Callander Fund - Central Europe & Callander Fund South Eastern ...

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Russia and the price of oil: decoupling? Source: UniCredit Research, MSCI Barra, Bloomberg, Thomson Datastream as of May, 26th, 2011 24 In light of the current oil price environment Russian equities trade surprisingly low. Potential reasons: IPO IPOpipeline, disappointing corporate earnings, weak spot in the economic cycle, inflation jitters…
Almost each market back to pre-crisis levels! Almost! 300% 250% 200% 150% 100% 50% 0% -50% 5% 0% -5% -10% -15% 15% -20% -25% -30% -35% MSCI World Source: Bloomberg; EUR returns 25 MSCI EM MSCI EM Asia MSCI LatAm MSCI EM EE 2001-2010 2008-May 20, 2011 Despite having been the second best performing region eg o in the e last as decade, decade,… …<strong>Eastern</strong> <strong>Europe</strong> p still is way y below its pre-crisis highs. What went wrong?
Page 1 and 2: Presentation of the Callander Fund
Page 3 and 4: Agenda • Gutmann Kapitalanlage AG
Page 5 and 6: Gutmann Kapitalanlage AG & Bank Gut
Page 7 and 8: 7 The Team
Page 9 and 10: 9 Fund Concept
Page 11 and 12: Our strategy • Allocating accordi
Page 13 and 14: 13 Investment Process
Page 15 and 16: Investment Process I database scree
Page 17 and 18: Investment Process III How we make
Page 19 and 20: 19 Performance review
Page 21 and 22: Our CE-strategy: a difficult start
Page 23: 23 Macro Overview
Page 27 and 28: How not to enter a credit crunch! C
Page 29 and 30: Pre-crisis growth of credit, the cu
Page 31 and 32: The threat of (excessive) capital i
Page 33 and 34: How we should see growth • Struct
Page 35 and 36: So what are the lessons for Central
Page 37 and 38: Current allocation: Callander Fund
Page 39 and 40: What makes us cautious ? • Potent
Page 41 and 42: Why invest in Callander Funds Centr
Page 43 and 44: 43 Portfolio Callander Fund - Centr
Page 46 and 47: For further information about the C
Page 48 and 49: Custodian and promotor » Banque a
Page 50: www www.callanderfund.com callander

Callander Fund - Central Europe & Callander Fund South Eastern ...

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