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Introduction To Introduction to PICTET ASSET MANAGEMENT March 2021 For professional investors only 1. Pictet Group 2 Introduction to Pictet Asset Management For professional investors only OUR GUIDING PRINCIPLES To build responsible partnerships Independence Partnership Having no external shareholders means we Pictet is a partnership in a narrow, legal have the independence of mind to always act sense, but also in a wider sense, in our clients’ interests. This in turn benefits embodying trust, respect, inclusion and investment performance. diversity Entrepreneurial spirit Responsibility Long-term thinking But these principles are meaningless if we We have a sense of responsibility to both We resist the temptations of short-term don’t stay true to our entrepreneurial present and future generations, to the real fashion in favour of long-term, sustainable origins. economy and the wider world. decision-making. 3 Introduction to Pictet Asset Management For professional investors only FOUR BUSINESSES, ONE FOCUS Presence – 30 offices Staff1 – 4,950+ employees Assets under management or custody2 – EUR 598bn PICTET GROUP ASSET WEALTH ALTERNATIVE ASSET MANAGEMENT3 MANAGEMENT3 INVESTMENTS3 SERVICES3 Pictet Asset Management Pictet Wealth Management Pictet Alternative Advisors Pictet Asset Services EUR 220bn EUR 236bn EUR 29bn4 EUR 185bn Specialist asset manager Private banking, Pioneer in public and Custody, offering investment wealth solutions and private alternative fund services and solutions and services family office services investments trading services 1Permanent FTE employees only. 2Exclusion of inter-business line double counting, shares in Pictet funds managed by AM are held by WM and AS clients. The term ‘Assets under Management or custody’ includes the assets of private and institutional clients looked after by the Pictet Group. As of December 2018, loans and overdrafts are no longer included in the AuM calculation. These assets may for example be managed through individual discretionary mandates, benefit from value services such as investment advice, or simply under deposit. 3The sum total of all the business lines includes inter-business line double counting. 4Incorporates NAV as well as commitments (includes PAM and PWM assets plus both discretionary and advisory assets). Source: Pictet Asset Management, 31.03.2021 4 Introduction to Pictet Asset Management For professional investors only STRONG FINANCIALS BACKED BY HIGH CREDIT RATING GROUP FINANCIAL SUMMARY ANNUAL REPORT 31.12.2020 Operating income EUR 2,608m Consolidated profit EUR 522m Equity EUR 2.9bn 1 Solvency ratio 18.6% 1In Pictet’s case, Basel III CET1 and Total solvency ratio are identical, namely the ratio of equity to risk-weighted assets. These measures aim to reflect the economic strength of a financial institution by taking into account the riskiness of its assets and its operations. Please note these figures were converted from CHF using rates as of 31.03.2021 (CHF/EUR 1.106134) Source: Pictet Group, 31.12.2020 RATINGS FITCH MOODY’S DEFINITION1 Long term deposits2 AA- Aa2 Very high credit quality Short term deposits F1+ Prime-1 Highest credit quality Viability rating AA- N/A Very high fundamental credit quality Adjusted Baseline Credit Assessment N/A a1 Upper-medium grade intrinsic financial strength Rating outlook Stable Stable 1Provided by FitchRatings and Moody’s Investors service 2The AA- rating by Fitch has remained unchanged since it was assigned in 2005. Moody’s long-term deposit rating was assigned in 2009 and upgraded to Aa2 in 2015. The Group’s financial solidity means it can weather even severe market turmoil. Its conservative approach is reflected in its strong liquidity and solvency, the very high quality of its assets and its high credit ratings. Additionally, the technical infrastructure and contingency planning of the firm ensure secure operational and business continuity. Source: Pictet Group, 31.03.2021 5 Introduction to Pictet Asset Management For professional investors only OUR MOST VALUABLE ASSET – OUR PEOPLE › Average tenure – 7 Managing Partners – 20 years – 42 Equity Partners – 18 years › Employee turnover rate1: 5.4% › We believe our compensation scheme is robust throughout market cycles Pictet employees 300 250 200 150 100 50 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total Number of Pictet employees (Indexed to 100) MSCI World Index EUR (Indexed to 100) Group employees (permanent only excluding retirements). Source: MSCI World (EUR), Pictet Group, 31.03.2021 1Turnover formula: Total leavers over 12 months/current staff (excludes ex-retirements). Source: Pictet Group (People Analytics Team) , 31.03.2021. 6 Introduction to Pictet Asset Management For professional investors only 2. Pictet Asset Management 7 Introduction to Pictet Asset Management For professional investors only A FOCUSED MULTI-BOUTIQUE ASSET MANAGER › Dedicated to investment management for institutional investors and financial intermediaries since 19801 › Led by executive committee members out of London and Geneva, with an average tenure of 17 years › Top management and senior investment staff under long-term compensation system to ensure tenure of talent › Annual staff turnover of 4.5%2 › 1,000+ employees, including 380+ investment professionals, across 18 offices3 › EUR 220bn4 assets under management › Our strategic capabilities – Absolute Return, Thematics, Emerging Markets and Multi Asset 1No investment banking nor proprietary trading. 2Permanent employees only. Turnover = Total Permanent Leavers / Total Permanent as at 31st March 2021 . 3Investment professionals: senior management, portfolio managers, research analysts, traders and risk managers 4Please note that the assets stated include all assets either managed or distributed by Pictet Asset Management. Source: Pictet Asset Management, 31.03.2021 8 Introduction to Pictet Asset Management For professional investors only OUR INVESTMENT BELIEFS › We believe in the pre-eminence of active manager skill rather than simple style and carry bias. Our managers aim to deliver alpha coupled with high active share and/or astute management of market risk. › We believe Environmental, Social and Governance (ESG) considerations can help us make better long-term investment decisions for our clients. › We do not aspire to be all things to everyone: we are a focused multi-boutique asset manager, investing where we can add value for our clients. › We have no single investment approach, we empower each team to be independent to encourage innovation and accountability. › 28 product specialists allow our 188 investment managers to focus on their primary task of making investment decisions. › We manage risk as much as portfolios. Risk management is an integral part of our decision making, and risk monitoring is an independent function. Strong oversight is ensured through formal bi-annual manager reviews attended by our Chairman, CEO and respective CIO. › We favour clients’ interests over asset growth and would not hesitate to close strategies to protect alpha and investors. Source: Pictet Asset Management, 31.03.2021 9 Introduction to Pictet Asset Management For professional investors only ASSETS UNDER MANAGEMENT Evolution of assets (EURbn)* Asset class (EURbn)** 240 Active Equities Multi-Asset Passive Equities FUNDS 220 MANDATE <1% MULTI ASSET 220 USD 206 4% DEVELOPED 5% MARKETS MULTI ASSET 22% 21% GBP DEVELOPED MARKETS 200 EMERGING 31% MULTI ASSET 185 MARKETS 6% EUR 36.4 87.6 28.5 EMERGING 180 THEMATICS 63% MARKETS MULTI ASSET JPY 78% 165 69% QUEST <1% MULTI ASSET 160 152 CHF 140 120 Fixed Income & Money Markets Alternatives 100 AUM in billion EUR billion in AUM 17% MONEY MARKET 13% MULTI-STRATEGY 29% 80 6% LONG/SHORT EQUITY GLOBAL & REGIONAL BONDS 14% 44% 52.3 18% 15.0 LONG/SHORT FIXED INCOME 60 EMERGING DEBT FOHF/PRIVATE EQUITY¹ 25% CORPORATE BONDS & HIGH YIELD 34% 40 COMMODITIES 20 0 DEC-17 DEC-18 DEC-19 DEC-20 MAR-21 Source: *Data as at end of each calendar year. AUM rounded to the nearest billion. Please note that total AuM post 2015 includes assets distributed and managed by Pictet Asset Management. Prior to 2015, only assets managed by Pictet Asset Management are included. **Total AUM: EUR 220bn.1Managed by Pictet Alternative Advisors SA. Source: Pictet Asset Management, 31.03.2021 10 Introduction to Pictet Asset Management For professional investors only AUM BY STRATEGIC CAPABILITY % AUM STRATEGIES ACTIVE1 PASSIVE1 AUM1 67% 19% Equities 56% Developed Markets 17,996 28,256 124,000 Emerging Markets 5,550 8,144 Quest 3,202 - Thematics 60,852 - Fixed Income 26% Regional Bonds 8,345 4,600 52,299 Emerging Bonds 7,560 - Corporate & High Yield Bonds 8,713 - Money Markets 23,081 - Hedge Funds 5% Equity Market Neutral 1,913 - 12,030 Equity Directional 3,164 - Fixed Income Relative Value 91 - Fixed Income Event Driven 239 - Fixed Income Absolute Return 2,362 - Multi Strategy 4,261 - AuM 147,329 41,000 188,329 1Million EUR. Source: Pictet Asset Management, 31.03.2021 11 Introduction to Pictet Asset Management For professional investors only OUR ASSETS ARE OUTPERFORMING (ASSET WEIGHTED) We take calculated risk with the aim of beating at least two-thirds of our peers and outperforming benchmarks two-thirds of the time. Peer Group Benchmark 100% 100% 16% 16% 90% 90% 21% 20% 27% 30% 34% 34% 80% 38% 80% 41% 70% 70% 60% 60% 50% 50% 84% 84% 40% 40% 79% 80% 73% 70% 66% 66% 30% 62% 30% 59% 20% 20% 10% 10% 0% 0% DIC-17 DIC-18 DIC-19 DIC-20 MAR-21 DIC-17 DIC-18 DIC-19 DIC-20 MAR-21 ABOVE BMK BELOW
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