Pictet-Premium Brands - CAROLINE REYL 30 novembre 2021 Pictet Asset Management
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Pictet-Premium Brands
CAROLINE REYL
30 novembre 2021
Pictet Asset Management
For professional investors only
PREMIUM BRANDS INVESTING IN EXCELLENCE & DISTINCTION
Focus on excellence and Premium brands: where brand excellence and consumer aspirations meet
expertise, in a world of unlimited
and undifferentiated product
offer
CONSUMER
Address demanding 21st century
ASPIRATIONS
consumer aspirations
Access to superior
Premium brands generate quality goods and
services
Consumer loyalty BRAND EXCELLENCE
Express individual
Differentiated products
High barriers to entry identity, community
and craftmanship
belonging and social
Pricing power Uplifting experience values
with the help of digital
Aspire to wellbeing
Sustainable growth
Innovation and
They are found across consumer customization
segments
Pictet Asset Management, 2020
Stocks are shown for illustrative purposes and may be sold at any time without prior notice and shall not be considered as investment
recommendations.
2 Pictet-Premium Brands
Pictet Asset Management
For professional investors only
PRICING POWER & FINANCIAL DISCIPLINE
Organic sales growth - Premium Brands investment universe
Exposure to affluent and rising
HIGH REVENUE GROWTH middle class consumers, 20.0
2009-2019 CAGR 2020e
17.2
2021e 2022E
especially in Emerging Markets 15.0 11.8 11.2
8.8
10.0 6.6 7.2 6.3
2.7 3.7
Strong demand globally 5.0
0.0
including growth from traveling -5.0
-4.1 -4.0
consumers -10.0
-15.0
-20.0 -16.5
Premium Brands Universe MSCI AC World MSCI Consumer Discretionary
Premium Brands EBITDA Margin average vs. EBITDA Growth 2009-2019
Profit margins above average
SUPERIOR OPERATING consumer goods companies 8.9
Premium Brands Universe
MARGINS Profitability helped by relative
19.7
pricing power, know-how, high 3.6
MSCI AC World
barriers to entry and scale 17.6
4.3
MSCI Consumer
Discretionary 13.9
0 5 10 15 20 25
EBITDA CAGR 2009-2019 EBITDA MARGIN 2009-20019
Net Debt /EBITDA 2019
STRONG CASH FLOW Strong cash flow generation
GENERATION & HEALTHY Premium Brands Universe 90%
Little reliance on credit market
BALANCE SHEETS
to finance growth
MSCI AC World 160%
MSCI Consumer Discretionary 89%
0% 20% 40% 60% 80% 100% 120% 140% 160% 180%
Source: FactSet in USD, based on Premium Brands universe, excl Apple, December 2020
3 Pictet-Premium Brands
Pictet Asset Management
For professional investors only
I N V E S T M E N T U N I V E R S E AT A G L A N C E
120
PREMIUM BRANDS
COMPANIES
50% ACCESSORIES
MIN. PURITY APPAREL
CARS
EXCLUSIVE
PRODUCTS
FOOD &
DRINKS
TRAVEL
DIFFERENTIATED JEWELRY
EXPERIENCES
PERFUME
SPORTS
BEAUTY
COSMETICS
Source: Company websites, Pictet Asset Management, 2021
spectus.
4 Pictet-Premium Brands
Pictet Asset Management
For professional investors only
5 CHARACTERISTICS OF A PREMIUM BRAND
EXPERIENCE & SERVICE
Aspirational shopping experience
Superior client service
BRAND DIFFERENTIATION Brand ecosystem
EXPERIENCE
Expertise
Innovation
Heritage
BRAND
DIFFERENTATION
INTEGRITY
PREMIUM
BRANDS
BRAND INTEGRITY
Integrated supply chain
Controlled distribution
Commitment to responsibility
OPERATIONAL
DIGITAL
EXCELLENCE
INTEGRATION
OPERATIONAL EXCELLENCE DIGITAL VALUE CHAIN
Superior cash flow (CFROI) Data centered supply chain
Strong financial discipline Omnichannel distribution
Pricing power Digital marketing
Source: Pictet Asset Management as of 31.10.2020
spectus.
5 Pictet-Premium Brands
Pictet Asset Management
For professional investors only
Performance Review
6 Pictet-Premium Brands
Pictet Asset Management
For professional investors only
REVIEW OF COMPOSITE PERFORMANCE AS OF END OCTOBER 2021
Source: Pictet Asset Management, Gross Asset Value (TWR) in EUR, as at 31.10.2021.
The edeeming shares and other expenses. Past performance is not a guarantee or a reliable
indicator of future performance. The strategy is not constrained by MSCI ACWI which is shown for comparison purposes only. The index does not influence portfolio
extends beyond the components of the index. Alternative global equity indexes are equally appropriate.
The Global Investment Performance Standards are a trademark of CFA Institute. CFA Institute has not been involved in the preparation or review of this report/advertisement.
7 Pictet-Premium Brands
Pictet Asset Management
For professional investors only
CONTRIBUTIONS TO PERFORMANCE YTD
+ CONTRIBUTORS - DETRACTORS
Luxury Sports
+ Desirability - Supply chain & logistics
+ Cost management issues
- China challenges
Travel
+ Local tourism
+ Leisure Food & Drink
+ On-trade sales progressing
+ Travel retail still lagging
Cosmetics
+ Skincare
+ Digital
8 Pictet-Premium Brands
Pictet Asset Management
For professional investors only
STOCK PRICE DISPERSION - BE SELECTIVE
Luxury stocks - 01/01/2019-31/10/21 Sports stocks - 01/01/2019-31/10/21
350 350
300 300
Hermes
LuluLemon
250 250
LVMH
200 200 Nike
150 150
adidas
100
Ferragamo
100
Burberry
50 50
0 0
RMS FP EQUITY MC FP EQUITY BRBY LN EQUITY LULU US EQUITY (EUR) NKE US EQUITY (EUR)
TOD IM EQUITY SFER IM EQUITY ADS GY EQUITY (EUR)
Source: Pictet Asset Management
Stocks are shown for illustrative purposes and may be sold at any time without prior notice and shall not be considered as investment recommendations.
9 Pictet-Premium Brands
Pictet Asset Management
For professional investors only
S T O C K P E R F O R M A N C E D R I V E N B Y E A R N I N G S P O W E R A N D R E - R AT I N G
ACCELERATION IN SALES Online drove additional sales
GROWTH and new customers
Price performance and consensus earnings revisions YTD (Jan-Oct 21)
Strong store conversion and
high price points
60.0%
50.0%
40.0%
% change
30.0%
SUPERIOR OPERATING Cost rationalization during Covid
MARGINS 20.0%
Distribution led by retail and
online, both margin accretive 10.0%
0.0%
VALUATION RE-RATING Higher operating margins are
here to stay
Cash-flows will drive dividend
and share buy-backs in 2022
Price perf. (ytd) YTD2021 EPS revision up to today
Source: Pictet Asset Management
Stocks are shown for illustrative purposes and may be sold at any time without prior notice and shall not be considered as investment recommendations.
10 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyFund characteristics
11 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyFUND BREAKDOWN AS OF END OCTOBER 2021
Geographic breakdown (equity listing) Fund Sector breakdown
3%
4%3% 12%
20% COSMETICS
NORTH AMERICA 15% FOOD AND DRINKS
46% EUROPE LUXURY
JAPAN SPORT
47% France 22.4% 14% TRAVEL & LEISURE
CASH
UK 7.6%
CASH
Germany 4.2%
Switzerland 4.9% 36%
Italy 6.4%
Market cap breakdown
Sales breakdown by geography
3% 3%
9% 7%
22% ALL EUROPE
> EUR 70BN US
18% 30 - 70BN 22% JAPAN
46% EUR
TOTAL ASIA EX JAPAN
10 - 30BN
EUR ROW
< EUR 10BN
5% CASH
24% 41%
Source: Pictet Asset Management, based on EUR exposure in the fund, as of 31.10.2021
Effective allocations are subject to change and may have changed since the date.
12 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyTOP 10 POSITIONS AS OF OCTOBER 2021
LOGO COMPANY NAME DOMICILE PORTFOLIO MARKET CAP REPORTING SEGMENT PRODUCTS & SERVICES DESCRIPTION
WEIGHT BN)
MARRIOTT Carlton, Bulgari, St Regis Hotels, W Hotels, Luxury Collection, Sheraton
US 4.8% 45.0 Travel
INTERNATIONAL
Leading provider of processing services and payment product platforms; widely
VISA US 4.6% 400.1 Leisure trusted brand for its acceptance, security, convenience
ESSILORLUXOTTICA France 4.4% 79.1 Luxury lenses, frames and sunglasses with brands like Ray-Ban, Oakley and Varilux
Transitions
leader in global cosmetics with brands like Lancôme, Biotherm,
France 4.0% 220.3 Cosmetics Garnier, Maybelline, Kérastase, La Roche-Posay
LVMH France 3.9% 341.8 Luxury Hennessy, Moët & Chandon, Guerlain, Bulgari, Sephora, DFS, Fendi, Céline,
Givenchy
Apple US 3.9% 2123 Luxury iconic products such as iPhone, iPad, PCs Mac. Provides related software,
services, and networking solutions
Leading global hospitality company with a portfolio of 18 world class brands
HILTON WORLDWIDE US 3.8% 34.7 Travel notably Hilton, Waldorf Astoria, Conrad, Hampton, Canopy
Unique positioning between athletic and leisure apparel creating wellness
LULULEMON ecosystem with innovative products, digital content and community
US 3.7% 52.3 Sport
ATHLETICA connections
The global leader in prestige beauty focusing on premium makeup, skin care,
ESTEE LAUDER US 3.7% 101.2 Cosmetics fragrance and hair care with 25 brands including with Clinique, Bobby Brown,
La Mer, Mac, Estée Lauder, Jo Malone
A global prestige cosmetic company with the N°1 position in Asia thanks to
SHISEIDO CO LTD JAPAN 3.6% 22.9 Cosmetics brands like Shiseido, Clé de Peau, Anessa, Drunk Elephant, Elixir, IPSA
Total 40.5%
Source: Pictet Asset Management/Bloomberg, as of 31.10.2021
Effective allocations are subject to change and may have changed since the date
This is for information purpose only and does not constitute an investment advice
13 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyOutlook What now?
14 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyCOVID HAS AMPLIFIED THE GAP BETWEEN WINNERS AND LAGGARDS
Global presence to reach the consumer wherever he is
Strategic positioning gave an edge to
certain brands Local markets in times of constraints
Repatriation vs travel retail illustrating brand power
Digital strategies across the value chain
These metrics are likely to remain key
drivers for success in the near-term Know your consumer, the power of data
Ecommerce underpenetrated (12% luxury online in 2019 vs >20% for general retail
estimates)
Constant innovation
Companies that have embraced these
strategic choices will gain market Casualisation trend at home and at work
share
Keep the desirability high: innovation, capsule collections, collaborations
Supply and distribution integration
Supply chain integration allows for quality control and staff protection
Direct distribution implies inventory monitoring and pricing coherence
15 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyFAV O U R A B L E E N V I R O N M E N T F O R P R E M I U M B R A N D S
1 Premiumization Buy less, buy better
of spending to Low price sensitivity for most desired brands
continues Ecosystem around the brand with enhanced loyalty
2 Digital a Omnichannel and flexibility the end of the game
structural Online penetration to remain much higher than in 2019
growth driver A new way for brands to sell direct, bypassing wholesale
distribution
Shift towards direct distribution implies improved gross
3 Margins set to
margins
reach new highs
Rationalized cost structures and investments create
operating leverage
Higher ASP expected again in 2022
4 Leisure and Restaurants, leisure and travel set to re-accelerate
Travel to catch- Volatility still expected depending on sanitary situation and
up potential further restrictions
Cashflow and BS strength to benefit the fittest
Source: Source: Company websites, Pictet Asset Management, 2020
16 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyI D E N T I F I E D M A C R O R I S K S T H AT C O U L D C R E AT E V O L AT I L I T Y
China geopolitical and economic risk
Macro-factors could create volatility in Chinese represent 1/3 of luxury consumption and the main growth driver long term
the medium-term
Regulatory risk remains within China
Which we view as buying Long lasting and uncontrolled inflation risk
opportunities for the best positioned
premium brands Limited inflation not a deterrent for Premium Brands
Pricing power and perception of lasting value are mitigators
Covid resurgence and more imposed restrictions
Economies need to fully re-open, in particular in Europe to welcome tourists
Supply chains and logistics disruptions related to Covid in particular for the sporting
goods segment
17 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyCONCLUSION
The Premium Brands investment theme is
Superior growth
A concentrated high- supported by the search
With high profitability,
conviction strategy for innovation and Exposure to EM
strong cash flow
focusing and brand differentiation together consumers through high
generation and robust
excellence and exclusivity with quality and quality developed equities
balance sheets
authenticity
Managed by Pictet Asset Management
Within a franchise with A proven and
A dedicated team with over non-benchmarked
over 15 years of Supported by a specialized
20 years of experience investment process
consumer experience Advisory Board
each in thematic investing applied across all Pictet
thematic strategies
Source: Pictet Asset Management, 2021
spectus.
18 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyTechnicals
19 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyP R E M I U M B R A N D S T E A M A N D A D V I S O RY B O A R D
Premium Brands Investment Team
Caroline Reyl Laurent Belloni Aline Liégé Gillian Diesen,
Senior Investment Senior Investment Investment Manager CAIA
Manager Manager Client Portfolio Manager
Portfolio Construction
Premium Brands Advisory Board Thematic Impact & Sustainability, ESG Operations, Risk
Sebastian Escarrer Former CEO and Board Member Melia International, Member of the Executive Committee Thematic Impact & Sustainability
of the World Travel and Tourism Council
Areas of expertise: Travel/Leisure/Lodging Sandy Wolf Thematic Exclusions, ESG, Engagement, Impact
Senior Product Officer
Michel Perraudin- Former President World Fed. of Sporting Goods Industry, Former Exec VP Adidas Group Steve Freedman, PhD Thematic Sustainability Research
Areas of expertise: Sporting Goods/Lifestyle Goods Sustainability & long-term Thematic Research ESG Lecturer NYU
Sandrine Zerbib - Executive Director of Full Jet Ltd. (China), Former President of Adidas, Greater China Pictet AM ESG Operations
Former CEO of China Dongxiang Group, China
Areas of expertise: China Alexandra Mahler ESG Policies Arabella Turner Engagement
ESG Specialist ESG Specialist
Robert Bensoussan Co-Founder of Sirius Equity (UK), non-executive chairman of LK Bennett, Former CEO Philippe Le Gall Engagement Eric Borremans IIGCC member
Jimmy Choo, Christian Lacroix Paris Senior Engagement Specialist Head of ESG at Pictet AM
Areas of expertise: Retail& Luxury/Retail/Fashion and Cosmetics
James Upton Governance
Senior Corporate Governance Specialist
Pictet AM Risk Manager Iwona Klimek, Risk Manager
Thematic Equities Team
Mayssa Al Midani, CIIA Luciano Diana, MBA Lydia Haueter, CFA Jan Andreas Maager, CFA Hans Peter Portner, CFA
Anjali Bastianpillai Gillian Diesen, CAIA Alex Howson, CA Karin Marchand-Gollino Peter Rawlence, CFA
Rachele Beata Moritz Dullinger, CFA, CAIA Mikael Jafs Eugénio Martin-Fougeroux Caroline Reyl
Laurent Belloni Yi Du, CFA Yves Kramer Gabriel Micheli, CFA Christian Roessing, CFA
Grégoire Biollaz, PhD Stanislas Effront Andreas Kringlen, CFA Marco Minonne Sylvie Sejournet, SFAF
Jennifer Boscardin-Ching Yasemin Erarslan Cédric Lecamp Alexandre Mouthon, CFA Tazio Storni, PhD
Marc-Olivier Buffle, PhD Stephen Freedman, PhD, CFA Charles Lepetitpas, CFA Elnaz Niazmand-Ozkul Gertjan van der Geer, CEFA
Christoph Butz, CIIA Ghislain Gauthier, FRM Benjamin Lerner Ola Obanubi Louis Veilleux, CFA
Xavier Chollet John Gladwyn, CFA Aline Liégé Francesco Pighini Ivo Weinoehrl, CFA
Alice de Lamaze, CFA Hayet Hammana Peter Lingen Marien-Baptiste Pouyat, CFA Sandy Wolf, CIIA
Regular meetings and exchange of ideas with: Pictet AM Developed Markets, Emerging Markets and Specialists Equities teams as well as ESG team
Source: Pictet Asset Management
20 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyP I C T E T- P R E M I U M B R A N D S I N V E S T M E N T P R O C E S S
MANAGEMENT OF INVESTMENT PORTFOLIO
c. 500
companies c. 120 c.61 c.61 c.30 - 50
companies companies companies
holdings
IDENTIFICATION CREATION &
OF MAINTENANCE
OPPORTUNITY OF INVESTABLE RISK ACTIVE
SET UNIVERSE MANAGEMENT MANAGEMENT
Database screening Quantitative screening Purity & portfolio Company factor, ESG
construction factors Score & Industry factor Conviction portfolio
Identification of Purity: min 50%
companies with relevant
theme-related activities >50% of Premium Brands Quantitative Screening Qualitative Analysis
High thematic purity
Qualitative screening of related sales or EBIT Analysis and scoring
world equity database of of business Active management
Liquidity franchise and
Formal review of the ESG exclusion management quality Engagement & Proxy
investment universe Volatility
twice a year Controversial weapons
ESG Scoring voting
(*) Purity
Run valuation model
(Holt, multiples) PICTET
PREMIUM BRANDS
DETERMINATION OF ESTABLISHING
INITIAL WEIGHTS PORTFOLIO WEIGHTS
Thematic alpha Stock Selection alpha Thematic Alpha creation
Sustainable Board (SB) establishes a list of companies involved with cluster munitions or other controversial
weapons (Directive 60)
Exclusions of controversial weapons and activities causing significant environmental and/ or social harm
Source: Pictet Asset Management, 2021
spectus
21 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyI N T E G R AT I N G E S G
Business operations
Premium Brands strategy considers
ESG criteria Management practices; respect of human rights
Processes & Supply Chain throughout the supply chain.
Exclusion of segments such as
casinos, cruises, autos (except luxury Variety of environmental impact across the supply and
Environmental Data production chain, both direct and indirect
and EV) in the fund
Inclusions of ESG scores across the
Incidents involving employees, customers, supply
investment process Significant Controversies chain, and business ethics
Direct impact on target weights with a
maximum of -100bps for poor ESG Management and organization
ranked companies
Earnings Quality Warning signs found in financial statements
Governance Board structure, shareholder rights, compensation
Philanthropic initiatives, ESG accountability/policy
Commitment to
implementation, and management of sourcing and
Sustainability process
Overall ESG assessment
A financial materiality-driven approach that provides an
Material ESG Risk overall assessment of the damages arising from ESG
malpractices
Source: Pictet Asset Management, 2021
22 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyMAIN RISKS
Risk indicator for Pictet-Premium Brands-I EUR
Lower risk Higher risk
Typically lower rewards Typically higher rewards
1 2 3 4 5 6 7
The Share class also bears the following risks that are not explained by
The risk category shown is based on historical data and may not be a the synthetic risk indicator:
reliable indication for the future risk profile of the Share class. - Liquidity risk: when market conditions are unusual or a market is
The risk category shown is not a target or a guarantee and may change characterised by particularly low volumes, the Compartment may
over time. encounter difficulties in valuing and/or trading some of its assets, particularly
The lowest category does not mean a risk-free investment. to satisfy large redemption requests.
Equity investments are subject to high price volatility (variations in net - Operational risk: the Compartment is subject to the risk of material
asset value of the Share class) but may offer rewards in line with the losses resulting from human error or system failures or incorrect valuation of
risks taken, which is why this Share class is in this risk category. the underlying securities.
This value is affected by various factors, including: - Counterparty risk: the use of derivatives in the form of contracts with
- The Compartment offers no capital guarantee or asset protection counterparties may imply significant losses if a counterparty defaults and
measures. cannot honour its liabilities.
- The Compartment may invest in emerging markets. Investments in mainland China are subject to restrictions by the local
- This asset class is subject to political and economic risks which may regulators, and include among other things: daily and market aggregate
have a significant impact on the Compartment's performance and trading quotas, restricted classes of shares, capital restrictions and ownership
volatility. restrictions.
- Because of our investment approach, the Compartment may be - Sustainability risk: ESG related risk events or conditions could cause a
exposed to currency risk. material negative impact on the value of the investment if they were to occur.
23 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyE S G O V E RV I E W - E X C L U S I O N S
Exclusion
Exposure to controversial industries is very Indicator
Threshold
limited based on our investment process Severe breaches of international norms on human rights, labour standards,
Yes
environmental protection and anti-corruption
Controversial Weapons in accordance with Pictet Blacklist 0%
Exclusion of controversial weapons and
Nuclear Power Generation >5%
activities causing significant environmental Thermal Coal Extraction >5%
or social harm Thermal Coal Power Generation >5%
Oil & Gas Production >5%
Positive selection of companies with at
Oil & Gas Power Generation >5%
least 50% purity to the theme Oil Sands Extraction >5%
Shale Energy Extraction >5%
Arctic Oil & Gas Exploration/Extraction >5%
Tobacco Products Production >5%
Genetically Modified Plants and Seeds Growth >5%
Genetically Modified Plants and Seeds Development >5%
Palm Oil Production and distribution >5%
Pesticides Production >5%
Military Contracting Weapons >5%
Small Arms Civilian Customers (Assault Weapons) >5%
Small Arms Civilian Customers (Non-Assault Weapons) >5%
Small Arms Military/Law Enforcement Customers >5%
Small Arms Key Components >5%
Adult Entertainment Production >5%
Gambling Operations >5%
Gambling Specialized Equipements >5%
spectus. Exclusions are based on reliable sources gathered from reputable third-
party research providers. Pictet Asset Management retains full discretion over exclusions and always reserves the right to deviate from third party information on a case by case basis.
24 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyE S G I N D I C AT O R S
Corporate governance (by weight, in %) ESG Controversies (by weight, in %)
Portfolio: Pictet-Premium Brands, Reference index: MSCI ACWI Portfolio: Pictet-Premium Brands, Reference index: MSCI ACWI
Data source: ISS as of 31.03.2021 (quarterly update only) Data source: Sustainalytics as of 31.03.2021 (quarterly update only)
Corporate Governance analysis of underlying companies is based on four pillars: board ESG Controversies analysis of underlying companies is based on incidents and events that
structure, executive remuneration, shareholder rights, audit practices. Evaluation criteria may pose a business or reputational risk due to the potential impact on stakeholders, the
reflect regional best practices. Decile scores indicate relative rank by country or region and environment, or the company's operations. Event categories include pollution incidents,
are employees accidents, violations of human rights, product-related issues and breaches of
7) business ethics. Controversies are rated based on their seriousness and recurrence, sector
derivatives for which no scores are available. "Not applicable" corresponds to index and company response and are rated on a 0 to 5 scale. (0) : No involvement in any
derivatives, cash, sovereign and quasi sovereign bond issuers. The scores and categories relevant controversies; (1) : Controversy has a low impact on the environment and society,
are provided by third-party research and may not reflect our internal view. posing negligible risks to the company, (2) Controversy has a moderate impact on the
environment and society, posing minimal risks to the company, (3) Controversy has a
significant impact on the environment and society, posing moderate risks to the company;
(4) Controversy has a high impact on the environment and society, posing significant risks
to the company. (5) Controversy has a severe impact on the environment and society,
posing
derivatives for which no scores are available. "Not applicable" corresponds to index
derivatives, cash, sovereign and quasi sovereign bond issuers. The scores and categories
are provided by third-party research and may not reflect our internal view.
25 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyPROXY VOTING ACTIVITY
Breakdown of votable meetings Breakdown of votable items
Number and percentage of General Assembly meetings where votable items were presented Number and percentage of votable items presented to shareholders at General Assembly
to shareholders. Meetings are broken down in three categories : (i) meetings where we meetings of portfolio companies. Items are broken down in three categories: (i) votes in
supported all items, (ii) meetings where we voted against, withheld, or abstained on at line with the management (ii) votes against the management (iii) items not voted.
least one item, and (iii) meetings where we could not vote for technical or legal reasons.
Breakdown of votes against management
Number and percentage of votes against management broken down by category. This includes votable items proposed by management and excludes votable items proposed by shareholders.
Please refer to the glossary for a description of categories.
Data YTD 31.03.2021
Pictet Premium Brands
Source: ISS, Pictet Asset Management
26 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyPROXY VOTING ACTIVITY
Breakdown of shareholder resolutions Categories of shareholder resolutions that we supported
Number and percentage of votable items proposed by Number and percentage of shareholder resolutions that we supported broken down by category. Please refer to the glossary
shareholders. Items are broken down in three categories. (i) for a description of categories.
shareholder resolutions that we supported, (ii) shareholder
resolutions that we opposed, (iii) shareholders resolutions
for which we abstained.
Data YTD 31.03.2021
Pictet Premium Brands
Source: ISS, Pictet Asset Management
27 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyTECHNICALS
Management Company: Pictet Asset Management (Europe) S.A., part of the Pictet group
Name: Pictet-Premium Brands
Domicile/ Legal status : Sicav part I of Luxembourg Law December 20, 2002
Custodian: Pictet & Cie (Europe) S.A.
Reference Currency: EUR
Calculation Daily: settlement NAV + 2
Inception: June 1, 2005
Assets under Mgmt: EUR2.4bn as of 31st March 2021
Dividend: Reinvested (I, P, R) or distributed (P dy)
Reference Index: MSCI ACWI (net div reinvest)
Subscription Fee: Maximum 5%
Redemption Fee: Maximum 3%
Switch Fee: Maximum 2%
Investment horizon: The fund may not be appropriate for investors who plan to withdraw their money within 5 years
Share classes: Class ISIN MF(%) TER(%) ONGOING CHARGES (%)*
I EUR LU0217138485 0.80 1.09 1.10
I USD LU0280433417 0.80 1.10 1.10
I dy GBP LU0448836519 0.80 1.09 1.10
I dy EUR LU0953041760 0.80 1.10 1.10
P EUR LU0217139020 1.60 1.99 2.00
P USD LU0280433847 1.60 2.00 2.00
P dy EUR LU0217139533 1.60 2.00 2.00
P dy GBP LU0320647794 1.60 2.00 2.00
R EUR LU0217138725 2.30 2.70 2.70
R USD LU0280434068 2.30 2.70 2.71
HI CHF LU0959644278 0.80 1.15 1.15
HI USD LU1733284431 0.80 1.15 1.15
HP CHF LU0843168815 1.60 2.05 2.06
HP SGD LU0663513272 1.60 2.05 2.05
Source: Pictet Asset Management as of 31.03.2021 HP USD LU0552610593 1.60 2.05 2.06
*Ongoing charges as of 31.12.2020 (yearly update) HR USD LU0552611484 2.30 2.75 2.76
The strategy is not constrained by MSCI ACWI which is Z EUR LU0294819544 0.00 0.14 0.11
shown for comparison purposes only. The index does not
investment universe extends beyond the components of the
index. Alternative global equity indexes are equally
appropriate. 28 Pictet-Premium Brands
Pictet Asset Management
For professional investors onlyFor more information, please
contact your Pictet client
relationship manager or visit
our websites
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