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Macquarie Investment Management Europe S.A., ValueInvest

PRI reporting framework 2019

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer
% of asset under management (AUM) in ranges
Fund management
Fund of funds, manager of managers, sub-advised products
Other
Total 100%

Further options (may be selected in addition to the above)

01.2. Additional information. [Optional]

Macquarie Group is a diversified financial group providing clients with asset management and  finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Macqurie Asset Management (MAM) is one of Macquarie Group’s five operating businesses. Macquarie Investment Management (MIM) is one of the three divisions of MAM.

Macquarie Investment Management Europe, S.A., ValueInvest (in short,ValueInvest) is part of Macquarie Investment Management.

ValueInvest is a highly specialized investment manager. The entity pursues a unique value-oriented investment strategy and is solely engaged in equity investments.

ValueInvest delivers only one product as all portfolios are managed according to the very same investment process. Focus and specialisation is key in delivering high quality products to clients. 


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

Luxembourg

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

16.1 FTE

02.4. Additional information. [Optional]

ValueInvest was founded in 1998 and is based in the Grand Duchy of Luxembourg.

In June 2018, ValueInvest was acquired by Macquarie Group and is now part of Macquarie Investment Management which is one of three divisions under Macquarie Asset Management. The headquarters of ValueInvest remains in Luxembourg, with only one office.

For additional information on Macquarie Asset Management’s environmental, social and governance (ESG) approach, please refer to the PRI transparency report of Macquarie Asset Management.


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]

Macquarie Asset Management as well as the Green Investment Group, both part of the Macquarie Group, are PRI signatories.


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2018

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Indicate the total assets at the end of your reporting year subject to an execution and/or advisory approach.

04.5. Additional information. [Optional]

The AUM mentioned listed above consists solely of funds owned by clients.


OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity >50% 100 0 0
Fixed income 0 0 0 0
Private equity 0 0 0 0
Property 0 0 0 0
Infrastructure 0 0 0 0
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 0 0 0 0
Money market instruments 0 0 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

ValueInvest has a track record that goes back more than 20 years in managing Global and Japanese listed equities according to its unique, disciplined, and value-oriented investment process based on fundamental bottom up stock picking.

ValueInvest Global Equity Strategy

The ValueInvest Global Equity strategy is designed with the aim to produce attractive risk-adjusted long-term returns by investing in understandable businesses with mispriced earnings power. The portfolios are primarily invested in global large cap equities listed in developed countries. The portfolios consist exclusively of companies which have been positively identified in the investment process and are managed free of benchmark constraints. The investment strategy excludes derivatives, currency hedging, and leverage. Typically, cash positions are kept below two percent.


ValueInvest Japan Equity Strategy

The ValueInvest Japan Equity strategy is designed with the aim to produce attractive risk-adjusted long-term returns by investing in understandable businesses with mispriced earnings power. The portfolios are primarily invested in Japanese large- and mid-cap equities listed in Japan. The portfolios consist exclusively of companies which have been positively identified in the investment process and are managed free of benchmark constraints. The investment strategy excludes derivatives, currency hedging, and leverage. Typically, cash positions are kept below two percent. 


OO 07. Fixed income AUM breakdown (Not Applicable)


OO 08. Segregated mandates or pooled funds (Not Applicable)


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

100 Developed Markets
0 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]

ValueInvest invests only in developed markets and offers two products: ValueInvest Global Equities and ValueInvest Japan Equities.

At ValueInvest, we approach investing with patience and discipline. Our investment philosophy rests on our core conviction that long-term preservation and accumulation of wealth can best be achieved through a combination of attractive valuation and thorough assessment of the quality of the businesses. The hallmarks of quality include profitability, earnings stability, low debt, and efficient use of assets. High-quality businesses with sustainable competitive advantages are believed to increase shareholder wealth throughout business cycles.

The aim is to produce attractive risk-adjusted long-term returns investing in understandable businesses with mispriced earnings power. Great importance is placed on assessing risks and in-depth research is used to gain detailed insight into the companies invested in.

Focused on long-term goals, we understand that short-term price fluctuations do not always reflect a company's value, which is why our investment strategy is based on the conviction that markets are inefficient in the short term. Volatility is seen as an opportunity to capitalize on mispricing through our structured investment process. In some cases, value investing requires a contrarian position - we recognize that going against prevailing trends is sometimes necessary to achieve our long-term investment objectives.


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