inversión columbus 75 sicav...columbus european opportunity mid-cap sicav performance inversión...

Inversión Columbus 75 SICAV

European Opportunity Mid-Cap SICAV

September, 2017

1. COLUMBUS European Opportunity Mid-Cap SICAV

Business Proposition

| www.grupo.gvcgaesco.com

Value in Europe

Mid Cycle Value

Relatively attractive against US

Small Mid cap focus

Large universe

Under- covered

Mispriced /Hidden value

PM Team

Large expertise

Long track record, Alignment of interest

The Opportunity

Investment strategy

Concentrate portfolio of high convictions

Fundamental valuation

Long term Low rotation

Flexibility asset distribution

Only two assets: equity and cash

The Proposition

3

Concentrated equity fund focusing on the small-midcap

space (€500M-€5B market caps)

Conviction portfolio of c.25 positions

Deep understanding of the stocks

Low correlation equity returns

Investment Strategy

Value in European Markets

Europe has underperform the US since the Lehman's crisis.

Europe is still substantially below 2007 markets highs.

Valuation premium of the US remains at historically high level.

Europe is vey attractive on an absolute and relative basis.

European markets are near historically low valuation levels.

| www.grupo.gvcgaesco.com 4

Midcaps have outperformed for the past 25 years

The case is valid for US, Europe and Emerging Market Small Caps.


Global performance (15 years)European performance (15 years)

MSCI EU small vs. Eur Stoxx Topix Small vs. Topix 100Russel 2000 vs. S&P500

Volatility is not much higher...

Actually volatility for Small Caps not much higher…even lower on some periods.


Global – 20-year annualised risk/return Europe – 20-year annualised risk/return

Source: UBS estimates, Thomson Datastream. Data based on MSCI daily indices. Source: UBS estimates, Thomson Datastream. Data based on MSCI daily indices.

Largecaps

Midcaps

Smallcaps

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

15.5% 15.6% 15.7% 15.8% 15.9%

An

nu

ali

sed

Re

turn

s

Annualised Risk

Largecaps

Midcaps

Smallcaps

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

16.0% 18.0% 20.0% 22.0%

An

nu

ali

sed

Re

turn

s

Annualised Risk

Sharpe ratio* over different time periods for Europe and Global

GLOBAL EUROPE

Time periods Large caps Midcaps Smallcaps Large caps Midcaps Smallcaps

20 years 0.35 0.43 0.47 0.33 0.37 0.44

15 years 0.24 0.43 0.56 0.20 0.29 0.44

10 years 0.34 0.48 0.52 0.30 0.39 0.52

5 years 0.26 0.37 0.45 0.16 0.22 0.37

1 year 1.44 1.85 1.93 1.06 1.50 1.86

Source: UBS estimates, Thomson Datastream. *We have not excluded risk free rates.

Outperformance is fine, but is expensive now?

Growth prospects are better for Small Caps.


Source: Company data, UBS estimates

Small Cap Mid Cap Large Cap All CapCore Sales Growth 2017e 5.6 7.1 7.2 7.2

2018e 3.9 3.3 3.6 3.6

2019e 4.9 4.4 4.2 4.2

EBITDA Growth 2017e 10.8 10.8 10.7 10.7

2018e 8.4 7.4 6.6 6.8

2019e 7.3 5.9 5.8 6.9

EPS Growth ex loss 2017e 5.9 8.8 5.6 7.6

2018e 10.7 8.1 6.2 6.3

2019e 7.7 8.5 7.7 7.7

Small Cap Mid Cap Large Cap All CapEV/Sales 2017e 0.95 1.49 1.58 1.47

2018e 0.93 1.43 1.41 1.48

2019e 0.89 1.37 1.39 1.40

EV/EBITDA 2017e 8.00 10.80 8.70 8.70

2018e 7.30 8.50 7.80 8.00

2019e 6.30 7.10 7.50 7.50

Ex Loss PE 2017e 16.70 17.00 15.60 15.70

2018e 14.70 15.00 14.40 14.40

2019e 13.00 13.70 13.90 13.40

Pre-Ex PE 2017e 18.80 17.40 15.70 15.70

2018e 15.60 15.30 14.40 14.40

2019e 13.40 13.70 13.40 13,40

COLUMBUS European Opportunity Mid-Cap SICAV

Performance Inversión Columbus 75 SICAV:


Q1% Q2% Q3% Q4%

2017 9,40 4,51 3,40

2016 -9,85 -6,19 6,57 0,71

2015 18,67 -1,56 -3,00 4,32

2014 7,37 -0,53 -1,72 5,99

2013 1,20 0,73 10,26 10,20

2012 5,11 -5,07 6,95 5,92

2011 6,31 1,02 -18,22 4,51

2010 -2,48 -8,54 8,26 1,35

2009 -7,12 7,29 18,15 3,83

2008 0,76 -3,76

7 años

Since

30/06/2008Performance 2017 1m 3m 6m 12m 3 años 5 años

COLUMBUS 18,21% 2,13% 3,40% 8,07% 19,08% 34,45% 85,18% 83,83% 110,44%

STOXX 600 7,40% 3,82% 2,32% 1,84% 13,19% 13,14% 44,58% 49,45% 34,13%

MSCI MID CAPS 10,75% 3,60% 3,71% 3,86% 14,39% 27,67% 65,12% 68,07% 54,83%

IBEX 35 11,01% 0,80% -0,60% -0,78% 18,25% -4.10% 34,68% -1,26% -13,82%

Performance 2016 2015 2014 2013 2012 2011 2010 2009 2008*

COLUMBUS -9,22% 18,21% 11,26% 23,87% 13,04% -8,22% -2,13% 22,25% -2,01%

STOXX 600 -1,20% 6,79% 4,35% 17,37% 14,37% -11,34% 8,63% 27,99% -31,46%

MSCI MID CAPS -1,64% 12,69% 6,38% 21,00% 18,70% -15,60% 16,80% 36,40% -37,70%

IBEX 35 -2,01% -7,15% 3,66% 21,96% -4,66% -13,11% -17,43% 29,84% -32,39%

Net performance

*Since 30/06/2008.


Investment Process


Sourcing ScreeningFundamental Research

Investment

9

Exit

Proprietary idea generation through extensive network.

Skill set to identify >20% upside potential.

Screening through fundamental financial analysis.

Undervalued situations.

Opportunity to enhance value.

Downside protection.

In-depth operational and financial due diligence.

Meetings with board members, management and other stake holders.

Visits to company locations.

Flexible acquisition and exit approach.

Selection Criteria


€500-€5bn market cap

Universe

10

Undervalued, Premium Assets

Strong, defensible franchises

Businesses with sustainable cash flow

Market value well below intrinsic value

Identifiable reasons for value gap

Multiple paths for value creation

Absolute return mindset

Identify companies with low market expectations

Market implied expectations for returns /

growth

Price changes

Traditional valuation metrics (P/B, P/E, EV/

Ebitda, DCF

3-1 Upside/Downside ratio and >20% IRRs

Selected companies

Determine if the companies are “good business”

High return on capital

Generating or ability to generate high cash

flow

Defensible and sustainable business

Low leverage

Figure out why the company is trading at a discount

Operating performance

Capital allocation and capital structure

Governance, especially executive

compensation

Business unit performance/Sum-of- parts

Investment Process


Conviction

Majority of capital in core 20 positions.

On deck circle of smaller investments in 5 positions.

Each core position approximately 5% of portfolio with capped exposure of 10%.

Capital allocation driven by conviction and upcoming catalysts.

All investments must be reviewed by the entire investment team and committee before becoming a part of the portfolio or

additional capital being allocated to it.

Diversificaction

Industry Sector (to avoid overexposure to one segment).

Geography of revenue sources(domestic versus international.

Macro economic drivers (avoiding similar macro drivers across investments).

Portfolio Construction

11

Investment Process


Initiate positions: From toe-hold to maximum position based on timing, risk/return analysis, relative attractiveness and

diversification; add technical factors to optimize entry point.

Position Management: Change position size based on value re-assessment and technical factor.

Sell discipline: Use fundamentals to set expectations for future exit, add technical factors to optimize exit point.

Buy Sell Discipline

12

Consumo Discrecional

23,87%Tecnología19,51%

Industrial13,84%

Materiales3,55%

Energía4,54%

Servicios Financieros

5,02%

Seguros8,65% Salud

7,53%

Alimentación6,72%

Constructoras3,92%

Automóviles2,85%

Breakdown by Sector

España21,39%Francia

25,44%

Alemania2,59%

Reino Unido8,65%

Holanda4,61%

Suecia4,68%

Suiza5,79%

Bélgica9,94%

Noruega3,23%

Dinamarca1,39%

Italia3,39%

Breakdown by Country


Breakdown by Sector and Country

| www.grupo.gvcgaesco.es 13


Top 10 Positions


Issue % Currency Activity

NH Hoteles 10,51% EUR Hotels

Teleperformance 6,99% EUR Global leader in call centers

Ontex Group 6,11% EUR European leader in the manufacture of disposable hygienic solutions

Straumann Holding 5,71% CHF Dental implants

Bodycote 5,06% GBP Metal treatment

Indra 4,22% EURTechnology company, leader in high value-added solutions and services

Scor 4,04% EUR Reinsurance

Ageas 3,83% EUR Insurance

Spie 3,57% EUR Diversified support services

Koninklijke Vopak NV 3,43% EUR Oil Storage


Performance:


40

80

120

160

200

30-6-08 30-9-09 31-12-10 31-3-12 30-6-13 30-9-14 31-12-15 31-3-17

Columbus Sicav IBEX Index MSER Index MXEUMC Index



Advisor: Columbus Investment Partners Ltd is an appointed representative of Alternatives St James

LLP which is authorized and regulated by the FCA

Summary of Fund Terms:

Country: Spain

Vehicle: INVERSIÓN COLUMBUS 75 SICAV

Investment Manager: GVC Gaesco Gestión SGIIC

Advisor: Alternatives St James LLP

Custodian: BNP Paribas

Stock Exchange: Bolsa de Madrid

ISIN: ES0124519036

NIF: A-82698093

Auditor: Deloitte

Bloomberg: SO712 SM

Management Fee: 0,85%

Advisory Fee: 0,50%

Sucess Fee: 9,00% with 3Y HWM

Deposit Fee: 7 pb

AUMs: 18.078.471€

Pareturn GVC Gaesco COLUMBUS European Opportunity Mid-Cap Equity - Luxemburgo

Main Figures:

Country: Luxemburgo

Vehicle: Pareturn GVC Gaesco COLUMBUS European Opportunity Mid-Cap Equity

Investment Manager: GVC Gaesco Gestión SGIIC

Investment Management Company: MDO Management Services Fund

Custodian: BNP Security Services Luxembourg

Auditor: Deloitte

Transfer Agent / Fund Administrator: BNP Securities Luxembourg


Clase I 1

ISIN: LU1569896738


Sucess Fee: 9,00% con HWM de 3Y

Minimum Investment: 100 €

Clase I 2

ISIN: LU1569897116


Success Fee: 9,00% con HWM de 3Y

Minimum Investment: 1.000.000 €


Summary of Fund Terms:

Fees:

AUMs 18.078.471 €………………………1,35% (Retail Clients) + 9% success fees

Institutional Clients Negotiable


Pedro Yaguez would be your key contact:

[email protected]

0044-7775650269

Quarterly performance reports and meetings and teleconferences

are provided.

We look forward to working in partnership with you.

mailto:[email protected]


Why invest in the Columbus European Focus Fund?

A unique team to deliver alpha through stock selection.

European mid-caps cheap.

Robust and proven experience and process.

Alignment of interests between clients and partners


We look forward to delivering uncorrelated

alpha for you.

2. Appendix


Pedro Yagüez

Awards:

Moneymate “Best Irish Pension Fund Manager over 1&3 years” (2008).

Standard & Poor’s “AA” rated Citiequity Pan European Focus Fund (03-04).

Standard & Poor’s “AA” rated Citiequity Euroland Fund (03-04).

Standard & Poor’s “AA” rated Citiequity Pan European Fund (03-04).

Spanish Mutual Funds Assoc Awards “Best Pension Fund, 3 years & 5 years” (96-00).

Spanish Mutual Funds Assoc Awards “2nd best performing mutual fund” (93).

Spanish Mutual Funds Assoc Awards “Five years 2nd best performing mutual fund” (92-97.

Employment:

May 2010- Dec 13, GO LLP, London, Senior Partner, AUMs €1Bn, Relational Investm Approach

Actively engaging with investment companies. Corporate agenda adding shareholder value.

Concentrated portfolio c.12 stocks. Major US clients (CalPERS, CalsTRS).

Long term perspective, sizeable holdings, deep understanding of stocks. +1500 Indv. outperfor.

Dec 2004 –April 2010, AIB Investment Managers, Dublin, Head Pan-European Equities

AUM €2.5 Bn - 6 PMs team, 2 supporting staff.

Member of the Asset Management Committee. Asset allocation decisions.

Restructured the Pan-European Equity Dept and set up new investment process: fundamental, bottom up, pan-european

sectorial, across all sizes, clear attribution and responsibilities, earnings momentum and valuation screens. Implementation

May 05.

Outperformance +820 bps since May 05, +600 bps last 3yrs.

Pan-European Financial Sector: Active stock picking. Outperformance: +1400 bps since May 05.



Employment:

1990 – Sep 2004, CITIGROUP ASSET MANAGEMENT, London, Head Pan-European Equities, Mutual Funds

Decision making in the management and strategy of global equities.

Retail funds, balanced, specialist mandates, institutional clients (Adia,Brunei,GIC).

Responsible for Equity Investment in the following markets:

European Equities (1998 - 2004) AUM $4Bn. Mutual Funds, Private clients, Institutional clients. 1st Quartile performance

(2000 - 2004).

European Financial Sector (1998 - 2004) Sector PM. Active stock picking.

Spain (1990 - 2002) AUM $1Bn. 1st Decile performance. 15.86% vs. 8.72% (12 yrs annual).

Germany (1997 - 1998) AUM $1Bn.

Latin America (1994 - 1997) Part of the Emerging Markets Equity team AUM $2.5Bn. Asset allocation and stock picking.

1st Quartile performance.

France, Italy, Portugal, Turkey and Greece (1990 - 1994).

Board member of a Spanish Venture Fund (1994 - 1998).

Designed and managed Investment Funds commercialised in Spain & Luxembourg.

Presentations to clients, consultants & rating agencies. Drove the Marketing of proprietary products.

Set up the Mutual Funds Management Dept, Citibank Madrid (1989 – 1990).

1988 - 1989, BANCO SANTANDER, Madrid, Portfolio Manager

Portfolio Management (Private, Pension Funds, Investments Funds). Set up the Management & Research Dept. Linked with

the Research Dept of Banco Santander de Negocios

1987 - 1988, GESCONSULT, Madrid, Analyst



Education:

1993/1995 MASTER IN FINANCE London Business School, London.

1984/1985 MASTER IN BUSINESS ADMINISTRATION IE Business School, Madrid.

1979/1984 BACHELOR IN ECONOMICS Universidad Complutense, Madrid.

1986 to date Member of the SPANISH INSTITUTE OF INVESTMENTS’ ANALYST.


Investment Case. ZON: quality cable asset, still cheap

Company Profile:

Leading cable company in Portugal: NOS is the leading cable operator in Portugal, it recently merged with Optimus a

mobile operator with 20% market share.

Top line growth stable, growth on cash generation key: NOS is not a top line growth story but should benefit from

recovery in Portugal and expansion in Angoila. It has very healthy cash generation which is likely to improve from

merger synergies. In our view NOS is clearly a margin expansion story on merger synergies with low risk.

Risks / Negatives:

Competition: Vofafone very aggressive.

Deflationary environment for telecoms.

Portugal can be a risk and an opportunity.

Reinvestment risk around strong FCF.

Shareholder structure is mixed.

News Flow / Catalysts:

Q2 14 results end July 2014.

What drives the share price:

Top line LFL growth (competition), margin expansion plans and outlook for dividends and leverage.


Investment Case. ZON: quality cable asset, still cheap

Value Drivers:

We believe ZON offers competitive advantages and positive catalysts in the medium term, however, the stock

has been weak lately, largely due to Vodafone becoming a tougher competitor.

In 2013 the company upgraded plans on synergy cost control from €45-50m initially to €80-90m which in our

view is credible (represents 7% of the combined cost+capex base). Management expects the EBITDA margin

to be up by 4ppt to c42% in 2018 (UBSe: 40%). Our forecasts assume €100m savings, which we see as

achievable.

Merger cost savings should lead to notable FCF upside in the future. EFCF yield is at 9%.

ZON expects to gain 5% market share in Portugal from 25% currently. Mobile market share should be the

focus (now at 20%) though bundled packages should be the key product. We believe ZON has network

advantages vs. competitors and capacity to gain share though competitors may retaliate. We do not assume

share gains in our forecasts except 1% in mobile so there could be upside to our estimates.

In our view the stock is cheap trading on c6x EV/EBITDA 2015E. Our price target is based on 6.5x FY15e

EV/EBITDA.

Valuation:

Our PT is DCF based. The stock trades FY 15E c5x EV/EBITDA and offers a 10% EFCF yield


Teleperformance

6-10% organic growth CAGR 2014-17E Market grows at +5% pa (more outsourcing

(25% only), more interactions)

Market share gains (new verticals, only global

player, multilingual hubs…)

Margin expansion story More growth in the most profitable regions

Restructuring of the French operations

(€14m losses in 2013, ie 7% of the total

EBITA)

Some room for a re-leveraging €87m of net cash at the end of 2013A

A $200m acquisition would add 5-7% to the

EPS (EV/EBITDA of 7.5x), all else remaining

equal

Valuation: a growth stock not valued as such P/E 2015E of 13x for c9% EPS growth per annum

CAGR (2014-16E)


A solid growth story Breakdowns

26

English-speaking market & Asia Pacific39%

Ibero LATAM31%

Continental Europe & MEA30%

Sales 2013A

-5%

0%

5%

10%

15%

20%

25%

02 03 04 05 06 07 08 09 10 11 12 13 14e 15e

Organic growth Acquisitions

Upside risk

- if organic growth

returns to c.10%+

- M&A activity

resumes

Source: Company data, UBS estimates

EWAP42%

Ibero-Latam40%

CEMEA6%

Other12%

EBITA 2013A



Year Total January February March April May June July August September October November December

2017 18,21% 1,91% 4,18% 3,04% 4,68% -0,10% -0,06% 2,10% -0,84% 2,13%

2016 -9,22% -8,09% -3,52% 1,66% 1,98% 3,59% -11,19% 4,48% 1,51% 0,50% -1,64% -2.56 5.08

2015 18,21% 4,85% 8,95% 3,88% 0,06% 1,76% -3,32% 5,04% -5,10% -2,69% 4,26% 1,34% -1,28%

2014 11,26% 1,39% 3,42% 2,21% -1,65% 1,37% -0,23% -1,79% -0,94% 1,02% 0,31% 3,43% 2,17%

2013 23,87% 2,90% -0,41% -0,41% 3,64% 1,85% -4,57% 4,12% -2,18% 5,84% 5,84% 1,02% 2,02%

2012 13,04% 4,10% 1,31% -3,04% -4,86% -6,33% 7,93% 1,08% 3,58% 2,18% 0,42% 0,96% 2,57%

2011 -8,22% 6,47% 0,68% -1,44% 2,01% -2,01% 0,68% -5,44% -8,83% -3,97% 7,63% 0,99% 0,55%

2010 -2,13% -5,19% -3,50% 4,89% -3,88% -5,96% -0,34% 10,10% -3,10% 0,52% 3,84% -7,32% 2,92%

2009 22,25% -3,36% -3,67% -1,28% 3,67% 3,84% -2,59% 7,13% 4,31% 6,10% -2,17% 2,64% 2,93%

2008 -2,01% 0,25% 0,25% 0,24% 0,40% -3,78% 2,80%

Monthly Performance

OW SMid: ...Faster-Growing also Thks to Their Cyclical Nature


Source: Bloomberg, Factset and J.P. Morgan

Pan-European Large-Caps by sectorPan-European SMid-Caps by sector

# of stocks Mkt cap % of mkt cap

Energy 132 $127.1m 6.9%

Materials 163 $161.5m 8.8%

Industrials 399 $378.8m 20.5%

Cons. Disc. 327 $287.2m 15.6%

Cons. Staples 140 $122.1m 6.6%

Healthcare 150 $117.1m 6.3%

Financials 419 $428.0m 23.2%

Technology 211 $117.7m 6.4%

Telecom 21 $30.4m 1.6%

Utilities 55 $74.3m 4.0%

Cyclicals 1,100 $945.1m 51.3%

Non-Cyclicals 917 $899.0m 48.7%

# of stocks Mkt cap % of mkt cap

Energy 20 $842.5m 11.1%

Materials 35 $637.9m 8.4%

Industrials 66 $880.6m 11.6%

Cons. Disc. 44 $897.1m 11.8%

Cons. Staples 31 $996.5m 13.1%

Healthcare 20 $868.9m 11.4%

Financials 67 $1,467.9m 19.3%

Technology 13 $226.5m 3.0%

Telecom 17 $414.7m 5.5%

Utilities 20 $364.1m 4.8%

Cyclicals 158 $2,642.1m 34.8%

Non-Cyclicals 175 $4,954.6m 65.2%

Media


4th September 2017

3. GVC Gaesco

GVC Gaesco Group

GVC Gaesco is one of the main independent financial groups in Spain, with over 60 years history

A professional team with a common goal: to manage in an efficient, consistent and independent manner, always looking for

the best investment opportunities to maximise value

GVC Gaesco offers a large group of services: Wealth Management and Private Banking, Brokerage and Custody, Corporate

Finance and Insurance Brokerage

“Our goal:

To preserve wealth and to make savings

profitable”

Mª Àngels Vallvé i Ribera,

President

4| www.grupo.gvcgaesco.com

Main Figures

32

Societies: Intermediación, Gestión, Pensiones and Correduría de Seguros

Offices that covers the Spanish territory

More than 60 years of history

Annalists through ESN

Professionals

AUM (EUR Million)

AUM + AUD (EUR Million)

Clients

Mutual Funds (3 registered in Luxembourg)

SICAVs

Pension Funds

Venture Capital Companies


* Assets Data as of 31/08/2017

4

16

60

100

350

1.500

5.820

24.000

34

41

8

2

Range of Products & Services


Portfolio Management

Mutual Funds

SICAVs

Pension Funds

Venture Capital

Investment Funds from the main International Fund

Managers

Insurance Brokerage: Life Insurance/ Non-Life

Insurance, Annuities, PPAs and PIAs and Unit Linked

Wealth Management

Member of the main European Stock Exchanges

Real-time access to national and international markets

Money Market, National Debt, Corporate Bonds, Equities,

ETFs, Forex, Commodities, Derivatives, Options and

Futures, CFDs, Warrants

Execution Desk from 08.00 a.m. to 10 p.m.

Brokerage

Capital Markets (equities and bonds)

IPOs

MAB and MARF

Financial structuring, private investors and financing

Mergers and Acquisitions

Company and business valuation

Corporate Finance

Analyst presentations to institutional and private investors

Equity, Fixed Income, companies and sector Reports

Spanish and European Stock Picking

Road shows in Europe with institutional investors

Founding partner and member of ESN

Analysis

33

CNMV Registered Entity under number 182. Member of Barcelona, Madrid, Valencia, Paris, Amsterdam, Brussels, Lisbon and Frankfurt Stock Exchanges.

MEFF, AIAF, Iberclear and Euroclear custodian and clearing Member. Entity Delegated by the Bank of Spain. MAB and MARF Registered Advisor.

Founding partner and member of the European Securities Network (ESN).

Research


The Research Department at GVC Gaesco Beka offers institutional and retail clients a complete coverage of stocks.

7 analysts

Over 60 Spanish stocks covered

Integrated in ESN

100 analysts and 8 European countries

600 stocks covered throughout Europe

500 Road Shows per year

Sectors covered: Financials, Telecos, Utilities, Energy,

Construction, Food & Retail, IT, Luxury Goods,

Pharmaceuticals, Industrial, Tourism, Renewables, Real

Estate, Small Caps

Research assistance both to institutional and retail

customers

Research Founding member of ESN

ESN (European Securities Network) is a European network

founded in 1998 and currently formed by 8 members (one

per country), contributing local expertise and in-depth

knowledge in their respective areas

ESN provides services to approximately 1,000 institutional

clients in Europe, creating one of the largest client bases in

Europe

ESN analyses local companies with a sectorial pan-

European outlook

GVC Gaesco Beka is also present in the US via a stake

held in GSN North America

GVC Gaesco Beka (Spain) Banca Akros (Italy) Equinet (Germany) Caixa Banco de Investimento (Portugal) CM-CIC Securities (France) Investment Bank of Greece (Greece) NIBC Markets (Netherlands) Op Corporate Bank (Finland)

19 awards in the last 10 years: a recognition of the Company’s strategy and investment philosophy


2015

Funds:GVC Gaesco Small Caps, FI,GVC Gaesco Op. Empresas Inmobiliarias, FIGVC Gaesco Japón, FI,GVC Gaesco 300 Places Worldwide, FI

Category: Top 20 Best Performing SpanishInvestment Funds in 2015

2013

Fund: IM 93 Renta, FIAward: Morningstar – El EconomistaCategory: Mixed Flexible Euro

Fund: GVC Gaesco Retorno AbsolutoAward: Lipper – Cinco DíasCategory: RA Eur Riesgo Alto

2011

Manager: Jaume Puig – Mejor Gestorde RV última décadaAward: Interactive Data – ExpansiónXXV Aniversario ExpansiónGVC Gaesco Small Caps, FICategory: Equity

2009

Fund: Bona Renda, FIAward: Eurofonds Fundclass (Le Monde)Category: Mixed Equity

2008

Fund: Gaesco Fondo de Fondos, FIAward: Eurofonds Fundclass (Le Monde)Category: Equity

2007

Fund: Catalunya Fons, FIAward: Eurofonds Fundclass (Le Monde)Category: Mixed Equity

Fund: Gaesco Fondo de Fondos, FIAward: Eurofonds Fundclass (Le Monde)Category: Equity

GVC Gaesco Gestión, SGIICAward: Eurofonds Fundclass (Le Monde)Category: All Funds

2006

Fund: Bona Renda, FIAward: Standard&Poor’s – ExpansiónCategory: Mixed Equity

Fund: Gaesco TFT, FIAward: Standard&Poor’s – ExpansiónCategory: Equity

Fund: Gaesco Fondo de Fondos, FIAward: Morningstar – IntereconomíaCategory: Equity

Fund: Cahispa Emergentes, FIAward: Morningstar – IntereconomíaCategory: Renta Variable

GVC Gaesco Gestión, SGIICAward: Lipper – Cinco DíasCategory: All Funds Fondos

Research


2017

• According to Thomson Reuters rankings GVC Gaesco Beka (ESN Partnership) ranks Nº 2 among the Top Award-Winning Brokers

for Iberia, based on the number of analysts nominated for Top Earnings Estimators and Top Stock Pickers. Our analysts ranked

highly in the following sectors: Fuel & Utilities; Consumer Products & Services; Real Estate; Metals, Materials & Supplies; Industrial

Products & Services. May 2017

2016

Our Energy & Utilities and Pharmaceutical analysts ranked 1st in Iberia, according to the rankings elaborated by Thomson Reuters

(previous Starmine). May 2016.

The Research Team’s Model Portfolio ranked among 3rd out of 50 in “El Economista”, accumulating +10.65% revaluation (at

2016). Published in “El Economista” December 2016

2015

ESN ranked by Cfi.Co (Capital Finance International) as the best European Equity Research entity in 2015. This award was also

obtained in 2013. August 2015

In the recent rankings released by Starmine (now Thomson Reuters) for Europe, a number or our analysts have been ranked

among the top positions in their respective sectors: 1st in Banks; 1st in Pharmacy & Healthcare; 3rd in Basic Resources. Published

in “Expansión” May 2015

Our Research Team’s Model Portfolio ranked among the top 10 of 54 in “El Economista”, accumulating +19.7% revaluation at 1Q

2015. Published in “El Economista” April 2015

Offices

| www.valores.gvcgaesco.com 37

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Este documento, así como los datos, opiniones, estimaciones, previsiones y recomendaciones contenidas en el mismo, han sido elaborados por GVC Gaesco Gestión,S.G.I.I.C., S.A. (en adelante "GVC Gaesco Gestión"), con la finalidad de proporcionar información general a la fecha de emisión del informe y están sujetos a cambio sin previoaviso. GVC Gaesco Gestión no asume compromiso alguno de comunicar dichos cambios ni de actualizar el contenido del presente documento. GVC Gaesco Gestión consideraque la información y/o las interpretaciones, estimaciones y/u opiniones relacionadas con los instrumentos financieros y/o emisores de los cuales trata este documento, estánbasados en fuentes que se consideran fiables y de reconocido prestigio, disponibles para el público en general. GVC Gaesco Gestión no garantiza la precisión, integridad,corrección o el carácter completo de dichas fuentes, al no haber sido objeto de verificación independiente por parte de GVC Gaesco Gestión y, en cualquier caso, losreceptores de este documento no deberán confiar exclusivamente en el mismo, antes de llevar a cabo una decisión de inversión.

La información contenida en el presente documento hace o puede hacer referencia a rendimientos pasados o a datos sobre rendimientos pasados de instrumentos financieros,índices financieros, medidas financieras o servicios de inversión, en consecuencia, el inversor es advertido de manera general de que dichas referencias a rendimientos pasadosno son, ni pueden servir, como indicador fiable de posibles resultados futuros, ni como garantía de alcanzar tales resultados.

Ni el presente documento, ni su contenido, constituyen una oferta, invitación o solicitud de compra, venta o suscripción de valores o de otros instrumentos o de realización ocancelación de inversiones, ni pueden servir de base para ningún contrato, compromiso o decisión de ningún tipo. Los comentarios que figuran en este documento tienen unafinalidad meramente divulgativa y no pretenden ser, no son y no pueden considerarse en ningún caso asesoramiento en materia de inversión ni ningún otro tipo deasesoramiento.

El inversor que tenga acceso al presente documento debe ser consciente de que los valores, instrumentos o inversiones a que el mismo se refiere pueden no ser adecuadospara sus objetivos específicos de inversión, su posición financiera o su perfil de riesgo ya que no han sido tomadas en consideración para la elaboración del presente informe,por lo que debe adoptar sus propias decisiones de inversión teniendo en cuenta dichas circunstancias y procurándose el asesoramiento específico y especializado que puedaser necesario.

GVC Gaesco Gestión no asume responsabilidad alguna por cualquier pérdida, directa o indirecta, que pudiera resultar del uso de este documento o de su contenido. El inversordebe tener en cuenta que la evolución pasada de los valores o instrumentos o los resultados históricos de las inversiones, no garantizan la evolución o resultados futuros.

El precio de los valores o instrumentos o los resultados de las inversiones pueden fluctuar en contra del interés del inversor e incluso suponerle la pérdida de la inversión inicial.Es posible que entre la información contenida en el presente documento existan datos o referencias basadas o que puedan basarse en cifras expresadas en una divisa distintade la utilizada en el Estado Miembro de residencia de los destinatarios o receptores posibles del presente documento. En tales casos, es necesario advertir de forma generalque cualquier posible cambio al alza o a la baja en el valor de la divisa utilizada como base de dichas cifras puede provocar directa o indirectamente alteraciones (incrementos odisminuciones) de los resultados de los instrumentos financieros y/o servicios de inversión a los que hace referencia la información contenida en el presente documento.

GVC Gaesco Gestión o cualquier otra entidad del Grupo GVC Gaesco, así como sus respectivos directores o empleados, pueden tener una posición en cualquiera de losvalores o instrumentos a los que se refiere el presente documento, directa o indirectamente, o en cualesquiera otros relacionados con los mismos; pueden negociar con dichosvalores o instrumentos, por cuenta propia o ajena, proporcionar servicios de asesoramiento u otros servicios al emisor de dichos valores o instrumentos, a empresasrelacionadas con los mismos o a sus accionistas, directivos o empleados y pueden tener intereses o llevar a cabo cualesquiera transacciones en dichos valores o instrumentos oinversiones relacionadas con los mismos, con carácter previo o posterior a la publicación del presente informe, en la medida permitida por la ley aplicable.

Los empleados de GVC Gaesco Gestión u otra entidad del Grupo GVC Gaesco pueden proporcionar comentarios de mercado, verbalmente o por escrito, o estrategias deinversión a los clientes que reflejen opiniones contrarias a las expresadas en el presente documento; asimismo GVC Gaesco Gestión o cualquier otra entidad del Grupo GVCGaesco puede adoptar decisiones de inversión por cuenta propia que sean inconsistentes con las recomendaciones contenidas en el presente documento. Ninguna parte deeste documento puede ser (i) copiada, fotocopiada o duplicada en ningún modo, forma o medio (ii) redistribuida o (iii) citada, sin el permiso previo por escrito de GVC GaescoGestión. Ninguna parte de este informe podrá reproducirse, llevarse o transmitirse a aquellos Países (o personas o entidades de los mismos) en los que su distribución pudieraestar prohibida por la normativa aplicable. El incumplimiento de estas restricciones podrá constituir infracción de la legislación de la jurisdicción relevante.

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