UBAM SWISS EQUITY

COMMITTED TO YOU 

UBP Swiss Equity Franchise Update 

Defensive Growth 

Union Bancaire Privée, UBP SA | Rue du Rhône 96-98 | CP 1320 | 1211 Geneva 1, Switzerland 

Tel.: +4158 819 21 11 | Fax: +4158 819 22 00 

February 2012

A play on wealth creation and globalisation 

From a tomato seed to an IPO with Swiss leaders 

Swiss leader Entrepreneur 

Local authority 

External event 

Buy Kumato 

tomato seeds, 

start tomato 

pulp/juice 

production 

Import 

restrictions lifted 

on tomato 

imports to EU 

No time to 

cook – more 

ready made 

meals at home 

Improve 

burdened power 

transmission, 

improve water 

treatment 

Start exporting. 

Build 

warehouse, 

insure property 

& plant 

Strengthen 

bridge to village 

due to increased 

traffic 

Extra stress leads 

to health problems. 

Diagnosed as 

metabolic and 

cardiovascular 

Regional bank 

can’t manage 

foreign 

payments 

Restructured 

with Private 

Equity 

support 

New regulations 

on quality of 

earth for tomato 

imports 

First profits: 

buy a watch 

on first trip to 

Europe 

High fiscal 

inflow spent 

building new 

sports stadium 

Asset Management 2 

IPO

Swiss equity franchise at UBP 

UBAM Swiss Equity (SICAV, Lux) 

�Relative performance to SPI 

�Active management 

�Conviction positions (TE 5-8%) 

�Aims to outperform SPI by 300 

bps/year 

�Focuses on companies with 

stable/high 

and/or improving CFROI 

UBAM (CH) Swiss Excellence 

�Benchmark agnostic, thematic 

fund 

�Long term capital appreciation 

�Aims to capture ``Swiss 

made``label 

�Allows investors to participate in 

global growth through Swiss 

companies 

�Invests in Swiss leaders: 

�Number one global player 

of its sector 

�Future-oriented sector 

�Stable,high and/or growing 

CFROI 

Institutional mandate – CH Equity 

�Relative performance to SPI 

�Active management 

�Conviction positions (TE 5-8%) 

�Aims to outperform SPI by 300 

bps/year 

�Focuses on companies with 

stable/high 

and/or improving CFROI 

Both funds are managed with a similar process to CP international global mandate and 30 global leaders 

Asset Management 3

UBAM SWISS EQUITY (Lux) 

�� Cyclical bias reduced both in core and opportunistic 

holdings: 

- Core: Sika, Swatch, ABB 

- Opportunistic: Komax, Georg Fisher 

�� Emerging market exposure considered as important 

- Core: Richemont, Swatch 

- Opportunistic: Meyer Burger, Dufry 

�� Selected technology companies favoured in view of 

their attractive product positioning 

- Core: none (fading CFROI in all solid Swiss tech) 

- Opportunistic: Austriamicrosystems, Inficon, Cicor 

�� Financials underweight maintained in view of sovereign 

risk and operational headwinds – exposure via 

diversified financials and non life insurances vs. Banks 

- Core: Partners Group 

- Opportunistic: Swiss RE 

�� Healthcare underweight reduced (structural pressures 

on the sector, but short term attractive defensive 

characteristics) 

Investment process and sell discipline 

A four step process 

Monitoring the 

Investment Universe 

Stock and theme 

idea generation 

Company meetings 

Dynamics of valuation, 

fundamentals and 

momentum 

Top-down input 

Screening tools 

Fundamental Research 

and Stock Selection 

Proprietary company 

data forecasts 

Growth potential and 

valuation focus 

CFROI based modeling 

Portfolio construction 

and risk control 

Liquidity 

Balance between sectors 

Contribution to risk 

Conviction 

Catalysts 

Potential re-entry over the next cycle 

Monitoring and Exit 

Strict sell discipline – 

company-specific and 

portfolio factors 

considered 

Asset Management 4

UBAM SWISS Excellence 

�� The core concept of the fund is to capture the world 

famous « Swissmade » label by picking the Swiss 

leaders of tomorrow who are maintaining and improving 

their cash flow return on investment (CFROI) 

�� By Swiss leaders we mean globally, not only in 

Switzerland, with a competitive advantage and not in a 

declining industry 

�� Portfolio very concentrated, about 20 stocks, minimum 

15 

�� Up to 30% in a single stock, and up to 60% for the 

overall portfolio composed by stocks weighing 10% 

each 

�� No longer reflecting the Swiss market, but its global 

leaders 

�� Portfolio turnover: no big changes in stocks but rather in 

weighting 



POSITION 

PRODUCT 








momentum 









CFROI based modeling 



Liquidity 

Balance between sectors 


Conviction 

Catalysts 






considered 

…SUPPORTING RETURNS …OFFERING GROWTH 

Industry leaders' competitive 

advantages including balance sheet 

strength and networks 1 

Specialized products and 

unmatched core competencies 

Loyalty discouraging competition, 

and quality of brand sustained 

BRAND 

through decent Corporate Social 

Responsibility (CSR) 

1 

Such as sourcing, clients, distribution channels 

Exposure to geographic and 

demographic growth markets 

Penetration opportunities due to value 

added or socio-demographic trends 

"Aspirational" brands attracting 

additional customers 

Source: UBP 

Asset Management 5










momentum 









CFROI based 

modeling 



Liquidity 

Balance between 

sectors 


Conviction 

Catalysts 






considered 

Asset Management 6


Step 1: Monitoring the investment universe 



High quality 

Swiss and Intl 

companies 

Large, mid, 

small cap 

candidates 

� Sustainable cash flow return on investments (CFROI) 

for longer than the market discounts 

� Strong growth potential 

� Stock Ideas: sector specialists, industry best talents, 

Hedge funds, Traditional funds 

� Themes: regional, sectoral 

Asset Management 7


Step 2: Fundamental research and stock selection 



Approximately 35 

Companies 

Large, mid, small cap, 

growing beyond 

current market 

expectations 

� Companies growing and generating a high level of 

returns for investors 

� Analysis based on fundamentals and quantitative 

screening 

� Primary research – own assumptions 

� Secondary research – consensus expectations and 

momentum 

� Valuation through CFROI method, HOLT 

Asset Management 8


Step 2: exclusive focus on two stages of the lifecycle 

Source : Credit Suisse, UBP 

1 


2

Beating the fade: 

Nestlé: Superior competitive position maintains growth and CFROI spread 

Steady long 

term growth and 

investment 

Long term 

outperformance 

Source : UBP estimates 

� Growth: penetration of packaged food in emerging markets 

� Valuation: priced for steady, not growing returns 

Asset Management 10

Leader for future growth: 

Komax: >50% market share in wirebonding 

CFROI frowth alongside 

controlled asset growth 

Shift in asset growth and 

CFROI growth leads to 

strong share performance 

Source : UBP estimates 

� Growth trend: automation, miniaturisation 

� Valuation: much faster snap back to peak growth levels than market expects 

Asset Management 11


Step 3: Portfolio construction and risk control 



Liquidity influences 

weight 

Balance between 

sectors 

Benchmark: Swiss 

Performance Index 

(SPI) 

Tracking error: 5-7% 

Information ratio: 0.5 

� Volatility, liquidity, degree of conviction as well as 

catalysts influence the weighting of each position 

� Risk management (tracking error, beta, contribution to 

tracking error of a single position) 

� Portfolio construction aims to balance more defensive 

and more cyclical sectors, while remaining a stockpicking 

approach 

Asset Management 12

Investment process and sale discipline 

Step 4: Monitoring and exit 


Strict sell discipline 

Non compliance with 

investment criteria 

leads to exclusion 

� Avoid exposure to cyclically fading growth 

� Weekly and monthly quantitative reports – decomposition 

of systematic and specific risk, performance attribution, 

etc. 

� Active management – make room for better ideas 

� Risk management (elevated risk contribution may lead to 

reduction of a position) 

Asset Management 13

Sell example: 

Nobel Biocare: leadership is competed away leading to fading CFROI 

Falling asset 

growth and 

falling 

CFROI from 

high level 

Share price 

begins to 

stagnate 

Source : Credit Suisse 

� Growth: fading, faced with higher competition and waning health spend 

� Valuation: priced to return to growth when the latter is elusive 

Asset Management 14

Company selection and monitoring overview 

Analytical research and quantitative screening 

Valuation: 

Upside to 

•Price target 

•PE ratio 

•Dividend yield 

•Price / Book 

Fundamentals 

(CFROI pattern): 

•Absolute level of CFROI 

•Spread between CFROI and CoC 

•Change in CFROI 

Momentum: 

•CFROI momentum (changes 

in consensus estimates) 

•Price momentum 

•Evolution in stock liquidity 

� Using the team’s combined experience of 30 

years in Swiss portfolio management for 

extensive primary research 

� Using close ties with Swiss industrial leaders to 

identify new opportunities 

� Using a team of seven global sector analysts to 

identify trends and events influencing Swiss 

companies 

� Using secondary research and network to 

challenge investment ideas 

� Using quantitative tools to screen and model 

investment ideas 

Asset Management 15


Discipline 

STRONG RISK MANAGEMENT: 

� Control of tracking error target range and maximum level 

� Absolute and marginal contribution to portfolio tracking error at the single stock level 

� Tracking error decomposition in specific and systematic risk components 

Source : UBP Source : UBP 

� Analysis of performance attribution – allocation, selection, down to single stock level 

Source : UBP 

BUY: 

� Growing companies with good management and improving CFROI and ability to beat expected CFROI 

SELL: 

� Negative change in corporate strategy / operating environment 

� Price target reached or better opportunity identified 

Asset Management 16

Holdings 

30 positions (as of 24.02.2012) 

� TOP TEN HOLDINGS 

Source : UBP 

� TOP TEN RELATIVE HOLDINGS 

Source : UBP 

The weighting should 

contribute a total of 

87bp to the portfolio 

tracking error 

Asset Management 17

UBP Swiss equity Franchise 

� Actively managed fund in a market dominated by passive strategies 

� Stock-specific approach with an emphasis on fundamentals 

and cash flow generation 

� Experienced team with proven track record 

� Strong discipline in the portfolio construction 

� Clear and transparent reporting 

Asset Management 18

Cyclical growth and downside protection 

� Swiss companies have traditionally sought and cultivated their key markets abroad in order to 

expand on a relatively small domestic market. Switzerland has become an important player in 

world trade. 

� Balanced between very dynamic industrial (ex: ABB) and cyclical sectors (ex: the large luxury 

sector, Swatch and Richemont) and reliable defensive ones (ex: Nestle, SGS) 

� Switzerland grows in an expanding economic cycle and withstands a contracting one 

900 

800 

700 

600 

500 

400 

300 

200 

100 

0 

Index: Dec.1988 =100 

Swiss performance Index (SPI) has outperformed 

MSCI World over the last 20 years 

12.1988 

12.1989 

12.1990 

12.1991 

12.1992 

12.1993 

12.1994 

12.1995 

12.1996 

12.1997 

12.1998 

12.1999 

MSCI World TR in 

CHF 

Swiss Performance Index 

(SPI) 

Source: SWX, MSCI, UBP 

0 

12.2000 

12.2001 

12.2002 

12.2003 

12.2004 

12.2005 

12.2006 

12.2007 

12.2008 

12.2009 

12.2010 

12.2011 


900 

800 

700 

600 

500 

400 

300 

200 

100

Well-balanced global exposure allows Swiss companies to 

seize growth opportunities 

� "Science, technology and innovation are the real driving forces behind our modern economies. 

Open economies depend to a large extent on the translation of scientific discoveries into viable 

commercial propositions. This is what ultimately determines the pace of economic and societal 

change. And that in turn is what creates wealth. Switzerland is all the more dependent of this kind 

of virtuous circle since it has no natural resources." 

Pascal Couchepin, 2001 

� Switzerland imports bulky raw materials and exports high-quality goods (high margins) 

� Swiss companies follow a “niche strategy”. Focus on small range of high quality products which 

deliver unmatched solutions 

� Swiss companies are competitive globally. In some sectors > 90% of goods and services are 

exported. 

POSITION 

PRODUCT 

…SUPPORTING RETURNS …OFFERING GROWTH 

Industry leaders' competitive 

advantages including balance sheet 

strength and networks 1 

Specialized products and 

unmatched core competencies 

Loyalty discouraging competition, 

and quality of brand sustained 

BRAND 

through decent Corporate Social 

Responsibility (CSR) 

1 

Such as sourcing, clients, distribution channels 

Exposure to geographic and 

demographic growth markets 

Penetration opportunities due to value 

added or socio-demographic trends 

"Aspirational" brands attracting 

additional customers 

Source: UBP 

Asset Management 20

A defensive and cyclical country 

� With its quality cyclical growth companies and strong defensive core the Swiss market is able to stand firm 

during a financial crisis and grow in a rising economy 

� Switzerland’s GDP was the least affected and the first to rebound from the crisis 

GDP yoy % 

Eurozone 

Switzerland 

2011 consensus 

1.6 

2.0 

2012 consensus 

0.5 

1.0 

2012 – UBP 

bull case 


-0.7 

0.5 

2012 – UBP 

bear case 

-1.5 

-0.2 

Chaos Scenario 

-8.0 

-5.0

Swiss Equity Market 

� The SPI includes approximately 220 equity issues but the largest 4 stocks account for approximately 

50% of the index’s market capitalisation 

� Stable political, economic, fiscal and financial environment in Switzerland make it an ideal base for 

internationally active companies. 

� Corporate tax rate in Switzerland is around 25% vs 30% in Europe. Expect a stable rate due to low 

levels of public debt and general economic, political and social stability 

� Approximately 40% of investors in Switzerland are foreigners 

� Well established equity culture thanks to an early introduction of defined contribution pension plans 

� SPI is the 2 nd largest index in Europe 

� •Market Cap (CHF) •Market Cap (Local) 

•FTSE 100 •2360 Bn •1660 Bn 

•SPI •906 Bn •906 Bn 

•CAC 40 •767 Bn •636 Bn 

•DAX •595 Bn •496 Bn 

Country 

Switzerland 

United States 

Germany 

France 

United Kingdom 


Italy 

2011 Debt to GDP (%) 

38.70 

101.10 

87.30 

97.30 

212.70 

88.50

CFROI comparison – Switzerland at the top 

� Switzerland displays among the highest CFROI levels in the world (around 12% for the last 3 

years). 

Asset Management 23

Export driven economy 

�Trade is the key to prosperity in Switzerland 

�Exports are a big part of Switzerland’s GDP and a big part of Swiss companies 

revenues 

�The gap between export and import prices may have narrowed due to strengthening of 

CHF, however it is still at an elevated level 

�The European Union is by far its largest trading partner accounting for about 62% of 

exports and 79% of imports, of which Germany accounts for 20% 

Asset Management 24

Perceived currency risk is a win-win situation 

� Comparable to previous business cycles more activities and production are outsourced 

limiting the effect of the strong currency 

� Despite long term appreciation, Switzerland remains competitive in exports due to its niche 

end markets and therefore retains strong pricing power (luxury, specialised machinery, 

chemicals…) 

� Strong CHF forces Swiss companies to focus on competitive and innovative advantages 

� The convergence between local equity markets in Europe is over. Divergence is back. 

� With the CHF weaker, quoted companies would benefit from translation gains 

� The BNS intervention to set a floor at 1.20 CHF/EUR relieves the Swiss economy from a 

major burden in the short term and facilitates forex management for Swiss companies 

Asset Management 25

Swiss Franc appreciation vs. major currencies 

� Swiss companies have learned to excel in an environment of strong Swiss Franc appreciation 

� Before the BNS intervention, the CHF/EUR temporarily traded to parity before it bounced 

back above 1.20 

4 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

CHF appreciation 

11.09.1981 

11.09.1984 

11.09.1987 

11.09.1990 

11.09.1993 

11.09.1996 

11.09.1999 

11.09.2002 

11.09.2005 

11.09.2008 

11.09.2011 

CHF/GBP CHF/USD 

… and more recently against the EURO 


1.8 

1.6 

1.4 

1.2 

1 

0.8 

08.01.1999 

08.01.2000 

08.01.2001 

08.01.2002 

08.01.2003 

08.01.2004 

08.01.2005 

08.01.2006 

08.01.2007 

08.01.2008 

08.01.2009 

CHF/EUR 

08.01.2010 

08.01.2011

Peak profitability will fall, but remain at a high level 

Asset Management 27

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

Aggregated net profits since 1999 (CHF bn) 

52.0 

+10% 

57.0 

-39% 

34.6 

-47% 

18.3 

+97% 

36.0 

+38% 

49.8 

+32% 

65.6 

+31% 

85.9 

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E 

Source: Vontobel Asset Equity Management Research 

28 

-12% 

75.7 

-48% 

39.2 

+50% 

58.6 

+58% 

92.8 

-31% 

64.1 

+13% 

72.1 

+10% 

79.6

UBAM (CH) – Swiss Excellence Equity 

Performance since inception* 

Absolute return 

9% 

7% 

5% 

3% 

1% 

-1% 

-3% 

-5% 

-7% 

-9% 

0.1% 

Oct 

2010* 

UBAM Swiss Excellence vs. SPI 

5.0% 5.4% 5.6% 

3.5% 

2.2% 

2.1% 

3.5% 

3.2% 

2.1% 

0.1% 

Dec 

2010 

Feb 

2011 

April 

2011 

June 

2011 

August 

2011 

-0.1% -0.3% 

-1.2% -0.4% 

-1.7% 

Oct 

2011 

UBAM Swiss Excellence SPI Excess return (cum) 

0.5% 3% 

Source : Bloomberg, UBP Source : Bloomberg, UBP 

Dec 

2011 

Feb 

2012* 

9% 

7% 

5% 

1% 

-1% 

-3% 

-5% 

-7% 

-9% 

Excess return 

Cumulative returns 

-30% 

8.10.10 7.12.10 5.2.11 6.4.11 5.6.11 4.8.11 3.10.11 2.12.11 31.1.12 


15% 

10% 

5% 

0% 

-5% 

-10% 

-15% 

-20% 

-25% 

UBAM Swiss Excellence SPI 

Oct 2010* Nov 2010 Dec 2010 Jan 2011 Feb 2011 Mar 2011 April 2011 May 2011 June 2011 July 2011 August 2011 Sept 2011 Oct 2011 Nov 2011 Dec 2011 Jan 2012 Feb 2012 

Swiss Excellence 1.85% 1.59% 3.79% -2.23% 2.22% 0.44% 3.85% -1.96% -5.21% -7.62% -7.04% -2.82% 4.72% -0.36% 3.83% 1.46% 4.45% 

SPI 1.77% -1.78% 2.44% 0.42% 2.36% -2.70% 3.82% 0.17% -5.62% -6.49% -5.01% -0.85% 4.10% -1.55% 4.14% 1.29% 3.59% 

Excess return (cum) 0.08% 3.37% 1.35% -2.65% -0.14% 3.14% 0.03% -2.13% 0.41% -1.13% -2.03% -1.97% 0.62% 1.19% -0.31% 0.17% 0.86% 

*Inception date : 08.10.2010 * as of 24th of February

Portfolio as of 24.02.2012 

Asset Management 30

UBAM – Swiss Equity 

Outperformance vs. Competition over the long term (as of 24.02.2012) 

Absolute return 

40% 

30% 

20% 

10% 

0% 

-10% 

-20% 

-30% 

-40% 

Sources : Bloomberg, Lipper, UBP 

3.06% 

4.54% 

UBAM Swiss vs. SPI 

2006 2007 2008 2009 2010 2011 YTD 

UBAM SWISS 23.73% 1.15% -37.17% 22.17% 9.93% -12.99% 6.89% 

SPI 20.67% -0.05% -34.05% 23.18% 2.92% -7.72% 4.92% 

Performance vs SPI 3.06% 1.20% -3.12% -1.01% 7.01% -5.27% 1.97% 

4.77% 


0.58% 

2006 2007 2008 2009 2010 2011 YTD 

-0.91% -1.91% 

-1.17% 

UBAM Swiss Equity SPI Excess Return (cum) 

8% 

6% 

4% 

2% 

0% 

-2% 

-4% 

-6% 

-8% 

Excess return

Portfolio as of 24.02.2012 

Asset Management 32

Current outlook 2012 

� Switzerland has best EPS momentum (+12% 2012 after -9% 2011, both partly FX driven) 

� Global growth outlook confirmed (US better, EM stable, EUR stabilizing) 

� January rally leaves CH trailing: index heavyweights lag 

� CHF currency - surety of the forecast (1.20 – no change) and more favorable comps in 2012 

� Reporting confirms slowdown in EPS growth downgrades outside Financials (SMI -3%, 

Banks -14%). Positive surprises on growth in our portfolio, negative surprises on growth on 

market – confirmation of our process 

� Sector rotation of January seems to show some sustainability thanks to earnings pattern. 

Continue to add risk selectively to portfolio. 

Asset Management 33

Swiss stocks - CFROI momentum 

Asset Management 34

Conclusion 

� Swiss companies are typically managed to generate high returns on investments 

while maintaining healthy balance sheets 

� Less government intervention leads to prudent corporate management 

� The Swiss market has both quality cyclical growth companies and a strong defensive 

core 

� Promising macro trends (low unemployment rate, solid GDP growth, stable currency, 

global trade beneficiary) 

� Switzerland provides an economically, politically, financially, fiscally, geographically and 

socially attractive environment 

Asset Management 35

UBAM – Swiss Equity 

Portfolio Management Team 

� Martin Moeller has been in banking since 1992, since 1998 involved in equity research and portfolio management. He is 

in charge of Global Equity mandates and the Equity portfolio management team in Geneva. Before joining UBP in 2006, 

he spent 14 years at Deutsche Bank in Berlin, Frankfurt and New York. His research and portfolio management focus 

has been on banks, insurance companies and other financial service providers globally. Prior roles include credit 

analysis on financial institutions such as banks, broker/dealers, and asset managers. He holds an MA in Banking and 

Finance from the Hochschule für Bankwirtschaft (Business School of Finance and Management), Frankfurt. Mr Moeller is 

the author of Strategic Concepts of Universal Banks, published by Bankakademie Verlag in 2000, and earned the CFA 

designation in 2002. 

� Eleanor Taylor-Jolidon has been working in banking and finance for 17 years. She joined UBP Equity portfolio 

management in 2008 and manages the Swiss Equity mutual fund and Swiss Equity institutional mandates. Prior to 

joining UBP, she worked for four years at Independent Asset Management (IAM) in Geneva as a Swiss Equity analyst 

and as part of the Swiss Equity portfolio management team. Before IAM, she worked for 4 years at Bank Sal. 

Oppenheim in Zurich in institutional sales and Swiss equity analysis. She worked for three years as a management 

consultant for financial services with PriceWaterhouseCoopers in Geneva and Zurich. Her career started at Banque 

Indosuez (now Crédit Agricole) in London, Paris, Luxembourg and Geneva in private banking discretionary portfolio 

management, marketing and risk management. She holds a Diplôme d’études approfondies (DEA) in Economics from 

the College of Europe, Natolin (Poland) and a M.A. in Modern and Medieval Languages (French and Russian) from the 

University of Cambridge, United Kingdom. 

� Fares Benouari has been working in banking for 5 years. On joining Union Bancaire Privée in September 2006, he 

worked as an equity analyst covering European small and mid capitalizations. He is since 2009 responsible for the 

industrial sector coverage. Mr. Benouari is also involved in Swiss and Global equity portfolio management with the team. 

Prior to joining UBP, he completed internships in Mirabaud & Cie’s Hedge Funds department and in UBS SA’s 

Institutional Advisory department. In 2005, Mr. Benouari was awarded an MSc in Economics by the Faculté des Hautes 

Etudes Commerciales (HEC) in Lausanne, and earned the CFA designation in 2010. 

Asset Management 36

Contacts 

� Martin Moeller, CFA 

Global Equity Portfolio Manager 

+41 (0) 58 819 27 08 

mom@ubp.ch 

� Eleanor Taylor-Jolidon 

Swiss Equity Portfolio Manager 

+41 (0) 58 819 23 52 

etj@ubp.ch 

� Fares Benouari, CFA 

Portfolio Manager 

+41 (0) 58 819 22 17 

ben@ubp.ch 

Asset Management 37

Global Disclaimer 

The content of this booklet is based on information and data obtained from sources deemed reliable. However 

Union Bancaire Privée, UBP SA does not guarantee its accuracy or completeness and accepts no liability for any 

direct or consequential losses arising from the use of the information contained in this document. The information 

contained herein is subject to change without prior notice. 

Past performance is not a guide to current or future results. The performance data do not take into account fees 

and expenses charged on issuance and redemption of the shares nor any taxes that may be levied. Changes in 

exchange rates may cause the NAV per Share in the investor’s base currency to go up or down. 

This is a marketing document. It does not replace the prospectus or any other legal documents that can be 

obtained free of charge from the registered office of the funds or from Union Bancaire Privée, UBP SA, Geneva. 

Any subscriptions not based on the latest prospectus, and the latest annual or semi-annual reports of the funds, 

shall not be acceptable. Investors are invited to read carefully the risk warnings and the regulations set out in the 

prospectus and are advised to seek professional advice from their financial, legal and tax advisors. 

The present document neither constitutes an offer nor a solicitation to subscribe for shares in the funds in any 

jurisdiction where such an offer or solicitation would not be authorised, or to any person to whom it would be 

unlawful to make such an offer or invitation. 

Union Bancaire Privée, UBP SA is authorised and regulated in Switzerland by the Swiss Financial Market 

Supervisory Authority (FINMA) and in the United Kingdom by the Financial Services Authority (FSA). 

Asset Management 38

UBAM SWISS EQUITY

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