Swisscanto (LU) Equity Fund Green Invest Emerging...

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Swisscanto (LU) Equity Fund Green Invest Emerging Markets: Benefit from the trend towards sustainable growth Swisscanto Asset Management Ltd. Geneva, June 2015 Raphael Lüscher, Senior Portfolio Manager, CFA

Transcript of Swisscanto (LU) Equity Fund Green Invest Emerging...

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Swisscanto (LU) Equity Fund Green Invest Emerging Markets:

Benefit from the trend towards sustainable growth

Swisscanto Asset Management Ltd.

Geneva, June 2015

Raphael Lüscher, Senior Portfolio Manager, CFA

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Fund focuses on sustainable growth

© Swisscanto Asset Management Ltd.

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Emerging markets

sustainability fund

Actively managed equity

fund

We invest in competitive companies providing sustainable solutions

in emerging markets.

The focus is on key areas with attractive growth and profitable

potential.

• Fundamental, bottom-up driven

• Long standing expertise in the field of sustainability

• Disciplined investment process and risk management

Swisscanto (LU) Equity Fund Green Invest Emerging Markets

Investor profile

• long-term oriented investors

• exposure to companies benefiting from sustainability related

trends in emerging markets: doing well by doing good

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-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

50

75

100

125

150

08.2008 08.2009 08.2010 08.2011 08.2012 08.2013 08.2014

Relative monthly return, net (right scale)

Swisscanto (LU) EF Green Invest Emerging Markets B, net

Swisscanto (LU) EF Green Invest Emerging Markets

Sustainable investments in emerging markets offer long-term

return opportunities

© Swisscanto Asset Management Ltd.

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Net performance since launch in USD, August 2008.

The fund is not managed against MSCI Emerging Markets.

Lipper peer group: Equity Emerging Markets Global

1 year 3 years Since launch

2. quartile 1. quartile 1. quartile

+10.1%

Source: Swisscanto, Lipper as of 30.04.2015

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Benefit from the trend towards sustainable growth

Trends and investment risks in emerging markets

Key areas within the transformation process towards sustainable growth

Adding value through strict sustainability analysis and disciplined investment process

4

© Swisscanto Asset Management Ltd.

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Relevant trends in emerging markets

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Economic structure

• Growth dynamic

• Competitiveness

• Reforms

Demographics

• Population growth

• Availability of labour

• Consumption behaviour

Natural Resources

• Availability

• Demand & consumption

• Price fluctuations

Climate

• Weather patterns

• Politics and Regulation

• Public interest

• Research

Implications for

society,

environment and

economy

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Massive pollution increases and social challenges

are rising

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"Airpocalypse" in Harbin …

Source: AP Photo/Kyodo News, Reuters, ibtimes.

Rising risk of social unrest

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China is reconsidering its economic model

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Source: www.economist.com, company

Today 1999 Tomorrow

"China doesn’t need bigger

steel plants. People want

better education, variety in

tourism, high-quality

medical service, better

service for the aged and,

overall, a better life."

Guo Guangchang – Chairman,

Cofounder of Fosun International

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Benefit from the trend towards sustainable growth

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© Swisscanto Asset Management Ltd.

Trends and investment risks in emerging markets

Key areas within the transformation process towards sustainable growth

Adding value through strict sustainability analysis and disciplined investment process

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We identify eight key areas acting as catalysts for

more sustainable growth

9

© Swisscanto Asset Management Ltd.

Old economy Sustainable economy

Energy supply

and -efficiency

Sustainable

mobility

Education and

Digital Innovation

Resources and

environmental

services

Water

Financial

inclusion Health

Social

development

The future belongs to

companies, which contribute

• to the decoupling between

economic growth and resource

consumption

• to social peace through the

promotion of equal

opportunities

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• Basic education system in Brazil is poor: lack of funding and

quality teaching material, lack of skilled teachers, poor results

• Students from lower income families are disadvantaged in

current school system

• Lack of skilled workers and low productivity in Brazil

Kroton Educacional offers high quality education services and

teaching material at affordable prices

Product analysis reveals high additional benefit

Case study: Equal opportunities through education in Brazil –

Kroton Educacional

Education as enabler – access to better jobs

and higher income opportunities

Sources: Kroton, Hoper, UNESCO, IBGE, Swisscanto, Inrate

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Kroton Educacional provides education

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

China Brazil Chile Mexico USA

Imp

rov

em

en

t fa

cto

r

Income improvement potential for skilled vs. non-skilled

0 20 40 60 80 100

Product analysis

Kroton Educacional SA Sector median Best result

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Benefit from the trend towards sustainable growth

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© Swisscanto Asset Management Ltd.

Trends and investment risks in emerging markets

Key areas within the transformation process towards sustainable growth

Adding value through strict sustainability analysis and disciplined investment process

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discipline

Invest-ment focus

avoid

monitor

Our philosophy – simultaneous consideration of sustainability

and fundamentals

12

© Swisscanto Asset Management Ltd.

High sustainability

impact

Unattractive fundamentals

Low sustainability impact

Attractive fundamentals

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20.5

12.2

12.1

7.8 7.7

7.8

6.5 6.2

19.2

ChinaKorea, Republic ofHong KongBrazil

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Allocation by countries (fund, %)

Source: Swisscanto, as of 30.04.2015

Swisscanto (LU) EF Green Invest Emerging

Markets: Current portfolio structure

Allocation key areas (fund, %)

28.7

20.4 18.2

10.1

7.7

6.5 6.1

Financial inclusionEducation & digital innovationEnergy supply & efficiencySustainable mobilityHealth

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Swisscanto (LU) EF Green Invest Emerging Markets: Our top

convictions

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Company Country % Sector Key theme

MTN GROUP South Africa 2.23 Telecommunication Services Education & digital innovation

ZHUZHOU CSR TIMES ELECTRIC China 2.20 Industrials Sustainable mobility

VALID SOLUCOES Brazil 2.17 Industrials Education & digital innovation

AGRICULTURAL BANK OF CHINA China 2.15 Financials Financial inclusion

HUANENG RENEWABLES China 2.14 Utilities Energy supply & efficiency

BEIJING ENTERPRISES WATER Hong Kong 2.12 Utilities Water

NEW ORIENTAL EDUCATION United States 2.11 Consumer Discretionary Education & digital innovation

CHINA MOBILE China 2.09 Telecommunication Services Education & digital innovation

ICICI BANK LTD-SPON India 2.08 Financials Financial inclusion

SK TELECOM Korea, Republic Of 2.07 Telecommunication Services Education & digital innovation

Source: Swisscanto, as of 30.04.2015

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One of our best ideas in financial inclusion

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Description

Banco Compartamos (Gentera) is the leading micro

finance services provider in Mexico and across Latin

America

Key financial metrics:

• ROE (2014): 30.3%

• ROA (2014): 11.2%

• More than 2m active customers

• Market Cap: USD ~2.8bn

Core elements of investment thesis:

• High structural growth in Mexico driven by

underdeveloped banking system and low credit

penetration

• Solid business model with high barriers to entry

• Continuous high return on equity with low levels of non-

performing loans

• Strong management team with solid track record

Core elements of sustainability thesis :

• Gentera provides access to micro loans and working

capital loans for low income population (average loan of

400 USD)

• Company generates social, economic and human value

through financial inclusion, innovation and education

• 70% of population in Mexico does not have access to

traditional banking products and services

• 98% of customers are women

Sources: Swisscanto, Inrate, Bloomberg, company

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One of our best ideas in health care

© Swisscanto Asset Management AG

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Description

Aspen Pharmacare is a South African-based supplier of branded and generic pharmaceuticals in more than 150

countries across the world and of consumer and nutritional

products in selected territories.

Key financial metrics:

• EBIT margin (2015e): 24.4%

• ROE (2014): 19.4%

• Operating Cash Flow (2014) : USD 493m

• Market Cap: USD ~14.2bn

Core elements of investment thesis:

• Strong market position and broad diversification across emerging markets

• Stable management team with a strong track record

• Economies of scale in production of pharmaceuticals (cost efficiencies)

• Strong sales and earnings growth

• Above-average profitability and return on invested capital

Core elements of sustainability thesis:

• Aspen sells high quality, effective and affordable pharmaceuticals across emerging markets

• Expansion of product offering (healthy food, infant formula,

etc.)

• 6% of sales reinvested in research and development

• Above-average sustainability profile within health care peer group

Sources: Swisscanto, Inrate, Bloomberg, company

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One of our best ideas in energy efficiency

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Description

Delta Electronics is a Taiwanese IT company. The company sells switching power supplies and other electronic components

for various applications and industries.

Key financial metrics:

• EBIT margin (2015e): 11.7%

• ROE (2014e): 21.1%

• Operating Cash Flow (2014): USD 918.3m

• Market Cap: USD ~13.8bn

Core elements of investment thesis:

• Strong market position and credible management

• Proactive investments into new growth trends (e.g.

automation)

• Margin improvement expected to drive earnings growth

• Maintaining of strong level of profitability (ROE, ROIC) and

solid balance sheet

• Attractive valuation

Core elements of sustainability thesis:

• Global leader in power management and thermal solutions for IT sector

• Products improve energy efficiency and lead to lower costs

across several industries

• Innovation leader with 6% of sales being reinvested in R&D

Sources: Swisscanto, Inrate, Bloomberg, company

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Swisscanto (LU) EF Green Invest Emerging Markets:

Comparable risk to MSCI Emerging Markets

© Swisscanto Asset Management Ltd.

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Characteristics

Swisscanto (LU) EF

Green Invest Emerging

Markets

MSCI

Emerging Markets

Total Risk (ex ante) 15.9% 16.8%

Tracking Error (ex ante) 4.3%

Beta (ex ante) 0.92

Price to Earnings (P/E 2015e) 18.4 17.0

Price to Book (P/B 2015e) 2.7 1.9

Dividend Yield 1.8 2.2

Number of stocks 64 832

- Active share* 85.7%

Market capitalisation (in USD)

> 10 bn (Large Caps) 52% 70%

3-10 bn (Mid Caps) 29% 25%

< 3 bn (Small Caps) 19% 5%

Sources: Barra, Bloomberg, MSCI, as of 30.04.2015

Comparable level of risk

Active, sustainable and

concentrated portfolio

All Caps

(current bias towards

Small & Mid Caps)

* % of portfolio that differs from the benchmark

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Benefit from the trend towards sustainable growth

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Appendix

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Follow us

© Swisscanto Asset Management Ltd.

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Funds in focus: http://www.swisscanto.ch/greenemma

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Key data

© Swisscanto Asset Management Ltd.

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Swisscanto (LU) Equity Fund Green Invest Emerging Markets

Benchmark MSCI Emerging Markets Net Return

Share classes B: Retail (capitalisation) R: Retail (with agreement) J: Institutional

(capitalisation)

P: institutional (with

agreement)

Currency USD USD USD USD

Flat rate management

fee 2.00% 1.00% 1.53% 1.13%

Total Expense Ratio 2.26% 1.13% 1.72% 1.33%

Security number 3650277 23115375 3650280 20252840

ISIN LU0338548034 LU0999461055 LU0338548117 LU0866273294

Date of launch 25.09.2008 ongoing 25.08.2008 07.05.2013

Admitted for trading CH, AT, DE, LI, LU CH, AT, DE, LI, LU CH, AT, DE, LI, LU CH, AT, DE, LI, LU

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Swisscanto sustainable investments above CHF 2 bn AuM

© Swisscanto Asset Management Ltd.

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Swisscanto EF Green Invest CHF Swisscanto PF Green Invest Equity EUR Swisscanto EF Green Invest Emerging Markets USD

Yield

Risk

Swisscanto PF Green Invest Income CHF/EUR

Swisscanto PF Green Invest Yield CHF/EUR

Swisscanto PF Green Invest Balanced CHF/EUR

Stocks Bonds or/and cash Theme funds

Swisscanto EF Climate Invest EUR Swisscanto EF Water Invest EUR

PF = Portfolio Fund EF = Equity Fund

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Swisscanto (LU) Equity Fund Green Inv. Emerging Markets B

Performance (gross) in USD as per 30.04.2015

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© Swisscanto Asset Management Ltd.

Source: Lipper

Indexed Performance over 5 years (gross of Fees)

Performance (gross of Fees)

Yearly Performance (gross of Fees, in %)

Past performance is no indication of future performance and does not guarantee success in the future.

60

80

100

120

140

04.2010 04.2011 04.2012 04.2013 04.2014 04.2015

Swisscanto (LU) Equity Fund Green Invest Emerging…

8.6

-25.6

20.5

11.0

3.7 6.0

19.2

-18.4

18.2

-2.6 -2.2

10.1

-10.6 -7.2

2.3

13.6

5.9

-4.1

-30

-20

-10

0

10

20

30

2010 2011 2012 2013 2014 2015 YTDSwisscanto (LU) Equity Fund Green Invest EmergingMarkets B

Portfolio Benchmark ∆

1 year annualised 9.23 7.80 1.43

3 years annualised 9.56 3.24 6.33

5 years annualised 3.75 3.06 0.69

Since inception annualised 7.38 3.90 3.48

3 years 31.52 10.02 21.49

5 years 20.23 16.28 3.95

Since inception 60.73 29.05 31.68

Information Ratio Tracking Error Information Ratio

(3 years) (3 years)

2015 YTD 6.73 0.88

2014 6.53 1.07

2013 5.79 0.34

2012 5.49 -1.01

2011 6.59 -0.71

2010 0.00 0.00

3 years annualised 6.73 0.88

5 years annualised 6.30 0.11

Since inception annualised 7.83 0.42

Inception 25.08.2008

Swinging Single Pricing Yes

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Swisscanto (LU) Equity Fund Green Inv. Emerging Markets B

Performance (net) in USD as per 30.04.2015

25

© Swisscanto Asset Management Ltd.

Source: Lipper Past performance is no indication of future performance and does not guarantee success in the future. The performance data do not take account of commission and

costs charged for the issuing and redemption of units.

Indexed Performance over 5 years (net of Fees)

Performance (net of Fees)

Yearly Performance (net of Fees, in %)

60

80

100

120

140

04.2010 04.2011 04.2012 04.2013 04.2014 04.2015Swisscanto (LU) Equity Fund Green Invest Emerging…

6.1

-27.2

17.8

8.5

1.4 5.2

19.2

-18.4

18.2

-2.6 -2.2

10.1

-13.1 -8.8

-0.4

11.1

3.6

-4.9

-30

-20

-10

0

10

20

30

2010 2011 2012 2013 2014 2015 YTDSwisscanto (LU) Equity Fund Green Invest EmergingMarkets B

Portfolio Benchmark ∆

1 year annualised 6.81 7.80 -0.99

3 years annualised 7.12 3.24 3.89

5 years annualised 1.45 3.06 -1.62

Since inception annualised 4.98 3.90 1.08

3 years 22.93 10.02 12.91

5 years 7.44 16.28 -8.84

Since inception 38.30 29.05 9.25

Information Ratio Tracking Error Information Ratio

(3 years) (3 years)

2015 YTD 6.73 0.55

2014 6.53 0.72

2013 5.79 -0.05

2012 5.49 -1.42

2011 6.59 -1.05

2010 0.00 0.00

3 years annualised 6.73 0.55

5 years annualised 6.30 -0.25

Since inception annualised 7.83 0.13

Inception 25.08.2008

Swinging Single Pricing Yes

Total Expense Ratio 2.25%

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Our sustainability approach is based on long-standing

expertise

© Swisscanto Asset Management Ltd.

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Sustainable investment universe emerging markets

Total investment universe emerging markets

Swisscanto -

Sustainability approach

Analysis of impact Risk reduction Strict implementation:

Selection of companies with a

positive impact on the environment, society and with a strong corporate governance

Avoid sectors/activities that

contradict sustainable development

1. Sustainability data from Inrate

2. Selection by our internal

sustainability research

3. Swisscanto Sustainability

Advisory Committee (external

experts)

4. Universe binding for PMs

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Our investment process is transparent and disciplined

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Portfolio construction and

risk management Research Idea generation

• Identification of trends

and themes

• Identification of

companies exposed to

key areas

• Quantitative and

qualitative screening

• Internal equity platform

• Internal economists

• Conferences, site visits

and 1-to-1

• Independent investment

thesis

• Focus on barriers to

entry and 'economic

moat'

• Fundamental

analysis and valuation

• Attractiveness score

(internal database)

Sustainable investment universe EM (400-500 stocks¹)

• Co-management

• Implementation of "best ideas"

from research

• Performance reviews

• Structure of portfolio

• Sell discipline and Timing

• Diversification

(countries and sectors)

• Contribution to risk

• Liquidity analysis

1) As of November 2014

Portfolio

(50-70

holdings)

Focus on profitable, competitive and sustainable companies

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Raphael Lüscher, CFA

© Swisscanto Asset Management Ltd.

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Senior Portfolio Manager

Raphael Lüscher (1976) is a Director, Senior Portfolio Manager and as a co-manager

responsible for the Swisscanto (LU) Equity Fund Green Invest Emerging Markets,

Swisscanto (CH) Equity Fund Tiger and Swisscanto (CH) Equity Fund Emerging

Markets.

Before joining Swisscanto, Raphael worked eleven years at UBS Global Asset

Management, most recently as a senior portfolio manager for sustainable equity funds,

sector funds and institutional mandates on locations in Zurich and Singapore. Prior to

that, he was as a portfolio manager and analyst for European equity funds. He began his

professional career at UBS as well, where he completed a talent programme in the

Global Asset Management.

Raphael Lüscher received a master's degree in Economics from the University of St.

Gallen (lic.oec.HSG). In 2009, he obtained his diploma as a Chartered Financial Analyst

(CFA).

Joined Swisscanto: 2014

Professional experience: 13 years

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Dr. Gerhard Wagner, CFA

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Head of Sustainable Investments

Gerhard Wagner (1968) is a Director, Senior Portfolio Manager and as a co-manager

responsible for sustainable Swisscanto collective investments (investment funds,

investment groups) and institutional mandates, which are managed according to the

Green Invest- and Responsible Invest approach. Summarized these are the Equity

Green Invest, -Water Invest, -Climate Invest, Green Invest Emerging Markets and

Responsible Invest strategies.

Gerhard is an acknowledged expert in the management of sustainable investments and

was last in charge of the SRI team at UBS. From 1994 to 2001, he worked as a scientist

at the ETH/EAWAG in the field of climate physics.

Gerhard Wagner holds a master's degree in Physics from the University of Konstanz.

Afterwards, he earned a doctorate in Natural Sciences (Dr. rer. nat.) at the ETH Zurich.

In 2006, he obtained his diploma as a Chartered Financial Analyst (CFA).

Joined Swisscanto: 2008

Professional experience: 20 years

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Roman Boner, CFA

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Portfolio Manager

Roman Boner (1980) is a Manager, Portfolio Manager and as a co-manager responsible

for sustainable Swisscanto collective investments (investment funds, investment groups)

and institutional mandates, which are managed according to the Green Invest- and

Responsible Invest approach. Summarized these are the Equity Green Invest, -Water

Invest, -Climate Invest, BVG 3 Oeko and Responsible Invest strategies.

Before joining Swisscanto, Roman worked ten years at UBS Global Asset Management,

the last five years as a portfolio manager and an analyst for sustainable equity funds and

institutional mandates. Prior to that, he led the Investment Service Global & US Equities

team and was a portfolio manager for global equity funds. He began his professional

career at UBS as well, where he completed two talent programmes in the Private &

Corporate Clients division.

Roman Boner received a Bachelor in Business Administration from the University of

Applied Sciences in Zurich (HWZ). In 2013, he obtained his diploma as a Chartered

Financial Analyst (CFA).

Joined Swisscanto: 2013

Professional experience: 15 years

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Marion Swoboda

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Head of Sustainability Research

Marion Swoboda (1965) is a Director and as a Head of Sustainability Research

responsible for the sustainability approach and its implementation.

Before joining Swisscanto, Marion worked for ten years at SAM Sustainable Asset

Management as a senior sustainability/equity analyst mainly focused on the financial

sector. Previously, she worked seven years as a senior economist and as senior fund

analyst at Credit Suisse Group.

Marion Swoboda has gained extensive knowledge in a broad range of sustainability and

together with the ETH Institute for Sustainability and Technology she published the study

"Climate Change and Banks: Opportunities and Risks".

Marion Swoboda graduated in Macroeconomics (lic. oec. publ.) at the University of

Zurich.

Joined Swisscanto: 2011

Professional experience: 21 years

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Disclaimer

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contained in these documents. Past performance is no indication of future performance and does not guarantee success in the

future. The performance data do not take account of commission and costs charged for the issuing and redemption of units.

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obtained from reliable sources. Despite taking professional care, Swisscanto cannot guarantee the correctness, completeness or

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indicated. The documents published (fund contract, contractual conditions, prospectuses and/or key investor informations, and

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