F & C E U R OP E A N S M A L L C A P F U N D W I N S M OR N I N G S TA R
F U N D A W A R D ( G E R M A N Y )
W e a r e d e l i g h t e d t ha t M o r n i ng s t a r ha s na m e d t he F & C
E u r o p e a n S m al l C a p F u nd a s b e s t f u nd i n t he E u r o p e a n S m al l a nd M i d C a p ca t e g o r y.
We believe the consistency of the fund's outperformance is an affirmation of our investment process since Sam Cosh took over as manager in 2011. By focusing on high-quality companies with robust business models, Sam and the
pan-European equities team have been able to successfully navigate challenging investment conditions and deliver
superb returns for investors over multiple periods.
OUR PHILOSOPHY :
Gaining an objective view of a company's true worth
We focus on We avoid
Cash flow analysis Sell-side recommendations In-depth meetings with company management Initial public offerings Consulting industry experts Sector or stock ownership Team-based idea generation Taking macro-economic bets
Cumulative Performance
1 year 3 years 5 years
Fund 15.6 87.6 152.9
Benchmark 9.6 67.9 83.2
Source: Lipper, in EUR to 31.1.15
Key Facts
WELL SET FOR THE FUTURE
With stock selection being unencumbered by capacity constraints, the fund is scalable for the future. We will continue to take a
long-term view in the stocks we select and, accordingly, portfolio turnover will remain low. We are confident that, thanks to our proven investment process, the fund will continue to outperform over course
of economic cycles.
CLIENTS FIRST
www.fandc.com
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