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A N A L L I A N C E O F B E S T I D E A S 26 April 2018
THIS FINANCIAL PROMOTION HAS BEEN APPROVED BY TOW ERS W ATSON INVE STMENT MANAGEMENT LIMITED (W ILLIS TOW ERS W ATSON), AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. THIS PRESENTATION INCLUDES CERTAIN INFORMATION AND MATERIALS PREPARED FOR ALLIANCE TRUST PLC BY W ILLIS TOW ERS W ATSON. THIS PRESENTATI ON HAS BEEN PREPARED FOR GENERAL INFORMATION PURPOSES ONLY AND MUST NOT BE RELIED UPON IN CONNECTION W ITH ANY INVESTMENT DECISION. POTENTIAL INVESTORS SHOULD SEEK INDEPENDEN T FINANCIAL ADVICE FROM A FINANCIAL ADVISOR W HO IS AUTHORISED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 BEF ORE MAKING ANY INVESTMENT DECISION.
A G E N D A
1Update on the portfolio from Willis Towers Watson
David Shapiro, Portfolio Manager
2Presentation from Black Creek Investment Management
Bill Kanko, Founder and President
3Presentation from Veritas Asset Management
Andy Headley, Head of Global Strategies
4 Q&A
MEET THE ALL IANCE TRUST
INVESTMENT TEAMDavid Shapiro, Portfolio Manager, Willis Towers Watson
willistowerswatson.com
Alliance Trust
Willis Towers Watson
© 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential.
26 April 2018
willistowerswatson.com
Eight of the best* stock-pickers from across the world
5 managers available to UK retail clients only through Alliance Trust, and none in the 20 stock format
5© 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential.
Notes:* As rated by Willis Towers Watson
Bill Kanko
Value-orientated buyers of
leading businesses. Long-term
contrarian approach
Ben Whitmore
Seeks out of favour and under-
valued businesses with prominent
franchises and sound balance
sheets
Andrew Wellington
Focus on businesses with
attractive capital returns and the
flexibility to react to all phases of
the business cycle
Rajiv Jain
Looks for high quality and
sustainable businesses whose
strengths should outweigh the
macro environment
Andy Headley
Thematic investing to identify
companies and industries that are
well positioned to benefit
medium-term growth
Hugh Sergeant
Strength in smaller companies and
recovery situations identifying
value at different stages of a
company’s lifecycle
George Fraise, Rob Rohn, Gordon Marchand
Seeks companies that have strong pricing power,
recurring revenue generation and long runways of growth
Greg Herr, Pierre Py
Seeks companies with high-quality business models,
exhibit financial strength and strong management
UK
US
Canada
willistowerswatson.com
DART Analysis: Combined Alliance Trust Portfolio
6© 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential.
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Past performance is not a reliable indicator of future returns
willistowerswatson.com
DART – Black Creek Investment Management
7© 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential.
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Past performance is not a reliable indicator of future returns
MEET B ILL KANKOFounder and President, Black Creek Investment Management
A presentation for Alliance TrustApril 25, 2018
Black Creek Investment Management
Investment-Driven
• Priority on investing rather than asset gathering
• Controlled growth
Independent
• Privately owned by Partners of Black Creek
• All senior investment team members are equity shareholders in the firm
Strong Alignment of Interests
• If investing in public equities, employees are required to invest in Black Creek managed funds
• Investment team compensated on long-term client performance
10
Profile
• Located in Toronto, Canada
• Founded in 2004
• $9.0 billion AUM with global client base
• Focused, boutique manager of global andinternational equity portfolios
“I firmly believe the culture you create in an investment shop helps determine performance over time.”
Bill Kanko, CFAFounder, President, Portfolio Manager
Firm AUM is in U.S. dollars as of March 31, 2018
Black Creek Investment Team
• Tight, cohesive group
• Strong investment character
Bill Kanko, CFA• 37 years of global investment experience
• Former head of global equity at Invesco Trimark
Matias Galarce, CFA, MBA• 17 years of investment experience
• Previous experience in venture capital and management
consulting
Heather Peirce• 26 years global investment experience
• Previous experience with Gryphon, Invesco Trimark and RBC
Richard Jenkins, MBA• 32 years of global investment experience
• Previous experience with Invesco Trimark
Evelyn Huang, CFA, MBA• 14 years of global investment experience
• Previous experience with Invesco Trimark
Samir Jhaveri, CFA, MBA• 17 years of global investment experience
• Previous experience with McLean Budden and OMERS
Melissa Casson, CFA, MBA• 9 years investment experience
• Previous experience with Oppenheimer Funds and Sanford C. Bernstein
11
Philosophy
12
1. Concentrate on Winning Businesses
2. Find Unique Insights...
“Long-term customer value comes first. That drives market share, then profitability, the ability to reinvest, scale advantages, and ultimately dominant businesses.”
- Richard JenkinsManaging Director
...that indicate a Winning Business will be bigger and/or more profitable than the market thinks. Market opinion may be inaccurate due to timeframe, misunderstood business strategy and/or significant short-term price dislocations
Investment Process
13
Followed List: 800-1200 Companies• Leader in their field• Gaining market share• Competent, shareholder-friendly
management• Investing to grow• Reasonable return on capital
Idea
Detailed Due Diligence• 175-225 annually
Pass• 5-10 annually• Write Formal Thesis Sheet
No -Contingency
No -Never
1 Maintain Followed ListPotential to be a Winning Company
2Develop IdeaThat the company will be bigger and/or more profitable than the market thinks
3Conduct Detailed Due DiligenceCustom research to confirm company is a Winning Business and Thesis is correct
Process Example – bioMérieux
14
Source: Black Creek Investment Management; Company filings
The Company:• France based global leader in microbiology, in both infectious disease diagnostics and industrial quality control.
Strengths/Opportunities:• Innovative company with large commercial network; extensive knowledge base; no debt• Acquisition of AES Labs strengthened industrial market (especially food); added cytometry• Expertise in microbiology laboratory automation
Risks/Weaknesses:• Technology – mass spectrometry in bacteria identification & sequencing• Austerity measures & laboratory consolidation• Small share of the vitro diagnostic device (IVD) market
Idea:• Company can leverage their extensive position (installed base, knowledge, and distribution) in the microbiology lab to introduce new
products and technologies (both internal and via partnerships) globally.• Market significantly underestimating long term growth prospects
Outcome:• Thesis realized, sold for valuation reasons
Looking ahead
Headwinds
• Elevated asset valuations versus rising interest rates
• High indebtedness
• Low productivity gains & low aggregate demand
Tailwinds
• Fiscal stimulus – tax competition
• Technological innovation/disruption
• Highest aggregate level of global R&D in history
15
Looking ahead
Uncertainties
• Political landscape
• Trade friction/trade war?
• Brexit – not a done deal yet
• Iran, Korea, Russia
• Oil prices
• Interest rate policy
16
17
Equity markets increasingly driven by momentum
Source: MSCI, Black Creek Investment ManagementPrice index data, in USD, base of 100 as of December 31, 2014
80
100
120
140
160
Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
MSCI USA Momentum MSCI USA Growth MSCI USA Value
MSCI USA Momentum Index compared to MSCI USA Growth and Value (Price Return)
18
Tech stocks are a crowded trade
Source: MSCI, Bloomberg, Black Creek Investment ManagementPrice data, in USD, base of 100 as of December 31, 2014, FAAMNG Stocks is an equal weighted price performance of Face Book, Amazon, Apple, Microsoft, Netflix and Alphabet
80
130
180
230
280
330
380
Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
FAAMNG Stocks MSCI ACWI
FAAMNG Stocks (Price Return) Performance Compared to the MSCI ACWI (Price Return)
19
Is the 30 year bull run in bonds over?
Source: Bloomberg, Black Creek Investment ManagementTreasury Yield is the return on investment expressed as a percentage based on investing in the government debt obligation
0
2
4
6
8
10
12
14
16
Dec-75 Dec-77 Dec-79 Dec-81 Dec-83 Dec-85 Dec-87 Dec-89 Dec-91 Dec-93 Dec-95 Dec-97 Dec-99 Dec-01 Dec-03 Dec-05 Dec-07 Dec-09 Dec-11 Dec-13 Dec-15 Dec-17
U.S. 10 Year Treasury Yield
U.S. 10 Year Treasury Yield (%) – have we seen the low?
20
Divergence in monetary policy and bond yields
Source: Bloomberg, Black Creek Investment ManagementBond and T-Bill Yields are in percentages (%)Treasury & T-Bill Yield is the return on investment expressed as a percentage based on investing in the government debt obligation
The U.S. Fed has begun to normalize rates ahead of other central banks
-0.25
0.25
0.75
1.25
1.75
2.25
2.75
Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
10 Year Japanese Bond Yield 10 Year German Bond Yield 10 Year U.S. Treasury Yield 3 month U.S. T-Bill Yield
21
Equity market valuations compared to bonds
Source: Bloomberg, MSCI, Black Creek Investment ManagementEarnings Yield is the most recent 12M earnings per share for the Index divided by the Index price expressed in percentage (the inverse value is the Index P/E)Treasury Yield is the return on investment expressed as a percentage based on investing in the government debt obligation
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
Differential (MSCI ACWI Earnings Yield Less 10 Year U.S. Treasury Yield)
Equities remain favourable despite elevated valuations
60.0%
0.8%0%
10%
20%
30%
40%
50%
60%
Alliance Trust Top 10 Holdings
Differentiation & Conviction
22
• Black Creek portfolios do not look like any market index
• Significant conviction in the companies we do hold
• We currently hold none of the top 10 index holdings
Alliance Trust MSCI ACWI
GlaxoSmithKline PLC (ADR) 6.8% 0.2%
Schneider Electric SE 6.7% 0.1%
Santen Pharmaceutical Co Ltd. 6.5% 0.0%
Booz Allen Hamilton Holdings 6.4% N/A
HeidelbergCement AG 6.3% 0.0%
Oracle Corp 5.8% 0.3%
Nielsen Holdings PLC 5.6% 0.0%
Hain Celestial Group Inc. 5.4% N/A
Galp Energia SA 5.4% 0.0%
Henry Schein Inc. 5.1% 0.0%
*ADR - index weight for comparison = parent equity
As of March 31, 2018.
Alliance Trust – Holdings
23
As of March 31, 2018.
Aryzta Ag HeidelbergCement AG
Banco Santander Mexico (ADR) Henry Schein Inc.
Booz Allen Hamilton Holdings ICICI Bank Ltd (ADR)
Borgwarner Inc. Inovalon Holdings Inc. CLA
Carnival Corp. Koninklijke DSM NV
Daikin Industries Ltd Nielsen Holdings PLC
Galp Energia SA OC Oerlikon Corp AG
GlaxoSmithKline PLC (ADR) Oracle Corp
Grupo Televisa SA (ADR) Santen Pharmaceutical Co Ltd.
Hain Celestial Group Inc. Schneider Electric SE
Black Creek Summary
24
Our Edge has translated into consistently strong performance
• Excess return versus Benchmark and Peers over all rolling three and five year periods since inception
Concentrated, high-conviction portfolios
• Fit well in multi-manager structures
We have an Edge
Investment-DrivenCulture
Concentrate on Winning Businesses
Long-term Investment Horizon
This presentation is intended for the organization listed on the front page only. Past performance is not indicative of future returns. This communication does not constitute a recommendation to purchase or sell anysecurity.
Performance presented in this document is from a composite. All performance is gross of fees except where otherwise indicated. Composite disclosure material is presented in the appendix. Information on otherBlack Creek composites is available upon request. Portfolio information presented in this document is from a representative portfolio.
Gross performance results include reinvestment of dividends but do not reflect the deduction of investment advisory or other fees, which are expected to reduce returns. Black Creek’s fees are described in the FormADV Part 2. Fees including management fees will have a compound effect on portfolio returns. For ease of computation, assuming the annual gross return is 5% and the management fee is 1% deducted annuallybased on ending value, after 5 years, the difference between the annualized gross-of-fee return and annualized net-of-fee return will be slightly greater than 1%, because of the compounding effect of the feededuction.
Company examples used in this presentation are provided to demonstrate the investment philosophy and process employed at Black Creek.
Attribution information, which is based on Black Creek data, is provided by © StatPro 2018. While Statpro endeavours to ensure that the information on this report is correct, Statpro does not warrant its completenessor accuracy. To the maximum extent permitted by applicable law Statpro excludes all representations, warranties and conditions relating to this report and the use of this report (including, without limitation, anywarranties implied by law of satisfactory quality, fitness for purpose and/or the use of reasonable care and skill).
eVestment and its affiliated entities (collectively, "eVestment") collect information directly from investment management firms and other sources believed to be reliable; however, eVestment does not guarantee orwarrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available oneVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright 2013-2015eVestment Alliance, LLC. All Rights Reserved.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments orproducts or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of thisinformation assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively,the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particularpurpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, withoutlimitation, lost profits) or any other damages. (www.msci.com)
References to benchmarks are provided for information only as a measure of relative market performance over a specified period of time. Reference to an index does not imply that the Black Creek will achieve similarreturns, volatility or other results to the index. The benchmark is shown to allow for a comparison of an investor’s performance to that of a well-known and widely recognized index. Black Creek constructs is portfoliosin such a way that differs from the index in relation to investment holdings, concentration, volatility and other metrics. Individual client results may also vary as a result of client-specific investment guidelines andrestrictions. Benchmarks are not available for direct investment, and do not reflect the impact of trading commissions, costs, and management fees. Please refer to Black Creek’s Form ADV Part 2 for more informationabout Black Creek’s investment strategies and a description of investment risks.
25
willistowerswatson.com
DART – Veritas Asset Management
26© 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential.
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Portfolio net weight Benchmark weight
Past performance is not a reliable indicator of future returns
MEET ANDY HEADLEYHead of Global Strategies, Veritas Asset Management
Real Return InvestingPresentation for Alliance Trust Investors Meeting April 2018
28
Veritas Asset ManagementBios
29
Andy Headley: Fund Manager / Head of Global• Co-Fund Manager of the Veritas Global strategies. Joined the company in 2003.
• Analyst and Portfolio Manager WP Stewart 2001 to 2003. Analyst and Portfolio Manager Newton Investment Management 1996 to 2001. Tax Consultant, Price Waterhouse 1993 to 1996.
• Education: Chartered Accountant, BSc, ASIP.
Charles Richardson: Fund Manager / Chairman
• Co-Fund Manager of the Veritas Global strategies. Founder Partner of The Real Return Group in 2003.
• Vice Chairman, Chief Investment Officer and Fund Manager Newton Investment Management 1993 to 2002. Director and Head of UK Equities, County NatWest Investment Management 1986 to 1993. Military service 1980 to 1985.
• Education: MA, MBA, FCSI.
Uys van Straaten: Analyst
• Portfolio Analyst/Roving Analyst. Joined the Partnership in 2006.
• Equity Analyst, IFR Research March 2005 to September 2005. Equity Analyst, PSG Online June 1998 to February 2005. Small Market Cap Analyst BoE Securities January 1998 to May 1998. Assistant Analyst PLJ Financial Services June 1996 to December 1997.
• Education: B Com (Economics), B Com Hons (Investment Management).
Ramesh Narayanaswamy: Analyst
• Roving Analyst. Joined the Partnership in 2012.
• Analyst and sector portfolio manager at Fidelity Investments, Aug 2007-Jan 2012. Prior to this, co-founded a software start-up in India.
• Education: MBA (Indian Institute of Management Bangalore) and B. Tech (Cochin University of Science and Technology).
Mike Moore: Analyst
• Analyst specialising in technology. Joined the Partnership in 2014.
• Global Analyst at M&G Investments 2005 to 2014. Prior role at Barclays Wealth Management.
• Education: CFA, BSc (Hons) Economics & Politics (Warwick), MSc Economics (Warwick).
Neil Cooper: Analyst
• Analyst specialising in financials. Joined the Partnership in 2010.
• Analyst Insight Investment 2008 to 2009; Barclays Wealth 2006 to 2007 and UBS Global Asset Management 1999 to 2005. Prior to this, roles at NatWest Markets and the Bank of England.
• Education: CFA, MSc Economics (Warwick) and BA (Hons) Economics.
Felicity House: Analyst
• Analyst specialising in healthcare. Joined the Partnership in 2003.
• Equity Analyst, Sussex Research Limited 2002 to 2003. Research Scientist in Behavioral Neuroscience, Cambridge University 1998 to 2002. Other: advisor on healthcare venture capital investments.
• Education: Ph.D. (Cambridge), BA Hons, (Cambridge)
Colin Burchell: Analyst
• Analyst specialising in healthcare. Joined the Partnership in 2015.
• Equity Analyst at Alliance Trust PLC 2007 to 2015 after joining Alliance Trust's graduate programme in 2005.
• Education: PhD Chemistry (St Andrews), BSc (Hons) Chemistry (St Andrews).
Assets Under ManagementAs at 28 February 2018
30
Strategy Assets £m %
Veritas Global Focus (long only) 13,397 81%
Global Concentrated Equity 961 6%
Veritas Global Equity Income (long only) 814 5%
Veritas Global Real Return (long/short) 219 1%
Total Global 15,391 93%
Total Asia 1,186 7%
Total Global and Asia 16,576 100%
Soft closed
Veritas Global Focus FundPerformance profile – what to expect
31
-25
-20
-15
-10
-5
0
5
10
15
20
25
-25 -20 -15 -10 -5 0 5 10 15 20 25
Rolling five year annualised returns shown. Fund returns shown net of fees, for Veritas Global Focus Fund (VGFF) GBP A (ISIN - IE0034106280) in GBP, Inception 16 December 2003 to 31 March2018. Index is MSCI World Index net dividends reinvested in GBP
Source: Veritas Asset Management LLP, MSCI
The above figures refer to past performance and past performance is not a reliable indicator of future results
Veritas Global Real Return Investment Process
32
25- 40 stock portfolio
ThemesProprietary insights
Quantitative screening
Idea generation
Research
Valuation/timing
In-depth fundamentalanalysis
Universe list250 stocks
Step 1:Identify good quality companies
Step 2:Remain patient to buy at the right entry point
Portfolio construction
4,000 stocks
ESG considered in assessing sustainability
Corporate governance key consideration in valuations
Investment ExampleSafran
33
Extremely high entry barriers
• Capital: c$10B to develop, sell at OE loss for 10 years
• Know-how: millions of flying cycles
• Service network for airlines: repairs, maintenance, overhauls
• Stringent safety and regulatory certifications
Source: Veritas Asset Management LLP
Quality
Tier 1 aerospace supplier: 50:50 JV partner with GE on the CFM engine franchise
• Long duration assets – engines last c25 years
• Next-gen LEAP meaningfully more efficient, reducing largest cost item for airlines (fuel). c75%+ share in global narrow-body aircraft engines
Zodiac Acquisition
• Safran revised their offer favourably for peer aerospace company Zodiac
• Veritas engaged with management before and after
• Margin upside long term but combined company raises execution risk
Attractive valuation
• Installed fleet value provides support to IV estimate of EUR 95-100
• LEAP (next-gen engine) ramp-up has teething issues but manageable
Investment ExampleSafran
34
Source: Veritas Asset Management LLP, Safran
Embedded value of installed fleet
• Aftermarket economics key
• Unparalleled flying fleet of engines (installed base value)
• Spares & aftermarket 3-5x larger (at higher margins) than OE sale
• Engines have regular overhauls for safety and performance restoration
Portfolio Overview As at 31 March 2018
35
Top ten holdings by % NAV Region Sector
Comcast 8.0% North America 56.4% Informat ion Technology 25.8%
Microsof t 6.9% United Kingdom 12.7% Health Care 15.8%
Airbus 6.8% Europe ex UK 10 .8% Industrials 15.0%
Charter Communicat ions 6.7% Asia Pacif ic ex Japan 5.6% Consumer Discret ionary 14.7%
Alphabet 6.0% Africa and Middle East 4.2% Financials 9.7%
American Express 5.7% Lat in America 0 .0% Consumer Staples 8.7%
Qualcomm 4.4% Japan 0 .0%
Allergan 4.4%
UnitedHealth 4.3%
Check Point Sof tware 4.2%
Total 57.3% Total 89 .6% Total 89 .6%
Other equity holdings 32.4% - -
Cash 10 .4% Cash 10 .4% Cash 10 .4%
Total 10 0 .0 % Total 10 0 .0 % Total 10 0 .0 %
Source: Veritas Asset Management LLP
Appendices
36
Veritas Global Focus FundRolling five year performance
37
Five years t o end
March VGFF A GBP TR 1
MSCI World Index
net d ividends
reinvested
OECD G7 CPI + 6%
p.a.
Port fol io
Sharpe rat io
Index
Sharpe rat io
20 0 9 39.18 7.28 48.0 7 0 .13 -0 .25
20 10 88.80 43.66 47.25 0 .64 0 .19
20 11 73.89 19.95 47.11 0 .53 0 .0 0
20 12 60 .47 18.53 47.43 0 .45 0 .0 2
20 13 76.94 46.12 44.51 0 .67 0 .34
20 14 10 2.88 99.0 3 46.28 1.28 1.0 5
20 15 62.45 64.60 44.22 0 .98 0 .87
20 16 60 .45 52.89 41.85 0 .96 0 .75
20 17 92.50 99.91 41.11 1.44 1.44
20 18 71.24 71.99 42.31 2 1.16 1.15
Returns shown, net of fees, for Veritas Global Focus Fund (VGFF) GBP A (ISIN - IE0034106280). Index is the MSCI World Index with net dividends reinvested in GBP1 “TR” refers to total return2 OECD to 28 February 2018 due to data release timing
Source: Veritas Asset Management LLP, MSCI, OECD
The above figures refer to past performance and past performance is not a reliable indicator of future results
Sell Discipline
38
• Intrinsic value achieved
• Sell where there is a ‘thesis breach’
– Concentrated approach facilitates this
– Stock removed from Universe List
• When fully invested, sell one company to buy another, with a higher IRR
IRR = 15%
100
50
Time (years)0 5
Price at which we would sell over the 5 years
Disclaimers
39
If you are in doubt about the suitability of this fund you should seek advice from your Investment Advisor. This document constitutes neither an offer to sell nor solicitation to purchase securities in VeritasGlobal Focus Fund (a sub-fund of Veritas Funds PLC). Such an offer may only be made via an official application form which should be read in conjunction with the Prospectus and Key Investor InformationDocument. These documents are available in English at www.veritas-asset.com and can also be obtained free of charge from the office of the Administrator HSBC, Tel: 00 353 (1) 635 6799.
Veritas Funds PLC is authorised by the Central Bank of Ireland.
Issued by Veritas Asset Management LLP, the investment manager of the Funds. Authorised and regulated by the Financial Conduct Authority in the United Kingdom.
Registered office: 90 Long Acre, London WC2E 9RA. Registered in England and Wales (No. OC392918)
Veritas Asset Management LLP90 Long AcreLondon WC2E 9RA
T + 44 (0) 20 3758 9900F + 44 (0) 20 3070 0990
For more information please contact [email protected]
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• In the absence of its express written agreement to the contrary neither the Company nor Willis Towers Watson and its affiliates and their respective directors, officers and employees accept any
responsibility and will not be liable for any consequences howsoever arising from any use of or reliance on this presentation.
• NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA OR ANY
JURISDICTION FOR WHICH THE SAME COULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY
JURISDICTION, INCLUDING IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA
• The value of investments and the income from them may go down as well as up and are not guaranteed. Investors may not get back the amount invested.
• Past performance is not a guide to future performance. Future returns are not guaranteed.
• The Trust has underlying holdings which are denominated in currencies other than Sterling and therefore may be affected by movements in exchange rates. Consequently, the value of these
investments may rise or fall in line with exchange rates.
• Whilst care has been taken in compiling the content of this presentation, no representation or warranty, express or implied, is made by Alliance Trust as to its accuracy or completeness. Some
slides may been compiled from external sources. Whilst these sources are believed to be reliable, the information has not been independently verified and therefore no representation is made
as to its accuracy or completeness.
• The opinions expressed are those held by Alliance Trust at date of issue and are subject to change. Examples used are to demonstrate our investment philosophy and should not be interpreted
as recommendations to buy or sell.
• Alliance Trust may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that a relatively small movement, down
or up, in the value of the Trust’s assets will result in a magnified movement, in the same direction, of that NAV. This may mean that you could get back nothing at all.
• Alliance Trust PLC is listed on the London Stock Exchange and is registered in Scotland No SC1731. Registered office, 8 West Marketgait, Dundee DD1 1QN. Alliance Trust PLC gives no
financial or investment advice.
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• This financial promotion has been approved by Towers Watson Investment Management Limited ("Willis Towers Watson"), authorised and regulated by the Financial Conduct Authority. This
presentation includes certain information and materials prepared for Alliance Trust PLC (the “Company”) by Willis Towers Watson. Unless stated specifically otherwise, this presentation is not a
recommendation, offer or solicitation to buy or sell and any prices or quotations contained herein are for information purposes only.
• This presentation has been prepared for general information purposes only and must not be relied upon in connection with any investment decision. Under no circumstances should this
presentation nor any of the information contained within it be considered a substitute for specific professional advice. Potential investors should seek independent financial advice from a
financial advisor who is authorised under the Financial Services and Markets Act 2000 before making any investment decision.
• All financial investments carry risk. The value of an investment, and the income derived from it, if any, may go down as well as up and an investor may not get back the amount
invested. Past performance is not a guide to future performance. This document contains certain forward‐looking statements with respect to the financial condition, results of operations
and businesses and plans of the Company and its subsidiaries (the “Group”). These statements and forecasts involve risk and uncertainty because they relate to events and depend upon
circumstances that have not yet occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these
forward‐looking statements and forecasts. As a result, the Group’s actual future financial condition, results of operations and business and plans may differ materially from the plans, goals and
expectations expressed or implied by these forward‐looking statements. The Company undertakes no obligation publicly to update or revise forward‐ looking statements, except as may be
required by applicable law and regulation (including the Listing Rules of the Financial Conduct Authority). Nothing in this presentation should be construed as a profit forecast or be relied upon
as a guide to future performance.
• The presentation is based on information available to Willis Towers Watson at the date of this material and takes no account of subsequent developments after that date. In preparing this
material Willis Towers Watson has relied upon data supplied to it by third parties. Whilst reasonable care has been taken to gauge the reliability of this data, Willis Towers Watson provides no
guarantee as to the accuracy or completeness of this data and Willis Towers Watson and its affiliates and their respective directors, officers and employees accept no responsibility and will not
be liable for any errors or misrepresentations in the data made by any third party.
• The entities within the Willis Towers Watson group responsible for the management of the Alliance Trust investment portfolio are Towers Watson Investment Management (Ireland) Limited
(TWIMI), Willis Towers Watson House, Elm Park, Merrion Road, Dublin, DO4 P231, register number 528835, authorised and regulated by the Central Bank of Ireland as the AIFM, and, Towers
Watson Investment Management Limited (TWIM), authorised and regulated by the Financial Conduct Authority( reference number 446740) as the investment manager and a delegate of the
AIFM.
www.alliancetrust.co.uk
