European equities

31/03/2008

THIERRY ROJAT
Head of European
Equity Investments
WE BELIEVE

« Companies that offer the best value creation potential deliver the best performance. Only through fundamental research, based on proper analysis of the companies' business models, can you identify these indicators which reveal the potential for increasing value for the company and its shareholders.

Team management that takes full advantage of the expertise of a small group of managers who are experienced, flexible, reactive and motivated by performance is the most effective decision making environment. We do not believe in organisations that rely on the expertise of a single individual or a very large team; the former approach is too risky and the latter does not express enough conviction.

Active management ought to result in concentrated portfolios, because this concentration forces managers to switch between ideas more effectively under pre-defined price targets and risk budgets. »


OUR STRENGTHS

• A committed management team with independent thinking and strong convictions

• More than eur 22 bn under management [5] - which gives us a privileged access to companies and external research

• Competitive performance – 82% of the european equity funds in our parvest range have outperformed their benchmark in 2007[6]

• A wide product range - embracing defensive and aggressive strategies within the large, mid and small cap universes


• The flexibility and motivation of a boutique combined with the strengths and resources of a major asset manager

• A particular expertise in fundamental investing - supported by extensive capabilities in quantitative analysis


EUROPEAN EQUITIES MANAGEMENT
IN BNP PARIBAS ASSET MANAGEMENT…


…allows you to get the best out of the flexibility of a specialist team, dedicated and reactive AND the strengths of an important asset manager.


Strong performances :

In 2007, 82% of our Parvest funds have outperformed their benchmark. [1].

Our key franchise is to manage high alpha portfolios.

• On this strategy, our GIPS composite [2] shows regular outperformance vs the benchmark (200 basis points annualised over a three year period ending Dec 2007)

• Risk management is central to our investment process as illustrated by our excellent Information Ratio (0.69 over the last three years).

• Our flagship product, Parvest Europe Alpha, which is a concentrated portfolio investing in the best ideas of the team, has outperformed its benchmark since inception (June 2005) . In addition, it has been ranked first quartile by Lipper since inception(June 2005) [3]. In addition, it has been ranked first quartile by Lipper since inception. [4].

 

 


[1] Classic shares, net of fees, this figure refers to the Parvest funds. managed by BNPP AM European equity team over the whole 2007 year
[2] Please see GIPS disclaimer [here], gross of fees.
[3] Classic shares, net of fees.
[4] Source: Lipper / data as of 31/01/2008, Luxembourg domiciled funds universe / quartile calculated within the Equity Europe Lipper Global Sector, all share classes, net of fees.
[5] Including advisory mandates.
[6] Classic shares, net of fees, this figure refers to the Parvest funds managed by BNPP AM’s European equity team over the whole year 2007.

OUR INVESTMENT
PROCESS

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European Equities,
management by conviction
Thierry Rojat is in charge of the European Equities team at BNPP AM.