swiss equities: local knowledge, global context.

Home to high quality growth leaders

Switzerland ranks #1 in global competitiveness[1], and is well known for its long record of stability and strong governance. Switzerland is home to some of the best known brands in the world, and its biggest names are global leaders in pharmaceuticals, consumer goods, wealth management, insurance and industrials.

A diverse multi-cap universe

Swiss equities make up around 12% of the European indices[2] and is the fourth largest market in the world, providing investors with attractive diversification opportunities across the spectrum: from fast-growing small and mid-caps to long established mega-caps venturing into high growth emerging markets.

While our team’s Zurich base has the local expertise, we think that it is crucial to apply a global investment horizon. Swiss companies compete and operate globally, so we need to know the industry giants based in the US as well as we know those headquartered in Switzerland.

Approach: high conviction and risk management first

Our strict and disciplined approach complements fundamental analysis to seek to identify the best Swiss equity investment opportunities.

Our stock selection focuses on high quality leaders with stable cash flows and returns, above average revenue and earnings growth and/or attractive dividend yielders at reasonable valuations.

[1] World Economic Forum competitiveness report 2017-18
[2] MSCI Europe and STOXX 600 country weights, 31 October 2017

Swiss equities

Swiss companies lead the pack Dividend yields and ROIC a key driver Long-term outperformance A diversified universe
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Its companies are innovation leaders in Europe. Swiss equities have one of the highest excess dividend yields and returns on invested capital (ROIC) globally. Swiss equities have outperformed global equities over the last 20 years. With large caps making up less than 10% of the names in the SPI, Swiss equities lend itself to an active approach
Source: Innovation Union Scoreboard 2016 Source: Excess dividend yields based on premium over 10 year government bond yield. LOIM, Bloomberg 16 June 2017, ROIC based on UBS analysis Source: Cumulative returns since inception of the SPIEX vs MSCI World Index, January 1996 – April 2017 Source: LOIM, Bloomberg, 30 September 2017

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This material is provided for information purposes only and does not constitute an offer or a recommendation to purchase or sell any security or service. It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful. This material does not contain personalized recommendations or advice and is not intended to substitute any professional advice on investment in financial products. Before entering into any transaction, an investor should consider carefully the suitability of a transaction to his/her particular circumstances and, where necessary, obtain independent professional advice in respect of risks, as well as any legal, regulatory, credit, tax, and accounting consequences. This material is the property of LOIM and is addressed to its recipient exclusively for their personal use. It may not be reproduced (in whole or in part), transmitted, modified, or used for any other purpose without the prior written permission of LOIM. This material contains the opinions of LOIM, as at the date of issue.

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1World Economic Forum competitiveness report 2017-18
2MSCI Europe and STOXX 600 country weights, 31 October 2017