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Marketing material for professional clients only.
23–25 March 2021 Alex Tedder
Head of Global and Thematic Equities
Schroder ISF* Global DisruptionInvestment Conference 2021
*Schroder International Selection Fund is referred to as Schroder ISF.
Global transformation range
2
Equity strategies
Source: Schroders, 31 December 2020.
Globaldisruption
Global climatechange equity
Global energy transition
Globalcities
Healthcareinnovation
Global sustainable growth
Changing lifestyles
Smartmanufacturing
An opportunity to capture the value created by disruptive growth
3
Source: Schroders, as at 31 December 2020.
Disruptive growth creates opportunities for long term capital growth
Harnessing its investment benefits requires a seasoned team and an active, diversified approach
Disruption is all around us and
accelerating
1980 1990 2000 2010 2020 2025
‘2x every 2 years’ Moore’s Law extending
beyond semi-conductors
Tech power grows exponentially
4
Virtuous circle of convergence and self-improvement drives Tech ‘hockey stick’
Source: Accenture.
PC InternetSocial media
Platforms
ArtificialIntelligence
IoT
Blockchain
Quantumcomputing
Robotics
Boston Dynamics – Atlas
5
Source: Schroders, as at 28 February 2021.
Diversified approach across 9 sub-themes
6
Material disruptive change
Source: Schroders, as at 31 December 2020. for illustrative purposes only.
01Fintech
04Environmental
07Communications
02Digitalisation
05Healthcare
08Food and water
03E-commerce
06New consumer
09Automation
Technology transformation
7
COVID has accelerated the adoption of new technologies
Source: BofA Global Research.
Technology accelerating
Data centers
Cybersecurity
Semiconductors
Health tech
Video streaming
eSports
eCommerce
Smart cities
Big data and AI
5G infrastructure
Cloud computing
Quantum computing
Urban vertical farming
Autonomous vehicles
Robots and automation
Education technology
Denier
The incumbent going down/losing ground
Disruptive businesses aren’t the only prospect
8
There are opportunities (and pitfalls) across the value chain
Source: Schroders, as at 28 February 2021.
Disruptor
The source, or cause of innovative
disruption
Enabler
The conduit for change
Adaptor
The positive respondent
Nokia couldn’t match
competition
Healthcare
9
Vaccine boost
Source: Schroders, as at 28 February 2021.
Disruptor Enabler Adaptor
Illumina
10
The go-to gene sequencing machine
Source: Company data, as at 28 February 2021.
Large genome sequencing Human, plant animal
Small genome sequencingVirus, Microbe
miRNA, small RNA and single cell RNA analysis
DNA-Protein interaction analysis
Fintech
11
Is Blockchain the next link?
Source: Schroders, as at 28 February 2021.
Disruptor Enabler Adaptor
Energy transition
12
Looking across the renewables spectrum
Source: Schroders, as at 28 February 2021.
Disruptor Enabler Adaptor
Alfen
13
Enabling the transition to the power grid of the future
Source: Company data, as at 28 February 2021.
Energy storage
Grid automation
EV charge points
Transformer substation
Smart grids Management and maintenance
Investment process
Schroder ISF Global Disruption team
15
Source: Schroders, as at 31 December 2020.
Disruption Advisory Group
Portfolio managementAlex Tedder + Team
Global sector specialists and
analysts
Quantitative screening tools
Team of
90+local analysts
across
11 countries
Data Insights Unit team of
over 20Data scientists/analysts
Private Equity team sharing insights
from early and late stage venture investing across sectors
Using data analysis to surface disruptive growth
16
Patent ‘mining’ in healthcare
Source: Schroders, as at 31 December 2020.
Patent ‘noise’
Using data analysis to surface disruptive growth
17
Patent ‘mining’ in healthcare
Source: Schroders, as at 31 December 2020.
Filtered through AISpecific patent clusters
Track + map versus company investmentto generate value trajectories
6 areas of disruptive focus 2021
18
And some potential winners
DNA/RNA-based medicines: BionTech
Power Grid Management: Alfen NV
Travel post-COVID: Booking.com
Fintech evolution: Square
US Sports Betting: Flutter Entertainment
Cloud and Cyber-security: zScaler
Source: Schroders, 28 February 2021.
Deepfake : ‘Tom Cruise’ shows the technology's threat to society is very real
19
Source: Schroders, as at 28 February 2021.
Disrupting the Disruptors
20
Tesla
Past performance is not a guide to future performance.Source: Bloomberg, as at 28 February 2021. Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell. Performance shown is past performance.
0
200
400
600
800
1,000
1,200
1,400
Feb
2019
Apr
2019
Jun
2019
Aug
2019
Oct
201
9
Dec
201
9
Feb
2020
Apr
2020
Jun
2020
Aug
2020
Oct
202
0
Dec
202
0
Feb
2021
Tesla Nio GM
Disruptor: Tesla
New Disruptors : Nio, Xpeng, BYD
Fledglings: Rivian, Nikola, Lucid
Adaptors: VW, GM, Ford, BMW, Daimler
The issue in Tech is not in the Mega-cap space
21
Irrational exuberance is evident in the IPO market and beyond
Mega caps 2021 P/E 2021 P/S
Alphabet 25.3 7.4
Apple 31.2 8.0
Amazon 54.7 5.8
Microsoft 27.5 11.7
Facebook 24.9 5.6
Hyper-growth 2021 P/E 2021 P/S
Tesla 170.4 25.5
Zoom 136.8 62.5
Snowflake N/A 110.8
Crowdstrike 546.3 60.7
Docusign 232.8 35.6
Schroders, FactSet, MSCI Data. PE based on adjusted GAAP EPS. As at 18 December 2020.
Portfolio positioning
Fintech
Automation
Environmental, food and water
Actively managed to access multiple disruption themes globally
23
Source: Schroders, as at 31 December 2020. for illustrative purposes only.
Digitalisation
E-Commerce
Communication
Healthcare
23.7
16.8
11.212.1
7.9
9.5
12.74.3 0.4
New consumer
Portfolioallocations
Food and water
Schroder ISF Global Disruption
MSCI All CountryWorld
No. of securities 70-100 2.982
Market cap weighted average 295,111 304,876
5 year EPS growth (hist) 21.5 15.6
Price/earnings 48.6 21.3
Price/cash flow 31.1 11.1
Dividend yield 0.5 1.8
Portfolio characteristics
24
Portfolio weight by thematic drivers
Source: Schroders, as at 31 December 2020.
Disruptors Enablers Adaptors
Portfolio (%) Benchmark¹ (%) Underweight OverweightEmerging Markets 16.0 13.9 Continental Europe 13.5 12.7 United States 0.3 0.0 Japan 6.5 6.7 Africa/Middle East 0.0 0.2 Pacific X Japan 2.5 3.1 North America 58.4 59.7 United Kingdom 2.3 3.8 [Cash] 0.3 0.0 Total 100.0 100.0
Portfolio (%) Benchmark¹ (%) Underweight OverweightInformation technology 39.1 22.0 Communication services 14.1 9.3 Industrials 12.8 9.5 Utilities 3.1 3.0 Real Estate 1.6 2.6 Consumer discretionary 12.0 13.2 Energy 0.0 3.1 Healthcare 8.9 12.1 Materials 1.7 4.9 Consumer staples 2.4 7.1 Financials 4.1 13.3 [Cash] 0.3 0.0 Total 100.0 100.0
Sector and region positions
25
As at 31 January 2021
Schroder ISF Global Disruption
Source: Schroders, FactSet. ¹MSCI All Country World.The accounting data used by FactSet is un-audited, therefore any subsequent cleaning of data will not be reflected in FactSet. The sectors, securities, regions and countries shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell.
17.1%4.8%
3.3%0.1%
0.3%
-1.0%-1.2%
-3.1%-3.2%-3.2%
-4.7%-9.2%
2.1%0.8%
0.3%
0.3%
-0.2%-0.2%
-0.6%-1.3%
-1.5%
Portfolio (%) Benchmark¹ (%) Underweight OverweightTSMC 3.8 0.9Samsung SDI 1.6 0.1Microsoft Corp 4.3 2.8Tencent 2.3 0.9Alphabet Inc 3.3 1.9ASML 1.7 0.4Jd.Com Inc 1.4 0.1Booking Holdings Inc 1.4 0.1Texas Instruments Inc 1.5 0.3Blackrock Inc 1.4 0.2Disney (Walt) Co – 0.5Unitedhealth Group Inc – 0.5Procter & Gamble Co – 0.5Berkshire Hathaway – 0.5Nestle – 0.6JPMorgan Chase & Co – 0.7Johnson & Johnson – 0.7Alibaba Group – 0.8Tesla Inc – 1.0Apple Inc 2.1 3.8
2.9%1.5%1.5%
1.4%1.4%
1.3%1.3%1.3%
1.2%1.2%
-0.5%-0.5%-0.5%-0.5%
-0.6%-0.7%-0.7%
-0.8%-1.0%
-1.7%
Stock positions – top 10 and bottom 10
26
As at 31 January 2021
Schroder ISF Global Disruption
Source: Schroders, FactSet. ¹MSCI All Country World.The accounting data used by FactSet is un-audited, therefore any subsequent cleaning of data will not be reflected in FactSet. The sectors, securities, regions and countries shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell.
Schroder ISF Global Disruption
27
Style distribution
Style and risk characteristics
Source: As at 31 January 2021. © 2021 Style Research Ltd. All rights reserved. All trademarks are the property of their respective owners. The fund does not have a target benchmark. The fund's performance should be compared against its comparator benchmark, being the MSCI AC World (Net TR) index.
Size distribution
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Large Mid Small Cash
Portfolio Benchmark
0%
10%
20%
30%
40%
50%
60%
70%
Large Value Large Growth Small Value Small Growth Cash
Portfolio Benchmark
Risk estimates¹
Schroder ISF Global Disruption
28
Style and risk characteristics
¹Source: As at 31 January 2021. ²Source: © 2021 Style Research Ltd. All rights reserved. All trademarks are the property of their respective owners.
Risk attribution²
-5%
0%
5%
10%
15%
20%
25%
30%
35%
Currency MarketXterms
Market SectorXterms
Sector Style Xterms Style EquityXterms
Equity
Tracking error 4.0 %
Coverage 23.2 %
Persistence ratio 2.0
Portfolio beta 1.02
Portfolio volatility 15.9 %
Benchmark volatility 15.1 %
Correlation (port, BM) 0.97
Portfolio actual stocks 112
Benchmark actual stocks 2939
Portfolio effective stocks 68.1
Benchmark effective stocks 219.9
Schroder ISF Global Disruption
29
Portfolio style skyline
Style and risk characteristics
Source: As at 23 February 2021. © 2021 Style Research Ltd. All rights reserved. All trademarks are the property of their respective owners.
Stock Region Sector Portfolio weight (%) Benchmark1 weight (%) Active weight (%)
Microsoft Corp North America Information technology 4.3 2.8 +1.4
TSMC Emerging Markets Information technology 3.8 0.9 +2.9
Amazon.Com Inc North America Consumer discretionary 3.3 2.3 +1.0
Alphabet Inc North America Communication services 3.3 1.9 +1.4
Tencent Emerging Markets Communication services 2.3 0.9 +1.4
Apple Inc North America Information technology 2.1 3.8 -1.7
Facebook Inc North America Communication services 1.9 1.1 +0.9
ASML Continental Europe Information technology 1.7 0.4 +1.3
Samsung SDI Emerging Markets Information technology 1.6 0.1 +1.5
Texas Instruments Inc North America Information technology 1.5 0.3 +1.3
Total 25.8 14.4
Top 10 holdings by absolute weight
30
As at 31 January 2021
Schroder ISF Global Disruption
Source: Schroders, FactSet. 1MSCI All Country World. The accounting data used by FactSet is un-audited, therefore any subsequent cleaning of data will not be reflected in FactSet. The sectors, securities, regions and countries shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell.
Schroder ISF Global Disruption
31
Incubator stocks
Source: Schroders, as at 31 December 2020. for illustrative purposes only.
Market cap exposureMC $bn Weight
<10 6.4%
10–100 51.9%
> 100 40.3%
Total 100%
Incubation bucket – <$10 billion in market capName Weight (%) Market cap ($m)
Globant SA 0.7 8,044
TOMRA Systems ASA 0.4 7,289
Scatec ASA 0.7 5,495
ASM Pacific Technology Limited 0.5 5,395
NEL ASA 0.4 4,797
Ceres Power Holdings plc 0.7 3,082
Chroma Ate Inc. 0.4 2,505
Alfen NV 0.5 2,193
TPI Composites, Inc. 0.8 1,886
Soltec Power Holdings SA 1.3 243
Total 6.4
Appendix
Performance – share class
33
Performance to 31 January 2021 (% returns in USD)
Schroder ISF Global Disruption
Past performance is not a guide to future performance and may not be repeated. The value of investment can go down as well as up and is not guaranteed. The return may increase or decrease as a result of currency fluctuations. Source: Morningstar. USD, net of fees. Total performance is calculated on the USD Schroder ISF Global Disruption I Acc USD share class. The fund and benchmark have different pricing points (intra-day versus closing price respectively) so there may be a performance timing effect at month-end. In times of high market volatility, this timing effect may be larger than usual during specific periods and may have either a positive or negative impact on the NAV. However, these effects are expected to even out over time. p.a represents annualised performance.
Calendar years performance (% returns in USD)2020 2019 2018 2017 2016
Schroder ISF Global Disruption I Acc USD +52.4 +38.6 – – –
MSCI ACWI NR USD +16.3 +26.6 – – –
Relative performance +36.1 +12.0 – –
1 month 3 months YTD 1 year Since inception
Schroder ISF Global Disruption I Acc USD +1.7 +20.1 +1.7 +51.6 +39.0
MSCI ACWI NR USD -0.5 +17.0 -0.5 +17.0 +17.2
Relative performance +2.2 +3.1 +2.2 +34.6 +21.8
Attribution – sector
34
12 Months to 31 January 2021
Schroder ISF Global Disruption
Performance shown is past performance. Past performance is not a guide to future performance and may not be repeated. The value of investment can go down as well as up and is not guaranteed. The return may increase or decrease as a result of currency fluctuations. The value of investment can go down as well as up and is not guaranteed. Sectors mentioned are shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell.Source: Schroders, USD, Gross, 1MSCI AC World (GDR) SL.
(%) Portfolio weight Benchmark1 weight Portfolio return Benchmark1 return Allocation Selection Total effect
Communication services 14.1 9.3 39.9 25.0 0.10 2.02 2.11
Consumer discretionary 12.0 13.2 53.3 39.6 0.06 2.19 2.25
Consumer staples 2.4 7.1 32.7 4.2 0.51 1.18 1.70
Energy – 3.1 – -20.2 1.91 0.00 1.91
Financials 4.1 13.3 19.9 -2.3 2.10 2.50 4.60
Healthcare 8.9 12.1 53.8 17.7 -0.21 3.40 3.19
Industrials 12.8 9.5 58.0 9.7 -0.92 6.49 5.56
Information technology 39.1 22.0 62.3 42.0 4.53 6.40 10.93
Materials 1.7 4.9 40.6 26.6 -0.51 -0.06 -0.57
Real Estate 1.6 2.6 20.8 -6.8 0.15 1.16 1.32
Utilities 3.1 3.0 55.4 -2.2 0.18 1.21 1.38
[Cash] 0.3 – 3.0 – -1.10 0.00 -1.10
Residual – – – – – – 1.52
Total 100 100 52.39 17.59 6.79 26.48 34.80
Attribution – region
35
12 Months to 31 January 2021
Schroder ISF Global Disruption
Past performance is not a guide to future performance and may not be repeated. The value of investment can go down as well as up and is not guaranteed. The return may increase or decrease as a result of currency fluctuations. Regions mentioned are shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell.Source: FactSet, USD, Gross. 1MSCI AC World (GDR) SL.
(%) Portfolio weight Benchmark1 weight Portfolio return Benchmark1 return Allocation Selection Total effect
Africa/Middle East – 0.2 – 8.7 -0.15 0.00 -0.15
Continental Europe 13.5 12.7 57.0 10.9 -0.56 6.11 5.54
Emerging Markets 16.0 13.9 81.5 27.9 -0.02 5.47 5.45
Japan 6.5 6.7 56.0 14.7 -0.05 2.02 1.97
North America 58.4 59.7 43.9 18.6 0.04 18.92 18.96
Pacific X Japan 2.5 3.1 70.2 9.9 0.07 1.01 1.07
United Kingdom 2.3 3.8 54.3 -7.2 0.24 1.44 1.68
United States 0.3 – 50.9 – -0.04 0.00 -0.04
[Cash] 0.3 – 3.0 – -1.16 0.00 -1.16
Residual – – – – – – 1.47
Total 100 100 52.39 17.59 -1.63 34.96 34.80
Attribution – stock
36
12 Months to 31 January 2021
Schroder ISF Global Disruption
Past performance is not a guide to future performance and may not be repeated. The value of investment can go down as well as up and is not guaranteed. The return may increase or decrease as a result of currency fluctuations. Stocks mentioned are shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell.Source: FactSet, USD, Gross. 1MSCI AC World (GDR) SL.
Top 10 contributors Portfolio weight Benchmark1 weight Portfolio return Benchmark1 return Total effect
TSMC 2.7 0.7 130.1 103.8 +2.01 Moderna Inc 0.4 0.0 179.2 181.6 +1.42 Samsung SDI 1.4 0.0 183.7 183.7 +1.34 Mercadolibre Inc 1.1 0.1 168.4 168.4 +1.32 Square Inc 1.0 0.1 172.3 189.1 +1.22 Dexcom Inc 1.3 0.1 55.7 55.7 +1.07 ASML 1.8 0.3 90.9 90.9 +1.04 Solaredge Technologies Inc 0.8 0.0 194.6 3.7 +0.96 Vestas Wind System 1.3 0.1 120.6 120.6 +0.93 Nvidia Corp 1.2 0.5 120.0 120.0 +0.86
Top 10 detractors Portfolio weight Benchmark1 weight Portfolio return Benchmark return Total effect
Tesla Inc 0.0 0.5 0.0 509.9 -0.96 Apple Inc 1.4 3.4 71.6 71.6 -0.96 SAP 0.4 0.3 -30.5 -1.4 -0.49 Lilly (Eli) & Co 0.3 0.3 -17.3 51.0 -0.35 Ashtead Group 0.2 0.0 -33.8 58.9 -0.34 Disney (Walt) Co 0.3 0.5 -31.2 21.6 -0.28 Recruit Hldgs Co L 0.8 0.1 9.9 9.9 -0.25 Transunion 0.5 0.0 -5.7 -4.8 -0.24 Volkswagen 0.5 0.1 -12.8 9.9 -0.23 Straumann 0.2 0.0 -28.3 17.2 -0.23
Recent stock transactions
37
Buys
Significant new buys and sells during 3 months to 31 December 2020
Securities mentioned are shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell. The value of an investment can go down as well as up and is not guaranteed. Information is subject to change at any time and does not necessarily represent current portfolio construction. No offer for sale of a security is intended by this illustration.
SellsWeight (%)
31 December 2020
Soltec Power Holdings Industrials 1.3
Samsung Electronics Information technology 1.1
Airbus SE Industrials 1.0
FAST RETAILING CO., LTD Consumer discretionary 0.9
Innovent Biologics, Inc. Healthcare 0.7
Snap, Inc. Class A Communication services 0.7
Abbott Laboratories Healthcare 0.6
Alfen NV Industrials 0.5
Catalent Inc Healthcare 0.5
BioNTech Healthcare 0.4
Weight (%) 30 September 2020
Alibaba Group Consumer discretionary 2.1
SAP SE Information technology 1.4
Walt Disney Company Communication services 1.2
Kingspan Group Plc Industrials 1.0
Beyond Meat, Inc. Consumer staples 0.6
CME Group Inc. Class A Financials 0.5
Iberdrola SA Utilities 0.5
Eli Lilly and Company Healthcare 0.5
Just Eat Takeaway.com N.V. Consumer discretionary 0.5
Global Blood Therapeutics Healthcare 0.4
Important information – Global audience
Schroder ISF
This presentation does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for shares of Schroder International Selection Fund (the 'Company'). Nothing in this presentation should be construed as advice and is therefore not a recommendation to buy or sell shares.
Subscriptions for shares of the Company can only be made on the basis of its latest Key Investor Information Document and prospectus, together with the latest audited annual report (and subsequent unaudited semi-annual report, if published), copies of which can be obtained, free of charge, from Schroder Investment Management (Europe) S.A.
An investment in the Company entails risks, which are fully described in the prospectus.
Past performance is not a reliable indicator of future results, prices of shares and the income from them may fall as well as rise and investors may not get the amount originally invested.
Schroders has expressed its own views and opinions in this presentation and these may change.
Important information (1 of 2) – European audience
For reader/viewers in European Union/European Economic Area: Schroders will be a data controller in respect of your personal data. For information on how Schroders might process your personal data, please view our Privacy Policy available at www.schroders.com/en/privacy-policy or on request should you not have access to this webpage.
This presentation is issued by Schroder Investment Management (Europe) S.A., 5, rue Höhenhof, L-1736 Senningerberg, Luxembourg. Registered No. B 37.799. For your security, communications may be taped or monitored.
For reader/viewers in Austria: further fund-specific information can be obtained from the Key Investor Information in the current version and the current Sales Prospectus, which are available free of charge in paper form in German from the Austrian Paying Agent (Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna, Austria) and in German from Schroder Investment Management (Europe) S.A., German Branch, Taunustor 1, D-60310 Frankfurt am Main [Information Agent only]). In addition, a current version of the key investor information is available at www.schroders.at. Investments in the Company are associated with risks that are described in more detail in the key investor information and the Sales Prospectus.
For reader/viewers in France: the Company is created under Luxembourg law and is complying with the Directive 2009/65/CE (UCITS). The Company and some of its compartment have been authorised for distribution in France by the AMF.
For reader/viewers in Germany: further fund-specific information can be obtained from the key investor information in the current version and the current Sales Prospectus, which are available free of charge in paper form in German from the Paying and Information Agents in Germany (UBS Deutschland AG, OpernTurm, Bockenheimer Landstraße 2–4, D-60306 Frankfurt am Main and Schroder Investment Management (Europe) S.A., German Branch, Taunustor 1, D-60310 Frankfurt am Main [information agent only]). In addition, a current version of the key investor information is available at www.schroders.de. Investments in the Company are associated with risks that are described in more detail in the key investor information and the Sales Prospectus.
For reader/viewers in Greece: UCITS FUNDS DO NOT HAVE A GUARANTEEDPERFORMANCE AND PREVIOUS PERFORMANCE DOES NOT GUARANTEE THE FUTURE PERFORMANCE. OI OΣΕΚΑ ΔΕΝ ΕΧΟΥΝ ΕΓΓΥΗΜΕΝΗ ΑΠΟΔΟΣΗ ΚΑΙ ΟΙ ΠΡΟΗΓΟΥΜΕΝΕΣ ΑΠΟΔΟΣΕΙΣ ΔΕΝ ΔΙΑΣΦΑΛΙΖΟΥΝ ΤΙΣ ΜΕΛΛΟΝΤΙΚΕΣ.
For reader/viewers in Guernsey and Isle of Man: issued by Schroder Investment Management (Europe) S.A., 5, rue Höhenhof, L-1736 Senningerberg, Luxembourg. Registered No. B 37.799
Important information (2 of 2) – European audience
For reader/viewers in Poland: subscriptions for the Company's shares may be made only on the basis of the latest available prospectus and key investor information document (KIID) and the latest audited annual report (and subsequent unaudited half-yearly report, if published), copies of which may be obtained free of charge from the law firm Wierzbowski Eversheds Sutherland Sp. k., Centrum Jasna, ul. Jasna 14/16a, 00–141 Warsaw, Poland and from Schroder Investment Management (Europe) S.A.
The Company is a Luxembourg registered undertaking for collective investment in transferable securities recognised in the United Kingdom and operates in Poland pursuant to the Act of 27 May 2004 on Investment Funds and Alternative Investment Fund Management (Journal of Laws of 2004, No. 146, item 1546, as amended).
The investor may, depending on the applicable tax obligations, be required to pay tax directly charged on income resulting from investments in fund units. An investment in the Company involves risks which are fully described in the prospectus.
For reader/viewers in United Kingdom: Schroders will be a data controller in respect of your personal data. For information on how Schroders might process your personal data, please view our Privacy Policy available at www.schroders.com/en/privacy-policy or on request should you not have access to this webpage. Issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. Registered Number 1893220 England. Authorised and regulated by the Financial Conduct Authority.
For Russian Qualified Investors only: none of the sub-funds mentioned in the conference agenda are registered in Russia
For reader/viewers in Switzerland: the Schroder International Selection Fund ('Company') is an open-ended investment company organised as a 'société anonyme' under the laws of the Grand Duchy of Luxembourg and qualifies as a Société d’Investissement à Capital Variable ('SICAV'). The prospectus and the key investor information document(s) for Switzerland, the articles of association, the annual and semi-annual reports can be obtained, free of charge, at the offices of the Swiss representative, Schroder Investment Management (Switzerland) AG, Central 2, CH-8001 Zurich and the Swiss paying agent, Schroder & Co. Bank AG, Central 2, CH-8001 Zurich, both authorised and regulated by the Swiss Financial Market Supervisory Authority FINMA.
For reader/view in Israel: note regarding the Marketing material for Qualified Clients or Sophisticated Investors only. This communication has been prepared by certain personnel of Schroder Investment Management (Europe) S.A (Registered No. B 37.799) or its subsidiaries or affiliates (collectively, 'SIM'). Such personnel are not licensed by the Israeli Securities Authority. Such personnel may provide investment marketing, to the extent permitted and in accordance with the Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management Law, 1995 (the 'Investment Advice Law'). This communication is directed at persons (i) who are Sophisticated Investors (ii) Qualified Clients ('Lakoach Kashir') as such term is defined in the Investment Advice Law; and (iii) other persons to whom it may otherwise lawfully be communicated. No other person should act on the contents or access the products or transactions discussed in this communication. In particular, this communication is not intended for retail clients and SIM will not make such products or transactions available to retail clients.
Important information – UAE audience
Schroder Investment Management Limited (Dubai Branch) is located in the Office 506, Level 5, Precinct Building 5, DIFC, Dubai, PO Box 506612 United Arab Emirates and is regulated by the Dubai Financial Services Authority (DFSA).
This presentation is not subject to any form of regulation or approval by the DFSA. The DFSA has no responsibility for reviewing or verifying any Prospectus or other documents in connection with this Fund. Accordingly, the DFSA has not approved any associated documents nor taken any steps to verify the information set out in the Prospectus for the fund, and has no responsibility for it. This presentation is intended to be for information purposes only and it is not intended as promotional material in any respect. This presentation is intended for professional investors only as defined by the DFSA rules which can be accessed from their website www.dfsa.ae.
The Units to which this presentation relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on the Units. If you do not understand the contents of this presentation, you should consult an authorized financial advisor.
The Securities and Commodities Authority assumes no liability for the accuracy of the information set out in this presentation, nor for the failure of any persons engaged in the investment fund in performing their duties and responsibilities. The relevant parties whose names are listed in the relevant documents shall assume such liability, each according to their respective roles and duties. If you do not understand the contents of this presentation, you should consult an authorized financial advisor.
The Fund/s are only being offered to a limited number of Qualified investors in the UAE as per Article 2 clause 3 of the SCA decision 3 R/M of 2017.
Important information – Canada
Schroder Investment Management North America Inc. ('SIMNA Inc.') is registered as an investment adviser with the US Securities and Exchange Commission and as a Portfolio Manager with the securities regulatory authorities in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan.
It provides asset management products and services to clients in the United States and Canada. Schroder Fund Advisors LLC ('SFA') markets certain investment vehicles for which another Schroders entity is an investment adviser. SFA is a wholly-owned subsidiary of SIMNA Inc. and is registered as a limited purpose broker-dealer with the Financial Industry Regulatory Authority and as an Exempt Market Dealer with the securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec and Saskatchewan.
This presentation does not purport to provide investment advice and the information contained in this material is for informational purposes and not to engage in a trading activities. It does not purport to describe the business or affairs of any issuer and is not being provided for delivery to or review by any prospective purchaser so as to assist the prospective purchaser to make an investment decision in respect of securities being sold in a distribution. SIMNA Inc. and SFA are indirect, wholly-owned subsidiaries of Schroders plc, a UK public company with shares listed on the London Stock Exchange. Further information about Schroders can be found at www.schroders.com/us or www.schroders.com/ca.
Important information – US Offshore and Bermuda
Schroders has expressed its own views and opinions in this presentation and these may change.
This presentation does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for shares of Schroder International Selection Fund (the 'Company'). Nothing in this presentation should be construed as advice and is therefore not a recommendation to buy or sell shares. Subscriptions for shares of the company can only be made on the basis of its latest key investor information document and prospectus, together with the latest audited annual report (and subsequent unaudited semi-annual report, if published), copies of which can be obtained, free of charge, from Schroder Investment Management (Europe) S.A.
An investment in the company entails risks, which are fully described in the prospectus.
Past performance is not a reliable indicator of future results, prices of shares and the income from them may fall as well as rise and investors may not get the amount originally invested.
Forecast warning
The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change. We accept no responsibility for any errors of fact or opinion and assume no obligation to provide you with any changes to our assumptions or forecasts. Forecasts and assumptions that may be affected by external economic or other factors.
Schroders will be a data controller in respect of your personal data. For information on how Schroders might process your personal data, please view our privacy policy available at www.schroders.com/en/privacy-policy or on request should you not have access to this webpage.
Issued by Schroder Investment Management Limited, 1 London Wall Place, EC2Y 5AU. Registration No 1893220 England. Authorised and regulated by the Financial Conduct Authority. For your security, communications may be taped or monitored.
Important information (1 of 2) – LATAM audience
The distribution of this presentation may be restricted in certain jurisdictions. The information contained herein is for general guidance only, and it is the responsibility of any person or persons in possession of this presentation to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants should inform themselves of any applicable legal requirements, exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile.
Please read and take careful note of the country specific restrictions applicable to your country of residence.
Argentina: it is expressly stated that the information provided in this presentation is not intended for distribution to the public in general as the foreign assets herein mentioned are not authorised for distribution through public offering in the Argentine Republic. This presentation is for educational purposes only and is not meant for commercial distribution.
Brazil: the Fund and the distribution of its shares are not registered at the Brazilian Securities and Exchange Commission (CVM), and therefore do not meet certain requirements and procedures usually observed in public offerings of securities registered with the CVM, with which investors in Brazilian capital markets may be familiar. For this reason, the access of the investors to certain information regarding the Fund may be restricted.
Chile: this is not a public offering of securities. These instruments have not been registered with the Financial Market Commission of Chile.
Colombia: this presentation does not constitute a public offer in the Republic of Colombia. The offer of the fund is addressed to less than one hundred specifically identified investors. The fund may not be promoted or marketed in Colombia or to Colombian residents, unless such promotion and marketing is made in compliance with Decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign funds in Colombia.
Costa Rica: this presentation has been produced for the purpose of providing information about the Shares and will be provided to a maximum of 50 investors per fund in Costa Rica who are Institutional or Sophisticated Investors in accordance with the exemptions established in the Regulations on Public Offers of Values. This Document is made available on the condition that it is for the use only by the recipient and may not be passed onto any other person or be reproduced in any part. The Shares have not been and will not be offered in the course of a public offering or of equivalent marketing in Costa Rica. The Shares are the product of a private offer, in accordance with the exceptions established in the Regulation on Public Offer of Securities. No collective communication media has been used. The holder acknowledges and accepts the legal and tax regimes that apply to the private offer of securities.
Mexico: the securities have not been and will not be registered with the National Registry of Securities, maintained by the Mexican National Banking Commission and, as a result, may not be offered or sold publicly in Mexico. The fund and any underwriter or purchaser may offer and sell the securities in Mexico, to Institutional and Accredited Investors, on a private placement basis, pursuant to Article 8 of the Mexican Securities Market Law.
Panama: this Private Investment Fund is not registered nor is it subject to the supervision of the Securities Superintendence of Panama.
Important information (2 of 2) – LATAM audience
Perú: the Shares have not been registered before the Superintendencia del Mercado de Valores (SMV) and are being placed by means of a private offer. SMV has not reviewed the information provided to the investor. This presentation is not for public offering.
Uruguay: the sale of the shares qualifies as a private placement pursuant to section 2 of Uruguayan law 18,627. The shares must not be offered or sold to the public in Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations. The shares are not and will not be registered with the Financial Services Superintendency of the Central Bank of Uruguay. The shares correspond to investment funds that are not investment funds regulated by Uruguayan law 16,774 dated September 27, 1996, as amended.
Venezuela: the securities may not be offered or sold in the Bolivarian Republic of Venezuela, except in circumstances which do not constitute a public offering of securities under Venezuelan securities laws and regulations. The securities have not and will not be registered with the Venezuelan National Securities Superintendence. This presentation is not for public distribution.
Important information – APAC audienceNotice for readers in Indonesia: the information in this presentation (the ‘Presentation) is only for institutional investors based in Indonesia and as the Schroders fund (the ‘Fund’) is not recognised or registered by the Indonesian Financial Service Authority (OJK), units/shares in the Fund are not allowed to be offered to the retail public or accredited investors.
Potential investors should be aware that such investments involve market risk and should be regarded as long-term investments. Derivatives carry a high degree of risk and should only be considered by sophisticated investors.
This Presentation has not been reviewed by the Indonesian Financial Services Authority (OJK).
PT Schroder Investment Management Indonesia (PTSIMI) had received an investment manager license from, and is supervised by the Indonesian Financial Services Authority (OJK).
PT. Schroder Investment Management IndonesiaIndonesian Stock Exchange Building, Tower 1, 30th FloorJl. Jend. Sudirman Kav. 52–53,Jakarta 12190, Indonesia
Note to readers/viewers in People’s Republic of China with QDII quota/MRF client and readers/viewers in Hong Kong S.A.R.: this material contains information on Fund that are not authorised by the Securities & Futures Commission of Hong Kong (the 'SFC') pursuant to Section 104 of the Securities and Futures Ordinance ('SFO'). No offer shall be made to the public of Hong Kong in respect of the unauthorised Fund. Such unauthorised Fund may only be offered or sold in Hong Kong to persons who are 'professional investors' as defined in the SFO (and any rules made under the SFO) or in other circumstances which do not otherwise contravene the SFO. In addition, this material may only be distributed, circulated or issued to persons who are 'professional investors' under the SFO (and any rules made thereunder) or as otherwise permitted under the Hong Kong laws.
Issued by Schroder Investment Management (Hong Kong) Limited. Level 33, Two Pacific Place, 88 Queensway, Hong Kong. This material has not been reviewed by the Securities and Futures Commission of Hong Kong.
Note to readers/viewers in People’s Republic of China with QDII quota/MRF client and readers/viewers in Hong Kong S.A.R.: issued by Schroder Investment Management (Hong Kong) Limited. Level 33, Two Pacific Place, 88 Queensway, Hong Kong. This material has not been reviewed by the Securities and Futures Commission of Hong Kong.
Note to readers/viewers in Singapore: The information in this presentation (the ‘Presentation’) is only for institutional investors based in Singapore and as the Schroders fund (the ‘Fund’) is not recognised or registered by the Monetary Authority of Singapore, units/shares in the Fund are not allowed to be offered to the retail public or accredited investors.
Potential investors should be aware that such investments involve market risk and should be regarded as long-term investments. Derivatives carry a high degree of risk and should only be considered by sophisticated investors.
This Presentation has not been reviewed by the Monetary Authority of Singapore.
Schroder Investment Management (Singapore) Ltd138 Market Street #23–01 CapitaGreen Singapore 048946Telephone: +65 6534 4288 Fax: +65 6536 6626Registration No.: 199201080H