Presentacion Oddo: Funds Experience 2016

Exclusively dedicated to professional clients (MIFID) www.oddomeriten.eu
ODDO PROACTIF EUROPE
September 2016
Flexible European Equity Fund

ODDO MERITEN ASSET MANAGEMENT • ODDO PROACTIF EUROPE
Disclaimer:
Oddo Meriten AM is the asset management division of the Oddo Group. It is the common brand of two legally separate asset management companies: Oddo Meriten
AM SA (France) and Oddo Meriten AM GmbH (Germany).
This document, for market communication, has been drawn up by Oddo Meriten Asset Management SA (ODDO MERITEN ASSET MANAGEMENT SA) and is
exclusively dedicated to professional clients (MIFID). It may not be circulated among the public.
The fund is regulated by the Autorité des Marchés Financiers (AMF).The investor is informed that the fund presents a risk of capital loss, but also many
risks linked to the financial instruments/strategies in the portfolio. In case of subscription, investors must consult the Key Investor Information Document
(KIID) and the fund’s prospectus in order to acquaint themselves with the detailed nature of any risks incurred. The value of the investment may vary both
upwards and downwards and may not be returned in full. The investment must be made in accordance with investors’ investment objectives, their investment horizon
and their capacity to deal with the risk arising from the transaction. ODDO MERITEN ASSET MANAGEMENT SA cannot be held responsible for any direct or indirect
damages resulting from the use of this document or the information contained in it. This information is provided for indicative purposes and may be modified at any
moment without prior notice.
Investors are reminded that past performance is not a reliable indication of future returns and is not constant over time. Performance are presented net of fees except
the potential subscription fee charged by the distributor and the local taxes. Any opinions presented in this document result from our market forecasts on the publication
date. They are subject to change according to market conditions and ODDO MERITEN ASSET MANAGEMENT SA shall not in any case be held contractually liable for
them. The net asset values presented in this document are provided for indicative purposes only. Only the net asset value marked on the transaction statement and the
securities account statement is authoritative. Subscriptions and redemptions of mutual funds are processed at an unknown asset value.
The Key Investor Information Document (DEU, ESP, FR, GB, ITL, POR, SWD) and the prospectus (FR, GB) are available free of charge from ODDO MERITEN
ASSET MANAGEMENT SA or at www.oddo.com or at authorized distributors. The annual and interim reports are available free of charge from ODDO MERITEN
ASSET MANAGEMENT SA or on its internet site www.oddomeriten.eu
Risks:
The fund is exposed to the following risks : risk of capital loss, equity risk, risk associated with holding small and medium capitalisations, interest rate risk,
credit risk, currency risk, risk associated with discretionary management, counterparty risk and potentially exposed to emerging market.
Countries in which the fund is authorised for distribution to professional clients
2

3
Shareholding structure
30 %
EMPLOYEES
Oddo & Cie
A family owned financial company whose history dates back to 1849
Sources: Oddo Meriten AM S.A. Data as of 31/12/2015
Camille Gautier,
broker in Marseille
1849
Creation of Oddo Asset
Management
1978
Opening of international offices: Milan, Frankfurt,
Singapore, Geneva
2011-14
Philippe Oddo,
Managing partner
1987
Bernard Oddo, great-grandson of
Camille Gautier, broker
1971
Acquisition of Seydler Bank,
Meriten Investment Management
and BHF Bank
Creation of a Franco German dynamic
Acquisition of
Cyril Finance
2005
Acquisition of
Orsay Asset
Management
2010
2 500
Employees
€426m
Net banking income
€740m
Shareholders‘ equity
2016
60 %
ODDO
FAMILY7 %
ALLIANZ
BOUSSARD &
GAVAUDAN
THÉTYS
3 %
OTHERS
Key figures

4
2015: the rise of a unique Franco-German asset management brand
Sources: Oddo Meriten AM S.A. & Oddo Meriten AM GmbH. Data as of 30/06/2016
Oddo Asset Management1978
SINCE
Meriten Investment Management1969
SINCE
Unique Franco-German identity,
global reach
Two key investment centers in
Paris and Düsseldorf
Global distribution reach:
distribution offices in Milan,
Geneva, Frankfurt and
Singapore
One of the largest independent asset
manager in the Eurozone
Committed to client proximity
Independent, long-term oriented
Critical asset under management
size reached for fixed income,
equities and asset allocation
GERMANY
55%
FRANCE
37%
OTHERS
8%
SINCE
2015 Oddo Meriten Asset Management
Breakdown of assets by country
€41bn
Assets under management
276
Employees¥
$€
£

5
Our fundamental equity strategies
CONVICTION – ACTIVE SHARE – 25 YEARS OF TRACK RECORD
Sources: Oddo Meriten AM S.A. & Oddo Meriten AM GmbH. Data as of 30/06/2016
More than 25 years of track record
Stock picking expert
Located in the heart of Europe and well connected to
companies across the continent
Our expertise
Our team
23 dedicated investment professionals with an average of
15 years investment experience
Our process
In depth fundamental analysis
Conviction based selection and implementation
Rigorous investment, risk and control processes
Our results
High active share
Long track records with strong performance and superior
risk-return
FUNDAMENTAL EQUITIES – € 8.1bn 2.3 5.8
SMALL CAP
€ 0.8bn
0.5 0.3
Eurozone - traditional
Europe - traditional
Europe - opportunity
THEMATIC
€ 0.5bn
0.1 0.4
Eurozone real estate
European banks
MID CAP
€ 4.3bn
1.2 3.1
France
Eurozone
Europe
US
LARGE CAP
€ 1.6bn
0.5 1.1
Eurozone
Europe
Global
FLEXIBLE
€ 0.9bn
- 0.9
Europe
AUM (€bn) AUM (€bn)Dedicated products Mutual funds

6
41 2 3 5 6 7
41 2 3 5 6 7
Risk / return scale*
Risk / return scale*
Morningstar™
Morningstar™
ODDO PROACTIF EUROPE
ODDO PROACTIF EUROPE CI-EUR
ODDO PROACTIF EUROPE CR-EUR
Morningstar™ rating as of 30/09/2016
Morningstar™ Category : Euro Flexible Equity
*Synthetic indicator of risk and performance : running from 1 to 7, where one is the lowest level of risk and seven the highest. This indicator shall be
revised when changes occur in the fund’s risk and reward profile.

7
Contents
1.
2.
3.
4.
MANAGEMENT TEAM
OUR INVESTMENT PHILOSOPHY
MANAGEMENT PROCESS
INVESTMENT CASES

8
1.
MANAGEMENT TEAM

9
Experience and complementary
Management team Investment philosophy Management process Investment cases
Pascal Riégis
Since 2016 Co-Head of Fundamental Equities
2003-2016 Head of European Small & Mid Cap Equities
1995-2003 Head of Equity Research, Oddo Securities
1990-1995 Equity Research, CIC Group
1987-1990 Financial Analyst, BNP Paribas
Graduate in Economics and École Supérieure de Commerce de Pau,
Member of SFAF (French Society of Financial Analysts)
Emmanuel Chapuis, CFA
Since 2016 Co-Head of Fundamental Equities
2005-2016 Head of Large Cap Equities & Thematics
1999-2005 Equity Portfolio Manager, CM-CIC AM
1998-1999 Financial Analyst, Goldman Sachs/Archon Group
MBA from Texas Christian University (Dallas/Fort Worth)CFA
and Member of SFAF (French Society of Financial Analysts)
INVESTMENT EXPERIENCE
28 YEARS
17 YEARS

10
2.
OUR INVESTMENT
PHILOSOPHY

11
A pure fund invested in
equities or money market
products
A flexible fund, invested in
European equities or
money market products
(0 to 100 %)
An allocation aimed at
optimising risk / reward,
buffering the risk of
capital loss
Flexible allocation based
on “bottom-up” principles
Bottom up portfolio
construction
Valuation scenarios, best
and worst possible cases
Valuation levels: essential
criteria of the level of
strategic exposure to
equities
Stock selection within the
equity pocket: the best
ideas of the management
Stock picking, the basis of
our expertise
Selection of companies
structured to create value
regardless of the cycle
European businesses
with international
influence
Investment philosophy
The fund is principally exposed to the following risks: risk of capital loss, equity risk, risks linked
to discretionary management.
All the risks are detailed at the end of the presentation.
RISKS

12
3.
MANAGEMENT PROCESS

13
Companies with international
reach
Businesses which seek out
growth where it can be found
and develop worldwide,
without remaining dependent
on the cycles of any one
continent
Tried and tested management
Professional and accessible
management
Growth prospects
intact
Companies built on a strong
and clear concept, offering
steady organic development
prospects complemented by
acquisitions
Our approach to stock selection
COMPANIES ABLE TO FINANCE THEIR GROWTH AND CREATE VALUE OVER THE LONG TERM,
ACCORDING TO OUR ANALYSES
Value creating companies
over time
Businesses able to preserve
steady profitability which are
self-financing even in
recessionary periods
> Return on Invested
Capital raised over the
complete duration of an
economic cycle
> Free Cash Flow capacity
for financing growth

14
Value creators
The right fuel to finance growth
Past performance is not a reliable indication of future returns and is not constant over time.
The examples of LafargeHolcim, Saint-Gobain and Sika are not investment recommendations | Sources: Oddo Meriten AM SA, Datastream. Data as of 30/09/2016
A construction industry example: Sika vs. LafargeHolcim & Saint-Gobain (Total Return)
0
1000
2000
3000
4000
5000
6000
7000
Silka + 6 548%
Lafarge + 910 %
Saint Gobain +
679 %
Stoxx Europe 600
+ 600 %

15
Value creators
The right fuel to finance growth
The examples of LafargeHolcim, Saint-Gobain and Sika are not investment recommendations | Sources: Oddo Meriten AM SA, Datastream. Data as of 30/09/2016
An example of non-cyclical consumption: Nestlé and L’Oréal vs Carrefour and Ahold (Total Return)
0
500
1000
1500
2000
2500
3000
3500
4000
Loréal + 3802%
Nestlé + 3176 %
Stoxx Europe 600 +
600%
Carrefour + 591 %
Ahold + 408 %

16
HEDGING
Flexible and active allocation
Occasional use of index contracts to hedge the positions
Fundamental
strategic allocation
Cash vs. Equities
0-100%
Equity investment rate defined in a discretionary manner according
to investment opportunities: European companies with a global
dimension, creators of value over time, with attractive prices
MONEY MARKET PRODUCTSEQUITIES
1st
Tactical allocation:
hedging of the
equity pocket
Short term tactical allocation, purely discretionary according to
market sentiment / momentum and the flow of information
2nd

17
64%
62%
53%
60% 61%
55%
46%
56%
58% 58%
53%
-
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
20%
30%
40%
50%
60%
70%
80%
90%
Net Equity Exposure of Oddo ProActif Europe (left hand scale) Euro Stoxx 50 (NR) (for info., right hand scale) Average portfolio net exposure over the year
Flexible allocation – Evolution of the exposure to the equity market
Past performances are not a guide to future performances and are not constant over time.
The proportion not invested in equities is invested in monetary funds | Source: Oddo Meriten AM SA. Data as of 30/09/2016
Evolution of the portfolio’ s net exposure to the equity market (in %) since January 2006
Min exposure
08/08/2011
23.5%
Max exposure
31/01/2007
87.0%

18
Flexible allocation – Evolution of the exposure to the equity market
Focus on 2015 & 2016
Past performances are not a guide to future performances and are not constant over time.
The proportion not invested in equities is invested in monetary funds Source : Oddo Meriten AM SA. Data as of 30/09/2016
Evolution of the portfolio’ s net exposure to the equity market (in %) since 2015
4 500
5 000
5 500
6 000
6 500
7 000
7 500
30%
40%
50%
60%
70%
80%
90%
Net equity exposure of Oddo ProActif Europe (left hand scale) Euro Stoxx 50 (NR) (for info., right hand scale)

19
4.
INVESTMENT CASES

20
Other convictions (1/2)
The above examples do not constitute an investment recommendation
Swiss pharmaceutical company specialised in medicines (78% of revenue) and diagnosis (22%). A global leader in oncology (67% of its
pharmaceutical portfolio), biological treatments (80% of its portfolio) and in vitro diagnosis.
Significant competitive advantage in oncology through its combined pharmaceutical and diagnosis offering (selection and monitoring of eligible
patients).
A promising pipeline of new products which means the company is well positioned to deal with the rise in biosimilars in the US in some of its
main franchises (blood cancer, breast cancer).
Its best-in-class R&D productivity gives options for its undervalued product pipeline (hemophilia, multiple sclerosis, asthma, ophthalmology) and
reinforces its growing credibility in immuno oncology (lung and bladder cancer).
Global leader in business software.
A promising new cycle of products across business mobility, cloud computing and in-memory database with the launch of the S/4 HANA
continuation.
50% of recurrent revenue comes from maintenance, the gross margin of which exceeds 90%, with organic growth of 5/6%.
The HANA in-memory database represents a clear competitive edge that could redefine the database market (processing of massive volumes
of data with real time results).
Rapid progress made in migrating to the cloud with the necessary investment granted (acquisition of Concur, Ariba, SuccesFactors),
strengthening the group's growth profile.
World-leading food company with a strong competitive edge in four of the sector's most attractive business lines: fresh dairy products, bottled
water, early-life nutrition, medical nutrition. A portfolio of strong global (Danone, Dannon, Evian, etc.) and regional brands. 50% of revenue is
achieved in the emerging countries.
A portfolio of activities that should generate higher organic sales growth than the sector average over the medium to long term.
New management aiming to streamline operations (optimisation of costs and the portfolio) and to focus on achieving a balance between growth
(+5% per annum) and profitability (+200bp improvement in the margin) by 2020.
The change in status should gradually reduce the discount on the share (2pts on PE vs. peers)

21
Other convictions (2/2)
The above examples do not constitute an investment recommendation
Leader in the high-end segment which continues to successfully penetrate the market. A strong corporate culture focusing on innovation and
performance. A leader in automotive technology, particularly in the area of CO2 / fuel consumption, with considerable expertise in electric and
hybrid vehicles.
A well-balanced break down of profits with an Europe market still representing a considerable proportion (around 45% of profits) and a now
limited contribution of China (25% of profits).
The product cycle is set to improve in 2017 (reduction in the average age of products). Consolidation of the number of platforms from 5 to 2 by
2018 enabling significant cost savings that could offset headwinds affecting the mix and content.
A defensive cash profile. Net cash representing more than 30% of the market capitalisation. Ability to generate between 50% and 100% of its
enterprise value in free cash flow over the next 5 years.
Founded in 1668, the world's oldest pharmaceutical and chemical company, operating in 3 business lines: healthcare (45% of 2016 revenue),
life science (38%) and performance materials (17%).
A significant ramp-up in life science segments with the acquisition of Sigma Aldrich in 2015, which benefits from a much more visible and stable
growth profile (and thus higher valuation multiples). Focus by the management on integrating Sigma and harnessing cost synergies of €260m by
2018, representing 10% of the Group's EBIT.
Performance materials: capacity to maintain an EBITDA margin of 40% and to grow revenue through continued efforts in innovation (new
technology LCD, OLED).
Healthcare: new management in place with a big challenge in optimizing R&D. Its pipeline options are not highly promoted by the market even
though the group holds several assets in the area of oncology and immunotherapy in PIII (implied sales peak of €500m by 2025 vs. potential of
€2bn according to the management).
German automotive original equipment manufacturer (Automotive division accounting for 60% of revenues) and tire maker (40%).
The Automotive division is ideally placed to benefit from major industry trends: hybridation/electrification of vehicles (48V technology), self-drive
cars (ADAS components), infotainment, active and passive security, reduction of emissions, etc. Significant efforts in R&D in recent years (8/9%
of revenue), enabling it to win new market share in several segments, while maintaining a very high level of value added. An order book of
€30bn, underpinning sales CAGR of 5% between now and 2020, while generating an improvement in margins
Tires: best-in-class margin (20%+) thanks to first-rate industrial productivity, a high technological content and a product mix that perfectly meets
market trends (strong growth in tires > 16’’). ROCE of 30%+ giving it unique capacity to generate FCF for the sector.

22
5.
PERFORMANCE

23
Oddo ProActif Europe
Value creation over the long term
*Benchmark: 50 % Euro Stoxx 50 NR + 50 % Eonia capitalisé since 02/01/2013, previously 50 % Eonia capitalisé + 50 % Euro Stoxx 50 ex dividendes
** Inception date CI-EUR: 10/09/2004 l Source : Oddo Meriten AM SA. Data as of 30/09/2016
Oddo ProActif Europe CI-EUR since inception date*
Benchmark*
+ 29.4%
+ 106.9%
EuroStoxx 50 NR
+ 56.6%
75
100
125
150
175
200
225
Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16
Oddo ProActif Europe CI-EUR 50% EuroStoxx 50 NR + 50% EONIA
100% EuroStoxx 50 (NR) (for info.) JP Morgan Global Govt Bond index (LC), (for info.)
Real Estate Index Paris 7e, (for info.)

24
*Benchmark: 50 % Euro Stoxx 50 NR + 50 % Eonia capitalisé since 02/01/2013, previously 50 % Eonia capitalisé + 50 % Euro Stoxx 50 ex dividendes
Source : Oddo Meriten AM SA. Data as of 30/09/2016
0.0%
13.7%
10.2%
3.6%
9.7%
-7.6%
7.4%
10.7%
2.4%
3.8%
-14.1%
18.1%
21.5%
4.0%
6.4%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
2011 2012 2013 2014 2015
Oddo ProActif Europe CR-EUR
Benchmark*
Euro Stoxx 50 (NR) (for info.)
Annual performance (rolling 12 months)
From 30/09/11 28/09/12 30/09/13 30/09/14 30/09/15
To 28/09/12 30/09/13 30/09/14 30/09/15 30/09/16
Fund 16.2% 12.1% 4.4% 6.1% 5.5%
Benchmark* 7.2% 10.4% 7.4% 0.0% 0.4%
Euro Stoxx 50 (NR) for info 17.1% 21.3% 14.6% -1.4% -0.3%
Calendar performance since 5 years
Oddo ProActif Europe – CI-EUR
Performance (1/2)

25
%
Annualised performance Cumulative performance Annualised volatility
3 years 5 years
Since
inception**
1 year 3 years 5 years
Since
inception**
1
year
3
years
5
years
Since
inception**
Oddo ProActif
Europe CR-EUR
5.3 8.8 6.2 5.5 16.9 52.2 106.9 8.9 8.8 9.1 11.4
Benchmark* 2.5 5.0 2.2 0.4 7.8 27.6 29.4 10.6 9.4 9.7 10.9
Euro Stoxx 50 NR
(for info.)
4.0 9.9 3.8 -0.3 12.6 60.0 56.6 21.2 18.8 19.4 21.7
Performance analysis
Cumulative performance since Inception*
Oddo ProActif Europe – CI-EUR
Performance (2/2)
* Benchmark: 50 % Euro Stoxx 50 NR + 50 % Eonia capitalisé since 02/01/2013, previously 50 % Eonia capitalisé + 50 % Euro Stoxx 50 ex dividendes
** Inception date CI-EUR: 10/09/2004 l Source : Oddo Meriten AM SA. Data as of 30/09/2016
+106.9%
+29.4%
+56.6%
0
50
100
150
200
250 Oddo Proactif Europe CI-EUR
Benchmark*
Stoxx 50 (NR)

26
Share classes characteristics

27
Singapore
Milan
Paris
Frankfurt
Geneva
Dusseldorf
Local representation officesInvestment centers
Locations

28
Oddo Meriten Asset Management SA (France)
Portfolio Management Company approved by the Autorité des Marchés Financiers under GP 99011.
Société Anonyme with capital of 7 500 000€. Trade Register (RCS) 340 902 857 Paris.
12 boulevard de la Madeleine - 75440 Paris Cedex 09 France - Tél. : 33 (0)1 44 51 85 00.
www.oddomeriten.eu

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