Guide 2018

ASSET MANAGER’S GUIDE FUNDS SOCIETY’S ASSET MANAGER’S GUIDE AMERICAS NRI.

DIRECTOR: Alicia Jimenez – [email protected] ADVERTISING OPPORTUNITIES: Elena Santiso – [email protected] SUBSCRIPTIONS: Irma Gil – [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 104 Crandon Blvd; Suite 321 A Key Biscyane, FL 33149 +1-786 254-7149

© 2018 Funds Society

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,

Following a very warm response from our readers after last year’s launch of the Funds Society Asset Manager’s Guide NRI, we are now presenting the second edition, working hand in hand with the asset managers who do business in the region.

This industry has gone through important changes in the last twelve months, including several mega-mergers and quite a lot of movement of sales professionals from one firm to another. We have put together a thorough list of almost 60 international asset managers who do bu- siness in the NRI market through their UCITS range of products, and their contacts, to help our readers with a useful tool for their day-to- day business.

We are also presenting additional information from 15 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 INDEX

ABERDEEN STANDARD INVESTMENTS 8 MATTHEWS ASIA 26

AMUNDI PIONEER 10 MFS INTERNATIONAL 28

BLACKROCK 12 M&G INVESTMENTS 30

DOUBLELINE 16 MUZINICH & CO 34

FRANKLIN TEMPLETON 18 NATIXIS GLOBAL ASSET MANAGEMENT 36

GAM 20 ROBECO 38

JANUS HENDERSON 22 RWC PARTNERS 40

JUPITER ASSET MANAGEMENT 24

ABERDEEN STANDARD INVESTMENTS 6

ALLIANCE BERNSTEIN 6

ALLIANZ GI 6

AMUNDI PIONEER 6

AVIVA 6

AXA INVESTMENT MANAGERS 6

BLACKROCK 6

BNY MELLON IM 6

BRANDES INVESTMENTS PARTNERS 6

CALAMOS INVESTMENTS 7

CANDRIAM INVESTORS GROUP 7

CAPITAL STRATEGIES 7

CAPITAL GROUP 7

CARMIGNAC 7

COLUMBIA THREADNEEDLE 7

CULLEN 7

DEUTSCHE ASSET MANAGEMENT 7

DIMENSIONAL FUND ADVISORS 14

DOUBLELINE 14

EATON VANCE 14

EDM DE ROTHSCHILD ASSET MANAGEMENT 14

FRANKLIN TEMPLETON 14

GAM 14

4 GOLDMAN SACHS 14

JANUS HENDERSON 14

INVESTEC ASSET MANAGEMENT 14

J.P. MORGAN ASSET MANAGEMENT 14

JUPITER ASSET MANAGEMENT 14

LA FRANÇAISE 15

LEGG MASON GLOBAL ASSET MANAGEMENT 15

LORD ABBETT 15

MAN GLG 15

MATTHEWS ASIA 15

M&G INVESTMENTS 15

MFS INTERNATIONAL 15

MORGAN STANLEY INVESTMENT MANAGEMENT 15

MUZINICH & CO 32

NATIXIS GLOBAL ASSET MANAGEMENT 32

NEUBERGER BERMAN 32

NN INVESTMENT PARTNERS 32

NUVEEN INVESTMENTS 32

OLD MUTUAL GLOBAL INVESTORS 32

OPPENHEIMERFUNDS 32

PICTET ASSET MANAGEMENT 32

PIMCO 32

PINEBRIDGE INVESTMENTS 33

ROBECO 33

RWC PARTNERS 33

SCHRODERS 33

SEI 33

STRATEGIC INVESTMENTS GROUP 33

STATE STREET GLOBAL ADVISORS 33

THORNBURG INVESTMENT MANAGEMENT 33

UBS GLOBAL ASSET MANAGEMENT 42

VANGUARD 42

VIRTUS INVESTMENT PARTNERS 42

VONTOBEL 42

5 ASSET MANAGER’S GUIDE

ABERDEEN STANDARD AVIVA INVESTORS AMERICAS INVESTMENTS 85 Broad Street 712 Fifth Avenue 27th Floor 51st Floor New York, NY 10004 New York, NY 10019 Tel: +(1) 212 593 5619 Tel: +(1) 212 776 9078 Brian Ward Menno de Vreeze Senior Client Solutions Director Head of Business Development [email protected] International Wealth Management Americas AXA INVESTMENT MANAGERS [email protected] 100 West Putnam Ave 4th Floor ALLIANCE BERNSTEIN Greenwich, CT 06830 US 701 Brickell Avenue Tel: +(1) 203 983 4273 Suite 2240 Miami, FL 33131 James Wallace Tel: +(1) 305 530 6200 Head of US Wholesale Distribution [email protected] Miguel Rozensztroch Senior Managing Director - Head of N.A. BLACKROCK Institutions, South/Central America & NRC Park Avenue Plaza miguel.rozensztroch@ 55 East 52nd Street alliancebernstein.com New York, NY 10055 Tel: +(1) 305 728 1189 Darren Luckfield Managing Director - NRC Division Eduardo Mora [email protected] Head of Offshore Wealth [email protected] ALLIANZ GLOBAL INVESTORS Tel: +(34) 636 571 935 BNY MELLON IM Jose Abascal 45 Marisa Aguilar Madrid 28003 Country Head for Iberia Tel: +(34) 91 744 5801 [email protected] Sasha Evers AMUNDI PIONEER Managing Director Iberia & Latin America 1111 Brickell Avenue [email protected] Suite 1500 Miami, FL 33131 BRANDES INVESTMENTS Tel : +(1) 305 982 1553 PARTNERS Tel: +(34) 91 622 6037 Laura Palmer Head of US Intermediary and Jorge Claveria Offshore Distribution Business Development [email protected] [email protected]

6 CALAMOS INVESTMENTS CARMIGNAC 2020 Calamos Court 1441 Brickell Avenue Naperville IL 60563 Suite 1520 Tel: +(1) 630 955 4899 x 3941 Miami, FL 33149 Tel: +(1) 786 814 5970 Carlos Soriano Investment Consultant - International David Fernández Tavares [email protected] Head of Country US Offshore & Latam [email protected] CANDRIAM INVESTORS GROUP 200 Aldersgate Street (13th floor) COLUMBIA THREADNEEDLE London EC1A 4HD Madrid United Kingdom Tel: +(34) 911 873 102

Keith Dixson Rubén García Head of International Development Head of Iberia & Latam Distribution [email protected] [email protected] T: +(44) 203 053 61 27 M: +(44) 7747 792 596 CULLEN 645 Fifth Avenue CAPITAL STRATEGIES Suite 700 Madrid New York, NY 10022 Tel: +(34) 620 55 72 42 Tel: +(1) 212 644 1800

Jorge Benguria Andrew Prescott US & Latam Advisor [email protected] [email protected] Tel: +(1) 395 798 7979

CAPITAL GROUP Mitchell Rind New York [email protected] Tel: +(1) 646 265 9699 Tel: +(1) 631 807 6428

Jameel Jiwani DEUTSCHE ASSET MANAGEMENT Regional Vice President - Offshote New 600 Brickell Avenue York, Texas and California Suite 2050 [email protected] Miami, FL 33131 Tel: +(1) 305 577 6600 Miami Tel: +(1) 305 202 2913 Jesús Martín del Burgo Head of Institutional Business Latin Luis Arocha America Regional Vice President - Miami and [email protected] Uruguay [email protected]

7 COMPANY INFORMATION

Head office

712 5th Avenue, 51st Floor - New York, NY 10019

Website: aberdeenstandard.com

Chief Executive Officer: Keith Skeoch

Chief Executive Officer: Martin Gilbert

Assets Under Management Investment managers in Clients in

718 US$ bn* 24 offices** 80 countries**

More than 1,000 investment staff **

* As of December 31, 2016 ** As of May 31, 2017

A s a leading global asset manager. Aberdeen Asset changing investment and manager, Aberdeen Standard Management was formed in regulatory landscape. Investments is dedicated 1983 and has grown from a to creating long-term value pioneer investor in Asian and We are high-conviction, for our clients, whose emerging markets into a full- long-term investors who investment needs are at the service investment house. seek to realize the value of center of all we do. We have In 2017, The Standard Life our investments over time. a comprehensive range of Aberdeen group was formed We believe that teamwork investment capabilities, as by the merger of Standard and collaboration between well as the very highest level Life plc and Aberdeen Asset investment managers and of service and support. Management PLC. across asset classes is the key to delivering repeatable, ABOUT US As a world-class investment superior investment Our heritage dates back company, we are committed performance. We are also nearly two centuries. to teamwork and excellence resolute in our commitment Standard Life was founded in everything we do. By to active asset management. in 1825 and has grown combining the talent, through innovation and skills and expertise of We recognize that the diversification. In 1998, around 9,000 people investment landscape Standard Life Investments worldwide, we can deliver can change rapidly and launched as a separate both the innovation and that our clients’ needs are company, rapidly becoming responsiveness needed in continuously evolving. With a leading global asset today’s competitive and fast- our global reach and scale,

IMPORTANT INFORMATION. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS. 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 Asset Management (AAM) does not warrant the accuracy, adequacy 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 advice. Neither AAM 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 8 directly or indirectly as a result of the reader, any person or group of persons acting on any information, opinion or estimate contained in this document. ASSET MANAGER’S GUIDE

Focus Strategies Leveraging this broader perspective, we are able • Emerging Markets • Japanese Equities to make better informed Equities • Emerging Markets Debt decisions. • Emerging Markets • Emerging Markets Smaller Companies Corporate Debt INVESTMENT CAPABILITIES • Asia Pacific Equities • Frontier Bonds With a broad and compelling • Latin American Equities • European High Yield investment proposition, • US. Small Cap Equities Bonds Aberdeen Standard • Indian Equities • Indian Bonds Investments has the depth and scale of investment capabilities to meet the Tier 2 Strategies current and future needs of clients. A full suite of • Frontier Market Equities • Multi-Asset actively managed strategies • Asian Bonds • Private Equity are complemented by quantitative, rules- based approaches that we have the resources placed on undertaking systematically look to and expertise to transform primary, internal research capture or enhance new investment ideas and consideration of the market return. into practical investment fundamentals underlying any solutions that deliver real prospective investment. This We offer solutions in equities, value to clients. emphasis is supported by fixed income, multi-asset, close collaboration between liquidity, quantitative OUR APPROACH different asset classes. investments, private markets, Aberdeen Standard Investment professionals are real estate, client-driven and Investments embraces able to share their insights multi-manager solutions and an active management with colleagues across the private wealth. approach. Our focus is spectrum of asset classes.

ABERDEEN STANDARD INVESTMENTS INTERNATIONAL WEALTH MANAGEMENT TEAM

Menno de Vreeze Head of Business Development, International Wealth Management - Americas Tel: +1 212 776 9078 / Mob: +1 917 856 9116 / [email protected]

Damian Zamudio Senior Business Development Manager, International Wealth Management (New York and Southwest) Tel: +1 212 776 1182 / Mob:+1 619 307 0919 / [email protected]

Paula Ojeda Business Development Associate, International Wealth Management Tel: +1 212 776 1195 / Mob: +1 917 783 2756 / [email protected]

Rebecca Gluck Business Development Analyst, International Wealth Management Tel: +1 212 659 3410 / Mob: +1 347 961 9269 / [email protected]

AAM reserves the right to make changes and corrections to its opinions expressed in this document at any time, without notice. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. You should obtain specific professional advice before making any investment decision. Aberdeen Asset Management (AAM) 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 and should not be considered as an offer, or solicitation, to deal in the shares of any securities or financial instruments. The reader must make his/her own assessment of the relevance, accuracy and adequacy of the information provided and make such independent investigations, as he/she may consider necessary or appropriate for the purpose of such assessment. NOT FOR US INVESTORS 9 Amundi Pioneer Asset Management: Our Dedicated U.S. O shore Team

At Amundi Pioneer, we have an established and sophisticated sales team dedicated to the International or O shore audience, extending into the Americas beyond the domestic United States business. With clients across Latin America, Canada and the Caribbean, the team perfects the essential Global Scope, Local Roots. balance of presenting timely investment solutions and updates, with the highest quality of service and support.

With a physical presence in Miami, Florida since August 2001, the team's collaborative coverage and focus on availability to clients, is truly second-to-none. mundi is Europe’s largest asset manager by assets under management A SALES DESK 1-305-982-1553 and ranks in the top 101 globally. Thanks to the integration of Pioneer Investments, it now manages 1.4 trillion 2 euros of assets across six main EMAIL [email protected] investment hubs3. Amundi o ers its clients in Europe, Asia-Pacifi c, the Middle-East and the Americas a wealth of market expertise and a full range of capabilities across the active, passive and real assets investment universes. Headquartered in Paris, and listed since November 2015, Amundi is the 1st asset manager in Europe by market capitalization 4.

Leveraging the benefi ts of its increased scope and size, Amundi has the ability to o er new and enhanced services and tools to its clients. Thanks to its unique research capabilities and the skills close to 5,000 team members and market experts based in 37 countries, Amundi provides retail, institutional and corporate clients with Unless otherwise stated all information and views expressed are those of Amundi Pioneer as at December 1, 2017. These views are subject to change at any time based on market and other conditions and there can be no assurances that countries, markets or sectors will perform as expected. Investments innovative investment strategies and solutions tailored to their needs, involve certain risks, including political and currency risks. Investment return and principal value may go down as well as up and could result in the loss targeted outcomes and risk profi les. of all capital invested. Amundi Pioneer Distributor, Inc., 60 State Street, Boston, MA 02109 ("APD"), a U.S.-registered broker-dealer, provides marketing services in connection with the distribution of products managed by Amundi Asset Management or its aˆ liates. APD markets these products to fi nancial intermediaries, both within and outside of the U.S. (in jurisdictions where permitted to do so) for sale to clients who are not United States persons. 1ŠSource IPE “Top 400 asset managers” published in June 2017 and based on AUM as of end December 2016. 2ŠAmundi fi gures as of September 30, 2017 Amundi Pioneer Asset Management: 3 ŠInvestment hubs: Boston, Dublin, London, Milan, Paris and Tokyo Our Dedicated U.S. O shore Team 4ŠBased on market capitalization as of September 30, 2017

At Amundi Pioneer, we have an established and sophisticated sales team dedicated to the International or O shore audience, extending into the Americas beyond the domestic United States business. With clients across Latin America, Canada and the Caribbean, the team perfects the essential Global Scope, Local Roots. balance of presenting timely investment solutions and updates, with the highest quality of service and support.

With a physical presence in Miami, Florida since August 2001, the team's collaborative coverage and focus on availability to clients, is truly second-to-none.

mundi is Europe’s largest asset manager by assets under management A SALES DESK 1-305-982-1553 and ranks in the top 101 globally. Thanks to the integration of Pioneer Investments, it now manages 1.4 trillion 2 euros of assets across six main EMAIL [email protected] investment hubs3. Amundi o ers its clients in Europe, Asia-Pacifi c, the Middle-East and the Americas a wealth of market expertise and a full range of capabilities across the active, passive and real assets investment universes. Headquartered in Paris, and listed since November 2015, Amundi is the 1st asset manager in Europe by market capitalization 4.

Leveraging the benefi ts of its increased scope and size, Amundi has the ability to o er new and enhanced services and tools to its clients. Thanks to its unique research capabilities and the skills close to 5,000 team members and market experts based in 37 countries, Amundi provides retail, institutional and corporate clients with Unless otherwise stated all information and views expressed are those of Amundi Pioneer as at December 1, 2017. These views are subject to change at any time based on market and other conditions and there can be no assurances that countries, markets or sectors will perform as expected. Investments innovative investment strategies and solutions tailored to their needs, involve certain risks, including political and currency risks. Investment return and principal value may go down as well as up and could result in the loss targeted outcomes and risk profi les. of all capital invested. Amundi Pioneer Distributor, Inc., 60 State Street, Boston, MA 02109 ("APD"), a U.S.-registered broker-dealer, provides marketing services in connection with the distribution of products managed by Amundi Asset Management or its aˆ liates. APD markets these products to fi nancial intermediaries, both within and outside of the U.S. (in jurisdictions where permitted to do so) for sale to clients who are not United States persons. 1ŠSource IPE “Top 400 asset managers” published in June 2017 and based on AUM as of end December 2016. 2ŠAmundi fi gures as of September 30, 2017 3ŠInvestment hubs: Boston, Dublin, London, Milan, Paris and Tokyo 4ŠBased on market capitalization as of September 30, 2017

10 ASSET MANAGER’S GUIDE Amundi Pioneer Asset Management: Our Dedicated U.S. O shore Team Amundi Pioneer Asset Management: Our Dedicated U.S. O shore Team

At Amundi Pioneer, we have an established and sophisticated sales team dedicated to the International or O shore audience, extending into the AtAmericas Amundi beyond Pioneer, the we domestic have an establishedUnited States and business. sophisticated With clients sales teamacross dedicatedLatin America, to the Canada International and the or Caribbean, O shore audience,the team perfectsextending the into essential the Global Scope, Local Roots. Americasbalance of beyond presenting the domestictimely investment United States solutions business. and updates, With clients with across the Latinhighest America, quality Canadaof service and and the support. Caribbean, the team perfects the essential Global Scope, Local Roots. balance of presenting timely investment solutions and updates, with the highestWith a physical quality of presence service andin Miami, support. Florida since August 2001, the team's collaborative coverage and focus on availability to clients, is truly Withsecond-to-none. a physical presence in Miami, Florida since August 2001, the team's collaborative coverage and focus on availability to clients, is truly mundi is Europe’s largest asset manager by assets under management second-to-none. A SALES DESK 1-305-982-1553 and ranks in the top 101 globally. Thanks to the integration of Pioneer 2 EMAIL [email protected] Investments,Amundi is Europe’sit now manages largest 1.4asset trillion manager euros by of assets assets under across management six main 3 SALES DESK 1-305-982-1553 investmentand ranks in hubs the top. Amundi 101 globally. o ers Thanksits clients to thein Europe, integration Asia-Pacifi of Pioneer c, the Middle-EastInvestments, and it now the manages Americas 1.4 a wealthtrillion 2of euros market of assetsexpertise across and six a full main EMAIL [email protected] rangeinvestment of capabilities hubs3. Amundi across o the ers active, its clients passive in Europe, and real Asia-Pacifi assets investment c, the Middle-Eastuniverses. Headquartered and the Americas in Paris, a wealth and listed of market since expertise November and 2015, a full 4 rangeAmundi is of capabilities the 1st asset across manager the active, in Europe passive by market and real capitalization assets investment. universes. Headquartered in Paris, and listed since November 2015, Amundi isLeveraging the the 1st benefi asset ts manager of its increased in Europe scope by marketand size, capitalization Amundi has4 . the ability to o er new and enhanced services and tools to its clients. LeveragingThanks to its the unique benefi research ts of its increasedcapabilities scope and theand skills size, closeAmundi to has the5,000 team ability to members o er new and and market enhanced experts services based and in tools37 countries, to its clients. Amundi provides retail, institutional and corporate clients with Unless otherwise stated all information and views expressed are those of Amundi Pioneer as at December 1, 2017. These views are subject to change at Thanks to its unique research capabilities and the skills close to any time based on market and other conditions and there can be no assurances that countries, markets or sectors will perform as expected. Investments 5,000 teaminnovative investment members andstrategies market and experts solutions based tailored in 37 countries, to their needs, involve certain risks, including political and currency risks. Investment return and principal value may go down as well as up and could result in the loss of all capital invested. Amundi providestargeted outcomes retail, institutional and risk profi les. and corporate clients with Unless otherwise stated all information and views expressed are those of Amundi Pioneer as at December 1, 2017. These views are subject to change at any time based on market and other conditions and there can be no assurances that countries, markets or sectors will perform as expected. Investments innovative investment strategies and solutions tailored to their needs, Amundi Pioneer Distributor, Inc., 60 State Street, Boston, MA 02109 ("APD"), a U.S.-registered broker-dealer, provides marketing services in connection withinvolve the certain distribution risks, includingof products political managed and bycurrency Amundi risks. Asset Investment Management return or and its aˆ principal liates. APDvalue markets may go these down products as well as to upfi nancial and could intermediaries, result in the both loss targeted outcomes and risk profi les. withinof all capital and outside invested. of the U.S. (in jurisdictions where permitted to do so) for sale to clients who are not United States persons. 1ŠSource IPE “Top 400 asset managers” published in June 2017 and based on AUM as of end December 2016. Amundi Pioneer Distributor, Inc., 60 State Street, Boston, MA 02109 ("APD"), a U.S.-registered broker-dealer, provides marketing services in connection 2ŠAmundi fi gures as of September 30, 2017 with the distribution of products managed by Amundi Asset Management or its aˆ liates. APD markets these products to fi nancial intermediaries, both 3ŠInvestment hubs: Boston, Dublin, London, Milan, Paris and Tokyo within and outside of the U.S. (in jurisdictions where permitted to do so) for sale to clients who are not United States persons. 4 1ŠSourceŠBased onIPE market “Top 400 capitalization asset managers” as of Septemberpublished in 30, June 2017 2017 and based on AUM as of end December 2016. 2ŠAmundi fi gures as of September 30, 2017 3ŠInvestment hubs: Boston, Dublin, London, Milan, Paris and Tokyo 4ŠBased on market capitalization as of September 30, 2017

11 COMPANY INFORMATION

Founded: 1988

Locations in Latin America & Iberia: Brazil, Chile, Colombia, Peru, Spain, Portugal, US (Miami & NYC), Mexico

Website: www.blackrock.com/latamiberia

BlackRock CEO: Larry Fink

Head of the BlackRock Latin America & Iberia: Armando Senra

Assets Under Management (as of September 30, 2017) * 5.98 US$ trillion

ABOUT INVESTMENTS ETF platform, the EII platform BlackRock is trusted to At BlackRock, we look to helps investors build better manage more money than understand the outcome portfolios with the industry’s any other investment firm each client is looking to leading suite of index with $5.98* trillion assets achieve with a strong focus on investment tools. These index under management. performance. Our investment investment tools are delivered BlackRock is a global leader in platform consists of: across all asset classes and investment management, risk investment forms including managememnt and advisory Mutual Funds collective funds, separate services in more than 30 Led by our renowned team of accounts, index funds and countries across the globe Portfolio Managers, our mutual ETFs. with a singlular fiduciary goal fund platform provides access of helping clients to meet to one of the globe’s largest Alternative Investments their goals and overcome offerings of investments At BlackRock, our longstanding investment challenges. Our abroad. These capabilities experience in alternative dedicated team across Latin are found across our equity investing and breadth of America & Iberia have built platform ($3.17tr*), the fixed solutions can help investors trusted relationships with income platform ($1.79tr*) as meet desired goals. BlackRock industry leaders, financial well as BlackRock’s growing Alternatives manages roughly institutions, governments and multi-asset platform $131bn* client assets globally. private clients, demonstrating ($457bn*). BlackRock’s platform ranges our commitment to the region. across: Hedge Funds with We have 150+ employees ETF and Index access to BlackRock Hedge based in the region across 9 Investments (EII) Funds and BlackRock Hedge offices. Built from the union of our Fund Solutions; Private Credit Beta Strategies and iShares with access to opportunistic,

© 2017 BlackRock. All Rights Reserved 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 the Bolsa Mexicana de Valores. The securities regulators of any country within Latin America have not confirmed the accuracy of any information contained herein. No information discussed herein can be provided to the general public in Latin America. The contents of this material are strictly confidential and must not be passed to any third party. BlackRock® is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respec- 12 tive owners. BlackRock Global Funds (BGF) is an open-ended investment company established and domiciled in Luxembourg which is available for sale in certain jurisdictions ASSET MANAGER’S GUIDE

Focus Active Strategies

Flexible Fixed Income Managed Accounts BGF Fixed Income Global Opportunities Fund Our separately managed accounts (SMAs) are the Multi- Asset BGF Global Multi Asset Income Fund investment vehicle of choice among high net EMD Suite worth individuals seeking BGF EM Local Currency Bond Fund sophisticated investment BGF EM Bond Fund solutions and direct BSF EM Flexi Dynamic Bond Fund ownership of securities in their Equity Income accounts. BGF Global Equity Income Hedge Fund Multi-Manager ADVISORY BSF Multi-Manager Alternatives Fund Our dedicated team of Focus Passive Strategies BlackRock consultants provide clients with premium Fixed Income ETFs access to comprehensive, Core ETFs objective, institutional-caliber Smart Beta ETFs portfolio and investment UCITS ETFs expertise, powered through our Aladdin® technology.

distressed and middle market multi-asset investment RISK MANAGEMENT debt; Private Equity with strategies that can help Risk management is the access to solutions such as you scale your practice founding principal of our fund of funds, co-investments, and address client goals, firm. The Aladdin® platform secondaries and custom all through leveraging combines sophisticated risk solutions; Real Assets with BlackRock’s portfolio analytics with comprehensive access to real estate solutions construction expertise. portfolio management, trading as well as Infrastructure Through Model Portfolios, and operations tools on a solutions. BlackRock delivers world- single platform to power class investment research, informed decision-making, Model Portfolios portfolio construction, in effective risk management, BlackRock’s Model Portfolios addition to unique risk efficient trading and Platform aims to provide analytics and technology. operational scale.

BLACKROCK OFFSHORE TEAM

Head of Wealth Distribution for Latin America & Iberia: Ivan Pascual

Home Office & Key Accounts Northeast • Eduardo Mora • Aiviel Sanchez [email protected] [email protected]

Miami & Caribbean West Coast • Jordie Olivella • Manolo Seidner [email protected] [email protected]

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

*Source: BlackRock Earnings Release. Figures as of September 30, 2017. only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. BlackRock Management (UK) Limited is the UK distributor principal of BGF. The fund(s) invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares. The fund(s) may invest in structured credit products such as asset backed securities (‘ABS’) which pool together mortgages and other debts into single or multiple series credit products which are then passed on to investors, normally in return for interest payments based on the cash flows from the underlying assets. The fund(s) may invest a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. Compared to more established economies, the value of investments in developing Emerging Markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. The BlackRock Strategic Funds (BSF) Multi-Manager Alternative Strategies Fund is domiciled in Luxembourg. The Prospectus, Key Investor Information Document, the Articles of Incorporation, the latest and any previous annual and semi-annual reports are available free of charge from the Swiss Representative. Investors should read the fund specific risks in the Key Investor Information Document and the Prospectus. 323087 13 ASSET MANAGER’S GUIDE

DIMENSIONAL FUND ADVISORS Carmen van Roon Pence, CAIA Palisades West, 6300 Bee Cave Road Director - Intermediary Sales Building One [email protected] Austin, TX 78746 Tel: +(1) 512 306 5917 GOLDMAN SACHS Madrid Cato Felan Tel: +(34) 91 700 6000 Regional Director - Offshore [email protected] Lucia Catalán Head of Iberia & Latin America Third Party DOUBLELINE Distribution 333 South Grand Avenue [email protected] 18th Floor Los Angeles, CA USA JANUS HENDERSON Tel: +(1) 646 675 3042 London Tel: +(44) 207 818 6458 Joel Peña US Offshore & Latin America Ignacio De La Maza [email protected] Head of Continental Europe Wholesale & Latam EATON VANCE [email protected] Two International Place Boston, MA 02110 INVESTEC ASSET MANAGEMENT Tel: +(1) 305 240 1920 666 Fifth Avenue 37th Floor Juan Garcia New York, NY 10103 Associate Regional Sales Representative Tel: +(1) 917 206 5179 Offshore Specialist [email protected] Richard Garland Managing Director, Global Advisor FRANKLIN TEMPLETON [email protected] One Franklin Parkway Building 970, 1st Floor J.P. MORGAN ASSET San Mateo, CA 94403 MANAGEMENT Tel: +(1) 800 239-3894 1450 Brickell Avenue 33th Floor Shane Cunningham Miami, FL 33131 National Sales Manager US Offshore Sales Tel: +(1) (305) 742 3088 [email protected] John H. Oestreicher GAM Executive Director One Rockefeller Plaza [email protected] 21st Floor New York, NY 10020 JUPITER ASSET MANAGEMENT* Tel: +(1) 212 407 4610 1111 Brickell Avenue - Suite 1127 Miami, FL 33131 Tel: +(1) 917 453 8876

14 Matteo Dante Perruccio Gadi Slamovitz Head of Global Key Clients and Head of Managing Director, Latin America Latam [email protected] [email protected] MATTHEWS ASIA Michael J. Kearns 4 Embarcadero Center Head of US Offshore Distribution Suite 550 [email protected] San Francisco CA 94111 Tel: +(1) 415 954 4510 *distributed by Unicorn Strategic Partners Kate Hitchings Ahalt LA FRANÇAISE Head of Global Client Relationship 26 Calle Joaquin Costa Management 28002 Madrid [email protected] Tel: +(34) 91 76 97 902 M&G INVESTMENTS Gerardo Duplat Madrid Head of Business Development Iberia +34 672 796 208 & Latin America [email protected] Luis Solorzano Business Development Manager - LatAm LEGG MASON GLOBAL ASSET [email protected] MANAGEMENT 1395 Brickell Ave MFS INTERNATIONAL Suite 1550 Miami Miami, FL 33131 801 Brickell Ave Tel: +(1) 305 529 4415 9th floor, suites 931&932 Tel: +(1) 305 987 0054 Lars Jensen Regional Director Americas International Jose Corena [email protected] Managing Director Americas [email protected] LORD ABBETT 90 Hudson Street MORGAN STANLEY INVESTMENT Jersey City, NJ 07302-3973 MANAGEMENT Tel: +(1) 201 827 4266 200 South Biscayne Blvd 51st Floor Martin Hofstadter Miami, FL 33131 Director US Offshore - The Americas Tel: +(1) 305 533 5320 [email protected] Carlos Andrade MAN GLG Head of Latin America and US Offshore London / Montevideo Distribution Riverbank House, 2 Swan Lane [email protected] EC4R 3AD | London Tel. +(44) 207 144 3377

15 Los Angeles Office: DoubleLine is an independent, employee owned money U.S. $118bn Performance of select US equities indices. 5 Sectors not in Shiller Barclays management firm headquartered in Los Angeles County, invested Shiller Barclays CAPE® US Core 333 South Grand Avenue CAPE® US Core Sector Gross TR S&P 500 TR Sector Gross TR USD Index NoC AUM as of USD Index NoC 18th Floor across a wide range of strategies managed by an experienced team of Mean Return 13.45% 9.26% 10.80% Geometric Return 9.47% portfolio managers that have worked together for over fifteen years. 12.65% 7.64% Los Angeles, CA 30/11/17 Standard Deviation 17.52% 19.48% 18.71% Sharpe Ratio 0.69 0.41 0.51 $8.00 We believe that the longer a team has worked together, the more the 207 employees 2017

) Shiller Barclays CAPE® US Core Sector Gross TR USD Index NoC

philosophy and process are ingrained in their thinking. l e 30 ,

a r

S c 5 Sectors not in CAPE® TR

Our investment team has won g

including o L ( te mb e S&P 500 TR p numerous awards: r DoubleLine manages a wide array of strategies: Equities, Fixed Income, e - S ll a D o

84 investment 1

Commodities and multi-asset strategies available through different f 2002

o

Awarded “Bond Manager of the 3 , h

t r

investment vehicles. https://doubleline.com/strategy-matrix professionals w

Year” by Foundations & o G r

Endowments Money te mb e p e Management1 in 2011 S

DoubleLine Capital named Risk $0.80 Magazine’s “Asset Manager of Our UCITS offerings include Shiller Enhanced CAPE® strategy, as well the Year”2 in 2015 as the DoubleLine Short Duration strategy.

DoubleLine Capital was named For more information please email [email protected] Risk Magazine’s “Institutional The DoubleLine Short The DoubleLine Shiller Investor of the Year” Shiller Duration UCITS seeks income Enhanced CAPE® UCITS Enhanced CAPE® in 20163 with reduced volatility, incorporating uses the Cyclically Adjusted DoubleLine Founder, Jeffrey active asset allocation across fixed Price-to-Earnings (CAPE) ratio Gundlach named: income sectors using short duration developed by Dr. Robert Shiller. The securities, including a mix of fixed and primary generator of potential return Bloomberg Market’s magazine floating rate products while will be the value approach to “50 Most Influential” in 2012, 2015 and 20164 maintaining a balance between credit large-cap stocks, implemented via the and interest rate risk. The fund invests Shiller Barclays CAPE® U.S. Core Forbes “Most Powerful People” primarily in U.S. Governments, Sector Net ER USD Index in 20145 Jeffrey E. Gundlach Jeffrey Sherman CEO & CIO Deputy CIO Agency and Non-Agency (the “CAPE” Index)6. The strategy will mortgage-backed securities, also aim to earn return from the fixed commercial MBS, Corporate debt, income collateral which looks to Barclays Bank PLC and its affiliates ("Barclays") is not the developer or implementer of the DoubleLine 1. Foundations & Endowments 11th Annual Non-Profit DoubleLine Funds (Luxembourg) Shiller Enhanced CAPE ® strategy (the “Strategy”) and Barclays has no responsibilities, obligations or Awards, September 18, 2011 International Fixed Income and outperform cash. This is a “Double duties to investors in the Strategy. The Shiller Barclays CAPE® US Sector ER USD Index (the “Index”) c/o HSBC Bank plc, Luxembourg is a trademark owned by Barclays Bank PLC and licensed for use by DoubleLine. While DoubleLine 2. Risk Magazine, Risk Awards 2015, March 8, 2016 Emerging Markets maintaining a Value” proposition for better may execute transaction(s) with Barclays in or relating to the Strategy or the Index, investors acquire branch (HBEU LXG) interests solely in their account and investors neither acquire any interest in the Strategy or the Index 3. Risk Magazine, "Institutional Investor of the Year: nor enter into any relationship of any kind whatsoever with Barclays upon making an investment. The DoubleLine Capital" May 20, 2016 duration of 0-3 years to mitigate risk-adjusted returns. Attention: Transfer Agency Strategy is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of investing in the Strategy or the use of the Index or any data 4. Bloomberg Markets magazine “Most Influential”, volatility and achieve better risk included therein. Barclays shall not be liable in any way to investors or to other third parties in respect of September 5, 2012, December 4, 2015 and 16, Boulevard d’Avranches the use or accuracy of the Strategy, the Index or any data included therein. September 22, 2016 adjusted returns. L-1160 Luxembourg The Shiller Barclays CAPE® US Index Family (the “Index Family”) has been developed in part by RSBB-I, LLC, the research principal of which is Robert J. Shiller. RSBB-I, LLC is not an investment 5. Forbes Magazine, “The World’s Most Powerful Tel: +352 40 46 46 766 advisor and does not guarantee the accuracy and completeness of the Index Family or any data or People List” November 5, 2014 methodology either included therein or upon which it is based. RSBB-I, LLC shall have no liability for Fax: any errors, omissions or interruptions therein and makes no warranties expressed or implied, as to the 6. If more efficient or cost effective to the Sub-Fund, +352 27 02 53 80 performance or results experienced by any party from the use of any information included therein or the Investment Manager may execute the financial upon which it is based, and expressly disclaims all warranties of the merchantability or fitness for a derivative instrument trades by using excess return Email: transferagency@lu.hsbc.com particular purpose with respect thereto, and shall not be liable for any claims or losses of any nature in versions of the Index which incorporate the doubleline.com/shiller-enhanced-cape/ connection with the use of such information, including but not limited to, lost profits or punitive or financing component of the index replication [email protected] consequential damages even, if RSBB-I, LLC is advised of the possibility of same. transactions. doublelineucits.com/ ASSET MANAGER’S GUIDE

Los Angeles Office: DoubleLine is an independent, employee owned money U.S. $118bn Performance of select US equities indices. 5 Sectors not in Shiller Barclays management firm headquartered in Los Angeles County, invested Shiller Barclays CAPE® US Core 333 South Grand Avenue CAPE® US Core Sector Gross TR S&P 500 TR Sector Gross TR USD Index NoC AUM as of USD Index NoC 18th Floor across a wide range of strategies managed by an experienced team of Mean Return 13.45% 9.26% 10.80% Geometric Return 9.47% portfolio managers that have worked together for over fifteen years. 12.65% 7.64% Los Angeles, CA 30/11/17 Standard Deviation 17.52% 19.48% 18.71% Sharpe Ratio 0.69 0.41 0.51 $8.00 We believe that the longer a team has worked together, the more the 207 employees 2017

) Shiller Barclays CAPE® US Core Sector Gross TR USD Index NoC

philosophy and process are ingrained in their thinking. l e 30 ,

a r

S c 5 Sectors not in CAPE® TR

Our investment team has won g

including o L ( te mb e S&P 500 TR p numerous awards: r DoubleLine manages a wide array of strategies: Equities, Fixed Income, e - S ll a D o

84 investment 1

Commodities and multi-asset strategies available through different f 2002

o

Awarded “Bond Manager of the 3 , h

t r investment vehicles. https://doubleline.com/strategy-matrix professionals w

Year” by Foundations & o G r

Endowments Money te mb e p e Management1 in 2011 S

DoubleLine Capital named Risk $0.80 Magazine’s “Asset Manager of Our UCITS offerings include Shiller Enhanced CAPE® strategy, as well the Year”2 in 2015 as the DoubleLine Short Duration strategy.

DoubleLine Capital was named For more information please email [email protected] Risk Magazine’s “Institutional The DoubleLine Short The DoubleLine Shiller Investor of the Year” Shiller Duration UCITS seeks income Enhanced CAPE® UCITS Enhanced CAPE® in 20163 with reduced volatility, incorporating uses the Cyclically Adjusted DoubleLine Founder, Jeffrey active asset allocation across fixed Price-to-Earnings (CAPE) ratio Gundlach named: income sectors using short duration developed by Dr. Robert Shiller. The securities, including a mix of fixed and primary generator of potential return Bloomberg Market’s magazine floating rate products while will be the value approach to “50 Most Influential” in 2012, 2015 and 20164 maintaining a balance between credit large-cap stocks, implemented via the and interest rate risk. The fund invests Shiller Barclays CAPE® U.S. Core Forbes “Most Powerful People” primarily in U.S. Governments, Sector Net ER USD Index in 20145 Jeffrey E. Gundlach Jeffrey Sherman CEO & CIO Deputy CIO Agency and Non-Agency (the “CAPE” Index)6. The strategy will mortgage-backed securities, also aim to earn return from the fixed commercial MBS, Corporate debt, income collateral which looks to Barclays Bank PLC and its affiliates ("Barclays") is not the developer or implementer of the DoubleLine 1. Foundations & Endowments 11th Annual Non-Profit DoubleLine Funds (Luxembourg) Shiller Enhanced CAPE ® strategy (the “Strategy”) and Barclays has no responsibilities, obligations or Awards, September 18, 2011 International Fixed Income and outperform cash. This is a “Double duties to investors in the Strategy. The Shiller Barclays CAPE® US Sector ER USD Index (the “Index”) c/o HSBC Bank plc, Luxembourg is a trademark owned by Barclays Bank PLC and licensed for use by DoubleLine. While DoubleLine 2. Risk Magazine, Risk Awards 2015, March 8, 2016 Emerging Markets maintaining a Value” proposition for better may execute transaction(s) with Barclays in or relating to the Strategy or the Index, investors acquire branch (HBEU LXG) interests solely in their account and investors neither acquire any interest in the Strategy or the Index 3. Risk Magazine, "Institutional Investor of the Year: nor enter into any relationship of any kind whatsoever with Barclays upon making an investment. The DoubleLine Capital" May 20, 2016 duration of 0-3 years to mitigate risk-adjusted returns. Attention: Transfer Agency Strategy is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of investing in the Strategy or the use of the Index or any data 4. Bloomberg Markets magazine “Most Influential”, volatility and achieve better risk included therein. Barclays shall not be liable in any way to investors or to other third parties in respect of September 5, 2012, December 4, 2015 and 16, Boulevard d’Avranches the use or accuracy of the Strategy, the Index or any data included therein. September 22, 2016 adjusted returns. L-1160 Luxembourg The Shiller Barclays CAPE® US Index Family (the “Index Family”) has been developed in part by RSBB-I, LLC, the research principal of which is Robert J. Shiller. RSBB-I, LLC is not an investment 5. Forbes Magazine, “The World’s Most Powerful Tel: +352 40 46 46 766 advisor and does not guarantee the accuracy and completeness of the Index Family or any data or People List” November 5, 2014 methodology either included therein or upon which it is based. RSBB-I, LLC shall have no liability for Fax: any errors, omissions or interruptions therein and makes no warranties expressed or implied, as to the 6. If more efficient or cost effective to the Sub-Fund, +352 27 02 53 80 performance or results experienced by any party from the use of any information included therein or the Investment Manager may execute the financial upon which it is based, and expressly disclaims all warranties of the merchantability or fitness for a derivative instrument trades by using excess return Email: [email protected] particular purpose with respect thereto, and shall not be liable for any claims or losses of any nature in versions of the Index which incorporate the doubleline.com/shiller-enhanced-cape/ connection with the use of such information, including but not limited to, lost profits or punitive or financing component of the index replication [email protected] consequential damages even, if RSBB-I, LLC is advised of the possibility of same. transactions. doublelineucits.com/ 17 COMPANY INFORMATION

Corporate Office

Franklin Templeton Investments One Franklin Parkway Shane Cunningham Building 970, 1st Floor - San Mateo, CA 94403 Senior Vice President National Sales Manager Telephone (800) 239-3894 US Offshore Sales

Web www.franklinresources.com

Investment professionals1 Assets Under Management2 Countries with offices3

650+ 750.7 US$ bn 33

S ince 1947, our firm LOCAL INVESTMENT first South America office has been dedicated to CAPABILITIES in Buenos Aires, Argentina delivering exceptional Franklin Templeton in 1995. Since that time, asset management for our Investments has a long offices based in Sao Paulo, institutional, retail, and high- history of investing in Latin Brazil (1997) and Mexico City, net-worth clients. By bringing America going back to the Mexico (2005) opened. Early together multiple, world- mid-1980’s and opened its in 2000, Americas Offshore class investment teams in a single firm, we’re able to offer specialized expertise across Highlighted Strategies a full range of asset classes, supported by the strength STRATEGY CATEGORY and resources of one of the world’s largest asset Templeton Global Bond Fund Global Fixed Income managers. This has helped Templeton Emerging us become a trusted partner Markets Bond Fund Emerging Markets Fixed Income to financial advisors and Franklin U.S. Opportunities Fund U.S. Equity investors across the globe. Templeton EM Smaller GLOBAL PERSPECTIVE Companies Fund Emerging Markets Equity SHAPED BY LOCAL Templeton Emerging EXPERTISE Markets Fund Emerging Markets Equity We leverage the firsthand Franklin Income Fund Hybrid research and insights of more than 650 investment Franklin Global Multi-Asset Income Fund Multi-Asset 1 Professionals around the Templeton Global Income Fund Global Balanced world to give investors’ Franklin Global Convertible Securities Fund Balanced Convertibles access to global opportunities others might miss. Franklin K2 Alternative Strategies Fund Alternatives

18 ASSET MANAGER’S GUIDE

Global Investment Capabilities

EQUITY FIXED INCOME MULTI-ASSET ALTERNATIVES

• Value • Government • Income • Commodities • Deep Value • Municipals • Real Return • Infrastructure • Core Value • Corporate Credit • Balanced/Hybrid • Real Estate • Blend • Bank Loans • Total Return • Hedge Funds • GARP • Securitized • Target Date/Risk • Private Equity • Growth • Multi-Sector • Absolute Return • Convertible • Currencies • Tactical Asset • Sector • Sukuk Allocation • Shariah • Managed Volatility • Smart Beta

expanded into North America We offer a breadth and depth FRANKLIN TEMPLETON with teams based in Saint of investment solutions VALUES Petersburg and Miami, Florida. across all major asset classes Our core values are the and product structures ideas that guide how we do Americas Offshore offices including over 70 Offshore business, how we treat our provide unparalleled support Funds, LAM “Local Asset clients, and how we work with of our distribution partners Management” in 15 Countries each other. across North and South with Brazil and Mexico America. By employing offerings, Institutional, Put Clients First – Build an experienced and ETFs and custom mandates Relationships – Achieve multicultural staff for Fund designed to serve a variety Quality Results and Work With Accounting, Client Services, of client needs and risk Integrity Risk Management, Legal appetites worldwide. Each & Compliance and Sales & of our investment groups These values are instilled in Marketing, we ensure that we follows an independent our 9000+ employees globally continue to meet the diverse and distinct investment and reflect in the trust Clients and changing needs of our philosophy. have placed in us for the last clients in each market. 70 years.

1. As of 30/09/17. Investment professionals include portfolio managers, portfolio managers/analysts, research analysts and traders of Franklin, Templeton, Franklin Mutual Series, and subsidiary investment management groups. 2. As of 31/10/17. 3. As of 30/09/17.

19 COMPANY INFORMATION

GAM USA Inc. Telephone +1 (212) 407 4610 One Rockefeller Plaza, 21st Floor Website www.gam.com New York, NY 10020, USA E-Mail [email protected]

GAM is one of the world’s leading independent, pure-play asset managers. The company provides active investment solutions and products for institutions, financial intermediaries and private investors.

T he core investment investment teams covering an having one of the broadest business is complemented extensive range of investment ranges of investment by private labelling services, styles, asset classes and products in the marketplace. which include management markets. Alternative UCITS, absolute company and other support return products, alternative services to third-party In select areas, we also work forms of fixed income such as institutions. with a small group of carefully catastrophe bonds, specialist chosen external managers. credit and mortgage-backed For over 30 years we have GAM pioneered this open securities continue to be successfully employed architecture approach in a significant focus for our an active investment the 1980s, and it remains organisation. management approach based an important part of our on original thought, freedom investment offering. PRODUCT INNOVATION of action and true conviction We have always placed a investing. COMPREHENSIVE strong emphasis on product PRODUCT RANGE innovation. Our constant INVESTMENT TALENT We employ an active drive to look forward and to Our team includes around 196 investment approach across adapt to the needs of our investment professionals who a full range of investment clients helps us to capitalise focus a large part of their strategies and styles in on our strengths, addressing time on managing assets. all asset classes. GAM is secular industry trends These professionals are also a leading player in the with innovative, appropriate divided into 24 in-house alternative UCITS space, solutions.

20 ASSET MANAGER’S GUIDE

GLOBAL PRESENCE distribution network which As of 30 September 2017, AND REACH includes sales, marketing, we had USD 153.3 billion With over 900 people in 13 product development and of assets under manage- countries, we are a truly product management. ment – USD 81.3 billion global firm in scale and Our investment professio- in our investment mana- resources, yet small enough nals work from the gement business and to remain nimble and flexible global hubs of London, USD 72 billion in private to meet clients’ needs. Cambridge, Zurich, Hong labelling. Kong, New York, Lugano We support our growth and Milan. with an extensive global

BROAD RANGE OF TRADITIONAL AND ABSOLUTE RETURN STRATEGIES

Absolute return Fixed income Equity Alternatives Multi asset Systematic

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

Tomás del Campo Carmen van Roon Pence, CAIA José Pedro Jácome Client Manager Director – Intermediary Sales Client Director T +34 (0) 91 140 0714 T +1 (0) 212 407 4610 T +44 (0) 20 7917 2539 [email protected] [email protected] [email protected]

Carlos Costales Juan Ramón Caridad, CAIA, MFIA Country Head Iberia Country Head Iberia + LatAm + LatAm T +34 (0) 91 140 0717 T +34 (0) 91 140 0715 [email protected] [email protected]

Isabel Navalón Carlos Álvarez García, MFIA Client Support Executive Client Manager T +34 (0) 91 140 0716 T +34 (0) 91 140 0718 [email protected] [email protected]

Important legal information The information in this document is given for information 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 reports and following advice from an independent finance and tax specialist. 21 For Non-US Professionals. Not for onward distribution.

COMPANY INFORMATION

Head office

Janus Henderson Investors 201 Bishopsgate - London - EC2M 3AE Co-Chief Co-Chief United Kingdom Executive Officer Executive Officer Andrew Formica Dick Weil Telephone +1-877-318-0616

Email [email protected]

Web www.janushenderson.com

Janus Henderson Investors exists to help clients achieve their long-term financial goals.

J anus Henderson was for- With investment expertise KEY CAPABILITIES med in 2017 from the merger across most asset classes, Janus Henderson has a broad between Janus Capital Group Janus Henderson offers range of strategies potentia- and Henderson Global In- clients access to all major lly suited to the current and vestors, and is committed to markets around the globe, future appetites of investors. adding value through active with core capabilities in Global These include offerings from management. Active is seen Equities, Quantitative Equi- our well-resourced and award as more than just an invest- ties, Global Fixed Income, winning fixed income teams, ment approach – at Janus Multi-Asset and Alternatives. including Bill Gross, John Henderson it is the way ideas are translated into action, views are communicated Highlighted Strategies and partnerships are built to create the best outcomes for clients. STRATEGY CATEGORY

Janus Henderson offers a Global Unconstrained Bond Fixed Income highly diversified range of Absolute Return Income Fixed Income products, harnessing the inte- Strategic Bond Fixed Income llectual capital of some of the Total Return Bond Fixed Income industry’s most innovative and formative thinkers. The group European/Global High Yield Fixed Income has US$360.5bn in assets un- Emerging Markets Equity Equities der management, more than Global Equities Equities 2,000 employees and offices China Equities Equities in 27 cities worldwide*. Head- Pan European Equity Equities quartered in London, Janus Henderson is an independent Euroland Equity Equities asset manager dual-listed on United Kingdom Absolute Return Alternatives the New York Stock Exchange Balanced Multi Asset and the Australian Securities Exchange.

*Source: Janus Henderson Investors

22 ASSET MANAGER’S GUIDE

Assets diversified across products

Equities...... US$R 182.3bn I Fixed Income...... US$ 79.4bn R Quantitative Equities.....US$ 49.0bn I Multi-Asset...... US$ 30.2bn

Alternatives...... US$ 19.6bn R I

Pattullo, Jenna Barnard, Nick UK Absolute Return strategy. tion, through the investment Maroutsos and Tom Ross. Finally, Janus Henderson’s ex- platform and distribution Fixed income includes flexible, perienced European equities teams. At Janus Henderson, non-benchmark constrained team, led by John Bennett, the belief is that knowledge is strategies as well as popular offers a range of funds to suit powerful when itis shared. high yield, emerging market investors with preferences for credit and European-focu- value or growth and access Sharing knowledge also sed products. In the equities across the market capitalisa- means working with clients space, Janus Henderson has tion spectrum. through long-standing re- a highly regarded Emerging lationships built upon trust. Market Equities team, fo- CLIENT FOCUSED By properly understanding llowing Glen Finegan’s dis- Janus Henderson has a fun- their challenges and evolving tinctive non index approach, damental belief in openness needs, Janus Henderson innovative Global Technology and collaboration – in the seeks to shape products and and Global Life Sciences power of sharing knowledge. services to deliver market-lea- teams, a Global Equities This philosophy is hardwired ding solutions for clients’ franchise and a successful throughout the organisa- futures.

This document is intended solely for the use of professionals, defined as Eligible Counterparties or Professional Clients, and is not for general public dis- tribution. 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. 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 [We may record telephone calls for our mutual protection, to improve customer ser- vice and for regulatory record keeping purposes.]

Janus Henderson Investors is the name under which Janus Capital International Limited (reg no. 3594615), Henderson Global Investors Limited (reg. no. 906355), Henderson Investment Funds Limited (reg. no. 2678531), AlphaGen Capital Limited (reg. no. 962757), and Henderson Equity Partners Limited (reg. no.2606646), (each incorporated and registered in England and Wales with registered office 201 at Bishopsgate, London EC2M 3AE) are authorised and regulated by the Financial Conduct Authority to provide investment products and services.

© 2017, Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global In- vestors (Brand Management) Sarl and Janus International Holding LLC. For Non-US Professionals. Not for onward distribution.

23 JUPITER IN BRIEF: Our business

Jupiter was launched in 1985 and has since become one of the UK’s most respected and successful fund management groups. We focus on delivering outperformance over the medium to long term on behalf of professional investors across a wide range of products including UK and Luxembourg-domiciled mutual funds and segregated mandates. Our core strengths in equity and multi-manager products are complemented by a range of strategies in the multi-asset, fixed income and absolute return sectors.

Source: Jupiter, as at 30.09.17.

OUR COMPETITIVE ADVANTAGE: An unconstrained investment approach

Each manager can invest have short internal lines of our fund managers have as they see fit within the communication. This approach personal investments in constraints of their strategy gives us the necessary their own funds, so their and risk management profile. flexibility to make informed interests are aligned with This means our managers and timely decisions based on our clients. are not constrained by the following core principles: investments committees or An active approach house styles. Individual accountability Our investment process is not While our fund managers run by a committee and there Our investment decisions work together closely, is no house view on markets, are driven by fundamental sharing investment ideas and asset allocation or core lists principles that form the core debating market prospects, of stocks and bonds. We of our investment philosophy. each manager has individual believe that such committee- Our fund management teams responsibility for his or her based approaches can result are small and focused and own portfolio. Many of in investment decisions that

24 ASSET MANAGER’S GUIDE

move towards consensus, A focus on security face-to-face meetings with producing compromises selection the senior management of and mediocre performance. Our efforts are concentrated the companies in which they Instead, our fund managers on understanding certain invest. This enables our have considerable scope key business characteristics managers to work out the to adopt investment positions which are common to upside potential and whether against the prevailing most companies. Our fund a company’s management consensus in the market managers carry out rigorous is capable of successfully in order to seek to achieve research by examining implementing its strategic investment outperformance company reports and news goals. for ourOur clients. investment principlesflow, and many emphasise

Investment philosophy

Unconstrained We believe providing freedom to our talented managers to manage Investing actively provides the best environment for outperformance

Independent No house view, investment committees or buy lists Thinking

Collaborative Cooperation and information exchange between our independent Environment specialist teams

Active A conviction-led approach to investing, focused on alpha generation Management 7012_70559 AN EXCITING NEW CHAPTER JUPITERAM.COM 1 For professional investors only, not for retail investors. Jupiter’s origins are in the UK, but these days we are very much a global company with offices throughout Europe and Asia and growing in the Middle East and Latin America.

With regards to Latin America, including the US non-resident client base, we’re delighted to work with Unicorn Strategic Partners to bring a range of funds to investors who share our goals of delivering medium to long-term outperformance. Our products are available in Latin America on a private placement basis only through Unicorn Strategic Partners.

SALES CONTACTS

DAVID AYASTUY: Managing Partner - Tel: +1 786 328 6381 - [email protected] FLORENCIA BUNGE: Head of Latam Retail - Tel: +549 1135 8040 52 - [email protected] MICHAEL J. KEARNS: Head of US Offshore - Tel: +1 917 453 8876 - [email protected] RUIZ MORENO: Head of Latam Institutional - Tel: +56 9 9837 34 96 - [email protected]

Important Information: This content is for informational purposes only and is not investment advice. Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. Every effort is made to ensure the accuracy of the information but no assurance or warranties are given. Jupiter Asset Mana- gement Limited, registered address: The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ, United Kingdom, is authorised and regulated by the Financial Conduct Authority. No part of this content may be reproduced in any manner without the prior permission of Jupiter Asset Management Limited.

25 COMPANY INFORMATION

Head office

Matthews Asia Headquarters address: Head of Head of Global Four Embarcadero Center, Suite 550 Global Client Business San Francisco, CA 94111 Relationship Development Management Jonathan Kate Hitchings Schuman Telephone +1-415-954-4510 Ahalt

Email [email protected] [email protected] Web matthewsasia.com [email protected]

Matthews Asia is a specialist Asian investment manager. Our mission is to deliver solutions for global investors to participate in the Asian opportunity.

ABOUT MATTHEWS ASIA thinking facilitate our delivery our port¬folios and conduc- of a consistent and distinc- ting in-depth, on-the ground Matthews Asia is an inde- tive value proposition to our fundamen¬tal research to pendent, privately owned clients and partners. identify the most compelling investment manager head- opportunities while minimi- quartered in San Francisco OUR INVESTMENT zing downside risk. This is with subsidiary offices in STRATEGIES how we built our 26-year track London and Hong Kong. record in Asia—and how we Founded in 1991, Matthews Our investment strategies plan to carry our work forward Asia specializes in investing range from country-specific into the next 25 years and in Asia’s equity and fixed to pan-regional solutions that beyond. income markets for institu- provide diverse exposure tions, intermediaries and across styles, sectors, the- WHY MATTHEWS ASIA? retail investors worldwide. For mes and market capitaliza- over 25 years our bottom-up, tion, to capitalize on some of Our people share a set of active investment approach the newest and most promi- important values. Some of has focused on identifying sing long-term opportunities the factors that we believe the most attractive long- we see in the market. differentiate Matthews Asia term growth opportunities in from our peers include: Asia’s diverse markets. Our OUR INVESTMENT portfolios typically feature APPROACH • Focus and Specialization low turnover rates and high Matthews Asia is focused active share, with holdings Rather than passively re- solely on investing in the that differ significantly from lying on either equity or greater Asia Pacific region. their benchmarks. fixed income indices built on historical performance, we • Independence Our long-term perspective seek to generate attractive We are an independent, and culture of independent returns by actively managing privately held company, which

26 ASSET MANAGER’S GUIDE

creates a supportive envi- ronment for the long-term investment horizon that we Strategies for apply to stock selection and portfolio construction. investing in Asia

• Experience ASIA FIXED INCOME ASIAN GROWTH AND INCOME Matthews Asia’s principals have extensive investment • Asia Strategic • Asia Dividend management tenure within Income • Asia ex Japan the firm and deep investment • Asia Credit Dividend experience within Asian Opportunities • China Dividend markets.

• Balance of Teamwork and ASIA GROWTH ASIA SMALL COMPANY Accountability Our San Francisco-based in- • Asia Focus • Asia Small vestment team sits together • Pacific Tiger Companies on one open floor and shares • China • China Small ideas formally and informally. • India Companies This leverages the intellectual • Japan capital of the team for the be- nefit of our clients’ portfolios. The above Matthews Asia Funds are currently available as Luxembourg-domiciled UCITS.

For Institutional/Professional Investors Only

Matthews Asia Funds is an umbrella fund, established as an open-ended investment company with variable capital and incorporated with limited liability under the laws of Luxembourg.

Matthews International Capital Management, LLC (“Matthews Asia”) is the Fund Manager to Matthews Asia Funds. Mat- thews Asia is a U.S.-based investment adviser registered with the U.S. Securities and Exchange Commission who has not represented and will not represent that it is otherwise registered with any other regulator or regulatory body. The informa- tion contained herein has been derived from sources believed to be reliable and accurate at the time of compilation, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information.

Investors should consider the fund’s investment objectives, risks, charges, and expenses carefully before investing. The prospectus, Key Investor Information Document or other offering documents (“Offering Documents”) contain this and other information about the fund. This material does not constitute or contain an offer, solicitation, recommendation or invest- ment advice with respect to the purchase of the fund described herein or any security. The fund’s shares may not be sold to citizens or residents of the United States or in any other state, country or jurisdiction where it would be unlawful to offer, solicit an offer for, or sell the shares.

Investments involve risk. Past performance is no guarantee of future results. The value of an investment in the fund can go down as well as up. Investing in international and emerging markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation.

To the extent that this document is circulated, it is intended that they be circulated only to persons to whom they may lawfully be distributed and any recipient of this document should inform themselves about and observe any applicable legal requirements. Persons who do not fall within such descriptions may not act upon the information contained in this document.

©2017 Matthews International Capital Management, LLC G.BR044_2017

27 Expertise Through Collaboration

FACTS & FIGURES*

• Founded in 1924 and established America’s first mutual fund • USD 473.8 billion in assets under management • Well-diversified business with a client base split between retail (55.8%) and institutional (44.2%) • An extensive range of equity and fixed-income investment products across global and regional strategies • Nine worldwide research offices and eight sector teams • 269 equity, credit and quantitative investment professionals

TORONTO LONDON Rotterdam Paris Frankfurt Vancouver Montreal Zurich Phoenix BOSTON Milan TOKYO Los Angeles New York City Madrid Miami HONG KONG MEXICO CITY SINGAPORE

SÃO PAULO Santiago SYDNEY Buenos Aires

CONTACT US

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

Argentina, Uruguay, Brazil, Ecuador, Paraguay and Venezuela • Stephan Von Hartenstein: [email protected] / +54 9 11 5949-1180 • Ignacio Duranona: [email protected] / +54 11 6346 9402

Chile and Peru • Enrique Perez Iturraspe: [email protected] / + 54 9 11 5944-2672

Southeast US, Caribbean, Costa Rica, Central America, Panama and Colombia • Paul Brito: [email protected] / +954-415-9390 • Eric Figueroa: [email protected] / +786-858-8789

Mexico, US-West Coast, Western Canada, Hawaii • Philip Dieffenbacher: [email protected] / +646-306-9206

Southwest US • Jennifer Whitney: [email protected] / +512-415-6602

Northeast US, Bermuda and Eastern Canada • Danielle Spry: [email protected] / +978-821-5355

All figures as at 30th September 2017

28 ASSET MANAGER’S GUIDE

MFS Meridian® Funds F or almost a century, Capabilities To Meet Client Needs investors have trusted MFS to achieve their investment MULTI goals because we stay true Global ASSET to our convictions, and to who we are as active managers. US Corporate We take the long view. We FIXED Global Corporate favour the strongest idea INCOME Emerging Markets over the strongest individual. Our employees are aligned US Government / Sovereign with what matters most to Global our clients: long-term vision, US powerful risk-managed results and good decisions born from EQUITY Emerging Markets collaborative thinking. Robust European integrated research is in our Asia Pacific heritage and combining it with uncompromised information sharing is how we turn good ideas into great outcomes. research and active, risk- returns, but on aligning Doing what’s right for clients managed security selection- with client objectives and is not a choice we make each to be the resource clients building more sustainable day, it’s who we are. depend on to help them wealth. navigate market change With investment offices in and complexity. • Partner with clients to Boston, Hong Kong, London, understand their pressures Mexico City, São Paulo, • Actively debate our diverse -whether time, risk or Singapore, Sydney, Tokyo and viewpoints and collectively return-related- and inspire Toronto, clients around the make the best investment them think differently world count on MFS to: decisions for clients. about solutions.

• Play to our strengths • Take a long-term view, -robust fundamental focusing not on quick

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 / Ste 931 & 932 / 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 n 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 Manage- ment Company (Lux) S.ar.l. is the management company of the Funds, having its registered office at 35, Boulevard du Prince Henri, L-1724, Luxembourg, Grand Duchy of Luxembourg (Company No. B.76.467). The Management Company and the Funds have been duly authorised 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. 29 COMPANY INFORMATION

Head office

M&G Investments Year of foundation: 1931 Country Head Business Headquarters address: Iberia and Development Laurence Pountney Hill, London EC4R 0HH, Latin America Manager Latin London, United Kingdom Ignacio America Spanish branch address: Calle Fortuny, Rodríguez Añino Luis Solórzano 6 – 4º A, 28010, Madrid

Telephone +34 91 561 5253

Email [email protected] [email protected] Web www.mandg.com/americas [email protected]

Assets Under Management Countries with offices worldwide (as at 30 September 2017) M&G operates in

382,8 US$ bn 19 countries

M&G is one of At M&G, we take the time upon the skills and research Europe’s largest active asset to understand our clients’ of an extensive in-house team managers*, known for its specific needs and we pride of credit and equity analysts, conviction-led and long-term ourselves on our ability to as well as the significant approach to investing. M&G respond to those needs support of their dedicated has been at the forefront of through a combination of investment specialists. investment thinking over the global capabilities and local years, constantly seeking market perspectives. Backed by a team of support to develop our product staff the fund managers can range to provide the best With 2,000 professionals concentrate on what they investment opportunities worldwide, 496 of which are do best, making superior for our investors worldwide. investment professionals**, investment choices for your M&G has been present in we place a high value clients. This independent Latin America for 10 years on developing individual thinking sets M&G apart. since 2006, when funds expertise and cultivating a were registered in Chile. culture of longevity. M&G’s Backed by a team of support Since then the activity and fund managers are given staff the fund managers can coverage has increased the freedom and resources concentrate on what they throughout the region with they need to develop their do best, making superior the branch office in Madrid individual investment investment choices for your acting also as headquarters strategies and act on their clients. This independent for the operations in Latin convictions. Furthermore, fund thinking sets M&G apart. America and US offshore. managers are able to draw

30 ASSET MANAGER’S GUIDE

TWITTER

Official account from the Fixed Income team blog @bondvigilantes

Official account from the Multi asset team blog @allocation_en

Official account from the Equities team blog @equitiesforum

*Source: Broadridge FundFile. AUM data as at 30 June 2017. Figures in Euros. Data based on AUM of European and cross border active assets only. M&G AUM data sourced internally and refers to M&G retail active AUM. **Source of number of M&G employees: M&G Statistics as at 30.06.17.

For Investment Professionals only. Not for onward distribution. No other persons should rely on any information contained within.

The value of investments, and the income from them, will fluctuate. This will cause fund prices to fall as well as rise and you may not get back the original amount you invested. This document is for informational purposes only and is not an offer to sell or purchase interests in any M&G Fund. Shares in M&G Funds have not been and will not be registered under the United States Securities Act of 1933, as amended, or registered or qualified under the securities laws of any state of the United States and may not be offered, sold, transferred or delivered, directly or indirectly, to any investors within the United States or to, or for the account of, US Persons, except in certain limited circumstances pursuant to a transaction exempt from such registration or qualification requirements. The Funds will not be registered under the United States Investment Company Act of 1940, as amended. Any offer to sell or purchase of any interest in an M&G Fund must be made pursuant to local laws of the relevant ju- risdiction in which such interests are offered. M&G Funds are not registered for distribution in Canada. M&G cannot accept any subscriptions into its Funds from investors resident in Canada. This financial promotion is issued by M&G Securities Limited which is authorized and regulated by the Financial Conduct Authority and provides investment products. The registered office is Laurence Pountney Hill, London EC4R 0HH. Registered in England No. 90776.

31 ASSET MANAGER’S GUIDE

MUZINICH OLD MUTUAL GLOBAL MADRID INVESTORS Tel: +(34) 910 848 895 AIVA Wealth Solutions, Inc. 600 Brickell Avenue, Suite 1700 Rafael Ximénez de Embún, CFA Miami, FL 33131 Country Manager Iberia Tel: +(1) 617 535 9713 [email protected] Chris Stapleton NATIXIS GLOBAL ASSET Head of Americas Distribution MANAGEMENT [email protected] 888 Boylston Street Boston, MA 02199-8197 OPPENHEIMERFUNDS Tel: +(1) 866 966 4947 225 Liberty Street 11th Floor Rodrigo Nuñez Aguilar New York, NY 10281-1008 Senior Director, Head of US Offshore and Tel: +(1) 212 323 0394 Latam ket Accounts [email protected] Paul Eisenhardt Head of International Sales NEUBERGER BERMAN [email protected] 1290 Avenue of the Americas New York, NY 10104 PICTET ASSET MANAGEMENT Tel: +(1) 305 979 5146 Moor House 120 London Wall Jose Garcia London, EC2Y 5ET NRC-NRA Advisor Consultant Tel: (1) 203 247 2474 [email protected] Seiji Nishimura NN INVESTMENT PARTNERS Head of Global Financial Institutions - US Schenkkade 65, 2595 AS The Hague Intermediaries Group The Netherlands [email protected] Tel: +(31) 70 379 17 40 Jorge A. Corro Ivan Mascaró Guzmán Pictet AM Representative for US Offshore Director Business Development - [email protected] Latam & US Offshore [email protected] PIMCO 1633 Broadway NUVEEN INVESTMENTS 45th Floor 333 W Wacker Drive New York, NY 10019 Chicago, IL 60606 Tel: +(1) 305 721 2747 Tel: +(1) 312 375 3656 Marcello Pasquatti Gisela Attlan Head of Latam Global Weatlh Management VP, International Advisory Services marcello.pasquatti@pimco.com [email protected]

32 PINEBRIDGE INVESTMENTS SEI 399 Park Avenue 1 Freedom Valley Drive 4th Floor Oaks, PA 19456 New York, NY 10022 Tel: +(1) 610 676 2436 Tel: +(1) 646 857 8000 Iván Pabón Ryan Guthrie Latin America Director / Head of Offshore Business Development Client Relationship Manager [email protected] [email protected]

ROBECO STRATEGIC INVESTMENTS 1101 Brickell Ave. GROUP Suite 1202 299 Park Ave Miami, FL 33131 6th Floor Tel: +(1) 786 483 2500 New York, NY 10171 Tel: +(1) 917-453-8876 Jimmy Ly Executive Director Mike Kearns Head of Sales, Robeco Latam Director & US Offshore [email protected] [email protected] STATE STREET GLOBAL RWC PARTNERS ADVISORS 2640 South Bayshore Drive State Street Financial Center Suite 201 One Lincoln Street Miami, FL 33133 30th Floor Tel: +(1) 305 602 9501 Boston, MA 02111

James Tollemache Nick Good Head of Sales Global Co-Head Global SPDR Business [email protected] [email protected]

SCHRODERS THORNBURG INVESTMENT 875 Third Avenue MANAGEMENT 22nd Floor 2300 North Ridgetop Road New York, NY 10022 Santa Fe, NM 87506 Tel: +(1) 646 747 4849 Tel: +(1) 305 988 6765

Gonzalo Binello Vince Leon Head Intermediary Offshore Business Director Offshore Advisory [email protected] Channel [email protected]

33 MUZINICH KEY FACTS*

Employees Worldwide: 168

Offices across the U.S., Europe and Asia: 10

Investment & Risk Professionals: 76

Industry Focused Credit & Research Analysts: 20+

Investor Relations, Finance & Accounting, Operations Professionals: 70+

Assets Under Management: $37.5 Billion

Manchester

London Paris Frankfurt Zurich Milan New York Madrid

Singapore

Muzinich & Co is a privately-owned, institutionally-focused investment firm specializing in public and private corporate credit. Employees and AUM as of May 31, 2017. Our proven track record stretches back almost 30Muzinich years,& CohighlightingPrivate and confidential our 0 ability to deliver what we believe to be superior risk-adjusted2016 returns-02-22- 0301in a variety of market conditions with no style drift.

OUR FIRM FIRM VALUES approach fosters individual Muzinich & Co was founded in Trust responsibility within a team- New York in 1988. Since the Trust is the foundation orientated culture. beginning, we have focused on which the firm is built. on a relationship-based We take our fiduciary Partnership institutional business that responsibility very seriously. We work in partnership with has stressed the importance our clients, developing a of producing consistently Teamwork relationship built on trust. Our attractive risk-adjusted Our flat organizational commitment is to become returns. structure and collaborative valued partners and to be

*Data as of September 30, 2017

34 ASSET MANAGER’S GUIDE

considered as an extension Fund Geographical Focus of their business.

Americayield US Independence Our independence Developed Markets High Yield Global encourages integrity in Europeyield EU HIGH thought and action, allowing YIELD Global High Yield Global for unbiased, longer-term thinking. Short Duration High Yield US

Transparency Our emphasis on transparency Global Tactical Credit Global provides complete clarity Long Short Credit Yield US for our clients.

RETURN Targetyield Global

ABSOLUTE INVESTMENT VALUES Credit Analysis We believe that robust fundamental research is the Bondyield ESG Global long-term driver of attractive, Enhancedyield Short-Term Global risk-adjusted returns. GRADE INVESTMENT

Risk Control

We have a profound awareness of asymmetric Asia Credit Opportunities Asia risk and understand the Emerging Market Debt EM importance of stress testing Emerging Markets Short Duration EM MARKETS and diversification. EMERGING

Results We believe that our process is focused, time-tested and credit. We do not depend on management, its history repeatable. rating agencies or the views and its viability in different of external providers. economic environments. We In-house Research employ both quantitative and We conduct our own in- Before every investment qualitative analysis in order to depth, bottom-up research decision, we look at the build a deep understanding of before making a decision strength of a company’s the dynamics and drivers of a to provide a company with business plan, its company’s business model.

CONTACT MADRID Tel: (+34) 910 848 895 Rafael Ximénez de Embún, CFA Country Manager [email protected]

35 COMPANY INFORMATION

Corporate Office

888 Boylston St. Boston, MA 02199 Sophie del Campo Executive Managing Director Telephone +1 866-966-4947 Iberia, Latin America E-mail [email protected] and US Offshore

Web im.natixis.com

About Natixis Investment Managers

• One of the world’s largest asset management firms1 ($961.1 billion AUM2) • 26 active investment managers across investment styles, asset classes and geographies, offering high-conviction, high-active-share strategies • Local market insight with offices in the Americas, Asia, Europe and Middle East • More than 3,600 employees in more than 25 countries

Powered by Active ThinkingSM Natixis Investment Managers serves financial professionals with more insightful ways to construct portfolios. Powered by the expertise of 26 specialized investment managers globally, we apply Active ThinkingSM to deliver proactive solutions that help clients pursue better outcomes in all markets.

COMMITTED TO BUILDING BETTER PORTFOLIOS

Through our distinct multi-affiliate model, Natixis is able to offer clients diverse solutions with expertise across asset classes, all to help you build more responsive and resilient portfolios. Highlights from this range of high-conviction capabilities include:

ASG Managed Futures Loomis Sayles US Core Plus DNCA Invest Value Europe Loomis Sayles US Growth Equity DNCA Invest Europe Growth Loomis Sayles Short Term Emerging Markets Bond H2O Multi-Aggregate Mirova Global Sustainable Equity Harris Associates Global Equity Natixis Europe Smaller Companies Loomis Sayles Multisector Income Seeyond Europe Minimum Variance

Natixis Investment Managers includes all of the investment management and distribution entities affiliated with Natixis Distribution, L.P. and Natixis Investment Managers S.A. 1. Cerulli Quantitative Update: Global Markets 2017 ranked Natixis Investment Managers (formerly Natixis Global Asset Management) as the 15th largest asset manager in the world based on assets under management as of December 31, 2016. 2. Net asset value as of September 30, 2017. Assets under management (“AUM”), as reported, may include notional assets, assets serviced, gross assets and other types of non-regulatory AUM. The Natixis Investment Institute integrates the global research efforts of Natixis Investment Managers, including insights on the capital markets, investor sentiment, and portfolio analytics. In the United States: 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

36 ASSET MANAGER’S GUIDE

TURNING INSIGHTS INTO of the relationships between • Take on unsolved ADVANTAGES investor sentiment and challenges by bringing Everything we do at Natixis investment decision-making. together diverse is driven by deep analysis, expertise to innovate new SM insightful solutions and PUT ACTIVE THINKING approaches. Active ThinkingSM. We look to TO WORK FOR YOU leverage the many varying Altogether, there are many Natixis brings its unique viewpoints of our investment ways the Natixis LatAm business model directly to professionals across support team and Active investment professionals SM the globe and challenge Thinking can benefit your across Latin America and traditional ways of thinking in practice, including: offshore advisors in the pursuit of the best portfolio United States. In our effort • Help guide active portfolio solutions for our clients. to create an exceptional construction with more client experience, we support To further this mission, and strategic approaches to access to our investment provide professional investors seek performance in today’s managers with a dedicated and tomorrow’s markets. with a deeper level of bilingual team. Our 10 portfolio insight, the Natixis • Work side by side with experienced professionals Investment Institute was you to actively tailor more are based locally in Bogotá, established in 2017. It builds relevant solutions for your Colombia; Mexico City, Mexico; on the behavioral research unique needs. and Montevideo, Uruguay, of our Center for Investor as well as Miami, Houston, Insight, the in-depth portfolio • Arm you with expertly New York, and Boston in the research and analytics of informed insights you can USA. We aim to bring you the Portfolio Research & pass on to your clients. personalized client service Consulting Group and more backed by the extensive general market trend analysis • Question conventional global resources of Natixis and forecasting to provide approaches to help raise Investment Managers. you with an understanding the industry standard.

Country Sales

Rodrigo Núñez José Luis León Mauricio Giordano Martín Herbon Aguilar Country Manager, Country Manager, Country Manager, Senior Director, Colombia, Peru Mexico Uruguay and Chile US Offshore and Panama Latam Key Accounts: Pia Sojo Gordon Burrow

present in the U.S. Natixis Investment Managers consists of Natixis Distribution, L.P., Natixis Advisors, L.P., Natixis Investment Managers S.A. and its business development units across the globe, and the French holding company Natixis Investment Managers, parent to the affiliated investment managers and distribution companies. In Latin America: Provided to Professional Clients for information purposes only by Natixis Investment Managers S.A. Natixis Investment Managers S.A. is a Luxembourg man- agement company that is authorized by the Commission de Surveillance du Secteur Financier and is incorporated under Luxembourg laws and registered under n. B 115843. Registered office of Natixis Investment Managers S.A.: 2, rue Jean Monnet, L-2180 Luxembourg, Grand Duchy of Luxembourg. The above referenced entities are business development units of Natixis Investment Managers, the holding company of a diverse line-up of specialized investment man- agement and distribution entities worldwide. The investment management subsidiaries of Natixis Investment Managers conduct any regulated activities only in and from the jurisdictions in which they are licensed or authorized. Their services and the products they manage are not available to all investors in all jurisdictions. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing. 1957555.2.1

37 COMPANY INFORMATION

Head office: Rotterdam, Netherlands

Robeco Miami B.V. 1101 Brickell Avenue Suite N1202 - Miami FL 33131 USA

Telephone: +1 786 483 2500

Email: [email protected]

Website: www.robeco.com

Assets Under Management Employees Worldwide offices

276 US$ bn 879 16

Research from the very beginning As Investment Engineers, we have placed the acquisition of knowledge at our core ever since our first director said “every investment strategy should be research- driven”. Through the unique integration of three types of research - Fundamental, Sustainable and Quantitative - we can offer ground-breaking investment strategies to our clients around the world.

FUNDAMENTAL of expertise and actively a new product or solution We strongly believe in share knowledge and ideas works, we don’t launch it. evidence-based investing, to ensure they are always converting empirical research equipped to meet clients’ SUSTAINABLE into strategies with proven needs. We have a broad yet To us, sustainability is more superior investment results. focused product range, built than just investing in windmill We strive for research- around Quant, Sustainability parks, solar energy and led innovation, and at the Investing, Credits, Emerging green bonds or excluding same time have our clients’ Markets and Multi-Asset companies that produce best interests at heart. solutions. Our innovations controversial weapons. We Our investment teams look are backed by a pragmatic view sustainability as a beyond their own areas approach. If we can’t prove long-term force for change

38 ASSET MANAGER’S GUIDE

in markets, countries and and actively engage with econometrics. We have companies. Something companies to help improve 25 years of experience that will impact future their ESG performance. translating quant research performance. We believe into innovative investment analyzing material ESG QUANTITATIVE solutions for our clients. factors strengthens our Quantitative models fit These include a full range of investment process, it naturally with our scientific, factor investing strategies. reduces risks and ultimately disciplined approach to This approach has ensured leads to better informed investing. We’ve spent two our consistent market investment decisions. We decades developing award leadership in quantitative make use of the leading winning models that exploit investing, not only in the proprietary research and inefficiencies in both equity field of equities, but also in extensive database of and fixed income markets. providing fixed income and our sustainable investing We work closely with leading multi-asset solutions. specialist RobecoSAM universities in the field of

STRATEGY 2017-2021

Over the 2017-2021 period we will:

• Continue to deliver excellent investment returns to our clients. • Increase market leadership in Quant Equity, Credits, Sustainability, Emerging Markets and Asia Pacific Equities. • Strenghten attractive investment capabilities in Global Macro, Fundamental Equity and KeyPrivate strengths: Markets and furtherexpertise grow our whereInvestment its Solutions matters business. most • Accelerate growth in key markets such as United Kingdom, United States, Italy, Australia and Japan. • Continue to emphasize cost efficiency - a precondition for long-term success. Focus on 4 key capabilities:

FOCUS ON 4 KEY CAPABILITIES

Emerging Sustainability Quant Credits markets investing

Turning decades of Consistently at Innovative First-rate thought applied research into the forefront approach resulting leader practical solutions in a strong range

Important Information:

For investment professional use only. Not for use with the general public. The Robeco Capital Growth Funds have not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended. None of the shares may be offered or sold, directly or indirectly in the United States or to any US Person. A US Person is defined as (a) any individual who is a citizen or resident of the United States for federal income tax purposes; (b) a corporation, partnership or other entity created or organized under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business.

39

Robeco 7 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 Sales Development Suite 201 - Miami - Florida. 33133 T +44 20 7227 6000 JamesSofia TollemacheGranai Sofia Granai E [email protected] +1 305 602 9501 Business Development 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

theAssets aim Under of helping Management* them meetEmployees their long-termInvestment financial professionals objectives. 13.6 US$ bn 155 65 Since our formation in 2000 we have remained At the heart of RWC Partners 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, Atintegrity RWC and Partnerstransparency. we invest onby behalfpeople who of are our distinguished clients with in their the aim of chosen area and demonstrate a total We feel a strong sensehelping of responsibility them meet to theircommitment long-term to financialthe responsibilities objectives. they have provide the highest standards of investment to their clients. management; good value for money; clear information S ince our formationthat helps ourin 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 sustainability. management services with organisation 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 theHighlighted heart of RWC Strategies Partners professional individuals and 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. Enhanced Dividend offerinvestment a distinct management; range of Our teams are led by people portfoliosgood value which for money; allow ourclear who areGlobal distinguished Emerging in Marketstheir 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 Enhanced Dividend portfolios which allow our clients to invest in Global Emerging Markets Equity developed and emerging market equities, European Equity convertible bonds and income solutions. US Long/Short Equity

* AUM as at 30/09/17

40 ASSET MANAGER’S GUIDE

RWC - Our Purpose

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

Diverse and evolving Europe investment capabilities Long/Short UK Equity Equity

Our organisation benefits from being both flexible and progressive. US European We are proactive in our approach Long/Short Engagement to technological development and Equity Japan innovation, enabling our fund managers Engagement to consistently provide solutions that meet the challenges of an ever evolving market place.

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 60 Petty France Drive #22-23 London SW1H 9EU Suite 201 UOB Plaza 2 T +44 20 7227 6000 Miami Singapore 048624 Florida. 33133 T +65 6812 9540 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

41 ASSET MANAGER’S GUIDE

UBS GLOBAL ASSET VONTOBEL MANAGEMENT 1111 Brickell Avenue - Suite 1127 1285 Avenue Of The Americas Miami, FL 33131 New York, NY 10019 Tel: +(1) 917 453 8876 Tel: +(1) 212 882 5285 Jose Luis Ezcurra Fátima Meneses Country Head Iberia, Latam & US Offshore ED - Executive Director [email protected] fatima.meneses@ubs.com Michael J. Kearns VANGUARD Head of US Offshore Distribution 100 Vanguard Blvd [email protected] Malvern, PA 19355 Tel: +(1) 610 669 0546 *distributed by Unicorn Strategic Partners

Mark Sokol Principal, Head of Distribution - Latin America & Caribbean [email protected]

VIRTUS INVESTMENT PARTNERS 100 Pearl Street Hartford, CT 06103 Tel: +(1) 215 208 9926

Lijo John Managing Director, Offshore Fund Distribution [email protected]

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