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www.conico.ch S.E & O.
Content
3 Market review, our vision
6 The circular economy, reflecting the interdependence between the economy, the environment and society
10 Agenda
OUR PROTUCTS 11 ONE CREATION Cooperative
13 ONE Sustainable Fund – Europe Dividend
15 ONE Sustainable Fund – Global Environment EURO Class A
17 ONE Sustainable Fund – Global Environment EURO Class B
19 PHYSICAL GOLD provision to industry
21 Contacts
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www.coninco.ch S.E & O.
By
Leila Khammari, CAIA Head of Corporate Engagement
& Financial Products Analyst
Deputy Director
MARKET REVIEW The COVID‐19 crisis continues to impact econ‐omies and markets. Although a certain degree of stability has returned, we do not believe we are out of the woods yet; and we all agree that there is a lack of visibility with regards to the real impact of this disaster.
This episode has led to unprecedented market volatility and is expected to set the stage for a global recession. Nevertheless, it has con‐firmed that sustainable development makes sense and is indeed becoming a much‐needed option.
The quality of the response of investee compa‐nies to this crisis has been commensurate with the situation. It has demonstrated the speed of adaptation and management’s ability to make the right decisions required to ensure the sta‐bility and viability of their business while pre‐serving the safety and well‐being of their em‐ployees.
Within this highly unusual context, the follow‐ing represents an overview of the evolution of our investment solutions.
OUR PRODUCTS ONE Sustainable Fund Global Environment
Since the beginning of the year and until the end of June 2020, our thematic fund, ONE Sustainable Fund Global Environment, posted (in EUR) a decrease of 3.77% com-pared with a decrease of 5.89% of the MSCI World Index (i.e. an outperformance of 2.12%). The Water Manage-ment and Energy Efficiency themes held up well. Two par-ticularly noteworthy examples are provided by Danaher (an American company that develops products for several industries including life sciences, diagnostics and environ-mental solutions; up 15.3%) ; and Schneider Electric (a French company that develops stable, efficient and sus-tainable energy management technologies and solutions and is the world leader in energy management and au-tomation - up 9.5%). In terms of sectors, the fund bene-fited mainly from its underweight position in Energy and Finance and its overweight position in Information Tech-nology.
Finally, although the Industry sector has suffered during the crisis, several portfolio companies have contributed well, such as Nibe Industrier (a Swedish company offering solutions to improve energy efficiency related to heating equipment and systems - up 27.5%) ; and Tomra Systems (a Norwegian company offering solutions for industrial waste sorting, collection networks and recycling; up 14.6%).
Today, the fund has an over nine-year track record and is one of the best funds investing in Environmental Technol-ogy themes with a 4-star Morningstar rating and a maxi-mum Morningstar (5 Globes) rating for sustainability.
Below is a chart showing the fund’s historical performances
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www.conico.ch S.E & O.
since its launch in March 2011:
ONE Sustainable Global Environment
ONE Sustainable Fund Europe Dividend
Our European equity fund, ONE Sustainable Fund Eu-rope Dividend, was down -7.74% over the first half of the year, compared with an MSCI Europe Index down -12.89% (i.e. a 5.15% outperformance). Here too, we were able to test the defensive nature of the fund, which held up well during this unusual period. The fund bene-fited mainly from its underweight position in the Financials and Energy sectors, which suffered during the crisis, as well as its overweight position in the Consumer Staples sector (Jeronimo Martins up 3.05% and Axfood down just 1% in the first half). The fund has an over three-year track record, a 5-star rating on Morningstar and a maximum Morningstar rating (5 Globes) for sustainability.
The following chart shows the fund’s historical perfor-mances since its launch in May 2016:
ONE Sustainable Fund Europe Dividend
ONE CREATION Cooperative
Finally, our Investment Cooperative, ONE CREATION, distributed a record dividend for the 2019 financial year. This 7.1% dividend was unanimously accepted at the General Assembly held on 1 April 2020. The coopera-tive's share capital continued to grow during this period of crisis, rising by 4.8% to CHF 15.76 million, and its positive impact profile is greatly appreciated by new in-vestors. The annual report available at www.onecrea-tion.org gives full details of this, as well as the relation-ship to the sustainable development objectives (SDO).
The following chart shows the evolution of dividends over the last few years and further on you will find more details on the performance of our products, as well as an article by M r . Damien Contamin, Impact Investing Advisor at CONINCO Explorers in finance SA, which addresses the topic: "The circular economy, reflecting the interdepend-ence between the economy, the environment and soci-ety".
Happy reading!
0.29%
12.48%
-10.21%
27.59%
-7.74%
-20%
-10%
0%
10%
20%
30%
2016* 2017 2018 2019 YTD 2020
0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%
2011 2012 2013 2014 2015 2016 2017 2018 2019
3.50%
2.50%
3.59%4.18%
0.88%
7.10%
Dividend - ONE CREATION Cooperative
-7.43%
16.91%
26.13%
14.90%
2.40%
15.28%12.51%
-9.05%
34.75%
-3.77%
-20%
-10%
0%
10%
20%
30%
40%
2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD2020
OUR VISION Sustainable investment has long been considered a niche investment. Nowadays, it is more commonly referred to as mainstream investment. The movement started with private investors and then accelerated with the institutional investors shift. In fact, recent studies have clearly shown that sustainable solutions show the same levels of performance as traditional active management with the potential to benefit from some risk premia (such as those related to climate change) over the long term. In view of the environmental and social challenges that humanity has been facing for years, we have chosen to focus our efforts on the themes of the future. The companies exposed to these themes offer a real potential for return and benefit from the following characteristics:
- A growing demand in the face of a real need. - A positive evolution over the last few years
(growth in sales, growth in profits, etc.). - Extraordinary investment needs. - Favorable regulations. - Effective solutions.
Our solutions not only deliver solid financial performance but also address the pressing social and environmental challenges facing the world. Return / Risk / Impact, an applied trilogy that is no longer a marginal strategy but a central element of a growing number of private and institutional investors.
5
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www.coninco.ch S.E & O.
By
Damien Contamin Impact Investing Advisor CONINCO Explorers in finance SA
THE CIRCULAR ECONOMY, REFLECTING THE INTERDEPENDENCE BETWEEN THE ECONOMY, THE ENVIRONMENT AND SOCIETY While there are many lessons to be learned from the Coronavirus crisis, one is particularly self-evident: it illus-trates the subtle interdependence between the various el-ements of the living system to which humans belong. A virus, by definition imperceptible to the naked eye, is ca-pable of affecting the entire world population indiscrimi-nately, simultaneously paralysing the economy and soci-ety as a whole, leading to unexpected changes in our so-cial relations.
This observation raises the issue of the complexity of the world and our way of understanding it. One cannot decently dissociate the economic approach from environmental and social con-siderations. Everything is inter-woven. The consequence of this interconnection is to reveal each individual’s share of re-sponsibility in the emergence of the present situation, which is merely the inevitable consequence of our past actions.
The Brundtland Report, published by the World Commis-sion on Environment and Development, in 1987, aimed to breathe a wind of ecological and social-democratic change into capitalism and thus initiated a systemic ap-proach by introducing the concept of " sustainable
1 Massachussetts Institute of Technology, a renowned American research institute (and university) specialising in the fields of sci-ence and technology.
development " on the world stage. Its key argument is based on the observation that environmental degradation is mainly caused by developing countries which have in-sufficient economic and technological means to tackle environmental problems. The approach it advocates in-volves promoting a model of economic growth which would have the two-fold virtue of reducing world poverty and thereby improving environmental protection. Ulti-mately, the proposals put forward by the Brundtland re-port are intended to " meet the needs of the present with-out compromising the ability of future generations to meet their own needs ".
Since then, the concept of " sustainable development" has been used more widely and frequently to designate – whether on the scale of a country or a company – any economic model whose objective is to support growth that can both preserve the multiple interests of individuals while integrating environmental constraints.
In this respect, it is opposed to the concept of “degrowth” advocated by the Rome Report initiated by the Club of Rome in 1972. The team of MIT1 researchers – led by Donatella and Dennis Meadows – in charge of drafting this report highlights the dangers that the logic of eco-nomic growth within a context of strong demographic growth poses for both the environment and society as a whole.
These two " movements " continue to fuel the prevailing divide between different environmental policies, with the core debate revolving around the primacy of humans over
Nature.
The circular economy business model transcends the two previ-ous approaches by taking the re-flection beyond the concept of growth. It achieves this by draw-ing direct inspiration from living
systems, with " growth " taking the place of “regeneration”.
The silo approach is giving way to an ecosystem approach in which economic players no longer interact solely in a competition-based mode, but instead integrate a cooper-ative dimension into their actions. All the stakeholders in this model then embrace the interdependence of the phe-nomena composing the complex world in which we live, by linking environmental, social and economic chal-lenges. The circular economy underpins a radical change
Non‐renewable materials, on the other
hand, are destined to be introduced into
cascading production cycles in an endless
process.
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of mentality where our behaviour is directly modelled on that of the elements composing living systems.
" Drawing upon Nature and giving something back" is the new mantra of biomimicry, from which the proponents of the circular economy have drawn much inspiration.
The circular economy: an alternative to the “linear” eco-nomic model
The circular economy is an alternative to the current eco-nomic model described as " linear ". (cf. Figure 1) which conceives the life cycle of a product as a succession of stages implying that any product and its components are in fact waste in the making, according to the logic of " Take, Make, Dump & Waste ". The logic of efficiency takes precedence over optimising natural resources.
Diagram of a linear economic system
Figure 1
All products are made of biological and technical mate-rials. Technical components such as metals or plastics are by definition unsuitable for the biosphere. Moreover, within a linear economy, the production chain is designed in such a way that no consideration is given to dissociat-ing biological and technical components, because the fi-nancial cost of reintegrating biological materials into a new production cycle will always remain higher than the cost of extracting additional natural resources.
This means that the logic of efficiency underlying the lin-ear economy model pays little attention to environmental issues. It focuses on results, without taking account of the negative-impact externalities it generates. This model, which is still largely dominant, nonetheless gives rise to three types of proven negative externalities:
- Environmental damage. This is done by overexploiting raw materials; destroying extraction areas; using non-re-newable energies that generate polluting emissions dur-ing the production process; as well as by producing an undue amount of waste. It differs in this respect from the model of living systems, within which the notion of waste
is non-existent according to the formula: " nothing is lost, nothing is created, everything is transformed".
- Dilution of economic stakeholders’ responsibility. The responsibility of the producing company stops at the cor-porate borders, at the very moment the product is sold to consumers. The latter are then free to dispose of it or get rid of it without having to account for their behaviour, ei-ther because they consider that the product is outdated or that is no longer fulfils its functions. The product is then dumped in a landfill even though its components have a positive value in terms of potential use.
- Increased risk exposure. Over the past two decades, the volatile prices of certain commodity prices (such as metals and agricultural goods) have reached record highs, ex-posing businesses to growing uncertainty. To such an ex-tent that it has become imperative to decouple questions of " revenues " and " commodities ".
This economic model of devel-opment has admittedly lifted billions of people out of ex-treme poverty, but at what cost? The volume of natural re-sources extracted far exceeds the Earth's biocapacity, i.e. its capacity to regenerate renewa-ble resources, supply non-re-newable resources and absorb
waste. In the face of a sluggish economy and a steadily growing world population rises the challenging issue of employment.
The current model based on consumption "at all costs ", and thus implying a destruction of values, is being re-placed by a circular business model that must aim to transcend mere economic growth. From this standpoint, the circular economy gives concrete expression to the ob-jective of shifting from a model of negative impact reduc-tion to a model of value creation that is positive on social, economic, environmental and financial levels. The pro-duction process is no longer based on the logic of effi-ciency, but on maximising the yield of non-renewable raw materials. This paradigm shift is imperative as the planet’s resources are finite and inevitably destined to dry up.
The three pillars of the circular economy
The circular economy goes beyond the framework of a" linear " economy by integrating a multidimensional ap-proach. Its mode of operation, which is directly inspired by natural ecosystems, is sometimes referred to as a " re-generative " economy. This ecosystem approach makes it possible to optimise the potential for value creation
Exploitation and pro-cessing of natural re-
sources
Design, production and distribution
Consumption, incine-ration and landfill
TAKE MAKE DUMP & WASTE
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generated by materials, work and energy (renewable by nature) by optimising the cycles of reuse, repair, renova-tion and recycling of various components. The concept of " waste " is no longer relevant, since biological materials are re-turned to a new production circuit or simply to their natural environ-ment. Non-renewable materials, on the other hand, are destined to be introduced to cascading pro-duction cycles in an endless pro-cess. The circular economy is thus based on an organisation that in-terconnects all the players in this ecosystem: a company exploits, recovers or reuses " waste " (whether technical or biological) from another company. The concept of consumer is re-placed by the concept of user. “Users” are now linked to producers by a shared interest in contributing to maximis-ing product performance. This new configuration sounds the death knell for planned obsolescence.
Figure 2
First pillar: ecodesign
This is a strategic design management process that con-siders environmental impacts throughout the life cycle of products, packaging, processes, services, organisations and systems. It distinguishes between " waste " and "value". The circularity of this model (see Figure 2) lies in the fact that, at all stages of its life (raw material exploitation, manufacturing, use, repair, recycling and reintegration), the product is seen as a flow of energy and technical or biological material utilised in such a way as to maximise the use value of its components.
Ecodesign promotes an integrated vision of the produc-tion chain. Products are designed to be deconstructed ra-ther than destroyed. The production chain is thus organ-
ised in such a way that compo-nents and materials can be easily recovered and detached.
Second pillar: industrial ecology
This is a mode of organization aiming – within a given territory – to create an ecosystem of compa-nies cooperating in a synergistic logic. The " waste " of certain play-ers constitutes the resources of others. The aim is to model the in-
dustrial system on the functioning of biological ecosys-tems. By favouring short routes and optimising flow ex-changes, this organisational method helps wipe out in-dustry’s impact on the environment.
Third pillar: a functionality-based economy
The principle of such an economy is a model of produc-tion, distribution and consumption of goods and services.
The manufacturer now sells the use of the prod-uct and not the product itself. The value of a product now lies in its function. Customers are therefore invited to share with the producer a re-lationship of co-responsibility in the destiny re-served for the product and its components as well as its impact on the environment. Customers thereforefocus on use rather than possession, thus abandoning the status of consumer. This new approach justifies the emergence of the so-called " collaborative " economy in the wake of successive economic crises and the rise of virtual networks.
Circular economy and sustainable development
The circular economy model is a “regenerative” growth factor creating jobs and thus combating poverty, while at the same time making it a point of honour to be implemented and organised according to environmental constraints. The innovation promoted by the circular economy is both technological and conceptual. Technol-ogy becomes a tool for reproducing the mechanisms of living systems, which are integrated into a chain of values and production that aims to achieve autonomy and thus overcome the constraint of the finiteness of natural re-sources.
Diagram of a circular economy
The circular economy model aims to
avoid the “everything is waste” ap‐
proach, to optimise and maximise the
use of components and materials used in
manufacturing products, as well as to
engage users’ responsibility in the prod‐
uct life cycle.
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It fully meets the objectives set out in the Brundtland report through its ability to create new economic and financial opportunities, while taking into account environmental and social issues. Its detractors might criticise it for main-taining an anthropocentric world vision within which Na-ture has a merely instrumental value. Nevertheless, within this scenario, human intelligence is indeed dedicated to serving human interests (or indeed survival), yet while re-specting the requirements for the elements of living sys-tems to flourish and be renewed. The circular economy model aims to avoid the " eve-rything is waste” approach, to optimise and maximise the use of components and materials used in manufacturing prod-ucts, as well as to engage us-ers’ responsibility in the prod-uct life cycle. It thus reaches out to champions of radical ecology, for whom Nature is a parameter to be taken into consideration for what it is (intrinsic value) and not only for what it can contribute (instrumental value).
As a line of thought, it is worth outlining the principles of a circular economy 2.0. This implies not only encourag-ing a reduction in the untimely use of natural resources during product life cycles, but also incorporating the preservation of living systems (natural and social) as a whole into our daily decision-making. It requires the adoption of a holistic view of the world that the linear economy model has hitherto excluded from considera-tion. In addition to technological and conceptual innova-tion, a revolution of consciousness is thus taking place, suggesting that when making choices human beings
consider both the interdependence inherent in the living world as well as the resultant responsibility.
In this way, humankind will find a way to escape the un-speakable force that is currently driving it to create from scratch the conditions for its own extinction.
Because of its immeasurable influence, finance can no longer escape its responsibilities. It has a duty to make a positive impact that is commensurate with the countless
environmental, economic and social issues that are looming on the horizon and which pose a threat to the human race, amongst others. If it does not fully embrace this approach, Nature will eventually, sooner or later, assert its rights by af-firming its primacy over human intelligence. And no innovative
technological tool or monetary policy, however radical it may be, will find favour in that moment. The constraint facing finance is that of its congruence. It can head in their direction by dedicating itself to serving a real econ-omy directly linked to the reality of the living world. It will thus make it possible to achieve the performance bonus resulting from social responsibility.
Within such a context, sustainable finance will only be consistent if it refuses to settle for a form of " veneer " com-posed of SRI and ESG criteria, but instead makes room for " impact investing ". Finance in support of the circular economy is one solution. Chances are that human be-ings’ individual interests and those of their natural and social environment will thus become One.
Circular Economy and interdependence: The case of MONDI
As a leader in the packaging and paper industry, MONDI has made the circular economy a central part of its sustain-ability strategy. It approaches this issue in a holistic manner by interconnecting the economic, environmental and social dimensions.
The circular economy is present at all stages of the production chain: from the exploitation of natural resources to the ecosystem relationship it maintains with its stakeholders (including consumers), through the ecodesign of its production process.
The nature of its activity makes it very dependent on wood as a primary resource. Up to 75% of the world's freshwater used for agricultural, domestic, industrial and environmental purposes comes from forests and 90% of the world's cities depend on watersheds for their water supplies. With more than three-quarters of the world's population facing water insecurity, managing forests for water is crucial. Forests are the world's largest carbon store after the oceans.
Finance has a duty to make a positive impact
that is commensurate with the countless en‐
vironmental, economic and social issues that
are looming on the horizon and which pose a
threat to the human species, amongst others
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AGENDA 2020
7th OCTOBER LAUSANNE (in French) LPP TRAINING COURSE - BASIC + CONTINUOUS COURS DE FORMATION LPP - BASE + CONTINU
11th – 12th NOVEMBER VEVEY (in French) 20ème CONINCO MASTER CLASS The 1920s 2.0 THE (NEW) OPPORTUNITIES OF THE DECADE Seminar for institutional investors only
Les années 20 2.0 LES (NOUVELLES) OPPORTUNITÉS DE LA DÉCENNIE Séminaire réservé aux investisseurs institutionnels
6 – 10 DÉCEMBRE ABU DHABI, UAE UNCTAD World Investment Forum THE SEVENTH EMPRETEC WOMEN IN BUSINESS AWARD 2020
30.06.2020
The Cooperative takes positions in listed and unlisted companies and in
infrastructure, engaged in sectors that promote development and
economic growth with a positive impact on the environment.
The following economic sectors are considered:
- Environmental chemistry and biology
- Environmental advisory
- Energy efficiency
- Water management
- Waste management
- Ecological materials
- Sustainable mobility
- Renewable energies
Direction CONINCO Explorers in finance SA
Custodian Bank Pictet & Cie (Europe) S.A., Geneva
Commercial Relationship Banking Credit Suisse (Suisse) S.A., Vevey
Auditors Deloitte SA, Geneva
Cooperative Type Open
Domicile Vevey, Suisse
Inception Date 23 June 2010
Currency CHF
End of Fiscal Year 31.12
Subscription of shares Daily
Redemption 31.12 / Six months notice
Distribution Dividend acquired at 31.12
Management Fees max 2.3%
ISIN CH0211420010
Min. Investment CHF 10’000
Federal stamp 1%
Current issuing commission 2%
ONE CREATION Cooperative is an instrument dedicated to the
investment community to support the rapid development of
environmental technologies through a global multisectoral
approach. This instrument is a means of providing long-term
financial support to these companies and supporting them in
achieving the ecological, climatological and societal objectives of
the sustainable economy. This instrument is a means of supporting
the achievement of the objectives of the Paris Agreement in the long
term.
COMPAGNIE DE SAINT-GOBAIN Renewable energies 3,00%
SGS NOM. Environmental advisory 2,93%
JOHNSON CONTROLS INTERNATIONAL Ecological materials 2,72%
KYOCERA Renewable energies 2,62%
CSX Sustainable transport 2,56%
UNION PACIFIC Sustainable transport 2,40%
GEBERIT Water management 2,34%
SHIMANO Sustainable transport 2,28%
KUBOTA Water management 2,13%
UMICORE Ecological materials 2,06%
STERILUX SA Waste management 4,55%
DEPSYS SA Energy efficiency 3,94%
PONZIO SOLAR SA Renewable energies 3,90%
BUILDING VEVEY Photovoltaique plant 1,18%
Estimated accounting value of one share CHF 9 751,37
Result before tax per share CHF -417,54
Result per share after tax CHF -431,29
Estimated liquidation value of one share CHF 10 935,62
Existing reserve fund CHF 1 118 618,13
Share capital CHF 15 760 000,00
0
500
1 000
1 500
2 000
2 500
7 000
8 000
9 000
10 000
11 000
12 000
13 000
14 000
30.0
6.1
0
31.1
2.1
0
30.0
6.1
1
31.1
2.1
1
30.0
6.1
2
31.1
2.1
2
30.0
6.1
3
31.1
2.1
3
30.0
6.1
4
31.1
2.1
4
30.0
6.1
5
31.1
2.1
5
30.0
6.1
6
31.1
2.1
6
30.0
6.1
7
31.1
2.1
7
30.0
6.1
8
31.1
2.1
8
30.0
6.1
9
31.1
2.1
9
30.0
6.2
0
Accumulated dividends Liquidation value * Accounting valorisation as per statuts 9
* including hidden reserves Private Equity
11
CONINCO Explorers in finance SA, in addition to its consulting activities
for institutional investors, has almost 28 years of experience in asset
management and value enhancement.
The company is regulated by the FINMA, the federal authority
for financial markets’ supervision, in the capacity of collective investment
manager as understood by Articles 13 and 14 of the law on collective
investments (LPCC) and is a signatory of the Principles for Responsible
Investment (PRI).
CONINCO Explorers in finance SA
Quai Perdonnet 5, CH-1800 Vevey
T. +41 (0)21 925 00 33F. +41 (0)21 925 00 34
www.coninco.ch
The Articles of Association, the latest annual report and key information documents for investors can be obtained free of charge from the Management or on the website www.onecreation.org.
This publication is for information purposes only. We do not give any warranty or guarantee as to its content, in particular as to its accuracy, completeness or weighting, and assume no responsibility in
this regard. In the United States, the United Kingdom and Italy, this publication is only intended for professional financial intermediaries. The opinions expressed in this document reflect only the current
opinions of the authors, opinions that they have formed in the course of their usual activities. They may be subject to change at any time, without further notice. These opinions may differ from those of
other group entities. The group is not required to forward its divergent opinions to the recipients of this publication. Any investment decision must be based on a full and appropriate investigation and
should not be based exclusively on this document. An investor's historical performance does not necessarily indicate the future evolution of the same investment.
The value of an investment and the income derived from it can rise as well as fall. In addition, the investor has no guarantee that all the amounts invested will systematically be recovered. International
investments include, in addition to currency risks, risks related to the political and economic uncertainties of other countries. The group, respectively its employees and agents, may hold investments men-
tioned in this document, and may also hold, increase or sell positions in one or more investments mentioned in this document or in related investments. Other countries: the laws of other regions or coun-
tries may limit the distribution of this document; for this reason, persons in possession of this document should inform themselves of and respect such limitations.
Further information is available on request. All rights reserved. Past results are no guarantee for future results.
48,11%
6,83%
7,75%
4,50%
6,89%
1,18%
6,84%
9,16% 0,91%7,82%
30.06.2020 Listed securities
Unrealized reserves
Unlisted securities
Confirmed start-ups participations
Early stage start-ups participations
Infrastructures
Cash for dividend
Cash for future investments
Transitional assets and assimilated
Various items and other liquid assets
Value January February March April May June July August September October November December
2010 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00
2011 10 000,00 10 000,00 9 983,37 10 000,00 9 697,00 9 525,81 8 611,89 8 021,36 7 932,12 8 401,50 8 593,71 8 497,00
2012 8 936,02 9 107,36 9 114,91 9 047,96 8 770,65 8 817,35 8 930,90 9 056,19 9 064,11 9 032,25 9 235,29 9 201,20
2013 9 565,00 9 487,33 9 456,89 9 491,34 9 789,00 9 615,89 9 818,06 9 675,04 9 704,27 9 751,86 9 718,74 9 980,46
2014 9 960,31 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00
2015 9 702,19 9 912,96 9 908,21 10 000,00 10 000,00 10 000,00 10 000,00 9 891,15 9 764,08 9 924,92 10 000,00 10 000,00
2016 9 909,54 9 965,01 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00
2017 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00
2018 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00
2019 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00 10 000,00
2020 10 000,00 10 000,00 9 387,41 9 575,97 9 572,21 9 751,37
Pension Funds
Individuals
Foundations
Associations
Family offices
Companies
Public authorities
30.06.2020
12
30.06.2020 - EURO
The investment universe consists of European companies meeting SRI /
ESG criteria (Environment, social, governance).
The fund invests in companies with historically high dividend payments,
low leverage and solid profitability.
The investment risk is consistent with active equity management in the
reference geographic area.
Manager CONINCO Explorers in finance SA
Management company FundPartner Solutions (Europe) S.A.
Depository Bank Pictet & Cie (Europe) S.A.
Swiss representative FundPartner Solutions (Suisse) S.A.
Route des Acacias 60, 1211 Genève 73
Swiss Paying Agent Banque Pictet & Cie S.A.
Auditor Deloitte - LU
Type of fund Open end fund
European Passeport UCITS
Fund Domicile Luxembourg
Launch date 29.04.2016
Currency EUR
End of fiscal year 31.12
Subscription/redemption Daily
Distribution None, reinvestment
Management fees 0.85%
ISIN LU1223860823
Bloomberg ONESEDB LX
Telekurs -
Risk mesure MSCI Europe
Min Investment EUR 50’000
Fund size (mlns EUR/CHF) 12.98 / 13.82
Market Cap of the underlying (Bln) 981.01
Net Asset Value (in EUR) 1'533.52
Annualised volatiliy 12.51
Sharpe ratio 0.34
Correlation 0.93
Tracking error (%) 4.83
Information ratio 0.11
Beta 0.86
0.29%
12.48%
-10.21%
27.59%
-7.74%
2.61%
10.11%
-10.63%
26.23%
-12.89%
-40%
-20%
0%
20%
40%
2016 2017 2018 2019 2020
ONE Sustainable Fund -Europe Dividend MSCI Daily TR Net Europe USD en EUR
Fund Index
YTD -7.74% -12.89%
Since inception 22.68% 17.04%
1 month 0.95% 2.72%
3 months 12.34% 12.47%
6 months -7.74% -12.89%
1 year 0.71% -5.82%
2 years 7.86% -1.36%
3 years 7.55% 1.50%
80
100
120
140
160
avr
.16
juin
.16
août.16
oct
.16
déc.
16
févr
.17
avr
.17
juin
.17
août.17
oct
.17
déc.
17
févr
.18
avr
.18
juin
.18
août.18
oct
.18
déc.
18
févr
.19
avr
.19
juin
.19
août.19
oct
.19
déc.
19
févr
.20
avr
.20
juin
.20
MSCI Daily TR Net Europe USD en EUR ONE Sustainable Fund - Europe Dividend
L'OREAL Consumer Staple 4.41%
DEUTSCHE POST Industrials 4.36%
ATLAS COPCO Industrials 4.28%
LVMH Consumer Discretionary 4.19%
VOLVO Consumer Discretionary 4.17%
ENDESA Utilities 4.14%
HENKEL Consumer Staple 4.08%
MICHELIN Consumer Discretionary 4.04%
VESTAS WIND SYSTEMS Industrials 4.03%
GIVAUDAN Materials 4.01%
13
During the month of June, the fund was up 0.95%, underperforming the MSCI Europe
index which was up 2.72%.
The fund suffered from its underweight in the Financial sector which recovered well
during the month. The overweight in the Consumer Staples and Consumer
Discretionary sectors also had a negative impact. The Healthcare sector also had a
negative impact (ex. Smith & Nephew down 9.3% and Novo Nordisk down 1.6%).
Regarding region contribution, British companies (ex. Unilever with -0.5% or Croda
International was up only 0.24%) and Danish companies (ex. Vestas Wind System
decreased by 1.2%) suffered the most.
On the positive side, the fund benefited from its underweight in the Energy sector as
well as its overweight in industrial stocks. At the regional level, German companies
(ex. Deutsche Post up 13.3%), Swedish companies (ex. Volvo with + 9.6%) and
French companies (ex. L'Oréal up 9.1% and LVMH with 4.13%) contributed positively.
CONINCO Explorers in finance SA, in addition to its consulting activities for
institutional investors, has almost 30 years’ experience in asset management and
value enhancement.
The company is regulated by the FINMA, the federal authority
for financial markets’ supervision, in the capacity of collective investment manager
as understood by Articles 13 and 14 of the law on collective investments (LPCC)
and is a signatory of the Principles for Responsible Investment (PRI).
CONINCO Explorers in finance SA
Quai Perdonnet 5, CH-1800 Vevey
T. +41 (0)21 925 00 33F. +41 (0)21 925 00 34
Email: [email protected]
The most recent prospectus, fund's regulation, annual or semi-annual reports, KIIDS are available upon request to the manager, the management company or at the Swiss representative. These documents
are distributed free of charge.
This commercial communication is intended for information purposes only, should not be construed as an offer or recommendation or solicitation for sale, purchase or engagement in any other transac-
tion and shall be distributed to financial professionals only, e.g. in the United Kingdom and in the United States of America only to financial professionals and/or institutional investors as defined below. All
material is provided without express or implied warranties or representations of any kind and no liability is accepted. Opinions and comments therefore reflect current views of the author, but not neces-
sarily of the company and are subject to change without notice. Other group entities may have issued, and may in the future issue, other reports that are inconsistent with, and reach different conclusions
from, the information presented in this report.
We assume no obligation to ensure that such other reports are brought to the attention of any recipient of this report. The investments herein may not be suitable for all recipients. Past performance is no
guarantee of future results and no guarantee is implied. The price, value of, and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. International
investing includes risks related to political and economic uncertainties of foreign countries, as well as currency risk. The group and/or its employees and associates may have or have had financial or other
interests or positions in relevant securities. Other countries: Laws and regulations of other countries may also restrict the distribution of this report. Persons in possession of this document should inform
themselves about possible legal restrictions and observe them accordingly. Further information is available on request. Subject to copyright with all rights reserved. Past performances are no guarantee for
the future.
*"Performance data does not include the commissions and fees charged at the time of subscribing for or redeeming shares."
Source: CONINCO Explorers in finance
31.22%
21.30%
16.73%
7.89%
8.44%
5.22%
2.14%
4.01%
0.00%
0% 5% 10% 15% 20% 25% 30% 35%
Consumer…
Industrials
Consumer Staple
Healthcare
Materials
IT
Energy
Telecoms
Financials
Perf % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2016 2.72% -4.43% 4.25% 0.20% 0.71% -3.70% -0.35% 4.12% 0.47%
2017 -0.62% 3.76% 3.90% 3.37% 2.41% -2.55% -2.50% 0.88% 2.83% 2.72% -2.33% 0.28% 12.48%
2018 0.17% -2.75% -1.61% 3.12% 1.59% -2.40% 2.32% 0.70% -2.30% -6.37% 1.08% -3.81% -10.21%
2019 5.26% 3.70% 3.88% 2.81% -3.02% 3.36% -0.41% -0.71% 2.43% 2.99% 2.37% 2.21% 27.59%
2020 0.71% -7.22% -12.11% 7.01% 3.99% 0.95% -7.74%
75.25%
13.50%
8.44%
2.81%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Large
Mid
Small
Cash
25.37%
12.63%
5.94%
10.19%
7.78%
10.26%
7.99%
5.67%
5.08%
2.81%
2.01%
0% 5% 10% 15% 20% 25% 30%
United Kingdom
France
Finland
Sweden
Denmark
Germany
Spain
Netherlands
Switzerland
Cash
Portugal
30.06.2020 - EURO
14
30.06.2020 - EURO
Class A
The fund offers an opportunity to invest in companies whereby they can
reconcile investment goals with their environmental convictions.
The fund invests in companies that look to the future in order to:
- Significantly contribute to protecting the environment
- Meet long-term financial criteria
- Evidence a relevant link with one or several selected sectors
- Invest in companies which evidence their economic
profitability, that have a business plan which integrates long-
term strategy
Manager CONINCO Explorers in finance SA
Management Company FundPartner Solutions (Europe) S.A.
Custodian Bank Pictet & Cie (Europe) S.A.
Swiss Representative FundPartner Solutions (Suisse) S.A.
Route des Acacias 60
1211 Geneva 73
Swiss Paying Agent Banque Pictet & Cie S.A.
Auditors Deloitte Audit - LU
Fund Type Open
European Passport UCITS
Domicile of the Fund Luxembourg
Inception Date 09.2013 A share
Currency EUR
End of Fscal Year 31.12
Subscription/Redemption Daily
Dividend Policy Reinvested
Management Fees max 1%
ISIN LU0908372492
Bloomberg LPGAEUR LX
Telekurs 12610719
Measure of Risk MSCI World
Min. Investment 1 Share
The MSCI World index is not a determinant criterion in the fund
investment process. It is mentioned in the following only as a risk
indicator.
Indeed, the specificity of the investment theme implies significant
deviations in both the sector and geographical allocation.
The strategy built is based on economic sectors offering the longest
investment horizon for sustainable value creation, which can only
partially represent the MSCI World Index.
AIR PROD. CHEM Environmental chemistry and biology 5.74%
KONINKLIJKE DSM Environmental chemistry and biology 5.59%
APPLIED MATERIALS INC Renewable energy 5.47%
SCHNEIDER ELECTRIC Energy efficiency 5.40%
DANAHER CORP Water management 5.36%
SHIMANO INC Sustainable mobility 4.99%
COMPAGNIE DE ST GOBAIN Ecological material 4.66%
INFINEON TECHNOLOGIES Energy efficiency 4.61%
GEBERIT AG Water management 4.48%
JOHNSON CONTROLS INTL Ecological Material 4.25%
6.66%
14.84%
2.22%
15.25%12.46%
-9.09%
34.69%
-3.79%
8.59%
19.58%
10.39% 10.76%7.38%
-4.17%
30.19%
-5.89%
-30%
-10%
10%
30%
50%
70%
90%
110%
2013 2014 2015 2016 2017 2018 2019 2020
ONE Sustainable Fund - Global Environment MSCI World Performance cumulée
Fund size (millions EUR/CHF) 50.31 / 53.57
Market Cap of the underlying (Bln) 644.82
Net Asset Value (in EUR) 256.50
Annualised volatility (%) 14.14
Sharpe ratio 0.65
Correlation 0.91
Tracking error (%) 5.88
Information ratio -0.08
Beta 0.97
Fund Index
YTD -3.79% -5.89%
Since inception 91.19% 95.40%
1 month 2.65% 1.32%
3 months 19.32% 16.47%
6 months -3.79% -5.89%
1 year 6.42% 3.90%
2 years 14.68% 13.58%
3 years 25.01% 23.32%
15
CONINCO Explorers in finance SA, in addition to its consulting activities for institutional
investors, has almost 30 years of experience in asset management and value enhancement.
The company is regulated by the FINMA, the federal authority for financial markets’ supervi-
sion, in the capacity of collective investment manager as understood by Articles 13 and 14 of
the law on collective investments (LPCC) and is a signatory of the Principles for Responsible
Investment (PRI).
CONINCO Explorers in finance SA
Quai Perdonnet 5, CH-1800 Vevey
T. +41 (0)21 925 00 33F. +41 (0)21 925 00 34
Email : [email protected]
The fund posted a positive performance of 2.65% during the month of June, against an
increase of 1.32% for the MSCI World index (1.33% of outperformance).
The fund mainly benefited from its underweight in the Energy, Healthcare, Telecoms and
Consumer Staples sectors which were penalized during the month. The overweight in the
Materials and Information Technology sectors was also beneficial.
Regarding the environmental themes contribution, we mainly note the positive impact of
Ecological materials companies (ex. Johnson Controls was up 8.3% and Saint-Gobain was
up 10.3%).
On the negative side, the fund suffered from its underweight in the Financial and Consumer
Discretionary sectors, which recovered well during the month. Japanese companies (ex.
Kyocera down -0.5% and Denso up only 0.67%) and British companies (ex. Spectris down
2.3%) had a negative impact. Finally, the environmental theme of Energy Efficiency also
contributed negatively (ex. Belimo Holdings down 2.99%).
The prospectus and the key investor information documents (TICI) as well as the latest annual or, where applicable, half-yearly report, if more recent, may be obtained free of charge from the
manager, the management company and the representative in Switzerland.
This commercial communication is for information purposes only. We make no warranties or representations as to the content of this publication, in particular its accuracy, completeness or
weighting, and assume no responsibility in this regard. In the United States, the United Kingdom and Italy, this publication is only intended for professional financial intermediaries. The opin-
ions expressed in this document reflect only the current opinions of the authors, opinions that they have formed in the course of their usual activities. They may be subject to change at any
time, without further notice. These opinions may differ from those of other group entities. The group is not required to forward its divergent opinions to the recipients of this publication. Any
investment decision must be based on a full and appropriate investigation and should not be based exclusively on this document. An investor's historical performance does not necessarily
indicate the future evolution of the same investment.
The value of an investment and the income derived from it can rise as well as fall. In addition, the investor has no guarantee that all the amounts invested will systematically be recovered.
International investments include, in addition to currency risks, risks related to the political and economic uncertainties of other countries. The group, respectively its employees and agents,
may hold investments mentioned in this document, and may also hold, increase or sell positions in one or more investments mentioned in this document or in related investments. Other coun-
tries: the laws of other regions or countries may limit the distribution of this document; for this reason, persons in possession of this document should inform themselves of and respect such
limitations. Further information is available on request. All rights reserved. Past performance is no guarantee for future performance.
*"Performance data does not take into account commissions and fees received when issuing and redeeming units."
20.25%
17.83%
16.11%
14.07%
11.62%
13.00%
3.74%
1.91%
1.47%
0% 5% 10% 15% 20% 25%
Water management
Energy efficiency
Ecological Material
Sustainable mobility
Renewable energy
Environmental…
Environmental…
Waste management
Cash
68.97%
13.37%
16.19%
1.47%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Large
Mid
Small
Cash
0.64%
13.09%
36.29%
48.51%
1.47%
0% 10% 20% 30% 40% 50% 60%
Asia ex. Japan
Japan
North America
Europe
Cash
Perf % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2013 1.65% 3.23% 1.63% 6.66%
2014 -2.25% 3.15% 0.26% -1.13% 2.44% 1.60% -1.36% 3.49% 0.45% 2.56% 2.91% 2.00% 14.84%
2015 3.58% 6.52% 1.97% -1.65% 2.63% -5.62% -0.58% -7.28% -4.13% 8.15% 4.82% -4.81% 2.22%
2016 -7.55% 3.44% 2.14% 2.33% 3.24% -1.64% 4.70% 2.49% -1.11% -0.87% 6.13% 1.70% 15.25%
2017 1.81% 1.55% 1.42% 2.31% 0.49% -1.69% -3.23% -1.11% 7.60% 3.84% -0.01% -0.76% 12.46%
2018 1.69% 0.17% -2.88% 1.24% 4.55% -1.90% 2.17% 0.50% -0.18% -9.33% 3.61% -0.08 -9.09%
2019 7.35% 6.54% 2.86% 4.47% -6.02% 5.44% 0.60% -1.86% 3.91% 1.15% 5.25% 1.28% 34.69%
2020 -2.18% -6.34% -12.00% 9.05% 6.60% 2.65% -3.79%
30.06.2020 - EURO
Class A
16
30.06.2020 - EURO
Class B
The fund offers an opportunity to invest in companies whereby they can
reconcile investment goals with their environmental convictions.
The fund invests in companies that look to the future in order to:
- Significantly contribute to protecting the environment
- Meet long-term financial criteria
- Evidence a relevant link with one or several selected sectors
- Invest in companies which evidence their economic
profitability, that have a business plan which integrates long-
term strategy
Manager CONINCO Explorers in finance SA
Management Company FundPartner Solutions (Europe) S.A.
Custodian Bank Pictet & Cie (Europe) S.A.
Swiss Representative FundPartner Solutions (Suisse) S.A.
Route des Acacias 60
1211 Geneva 73
Swiss Paying Agent Banque Pictet & Cie S.A.
Auditors Deloitte Audit - LU
Fund Type Open
European Passport UCITS
Domicile of the Fund Luxembourg
Inception Date 14.03.2011
Currency EUR
End of Fiscal Year 31.12
Subscription/Redemption Daily
Dividend Policy Reinvested
Management Fees 0.85%
ISIN LU0594231770
Bloomberg LPGENVB LX
Telekurs 12610719
Measure of Risk MSCI World
Min. Investment EUR 50'000
The MSCI World index is not a determinant criterion in the fund
investment process. It is mentioned in the following only as a risk
indicator.
Indeed, the specificity of the investment theme implies significant
deviations in both the sector and geographical allocation.
The strategy built is based on economic sectors offering the longest
investment horizon for sustainable value creation, which can only
partially represent the MSCI World Index.
Fund size (millions EUR/CHF) 50.31 / 53.57
Market Cap of the underlying (Bln) 644.82
Net Asset Value (in EUR) 2'456.58
Annualised volatility (%) 13.63
Sharpe ratio 0.64
Correlation 0.91
Tracking error (%) 5.82
Information ratio -0.11
Beta 0.99
AIR PROD. CHEM Environmental chemistry and biology 5.74%
KONINKLIJKE DSM Environmental chemistry and biology 5.59%
APPLIED MATERIALS INC Renewable energy 5.47%
SCHNEIDER ELECTRIC Energy efficiency 5.40%
DANAHER CORP Water management 5.36%
SHIMANO INC Sustainable mobility 4.99%
COMPAGNIE DE ST GOBAIN Ecological material 4.66%
INFINEON TECHNOLOGIES Energy efficiency 4.61%
GEBERIT AG Water management 4.48%
JOHNSON CONTROLS INTL Ecological Material 4.25%
-7.43%
16.91%26.13%
14.90%
2.40%
15.28%
12.51%
-9.05%
34.75%
-3.77%-0.04%
13.75%21.24% 19.58%
10.39% 10.76%
7.38%
-4.17%
30.19%
-5.89%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
ONE Sustainable Fund - Global Environment MSCI World Performance cumulée
Fund Index
YTD -3.77% -5.89%
Since inception 145.66% 154.19%
1 month 2.65% 1.32%
3 months 19.34% 16.47%
6 months -3.77% -5.89%
1 year 6.46% 3.90%
2 years 14.78% 13.58%
3 years 25.16% 23.32%
17
CONINCO Explorers in finance SA, in addition to its consulting activities for institutional
investors, has almost 30 years of experience in asset management and value enhancement.
The company is regulated by the FINMA, the federal authority for financial markets’ supervi-
sion, in the capacity of collective investment manager as understood by Articles 13 and 14 of
the law on collective investments (LPCC) and is a signatory of the Principles for Responsible
Investment (PRI).
CONINCO Explorers in finance SA
Quai Perdonnet 5, CH-1800 Vevey
T. +41 (0)21 925 00 33F. +41 (0)21 925 00 34
Email : [email protected]
www.coninco.ch
The fund posted a positive performance of 2.65% during the month of June, against an
increase of 1.32% for the MSCI World index (1.33% of outperformance).
The fund mainly benefited from its underweight in the Energy, Healthcare, Telecoms and
Consumer Staples sectors which were penalized during the month. The overweight in the
Materials and Information Technology sectors was also beneficial.
Regarding the environmental themes contribution, we mainly note the positive impact of
Ecological materials companies (ex. Johnson Controls was up 8.3% and Saint-Gobain was
up 10.3%).
On the negative side, the fund suffered from its underweight in the Financial and Consumer
Discretionary sectors, which recovered well during the month. Japanese companies (ex.
Kyocera down -0.5% and Denso up only 0.67%) and British companies (ex. Spectris down
2.3%) had a negative impact. Finally, the environmental theme of Energy Efficiency also
contributed negatively (ex. Belimo Holdings down 2.99%).
The most recent prospectus, fund's regulation, annual or semi-annual reports, KIIDS are available upon request to the manager, the management company or at the Swiss representative. These documents
are distributed free of charge.
This commercial communication is intended for information purposes only, should not be construed as an offer or recommendation or solicitation for sale, purchase or engagement in any other transaction
and shall be distributed to financial professionals only, e.g. in the United Kingdom and in the United States of America only to financial professionals and/or institutional investors as defined below. All
material is provided without express or implied warranties or representations of any kind and no liability is accepted. Opinions and comments therefore reflect current views of the author, but not necessarily
of the company and are subject to change without notice. Other group entities may have issued, and may in the future issue, other reports that are inconsistent with, and reach conclusions different from, the
information presented in this report.
We assume no obligation to ensure that such other reports are brought to the attention of any recipient of this report. The investments herein may not be suitable for all recipients. Past performance is no
guarantee of future results and no guarantee is implied. The price, value of, and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. International
investing includes risks related to political and economic uncertainties of foreign countries, as well as currency risk. The group and/or its employees and associates may have or have had financial or other
interests or positions in relevant securities. Other countries: Laws and regulations of other countries may also restrict the distribution of this report. Persons in possession of this document should inform
themselves about possible legal restrictions and observe them accordingly. Further information is available on request. Subject to copyright with all rights reserved.
*"Performance data does not include the commissions and fees charged at the time of subscribing for or redeeming of shares."
20.25%
17.83%
16.11%
14.07%
11.62%
13.00%
3.74%
1.91%
1.47%
0% 5% 10% 15% 20% 25%
Water management
Energy efficiency
Ecological Material
Sustainable mobility
Renewable energy
Environmental…
Environmental…
Waste management
Cash
68.97%
13.37%
16.19%
1.47%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Large
Mid
Small
Cash
0.64%
13.09%
36.29%
48.51%
1.47%
0% 10% 20% 30% 40% 50% 60%
Asia ex. Japan
Japan
North America
Europe
Cash
Per f % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2011 5.81% 1.46% 0.89% -2.31% -3.45% -8.95% -5.53% 5.58% -0.61% 0.40% -7.43%
2012 6.39% 3.63% 1.91% -0.17% -4.00% 0.68% 3.05% 1.99% 0.37% -2.39% 4.13% 0.59% 16.91%
2013 3.29% 4.87% 2.67% -1.51% 2.46% -2.63% 4.69% -0.13% 3.50% 1.66% 3.23% 1.63% 26.13%
2014 -2.25% 3.16% 0.26% -1.13% 2.45% 1.60% -1.35% 3.50% 0.45% 2.56% 2.91% 2.01% 14.90%
2015 3.58% 6.53% 2.01% -1.63% 2.64% -5.60% -0.56% -7.26% -4.12% 8.17% 4.83% -4.80% 2.40%
2016 -7.55% 3.44% 2.15% 2.34% 3.24% -1.65% 4.70% 2.50% -1.11% -0.87% 6.13% 1.71% 15.28%
2017 1.81% 1.55% 1.42% 2.32% 0.49% -1.68% -3.23% -1.10% 7.60% 3.85% -0.01% -0.75% 12.51%
2018 1.70% 0.17% -2.88% 1.25% 4.56% -1.90% 2.18% 0.51% -0.18% -9.33% 3.61% -8.09% -9.05%
2019 7.35% 6.54% 2.86% 4.47% -6.02% 5.44% 0.60% -1.86% 3.91% 1.15% 5.25% 1.28% 34.75%
2020 -2.14% -6.36% -12.00% 9.05% 6.61% 2.65% -3.77%
30.06.2020 - EURO
Class B
18
30.06.2020
(data expressed in CHF)
The physical gold made available by the institutions, under the
CONINCO Explorers in finance contract with them, allows PX
PRECINOX to have physical gold for its manufacturing activity, but
without giving it ownership of this gold.
CONINCO Explorers in finance SA, approved by FINMA as a mana-
ger of foreign collective investments, has the task of managing the
administration of investments (fine gold weight account) as well as the
supervision of the framework conditions agreed with the gold custo-
dians, in particular with regard to the physical presence of gold in the
latter's secure areas and their full insurance.
This investment solution is intended for institutions wishing to have
exposure to gold and which, in return for making this gold available
to the industry in a secure way, will allow them to benefit from a re-
muneration instead of paying fees for its storage and its insurance
against loss, destruction, damage and theft.
The risks associated with fluctuations in the gold price and any ex-
change rate in the investor's reference currency are entirely market-
dependent and are the sole responsibility of the investor.
Direction CONINCO Explorers in finance SA
Company auditor Deloitte SA, Geneva
Gold custodian(s) PX PRECINOX SA
Payment service Banque Cantonale de Neuchâtel
Inception Date 20.02.2019
Type of investment Physical Gold
Currency CHF / EUR / USD
Min. Investment 1 kilo of gold
Subscription / Redemption Daily / Monthly
Distribution None, gold increase
Management Fees Share by volume
S. E. & O.
SUPERVISÉ PAR LA FINMA DEPUIS 2012
Last Month : 1.1410%
Next Month : 1.1410%
Periods of t ime
Gold (excluding
storage costs)
Provision of gold
YTD 14,19% 14,83%
1 Month 0,72% 0,81%
3 Months 7,75% 8,05%
6 Months 14,19% 14,83%
1 Year 21,66% 23,01%
2 Years 35,00% 38,04%
3 Years 40,56% 45,38%
90
100
110
120
130
140
150
Dec. 20
16
Mar. 2
017
Jun. 20
17
Sep. 2
017
Dec. 20
17
Mar. 2
018
Jun. 20
18
Sep. 2
018
Dec. 20
18
Mar. 2
019
Jun. 20
19
Sep. 2
019
Dec. 20
19
Mar. 2
020
June 2
020
Provision of gold Gold storage (cost 0.1%/year)
0,00%
0,25%
0,50%
0,75%
1,00%
1,25%
1,50%
1,75%
2,00%
Jan
. 20
17
Ap
r. 1
7
Jul.
20
17
Oct
. 20
17
Jan
. 20
18
Ap
r. 2
018
Jul.
20
18
Oct
. 20
18
Jan
. 20
19
Ap
r. 2
019
Jul.
20
19
Oct
. 20
19
Jan
. 20
20
Ap
r. 2
020
Net annual rate (nominal)
19
CONINCO Explorers in finance SA, in addition to its advisory
services to institutional investors, has nearly 30 years' experience in
asset management and valuation.
The company has been authorised by the Swiss Financial Market
Supervisory Authority FINMA since 2012 as a collective investment
manager within the meaning of Articles 13 and 14 of the CISA and
is also a signatory to the United Nations Principles for Responsible
Investment (PRI).
With its vision of developing sustainable financial management and
seeking innovative solutions for its clients, CONINCO offers institu-
tions the opportunity to work their gold in a secure environment and
thus make their capital grow while supporting Swiss industry.
CONINCO's role is to ensure that your gold is protected against the
risk of loss, theft or destruction, and that it is physically present.
PX PRECINOX SA, with more than 40 years of experience in
metal processing, is an independent and family owned Swiss
company.
Privileged partner in the watchmaking and fine jewellery sector, PX
PRECINOX controls the entire production chain internally with com-
plete traceability, from the treatment of waste to obtain fine gold to
the production of alloys and their transformation into semi-finished
products in the form of rolled, stretched, cut, stamped or machined
items.
Its LBMA (London Bullion Market Association) accreditation allows it
to manufacture investment products such as ingots whose certifica-
tion is automatically recognized by the banking sector.
That is why it launched the PX IMPACT label, which was awarded the
Swiss Ethics Prize in 2018. In addition, PX PRECINOX has RJC certifi-
cation: it has been a certified member of the Responsible Jewellery
Council since 2011. It is also Fairmined certified.
PX PRECINOX SA has to assure its clients that it has the resources
required to produce the products they order. The provision of mate-
rials through this solution allows it to optimise flows within its produc-
tion chain and to process clients’ orders more efficiently.
CONINCO Explorers in finance SA
Quai Perdonnet 5, CH-1800 Vevey
T +41 (0)21 925 00 33
www.coninco.ch
This publication is for information purposes only. We make no warranties or representations as to the content of this publication, in particular its accuracy, completeness or weighting, and assume no responsibility in this
regard. In the United States, the United Kingdom and Italy, this publication is only intended for professional financial intermediaries. The opinions expressed in this document reflect only the current opinions of the au-
thors, opinions that they have formed in the course of their usual activities. They may be subject to change at any time, without further notice. These opinions may differ from those of other group entities. The group is not
required to forward its divergent opinions to the recipients of this publication. Any investment decision must be based on a full and appropriate investigation and should not be based exclusively on this document. An
investor's historical performance does not necessarily indicate the future evolution of the same investment.
The value of an investment and the income derived from it can rise as well as fall. In addition, the investor has no guarantee that all the amounts invested will systematically be recovered. International investments in-
clude, in addition to currency risks, risks related to the political and economic uncertainties of other countries. The group, respectively its employees and agents, may hold investments mentioned in this document, and
may also hold, increase or sell positions in one or more investments mentioned in this document or in related investments. Other countries: the laws of other regions or countries may limit the distribution of this docu-
ment; for this reason, persons in possession of this document should inform themselves of and respect such limitations. Further information is available on request. All rights reserved. Past performance is no guarantee for
future performance.
SUPERVISED SINCE 2012 BY FINMA
Year January Februar March April May June July August September October November December Year
2017 0,10% 0,10% 0,10% 0,09% 0,09% 0,10% 0,10% 0,10% 0,10% 0,10% 0,09% 0,09% 1,17%
2018 0,09% 0,09% 0,09% 0,10% 0,10% 0,09% 0,10% 0,09% 0,09% 0,09% 0,10% 0,09% 1,13%
2019 0,09% 0,09% 0,09% 0,09% 0,09% 0,09% 0,09% 0,09% 0,09% 0,09% 0,09% 0,09% 1,13%
2020 0,09% 0,09% 0,09% 0,09% 0,09% 0,10%
30.06.2020
(data expressed in CHF)
20
21www.coninco.ch S.E & O.
Contacts
Olivier Ferrari Fondateur & CEO
Sabine Giammarresi-Mabillard Asset Management Director
Leila Khammari, CAIA Head of Corporate Engagement & Financial Products Analyst Deputy Director
Elisa Benito Sustainable financial Products Analyst
Damien Contamin Impact Investing Advisor
www.coninco.ch
HEAD QUARTER Quai Perdonnet 5 CH-1800 Vevey T +41 (0)21 925 00 33
REPRESENTATIVE OFFICE Quai des Bergues 23 CH-1201 Geneva T +41 (0)22 732 71 31
SUPERVISED SINCE 2012 BY FINMA