Presentation - Gutzwiller Fonds Management AG

Investment styles
� Long-term
� Bottom-up
� Value
� Contrarian
Investment Targets
� Solid Businesses
� Undervalued
US Equity Fund
Approved for distribution in France and Switzerland
2012 Q2
Morningstar Rating
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Two gold Medals in 2011
"Excellent Fund Management"

Investment Objective
• Gutzwiller ONE is a value fund seeking long-term growth of capital by investing in US equities
• Mainly invests in well-established companies with global operations at an attractive valuation
Strategy
• Management utilizes a highly disciplined, bottom-up, value-oriented approach (proprietary model)
• The bottom-up approach is based on extensive company analysis and industry research
• Investment strategy is independent of sector orientation or other restrictive methodologies
• No cash allocation
Philosophy
• Conservative The fund maintains a conservative and long-term view and avoid market excesses
• Solid Invests in listed US securities with diversified businesses and global operations
• Conviction Concentrated within 30-40 stocks with the most potential

Strategy is to concentrate on solid businesses at reasonable valuation
Concentrate on
the stocks with the most potential
Avoid market excesses
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Seek out companies that are
undervalued
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2
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Identify solid, sustainable
and resilient businesses
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Track Management
with a good track record
Look for high profitability
and growth potential
With this strategy, Gutzwiller ONE has consistently delivered higher returns than the market
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Cumulative Total Returns in USD (%)
250
225
200
175
150
125
100
75
Long Term Outperformance with no cash allocation
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Gutzwiller ONE - USD
SP500TR - USD
Past performance is no guarantee of future returns.
Since Inception
106.5%
84.5%
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Per anum
5.1
4.3
2012 YTD
6.2
9.1
Gutzwiller ONE (USD)
SP500 Total Return
As end of june, 2012

Cumulative Total Returns in USD (%)
200
150
100
50
0
-50
-100
88.7
54.4
Tech Bubble
10/31/1997 -
02/29/2000
Gutzwiller ONE SP500TR
-46.2
A Go-Anywhere fund over market cycles
-41.8
Tech Bubble Burst
02/29/2000 -
10/09/2002
141.9
114.1
Market Recovery
10/09/2002 -
10/12/2007
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-58.7
-55.6
Credit Crisis
10/12/2007 -
03/09/2009
86.2
67.0
Market Recovery
03/09/2009 -
05/07/2010
9.3
26.5
Sovereign Debt Crisis
05/07/2010 -
06/30/2012
106.5
84.5
Combined Period
03/11/1997 -
06/30/2012
Source: Bloomberg – GFM analysis
The information shown is only for the time periods indicated. Performance for other periods may differ, possibly significantly.
*Inception of the Gutzwiller ONE (USD) Fund* is 31.10.1997
The technology bubble is considered to have peaked on beginning of March, 2000. Sovereign debt crisis: Leading Europe's finance ministers on 9 May 2010 approved a rescue package worth €750 billion
aimed at ensuring financial stability across Europe by creating the European Financial Stability Facility (EFSF).
The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the funds’ short-term performance. Current performance may
be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than their original cost. Past
performance data through the most recent month end is available at www.gutzwiller-funds.com.

Investment Universe
Monitor
BUY
SELL
Investment Framework
� US Equities (approx. 5000 stocks)
� Proprietary Valuation Screenings
� 100-120 Stocks with strong fundamentals
� Quantitative and Qualitative screening
� Valuation vs. profitability
� Solid Businesses and Products
� Underlying financial condition
� Growing earnings
� Competitive advantage
� Management
� Free cash flow
� Dividends
� Negative changes develop
� High Valuation
� Buying elements are no longer valid
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Gutzwiller ONE, a growing portfolio of US Global large cap
� A concentrated portfolio of 31 Holdings
� US Large cap represents 98% of total Portfolio
� Global operations with 50% plus of weighted sales globally
� Diversified operation, difficult to compete with
� Focus on Free Cash flow yield
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* Adjusted figures, GFM Analysis

Gutzwiller Fonds Management AG
Kaufhausgasse 5
4051 Basel
Switzerland
+41 61 205 70 00
fbo@gutzwiller-funds.com
www.gutzwiller-funds.com
Contact
The shown results on the charts do not account for possible commissions and cost of issues and redemptions. For the period from November 3, 1997 to June 30,
2001 it refers to the former internal bank portfolio "EG US Equities", transformed 1:1 into Gutzwiller ONE as per July 1, 2001.
Past performance is no guarantee for future returns.
Gutzwiller ONE’s performance depends on future development of investments and on how successfully the fund advisor implements the investment policy.
Investments denominated in foreign currencies imply additional risk.
Printing Date: July 12
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