Differentiated option at a significant discount

TR European Growth Trust 11 August 2021 Review
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TR European Growth Trust

Differentiated option at a significant discount

Investment trusts
European smaller companies

11 August 2021

Price

1,435.0p

Market cap

£719.1m

AUM

£878.0m

NAV*

1,671.6p

Discount to NAV

14.2%

*Including income. As at 10 August 2021.

Yield

1.6%

Ordinary shares in issue

50.1m

Code/ISIN

TRG/GB0009066928

Primary exchange

LSE

AIC sector

European Smaller Companies

52-week high/low

1,535.0p

944.0p

NAV* high/low

1,699.7p

1,069.3p

*Including income

Gross gearing*

10.0%

Net gearing*

10.0%

*As at 31 July 2021

Fund objective

TR European Growth Trust seeks capital growth by investing in smaller and medium-sized companies that are quoted, domiciled, listed or have operations in Europe (excluding the UK).

Bull points

Europe is geared to global economic growth and offers a high number of small- and mid-cap investment opportunities.

TRG has a more overtly small-cap focus than its peers, allowing it to capture a broader range of opportunities.

In previous periods of strong performance, shareholders were rewarded by appreciable narrowing in the discount to NAV.

Bear points

Further pandemic- or inflation-related setbacks could damage the global recovery.

Smaller companies carry a higher risk of failure, although TRG mitigates this through holding a broadly diversified portfolio.

So far, the discount has failed to narrow to the extent seen in 2017 (when the shares reached a premium), despite stronger absolute returns.

Analysts

Sarah Godfrey

+44 (0)20 3681 2519

Mel Jenner

+44 (0)20 3077 5700

TR European Growth Trust (TRG) stands out among its more mid-cap focused peers for being a genuinely small-cap fund with a strong valuation awareness. This has served it well over the past year, and while it has yet to report its FY21 results, over the year to 30 June 2021 it posted share price and NAV total returns of 79.5% and 63.5% respectively, well ahead of comparator indices. The management team (lead manager Ollie Beckett, assisted by Rory Stokes and Julia Scheufler) caution that this was an exceptional year, but long-term annualised returns of c 15%+ underline the validity of TRG’s approach even when its more value-orientated style has largely been out of favour. Despite the strong run of performance, TRG’s shares trade at a double-digit discount to NAV, which has failed to close as it did in the previous period of exceptional performance from Q416 to Q417 (see chart), despite absolute NAV returns having been stronger.

TRG’s discount has persisted despite a stellar run of performance

Source: Refinitiv, Edison Investment Research. Discount/premium to cum-fair NAV.

Why invest in European smaller companies now?

Europe is highly geared to the global economy, and companies based there tend to do better when the global economy is recovering or in growth mode. Although new COVID-19 variants may have pushed out the timelines for full economic reopening, the greater freedom afforded by the roll-out of the vaccination programme in the EU and elsewhere is underpinning business confidence. The region has a strong entrepreneurial culture with over 2,500 small-cap companies, many of which are better exposed to global growth trends than their larger counterparts.

The analyst’s view

TRG offers a differentiated approach to investing in European smaller companies, an area not well represented in the investment trust universe, with only four funds on offer despite a broad pool of companies (c 2,500) in which to fish. The managers seek growth but are valuation-aware, and their focus on cash-generative companies with strong market positions has provided decent returns for investors over many years. The long stock list helps mitigate the risk of smaller company investment, yet successful holdings can still have a meaningful impact on returns. While the outlook remains uncertain due to the pandemic, in our view the persistent double-digit discount to NAV seems unwarrantedly wide.

TR European Growth Trust is a research client of Edison Investment Research Limited

The fund manager: Ollie Beckett & team

The manager’s view: Reasons to be both cheerful and fearful

Beckett says that with COVID-19 vaccination rates improving across Europe, continued economic growth and positive readings from sentiment surveys such as purchasing manager indices (PMIs), there are still many reasons to be positive on the outlook for European equities, although he does not expect to see a repeat of the strong gains of the past year to 15 months.

‘As we begin to come out of the pandemic phase, we are optimistic on drivers such as pent-up consumer demand’, the manager argues, pointing to demand for travel and leisure services as restrictions are lifted within the EU. He says TRG is overweight consumer discretionary stocks as a consequence. Meanwhile, an expected pick-up in capital expenditure following a period of corporate belt-tightening should be positive for industrial stocks (TRG’s largest individual sector weighting), and fiscal stimulus programmes aimed at improving infrastructure will benefit companies that are exposed to areas such as construction materials, renewable energy and power grids.

Aside from the threat of new COVID-19 variants, the greatest imponderable currently is probably the re-emergence of inflationary pressure, with opinion split as to whether this is a structural issue or a transitory ‘base effect’ phenomenon. ‘Within the portfolio we are not making a bet either for or against inflation’, says Beckett. ‘However, at an individual company level, it is key that firms have the pricing power to enable them to pass through any increases in input costs.’ While the team is also keeping an eye on emerging signs of wage inflation – which could signal a more structural problem for employers – the manager says this currently seems more of an issue in the UK than on the continent. ‘It is important to look at each company individually’, he adds.

Underlining the team’s cautious optimism on the outlook, TRG (which uses gearing in a normal range of 0–15%, although up to 30% is permitted) had net gearing of 10% at end-July 2021. ‘We still expect the market to go up, but we are nervous that the market might have a wobble if inflation comes through more strongly’, says Beckett. ‘However, there is also a lot of good economic news. Ultimately, we will invest where we see value’, he concludes.

Asset allocation

Current portfolio positioning

With a very broad universe (c 2,500 companies) from which to select investments, TRG’s manager prefers to hold a relatively long list of stocks (135 at 30 June 2021) in order to capture the available opportunities while mitigating the risks that may arise from holding small and micro-cap companies. As shown in Exhibit 1, as at 30 June 2021, the top 10 positions made up 17.0% of the total (a decrease in concentration from 19.7% a year earlier), meaning the average size of the remaining 125 holdings is c 0.7% of the total portfolio.

While all the current top 10 holdings were in the portfolio a year ago, only four of them were among the largest holdings at 30 June 2020. This arguably shows the performance potential of even a small holding in a high-growth, small-cap stock, with Westwing Group’s share price rising by more than 350% in the second half of 2020 (TRG’s H121).

Exhibit 1: Top 10 holdings (as at 30 June 2021)

Company

Country

Sector

Portfolio weight %

30 June 2021

30 June 2020

Van Lanschot Kempen

Netherlands

Banks

2.0

2.0

Recticel

Belgium

Rubber & plastic

1.9

1.2

TKH Group

Netherlands

Electronic & electrical equipment

1.8

2.4

DFDS

Denmark

Industrial transportation

1.8

2.3

eDreams Odigeo

Spain

Travel & leisure

1.6

1.0

Aareal Bank

Germany

Banks

1.6

1.5

Manz

Germany

Industrial engineering

1.6

0.6

BFF Bank

Italy

Banks

1.6

1.7

Westwing Group

Germany

General retailers

1.6

0.7

Kindred Group

Sweden

Retail providers

1.5

1.0

Top 10 (% of holdings)

17.0

19.7

Source: TR European Growth Trust, Edison Investment Research.

Geographical and sector allocations (Exhibits 2 and 3) are effectively an output of stock selection, although the sector allocation reflects the team’s preference for attractively valued, cash-generative companies with good recovery or growth potential.

Exhibit 2: Portfolio geographic exposure (% unless stated)

Portfolio end-June 2021

Portfolio end-June 2020

Change (pp)

Germany

25.7

22.4

3.3

Sweden

12.2

12.0

0.2

France

12.1

13.6

(1.5)

Italy

8.1

10.6

(2.5)

Netherlands

6.9

9.1

(2.2)

Switzerland

5.7

10.2

(4.5)

Belgium

5.0

4.3

0.7

Spain

4.2

2.6

1.6

Ireland

3.9

1.5

2.4

Norway

3.8

3.5

0.3

Other

12.5

10.2

2.3

100.0

100.0

Source: TR European Growth Trust, Edison Investment Research

Exhibit 3: Portfolio sector exposure (% unless stated)

Portfolio end-June 2021

Portfolio end-June 2020

Change (pp)

Industrial goods

25.4

25.2

0.2

Business providers

17.8

7.4

10.4

Technology

14.1

17.2

(3.1)

Financials

13.1

15.1

(2.0)

Retail providers

9.9

5.1

4.8

Consumer goods

9.8

19.5

(9.7)

Basic materials

8.5

8.6

(0.1)

Natural resources

1.5

1.1

0.4

Telecommunications

0.0

0.8

(0.8)

100.0

100.0

Source: TR European Growth Trust, Edison Investment Research

Beckett says the level of corporate activity (for example takeovers and management buyouts) in the portfolio underlines the attractive valuations of many of TRG’s holdings. Recent exits of this type include Finnish paper and fibre company Ahlstrom-Munksjö, Italian packaging firm IMA, French film and TV producer Mediawan, flooring manufacturer Tarkett (also French) and Norwegian bank SBanken. ‘There have been a number of private equity and management bids for companies whose value was not fully recognised by the market, and I would expect that to continue’, the manager explains. At the other end of the valuation spectrum, the team has exited positions in highly valued companies such as French semiconductor wafer specialist SOITEC, Swedish messaging service Sinch and Swiss online pharmacy Zur Rose.

The IPO market has remained buoyant, with several flotations of quality companies whose plans to list had been set back by the pandemic. While Beckett describes the sheer amount of equity issuance as ‘concerning’, he says that away from the ‘hot’ areas where new issues might be of lower quality to capitalise on investor demand, the team has found some good names in which to invest. These include Norwegian salmon delousing and aquaculture services business Frøy, German engineering firm Friedrich Vorwerk (which is exposed to the growth areas of electrification and energy transition) and Swiss aircraft components maker Montana Aerospace, which counts Airbus and Boeing among its customers. ‘We got Montana on a decent valuation because of the pandemic’s effect on civil aerospace’, says Beckett. Montana Aerospace is up 46.6% (at 10 August) on its May 2021 listing price of CHF25, although not all the IPOs have been an immediate success. ‘Some have worked straight away; others have shown a bit less growth or the story hasn’t yet performed’, the manager explains.

Away from the IPO market, the TRG team has also bought into some far more established businesses, including French retailer FNAC Darty (the product of a merger between bookshop chain FNAC and white goods specialist Kesa Electricals), telecom equipment specialist ADVA Optical, which is benefiting from the exclusion of Huawei from European 5G programmes, and AIB Group (Allied Irish Banks). While AIB might seem an unlikely inclusion in a small-cap fund, Beckett says that at the point of purchase, it had a market capitalisation of just €2bn. The share price more than trebled between late September 2020 and the end of May 2021, and while it has since fallen back somewhat, the bank’s market cap is now c €6bn. ‘Although we wouldn't buy a company of that size, we also aren't forced to sell, and it still looks pretty cheap’, says Beckett.

Performance: Strong record of outperformance

Exhibit 4: Five-year discrete performance data

12 months ending

Share price
(%)

NAV
(%)

EMIX Smaller Europe ex-UK (%)

MSCI Europe Small & Micro (%)

MSCI Europe ex-UK (%)

CBOE UK All Companies (%)

31/07/17

65.4

48.2

30.0

27.0

24.2

15.0

31/07/18

(6.5)

0.4

7.3

9.8

6.1

9.1

31/07/19

(9.7)

(8.8)

(1.2)

(3.7)

5.0

1.1

31/07/20

3.4

5.7

(0.3)

(3.2)

(2.8)

(18.5)

31/07/21

63.7

57.9

38.9

40.7

26.4

26.4

Source: Refinitiv. Note: All % on a total return basis in pounds sterling.

TRG has ridden the wave of the market rotation that began with positive news on COVID-19 vaccines in late 2020, outperforming both small-cap and broad European indices over the past 12 months to 31 July 2021 (Exhibit 4). Interestingly, after underperforming in the 12 months to 31 July 2019, the trust also beat the indices to post a positive share price and NAV total return in the 12 months to 31 July 2020, a period that was characterised by economic growth worries in the latter half of 2019, followed by the worst equity market sell-off in years as the pandemic took hold. As seen in Exhibit 5 (left-hand chart), from a low point at the end of October 2020, TRG opened up a clear gap versus the index, underlining the benefit of the manager’s valuation-aware approach at this market inflection point. Performance has tailed off a little in recent months as sentiment has swung between hopes of economic reopening and fears over the spread of the COVID-19 Delta variant, but over the longer term (Exhibit 5, right-hand chart) TRG has posted annualised NAV and share price total returns of 15% or more, which should remain achievable given the strong six- and 12-month returns. While behind the indices over one and three months (Exhibit 6), the trust has outperformed both the UK and European indices (all in sterling terms) over all other periods shown.

Exhibit 5: Investment trust performance to 31 July 2021

Price, NAV and benchmark total return performance, one-year rebased

Price, NAV and benchmark total return performance (%)

Source: Refinitiv, Edison Investment Research. Note: Three-, five- and 10-year performance figures annualised.

Exhibit 6: Share price and NAV total return performance, relative to indices (%)

 

One month

Three months

Six months

One year

Three years

Five years

10 years

Price relative to EMIX Smaller Europe ex-UK

(5.6)

(5.7)

1.6

17.9

11.6

23.7

38.8

NAV relative to EMIX Smaller Europe ex-UK

(3.5)

(2.2)

2.7

13.7

11.2

18.5

31.2

Price relative to MSCI Europe Small & Micro

(5.9)

(5.4)

0.2

16.3

16.4

29.1

34.3

NAV relative to MSCI Europe Small & Micro

(3.9)

(1.9)

1.2

12.2

15.9

23.6

26.9

Price relative to MSCI Europe ex-UK

(4.8)

(7.1)

0.2

29.6

18.4

39.0

73.5

NAV relative to MSCI Europe ex-UK

(2.7)

(3.7)

1.3

25.0

17.9

33.1

64.0

Price relative to CBOE UK All Companies

(3.8)

(4.3)

2.1

29.6

46.6

80.6

128.4

NAV relative to CBOE UK All Companies

(1.8)

(0.7)

3.2

25.0

46.0

73.0

115.9

Source: Refinitiv, Edison Investment Research. Note: Data to end-July 2021. Geometric calculation.

While TRG’s performance in calendar year 2020 was greatly assisted by holdings in ‘stay at home’ stocks such as internet pharmacy Zur Rose, meal kit supplier HelloFresh and online retailers Westwing (homewares) and Boozt (apparel), so far in 2021 some of the main contributors reflect greater optimism on post-lockdown economic reopening. These include banks such as AIB Group (share price +38.0% in local currency terms from 4 January to 10 August 2021) and BFF Bank (+55.9%), which tend to do better as economic growth raises interest rate expectations, and ferry operator DFDS (+34.9%), which has bounced back following a double whammy of COVID-19 and Brexit fears. However, given the ongoing battle between virus and vaccines, some stay-at-home winners such as Swedish online gambling operator Kindred (+69.7%), owner of the 32Red brand, have continued to do well also. Westwing had been among the top performers year to date, but a c 18% fall in its share price during July has seen gains for the year pared back to 17.7% (compared with 46.0% from 4 January to 31 May). Detractors included gaming IPO Thunderful (subsequently exited), online quizzes stock Kahoot!, which failed to live up to the team’s growth expectations, and Aker BioMarine, which had a poor krill harvest but remains a favoured investment for the fund.

Exhibit 7: NAV performance versus MSCI Europe Small & Micro over three years

Source: Refinitiv, Edison Investment Research

Peer group comparison

TRG is one of four constituents of the Association of Investment Companies’ European Smaller Companies sector. While small in number, the funds adopt a range of approaches, with TRG being the most overtly small-cap and having the keenest focus on valuation. Montanaro European Smaller Companies (MTE) is much more orientated towards high-growth areas such as technology. Like MTE, the two remaining funds are arguably more mid-cap than small-cap, with the J.P. Morgan fund (JEDT) having recently changed its name from JPMorgan European Smaller Companies (JESC) to reflect this. JEDT and European Assets Trust (EAT) share a growth-biased (as opposed to value-biased) approach, although EAT also has a high distribution policy, paying out 6% of its NAV each year as a dividend to shareholders.

In performance terms, TRG’s focus on valuation and recent tilt towards more cyclical areas have propelled it to the top of the peer group ranking over the past 12 months, although it also ranks a respectable second over three, five and 10 years, periods in which the growth style of MTE (which ranks first over these periods) has been more in favour. TRG has the lowest ongoing charges in the group, although it is the only fund that may levy a performance fee (capped at 2%). In spite of its good performance track record, the trust’s discount remains the widest in the sector, while gearing is above average for the group. TRG’s 1.6% dividend yield is the highest of the three funds that pay a ‘natural’ yield.

Exhibit 8: Selected peer group as at 10 August 2021*

% unless stated

Market cap £m

NAV TR
1 year

NAV TR
3 year

NAV TR
5 year

NAV TR
10 year

Ongoing
charge

Perf.
fee

Discount
(cum-fair)

Net
gearing

Dividend
yield

TR European Growth

719.1

52.6

53.2

121.5

393.7

0.7

Yes

(14.2)

110

1.6

European Assets Trust

521.2

47.2

47.3

92.5

361.2

0.9

No

(4.6)

104

5.5

JPMorgan European Discovery

834.0

36.3

37.4

85.4

304.7

0.9

No

(13.8)

105

1.3

Montanaro European Smaller Cos

354.4

44.6

87.9

174.0

430.7

1.2

No

2.2

102

0.5

Sector average (4 funds)

607.2

45.2

56.4

118.3

372.6

0.9

(7.6)

105

2.2

TRG rank in peer group

2

1

2

2

2

4

4

1

2

Source: Morningstar, Edison Investment Research. Note: *Performance as at 9 August 2021 based on ex-par NAV. TR = total return. Net gearing is total assets less cash and equivalents as a percentage of net assets (100=ungeared).

General disclaimer and copyright

This report has been commissioned by TR European Growth Trust and prepared and issued by Edison, in consideration of a fee payable by TR European Growth Trust. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

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General disclaimer and copyright

This report has been commissioned by TR European Growth Trust and prepared and issued by Edison, in consideration of a fee payable by TR European Growth Trust. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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