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Investor Presentaiton

Manager Overview (Future Generations Fund) Fund Manager Lead Portfolio Manager Region of Domicile Date of Fund Inception 2017 Returns NSIA's NAV $(min) NSIA Inception Cevian Capital Christer Gardell & Lars Förberg Stockholm, Sweden 1-Jul-2006 17.18% 15.4 31-Dec-2013 Chieftain Capital Management, Inc. John Shapiro New York, U.S.A. 1984 7.27% 17.1 6-Oct-2014 Marathon Asset Management Bill Arah New York, U.S.A. 31-Dec-1987 2.41% 16.1 Fund Strategy Nigeria Sovereign Investment Authority Fund Logo Cevian has a long-term view on its holdings with an average holding period of three years, and typically takes substantial stakes in portfolio companies in order to add value through improvements in operations, corporate governance and balance sheet. management. A Cevian Capital Chieftain is a US equity manager based in New York. The manager runs а concentrated portfolio of 8-12 positions, has a value orientation, and exhibits a long-term investment horizon. Alignment of interests is strong, with 100% of the investment team's liquid assets in the fund. Chieftain Capital Management, Inc. 31-Mar-2014 Marathon is α contrarian manager focussed on Japan and based in London. Arah is an old fashioned investor with a long-term approach, allowing him to capitalise on market volatility. He believes in the 'capital cycle' approach, i.e. sectors with high return prospects will attract excessive capital and hence increased competition. MARATHON Asset Management Jamison Koppenberg Stephen Jamison New York, U.S.A. 1-Apr-2009 11.22% 16.2 30-Sep-2014 Capital Group Tim Armour California, U.S.A. 10-Jan-2007 8.39% 14.4 The Koppenberg fund is an absolute return oriented macro fund that invests both long and short across commodity futures, including energy, metals, and agriculture. It is structured to minimise losses, maintain liquidity, and exhibit low correlation to commodity indices (including oil prices). JAMISON CAPITAL PARTNERS 2-Jul-2014 A pioneer in emerging markets, Capital International has invested in EM equities since 1986.The ETOP product uniquely integrates EM equity and debt and was launched in 2007. The split between equity and debt varies over time and is a residual of fundamental analysis. CAPITAL GROUPS 51
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