SILVER BULLETS - Espirito Santo Investment Bank incorporating ...

THIRD QUARTER 2010
Figure 1: Looking back at Q2 performance
(1) Silver Bullet sector relative performance measures stock performance relative to a corresponding net (long or short) investment in the relevant sector index
(2) Silver Bullet market relative performance measures stock and sector performance relative to the move in the market (not adjusted for direction of call)
(3) Silver Bullet portfolio alpha is an amalgamation of individual stock calls relative to a corrresponding position (long or short) in the market
Performance based in € Quarterly Share Price Silver Bullet € Rebased Silver Bullet Sector Silver Bullet Market Silver Bullet Portfolio
Move (local currency) Performance Relative Performance Relative Performance Market Alpha
WPP Buy -7.0% 1.1% 6.5% 8.8% 9.5%
Wolters Kluw er Sell -1.7% 1.7% -3.7% 9.4% -5.6%
Silver Bullets Media 1.4% 6.8% 9.1% 1.4%
Media Sector (SXMP) -5.4% -5.4%
Cable & Wireless Coms Buy 4.3% 13.4% 19.6% 21.1% 22.8%
Hellenic Telecom Buy -32.5% -32.5% -26.4% -24.8% -26.9%
Deutsche Telecom Sell -3.3% 3.3% -2.8% 11.0% -4.0%
Silver Bullets Telecom -5.3% 0.9% 2.4% -2.8%
Telecom Sector (SXKP) -6.2% -6.2%
Aviva Buy -18.6% -11.5% 0.6% -3.8% -4.1%
AXA Buy -23.4% -23.4% -11.3% -15.7% -17.0%
RSA Sell -6.2% -1.9% -14.1% 5.7% -8.9%
Silver Bullets Insurance -12.3% -0.2% -4.6% -10.0%
Insurance Sector (SXIP) -12.1% -12.1%
Enterprise Inns Buy -29.1% -23.0% -19.6% -15.3% -16.5%
DSGI Buy -29.0% -22.9% -19.5% -15.2% -16.5%
Home Retail Sell -20.8% 14.0% 10.6% 21.7% 5.8%
Silver Bullets Retail -10.6% -7.2% -2.9% -8.3%
Retail Sector (SXRP) -3.4% -3.4%
Lloyds Banking Group Buy -14.4% -7.0% 5.9% 0.7% 0.7%
BNP Paribas Buy -21.2% -21.2% -8.3% -13.5% -14.6%
Santander Sell -11.2% 11.2% -1.7% 18.9% 3.2%
Nordea Sell -8.9% 6.8% -6.1% 14.5% -0.8%
Silver Bullets Banks -2.6% 10.4% 5.1% -2.6%
Banks Sector (SX7P) -12.9% -12.9%
Pernod Ricard Buy 1.8% 1.8% -0.4% 9.5% 10.2%
ABI Buy 6.7% 6.7% 4.5% 14.4% 15.6%
L'Oreal Sell 4.0% -4.0% -1.8% 3.7% -10.9%
Silver Bullets Consumer 1.5% -0.7% 9.2% 4.2%
Consumer Sector (SX3P) 2.2% 2.2%
Prysmian Buy -18.6% -18.6% 8.9% -10.9% -11.8%
Qinetiq Buy -12.6% -5.0% 22.5% 2.7% 2.9%
BAE Systems Sell -16.1% 8.9% -18.7% 16.5% 1.1%
Silver Bullets Industrials -4.9% 22.6% 2.8% -2.4%
Industrials Sector (SXNP) -27.5% -27.5%
Suez Environment Buy -20.2% -20.2% -6.7% -12.5% -13.5%
Silver Bullets Utilities -20.2% -6.7% -12.5% -13.5%
Utilities Sector (SX6P) -13.5% -13.5%
Silver Bullets Portfolio -6.8% -5.0% 2.7% -3.5%
Market (SXXP) -7.7%
Source: ExecutionNoble
Figure 2: Indexed Performance and Benchmarks
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Q2
2007
Source: ExecutionNoble
Silver Bullets Absolute Performance
Credit Suisse/Tremont Equity long/short (€)
SXXP Index
Q3
2007
Q4
2007
Q1
2008
Q2
2008
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
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