Renault SA

Capital IM-SG is an active manager which follows a bottom-up investment approach based on fundamental research primarily performed in-house, with regular contacts with senior company management as the cornerstone. Their investment style is GARP-oriented with a long-term outlook. They accommodate the specific socially responsible investment preferences of their clients. The firm focuses on emerging economies in the Asia Pacific region, and pays specific attentions to countries such as Vietnam, China and Thailand. They have particular expertise in the non-renewable energy sector. They construct diversified portfolios and emphasize individual stock selection as the most critical factor in their investment process. Investment ideas are subjected to strong devil's advocacy. Capital IM-SG analyzes company stock prices relative to the underlying value and expected earnings growth. Their time frame for valuation is three to five years. Aggregate portfolio structure results from individual stock selection by autonomous portfolio managers rather than predetermined orientation, however macroeconomic and currency factors are taken into account.

Magallanes is an active, value-based, long-term manager which aims to preserve and grow client capital by identifying market anomalies and generating returns above standard market returns. They believe that the only real risk is the permanent loss of capital and that the power of interest compounding over a protected amount of capital represents the most powerful combination for generating wealth over time. They invest through their equity funds in Iberian and European equities.The firm believes that the fundamental value of a company is its most important aspect and seeks to correctly identify the value of the companies in which they invest. They do not speculate, but buy companies which are trading below their fundamental value. They are patient investors which seek to take advantage of interference and uncertainty, selling when others want to buy and buying when others want to sell.

Cobas Asset Management is a long-term investor which implements its investment strategies through a value-oriented process. They use market declines to buy their selected stocks at lower prices, even if this means taking a hit in the short term. That is why the firm will always be invested at a level close to the statutory ceiling of 99%. Cobas Asset Management invest mostly in Europe, which as their home market is the one they know best; but they may also hold minor positions in the United States and Asia. In other markets, the firm may invest only on an exceptional basis. The firm spends time analyzing listed companies, taking an in-depth look at their competitive edge and the quality and durability of their business, until ascertaining their true value.