet another high-quality vintage for this Canon and we would not be surprised to see a score
between 96-98pts given its track record the last four vintages.
Looking at performance, the 2018 vintage with 98pts and a market release price of £1,044, has given investors 5% since hitting
the market. Assuming a 5% to 20% discount to 2018 release price, our expectation is for 2019 to be somewhere between £835-
992, more aligned with the release prices of 2016 and 2017 vintages. It’s worth noting that Canon’s last 15 vintages, except for
2017, have all had positive performance since release, with 2014 and 2015 and 2016, showing very strong gains of 71%, 120%,
and 35%, respectively. If priced correctly, this wine is a must have for any investor’s 2019 EP portfolio.
£1,800 100
99
98
96-98 98
£1,600 97
96
96
£1,400
94 94
94
£1,200
92
£1,000
89 90
£800
88
£600
86
£400
84
£200 82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
220
2012 £410 200
87%
2013 £370 180
2014 £375 160
2015 £750 140

38%
30%
2016 £875
120
2017 £810
100
2018 £1,044
80
2019* £835-£992 EP 2y 3y 5y

Château Clinet
One of our favourite stops in Pomerol, where last year we had the opportunity to sit by the fire, taste and discuss the wines with
our dear friend, and half-British owner, Monique Bailly. Clinet, predominantly made of Merlot and blended with smaller amounts
of Cabernet Franc or Cabernet Sauvignon, is a visit we hope to resume next year. For the time being, what we do know from
reading Jane Anson’s Decanter report on the 2019 harvest is that in Pomerol she found ‘high sugar content mixed with high
acidities, lots of tannins and good deep colours’, which leads us to expect serious quality in the bottle and a potential score for the
2019 vintage between 93-97pts, in line with the quality and scores seen in Clinet’s four most recent vintages.
When looking at the previous EP campaign, Clinet 2018 at £770, was the second highest release price after 2016’s £864. Trading
currently at £750, 2018’s performance has been a little soft since hitting the market down by 3%. Considering current market
conditions, our expectation is for 2019 to be released much more competitively, somewhere between £616-732, a range closer to
the price levels seen in 2015 and 2017. These two vintages also provide helpful context as we consider the performance potential
for the vintage. 2015, a 97pts vintage, has given investors 38% since release – an impressive performance. 2017, a 93pts vintage,
has drifted in the opposite direction and is down by 14%. For Clinet, as shown by these numbers, pricing will be key in attracting
investors’ interest and determining the fate of 2019.
£1,000 100
£900 99
£800 98
97 97
£700 97
£600 96 93-97 96
95
£500 95
£400 94
93
£300 93
£200 92
91 91
£100 91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
160
2012 £500
140
2013 £420 37%
2014 £430
120
2015 £624 17%
2016 £864
100 1%
2017 £690
2018 £770
80
2019* £616-£732 EP 2y 3y 5y

Château Clos Fourtet

This 20-hectare Premier Grand Cru Classé estate of clay soils over limestone is located in Saint-Émilion, adjacent to the historic
medieval section of the town. Also a Merlot-dominant wine, Clos Fourtert is prized for its combination of elegance with ripe
berry fruit; a critics’ favorite. Its recent history includes the Cuvelier family who acquired the chateau in 2001, and who also own
Chateau Poujeaux in the Haut-Medoc.
2019, according to Gavin Quinney and his 2019 Bordeaux yield map, should see Saint-Émilion having a similar yield as that of
2018 at 45 hl/ha, still below the 51 hl/ha average for 2014-2016 period. This smaller volume combined with an expected 93-
96pts score makes a strong case to add this wine to an investor’s cellar.
Looking at numbers, 2018 is down by 7% since release, mostly affected, in our view, by the geopolitical headwinds faced by
Bordeaux as a region in 2019 and their impact on the fine wine market. In this context, our expectation is for this vintage to be
offered at a 5-20% discount to 2018, making it attractive compared to the current market prices of its five most recent vintages.
However, given a higher expected quality for 2019, a good benchmark to look at in terms of performance would be the 95pt 2015
vintage, which gave investors 25% of returns in the three years following its EP.
£1,200 100
£1,000 98
96
£800 96
95 95 93-96
95
94
£600 94 94
£400 92
90
£200 90
£0 88
2012 2013 2014 2015 2016 2017 2018 2019 (E)
220
106%
2012 £510 200
2013 £439 180
2014 £490 160
2015 £715 140
2016 £1,010 25%

120
2017 £880
100 -1%
2018 £1,008
80
2019* £806-£958 EP 2y 3y 5y

Château Figeac
Despite having claimed the coveted Premier Grand Cru Classe B in the 1955 Saint-Émilion Classification, Château Figeac is always
seeking to improve and transform, with the aim to be upgraded in the upcoming 2022 Saint-Émilion reclassification exercise. At
the time of writing, the major renovation works of the Château’s premises is close to completion.
Château Figeac’s aim for constant improvement is also seen in their wine-making processes. Since 2012, consultant oenologist
Michel Rolland applied his expertise by combining both traditional and state of the art technologies to bring out the best qualities
of the superb and complex terroir. His successful efforts are affirmed by the Wine Advocate’s and other critics’ scores since he
joined the Figeac family.
Figeac has been a tale of two halves with its EP release. Clients who have purchased Figeac 2014 upon EP release would be sitting
on gains of 91% today. Vintages either side also return very well. However, the newer vintages have not seen such lucrative gains.
Should the price be released near the bottom-end of our EP release estimates, coupled with a potential of an upgrade in 2022,
Figeac would be a very sound medium-long term investment.
£2,500 100
99
98
£2,000 98 98 98
95-98
97
£1,500 96
95
95
94
£1,000 94
93
93
£500 92
91
91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
200
91%
2012 £525 180
2013 £530
160
2014 £575
45%
140
2015 £1,114
2016 £1,860 120
2017 £1,476 100

5%
2018 £2,172
80
2019* £1,738-£2,063 EP 2y 3y 5y

Château La Conseillante
The reputable Château La Conseillante, with its trademark violet-coloured bottle capsule and the letters ‘LN’ in the centre of the
bottle, will strike a tone with admirers of Pomerol wines. This feature, chosen by the Nicolas brothers since 1871, is elegant yet
modern and continues to reflect the characteristic deep ruby hue and violet aroma of the wine till today.
Run by the fifth generation of the Nicolas family today, they continue to bring out the best of their vineyard which lies in the heart
of the finest terroir in Pomerol through the centuries. This was further affirmed by remarkable scores by reputable critics across
the world, especially for the more recent vintages.
Potentially looking at yet another excellent vintage, should La Conseillante be priced close to the 2017 vintage, it should see
a similar price growth performance like the 2015 vintage (+14%) in three years, and possibly higher, long-term growth with
sustained production of excellent La Conseillante produced.
£2,500 100
99
98 96-98 98
£2,000 97
97
96
96
£1,500
94
93
£1,000
92
£500
90
89
£0 88
2012 2013 2014 2015 2016 2017 2018 2019 (E)
160
2012 £660
44%
140
2013 £630
2014 £640
120
2015 £1,230 14%
2016 £1,860
100
2017 £1,476
2018 £2,019 -13%
80
2019* £1,615-£1,918 EP 2y 3y 5y

Château l’Eglise Clinet

Sad news struck the wine industry halfway through May 2020 as we saw the passing of the legendary wine-maker Denis Durantou,
who single-handedly helped raise Château l’Eglise Clinet to cult status in the region of Pomerol, rolling out numerous excellent
vintages since the highly-acclaimed 2005 vintage which was rated 100pts by Robert Parker.
With a gradual increase in trade for the Right Bank wines in Bordeaux, l’Eglise Clinet with its limited release quantity and excellent
track of record of quality, looks poised to lead the Right Bank resurgence. There might also be a possible increase in consumers
wanting to own the last vintage of l’Eglise Clinet made during the time of legend Denis Durantou.
The 2019 vintage would also have to be priced sharply (2015 to 2017 range) to capitalise on the possible increase in interest, and
thus a justifiable positive long-term investment trend for Château l’Eglise Clinet’s excellent wines.
£3,000 100
99 99
£2,500 98 98 97-98
98
97
97
£2,000 96
96
95
£1,500 95
94
94
£1,000
93
92
£500
91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
120
2012 £1,460 110
2013 £1,042
3%
2014 £1,300 100
2015 £1,900
90
2016 £2,740
-18%
2017 £2,064 80
-22%
2018 £2,616
70
2019* £2,093-£2,485 EP 2y 3y 5y

Château Troplong Mondot

Another reputable wine from Saint-Émilion with the coveted Premier Grand Cru Classe B status, Château Troplong Mondot
continues to establish its presence in the Right Bank from its unique and unusual terroir perched upon a hilltop.
Perhaps the greatest news for Troplong Mondot in recent years was the Château’s announcement of their new MD, Aymeric
de Gironde, who arrived from the legendary Château Cos D’Estournel. His arrival at the winery saw it branching out into more
stylistic preferences which are hitting the right notes amongst the likes of Wine Advocate and other renowned critics.
Troplong Mondot is one of the rare big names which have not succumbed to the Bordeaux peer pressure of release price inflation.
For example, their 2018 vintage was released at a reasonable £72 per bottle taking into consideration their reputation. A 2019
EP release price in the lower of the range that we expect should see an attractive investment case in the medium to long term.
£1,200 100
99
£1,000
98
97
£800 96 96
96 96
95 95 94-96
£600 95
94
94
£400 93
93
92
£200
91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
130
25%
2012 £600 120
2013 £595
2014 £527 110
2015 £590 2%
100
-2%
2016 £880
2017 £1,200 90
2018 £864
80
2019* £691-£821 EP 2y 3y 5y

Vieux Château Certan

Voted ‘Best Pomerol’ for the difficult year of 2011, Vieux Ch. Certain delivers extraordinary quality amongst famed local
competition such as Petrus, Lafleur and Le Pin. It is an estate that consistently delivers during the primeurs tastings and another
we greatly missed this year. Under the leadership of the influential Thienpont family, VCC continues to roll out a conveyor belt of
superb wines, seeing critical acclaims from reputable wine critics annually, particularly the Wine Advocates and James Suckling.
In terms of investment performance, Vieux Château Certan certainly proved itself to be a good En Primeur investment. All
vintages since 2005 have seen reasonable growth from En Primeur release price, with the exception of the 2019 vintage.
With a possible highly-rated vintage yet again, and also a predicted release price between the 2016-2017 price range, it is highly
likely that the same successful investment story will continue.

100
£3,000 100
98-100
99 99 99
£2,500 98
98
97
£2,000 96
96
95
£1,500 95
94
£1,000
93
92
92
£500
91
£0 90
2012 2013 2014 2015 2016 2017 2018 2019 (E)
170
160
2012 £1,050
150
48%
2013 £885 44%
140
2014 £990 130

32%
2015 £1,650 120
2016 £2,300 110
100
2017 £2,064
90
2018 £2,628
80
2019* £2,102-£2,497 EP 2y 3y 5y

Château Beau-Séjour Bécot

This was without doubt one of the wines of the 2018 vintage and put this Saint-Émilion Premier Cru Classe B firmly on our radar.
In 2019 it looks like they have produced another high-quality wine. James Sucking has so far scored it 94-95pts in barrel, ‘this is
really classy’ going on to say ‘full-bodied, yet tight and very structured, compact and solid’. Becot’s 20 hectares sit on the enviable
limestone plateau in the north-west of the appellation with Clos Fourtet to the east and Canon directly to the south.
2018 was the first ever vintage worked by increasingly influential consultant Thomas Duclos, a man intent on bringing back wines
towards the subtle fresh and elegant styles of yesteryear and away from the big, bold, “Parkerized” style that previous consultant,
Michel Rolland had always adopted.
This is a definite rising star and, at the moment, it remains extremely well priced, particularly if we compare it to its peers in Saint-
Émilion. 2018 was a landmark year and, whilst considered a new benchmark, it still remains at a significant discount to the 2010
vintage. The 2018 is trading 8% above its release price (£500 versus £540 per 12). However, a discount of 10% and above on the
2018 would make this a very exciting proportion.
£600 100
98
97
£500 96 95-97
95 95 96
93 94
£400 92
92
92
£300 90
88
£200
86
84
£100
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
140
2012 £340 130 29%
21%
2013 £294 120
2014 £325 110
2015 £440 100
2016 £624
90
2017 £500 -16%

80
2018 £550
70
2019* £440-£523 EP 2y 3y 5y

Château Beychevelle
A wine and a brand synonymous with quality and value, Beychevelle is everything En Primeur buying should be. Situated in Saint
Julien, this beautiful Fourth Growth Château offers buyers affordable entry to a very high-quality wine. With a distinctive and
unmissable dragon boat label design, this is a wine with a huge following in Asia and an active global secondary market.
A wine that was very traditional in style is now extremely pure, fresh and concentrated, even more so in 2019 with record summer
temperatures (third hottest summer since 1990). We are yet to receive any third-party scores/tasting notes but first impressions
from the château itself are that this is a wine that will rival the quality of the last four years in what is head wine-maker, Philippe
Blanc’s 25th vintage.
On the back of some very fair release prices, 2018 was released at €60 per bottle (£720 ex-London) and is available at £700 per 12
so a decrease of 2.7%. Whilst this will perform with time, they will need to consider a 10% discount to make the 2019 attractive.
£1,000 100
£900
98
£800
96 96
95
£700 95 93-96
93 94
£600
93
92
£500 92
£400
90
£300 88
88
£200
86
£100
£0 84
2012 2013 2014 2015 2016 2017 2018 2019 (E)
200
90%
2012 £465 180
2013 £420 66%

160
2014 £415
140
2015 £535
2016 £678 120 19%
2017 £650 100
2018 £720
80
2019* £576-£684 EP 2y 3y 5y

Château Calon-Ségur
Calon-Ségur’s renaissance largely conceived from new ownership in 2012 continues to make this Saint-EstèpheThird Growth
turn the heads of its neighbours. The quality has improved immeasurably over the last few years and the completion of a five-year,
£34 million overhaul of the Château and cellars has left the estate looking resplendent.
Head wine-maker Vincent Millet has compared their 2019 to their two greatest vintages of 2018 and 2016 with the vintage
offering ‘more a complex aromatic palette, floral and fruity, with a freshness going along with silky, refined and elegant tannins’.
Wine critic, James Suckling, has given it a barrel score of 95-96pts – ‘a racy, refined red with solid core of ripe fruit and long, finish’.
Calon-Ségur prices have remained extremely fair, particularly with the increased quality and therefore this has been one of En
Primeur success stories over the last few years. 2018 was released at €72 per bottle and is currently trading at £1,128 per 12, a
handsome 31% up on its London release price. Even at the same release price of 2018 this should present an excellent buy. One
to watch closely!
£1,200 100
97 98
£1,000 96
95 93-97 96
93 94
£800 92
91 91 92
£600 90
88
£400
86
84
£200
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
220
2012 £440 200
93%
2013 £420 180
2014 £420 160
2015 £570 140 43%

35%
2016 £760
120
2017 £738
100
2018 £864
80
2019* £691-£821 EP 2y 3y 5y

Château les Carmes-Haut-Brion

Not to be confused with its more famous neighbours of Haut Brion and La Mission Haut Brion, but no less deserving of praise;
in fact, Carmes has itself a cult following given how hard it is to access on release. Carmes was purchased by real estate magnet
Patrice Pichet of Groupe Pichet in 2010 for €18 million, which at the time set a new record for cost per hectare (€3.8 million).
As expected, there was an injection of capital which saw neighbouring vineyards purchased, sold and the renovation of the
château and wine making facilities. Famed architect and designer, Philippe Starck has overseen the entire process. In Stéphane
Derenoncourt they have one of the most respected wine consultants influencing and enhancing the quality of wines produced.
Only 2,700 cases are produced per year, a minuscule amount so accessing it in En Primeur in any kind of volumes is the first
challenge. It does however perform exceptionally well on release. The 2018 was released at £828 per 12 (ex-London) and trades
at £1,100 per 12 (+32.86%) so even if the 2019’s release price is close to the 2018 it is still a strong buy. Any discount would be a
bonus!
£1,400 100
98
£1,200
96 96
93-96 96
95
94
£1,000 94
94
92
91 92
£800
90
£600
88
£400 86
84
£200
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
280
260
2012 £345 240
152%
2013 £324 220

125%
2014 £315 200

91%
180
2015 £480
160
2016 £670 140
2017 £672 120
100
2018 £828
80
2019* £662-£787 EP 2y 3y 5y

Château Clerc Milon

This Fifth Growth from Pauillac was purchased and extensively renovated by Baron Philippe de Rothschild in 1970. Given that it
is nestled between the First Growths of Mouton and Lafite Rothschild, the quality of the terroir has never been in doubt but the
estate had been poorly managed.
Fast forward to the present and we have a very consistent performer, which in recent years has seen the quality soar (the 2018
vintage received some of its highest scores across the board ever). It’s the first estate in Bordeaux to embrace robotics – a grape
harvesting automaton by the name of Ted.
We have yet to see scores for the 2019 but like Petit Mouton, the brand is just as important as the quality, particularly in Asia. We
expect to see Clerc Milon receive greater attention from the market and it represents a very strong buy for the mid to long term
investor (5-10 years). For example, the vintages in between the 2009-2013 timeframe have averaged a return of 105% over five
years. The 2018 was released at €60 per bottle (£720 per 12 ex-London) and currently trades at £730 (1.39%); the 2017 at €50.4
per bottle ex-negociant (£624 per 12) but is available from UK merchants from £570 per 12. So, whilst this will perform, we need
a reasonable discount (minimum 10/15%) to entice buyers to purchase the 2019.
£900 100
£800 98
96
£700 95 95 93-95
94
94
94
£600
92 92
92
£500
90
£400 88
88
£300
86
£200
84
£100 82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
220
101%
2012 £340 200
2013 £330 180
2014 £324 160
47%
2015 £480 140
2016 £600 24%

120
2017 £624
100
2018 £732
80
2019* £586-£695 EP 2y 3y 5y

Château Gazin
With robust demand in key global markets, and a strong track record of producing high quality classically styled Pomerol wines
over the past 20 years, the estate seems to have somewhat lost its way with regards to their En Primeur pricing strategy over the
past three vintages.
If you’d purchased a case of each 2016, 2017 and 2018, you would be currently sitting on an uncomfortable -13.3% loss.
Discounting the most recent vintages, however, the track record since 2010 is a much more palatable average return of +35.2%.
Given the overall quality of the wines produced in 2019, should Gazin be released close to the current price level of the 2014, it
could very well be time to reconsider this Pomerol gem at first release.
£800 100
98
£700
95 95 96
£600 94
94 92-95
93 94
92
£500
92
90
£400 90
88
£300
86
£200
84
£100
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
160
54%
150
2012 £440
140
2013 £420
130
2014 £385
120
2015 £480 15%
110
2016 £720
100
2017 £705
90
2018 £756 -14%
80
2019* £605-£718 EP 2y 3y 5y

Château Grand-Puy-Lacoste
For eight of the past nine vintages, Grand-Puy-Lacoste has been voted as the best value offering from the region by the
international wine trade during Liv-ex’s En Primeur survey. Unfortunately, this unwavering support hasn’t translated into
investment performance, and the average return across each vintage since 2010 purchased on release has been -1.7% (-15.7%
over the past three years).
Some early murmurings from those that have had the chance to taste the 2019 effort, suggest that the quality could be the very
best the estate has brought to the market. A step up in quality will be secondary if the price is too expensive, so it’s important to
consider this when formulating their release strategy.
If the estate is going to back up the undeniable consistent quality and re-engage En Primeur buyers (including ourselves) a
release price of £400-500 per 12 may just be the catalyst needed.
£700 100
98
£600
96
95
£500 94
94
93 90-95
92
91 92
£400
90 90
90
£300
88
£200 86
84
£100
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
150
2012 £340 140
2013 £350 130
2014 £375 120

19%
2015 £495 110 11%
2016 £735
100
-3%
2017 £648
90
2018 £672
80
2019* £538-£638 EP 2y 3y 5y

Château Gruaud-Larose
There have been some early reports that the 2019 could be the finest wine made by the estate since the much heralded 1986
vintage.
This would timely capture the market’s attention, given that the estate has somewhat fallen by the proverbial wayside over recent
years. Should the 2019 live up to the early hype, and the estate decide upon a fair release strategy, this wine could be a highly
interesting Left Bank QPR position.
£700 100
98
£600 96
96
94 93-96
£500 94
93 94
92
£400
90
89 90
£300
88
86
£200 86
84
£100
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
160
150
2012 £375 48%
140
2013 £365
130
2014 £390
120
19%
2015 £485
110
2016 £620
100
2017 £615 -6%
90
2018 £660
80
2019* £528-£627 EP 2y 3y 5y

Château Haut-Bailly
James Suckling has described the 2019 as ‘sensational’ in an early report, a sentiment which has most certainly been backed up
by our Purchasing Director Hubert who tasted the wine in Bordeaux this week.
Over the past four years, the wines have been well received scoring an average of 95 from Neal Martin. 2018 was a sensible
release and investors that purchased from Cult Wines have seen a return of +13.3% over the past 12 months.
Should the estate heed the calls to reduce their release price to £850 or below, interest would certainly be piqued. This price level
presents a discerning proposition when benchmarking against the estate’s most critically acclaimed years, all of which trade at
an average premium of 35% to this level.
£1,200 100
98
98 98
95-98 98
£1,000
95 96
94 94
94
£800
92
90
£600 90
88
£400
86
84
£200
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
180
170
2012 £480 160 60%
2013 £395 150
2014 £420 140

37%
130
2015 £720
120
2016 £996 110
2017 £888 100 1%
90
2018 £1,044
80
2019* £835-£992 EP 2y 3y 5y

Château La Gaffelière
Certainly an estate we are eagerly anticipating the release of, the quality of wine being produced here has been surging each
year. The conditions for the 2019 vintage seem to have been typified by a few near-misses. There was a narrowly avoided and
potentially devastating bout of frost in mid spring (memories of 2017 still linger), scorching temperatures of 42 degrees Celsius
where doused just in time by some heavy thunderstorms in July and there was just enough rainfall in September to keep the
vines fully hydrated. The end result was an excellent growing season that promises to ensure that the estate’s stellar run of wines
continues.
A key component of our QPR group of wines, we have recommended that investors buy the past two releases from the estate.
Currently, the 2017 is flat since release and the 2018 has posted a modest return of +2%. A significant discount of 10-20% from
the past three vintages would deserve serious consideration for En Primeur buyers looking for value in Saint-Émilion.
All vintages since 2011 trade at an average of £550 per 12, with a very tight range of £504-580. For us to capitalise on this release,
we would have to see an attractive discount to this level. A 15% discount to the current price of the 2018 should see the wine be
available for £500 per 12, which seems to be a fair level given the current circumstances.
£700 100
97 98
£600
96 94-97
95 96
95
£500 94
92
91 92
£400
90
£300
88
£200 86
84
84
£100
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
160
Vintage Ex-London Release 55%
150
2012 £350
140
2013 - 37%
130
2014 £325
120
2015 -
110
2016 £540
100 0%
2017 £575
90
2018 £618
80
2019* £494-£587 EP 2y 3y 5y

Château Lagrange
Third Growth Saint-Julien, Château Lagrange, was purchased by Suntory in 1983, the Japanese alcoholic beverage giant, and has
been on an upwards trend from mediocrity to strength since, thanks to massive investment into the vineyards and winemaking
facilities.
Although quantities released are expected to be reduced with the 2019 vintage, with close to 23,000 cases produced of their
Grand Vin, Lagrange has stock to play with and they can adopt a strategic, tiered approach to their campaign. There is great
potential for the first-tranche to be released attractively to provide cash-flow, while leaving plenty of liquidity left with the estate.
The 2013, 2014 and 2015 vintages all returned ca. 45% within their first three years but 2016-2018 remained fairly static.
Reducing close to £300 per 12 would be a terrific result and a big opportunity to buy.
£450 100
£400 98
95 96
£350 95
93-95
93 93 94
£300
92
92
£250
90
£200 88
88
£150 86
86
£100
84
£50 82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
170
160 61%
2012 £265
150
47%
2013 £227
140
2014 £240 130
2015 £300 120
2016 £420 110
100
2017 £370
90 -10%
2018 £420
80
2019* £336-£399 EP 2y 3y 5y

Château Larcis Ducasse

Although owned by the Gratiot Alphandéry family, this great Saint-Émilion estate is managed by Bordeaux royalty, Nicolas
Thienpont. Himself and three cousins are owners, managers or directors at many of the Right Bank’s biggest names, including
Le Pin, Vieux Château Certan, Pavie Macquin and Beausejour Duffau. To boot, Nicolas is supported by consultant winemaker
Stéphane Derenoncourt and terroir here is also superb, abutting the Premier Grand Cru Classe A, Château Pavie. Production
levels are low here though, at only around 4,000 cases per year.
Release prices have varied massively as have the resulting performance, 2014 and 2015 both returned ca. 35% over their first three
years and although Liv-ex data suggests negative returns, the 2016-2018s have at least held their ground in difficult conditions.
One of our QPR wines with the potential to make serious waves if they can engage with a release price below the current 2017,
sub £475 per 12. Quantities will be low but first tranche here would be worth looking out for.
£800 100
97 98
£700
96 95-97
95 95 95 96
£600
94
92
£500
92
£400 89 90
88
£300
86
£200
84
£100
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
140
33%
2012 £390 130
2013 - 22%
120
2014 £350
110
2015 -
2016 £642 100
2017 £585 90
2018 £594 -15%

80
2019* £475-£564 EP 2y 3y 5y

Château Léoville-Barton
One of our QPR wines with a more established track record within the investment market, Léoville-Barton hails from a beautiful
stretch of Saint-Julien; with the Gironde river to the east, Château Ducru-Beaucaillou to the south, Château Talbot to the west and
Châteaus Léoville-Poyferré and Léoville-Las Cases just to the north.
Unusual for Bordeaux producers of this calibre, there is actually no château Léoville-Barton and the wines are made at their
neighbouring sister estate, Langoa Barton. This is also one of the only two estates that has remained under the same ownership
since the classification of 1855. We tip our hats to the Barton family!
Solid and steady, rarely have buyers found significant price appreciation at En Primeur but there is a decent track record of 5-10%
per annum across many of the last several releases. With vintage quality and scores incredibly consistent through the last five
years, the 2019 pricing will need to be very sharp. There’s ample competition within their own ranks though, and with the 2015
and 2017s currently sitting either side of £600 per 12, a 20% discount on the 2018 might not be enough.
£1,000 100
£900 98
96 95-96
£800 95 95 95 96
94
£700 94
92
£600 92
90
£500 90
£400 88
£300 86
£200 84
£100 82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
140
2012 £490 130
29%
25%
2013 £470
120
2014 £430
110 10%
2015 £575
2016 £744 100
2017 £654 90
2018 £758
80
2019* £606-£720 EP 2y 3y 5y

Château Léoville-Poyferré
While Saint-Julien does not boast a First Growth it does possess a trio of Léovilles, all Second Growths. It’s tricky to pick apart
Poyferré and Barton in overall quality and pricing as they nudge ahead of each other in seemingly alternating years.
This year, without our usual tastings at the estate, we miss out on the ultimate display of oenological data. An example of this but
certainly not limited to, illustrating the joules of energy from the sunshine in the last five vintages, or a pictogram which indicated
when budbreak, flowering and veraison took place for each of their four grapes varieties.
At around £815 per 12, the 2018 was the highest release price since the 2010 vintage and has, along with the 2016 and 2017s,
softened by about 10% over the last year. With an anticipate score range of 94-97, applicable benchmarks are the 2014, 2015 and
2017 at the lower end and the 2018 at the upper. Prices for the former three average at £590, so a price at or below here would
be an attractive trigger.
£1,000 100
97+
£900 98
94-96+ 94-97
£800 96
94+
94
94
£700 94
93
£600 91 92
£500 90
£400 88
£300 86
£200 84
£100 82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
150
43%
2012 £470 140
2013 £377 130
23%
2014 £430 120
2015 £570 110

9%
2016 £798
100
2017 £666
90
2018 £816
80
2019* £653-£775 EP 2y 3y 5y

Château Pape Clément

One of the oldest estates in Bordeaux and one of the stars of Pessac-Léognan, Château Pape Clément has remained an En Primeur
favourite by offering value in almost every vintage. In many ways a flag bearer within the QPR wine group, they have countered a
significant improvement in quality with a fairness in price that engages EP buyers. Claiming their first 100pts score in 2010, the
average price across all vintages stands at a fraction more than £1,000 per case.
Although EP price performance has been somewhat muted, the 2014 and 2015 have offered steady returns of 30% and
25%, respectively, since release. James Suckling awarded both the red and white 96-97pts in this vintage, which offers good
encouragement for another fair price release.
The 97pts-scored 2012 vintage has rewarded investors with a 5-year return of 57.66% and still offers value trading at £700 per
case. If Bernard Magrez and his team decide to play ball with their 2019 then we could see one of the best value wines of the vintage.
Any price near or below the 2015 (released at £625) will turn heads. Always one to watch and could prove best buy amongst its
QPR peer group.
£1,000 100
£900 97 96-98 98
96 96 94-97
£800 96
94+
94
£700 94
£600 91 92
£500 90
£400 88
£300 86
£200 84
£100 82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
160
150
2012 £550
140
2013 £540
130 30%
2014 £480 25%
120
2015 £625
110
2016 £790
100
-2%
2017 £760
90
2018 £795
80
2019* £636-£755 EP 2y 3y 5y

Château Rauzan-Ségla
Based in the famed Margaux appellation, the influence of luxury goods powerhouse Chanel is apparent everywhere, from the
interiors of buildings to the label of the Grand Vin itself (designed by Chanel designer, the late Karl Lagerfeld, no less), and no
doubt it’s the financial clout of the fashion house that is slowly and steadily pulling the estate back up to its former glory. While
Rauzan-Ségla still ranks underneath the likes of Chateaux Margaux and Palmer, it certainly looms above the bulk of the cru classes
in the region.
Since 2015 critical acclaim across the board has been nothing but exceptional for Rauzan-Ségla. And 2019 is no exception.
Rauzan-Ségla has also been one of the most successful wines when purchased En Primuer in the last decade. Top scores, relative
value to its peers, and one of the largest luxury brands behind it have led to a long list of subscribers year on year.
Rauzan-Ségla 2018 was been released at €72 per bottle ex-negociant, up 36.3% on the 2017 release (€52.80). Whilst a large
increase, Liv-ex members also celebrated last year’s Rauzan-Ségla and voted it the third best value wine of the vintage. Investors
who purchased the 2018 vintage upon release have still seen +30% gains on their original purchase price. As long as prices are
not up on 2018 this will no doubt be a firm recommendation.
£1,200 100
97-99+
97 97 94-99 98
£1,000
96
94 93-95+
93 94
£800
92
90
£600 90
88
£400
86
84
£200
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
170
61% 63%
160
2012 £420
150
2013 £365
140
2014 £375 130
2015 £570 120
12%
2016 £732 110
100
2017 £648
90
2018 £900
80
2019* £720-£855 EP 2y 3y 5y

Château Smith-Haut-Lafitte
Since purchasing the estate in 1990, the Cathiards really have been a saving grace to Smith Haut Lafitte, completely reversing
its fortunes to become one of the most important estates in Graves. In a little over twenty years, they have achieved remarkable
things at the property; restoring the 16th century château tower, completely renovating two subterranean cellars and reforming
the winemaking to organic principles, having thrown out the crude mechanical harvesting methods which had long been
used here. But most importantly, they have transformed the wine, lifting it to a level transcending its rivals and becoming ‘the
quintessential Graves’. Since receiving its first 100pts Wine Advocate rating for their efforts in 2009, Smith Haut Lafitte has scored
consistently well across all vintages since. With James Suckling having already awarded the 2019 vintage 96-97pts, quoting ‘very
pretty, powerful yet polished tannins. This shows finesse with structure’, 2019 looks to be another fine year for the estate.
The performance for Smith Haut Lafitte when purchased upon release has typically been very strong. Last year’s 2018 was
released at €79.20 per bottle ex-negociant, up 17.9% on the 2017 (€67.20), but has held firm in terms of pricing since that point.
As with some of the aforementioned wines within this report, the 2009 current price provides investors with long term comfort
trading at over £1,850 per 12. In summary, as long as 2019 release prices are not above 2018, this will represent a solid buy for
the long-term investor.
£1,200 100
97-99+
98 97-99
97+
97 98
£1,000
95 96
93 94
£800
92
90
£600 90
88
£400
86
84
£200
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
160
150
49%
2012 £450
140 39%
2013 £420
130
2014 £440
120
2015 £625
110
2016 £920
100
2017 £825
90
-12%
2018 £978
80
2019* £782-£929 EP 2y 3y 5y

Château Talbot
2018 was landmark vintage for this estate for a number of reasons, all of which only serve to boosting the investment criteria
and global appeal within the brand across all vintages. The 100th year anniversary at the estate was celebrated by a special
commemorative bottle design. 2018 also marks the first vintage made by Jean-Michel Laporte, who arrived with a glowing
reputation from his efforts at La Conseillante. The vines are situated in a well renowned neighbourhood, sandwiched between
the three Léovilles-– Las Cases, Poyferré and Barton. With 2019 being the second vintage under the newly gripped reins of Jean-
Michel Laporte, scores as you would imagine are strong.
In terms of track record when purchased En Primuer, Talbot has provided mixed fortunes. But this is not an estate we are excited
about based on previous merit, but on what the future holds. This is progressive brand moving forward in recent years, ranked 59th
in the Liv-ex Power 100 (up from 71st), Average score of 91.62 GWS since the 2014 vintage, best value wine amongst illustrious
neighbours in Saint-Julien – Léoville-Las Cases, Poyferré and Barton and carries large Chinese market appeal – nicknamed ‘Big
Treasure’, Talbot 2018 was released at €42 per bottle ex-negociant, up 12.9% on the 2017’s opening price of €37.2. Clients who
purchased the 2018 at first release have seen gains of 11% in the last 12 months. As long as release prices are not up on 2018 then
this will most certainly feature in our conviction buy list.
£600 100
98
£500
96
94
£400 92 91-93
91 88-92 92
91
90
£300 90
88
87 88
£200
86
84
£100
82
£0 80
2012 2013 2014 2015 2016 2017 2018 2019 (E)
180
170 69%
2012 £300 160
2013 £290 150
2014 £290 140
130
2015 £400
120
17%
2016 £492 110
7%
2017 £456 100
90
2018 £518
80
2019* £414-£492 EP 2y 3y 5y

Insiders’ Views from the Wine World
Insiders’ Views from the Wine World

Earlier this week, while still tasting (and spitting!) barrel samples in the best chateaux of Bordeaux, Cult Wines’ Purchasing
Director Hubert Buchmüller summed up the style of the 2019 vintage in these terms: “a pure classic: elegant, juicy, saline and well
balanced.” Mouth-watering, isn’t it? With this first glimpse in mind, we invite you to discover below the thoughts and impressions
of the latest 2019 vintage given by a few key opinion leaders in Bordeaux.
“So many of the 2019 wines are at the same level of quality as 2018, albeit with less exuberance and
plushness in fruit and tannins. The wines seem more typical for Bordeaux – which is a good thing – with a
balance of alcohol, cool and blue fruits and fine linear tannins that are refined and driven.
The few dozen or so winemakers I spoke to seem to agree, comparing 2019 to the great 2010 vintage but
without the austerity and intensity.
Some say 2019 is close to the excellent 2016 vintage but with perhaps slightly less tannin concentration.
They all agree that the quality is very close to 2018, 2016 and 2015.The wines I tasted so far are very familiar
James Suckling and Bordeaux-like. The sleek tannins and pure fruit character are what I expect in Bordeaux. The wines are
Wine Critic all just really good quality wines and some are fantastic.”
“The top wines on the Left Bank seem less lush but more structured than in 2018, so closer to 2016 in style.
The top Right Bank wines seem closer to 2018 in style. They are rich and lush in many cases, although with
slightly higher acidity levels than in 2018.
The Bordeaux Institute of Wine and Vine Science (ISVV) has given 2019 a 3.5 to four-star rating – out of
five – in its annual report. Where estates sits on that range depends heavily on soil type and location. That
would make Bordeaux 2019 an extremely high-quality year, but not up with the 4.5 to five-star vintages of
2005, 2009, 2010, 2015 or 2016.
Jane Anson To give you an idea of the scale, 2013 didn’t even make it to one star, and 2014 was at three.”
Wine Critic
Hubert de Bouard - Owner of Chateau Angelus, and winemaking consultant
“The wines in 2019 are the perfect wines for greedy wine lovers. The wines are already really tasty and they are sexy wines. In 60 percent
of the wines I made I prefer the 2019, and in 40 percent I prefer 2018.”
Thomas Duclos - Winemaking Consultant
“I prefer 2019 to 2018 as the wines have this depth and density of the 2018 or 2010 (maybe a little less power) with the sensuality and
sexiness that you really liked in 2015. The great evolution of Bordeaux in recent years seems to me to be this ability to make great wines
more accessible in their young years. And I think 2019 is a very good example of this.”
Eric Boissenot - Winemaking Consultant
“2019 was a contrasting vintage, with a cool beginning then a hot dry summer. Most vines did a good job in resisting issues, as they
have had to cope with similar issues for the past few years. It was only after the blending that I really began to get a feel for the vintage,
because there were some high-alcohol Merlots and more classically-balanced Cabernets. I found more freshness than expected in the
subsequent blends, with the two grape varieties complementing each other well.”

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CW Bordeaux EP 2019 Report

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CASCINA FRANCIA - RIOJA ALTA RIOJA GRAN RESERVA 904 - DUHART - COMTES LAFON MEURSAULT GOUTTE D'OR - LEOVILLE

OUTTE D'OR - LEOVILLE LAS CASES - C

Bordeaux 2019: Executive Investment Summary 4

En Primeur Performance Analysis 7

2019 Bordeaux Vintage Summary 14

The View from Bordeaux 16

Wine Analysis: Wines & Categories 18

Left Bank First Growths 19

Right Bank First Growths 25

Left Bank Super Seconds 37

Right Bank Super Second 47

Quality Price Ratio (QPR) 56

Insiders’ Views from the Wine World 75

CULT WINES INVESTMENT TEAM - OLIVIER STAUB - INVESTMENT DIRECTOR

Bordeaux 2019: Executive Investment Summary

The Coronavirus impact is widespread, humanly and economically. The

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What of 2019 then?

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Figure 2: Liv-ex Bordeaux 500 Index: Price Rallys Source: Liv-ex

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CULT WINES INVESTMENT TEAM - YIJUN(LENA) LU - RESEARCH ANALYST

En Primeur Performance Analysis

Left Bank First Growths Right Bank First Growths

Second Wines Second Wines

Left Bank Right Bank

Source: Cult Wines

Left Bank First Growth

Figure 2: Liv-ex Fine Wine 50 Index Since Inception Source: Liv-ex

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Figure 3: High En Primeur Releases vs Low En Primeur Releases - Lafite Rothschild

-200% -100% 0% 100% 200% 300% 400%

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Right Bank (RB)

Quality Price Ratio Wines (QPR)

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Last Five Physical Vintages Performance from En Primeur to Date

Figure 5: EP Performance by Category Across Vintages 2012 to 2017

Let’s look at each vintage in more detail.

Figure 6: Bordeaux 2014 En Primeur Performance

50.00% 47.29% 46.74%

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Figure 7: Bordeaux 2015 En Primeur Performance

Figure 8: Bordeaux 2016 En Primeur Performance

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Figure 9: Bordeaux 2017 En Primeur Performance

Figure 10: Bordeaux 2018 En Primeur Performance

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Cult Wines Approach: Wine Selection

Figure 11: Performance Since Release of En Primeur Vintages

EP 2013 EP 2014 EP 2015 EP 2016 EP 2017 EP 2018

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2019 Bordeaux Vintage Summary

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HUBERT BUCHMÜLLER - PURCHASING DIRECTOR

The View from Bordeaux

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Wine Analysis: Wines & Categories

1 Château Lafite-Rothschild Left Bank First Growth P 20

6 Château Angélus Right Bank First Growth P 26

10 Carruades de Lafite Second Wine P 31

16 Château Cos d’Estournel Left Bank Super Second P 38