ASSET MANAGER’S GUIDE 2020 FUNDS SOCIETY’S ASSET MANAGER’S GUIDE U.S. NRI

DIRECTOR: Alicia Jimenez – [email protected] ADVERTISING OPPORTUNITIES: Elena Santiso – [email protected] SUBSCRIPTIONS: Luis Montenegro – [email protected]

DESIGN AND LAYOUT: El Sofá Verde PRINT: Bellak Color

FUNDS SOCIETY’S BOARD OF DIRECTORS Alicia Jimenez – Managing Partner Elena Santiso – Managing Parter – Business Development

FUNDS SOCIETY is a trademark of KABE MAS LLC 1200 Brickell Avenue; 18th floor Miami, FL 33131 +1-786 429-0248

The contents and/or services provided by Funds Society are of a financial nature and are aimed specifically to the international or offshore financial industry professionals or experts, including information, opinion, charts, graphs and links to several financial media. Due to the number of sources from which information on Funds Society is obtained, there may be omissions or inaccuracies in such information. Funds Society may include facts, views, opinions and recommendations of individuals and organizations deemed of interest. Funds Society does not guarantee the accuracy, completeness or timeliness of, or otherwise endorse, these views, opinions or recommendations. The content of this guide is not intended for the retail investor or for the wealth management professional who’s clients are residents of the U.S.

2 DEAR READER,

Funds Society is presenting the fourth edition of its Asset Mana- ger’s Guide NRI, a comprehensive list of asset management firms providing UCITS investment solutions to investment professionals in the wealth management non resident industry.

It is not until we started the process of putting together this guide that we realized that the movement of sales professionals from one firm to another never stops. We think this, together with the growing number of asset managers establishing offshore teams in the U.S. reflects the good health of the NRI market. To help you keep track of all these changes we have put together a thorough list of almost 60 international asset management firms who do bu- siness in the NRI market through their UCITS range of products, and their contacts.

We are also presenting additional information from 17 of these firms stating their business proposal for the Americas region.

We truly hope this guide is a useful tool for all of you.

Best Wishes,

Alicia Jimenez Founding Partner, Director Funds Society

3 ASSET MANAGER’S GUIDE

INDEX

Aberdeen Standard Investments 8 Merian Global Investors 28

Allianz Global Investors 10 MFS 30

BlackRock 12 Morgan Stanley IM 34

Capital Group 14 Muzinich & Co 36

Franklin Templeton 18 Natixis Investment Managers 38

GAM 20 RWC Partners 42

Invesco 22 Thornburg IM 44

Janus Henderson Investors 24 Vontobel 46

ABERDEEN STANDARD INVESTMENTS 6

ALLIANCE BERNSTEIN 6

ALLIANZ GLOBAL INVESTORS 6

AMUNDI PIONEER 6

AXA INVESTMENT MANAGERS 6

BLACKROCK 6

BNY MELLON IM 6

BRANDES INVESTMENTS PARTNERS 7

CALAMOS INVESTMENTS 7

CANDRIAM INVESTORS GROUP 7

CAPITAL STRATEGIES 7

CAPITAL GROUP 7

CARMIGNAC 7

COLUMBIA THREADNEEDLE 7

CULLEN 16

DIMENSIONAL FUND ADVISORS 16

DOUBLELINE 16

DWS 16

EATON VANCE 16

FRANKLIN TEMPLETON 16

GAM 16

GOLDMAN SACHS 16

4 HSBC ASSET MANAGEMENT 16

INVESCO 17

INVESTEC ASSET MANAGEMENT 17

JANUS HENDERSON INVESTORS 17

J.P. MORGAN ASSET MANAGEMENT 17

JUPITER ASSET MANAGEMENT 17

LA FRANÇAISE 17

LARRAINVIAL ASSET MANAGEMENT 17

LAZARD ASSET MANAGEMENT 17

LEGG MASON GLOBAL ASSET MANAGEMENT 26

LORD ABBETT 26

MAN GROUP 26

MATTHEWS ASIA 26

MERIAN GLOBAL INVESTORS 26

MFS INTERNATIONAL 26

M&G INVESTMENTS 26

MORGAN STANLEY 26

MUZINICH 27

NATIXIS INVESTMENT MANAGERS 27

NEUBERGER BERMAN 27

NN INVESTMENT PARTNERS 27

NUVEEN INVESTMENTS 27

PICTET ASSET MANAGEMENT 27

PIMCO 27

PINEBRIDGE INVESTMENTS 27

ROBECO 40

RWC PARTNERS 40

SCHRODERS 40

SEI 40

THORNBURG INVESTMENT MANAGEMENT 40

VANGUARD 40

VIRTUS INVESTMENT PARTNERS 40

VONTOBEL 40

5 ASSET MANAGER’S GUIDE

ABERDEEN STANDARD Alberto D’Avenia INVESTMENTS Managing Director - Head of US NRB and 1395 Brickell Ave Suite 900 LatAm Retail Miami, FL 33131 [email protected] Tel: +(1) 305 607 3238 PIONEER 712 Fifth Avenue 1111 Brickell Avenue 51st Floor Suite 1500 New York, NY 10019 Miami, FL 33131 Tel: +(1) 212 776 9078 Tel : +(1) 305 982 1553

Menno de Vreeze Laura Palmer Head of Business Development (Miami) Head of U.S. Intermediary and International Wealth Management - Offshore Distribution Americas [email protected] [email protected] Thomas G. Johnston Antonio Almirall Regional Director, Sales Manager Business Development Manager (Miami) for Miami Office International Wealth Management - Miami [email protected] and LATAM [email protected] INVESTMENT MANAGERS Damian Zamudio 100 West Putnam Ave Senior Business Development Manager (NYC) 4th Floor International Wealth Management Miami, Greenwich, CT 06830 USA New York, Texas and California Tel: +(1) 203 983 4273 [email protected] Rafael Tovar ALLIANCE BERNSTEIN Director, US Offshore Distribution 701 Brickell Avenue [email protected] Suite 2240 Miami, FL 33131 BLACKROCK Tel: +(1) 305 530 6265 Park Avenue Plaza 55 East 52nd Street Miguel Rozensztroch New York, NY 10055 Senior Managing Director - Head of N.A. Tel: +(1) 305 728 1189 Institutions, South/Central America & NRC [email protected] Jordie Olivella Darren Luckfield Head of Offshore Wealth Field Sales Team Managing Director - NRC Division jordie.olivella@.com [email protected] BNY MELLON INVESTMENT ALLIANZ GLOBAL INVESTORS MANAGEMENT Allianz Global Investors Distributors, LLC Jose Abascal 45 1221 Brickell Avenue Madrid 28003 Suite 900 Tel: +(34) 91 744 5800 Miami, Fl. 33131 Tel: +(1) 305 347 5165 *Distributed by Unicorn Strategic Partners

6 Sasha Evers CAPITAL GROUP Managing Director Iberia & Latin America New York [email protected] Tel: +(1) 646 265 9699 David Ayastuy Miami Manging Partner Tel: +(1) 305 202 2913 [email protected] Michael J. Kearns Jameel Jiwani Head of US Offshore Distribution Regional Vice President - Offshore New [email protected] York, Texas and California [email protected] BRANDES INVESTMENTS PARTNERS Luis Arocha Madrid Regional Vice President - Miami Tel : +(34) 91 622 60 37 and Uruguay [email protected] Jorge Claveria Business Development CARMIGNAC [email protected] 1441 Brickell Avenue Suite 1520 CALAMOS INVESTMENTS Miami, FL 33149 2020 Calamos Court Tel: +(1) 786 814 5970 Naperville IL 60563 Tel: +(1) 630.955.4899 x 3941 Charlotte Samson Head of US Offshore & Latam Carlos Soriano [email protected] Investment Consultant - International David O’Suilleabhain [email protected] Business Development Manager [email protected] CANDRIAM INVESTORS GROUP Peter Stockall 51 Madison Avenue Business Development Manager New York, NY 10010 [email protected] Tel: +(1) 212 576 3382 COLUMBIA Keith Dixson THREADNEEDLE Head of International Development Madrid [email protected] Tel: +(34) 911 873 102

CAPITAL STRATEGIES Rubén García Madrid Head of Iberia & Latam Tel: +(34) 620 55 72 42 Distribution ruben.garcia@ Jorge Benguria columbiathreadneedle.com Partner - US & Latam Advisor [email protected]

7 COMPANY INFORMATION

Miami Office:

Aberdeen Standard Investments Quest Workspaces, 1395 Brickell Avenue, Suite 900, Miami, FL 33131

Telephone +1 305 200 8699

Web aberdeenstandard.com/en-us/us/international-wealth-mgt

Chief Executive Officer Keith Skeoch

Chairman of Douglas Flint

Assets Under Management Client relationships offices Clients across

669.1 US$ bn 48 80 Countries

Investment professionals Strategic partners 1,000+ in the UK, Japan, India, US,Canada, China and Australia

Data as 30 June 2019

ABOUT US OUR HERITAGE The Aberdeen Standard Aberdeen Standard Our heritage dates back Investments brand was Investments is a leading nearly two centuries. created in connection with global asset manager, Standard Life was founded in the merger of Aberdeen dedicated to creating long- 1825 and has grown through Asset Management Plc term value for our clients, innovation and diversification. and Standard Life Plc on as their investment needs In 1998, Standard Life 14 August 2017 to form are at the centre of all we Investments launched as a Standard Life Aberdeen Plc. do. To achieve this, we offer separate company, rapidly The company’s headquarters a comprehensive range of becoming a leading global are in Scotland and it is investment capabilities, asset manager. Aberdeen listed on the London as well as the very highest Asset Management was Exchange. Aberdeen level of service and formed in 1983 and has grown Standard Investments support. from a pioneer investor in recently celebrated its Asian and emerging markets 20th Anniversary in the into a full-service investment Latin American Institutional house. Business.

Important information. Past performance is not an indication of future results. Not for U.S. Investors. The above is for informational purposes only and should not be considered as an offer, or solicitation, to deal in any of the investments mentioned herein. Aberdeen Standard Investments (ASI) does not warrant the accuracy, ade- quacy or completeness of the information and materials contained in this document and expressly disclaims liability for errors or omissions in such information and materials. Some of the information in this document may contain projections or other forward-looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only predictions and actual events or results may differ materially. The reader must make his/her own assessment of the relevance, accuracy and adequacy of the information contained in this document, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment. Any opinion or estimate contained in this document is made on a general basis and is not to be relied on by the reader as advi- ce. Neither ASI nor any of its agents have given any consideration to nor have they made any investigation of the investment objectives, financial situation or particular need of the reader, any specific person or group of persons. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of the 8 reader, any person or group of persons acting on any information, opinion or estimate contained in this document. ASSET MANAGER’S GUIDE

Focus Funds

• Aberdeen Standard SICAV I - Frontier Bonds • Aberdeen Standard SICAV I - Emerging Markets Corporate Debt • Aberdeen Standard SICAV I - Diversified Growth and Diversified Income • Aberdeen Standard SICAV I - North American Smaller Companies Fund • Aberdeen Standard SICAV I - China A share equity

OUR APPROACH we have the resources developing and delivering We are high-conviction, and expertise to transform these solutions for our long-term investors that new investment ideas clients. seek to realise the value of into practical investment our clients’ investments over solutions that can offer real GLOBAL PRESENCE time. In our view, teamwork value. Our global presence and collaboration between ensures we are always investment managers and Following the global close to our clients and across asset classes is the financial crisis, the value of the markets in which they key to delivering robust global investment assets invest. Complementing this investment performance. comprising ‘new active’ is our joint venture in India, We are also resolute in our investment solutions – those HDFC Asset Management commitment to active that focus on the Company, in addition to asset management. specific outcomes that a number of strategic investors wish to achieve partnerships across the We recognise that the – has almost doubled. globe. These play a key role investment landscape can New active solutions in our global distribution change rapidly and that now represent almost model and are an effective our clients’ needs are half of all industry assets way to support the needs of continuously evolving. With managed globally and we our institutional, wholesale, our global reach and scale, are committed to further pension and retail clients.

ABERDEEN STANDARD INVESTMENTS INTERNATIONAL WEALTH MANAGEMENT TEAM

Menno de Vreeze Kevin Pena Head of Business Development, International Business Development Associate, Wealth Management - Americas International Wealth Management Tel: + 305 200 8699 / Mob: +1 917 856 9116 Tel: +1 305 200 8687 / Mob: +1 305 299 8295 [email protected] [email protected]

Damian Zamudio Antonio A Almirall Senior Business Development Manager, Business Development Manager International Wealth Management Americas Distribution Tel: +1 212 776 1182 / Mob:+1 619 307 0919 Tel: +1 305 607 3238 [email protected] [email protected] Daniel Xavier Business Development Associate, Brazil Tel: +55 11 3956 1113

Aberdeen Standard Investments (ASI) offers a variety of products and services intended solely for investors from certain countries or regions. Your country of legal residence will determine the products or services that are available to you. Nothing in this document should be considered a solicitation or offering for sale of any investment product or service to any person in any jurisdiction where such solicitation or offer would be unlawful. The information contained herein is intended to be of general interest only and does not constitute legal or tax advice. The reader must make his/her own assessment of the relevance, accuracy and adequacy of the information provided and make such such inde- pendent investigations, as he/she may consider necessary or appropriate for the purpose of such assessment. Before investing, investors should consider carefully the investment objective, risks, charges, and expenses of a fund. This and other important information is contained in the prospectus, which can be obtained from a financial advisor and are also available on www.aberdeenstandard.com. Prospective investors should read the prospectus carefully before investing. US-101219-105638-1 9 COMPANY INFORMATION

Headquarters

Allianz Global Investors Managing Director, 1221 Brickell Avenue - Suite 900 Head of US NRB and Miami, FL 33131 LatAm Retail

Alberto D’Avenia Telephone (786) 877 - 7724 Mobile: (786) 877-7724 Web https://us.allianzgi.com/offshore [email protected]

Josh Sylvester CFP®, CIMA® Daniel Menoni, Director Non-Resident Non-Resident Business Business and LatAm Retail and LatAm Retail Mobile: (530) 321-2535 Mobile: (646) 596-4167 [email protected] [email protected]

Assets Under Management Investment Professionals Average PM Tenure

608 US$ bn 800+ 10+ Years

Locations Worldwide Relationship Managers Parent Company History

25 676 125 Years

ACTIVE IS: CREATING AND SHARING VALUE Focused on Active is how we create and share value with clients. We believe in solving, not selling. And in adding value beyond pure economic gain. We invest for the long- • BROAD RANGE OF ASSET CLASSES term, employing our innovative investment expertise and global resources. Our goal • LARGE SPECTRUM OF INVESTMENT STYLES is to ensure a superior experience for our • A CULTURE OF RISK MANAGEMENT clients wherever they are based and • AN ESG PIONEER SINCE 2000 whatever their investment needs Active is: Allianz Global Investors

10 KeKye sytreng strengthst:hsex :pex erpterisetis wehere where its imatts mattersters most most Key strengths:ex pertise where its mattASSersE Tmost MANAGER’S GUIDE Key strengths:ex pertise where its mattersASS mostET MANAGER’S GUIDE ASSET MANAGER’S GUIDE ASSETASSE TMANAGER’S MANAGER ’GUIDES GUIDE Focus FFoocuscus Focus WHY PARTNER WITH US? WhyWHY partner PARTNER with WITH us? US? WHY PARTNER WITH US? WHY PARTNER WITH US?

Investment and Customized Global resources, Superior client Investment and Customized Global resources, Superior client advisoryInvestment alpha and solutionsCustomized localGlobal delivery resources, experienceSuperior client advisory alpha solutions local delivery experience advisoryInvestment alpha and solutionsCustomized localGlobal delivery resources, experienceSuperior client • Puttingadvisory clients alpha • Solving,solutions • Sharinglocal deliveryinsights • Goingexperience the front• •Putting Putting and center clients clients not• •Solving, sellingSolving, • Single• •Sharing Sharing global insights insights extra• •Going Going mile the the • Putting clients • Solving, • Sharing insights • Going the • Investingfrontfront and andwith center center • Askingnotnot sellingthe selling investment• •Single Single global global extraextra mile mile front and center not selling • Single global extra mile conviction• •Investing Investing with with relevant• •Asking Asking the the platforminvestmentinvestment • Investing with • Asking the investment convictionconviction questionsrelevantrelevant platformplatform conviction questionsrelevantquestions platform Customized risk analysisquestions and portfolio modelling through risklabtm

INVESTMENTS DIVERSIFIED STRATEGIES ACROSSINVESTMENTSINVESTMENTS ASSET CLASSESDIVERSIFIED DIVERSIFIED STRATEGIESSTRATEGIES InvestmentsACROSSINVESTMENTSACROSS ASSET ASSET DIVERSIFIED CLASSESDiversified CLASSES StrategiesSTRATEGIES AcrossACROSS AssetASSET CLASSES Classes* Allianz Income and Growth AllianzAllianz Income Income and and Growth Growth 12% AllianzAllianz Short Income Duration and High Growth Income EQUITIES -Allianz Selective Global 15%12% 26% AllianzAllianz Short Short Duration Duration High High Income Income 15% -AllianzAllianz ChinaAllianz Europe A sharesShort Equity Duration Growth High Select Income Yield 24%26% AllianzAllianz Europe Europe Equity Equity Growth Growth Select Select 24% -AllianzAllianz EuropeAllianz Global Equity Europe Artificial Equity Intelligence -AllianzGrowth Select Green Bond Growth SelectAllianzAllianz Global Global Artificial Artificial-Allianz Intelligence Intelligence US Short AllianzAllianz Dynamic Global Asian Artificial High IntelligenceYield -Allianz European Equity Duration High Income 26% AllianzAllianz Dynamic Dynamic Asian Asian High High Yield Yield DividendAllianz Allianz Structured Dynamic Alpha Asian High Yield 25%26% -Allianz GlobalAllianzAllianz Artificial Structured Structured Alpha AlphaMULTI ASSET 25% AllianzAllianz Dynamic Structured Multi Asset Alpha Strategy IntelligenceAllianzAllianz Dynamic Dynamic Multi Multi -AllianzAsset Asset Strategy Strategy Income and AllianzAllianz Global Dynamic Multi-Asset Multi Credit Asset Strategy -Allianz Global Equity Growth AllianzAllianz Global Global Multi-Asset Multi-Asset Credit Credit UnconstrainedAllianz Global Multi-Asset-Allianz Credit Strategy 15 36%36% Allianz Global High Yield 36% -Allianz ThematicaAllianzAllianz Global Global High High Yield Yield-Allianz Strategy 50 36% AllianzAllianz Global Global Floating High Rate Yield Notes Plus -Allianz Global Water -Allianz Strategy 75 AllianzAllianz Global Global Floating Floating Rate Rate Notes Notes Plus Plus AllianzAllianz Global Global Equity Floating Unconstrained Rate Notes Plus Equities USD 163bn Allianz Global Equity Unconstrained FIXED INCOMEAllianzAllianz Global Global Equity Equity UnconstrainedALTERNATIVES Unconstrained FixedEquitiesEquities Income* USD USD USD 219bn 143bn 163bn Allianz European Equity Dividend Allianz European Equity Dividend Equities USD 143bn -Allianz GlobalAllianz Floating European Equity-Allianz Dividend Structured Alpha Multi-AssetFixedFixed Income* Income* USD USD USD 162bn 219bn 219bn AllianzAllianz US Fixed European Income Equity Dividend Fixed Income* USD 219bn Rate NotesAllianz Plus US Fixed Income US Equity 250 Multi-AssetMulti-Asset USD USD 156bn 162bn AllianzAllianz US US Fixed Fixed Income Income AlternativesMulti-Asset USD USD 77bn 156bn -Allianz Global Multi- -Allianz Structured return Alternatives USD 90bn AlternativesAlternatives USD USD 90bn 77bn Asset Credit -Private Placements This*Data communication's as of September sole 30, purpose 2019 is to inform and does not under any circumstance constitute promotion or publicityThis**Includes communication's of Allianzmoney Global market sole Investors purpose productsis to inform and/or and does services not inunder Colombia any circumstance or to Colombian constitute residents promotion pursuant or to part 4 ofpublicitySource: Decree Allianzof 2555 Allianz of Global 2010. Global InvestorsThis Investors communication products doesand/or not services in any wayin Colombia aim to directly or to Colombian or indirectly residents initiate pursuantthe purchase to part of a 4 productof Decree or 2555 the provision of 2010. This of a communication service o ered by does Allianz not inGlobal any way Investors. aim to Via directly reception or indirectly of his document, initiate the each purchase resident of ain Colombiaproduct or acknowledges the provision ofand a serviceaccepts o ered to have by contacted Allianz Global Allianz Investors. 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Investors. or This an documento er This by communication Allianz is being Global distributed Investors is strictly by or Allianzprivate its aliates Global and toconfidential Investors provide anyU.S. and nancial LLC. may not be reproduced.products in This Panama, communication Peru, and Uruguay. does not This constitute document a publicis being offer distributed of securities by Allianz in Colombia Global Investors pursuant U.S. to LLC. the public # offer regulation set forth in Decree 2555 of 2010. This communication and the information provided herein should not be considered a solicitation or an offer by Allianz Global Investors or its affiliates to provide any financial products in # Panama, Peru, and Uruguay. This document is being distributed by Allianz Global Investors U.S. LLC. # 11# COMPANY INFORMATION

Founded: 1988

Locations across Latin America: Argentina, Brazil, Chile, Colombia, Peru, US (Miami & NYC), Mexico

Website: www.blackrock.com/americas-offshore

BlackRock CEO & Founder: Larry Fink

Head of BlackRock Latin America: Dominik Rohe

ABOUT of portfolio managers, separate accounts, index BlackRock is entrusted to our platform funds and ETFs. manage more money than provides access to one of the any other investment firm globe’s largest offerings of Alternative Investments with $6.96* trillion of assets investments abroad. These BlackRock offers access to a under management. capabilities are found across broad spectrum of alternative our active equity platform investments —including real We are global leaders in ($290bn*), the active fixed assets, private equity, private investment management, income platform ($931bn*), credit, direct hedge funds, and risk management and as well as BlackRock’s solutions. With advisory services in more growing multi-asset platform $295bn* client assets globally, than 30 countries worldwide, ($527bn*). we take a consultative with a singlular fiduciary goal approach to helping our global of helping clients to meet Index EII & iShares Funds client base build alternatives their goals and overcome iShares has over 700 ETFS portfolios. investment challenges. Our globally and more than dedicated team across Latin $2 trillion in assets under BlackRock’s fiduciary mind- America has built trusted management*. Latin American set and innovative spirit relationships with industry investors are accelerating make us positioned to deliver leaders, financial institutions, their investments into UCITS alternative investments that governments and private iShares ETFs. Today, they are reliable, transparent and clients, demonstrating a hold 26% of their iShares ETF integrated. long-standing commitment allocation in UCITs, up from 3% to the region. BlackRock has in 20141. Model Portfolios 247 employees based in the BlackRock’s Model Portfolios region across 8 offices. The EII platform, which Platform aims to provide multi- helps investors build better asset investment strategies INVESTMENTS portfolios with the industry’s that can help you scale your At BlackRock, we look to leading suite of index practice and address client understand the outcome each investment tools, helps clients goals, all through leveraging client is looking to achieve with around the world build the BlackRock’s portfolio a strong focus on performan- core of their portfolios, meet construction expertise. ce by taking a whole portfolio specific investment goals Through Model Portfolios, solution approach. Our invest- and implement market views. BlackRock delivers world- ment platform consists of: These index investment tools class investment research, are delivered across all asset in addition to unique risk Active Mutual Funds classes and investment forms analytics and technology. Led by our renowned team including collective funds,

1. Figures based on iShares and BlackRock ETF asset data, as a proxy for overall market

© 2019 BlackRock. All Rights Reserved Investment involves risk, including risk of loss of capital. Past performance is not indicative of future performance. In Latin America, for institutional investors and financial intermediaries only. This material is for educational purposes only and does not constitute an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund or security and it is your responsibility to inform yourself of, and to observe, all applicable laws and regulations of your relevant jurisdiction. If any funds are mentioned or inferred in this material, such funds have not been registered with the securities regulators of Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus, may not be publicly offered in any such countries, except for Chile where certain funds have been registered with the Superintendencia de Valores y Seguros for public offering and in Mexico where certain funds have been listed on the Sistema Internacional de Cotizaciones (SIC) exchange of Mexico. It is your responsibility to inform yourself of, and to observe, all applicable laws and regulations of Mexico. If any funds, securities or investment strategies are 12 mentioned or inferred in this material, such funds, securities or strategies have not been registered with the National Banking and Securities Commission (Comisión Nacional ASSET MANAGER’S GUIDE

Managed Accounts Our separately managed accounts (SMAs) are the investment vehicle Focus Active Strategies of choice among high net Fixed Income worth individuals seeking Multi-Asset sophisticated investment Alternatives solutions and direct Sector Funds ownership of securities in their accounts. BlackRock manages over $90bn in assets* and Focus Indexing Strategies has over 40 local portfolio Managed Index Portfolios managers dedicated to the Accumulating UCITS ETFs SMA business. Fixed Income ETFs Core ETFs ADVISORY Factor ETFs Our dedicated team of Megatrend ETFs BlackRock consultants provide clients with premium access to comprehensive, objective, institutional-caliber portfolio and investment portfolio management, trading the firm’s expertise and expertise, powered through and operations tools to power generates proprietary our Aladdin® technology. informed decision-making, research to provide insights effective risk management, on the global economy, RISK MANAGEMENT efficient trading and markets, geopolitics and long- Risk management is operational scale. term asset allocation – all to the founding principal of help our clients and portfolio BlackRock. The Aladdin® THOUGHT LEADERSHIP managers navigate financial platform combines At the heart of BlackRock lies markets. sophisticated risk our BlackRock Investment analytics with comprehensive Institute (BII) which leverages

BLACKROCK OFFSHORE TEAM

Head of the Wealth Client Business for Latin America: West Lockhart

Home Office & Key Accounts Miami • Josean Fernandez • Karim Salazar-Antoni [email protected] [email protected] • Jenny Riera Head of the Offshore Sales team [email protected] • Jordie Olivella • Jaime Estevez [email protected] [email protected]

West Coast New York • Manolo Seidner • Joel Fernandez [email protected] [email protected]

BlackRock Offshore Hotline: 212 810 5900 BlackRock Offshore Email: [email protected]

*All data as of September 30, 2019. Source: BlackRock. All dollar figures are in US dollars.

1. Figures based on iShares and BlackRock ETF asset data, as a proxy for overall market Bancaria y de Valores, the “CNBV”) and thus, may not be publicly offered in Mexico. The CNBV has not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico, subject to strict rules, and performed under the supervision of the CNBV. BlackRock Mexico, S.A. de C.V., Asesor en Inversiones Independiente (“BLKMX”) is a Mexican subsidiary of BlackRock, Inc., registered with the CNBV as an independent investment advisor under registration number 30088-001-(14085)-20/04/17, and as such, authorized to provide Investment Advisory Services. BlackRock México Operadora, S.A. de C.V., Sociedad Operadora de Fondos de Inversión (“BlackRock MX Operadora” and together with BLKMX, “BlackRock México”) are Mexican subsidiaries of BlackRock, Inc., authorized by the CNBV. For more information on the investment services offered by BlackRock Mexico, please review our Investment Services Guide available in www. BlackRock.com/mx. This material represents an assessment at a specific time and its information should not be relied upon by you as research or investment advice regarding the funds, any security or investment strategy in particular. Reliance upon information in this material is at your sole discretion. BlackRock México is not authorized to receive deposits, carry out intermediation activities, or act as a broker dealer, or bank in Mexico. For more information on BlackRock México, please visit: www.BlackRock.com/mx. Further, BlackRock receives revenue in the form of advisory fees for our mutual funds and exchange traded funds and management fees for our collective investment trusts. 13 MKTGH1219L-1025614 COMPANY INFORMATION Headquarter

Capital Group 333 S. Hope Street, 53rd Floor, Los Angeles, CA 90071

IMPROVING PEOPLE’S LIVES THROUGH SUCCESSFUL INVESTING.

Founded in the US in 1931, We believe this helps to align We build our investment stra- Capital Group is one of the our goals with the interests tegies with durability in mind, world’s largest independent of our clients. The majority of backed by our experience in investment managers, with our portfolio managers and varying market conditions. more than US$1.9 trillion of analysts have witnessed se- To this end, we believe that assets under management veral market cycles and have our strategies are well suited of which US$1.6 trillion is been with Capital Group for to deal with today’s challen- in equity; US$349 billion in many years. ges of looking for sources fixed income2 and US$410 of income in a lower-yielding in multi-asset strategies3. Our investment process is environment and accessing Throughout our history of designed to enable individual growth with a less volatile more than 85 years, our aim investment professionals to profile of returns. has always been to deliver act on their highest convic- superior, consistent results tions, while limiting the risk To find out more about for long-term investors. associated with isolated de- our fund range, please cision-making. Fundamental contact us. The stability of our privately proprietary research provi- owned organisation and our ded by our global network singular investment focus of experienced investment have enabled us to maintain analysts forms the backbone a long-term perspective of our approach. throughout the decades.

14 ASSET MANAGER’S GUIDE

Contact Us

Jameel Jiwani Luis Arocha Paulino Medina Regional vice president Regional vice president Regional vice president Offshore – New York Offshore – Miami Offshore – Texas, Arizona & California Tel: +1 212 641 1780 Mob: +1 646 265 9699 Mob: +1 305 202 2913 Mob: +1 832 886 7255 [email protected] [email protected] [email protected]

Past results are not a guarantee of future results. All data as at 30 June 2019 unless otherwise stated. Source: Capital Group The manage equities through three investment divisions that make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organisation; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.

1. Source: Strategic Insight’s (SI) Simfund Global Pro database. SI is an Asset International Company. 2. Assets managed by Capital Fixed Income Investors. 3. Represents a proportion of the total equity and fixed income assets.

FOR ADVISOR USE ONLY – NOT FOR PUBLIC DISRIBUTION

Risk factors you should consider before investing:

• This material is not intended to provide investment advice or be considered a personal recommendation. • The value of investments and income from them can go down as well as up and you may lose some or all of your initial investment. • If the currency in which you invest strengthens against the currency in which the underlying investments of the fund are made, the value of your investment will decrease. • Depending on the strategy, risks may be associated with investing in fixed income, emerging markets and/ or high-yield securities; emerging markets are volatile and may suffer from liquidity problems.

This material, issued by Capital International Management Company Sàrl (“CIMC”), 37A avenue J.F. Kennedy, L-1855 Luxembourg, is distributed for information purposes only. CIMC is regulated by the Commission de Surveillance du Secteur Financier (“CSSF” – Financial Regulator of Luxembourg) and is a subsidiary of the Capital Group Companies, Inc. (Capital Group). This communication is intended for professional investors only and should not be relied upon by retail investors. While Capital Group uses reasonable efforts to obtain information from sources which it believes to be reliable, Capital Group makes no representation or warranty as to the accuracy, reliability or completeness of the information. This communication is not intended to be comprehensive or to provide investment, tax or other advice. © 2019 Capital Group. All rights reserved.

15 ASSET MANAGER’S GUIDE

CULLEN Juan Garcia 645 Fifth Avenue Associate Regional Sales Representative Suite 700 Offshore Specialist New York, NY 10022 [email protected] Tel: +(1) 212 644 1800 FRANKLIN TEMPLETON Andrew Prescott 100 Fountain Pkwy Tel: +(1) 395 798 7979 2nd floor [email protected] St. Petersburg, FL 33716 Mitchell Rind Tel: +(1) 727 299 3313 Tel: +(1) 631 807 6428 [email protected] Shane Cunningham National Sales Manager US Offshore Sales DIMENSIONAL FUND ADVISORS shane.cunningham@ Palisades West, 6300 Bee Cave Road franklintempleton.com Building One Austin, TX 78746 GAM Tel: +(1) 512 306 5917 One Rockefeller Plaza 21st Floor Javier Arriagada New York, NY 10020 Regional Director - Latin America & Offshore Tel: +(1) 212 407 4610 [email protected] Carmen van Roon Pence DOUBLELINE CAIA 333 South Grand Avenue Director - Intermediary Sales 18th Floor [email protected] Los Angeles, CA USA Andrea Vaitukaitis Tel: +(1) 646 675 3042 Director – Intermediary Sales [email protected] Joel Peña US Offshore, Canada & Latin America GOLDMAN SACHS [email protected] Madrid Tel: +(34) 91 700 6000 DWS 345 Park Avenue Lucia Catalán 25th floor Head of Iberia & Latin America Third New York, NY 10054 Party Distribution Tel: +(1) 212 454 0285 [email protected]

Jesús Martín del Burgo HSBC ASSET MANAGEMENT Head of coverage Latin America and US 452 Fifth Ave. Offshore 7th Floor [email protected] NewYork, NY 10018 Tel: +(1) 212 525 6054 EATON VANCE Two International Place Shadia Fayad Boston, MA 02110 Institutional Sales Tel: +(1) 305 240 1920 [email protected]

16 INVESCO Philip Judson 11 Greenway Plaza Executive Director - Head of Offshore Suite 1000 [email protected] Houston, TX 77046 Tel: + (1) 212-323-4015 JUPITER ASSET MANAGEMENT* The Zig Zag Building Rhett Baughan 70 Victoria Street Head of International sales London, SW1E 6SQ [email protected] Tel: +44 (0) 20 3817 1000 Ivan Del Rio, CFA Vice President, NRC Senior Advisor William Lopez Consultant Head of Latin America and US Offshore [email protected] [email protected] Darlene Giz, CIMA Regional Advisor Consultant - US Offshore *Distributed by Atlantic Zagros Financial Partners Internal Support [email protected] LA FRANÇAISE Castellana 92 ASSET MANAGEMENT 28046 Madrid 666 Fifth Avenue Tel: +(34) 91 76 97 902 37th Floor New York, NY 10103 Gerardo Duplat Tel: +(1) 917 206 5179 Head of Business Development Iberia & Latin America Richard Garland [email protected] Managing Director, Global Advisor [email protected] LARRAINVIAL ASSET MANAGEMENT JANUS HENDERSON INVESTORS 990 Biscayne Boulevard London O-901 Tel: +(44) 207 818 6458 Miami FL, 33132

Ignacio De La Maza Sebastián Véliz Head of Continental Europe Wholesale Tel: +573176391825 & LatAm [email protected] [email protected] ASSET MANAGEMENT J.P. MORGAN ASSET 777 Brickell Avenue MANAGEMENT Miami, FL 33131 277 Park Avenue Tel: +1 212 632 1325 8th Floor Cell: + 1 732 325 5899 New York, NY 10172 Tel: +(1) 212-648-2513 Eduardo Mora North America Offshore Distribution John H. Oestreicher [email protected] Executive Director [email protected]

17 AMERICAS OFFSHORE SALES

Contact Us

Franklin Templeton Investments 100 Fountain Parkway, St. Petersburg, FL 33716 Shane Cunningham

SVP – National Sales Telephone (800) 233-9796 Manager Americas Offshore Web templetonoffshore.com

EVERYTHING WE DO HAS A SINGLE FOCUS: TO DELIVER BETTER CLIENT OUTCOMES

We powerfully link the We harness the best We continuously evolve capabilities of specialized thinking of our 600+ while staying true to our investment teams to investment professionals core values unlock opportunities and around the globe 2 deliver solutions

• Draw from 70+ years of investing experience with a track record of customer-focused innovation • US $692.6B in total assets under management (AUM) 3 • US $175.5B in institutional AUM 3 • 42 research offices 3 • Serve clients in over 170 countries • On the ground presence in 35 countries 3, covering 84% of global GDP

A truly global organization, Franklin Templeton is the world’s top cross-border fund management group1.

GLOBAL SCALE AND vestment ideas and potential LOCAL INVESTMENT LOCAL INSIGHTS risks first hand and sharing CAPABILITIES their best thinking across our Franklin Templeton pioneered global research network. This Americas Offshore offices international investing over firsthand understanding of provide unparalleled support 60 years ago, and our ex- local culture, companies and of our distribution partners pertise in emerging markets economies makes us uniquely across North and South spans more than a quarter of positioned to spot smart America. By employing an a century. Our investment pro- global investments others experienced and multicultural fessionals are on the ground might miss. staff for Fund Accounting, across the globe, spotting in- Client Services, Risk Manage-

1. As of April 2019. Based on findings from PwC’s 2019 Benchmark Your Global Fund Distribution Report which ranks asset mana- gers on the number of countries in which their cross-border funds are distributed. A cross-border fund is one that’s distributed in more than three countries, including its domicile. 2. As of 09/30/19. Investment professionals include portfolio managers, portfolio managers/analysts, research analysts and tra- ders of Franklin, Templeton, Franklin Mutual Series, and subsidiary investment management groups. 3. As of 09/30/19. 18 ASSET MANAGER’S GUIDE

ment, Legal & Compliance and Brazil and Mexico offerings, you reach for it. So we never Sales & Marketing, we ensure Institutional, ETFs and cus- settle. We continually strive that we continue to meet the tom mandates designed to to deliver better outcomes diverse and changing needs serve a variety of client needs for investors. No matter what of our clients in each market. and risk appetites worldwi- your goals are, our deep, de. Each of our investment global investment expertise We offer a breadth and depth groups follows an indepen- allows us to offer solutions of investment solutions dent and distinct investment that can help across invest- across all major asset classes philosophy. ment objective, sales region and product structures inclu- and client type. ding over 70 Offshore Funds, Successful investing begins LAM “Local Asset Manage- with ambition. And achie- ment” in 15 Countries with vement only comes when

BROAD AND DIVERSIFIED ASSET BASE

Investment vehicles: Mutual Funds | ETFs | Separately Managed Accounts | Private Funds

EXTENSIVE INVESTMENT CAPABILITIES

EQUITY FIXED INCOME MULTI-ASSET ALTERNATIVES

• Value • Government • Multi-Asset Income • Commodities • Deep Value • Municipals • Diversified • Infrastructure • Core Value • Corporate Credit Outcome- Oriented • Real Estate • Blend GARP • Bank Loans • Risk Premia • Hedge Funds Growth • Securitized • Smart Beta • Private Equity • Convertibles • Multi-Sector • Balanced Allocation • Private Debt Sector • Currencies • Target Date/Risk • Shariah Smart • Sukuk Model Portfolios Beta • Inflation Protection Managed Volatility

SPECIALIZED INVESTMENT TEAMS

• Franklin Equity • Franklin Real • Franklin Templeton • Benefit Street Group Asset Advisors • Multi-Asset Partners • Franklin • Franklin Solutions • Darby Overseas Local Asset Systematic • Templeton Global Investments Management – • Franklin Equity Group • Edinburgh • Developed Templeton • Templeton Global Partners Markets Equity Emerging Macro • K2 Advisors • Franklin Markets Equity • Templeton Private Local Asset • Franklin Equity Partners Management – Templeton Fixed • Fixed Income Income Group • Franklin Mutual Series

Global investment platform: Research | Trading | Portfolio Compliance | Investment Risk Management

For Professional Investor Use * All Investments are subject to risk, including the possible loss of principal

19 COMPANY INFORMATION

GAM USA Inc. Telephone +1 (212) 407 4600 One Rockefeller Plaza, 21st Floor Website www.gam.com New York, NY 10020, USA E-Mail [email protected]

GAM INVESTMENTS IS ONE OF THE WORLD’S LEADING INDEPENDENT, PURE-PLAY ASSET MANAGERS. WE PROVIDE ACTIVE INVESTMENT SOLUTIONS AND PRODUCTS FOR INSTITUTIONS, FINANCIAL INTERMEDIARIES AND PRIVATE INVESTORS.

For over 35 years we GLOBAL PRESENCE INDEPENDENT have employed an active AND REACH As an independent asset investment management With around 850 people manager we are able to approach based on original in 14 countries, we are a pursue and develop our thought, freedom of action truly global firm in scale business without many and true conviction investing. and resources, yet small of the constraints or enough to remain nimble pressures typically faced Our team consist of 155 and flexible to meet clients’ by asset managers that are investment professionals needs. We support our embedded in large financial covering an extensive range growth with an extensive conglomerates. We believe of investment styles, asset distribution network which this makes us an attractive classes and markets. includes sales, marketing, home for investment talent. product development and The core investment product management. Our Our processes and business is complemented investment professionals structures are designed by private labelling services, work from the global hubs to foster independent which include management of London, Cambridge, thinking and swift decision company and other support Zurich, Hong Kong, New York, making within a tightly services to third-party Lugano and Milan. controlled risk framework. institutions. Our investment teams do not adhere to a particular ‘house style’. Instead, they are

20 ASSET MANAGER’S GUIDE

encouraged to maximize the active investment strategies innovation. Our constant potential of their portfolios across asset classes and drive to look forward and to by developing their own styles, with core capabilities adapt to the needs of our high-conviction views of the in fixed income, equity, clients helps us to capitalize markets. systematic, absolute return, on our strengths, addressing alternatives and multi asset secular industry trends COMPREHENSIVE solutions. with innovative, appropriate PRODUCT RANGE solutions. Over more than three PRODUCT INNOVATION decades, we have developed We have always placed a a comprehensive range of strong emphasis on product

BROAD RANGE OF TRADITIONAL AND ABSOLUTE RETURN STRATEGIES

Fixed income Multi asset Equity Systematic Alternatives Absolute return

Developed mkts Target return Developed mkts Diversified Alternative Equity long/ Europe Defensive Asia-Pacific Macro Investments short Global Core Europe Quantitative Solutions Emerging Inflation linked Plus Global multi strategy Multi strategy markets North America Japan Single strategy Europe Flexible North America Equity Advisory Global Emerging mkts Benchmark Long only solutions Thematic Blend constrained Emerging mkts Long/short Credit Benchmark Asia market neutral Commodities Macro/managed Hard currency unconstrained China Commodities futures Local currency Global Alternative risk futures Inflation linked Risk rated premia Physical metals Fixed Income Defensive Thematic Specialist Cautious Healthcare Currency & ABS/MBS Balanced Luxury brands commodities ILS/Cat bonds Growth Technology Convertibles Dynamic growth Credit/high yield Real estate debt Trade Finance

Tomás del Campo Carmen van Roon Pence, Andrea Vaitukaitis Client Manager CAIA Director – Interm. Sales T +34 (0) 91 140 0714 Director – Interm. Sales T +1 (0) 212 407 4605 [email protected] T +1 (0) 212 407 4610 [email protected] [email protected]

Alvaro Carbon Ripepi Juan Ramón Caridad, José Pedro Jácome Executive Director, CAIA, MFIA Client Director LatAm and Iberia Country Head Iberia + LatAm T +44 (0) 20 7917 2539 T +34 91 140 0715 T +34 (0) 91 140 0717 [email protected] [email protected] [email protected]

Isabel Navalon Carlos Álvarez García, MFIA Ana Maria Servia Blanco Client Support Executive Client Manager Office Manager T +34 (0) 91 140 0716 T +34 (0) 91 140 0718 T +34 (0) 91 140 0723 [email protected] [email protected] [email protected]

Important legal information The information in this document is given for informational purposes only and does not qualify as investment advice. Opinions and assessments contained in this document may change and reflect the point of view of GAM in the current economic environment. No liability shall be accepted for the accuracy and completeness of the information. Past performance is no indicator for the cu- rrent or future development. Investments should be made only after thorough reading of the current statutory prospectus and/or the fund regulations, the KIID, the articles of association and the current annual and semi-annual report and following advice from an independent finance and tax specialist. 21 COMPANY INFORMATION

Invesco Distributors, Inc. 11 Greenway Plaza, Ste. 1000, Houston, TX 77046

Assets Under Management, making Invesco the 13th largest On-the-ground asset manager globally by AUM Presence Serving Clients in

1.2 USD trillion 25+ countries 120+ countries

Employees Worldwide Investment Professionals 8,000+ 875+

As of Sept. 30, 2019

INVESCO IS AN INDEPENDENT INVESTMENT MANAGEMENT FIRM DEDICATED TO DELIVERING AN INVESTMENT EXPERIENCE THAT HELPS PEOPLE GET MORE OUT OF LIFE.

PURE FOCUS ON INVESTING ORGANIZATIONAL STRENGTH

We believe the best investment insights As an independent firm, our global come from specialized investment teams organization is solely focused on investment with discrete investment perspectives, management. We direct all of our intellectual operating under a disciplined philosophy and capital, global strength and operational process with strong risk oversight. Our pure stability toward helping clients achieve their focus on investment management eliminates investment objectives. the distractions that compromise results. OUR COMMITMENT TO RESPONSIBLE DEPTH OF INVESTMENT CAPABILITIES INVESTING

We offer a wide range of single-country, Invesco has been managing various ESG regional and global capabilities across major strategies for over 30 years and promoting equity, fixed income and alternative asset transparency. classes, delivered through a diverse set of investment vehicles.

22 ASSET MANAGER’S GUIDE

Our diversity across asset classes helps us deliver a diverse set of solutions to meet client needs

Diversification

16% Equity

8% Fixed Income 48% 5% Bal an ced

23% Money Market Alternatives

Invesco US Offshore Sales Contacts

Rhett Baughan Ivan del Rio Darlene Giz Head of US Offshore Senior Advisor Consultant Internal Support Distribution [email protected] [email protected] [email protected] Mobile: 786.442.7573 Direct: 212.323.4015 Mobile: 404.775.3343 Mobile: 646.300.1821

Active UCITS Funds Practice Management Insights / Talks Resources 100+ Investment Solutions Thought Leadership

Investment risks. The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested. Important information. Where individuals or the business have expressed opinions, they are based on current market conditions, they may differ from those of other investment professionals and are subject to change without notice. For more information on our funds, please refer to the most up to date relevant fund and share class-specific Key Investor Information Documents, the latest Annual or Interim Reports and the latest Prospec- tus, and constituent documents. This information is available using the contact details of the issuer and is without charge. Further information on our products is available using the contact details shown. Additional information for financial intermediaries in the United States: This document is intended for distribution to US financial intermediaries for informational purposes and in relation to their activities with offshore clients only. The Funds are not registered under any US securities law, and may not be offered or sold directly or indirectly in the US, its territories or possessions, nor to any US persons, citizens or residents. The Funds are not offered for sale in any jurisdiction in which the Funds are not authorized to be publicly sold. The Funds are available only in jurisdictions where their promotion and sale is permitted. The Fund must not be marketed on US soil. This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions. The investment performance is denominated in US Dollars. Investors whose primary currency is not in US Dollars should be mindful of potential expo- sure to fluctuations in exchange rates. For detailed information on the Fund, please read the most up to date relevant Fund and share class-specific Key Investor Information Document and Prospectus. This document does not form part of any prospectus. Issued in the US by Invesco Distributors, Inc., 11 Greenway Plaza, Suite 1000, Houston, Texas 77046, USA. Invesco Distributors, Inc. is the appointed US sub-distributor of the Invesco Funds, SICAV or the STIC Global Funds by Invesco Asset Management Limited in the UK. All entities are indirect, wholly owned subsidiaries of Invesco Ltd.

23 COMPANY INFORMATION Headquarters

Janus Henderson Investors 201 Bishopsgate - London - EC2M 3AE - United Kingdom

Telephone +442078184411

Email [email protected]

At Janus Henderson we would expect from a nimble, anticipating and adapting to strongly believe in the value local partner. change in order to actively added by active manage- manage portfolios and deliver ment. We seek to give inves- OUR KNOWLEDGE. market-leading, risk-adjusted tors an advantage through SHARED ETHOS returns. products shaped by deep We are committed to being analysis and innovative insightful partners, empowe- Our Fixed Income capability is investment techniques, as ring our clients with practical one of the industry leaders. well as by sharing portfolio perspectives to help make With US$75bn* in assets un- manager thinking that cuts better investment and busi- der management we provide through the noise. ness decisions. active solutions shaped by four decades of investing. We seek to add value for Key capabilities From core and multi-sector clients in three ways: By investing with Janus Hen- investing to more focused derson, investors can tap into portfolios, we offer innovative ACTIVELY BLENDING THE the thinking of more than 360 and differentiated techniques ART AND SCIENCE OF investment professionals glo- expressly designed to support INVESTING bally*. Our investment teams our clients as they navigate Our investment teams blend seek to be at the forefront of each unique economic cycle. exhaustive research with intuition as they comb global Strategies markets for opportunities. Free from a restrictive house view, they apply rigorous approaches to portfolio Fixed Income Multi Sector Income construction and risk mana- Global High Yield Bond gement, seeking to deliver dependable investment Strategic Bond outcomes for clients. Global Life Sciences Equities Global Property Equities OFFERING GLOBAL STRENGTH AND LOCAL US Forty SOLUTIONS US Venture We offer true global reach with a presence in all major Multi-Asset Balanced markets, combined with the Alternatives United Kingdom Absolute Return responsiveness, tailored solu- tions and personal touch you

*Source: Janus Henderson Investors, as at 30 September 2019

24 ASSET MANAGER’S GUIDE

Global strength, local solutions

Source: Janus Henderson Investors. Staff and AUM data as at 30 September 2019. AUM data excludes Exchange-Traded Note (‘ETN’) assets. I

Client-focused have wholehearted conviction. our funds. We do not see this Saying “clients are central to We seek to collaborate with in- as a transactional relationship everything we do” is a senti- termediary partners to deliver but seek to evolve according ment commonly conveyed in appropriate solutions and pro- to client needs and share our our industry, but is an opera- vide a comprehensive service managers’ thinking throughout ting philosophy in which we to those invested directly in the investment journey.

Team

Paul Brito Albert Maruri Maria Cordova Director Sales Director Sales Senior Sales Manager paul.brito@ albert.maruri@ maria.cordova@ janushenderson.com janushenderson.com janushenderson.com

Jerry Fraustro Carmen Otalvaro Ignacio de la Maza Associate Director Sales European investment Head Sales jerry.fraustro@ services coordinator Europe&Latam janushenderson.com carmen.otalvaro@ Ignacio.delamaza@ janushenderson.com janushenderson.com

For US Advisors to non-US Persons. Not for onward distribution. Past performance is not a guide to future performance. The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. The securities included in this document are not registered in the Foreign Securities Registry of the Superintendencia de Valores y Seguros for public offering and, therefore, the use of this document is only for general information purposes. Any investment application will be made solely on the basis of the information contained in the Fund’s prospectus (including all relevant covering documents), which will contain investment restrictions. This document is intended as a summary only and potential investors must read the Fund’s prospectus and key investor information document before investing. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes. The Janus Henderson Fund (the “Fund”) is a Luxembourg SICAV incorporated on 26 September 2000, managed by Henderson Management S.A. A copy of the Fund’s prospectus, key investor information document, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the Fund’s registered office in Luxembourg: 2 Rue de Bitbourg, L-1273 Luxembourg. The Janus Henderson Horizon Fund (the “Fund”) is a Luxembourg SICAV incorporated on 30 May 1985, managed by Henderson Management S.A. A copy of the Fund’s prospectus, key investor information document, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the local offices of Janus Henderson Investors: 201 Bishopsgate, London, EC2M 3AE for UK. Janus Henderson Capital Funds Plc is a UCITS established under Irish law, with segregated liability between funds. Investors are warned that they should only make their investments based on the most recent Prospectus which contains information about fees, expenses and risks, which is available from all distributors and paying agents, it should be read carefully. An investment in the fund may not be suitable for all investors and is not available to all investors in all jurisdictions; it is not available to US persons. The rate of return may vary and the principal value of an investment will fluctuate due to market and foreign exchange move- ments. Shares, if redeemed, may be worth more or less than their original cost. Issued by Janus Henderson Investors. Janus Henderson Investors is the name under which investment products and services are provided by Janus Capital Inter- national Limited (reg no. 3594615), Henderson Global Investors Limited (reg. no. 906355), (each registered in England and Wales at 201 Bishopsgate, London EC2M 3AE and regulated by the Financial Conduct Authority) and Henderson Management S.A. (reg no. B22848 at 2 Rue de Bitbourg, L-1273, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier). [Janus Henderson, Janus, Henderson, Perkins, Intech, Alphagen, VelocityShares, Knowledge. Shared and Knowledge Labs] are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. For more information or to locate your 25 country’s Janus Henderson Investors representative contact information, please visit www.janushenderson.com ASSET MANAGER’S GUIDE

LEGG MASON GLOBAL ASSET MERIAN GLOBAL INVESTORS MANAGEMENT 600 Brickell Avenue 1395 Brickell Ave Suite 1700 Suite 1550 Miami, FL 33131 Miami, FL 33131 Tel: +(1) 866 925 3863 Tel: +(1) 305 529 4400 US Toll Free: +(1) 866 534 4627 Chris Stapleton Managing Director - Head of Business Lars Jensen Development New York and California Head of Americas International [email protected] lmiamericasclientservicessales@ Andres Munhó leggmason.com Managing Director - Head of Sales Florida, Colombia and Mexico LORD ABBETT [email protected] 90 Hudson Street Jersey City, NJ 07302-3973 MFS INTERNATIONAL Tel: +(1) 201 827 4266 801 Brickell Ave 9th floor, suites 915&918 Martin Hofstadter Tel: +(1) 305 987 0054 Director US Offshore - Miami, FL 33131 The Americas [email protected] Jose Corena Managing Director Americas [email protected] London / Montevideo Riverbank House, 2 Swan Lane M&G INVESTMENTS London EC4R 3AD 1395 Brickell Avenue Tel. +44 207 144 3377 Suite 800 Miami, FL 33131 Gadi Slamovitz +44 20 3755 8000 Managing Director, Latin America Ander López [email protected] Sales Director - LATAM [email protected] MATTHEWS ASIA Luis Solorzano 4 Embarcadero Center Sales Manager - LatAm Suite 550 [email protected] San Francisco CA 94111 Tel: +(1) 415 954 4510 MORGAN STANLEY INVESTMENT MANAGEMENT Kate Hitchings Ahalt 200 South Biscayne Blvd Head of Global Client Relationship 51st Floor Management Miami, FL 33131 [email protected] Tel: +(1) 305 533 5320 Jonathan Shuman Head of Business Development [email protected]

26 Carlos Andrade INVESTMENTS Head of Latin America and US 501 Brickell Key Drive Offshore Distribution Suite 504 [email protected] Miami, FL 33131 Tel: +(1) 305 766 8555 MUZINICH Madrid Oscar Isoba Tel: +(34) 910 848 895 Managing Director, Region Head - US Offshore & Latin America Rafael Ximénez de Embún, CFA [email protected] Managing Director Iberia and Latam [email protected] PICTET ASSET MANAGEMENT Moor House NATIXIS INVESTMENT MANAGERS 120 London Wall 888 Boylston Street London, EC2Y 5ET Boston, MA 02199-8197 Tel: +(1) 203 247 2474 Tel: +(1) 888-449-4947 Seiji Nishimura Rodrigo Nuñez Aguilar Head of Global Financial Institutions - US Senior Director, US Offshore and Latin Intermediaries Group America Key Accounts [email protected] [email protected] Jorge A. Corro Pictet AM representative for US Offshore NEUBERGER BERMAN [email protected] 1290 Avenue of the Americas Anastasia Kenworthy New York, NY 10104 Sales Manager Tel: +(1) 305 979 5146 [email protected]

Lauren Rahaghi PIMCO Head of US Offshore 777 Brickell Ave [email protected] Miami, FL 33131 Jose Garcia Tel: +(1) 305-721-2767 NRC-NRA Advisor Consultant - US Offshore [email protected] Marcello Pasquatti Head of Latam Global Weatlh NN INVESTMENT PARTNERS Management Schenkkade 65, 2595 AS The Hague marcello.pasquatti@.com The Netherlands Tel: +(31) 70 379 17 40 PINEBRIDGE INVESTMENTS Park Ave Tower Ivan Mascaró Guzmán 65 East 55th St Director Business Development - LatAm & New York, NY 10022 US Offshore Tel: +(1) 646 857 8000 [email protected] Ryan Guthrie Vice President, Business Development [email protected]

27 CORPORATE INFORMATION CONTACT INFORMATION

Merian Global Investors Telephone 866-925-3863 Millenium Bridge House 2 Lambeth Hill E-mail [email protected] London EC4P 4WR,UK

Web merian.com

Investment Capabilities

• AUM*: $29.1bn

• Equities: $19.8bn We offer a wide range of equity capabilities, including global, UK, European, North American, Asian and emerging markets. Award-winning fund manager, Richard Buxton, heads a UK and European equity team dedicated to fundamental research, across the market cap spectrum. Emerging market equities are available from our specialist team, led by Nick Payne. Meanwhile, our global equities team, led by Ian Heslop, offers expertise in global, North American, European and Asian equities.

• Alternatives: $7.1bn Merian Global Investors has been managing alternative strategies since December 2001. The range of funds spans equity market neutral, directional equity, absolute return multi-sector fixed income, systematic positive skew, and gold & silver strategies. In recent years, the firm has become a market-leader in specialised alternative strategies seeking to deliver returns that are uncorrelated with traditional asset classes. Alternative strategies are offered by a number of different investment teams within the company.

• Fixed Income: $2.2bn Our highly experienced fixed income team covers multi-sector bonds, emerging market debt and credit strategies. The team offers long-only and long/short fixed income capabilities, as well as expertise in contingent convertible bonds (“CoCos”) issued by financial institutions.

• Sub-advised: $0.1bn Specialist investment strategies from leading asset management firms benefiting from our expertise in governance and distribution.

*Source: Merian Global Investors as at 30/09/2019

Merian Global Investors is a Associates, acquired the belief that our clients leading, independent, global “single-strategy” investment appreciate the value of active asset management firm. While capabilities of Old Mutual investment management ourname may suggest we are Global Investors. when it a relative newcomer, our roots delivers what they reasonably in fact go back many years. ABOUT US expect. As an independent firm, we The company as it is now are committed to continuing Our strategy is to seek to known was formed in June to build a successful, attract and retain talented 2018 when its management specialized asset investment professionals, who team, together with funds management business. are experts in their particular operated by the global growth Central to the future of our fields, and to provide them private equity firm, TA business is a with the operational, risk

28 ASSET MANAGER’S GUIDE

management and distribution commitments, while offering DISTRIBUTION environment and support return profiles with a low Our distribution coverage in they need in order to thrive, correlation with other the Americas is through The yet without encumbering absolute return strategies. AMCS Group, a separate, them with a blunt “house Our products and services independently owned view” imposed are broadly summarised here. company, whose directors by a chief investment officer. Please contact us for and senior staff have a more detailed information on history of marketing funds OUR APPROACH any of our capabilities. managed by Old Mutual Plc Merian Global Investors does in the Americas. Prior to the not seek to be “all things to all Our clients include many of sale of the business to senior people,” not least the world’s largest and most management and funds because we know that by sophisticated financial managed by TA Associates, doing so we would dilute – institutions, including global many of the directors and and ultimately lose – the banks, insurers, multi-asset staff of The AMCS Group qualities that make the firm fund managers, worked for another subsidiary distinct from other asset sovereign wealth funds, of Merian plc, which at the managers. pension funds, and retail time was also our firm’s As an investment-led financial advisers. ultimate parent company. business, we strive to deliver Merian Global Investors has The AMCS Group is now the investment strategies won over 90 industry awards exclusive distributor of Merian that are truly differentiated since 2014 and has Global Investors funds in the from those available established a real presence Americas. elsewhere. As such, we are in the markets in which it resolutely committed to active operates. The quality of our Merian Global Investors investment management; we fund managers, their teams operates its own distribution target a high “active and our performance is offices in London, Zurich, share” among our long-only recognised by independent Milan, Hong King and strategies, and our absolute rating agencies and endorsed Singapore. return strategies are by the investment awards we expected to deliver on their have won.

Christopher Andres Santiago Stapleton Munhó Sacias Managing Managing CFA Partner Partner Senior Vice Head of Head of Sales President Business Florida, Regional Director Development Colombia Argentina, New York and and Mexico Uruguay, Brazil, California Sales Chile & Peru

Fabiola Francisco Virginia Peñaloza Rubio Gabilondo Regional Vice Regional Vice Client Service President - President - Manager, Florida and Southwest Americas Colombia US, Florida, Panama and Puerto Rico

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The performance data does not take account of the commissions and costs incurred on the issue and redemption of shares. The value of investments and the income from them may go down as well as up and investors may not get back any of the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rate changes may cause the value of overseas investments to rise or fall. This communication is issued by Merian Global Investors (UK) Limited (“”Merian Global Investors””), Millennium Bridge House, 2 Lambeth Hill, London, United Kingdom, EC4P 4WR. Merian Global Investors is registered in England and Wales (number: 02949554) and is authorised and regulated by the Financial Conduct Authority (FRN: 171847). This communication is for information purposes only. Nothing in this communication constitutes financial, professional or investment advice or a personal recommendation. This communication should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments in any jurisdiction. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the infor- mation contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the document. MGI 11_19_0081 Any opinions expressed in this document are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or companies within the same group as Merian Global Investors as a result of using different assumptions and criteria. In Hong Kong this communication is issued by Merian Global Investors (Asia Pacific) Limited. Merian Global Investors (Asia Pacific) Limited is licensed to carry out Type 1 and Type 4 regulated activities in Hong Kong. This communication has not been reviewed by the Securities and Futures Commission in Hong Kong. In Singapore this document is issued by Merian Global Investors (Singapore) Pte Limited, which is not licensed or regulated by the Monetary Authority of Singapore (“”MAS””) in Singapore. Merian Global Investors (Singapore) Pte Limited is affiliated with Merian Global Investors. Merian Global Investors is not licensed or regulated by the MAS. This document has not been reviewed by the MAS. In Switzerland this communication is issued by Merian Global Investors (Schweiz) GmbH, Schützengasse 4, 8001 Zürich, Switzerland. This communication is for investment professionals only and should not be relied upon by private investors. MGI 11_19_0081 29 Expertise Through Collaboration

FACTS & FIGURES*

• Founded in 1924 • $494 billion in assets under management • A broad range of global, regional equity and fixed income investment products • Nine worldwide research offices and eight sector teams; 284 equity, credit and quantitative investment professionals

As of 09/2019

CONTACT US L. Jose Corena Managing Director - Americas / [email protected] / +617-755-7949

Argentina, Uruguay, Brazil, Ecuador, Paraguay and Venezuela • Stephan Von Hartenstein - Director: [email protected] / +54 9 11 5949-1180 • Ignacio Durañona - Director: [email protected] / +54911 4165-5183 Sales Representative • Diana Rueda: [email protected] / +305-789-6678 Chile and Peru • Enrique Pérez Iturraspe - Director: [email protected] /+569 7614-6486 Sales Representative • Pablo Rodriguez: Sales Representative for Panama and Colombia [email protected] /+617-954-6044 Southeast US, Caribbean, Costa Rica, Central America, Panama*, Colombia**, Mexico, US West Coast, Western Canada and Hawaii • Philip Dieffenbacher - Director [email protected] / +1 646-306-9206 • Eric Figueroa - Associate Director [email protected] / +1 786-858-8789 • Drew Chisholm - Regional Manager [email protected] / +1 617-954-5682 • Henry Myers - Sales Representative, Southwest and West Coast Regions [email protected] / +1 617 954 5682 Sales Representative • Luis Carlos Ramirez: [email protected] / +1 617-954-4195 • ** Pablo Rodriguez: [email protected] / +1 617-954-6044 Southwest US • Jennifer Whitney - Director: [email protected] / +1 512-415-6602 Northeast US, Bermuda and Eastern Canada • Danielle Spry - Director: [email protected] / +1 978-821-5355 Sales Representative • David Szabo: [email protected] / +1 617-954-4429

* All figures as at 30th September 2019 30 ASSET MANAGER’S GUIDE

® In 1924, MFS launched MFS Meridian Funds the first US open-end Capabilities To Help Meet Client Needs mutual fund, opening the door to the markets MULTI Global for millions of everyday ASSET investors. Today, as a full- US Corporate service global investment manager serving financial FIXED Global Corporate advisors, intermediaries and INCOME Emerging Markets institutional clients, MFS still US Government / Sovereign serves a single purpose: to create long-term value for Global clients by allocating capital US responsibly. That takes Emerging Markets our powerful investment EQUITY approach combining European collective expertise, Asia Pacific thoughtful risk management and long-term discipline.

COLLECTIVE RISK MANAGEMENT LONG-TERM DISCIPLINE EXPERTISE Critical to maintaining our A cornerstone of our heritage, Combines diverse viewpoints clients’ confidence in our both in the way we invest and within a shared value system investment management. We the way we run our business. to make what we believe navigate risk on their behalf We believe it is the best way are the best investment by trying to see it from all to pursue the outcomes our decisions for clients. angles to understand what clients need. we believe is material.

The MFS Meridian Funds family, a Luxembourg SICAV, is the primary product group since 1989, offered by MIL – our retail business. The MFS Meridian Funds family is designed to serve MFS’ non-US fund markets and to provide investors a broad spectrum of asset classes for investment in almost every region of the world’s established, developed and emerging financial markets.

• 1989 – MFS international Ltd. Is established to market and distribute MFS products internationally. • 1991 – First research analysts stationed outside of the United States. • 1995 – MFS extends its global footprint, opening its first overseas research office, in London (marks the beginning of an expansion that now includes investment offices in nine financial centers around the world).

TODAY- MFS continues to expand with most recently our new distribution office in Miami:

• 801 Brickell Ave, 9th Floor / Suite #s 915 & 917 / Miami, FL 33131

See the fund’s offering documents for more details, including information on fund risks and expenses. For additional infor- mation, call Latin America: 416.506.8418 in Toronto or 352.46.40.10.600 in Luxembourg. MFS Meridian Funds is an investment company with a variable capital established under Luxembourg law. MFS Investment Mana- gement Company (Lux) S.ar.l. is the management company of the Funds, having its registered office at MFS ( 2nd Floor ), 4 Rue Al- bert Borschette, Luxembourg L1246 (Company No. B.76.467). The Management Company and the Funds have been duly authorized by the CSSF (Commission de Surveillance du Secteur Financier) in Luxembourg. MFS Meridian Funds may be registered for sale in other jurisdictions or otherwise offered where registration is not required. MFS Meridian Funds are not available for sale in the United States or Canada or to US persons. Unless otherwise indicated, logos, product and service names are trademarks of MFS and its affiliates and may be registered in certain countries. MFS Investment Management Company (Lux) S.à.r.l. This material is for use only in North America, South America and Central America. FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. 44599

31 THANK YOU FOR OPENING YOUR DOOR TO US

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32 ASSET MANAGER’S GUIDE

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33 COMPANY INFORMATION

Corporate Office – Americas

Morgan Stanley Investment Management (MSIM) 522 5th Avenue, New York, NY 10036

Telephone +1 305 533-5410

Email [email protected]

Web morganstanley.com/im

EXPERTISE ACROSS PUBLIC investment styles and asset medium-to long-term; create AND PRIVATE MARKETS classes, including equity, a competitive advantage fixed income, alternatives through diversification1, high For more than 40 years and private markets. More quality and, above all, high Morgan Stanley Investment than 20 investment teams convictions. Today, more Management (MSIM) has are organized by capability: than ever it is essential to provided client-centric Solutions & Multi-Asset, Real focus on strategies able to investment and risk- Assets, Active Fundamental generate alpha across all management solutions to Equity, Private Credit & Equity, asset classes and market a wide range of investors Global Fixed Income and cycles. We believe active and institutions. Our clients Global Liquidity. management significantly include corporations, pension improves our ability to meet plans, intermediaries, BORN TO BE ACTIVE: ACTIVE our risk objectives by seeking sovereign wealth funds, MANAGEMENT IS IN OUR to reduce volatility in the central banks, endowments DNA downturns. and foundations, governments and consultant We are entering a new partners worldwide. era for investments and Investment strategies span believe that only truly the risk/ return spectrum active managers will be able across geographies, to generate alpha in the

1. Diversification does not eliminate the risk of loss. 2. As of September 30, 2019. AUM figures within each business line may not sum to total AUM due to rounding. Fund of Fund assets represent assets under management and assets under supervision. Direct private investing assets represents the basis on which the firm earns management fees, not the market value of the assets owned. This general communication, which is not impartial, is for informational and educational purposes only, not a recommendation. Information does not address financial objectives, situation or specific needs of individual investors.

Morgan Stanley Investment Management (MSIM) is the asset management division of Morgan Stanley. A separately managed account may not be suitable for all investors. Please consider the investment objectives, risks and fees of the Strategy carefully before investing. A minimum asset level is required. For important information about the investment manager, please refer to Form ADV Part 2.

© 2019 Morgan Stanley. All rights reserved.

34 ASSET MANAGER’S GUIDE

$173B GLOBAL LIQUIDITY $71B SOLUTIONS & MULTI-ASSET

• Money Markets • Portfolio Solutions • Ultra-Short Income • Global Multi-Asset • Hedge Fund Solutions • Managed Futures $74B GLOBAL FIXED INCOME • Applied Equity Advisors • U.S. Fixed Income Total AUM 2 • Global Fixed Income $48B REAL ASSETS • Emerging Markets Debt • European Fixed Income $507B • Listed Real Assets • Private Real Estate • Private Real Estate Credit $16B PRIVATE CREDIT & EQUITY • Private Infrastructure • U.S. Private Equity • Asia Private Equity $126B ACTIVE FUNDAMENTAL EQUITY • U.S. Growth Private Equity • U.S. Energy Private Equity • International Equity • Private Opportunistic Investing • Counterpoint Global • U.S. Private Credit • Global Emerging Markets • AIP Private Markets • European Equity

MSIM LATIN AMERICA AND U.S. OFFSHORE DISTRIBUTION TEAM

Carlos Andrade Managing Director, Head of Latin America and U.S. Offshore Sales +1 305 533-5320 [email protected]

Lindsay Rosbrook Executive Director +1 305 533-5410 [email protected]

Victor Arakaki Vice President +55 11 3048-6634 [email protected]

Serafino Bueti Vice President +1 212 296 0665 [email protected]

35 COMPANY INFORMATION

Head office

Muzinich & Co 450 Park Avenue New York, NY 10022, USA Managing Director

Iberia y Latam

Telephone + 34 91 084 8895 Rafael Ximénez de Embún Email [email protected]

Web www.muzinich.com

OUR HISTORY Muzinich UCITS Funds* Muzinich & Co is a privately- owned investment firm Muzinich Enhancedyield Short-Term specializing in public and Muzinich Emerging Markets Short Duration private corporate credit. Our philosophy is focused Muzinich Short Duration High Yield on capital preservation, and we aim to deliver consistent Muzinich Europeyield risk-adjusted returns and to Muzinich Americayield minimize downfalls in volatile market environments. The Muzinich Global High Yield company was founded by George Muzinich in New York Muzinich Global Tactical Credit in 1988, and offers solutions aimed to institutional Muzinich Long Short Credit Yield investors through our 11 Muzinich European Credit Alpha offices in 10 countries across the Americas, Europe and Muzinich Bond Yield ESG Asia.

Muzinich Emerging Markets Debt We offer solutions throughout the whole corporate Muzinich Asia Credit Opportunities fixed income range, from investment grade bonds,

*For a full list of available UCITS Funds and materials, please visit www.muzinich.com

36 ASSET MANAGER’S GUIDE

OUR GLOBAL INVESTMENT PLATFORM Global AUM as of September 30th, 2019: $35.1bn

PUBLIC STRATEGIES PRIVATE MARKETS MARKETS

HIGH INVESTMENT ABSOLUTE EMERGING SYNDICA- PRIVATE YIELD GRADE RETURN MARKETS TED LOANS DEBT/BDC US$11.0bn US$14.8bn US$4.3bn US$1.7bn US$1.6bn US$1.7bn

• US • Short • Long/Short • Short • US • Private • Global Duration • European Duration • Europe Debt • Europe • Crossover Alpha • Market • Global • Liquid • Short Short Credit Duration Alternatives Duration Duration • Tactical • Asia • Crossover Credit Credit Market Allocation Duration

high yield, emerging markets, Measured Risk Taking Focus on clients absolute return strategies, to We have a profound Our culture is focused on the syndicated loans and direct awareness of asymmetric relationship with our clients, financing of companies. risk and understand the and transparency is at the importance of stress core of our business. We work We serve our US non- testing and diversification closely with our clients to resident clients through our in preserving and growing create bespoke portfolios that team based in Spain, led by capital. best meet their objectives. Rafael Ximénez de Embún, Managing Director for Iberia Research Analysis Responsible Investment and LatAm. Fundamental bottom-up credit We believe fair and research is at the centre of transparent governance is WHY MUZINICH? our investment process. essential for a company’s long-term success. Our view Investment Conviction Dynamism is that incorporating ESG We have a long and We have the ability to be discussions into our fixed consistent trajectory nimble, innovative, and quick income research process can managing corporate credit. to react in a changing market be advantageous from an Our investment decisions are environment. We manage investment perspective, thus evidence of our conviction in a dynamic portfolios based on benefiting client portfolios. company’s creditworthiness. both fundamental and relative value considerations.

37 COMPANY INFORMATION Corporate Office

888 Boylston Street, Boston, MA 02199 USA US Offshore sales offices: Miami, Houston, New York

Telephone +1 888-449-4947 Executive Managing Director Iberia, Latin America Email [email protected] and US Offshore

Web im.natixis.com/us-offshore Sophie del Campo

POWERED BY ACTIVE THINKING® FACTS & FIGURES

• $1,004.5 billion assets under management1 • 17th largest asset management firm worldwide2 • 20+ independent, affiliated asset managers • 200+ investment strategies

DIVERSE EXPERTISE TO Financial professionals and returns, reduce risk, and TARGET CLIENTS’ DISTINCT institutional clients benefit generate alpha. Tap into GOALS from a range of investment active managers across processes and cultures growth, value or thematic Natixis Investment Managers that make our multi-affiliate equities, flexible fixed income, offers active investment model truly different. This sustainable strategies, solutions from over 20 diverse and unconventional alternatives and private independent asset managers. thinking can help to enhance market investments.

FEATURED STRATEGIES FROM OUR HIGH-CONVICTION ACTIVE MANAGERS:

DNCA Europe Growth Loomis Sayles US Growth Equity H2O MultiAggregate Mirova Global Sustainable Equity Loomis Sayles Global Growth Thematics AI & Robotics Loomis Sayles Multisector Thematics Safety Loomis Sayles Short Term Emerging Markets Bond Thematics Water Loomis Sayles US Core Plus WCM Global Emerging Markets Equity

Before investing, consider the fund’s investment objectives, risks, charges, and expenses. You may obtain a prospectus or a summary prospectus on our website containing this and other information. Read it carefully.

1. as of September 30, 2019. Assets under management (“AUM”), as reported, may include notional assets, assets serviced, gross assets, assets of minority-owned affiliated entities and other types of non-regulatory AUM managed or serviced by firms affiliated with Natixis Investment Managers. 2. Cerulli Quantitative Update: Global Markets 2019 ranked Natixis Investment Managers as the 17th largest asset manager in the world based on assets under management as of December 31, 2018.

38 ASSET MANAGER’S GUIDE

MORE INSIGHTFUL WAYS TO CONSTRUCT PORTFOLIOS

FUELING CONVERSATION. ESG INVESTING FROM • Outcome-Oriented DRIVING IDEAS AND MULTIPLE ANGLES Strategies: Use ESG themes RESULTS. and positive impact to guide Through the expertise of investment selection. The Natixis Investment our affiliated managers, we Institute combines in-house have more than 30 years of ADVANCED ANALYTICS expertise with diverse experience in responsible & ASSET ALLOCATION perspectives of our affiliated investing. ESG considerations EXPERTISE asset managers for a 360° are a powerful lens that we view of markets, asset use to uncover investment Natixis Investment Managers’ allocation trends and investor opportunities and identify risks Solutions team helps financial insight to help inform your – all to help achieve positive professionals respond to decisions. long-term returns for investors. evolving needs with multi- • Portfolio Analysis Reports: • ESG Integration: Include asset investment offerings Insights into Latin American ESG factors in the investment and advisory, structuring & US Offshore advisors’ process to help achieve and fiduciary management asset allocation and portfolio stable risk-adjusted returns services. construction trends. over time. • Customized and off-the- • Global Survey of Investors: • Active Ownership: shelf multi-asset investment Our research captures Incorporate ESG issues into solutions. attitudes, perceptions and our ownership policies and • Robust team of consultants, behaviors of institutional, practices. analysts, and specialists in insurance and financial • Negative/Positive portfolio construction. professionals and individual Screening: Screen securities • Comprehensive Portfolio investors. using ESG or value-based Evaluation based on • Macro and Market Views: criteria. institutional-level, risk- Portfolio-level perspectives focused analytics. are offered by our market strategists.

STRENGTH IN COLLABORATIVE PARTNERSHIPS Our responsive, dedicated bilingual team is focused on partnering with you to find optimal solutions for your clients’ distinct goals.

Rodrigo Núñez Aguilar Head of US Offshore Distribution Pia Sojo & Latin America Key Accounts Managing Regional Director – FL/NY 347-561-0259 617-480-0699 [email protected] [email protected]

Maider Lasarte Gordon Burrow Sales Manager – FL/NY Managing Regional Director – CA/TX 617-650-3209 713-417-6146 [email protected] [email protected]

Provided by Natixis Distribution, L.P., 888 Boylston St., Boston, MA 02199. For U.S. financial advisors who do business with investors who are not U.S. Persons (as that term is used in Regulation S under the Securities Act of 1933) or persons otherwise present in the U.S. It may not be redistributed to U.S. Persons or persons present in the U.S. Natixis Investment Managers includes all of the investment management and distribution entities affiliated with Natixis Distribution, L.P. and Natixis Investment Managers S.A. 2817577.2.1

39 ASSET MANAGER’S GUIDE

ROBECO THORNBURG INVESTMENT 1101 Brickell Ave. MANAGEMENT Suite 1202 2300 North Ridgetop Road Miami, FL 33131 Santa Fe, NM 87506 Tel: +(1) 786 483 2500 +(1) 305 988 6765

Jimmy Ly Vince Leon Executive Director Director Offshore Advisory Channel Head of Sales, Robeco Latam [email protected] & US Offshore [email protected] VANGUARD 100 Vanguard Blvd RWC PARTNERS Malvern, PA 19355 2640 South Bayshore Drive Tel: +(1) 610 503 9893 Suite 201 Miami, FL 33133 Eduardo Mendes Tel: +(1) 305 602 9501 Head of Distribution, South America and US Offshore James Tollemache [email protected] Head of Business Distribution [email protected] VIRTUS INVESTMENT PARTNERS One Financial Plaza Hartford, CT 06103 875 Third Avenue Tel: +(1) 215 208 9926 22nd Floor New York, NY 10022 Lijo John Tel: +(1) 646 747 4849 Managing Director, Distribution Gonzalo Binello [email protected] Head Intermediary Offshore Business [email protected] VONTOBEL 1540 Broadway SEI 18th floor 1 Freedom Valley Drive New York, NY 10036 Oaks, PA 19456 Tel: +(1) 917 453 8876 Tel: +(1) 610 676 2436 Jose Luis Ezcurra Iván Pabón Country Head LatAm & US Offshore Latin America Director Asset Management [email protected] Distribution Michael J. Kearns [email protected] Head of US Offshore Distribution [email protected]

*Distributed by Unicorn Strategic Partners

40 THANKS TO OUR PARTNERS WHO HAVE CONTRIBUTED TO THE SUCCESS OF

PARTICIPANT TM CAPITAL

If you are interested in receiving a complimentary copy of our print magazine and newsletters, please contact us at [email protected]

www.fundssociety.com 3 For Professional Investors and Advisers Only

Company Information COMPANY INFORMATION RWC Miami James Tollemache 2640 South Bayshore Drive Miami Office Head of Sales Suite 201 [email protected] MiamiRWC Miami Florida.264033133 South Bayshore Drive Head of Business Business Development Suite 201 - Miami - Florida. 33133 Distribution T +44 20 7227 6000 Sofia Granai Sofia Granai E [email protected] +1 305 602 9501 JamesBusiness Development Tollemache W www.rwcpartners.com Email [email protected] [email protected]@rwcpartners.com Web www.rwcpartners.com [email protected] At RWC Partners we invest on behalf of our clients with the aim of helping them meet their long-term financial objectives.Assets Under Management* Employees Investment professionals Since19.2 our formation US$ bn in 2000 we have remained157 At the heart of RWC Partners56 are teams of committed to delivering investment experienced investment professionals with management services with the highest levels expertise in specific fields. Our teams are led of skill, integrity and transparency. by people who are distinguished in their AT RWC PARTNERS WE INVEST ON BEHALFchosen area OF and OUR demonstrate CLIENTS a WITH total THE AIM OF WeHELPING feel a strong THEM sense MEET of responsibility THEIR LONG-TERM to commitment FINANCIAL to the responsibilitiesOBJECTIVES. they have provide the highest standards of investment to their clients. management; good value for money; clear informationSince our formation that helps in our 2000 clients understandinformation They that are helps supported our by highlychosen professional area and demonstrate whatwe have we are remained doing; and committed a stable organisation clients understand individuals what and teams whoa recognisetotal commitment that to the thatto delivering is both long investment-term and trustworthy.we are doing;investment and a stablereturns drive RWC’sresponsibilities long-term they have to management services with organisationsustainability. that is both long- their clients. the highest levels of skill, term and trustworthy. integrity and transparency. They are supported by highly We specialise in providing At the heart of RWC Partners professional individuals and Highlighted Strategies strategiesWe feel a strong that are sense not only of are teams of experienced teams who recognise that interestingresponsibility but to appropriate provide investmentGlobal professionals Convertibles with investment returns drive forthe evolvinghighest standardstimes. We of expertise in specific fields. RWC’s long-term sustainability. offerinvestment a distinct management; range of Our teamsEnhanced are led Dividend by people good value for money; clear who are distinguished in their portfolios which allow our Global Emerging Markets Equity clients to invest in developed and emerging European Equity market equities, Highlighted Strategies convertible bonds and US Long/Short Equity income solutions. STRATEGY We specialise in providing strategies that www.rwcpartners.com | E [email protected] | Authorised and regulated by the Financial Conduct Authority are not only interesting but appropriate for Global Convertibles evolving times. We offer a distinct range of Equity Income portfolios which allow our clients to invest in Global Emerging Markets Equity developed and emerging market equities, European Equity convertible bonds and diversified returns. Diversified Return

* AUM as at 31 October 2019

42 ASSET MANAGER’S GUIDE

RWC - Our Purpose Diversified Equity Income RWC Partners is a stable, forward- Return Equity Diversified Income thinking organisation that Return embraces responsible autonomy, freedom, integrity and alignment of interests. We believe that in order Emerging & Global Horizon to deliver the results our clients Frontier Markets Emerging Global Horizon Equity expect we must continuously & Frontier Equity invest in our people, our approach Markets to investing and our infrastructure.

Diverse and evolving investment capabilities European & Convertible UK Equity Our organisation benefits from ConvertibleBonds being both flexible and progressive.Bonds European & We are proactive in our approach UK Equity to technological development Japan Active and innovation, enabling our fund European Engagement managers to consistently provide Active solutions that meet the challenges Japan Active OwnershipEuropean Engagement Active of an ever evolving market place. Ownership

CONTACT US

Please contact us if you have any questions or would like to discuss any of our strategies. E [email protected] W www.rwcpartners.com

RWC London RWC Miami RWC Singapore Head Office 2640 South Bayshore 80 Raffles Place Verde 4th Floor, Drive #22-23 Suite 201 UOB Plaza 2 10 Bressenden Place Miami Singapore 048624 London, SW1E 5DH Florida. 33133 T +65 6812 9540 T +44 20 7227 6000 T +1 305 602 9501

This document is directed only at professional, institutional, wholesale or qualified investors. The services provided by RWC are avai- lable only to such persons. It is not intended for distribution to and should not be relied on by any person who would qualify as a retail or individual investor in any jurisdiction or for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to local law or regulation.

This document has been prepared for general information purposes only and has not been delivered for registration in any jurisdic- tion nor has its content been reviewed or approved by any regulatory authority in any jurisdiction. The information contained herein does not constitute: (i) a binding legal agreement; (ii) legal, regulatory, tax, accounting or other advice; (iii) an offer, recommendation or solicitation to buy or sell shares in any fund, security, commodity, financial instrument or derivative linked to, or otherwise included in a portfolio managed or advised by RWC; or (iv) an offer to enter into any other transaction whatsoever (each a “Transaction”). No representations and/or warranties are made that the information contained herein is either up to date and/or accurate and is not intended to be used or relied upon by any counterparty, investor or any other third party.

RWC uses information from third party vendors, such as statistical and other data, that it believes to be reliable. However, the accura- cy of this data, which may be used to calculate results or otherwise compile data that finds its way over time into RWC research data stored on its systems, is not guaranteed. If such information is not accurate, some of the conclusions reached or statements made may be adversely affected. RWC bears no responsibility for your investment research and/or investment decisions and you should consult your own lawyer, accountant, tax adviser or other professional adviser before entering into any Transaction. Any opinion ex- pressed herein, which may be subjective in nature, may not be shared by all directors, officers, employees, or representatives of RWC and may be subject to change without notice. RWC is not liable for any decisions made or actions or inactions taken by you or others based on the contents of this document and neither RWC nor any of its directors, officers, employees, or representatives (including affiliates) accepts any liability whatsoever for any errors and/or omissions or for any direct, indirect, special, incidental, or conse- quential loss, damages, or expenses of any kind howsoever arising from the use of, or reliance on, any information contained herein

43 COMPANY INFORMATION

Head office

Thornburg Investment Management 2300 North Ridgetop Road Santa Fe, New Mexico 87506 Director, Offshore Advisory Channel Telephone +1 305-988-6765 Vince León Email [email protected]

Web www.thornburg.com

Assets Under Management Employees

42 US$ bn 250

INDEPENDENTLY OWNED AND PRIVATELY HELD SINCE INCEPTION

WHO WE ARE more than what we do. It’s ter job of preserving wealth At Thornburg, we believe that how we do it. for investors through active siloed investment research management. With a strai- leads to market inefficiencies. PEOPLE ghtforward, fundamental We exploit these inefficiencies Our investment team embra- approach, we seek to provide for our clients through a colla- ces a go-anywhere, collabora- clients with attractive returns borative, benchmark-agnostic tive approach when searching and stability of principal. investment process. We over- for opportunities across see diversified investment geographies, sectors, and We launched our first fixed solutions across fixed income, asset classes. income mutual fund in 1984. global equity, and alternatives Since then, we have launched for institutions and financial FIXED INCOME a series of actively managed advisors around the world. For Thornburg was founded on strategies that can be used to nearly four decades, we have the belief that fixed income build a strong foundation for a delivered idiosyncratic alpha managers should do a bet- diversified portfolio. to our clients with innovative investment solutions that are highly active, high conviction, and benchmark agnostic. Investment Professionals 40 Average PM Experience (yrs) 19 HOW WE DO IT When it comes to finding Average Tenure of PMs (yrs) 12 opportunity for clients, it’s

44 ASSET MANAGER’S GUIDE

I

EQUITY This creates the long-term curity selection process. The For decades, we have emplo- conviction necessary for con- strategy draws from diverse yed a bottom-up, fundamental centrated, flexible strategies. perspectives of the entire approach to equity inves- investment team in order to ting. Our investment culture ALTERNATIVES mitigate risk while increasing demands diversity of thought, Our long/short equity strategy the potential for greater rigorous debate and collabo- is a natural extension of our return. ration across asset classes. bottom-up, fundamental se-

Investments carry risks, including possible loss of principal. All data as of 9/30/19

Thornburg’s LEED gold certified headquarters in Santa Fe, New Mexico

45 COMPANY INFORMATION

Corporate Office

1540 Broadway New York, NY 10036

Executive Director Telephone +1 212 804 9417 Country Head LatAm & US Email [email protected] Offshore Jose Luis Ezcurra Web www.vontobel.com/am

US OFFSHORE SALES TEAM* [email protected] MIAMI – David Ayastuy, 801 Brickell Ave, 9th Floor, +1 786 328 6381 NEW YORK – Mike J. Kearns, 136 Madison Ave, 5th Floor, +1 516 350 4460 MONTEVIDEO – Florencia Bunge, Zonamerica, Ruta 8KM 17.5 edF. MI OF. I, + 54 911 3580 4052

ABOUT VONTOBEL ASSET MANAGEMENT

Vontobel Asset Management strategies and solutions co- trends and inefficiencies is an active asset manager vering equities, fixed income for the benefit of our with global reach and a mul- and multi asset class. clients. ti-boutique approach. Each of our boutiques draws on The goal of achieving positive • We pursue investment specialized investment talent, and repeatable performance approaches to protect and a strong performance culture has been fundamental to grow our clients’ assets, and robust risk management. our approach since 1988. A through a robust strate- We help deliver leading-edge strong and stable sharehol- gy construction and the solutions for both institutio- der structure helps facilitate awareness of risks. nal and private clients. our entrepreneurial inde- pendence and can protect • We are convinced that our Our commitment to active the long-term mindset that specialization in clearly management empowers us guides our decision-making. defined investment strate- to invest on the basis of our gies creates added value convictions. We aim to deliver Many of our investment for our clients. value through our diverse professionals are invested and highly specialized teams. in the funds they manage to • We rely on clear responsi- Employing more than 400 help ensure our interests are bilities and small, flexible professionals worldwide – aligned with our investors. teams and see this as the including 160 investment prerequisite for a strong specialists – we operate WHAT SETS US APART? performance culture. across 16 locations including Investing alongside our Switzerland, Europe and the • We believe in active mana- clients makes us partners. U.S. and create investment gement to exploit market

*These individuals are registered with Foreside Financial Group, LLC

46 ASSET MANAGER’S GUIDE

HIGH CONVICTION INVESTMENT BOUTIQUES

BOUTIQUES HIGHLIGHTED STRATEGIES

QUALITY GROWTH BOUTIQUE

Our goal is to deliver to our clients long- • Global Equity term performance driven by stable, high- • Emerging Markets Equity quality underlying earnings growth, paid for at sensible prices. To achieve this, we seek • US Equity to invest in companies with market leading positions and powerful franchises. Our investment team has consistently followed this approach for more than 30 years.

EQUITIES SUSTAINABLE EQUITIES BOUTIQUE

Strategies with emphasis on specific • mtx Sustainable Emerging investment themes including sustainability, Markets Leaders and environmental, social and governance (ESG) factors. • mtx Sustainable Asia Leaders

FIXED INCOME BOUTIQUE

Actively managed fixed-income strategies, • Emerging Markets Corporate global expertise and specific focus on flexi- Bond ble, corporate and emerging market bonds. • Emerging Market Debt Hard Currency • Emerging Markets Blend TWENTYFOUR ASSET MANAGEMENT

FIXED INCOME Highly transparent, actively managed fixed- • Strategic Income income products that generate attractive • Absolute Return Credit risk-adjusted returns, with a strong focus on capital preservation.

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47 ASSET MANAGER’S GUIDE 2020