Post on 29-May-2015
description
Oddo Avenir Europe
E U R O P E A N M I D A N D S M A L L C A P F U N D S
May 2010
Sébastien MAILLARD – Analyst portfolio managerEric SIMONNET – Institutional Sales BeneluxBertrand LEVAVASSEUR – Head of International Sales
Morningstar®
2
Mid Cap: Already structured companies, billion euros market capitalisations (weighted average market cap above €3bn)
Value creators on the whole cycle: self-financing growth, preserved profitability and self-financing even in recession times, whatever the sector
International companies: tomorrow’s global leaders, capturing growth where it is
Risk/Return optimisation: avoid individual appreciation bias, avoid mistakes and if any, limit capital loss risk
No style bias, no macroeconomic bets: but a structural underweighting of non-value creator sectors and/or purely domestic businesses versus a structural overweighting on sectors with numerous attractive investment opportunities
One team, one mission: a stable management team with high team spirit, united for the past 7 years ; one mission, our client capital’s growth
One investment philosophy, one investment process, one mission
« Investing in tomorrow’s best companies »
3
Who are we ?
« Investing in tomorrow’s best companies »
Oddo AM: a recognized know-how in Mid Cap with a 18-year track record for Oddo Avenir and a 11-year track record for Oddo Avenir Europe
A stable management team with high team spirit, in charge of the funds for more than 7 years
Over €1,716m assets under management
3 open-ended funds (€1,225m of AuM): Oddo Avenir Europe (Pan-Europe), Oddo Avenir Euro (Euro zone), Oddo Avenir (70% French equities)
Dedicated funds and mandates (€491m of AuM)
One of the longest track record in the
market
A sound offer
Source: Oddo AM. Data as of 04/30/2010
4
1
Appendices
Performance: Oddo Avenir Europe 4
Philosophy 9
People 14
Process 16
Product 25
4
5
Contents
2
3
5
A strategy designed to deliver alpha
1. Oddo Avenir Europe
6
Oddo Avenir Europe, performing since inception
A continuous value creation
Oddo Avenir Europe since inception (05/25/99): Jensen’s alpha* of 3.21%
Oddo Avenir Europe + 148.8%
Benchmark index:HSBC Small Cap Europe (total return)+ 88.6%
DJ Stoxx 50 (as information) (net total return)- 6.3%
*Jensen’s alpha determines the excess return of a fund over its theoretical risk-adjusted return. A positive (negative) Jensen’s alpha reading indicates performance that is higher (lower) than normal. It measures the ability to create value by being able to detect securities that return more over a given time period than their risk profile would suggest.
Source: Oddo AM. Data as of 04/30/2010Past performance is not a reliable indication of future returns and is not constant over time
0
50
100
150
200
250
300
may-99 may-00 may-01 may-02 may-03 may-04 may-05 may-06 may-07 may-08 may-09
7
Oddo Avenir Europe, performing since 01/01/04
A continuous value creation
Oddo Avenir Europe since 01/01/04: Jensen’s alpha of 4.84%
Oddo Avenir Europe + 124.4%
Benchmark index:HSBC Small Cap Europe (total return)+ 83.2%
DJ Stoxx 50 (as information) (net total return)+ 16.4%
Source: Oddo AM. Data as of 04/30/2010Past performance is not a reliable indication of future returns and is not constant over time
40
60
80
100
120
140
160
180
200
220
240
260
jan.-04 july-04 jan.-05 july-05 jan.-06 july-06 jan.-07 july-07 jan.-08 july-08 jan.-09 july-09 jan.-10
8
Focus on value creators, delivering high Return on Capital Employed
2. Philosophy
9
DJ Stoxx 600 + 322%
Sika + 1011%
Lafarge + 160%
Value creators
The right fuel to finance growth
Construction: Lafarge vs Sika (Total return, EUR)
Source: Datastream. Data as of 03/31/2010Past performance is not a reliable indication of future returns and is not constant over time
0
200
400
600
800
1000
1200
1400
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
10
DJ Stoxx 600 + 193%
Kuehne Nagel + 2330%
British Airways - 25%
Value creators
Where to find them ?
Consumer Cyclical: British Airways vs Kuehne Nagel (Total return, EUR)
Source: Datastream. Data as of 03/31/2010Past performance is not a reliable indication of future returns and is not constant over time
0
500
1000
1500
2000
2500
3000
may-94 may-96 may-98 may-00 may-02 may-04 may-06 may-08
11
DJ Stoxx 600 + 322%
Nestlé + 1220%
Carrefour + 363%
Value creators
Bubbles and long term changes
Consumer Non Cyclical: Carrefour vs Nestlé (Total return, EUR)
Source: Datastream. Data as of 03/31/2010Past performance is not a reliable indication of future returns and is not constant over time
0
200
400
600
800
1000
1200
1400
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
12
DJ Stoxx 600 + 322%
Volvo + 782%
Ericsson + 322%
Value creators
Bubbles and accidents
Capital Expenditure: Ericsson vs Volvo (Total return, EUR)
Source: Datastream. Data as of 03/31/2010Past performance is not a reliable indication of future returns and is not constant over time
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
13
Do not mistake growth and value creation
Market performance for Europe vs Asie Emergente over 20 years in $
Sources : Bloomberg, Factset. Data as of 03/31/2010
GDP, base 100 in 1990 MSCI indices per area
Average GDP : 7.6% Average GDP : 1.8%
0
50
100
150
200
250
300
350
400
450
500
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
Emerging Asia European Union
0
100
200
300
400
500
600
700
1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009
MSCI Asie ex Japon (TR) MSCI Europe (TR)
14
Oddo Avenir Europe vs MSCI Emerging Countries
A continuous value creation
Oddo Avenir Europe since inception (05/25/99)
Oddo Avenir Europe + 144.1%
Benchmark index : HSBC Small Cap Europe(total return)+ 85.0%
MSCI Europe (for information) (EUR, total return)+ 12.7%
Sources : Oddo AM, Datastream. Data as of 03/31/2010
0
50
100
150
200
250
300
may-99 may-00 may-01 may-02 may-03 may-04 may-05 may-06 may-07 may-08 may-09
MSCI Asie ex Japon (for information) (EUR, total return)+ 92.4%
Past performance is not a reliable indication of future returns and is not constant over time
15
A continuous value creation
Oddo Avenir Europe since 01/01/04
Oddo Avenir Europe + 120.2%
Benchmark index : HSBC Small Cap Europe(total return)+ 79.7%
MSCI Europe (for information) (EUR, total return)+ 38.6%
Sources : Oddo AM, Datastream. Data as of 03/31/2010
MSCI Asie ex Japon (for information) (EUR, total return)+ 112.2%
Oddo Avenir Europe vs MSCI Emerging Countries
40
60
80
100
120
140
160
180
200
220
240
260
jan.-04 july-04 jan.-05 july-05 jan.-06 july-06 jan.-07 july-07 jan.-08 july-08 jan.-09 july-09 jan.-10
Past performance is not a reliable indication of future returns and is not constant over time
16
A stable and united committed team
3. People
17
A stable and united team, collective investment decisions, shared values
An experienced team in charge of the funds since July 2003
Investment experienceRole
Grégory Deschamps
Sébastien Maillard
Pascal Riégis
Maryse Sauvageot
17 ans
7 ans
22 ans
20 ans
Analyst-portfolio manager
Analyst-portfolio manager
Analyst-portfolio manager
Assistant manager
18
Picking value creators offering an attractive risk/return profile, while controlling liquidity and volatility
4. Process
19
Bottom-up investment process
A rigorous four steps investment process
Universe of European Small andMid Cap stocks
Investment rules and risk management
Valuation of companies on which the management team has a positive fundamental opinion
Qualitative analysis of each company
Determination of buy and sell target price
Selection of stocks
Concentrated portfolio (around 40 lines) composed of managers
strongest convictions
Fundamental opinion on each stock
Quantitative filter Fundamental analysis ValuationPortfolio construction and management
Reducing investment universe
20
Key points
“Identify tomorrow’s best companies”
Mid Cap
A solid and tested management
Solid growth perspectives
International development
Value creators on the whole cycle
Already structured companies, with leadership position on their market, billion euros market capitalisations (weighted average market cap above €3bn)
Companies able to preserve fair profitability and to finance their own long term development even in recession times
Tomorrow’s global leaders, capturing growth where it is
Companies built on a strong and understandable business model, offering organic development perspectives, with small acquisition at a good price
Performing companies, pure players in one business line and with strong management teams
21
Rolls Royce : a world leader on a protected and buoyant market
3 investment cases
Market capitalisation : €12.4Bn (£ 11Bn)
1990 – 2009, result of an industrial will: Turnover x 3, number of shares x 2, EPS x 10
Turnover : 60%, recurring. Order book : 52 Md£, amounts 5 times its turnover. Recent installed base.
Growth of results in 2009 and 2010
World coleader for civilian and military planes engines (GE, Safran, P&W) and boats
40% of the orders are coming from emerging countries
Entrance barriers : no new entrant in this market
Leader for long-haul’s engines, the more buoyant market
Powers the A380 (RR or GE+P&W) and the B787 (RR ou GE)
Sir John Rose joined Rolls Royce in 1984, CEO since 1996
Andrew Shilston joined Rolls Royce in 2002, CFO and member of the Board since 2003
Mid Cap
A solid and tested management
Solid growth perspectives
International development
Value creators on the whole cycle
22
Fresenius SE : an international group in human healthcare
3 investment cases
Market capitalisation : €9Bn
1990 - 2009 : turnover x 30, number of shares x 2.2, EPS x 30
Growth of results in 2009 and 2010
Constitution of an international group, based on R&D and a long term strategy
World leader in equipments and dialyse centers (FMC owned by 36%), among world leaders of clinic nutrition (Kabi) of injected generics medicine (APP), coleader in hospital management in Germany (Helios)
Present on buoyant markets
Implementation of commercial synergies between Kabi and APP
Ulf Schneider, joined Fresenius SE in 2001, Chairman of the Board since 2003 Ben Lipps, joined Fresenius Medical Care in 1985, CEO since 1999
Rainer Baule, joined Fresenius Kabi in 1997, CEO since 2001
Mid Cap
A solid and tested management
Solid growth perspectives
International development
Value creators on the whole cycle
23
Aryzta : world leader in industrial bread
3 investment cases
Market capitalisation of €2.5Bn
1991-2009 : turnover x 6.5, number of shares remains stable (+20%), EPS x 19
2009 : Strong resilience of the operating income despite a strong decrease of the turnover
ROCE above 30%
World leader in industrial bread
Turnover : 66% in Europe, 32% in North America, 2% Rest of the world
Regular and relutive acquisitions
A developing market thanks to an increasing outsourcing
Local acquisitions opportunities still important
Owen Killian joined Aryzta in 1977, CEO since 2003
Patrick McEniff joined Cuisine de France (Aryzta) in 1989, CFO since 2004
Mid Cap
A solid and tested management
Solid growth perspectives
International development
Value creators on the whole cycle
24
Main holdings Weight in the portfolio
Total top 10 holdings 40.6%
Top 10 holdings
Oddo Avenir Europe
Source: Oddo AM. Data as of 04/30/2010
International companies, with leadership positions, profitable and performing
Wincor Nixdorf
Fresenius
Sodexo
Rolls-Royce
Skf
Michael Page International
Sika
Dassault Systèmes
Aryzta
Imtech
3.8%
3.9%
3.5%
3.5%
5.4%
5.0%
3.8%
4.0%
3.8%
3.8%
25
Never more than 6% of the AuM for one position
Never more than 5% of the capital of a company (for all funds managed by Oddo AM)
About 10% liquidity position in the open-ended funds
Weighted average market capitalisation (in €m)
Market capitalisations between €1000m and €5000m(% of AuM)
Market capitalisations > €5000m(% of AuM)
Market capitalisations < €1000m(% of AuM)
Oddo Avenir Europe
Mid Cap : weighted average market cap above €3Bn
Source: Oddo AM. Data as of 05/04/2010
A controlled level of cash
9%
3 400
57%
25%
26
Compared ROE between Oddo Avenir Europe and DJ Stoxx 600
Value creators on the whole cycle
Sources: Oddo AM, Oddo Securities base Factset. Data as of 03/31/2010
19.8%
14.5%15.1%
16.3%
9.4%
12.0%
0%
5%
10%
15%
20%
25%
2007 2009 2010e
Oddo Avenir Europe DJ Stoxx 600
27
Value creators on the whole cycle
* Free Cash Flow Yield = Free Cash Flow per Share / Current Market Price per Share
Return On Capital Employed post tax and free cash flow yield* of the portfolio main holdings
Source: Oddo AM. Data as of 31/03/2010
Dassault Systèmes
SodexoIngenico
ArcadisSeb
Rolls Royce
Legrand
Biomérieux
Imtech
Wincor Nixdorf
Fresenius
Software AG
Safran
Aryzta
Michael Page
Sika Moyenne
Ipsen
-2%
0%
2%
4%
6%
8%
10%
ROCE post tax 2010e
Fre
e C
ash
Flo
w Y
ield
*
12%
28Source : Oddo AM. Data as of 03/31/2010
International companies
Local market
Americas
Rest of the world
Rest of Europe
25%
30%
25%
20%
75% of their activity outside of their local market
% of turnover
29
0
20
40
60
80
100
120
140
160
Pri
ce
(€
)
Investment decision 60€
Best Case Scenario + 40%
Worst Case Scenario - 20%
Controlled volatility
Risk/return optimisation
One “obsession”: limit the capital loss risk
A strict buy and sell discipline
Valuation through in-house DCF models: “best case” scenario vs. “worst case” scenario
30
Risk / Return optimisation : among « defensives »
October 2009 : Disposal of Beiersdorf, investment in Fresenius SE
Fresenius SE
Beiersdorf
70
80
90
100
110
120
130
140
150
160
170
march-09 apr.-09 may-09 june-09 july-09 aug.-09 sept.-09 oct.-09 nov.-09 dec.-09 jan.-10 feb.-10 march-10
ARBITRAGE
Beiersdorf at €40
+20% upside
-10% downside
20x PE 2010
Fresenius SE at €35
+55% upside
0% downside
10x PE 2010
Source : Datastream. Data as of 04/02/2010Past performance is not a reliable indication of future returns and is not constant over time
31
Risk / Return optimisation : among « cyclicals »
June 2009 : Disposal of Kuka, investment in Legrand and Sika
Kuka at €12.5
+25% upside
-55% downside
n.s. PE 2010
Legrand at €15
+30% upside
0% downside
13x PE 2010
Sika at CHF 1150
+50% upside
0% downside
12.5x PE 201050
70
90
110
130
150
170
190
210
230
250
270
nov.-07 feb.-08 may-08 aug.-08 nov.-08 feb.-09 may-09 aug.-09 nov.-09 feb.-10
Kuka
Legrand
SikaARBITRAGE
Source : Datastream. Data as of 04/02/2010Past performance is not a reliable indication of future returns and is not constant over time
32
Industrials34%
Technology18%
Health11%
Base materials3%
Oil & gas2%
Financials3%
Consumer services10%
Consumer goods9%
Cash10%
Oddo Avenir Europe
No theme bias, no macroeconomic bets
But strong disparities between sectors
Source: Oddo AM. Data as of 04/30/2010
33
3 funds with consistent performance over the long term
5. Products
34
Funds details
3 funds based on a common investment process and management team
Oddo Avenir Europe
Geographical coverage
AuM at 04/30/10
Benchmark index
Europe
HSBC Small Cap Europe
Sources: Oddo AM, © 2010 Morningstar, Europerformance-Edhec. Data as of 04/30/2010
€651M
35
Geographic breakdowns
Germany 20.60%
France 20.20%
Sw itzerland 13.30%
United Kingdom 12.60%
Holland 7.20%
Sw eden 5.30%
Greece 3.30%
Austria 2.40%
Others 3.30%
Cash 9.20%
Ireland 2.10%
Oddo Avenir Europe
36
1 year 3 years 5 years
Oddo Avenir Europe
Ranking
Benchmark index:HSBC Small Cap Europe(total return)
DJ Stoxx 50 (net total return)
Morningstar® average European Mid Cap funds
YTD
Cumulative performance since inception (05/25/1999)
Oddo Avenir Europe: + 148.8%
Benchmark index: HSBC Small Cap Europe (total return): + 88.6%
As information, DJ Stoxx 50 (net total return): - 6.2%
Oddo Avenir Europe
Annualised volatility/return since inception (05/25/1999)
Past performance is not a reliable indication of future returns and is not constant over timeSources: © 2010 Morningstar, Oddo AM. Data as of 04/30/2010
Annualised volatility in %
An
nu
alis
ed r
etu
rn i
n %
- 4.7%+ 54.2% + 68.1%
5 / 1003 / 100 9 / 100
- 27.1%+ 49.2% + 38.3%
- 26.9%+ 29.4% + 5.6%
- 26.9%+ 37.9% + 28.7%
+ 12.6%
10 / 100
+ 10.8%
- 0.8%
+ 7.0%
Oddo Avenir
Europe
( )
+ 8.7%
DJ Stoxx 50
dividendes
réinvestis
- 0.6%
HSBC Small Cap Europe dividendesréinvestis
+ 6.0%
-12%
-8%
-4%
0%
4%
8%
12%
16% 18% 20% 22% 24% 26%
37
*C : capitalisation D : distribution
Detailed characteristics
Fund name Oddo Avenir Europe
Legal status French regulated mutual fund
Classification International equity fund
ISIN codesShare A share : FR0000974149
Share B share : FR0010251108
Inception date 05/25/1999
Minimum investment period 5 years
Benchmark index HSBC Small Cap Europe total return
Management company Oddo Asset Management
Custodian Oddo & Cie
Initial Minimum subscription
Share A share : 1 thousandth share
Share B share : €1,000,000
Subscription fees4% ATI max of the AuM not allocated to the fund
Redemption fees Nil
Management fees
Share A share: 2.00% ATI
Share B share: 1.00% ATI
Performance fees
ShareA share: 20% of the outperformance relative to the benchmark index if the fund performance is positive
ShareB share: 20% of the outperformance relative to the benchmark index if the fund performance is positive
38
Oddo Avenir Europe – Risk profile (1/2)
Risk of loss of capital: The Fund has no guarantee or safeguard, so initial capital invested might not be returned in full.
Equity risk: The Fund is invested, directly or indirectly, in one or more equity markets which could experience significant fluctuations. In periods of low equity prices, Fund net asset value could be reduced. The fund has a 100% max exposure to equity markets.
Risk from holding small and mid capitalisation stocks: The Fund may be exposed to small and mid capitalisations. Upward and downward changes in these stocks can be both more marked and more rapid than for large capitalisations and can therefore lead to large fluctuations in net asset value. Moreover the restricted volume on these markets may present a liquidity risk. This type of investment may impact the valuation of the Fund and the price terms on which the Fund could liquidate its positions, and particularly, in the case of large redemptions, even make it impossible to sell them, with the consequent possible fall in Fund net asset value.
Interest rate risk: This is the risk that bond market yields may rise, which would result in a fall in bond prices, and consequently lead to a fall in Fund net asset value. The fund can hold up to 25 % of its asset in bonds or in euro denominated debt securities.
39
Oddo Avenir Europe – Risk profile (2/2)
Credit risk: This is the risk of potential deterioration in the rating of an issuer or, in extreme cases, of default, which would have an adverse impact on the prices of the debt securities issued by that issuer and therefore on the net asset value of the Fund, which could lead to a loss of capital. The level of credit risk varies according to forecasts, maturities and the level of confidence in each issuer which might reduce the liquidity of any particular issuer and have an adverse impact on Fund net asset value , particularly in the case of the Fund liquidating its positions in a market with low transaction volumes.
Discretionary management risk: This risk relates to the management style which is based on anticipating movements on the various markets. There is a risk that at any point in time the Fund would not be invested in the best performing markets or in the best performing assets. Fund performance therefore depends on the ability of the fund manager to anticipate movements in the market or in the securities. This risk may lead to a fall in net asset value and/or a loss of capital for the unitholder .
Counterparty risk: This is the risk of default by a counterparty leading to payment default. The Fund may be exposed to counterparty risk through using forward instruments negotiated over-the-counter with financial institutions. The Fund is therefore exposed to the risk that one of these credit institutions cannot honour its commitments in respect of these transactions .
Exchange rate risk: This risk affects portfolios invested wholly or partly in securities denominated in foreign currencies, and arises from changes in the parities of these currencies by comparison to the fund reference currency. Thus, a security, the value of which in its own currency does not change, could nevertheless be affected by fluctuations in that currency against the euro and might therefore cause Fund net asset value to fall. This risk is limited up to 30% max of the total asset of the Fund.Please note that the exchange rate risk is of secondary importance for Oddo Avenir and Oddo Avenir Euro.
40
Disclaimer:
This document has been drawn up by Oddo Asset Management. Its communication to any investor is the responsibility of each promoter, distributor or advisor. It was designed for information purposes alone and does not constitute an offer or a personalised recommendation or a solicitation to subscribe to the product mentioned. However, should investors decide to subscribe, they undertake to consult the fund’s prospectus in order to acquaint themselves with the precise nature of any risks incurred and in particular the risk of capital loss and, where relevant, the liquidity risk of underlying assets. The investment must be made in accordance with investors’ investment objectives, their investment horizon and their capacity to deal with the risk arising from the transaction. Any simulations and opinions presented in this document result from analysis carried out by Oddo Asset Management at a particular point in time and are no indication whatsoever of future results. Investors are reminded that past performance is not a reliable indication of future returns and is not constant over time. Legal information concerning this fund, notably the full and simplified prospectuses, is available from Oddo Asset Management or its internet site www.oddoam.fr.
Investor’s attention is drawn on the fact that mentioned funds and related legal documents have been accredited and regulated by the French securities regulator (AMF). All the mentioned funds funds are entitled to be sold in France, and for Oddo Avenir Europe in Spain and Switzerland.
Oddo Asset ManagementPortfolio management company constituted in the form of a french société anonyme with a capital of €2 102 800. Company house number: RCS 340 902 857 Paris. Licensed by the Autorité des Marchés Financiers (French financial markets authority) under number GP 99011 12 boulevard de la Madeleine – 75440 Paris Cedex 09 FRANCEPhone: 33 (0)1 44 51 85 00 – www.oddoam.fr
41
Appendices
42
An expected resilient Return On Equity
DJ Stoxx 600 ROE: the crisis impact
Source: Oddo AM. Data as of 03/31/2010
13.2% 13.1%
10.3%9.7%
13.0%
15.5%16.3%
17.0%16.2%
12.6%
9.4%
12.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e
43
2008 2007 2004
Oddo Avenir Europe
Ranking
Benchmark index:HSBC Small Cap Europe(total return)
DJ Stoxx 50 (net total return)
+ 8.0%- 39.5% + 24.2%
5 / 10024 / 100 4 / 100
- 5.8%- 51.3% + 24.2%
+ 2.6%- 41.2% + 7.1%
Average of European Large and Mid Cap funds*
+ 0.9%- 42.8% + 11.9%
2009
+ 42.6%
8 / 100
+ 59.1%
+ 28.7%
+ 30.1%
Oddo Avenir Europe
Annual performance
2006
+ 31.3%
4 / 100
+ 32.8%
+ 13.6%
+ 19.2%
2005
+ 31.1%
14 / 100
+ 37.2%
+ 24.2%
+ 26.1%
*GIFS Category (Global Investment Funds Sectors)
Past performance is not a reliable indication of future returns and is not constant over timeSources: © 2010 Morningstar, Oddo AM
44
AuM of Oddo AM European Mid and Small Cap funds (in €m)
Assets under management with an institutional size
Source: Oddo AM. Data as of 04/30/2010
472
940
1 250 1 303
1 717
1 321
677
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
2004 2005 2006 2007 2008 2009 2010
45
Biography of the team members
Grégory DESCHAMPS - Analyst-Portfolio manager, Mid Cap equities
A graduate of HEC Paris and the SFAF, Grégory DESCHAMPS joined Oddo Securities in 1992 as a sell-side analyst and vice head of equities research. Since early 2007, he has joined the Oddo AM teams as an analyst-portfolio manager for Mid Cap equities
Sébastien MAILLARD - Analyst-Portfolio manager, Mid Cap equities
A graduate of the Ecole Supérieure de Commerce of Nantes (AUDENCIA), Sébastien MAILLARD joined Oddo AM in 2002 as an assistant manager for Mid Caps equities. He has been a Mid Cap equities analyst-portfolio manager since 2003
Pascal RIEGIS - Analyst-Portfolio manager, Head of Mid Cap equities management
A graduate of economy at Pau Business School, member of the SFAF, Pascal RIEGIS began his career in 1987 as a financial analyst for Paribas. After five years of Equity Research at the CIC group, he joined Oddo et Cie in 1995 as Head of Equity Research for Oddo Securities. Since July 2003, Pascal RIEGIS has been an analyst-portfolio manager of Mid Caps equities
Maryse SAUVAGEOT - Assistant manager for Mid Cap equities
Maryse SAUVAGEOT began her career in 1984, within Paribas as a vice-head of the fixed income and Forex back office, then as a Trader on the short-term interest rates of Paribas Capital Market. She then joined Paribas AM as a trader in the European equities team. Since 2001, Maryse SAUVAGEOT has worked for Oddo AM teams as a trader