CAP WEST EQUITIES

- Cap West Equities is a Paris-based asset management company created in 2000. - Owned mostly by management who is heavily invested in all investments strategies. - Independent company since its foundation with back up from French institutional investors SMABTP (EUR 20B+ AUM) and Ecofi (EUR 8B+ AUM) INVESTMENT STRATEGIES : - We manage three long only equity funds initially focused on US equities with a fundamental approach. - We look for companies with strong and durable competitive advantage and that are trying to improve this competitive advantage. - We generally have a contrarian approach as we tend to buy companies that we think are temporary undervalued. - We only invest in a small number of companies (15-25 stocks) - We can invest in companies of any market cap from any industry. - We do not market time or trade frequently. - We do not hedge anything. - We do not try to predict macroeconomics development. INVESTMENT PROCESS : 1) We source information only from annual/quartely reports and conference calls. We can occasionally rely on industry experts. 2) Qualitative assessment: we study deeply the competitive environment and management of a company. Our approach is to find companies with great competitive advantage and which are trying to improving their advantage. 3) Valuation: we built internal model with our own hypothesis to value companies. 4) Investment decision: we would invest in a stock only if we have a deep conviction that the competitive advantage is strong enough and if our valuation gives us a potential 15% annualized return over 5 years. CAP WEST FUNDS : - CAP WEST FUND - CAP IN (ISIN : FR 0000 448 680) - CAP WEST FUND - CAP OFF (ISIN : FR 0000 448 698) - CAP WEST PARTNERS ( ISIN : 0011 049 923)