Béatrice Philippe

Closed-End Investment Fund/Investment Trust

Functions as a College/University

Functions as a College/University

Chamber of Commerce

FOURPOINTS is an active, conviction-based manager which seeks to identify and invest in quality growth companies at attractive valuations free from index or geographical constraints. The portfolios of the management under mandate are built in open architecture and are based both on the expertise of the largest international managers and on those of managers specialized in themes or alternative management. The managed management team builds portfolios and optimizes their composition to meet client's risk profile objectives and adapt to the market environment. The management of FOURPOINTS funds is based on integrated analysis and research. Their fundamental approach and management processes are illustrated by non-benchmarked conviction portfolios for their entire range.

FOURPOINTS manages investments in long-only US equity, international equity, and global equity portfolios. The firm uses a bottom-up, fundamental analysis approach to stock selection including financial statement analysis, cash flow analysis, and valuation techniques including discounted cash flow, price-to-earnings and price-to-cash flow to identify strong market leaders in growth industries. FOURPOINTS seeks to invest in steadily growing sectors with a clear competitive environment. They tends to avoid sectors that are too young, industries undergoing deregulation whose consequences are difficult to assess, and those whose competitive position and profitability are likely to be undermined by a technological disruption.

PGF is an active, growth-oriented investor and aims to outperform benchmarks on a long-term basis. They manage portfolios invested exclusively in long equity across market caps, sectors and regions. Their main strategies include global equity, Europe mid-cap equity, and US equity. The firm performs bottom-up, fundamental stockpicking. They conduct research in-house and aim to identify global trends and the companies and sectors on which these trends will potentially have an influence. They primarily select companies with successful business models and good growth prospects within expanding industries. Their market timing strategy is based on stringent valuation analyses. PGF controls risk through portfolio diversification and by balancing their holdings at the stock, industry and market levels.