1 JANUARY 2020
JUNE 2020
YOUR ASSET MANAGEMENT COMPANY
www.atonra.ch • sales@atonra.ch • +41 22 906 16 16 • 7 rue de la Croix d'Or, 1204 Geneva, Switzerland
The AtonR Fund A Journey Into The Future JUNE 2020 www.atonra.ch - - PowerPoint PPT Presentation
YOUR ASSET MANAGEMENT COMPANY Knowledgeable Independent Focused The AtonR Fund A Journey Into The Future JUNE 2020 www.atonra.ch sales@atonra.ch +41 22 906 16 16 7 rue de la Croix d'Or, 1204 Geneva, Switzerland 1 JANUARY
1 JANUARY 2020
www.atonra.ch • sales@atonra.ch • +41 22 906 16 16 • 7 rue de la Croix d'Or, 1204 Geneva, Switzerland
2 JUNE 2020
Exposure To The Most Promising Themes Fund Characteristics Track Record and Statistics Portfolio Overview
AI & Robotics Bionics Biotechnology Fintech Mobile Payments Security & Space Sustainable Future
Important Information A Private Equity Approach To Listed Investments History A Long Track Record On Sharply Focused Themes A Dedicated And Complementary Team The Discovery Of Themes Our Research Know-How 3 4 5 6 7 8 9 Thematic Investment Process Step 1 – Fundamental Research Step 2 – Stock Selection Step 3 – Thematic Bucket Construction Step 4 – Risk Management 10 11 12 13 14 15 16 17 19 20 22 24 26 28 30 32
3 JUNE 2020 This document has been produced by the organizational unit responsible for investment research (Research unit) and sales (Sales unit) of AtonRâ Partners and sent to you by the company sales
ument is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this document. The information contained in this document is sent to you by way of information and cannot be divulged to a third party without the prior consent of AtonRâ Partners. While all reasonable effort has been made to ensure that the information contained is not untrue or misleading at the time
be relied upon as such. This document does not replace a legal document and notably the fund prospectus or KIID relat- ing to any specifjc fjnancial instrument herein referred, which may be obtained upon request free
AtonRâ Partners is an asset management company, founded in 2004 with head offjce in Geneva, incorporated under Swiss law, duly approved by the Swiss Financial Market Supervisory Authority (FINMA) under the Swiss Col- lective Investment Schemes Act.
The opinions herein do not consider individual clients’ circumstances, objectives, or needs. Prior to entering into a transaction you should consult with your own legal, regulatory, tax, fjnancial and accounting advisers to the extent you deem necessary to make your own investment decisions. The information contained in this document is as of the date hereof only and is subject to change without notice. Any prices are indicative. Past performance is not indicative or a guarantee of future results. Investment losses may occur, and investors could lose some or all of their invest-
Any material provided to you is intended only for discussion purposes and is not intended as an
upon by you in evaluating the merits of investing in any securities. The products described in this document may not be directly or indirectly offered or sold in the United States of America or to U.S. Persons.
AtonRâ Partners is a conviction-driven asset manager combining industrial and scientifjc research with fjnancial analysis. AtonRâ Partners focuses on long-term trends in the healthcare, renewable energy and technology sectors, powerful enough to be turned into thematic equity portfolios.
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DELIVERING EXCELLENCE
A pioneer in independent thematic equity research and investments. First to launch investment themes on Artifjcial Intelligence & Robotics, Bionics, Mobile
integrating non-fjnancial scientists to the investment team.
KNOWLEDGE IS POWER
A team of fjnancial professionals and scientists ensure that knowledge acquired throughout many years of fundamental research and fjnancial analysis is constantly expanded and capitalized upon.
TIME IS INVESTORS' ALLY
Technology changes the world and fosters growth. Yet it takes time to turn it into capital appreciation.
DRIVEN BY PASSION
Passion is the fuel that keeps the engine of innovation running and innovation is the key to technological and scientifjc progress.
ATONRÂ AT A GLANCE
T I M E I S I N V E S T O R S ' A L L Y D E L I V E R I N G E X C E L L E N C E D R I V E N B Y P A S S I O N K N O W L E D G E I S P O W E R
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EQUITY RESEARCH AS THE FOUNDATION OF OUR APPROACH
themes.
and critical understanding proved and recognized.
SWITCH TO ASSET MANAGEMENT
turned into Thematic Investments.
(actively managed certifjcates).
CONTINUOUS INNOVATION
collaboration.
Committee.
workforce.
LATEST DEVELOPMENTS
WHERE DO WE WANT TO GO?
fundamental expertise in the private equity world.
themes. ...keep innovating.
ATONRÂ AT A GLANCE
2014 2016 2015 2017 2019 2018 June 2020 400Mn 800Mn 200Mn 600Mn
AUM
$10Mn $100Mn $50Mn $350Mn $750Mn $550Mn $800Mn
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Mobile Payments, Mobile payments to rise sharply as consumers move to smartphones for their daily purchases. Bionics Living better not necessarily
new ways to tackle human disabilities and physical disorders. Artifjcial Intelligence Breakthroughs in hardware coupled with massive data are the key fundamentals for AI to become ubiquitous in every industry. Sustainable Future Grid-parity is the long-term needed catalyst to speed up the switch from fossils to renewable energies. Biotechnology The next generation of drugs to revolutionize biotechnology forever. Fintech Mobile payments opening up the road for more effjcient, accessible, and cheaper fjnancial services. What's next? Security & Space Security undertakes its digital transformation to enable and secure progress. Space is the next frontier.
2014 APRIL 2015 MARCH 2018 OCTOBER 2017 JANUARY 2017 MAY 2015 OCTOBER 2016 JANUARY ATONRÂ AT A GLANCE
7 JUNE 2020
ATONRÂ AT A GLANCE
SCIENTIFIC RESEARCH & FUNDAMENTAL ANALYSIS
Claudia Collin Maad Osta Kevin Decoster Toviah Moldwin Sjoerd van Steenkiste Christopher Wittlinger Christoph Sinhart Małgorzata Miklaszewska Katherine Taglieri Antoine Walter David Wigger
BUSINESS DEVELOPMENT MULTIMEDIA DESIGN PORTFOLIO MANAGEMENT / ANALYSIS COMPLIANCE
& RISK
MANAGEMENT CFO
Stefano Rodella CEO / CIO Christophe Magnin Dina Fausto Mark Temnikov Christian Wolf Joachim Nahmani Patrice Dussol
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ATONRÂ AT A GLANCE
must be large enough to have an impact on global GDP over 5 to 10 years.
must be present in each theme:
phase.
phase.
be at least 3 times global GDP growth.
enough to overcome cyclical swings.
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Scouting / Idea Generation
Each scientist is responsible for scouting new technologies and trends in her or his fjeld of competence.
Reporting / Follow up
Every scientist is responsible for the generation of research documents that are made available internally to build up a broad and comprehensive knowledge.
Knowledge Transfer
Our Sales team organizes events (client visits, conference calls, thematic breakfast presentations) that help investors understand specifjc topics of AtonRâ’s fundamental research.
Weekly meeting
Our Research team gathers and shares the latest fjndings on a weekly basis in
and technologies.
Deep Dive
When a topic is judged as interesting and investable by Portfolio Managers, the scientist responsible for that thematic presents a detailed analysis and is questioned and challenged.
Tech compass
Based on the research generated,
compass in order to keep the right tech
Analysts keep track of the fjnancial and revenue-generating potential.
ATONRÂ AT A GLANCE
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THEMATIC INVESTING
presentations
Experts
conferences
TOP DOWN RESEARCH
TEAM INVOLVED:
universe
selection of stocks with highest EPS upside
BOTTOM-UP RESEARCH CAREFUL SCREENING
TEAM INVOLVED:
(15–35 stocks)
conviction levels
SIZING POSITIONS
TEAM INVOLVED:
the investment thesis
risk contribution
ENHANCE RISK-ADJUSTED RETURNS
TEAM INVOLVED:
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THEMATIC INVESTING
business, science and industry is crucial in order to be ahead of the curve .
plays a determinant role on the understanding of new investment themes.
scientists work together from start to end.
ATONRÂ LAB PORTFOLIO MANAGERS
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THEMATIC INVESTING
Understand the risks of each theme
scientifjc and industrial research.
proprietary fundamental and fjnancial research.
each company.
Exclusion
Pension Fund Global.
Liquidity constraints
stock.
within one week.
Market cap constraints
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THEMATIC INVESTING
Companies with the highest valuation upside relative to the investment universe. Companies with signifjcant valuation upside. Companies with important upside but higher risk.
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Strong growth can only last so long and themes are to be exited before growth normalizes. Bull/bear scenarii are performed to better assess the downside risk. Stop-loss appraisal when a position declines and underperforms the bucket by more than 15%
closing basis. Weightings and positions are adjusted when market conditions develop and stock catalysts unfold. Investors are provided with regular research notes and timely reports (either
specifjc stocks).
THEMATIC INVESTING
Investors gain access to AtonRâ’s research on the company’s website.
15 JUNE 2020
THE ATONRÂ FUND
maturity will be exited
AtonRâ Fund
15 JUNE 2020
20 JUNE 2020 AI & ROBOTICS
ANNEXES: THEMATIC PORTFOLIOS DATA
Thanks to increasing computing power and big data, Artifjcial Intelligence (AI) has been expanding at a fast pace, with notably major advances in the fjelds of natural language processing and computer vision. The development of the Internet of Things and of standard operating systems for objects and devices could give another massive boost to AI applications over coming years. With this, smart cars, smart homes and smart factories could become reality sooner than expected.
INDUSTRIAL APPLICATIONS T EC H V END ORS C ONSUMER A PPLIC AT IONS
22 JUNE 2020 BIONICS
ANNEXES: THEMATIC PORTFOLIOS DATA
Innovations in the fjelds of medicine, artifjcial intelligence, robotics and sensors are fjnally giving a new life to medical technologies and are making human enhancement a reality. The investment universe encompasses next-generation prosthetics, medical wearables and devices, surgical and medical robots, exoskeletons, 3D printing, synthetic biology and artifjcial intelligence. All play a major role in the emergence of bionics.
MED IC A L W E A R A BL ES B IONIC S LIMBS SURGERY ROBOT S E XOSK EL E TONS
A I
3 D PRINT ING
A R T IFIC I A L ORG A NS SY NT H E T IC B IOLOGY
24 JUNE 2020 BIOTECHNOLOGY
ANNEXES: THEMATIC PORTFOLIOS DATA
The investment universe focuses on tomorrow's new generation of drugs that might revolutionize the future of biotechnology. Such technologies include RNA-based drugs, cell and gene therapies, in addition to a new generation of vaccines. Medical innovations will allow for more personalized treatment and better diagnosis. Such innovations are further supported by authorities such as the FDA which encourages the approval of this new generation of drugs by recruiting specialized teams and establishing specifjc guidelines.
C A RD IOVA SCUL A R P ERSON A LIZ ED MED IC INE NEUROLOGY IMMUNOT H ER A P Y R A R E D ISE A SES
26 JUNE 2020 FINTECH
The pace of innovation in fjnancial technology (Fintech) has been accelerating lately with notably the emergence of mobile payments. Banks and insurers will have no choice but to invest heavily as Fintech is expected to spark major operating effjciencies through increased automation and is also likely to lift the fjnancial industry's revenue outlook through enhanced customer experience and engagement.
PAY MENT PRO C ESSING A I & BOT S P2P L END ING FIN A NC I A L SOF T WA R E B IOME T RIC S & SECURI T Y BLO C KC H A IN LOYA LT Y & R E WA RDS B2B PAY MENT S MOB IL E PAY MENT S
ANNEXES: THEMATIC PORTFOLIOS DATA
28 JUNE 2020 MOBILE PAYMENTS
While the mobile payment infrastructure is now in place (NFC-enabled phones and POS terminals, various platforms such as Apple Pay), we are about to enter the second phase of growth for the theme, which is the mass adoption of payment solutions by consumers. Increasing marketing and improving ergonomics, security and value-added services (such as rewards, loyalty and couponing) should give a major boost to consumer engagement.
H A RDWA R E V END ORS T EC H GI A NT S PRO C ESSORS & NE T WORKS B IOME T RIC S & SECURI T Y
ANNEXES: THEMATIC PORTFOLIOS DATA
30 JUNE 2020 SECURITY & SPACE
Security is in the early stages of its digital and tech transformation thanks to innovations in artifjcial intelligence, robotics and augmented reality. Space exploration could be another major source of upside for private contractors as the US plans missions to the Moon and beyond and as the new NASA Administrator is a proponent of outsourcing some of the NASA’s operations to the private sector. Civil security will be in the spotlight as the Internet of Things opens the way to new cyber attacks and as smart cities become reality, pointing to strong demand for smart devices, inspection and detection systems and cyber security.
SPAC E NE W GENER AT ION T EC HNOLOGI ES SECURI T Y D E V IC ES SM A R T C I T I ES & HOMES B IOME T RIC S & CY B ERSECURI T Y
ANNEXES: THEMATIC PORTFOLIOS DATA
32 JUNE 2020 SUSTAINABLE FUTURE
Sustainable development is defjned as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs”. Our Sustainable Future theme will capture the growth (estimated above 20% on average) in all industries benefjting from the sustainable development of our planet. We invest in pure players in renewable energies, energy storage, smart transportation, water & wastewater treatment, the digitalization of energy systems and integration of smart technologies.
SOL A R & W IND SM A R T AGRICULT UR E SM A R T GRID SM A R T T R A NSP OR TAT ION ENERGY EFFIC I ENCY SM A R T C I T I ES & BUILD INGS WAT ER & WA S T E WAT ER T R E AT MENT ENERGY S TOR AGE
ANNEXES: THEMATIC PORTFOLIOS DATA
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BIONICS BIOTECHNOLOGY AI AND ROBOTICS SECURITY AND SPACE SUSTAINABLE FUTURE HEALTHCARE M&A MOBILE PAYMENTS FINTECH