Performance shining brightly

The Merchants Trust 5 August 2022 Review
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The Merchants Trust

Performance shining brightly

Investment trusts
UK equity income

5 August 2022

Price

565.0p

Market cap

£762m

Total assets

£781m

NAV*

556.0p

Premium to NAV

1.6%

*Including income. At 3 August 2022.

Dividend yield

4.8%

Shares in issue

134.9m

Code

MRCH

Primary exchange

LSE

AIC sector

UK Equity Income

Financial year end

31 January

52-week high/low

587.0p

513.0p

585.1p

509.1p

*Including income.

Gearing

Net gearing*

12.4%

*At 30 June 2022.

Fund objective

The Merchants Trust’s investment objective is to provide an above-average level of income and income growth, together with long-term growth of capital, through investing mainly in higher-yielding large-cap UK companies (up to 10% of the fund may be invested in overseas equities). The benchmark is a broad UK stock market index.

Bull points

Long-term record of outperformance versus the UK stock market.

Attractive above-market dividend yield and revenue reserves equivalent to around 0.6x the last annual distribution.

Competitive fee structure.

Bear points

Relative performance is likely to struggle in a growth/momentum-led market.

FY21 dividend was not fully covered, although the trust’s income is improving.

Rising inflation and interest rates, and a slowing economy, increase the risk of profit warnings.

Analyst

Mel Jenner

+44 (0)20 3077 5700

The Merchants Trust is a research client of Edison Investment Research Limited

The Merchants Trust (MRCH) is actively managed by Allianz Global Investors’ highly experienced chief investment officer of UK equities/UK income, Simon Gergel. He highlights that the portfolio is very different to what it was a couple of years ago, but the manager continues to adhere to his disciplined investment process, seeking undervalued companies with solid fundamentals, aiming to generate a high and growing level of income and long-term capital growth. MRCH’s portfolio is differentiated from its benchmark and has an impressive long-term record of outperformance versus the broad UK market. Its NAV total return is ranked first among the 22 funds in the AIC UK Equity Income sector over the last one, three and five years. MRCH’s dividend has grown for the last 40 consecutive years.

July 2022 interview with MRCH’s manager Simon Gergel

Source: MRCH, Edison Investment Research

The analyst’s view

MRCH is delivering on its dual mandate of both income and capital growth. Having had to draw on revenue reserves in the pandemic-induced income recession in FY21 and FY22, the trust looks well on its way to once again covering its dividend (the FY21 and FY22 dividends were 0.68x and 0.94x covered respectively). MRCH has an enviable distribution record, as it has increased its annual dividends for the last 40 consecutive years, and also offers a competitive 4.8% yield. Gergel has been building on the trust’s performance record, and the fund has outpaced its benchmark over the last one, three, five and 10 years in both NAV and share price terms, with the 10-year annualised results being particularly notable. Starting in 2021, MRCH now has a broader opportunity set, as up to 10% of the fund may be held in non-UK listed securities (4.5% at end-July 2022). The trust’s portfolio turnover has increased in recent months as stock market volatility has provided the manager with an increased number of attractive new opportunities.

Continued strong demand for MRCH’s shares

Reflecting strong demand for MRCH’s shares, the pace of allotments has accelerated; so far in FY23, more shares have been issued than in the whole of FY22. The trust is trading at a 1.6% premium to cum-income NAV, which compares with a range of an average 0.4% premium to a 2.0% discount over the last one, three, five and 10 years.

The manager’s view: Expects inflation to moderate

Gergel says that in aggregate, the UK stock market is attractively valued. There has been a rotation towards defensive stocks from those of more cyclical businesses due to the risk of earnings estimate downgrades, making cyclical stocks a more fertile hunting ground for new opportunities. The manager suggests that looking forward three to six months, given that some commodity prices have started to roll over, there could be a lower rate of inflation, in which case ‘we may be close to peak inflation/peak concerns about higher interest rates’ he opines. Gergel says that if the economy is slowing, then inflation should decline; hence, ‘we could be past the worst’. In such a scenario, the manager believes that there could be a change in investor sentiment, for the better, at which time ‘cyclicals could come back into vogue’. However, Gergel comments that a return to a 2% inflation rate looks unlikely due to higher wages, exacerbated by a shortage of skilled workers, and supply chain issues, although if demand weakens, these disruptions should be resolved. As a result, in six months, ‘the backdrop could be very different’, suggests the manager. He notes that interestingly, some cyclical shares are hitting three-month relative highs, such as retailer Next and housebuilder Redrow, which could indicate we are at the peak or even past the peak of concerns about the economy. Nevertheless, Gergel is expecting a series of profit warnings. Those companies that are struggling with higher input costs could then start to see lower demand for their goods and services. Whatever the investment backdrop, the manager will continue with his disciplined investment process focusing on undervalued companies with strong fundamentals, aiming to generate a high – and rising – income stream and long-term capital growth for MRCH’s shareholders.

Portfolio construction and activity

At end-July 2022, MRCH’s top 10 holdings made up 34.6% of the fund, which was a lower concentration compared with 37.1% a year earlier; four positions were common to both periods.

Exhibit 1: Top 10 holdings (at 31 July 2022)

Company

Sector

Portfolio weight %

31 July 2022

31 July 2021**

GSK*

Pharmaceuticals & biotech

4.1

5.2

British American Tobacco

Tobacco

4.0

4.2

Imperial Brands

Tobacco

4.0

4.7

Shell

Oil, gas & coal

3.9

N/A

IG Group

Investment banking & brokerage

3.6

N/A

HomeServe

Non-life insurance

3.1

N/A

Rio Tinto

Industrial metals & mining

3.0

N/A

Legal & General Group

Life Insurance

3.0

N/A

BP

Oil, gas & coal

3.0

N/A

BAE Systems

Aerospace & defence

2.9

3.6

Top 10 (% of portfolio)

34.6

37.1

Source: MRCH, Edison Investment Research. Note: *Formerly GlaxoSmithKline. **N/A where not in end-July 2021 top 10.

Portfolio activity has stepped up in recent months as market volatility provided Gergel with an increased number of attractive investment opportunities. In March, he initiated a position in Unilever, a large-cap, consumer-staple company, which had not been in MRCH’s portfolio for many years. The firm has suffered from input-cost pressures, and it takes time to pass higher prices on to consumers. Unilever’s growth has lagged that of its peers as COVID-19 has negatively affected its emerging market businesses, which has led to a derating of its shares. Despite this, the company has a strong-brand portfolio and there is a long-term growth opportunity from its emerging market operations (50% of sales). Gergel says that he was able to ‘get a good company at a modest valuation’. Another new holding is OSB Group (OneSavings Bank). MRCH has a position in Barclays, but the manager has been moving the trust’s exposure from the large commodity banks to more specialist operations such as OSB and Close Brothers. These niche businesses are less interest-rate sensitive and generate higher returns. OSB provides buy-to-let mortgages, which is a growing market. It generates high interest rate spreads and its balance sheet is well capitalised. OSB’s shares had derated on macroeconomic concerns, which provided a good buying opportunity. In keeping with Gergel’s disciplined approach, MRCH’s position in RELX was sold as the stock reached fair value.

In April 2022, the manager initiated a position in Atalaya Mining, which owns an ex-Rio Tinto mine in Spain. Gergel likes the outlook for copper as there is high demand for its use in the production of electric vehicles and wind farms, for example. Atalaya Mining has opportunities to expand its production into nearby resources and reduce costs, and operates in a safe jurisdiction, unlike some other copper producers. The manager was able to initiate a position at an advantageous price via a placing, because of a forced seller. Gergel sold MRCH’s small position in ITV as the company is making a large investment in its streaming services ITV Hub and BritBox. This challenged the manager’s original thesis, which was based on the growth in the value of ITV’s content and the free cash flow generation potential of its programming. The company’s capex programme will negatively affect its near-term profits and it will be a long time before the results of this spending can be evaluated. The ITV holding was one of the smaller weightings in MRCH’s portfolio due to the structural risks in its business model. Again, this illustrates the manager’s disciplined investment approach; a change in an investment thesis warrants a review of the company and a position may be sold as a result of the outcome.

There were three new positions added to MRCH’s portfolio in May 2022:

CRH is a leading aggregates company that generates c 70% of its revenues in North America, where it is the largest road maintenance operator. Gergel feels more comfortable about the US rather than the UK economy as the country is energy self-sufficient. CRH has a strong balance sheet, making accretive acquisitions and then selling these businesses when they become fully valued. The company is benefiting from infrastructure, renewable energy and government spending, so the manager expects its operations to remain resilient.

National Express was purchased in anticipation of a post-pandemic business recovery that is not reflected in its share price. Typically, demand for buses remains robust during an economic downturn; however, COVID-19 put paid to this. Gergel believes that National Express is not being given enough credit for its defensive businesses. In the United States, the company is struggling to procure bus drivers, which is leading to cost pressures, but other parts of National Express are doing well, reports the manager. The company is moving to a more capital-light business model by leasing rather than purchasing vehicles when required, and it remains be seen what risks are involved by owning a 10-year-old electric vehicle battery.

CLS Holdings is an office real estate company with operations in the UK and Europe. According to Gergel, it has one of the best track records in its industry, with a management team that is highly focused on returns. CLS focuses on the best properties in just-off-centre locations, which is a cost-effective approach, and its properties are sold on once they are fully let. At the time of purchase, CLS was trading at a 50% discount to its asset value. There is a high, c 50%, insider ownership, but this may change due to developments within the holding family. Investors have been concerned about office real estate businesses due to employees working at home, but companies still need to maintain an office environment, says the manager. He comments that there is good employment growth in London and there will be a polarisation in demand between desirable ‘green offices’ and lower-quality buildings that will struggle to attract tenants.

Performance: Still heading in the right direction

Exhibit 2: Five-year discrete performance data

12 months ending

Share price
(%)

NAV*
(%)

Blended benchmark (%)

CBOE UK All companies (%)

CBOE UK 100 Companies (%)

31/07/18

15.6

12.2

9.1

9.1

0.8

31/07/19

(1.9)

(5.6)

1.1

1.1

0.8

31/07/20

(25.7)

(24.3)

(18.5)

(18.5)

(3.4)

31/07/21

61.5

55.7

26.4

26.4

22.7

31/07/22

15.5

15.4

6.1

6.1

9.9

Source: Refinitiv. Note: All % on a total return basis in pounds sterling. *NAV with debt at market value.

Exhibit 3: Investment trust performance to 31 July 2022

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.

As shown in Exhibit 4 below, MRCH’s performance continues to move in the right direction as the trust is ahead of its blended benchmark over all periods shown in both NAV and share price terms (apart from the last month). The outperformance over the last decade is particularly noteworthy.

Exhibit 4: 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 blended benchmark*

0.8

0.9

1.1

8.9

26.9

30.3

96.1

NAV relative to blended benchmark*

(0.1)

0.2

0.7

8.8

24.5

19.4

90.5

Price relative to CBOE UK All Companies

0.8

0.9

1.1

8.9

26.9

30.3

32.3

NAV relative to CBOE UK All Companies

(0.1)

0.2

0.7

8.8

24.5

19.4

28.6

Price relative to CBOE UK 100

1.3

0.5

(0.5)

5.1

6.4

18.7

91.1

NAV relative to CBOE UK 100

0.4

(0.1)

(0.9)

5.0

4.5

8.8

85.7

Source: Refinitiv, Edison Investment Research. Note: Data to end-July 2022. Geometric calculation. *Blended benchmark is UK 100 Index until 31 January 2017 and UK All-Share Index thereafter.

Gergel is encouraged by MRCH’s performance, which so far this year has been helped by a takeover bid for HomeServe; the stock had declined on an absence of bad news as growth investors sold their positions. Drax’s share price rose following the Russian invasion of Ukraine and the subsequent spike in energy prices. Its current-year profits are hedged, but higher energy prices should boost subsequent earnings. Drax is benefiting from the realisation that countries need a diverse source of energy supplies. The benefits of the company’s biomass operations have been questioned, but this issue has been trumped by energy availability becoming a priority. Gergel suggests that Drax’s aspirations to be ‘carbon negative’ are really interesting, and given the concerns about climate change, the chances of political approval for its development plans have increased. The company’s share price recently retreated on concerns about an energy tax but has since rallied. The shares of defence company BAE Systems have re-rated, while Man Group has benefited from its ‘trend-following’ and commodity funds, which have performed well.

Detractors to MRCH’s performance this year include not owning AstraZeneca, which has meaningfully outperformed the UK market. Some of MRCH’s cyclical holdings have lagged on concerns about the economy including door and window manufacturer Tyman and housebuilders Bellway and Redrow. Sofa retailer DFS Holdings also has a volatile earnings stream.

Exhibit 5: NAV total return performance relative to the benchmark over three years

Source: Refinitiv, Edison Investment Research

Peer group comparison

The AIC UK Equity Income sector is made up of 22 funds. In Exhibit 6, we show the 17 largest with market caps greater than £100m. Gergel continues to build on MRCH’s successful track record as the trust now holds the number one spot in the selected peer group in terms of NAV total returns over the last one, three and five years (it also ranks first out of the whole UK Equity Income sector over these periods). Over the last 12 months, MRCH has delivered a meaningful 4.7pp higher NAV total return than its second-ranked peer. Over the last decade, the trust ranks fifth, which is 8.6pp higher than the selected peer group average.

Exhibit 6: Selected peer group at 2 August 2022*

% unless stated

Market
cap £m

NAV TR
1 year

NAV TR
3 year

NAV TR
5 year

NAV TR
10 year

Discount
(cum-fair)

Ongoing charge

Perf.
fee

Net gearing

Dividend yield

Merchants Trust

750.2

11.3

30.9

37.8

128.1

0.4

0.6

No

111

4.9

abrdn Equity Income Trust

155.1

(0.6)

2.8

(2.2)

87.6

(10.6)

0.9

No

114

6.7

City of London

1,906.3

6.6

8.6

17.7

106.2

2.2

0.4

No

107

4.8

CT UK Capital and Income

338.0

(0.0)

9.3

21.3

116.0

(1.8)

0.6

No

107

3.7

CT UK High Income Units

107.7

(6.4)

3.3

8.7

75.5

(9.6)

1.0

No

102

4.9

Diverse Income Trust

348.8

(9.2)

22.6

24.2

189.3

(5.1)

1.1

No

100

3.9

Dunedin Income Growth

434.4

(4.6)

9.7

26.0

97.6

(1.5)

0.6

No

108

4.4

Edinburgh Investment

1,046.7

3.5

11.3

3.1

89.9

(6.6)

0.5

No

109

4.0

Finsbury Growth & Income

1,865.7

(3.2)

(0.2)

35.6

208.2

(4.2)

0.6

No

102

2.0

Invesco Select UK Equity

122.1

3.1

19.0

23.1

153.6

(11.2)

0.9

No

111

4.0

JPMorgan Claverhouse

408.3

(3.3)

3.3

14.3

119.3

(1.3)

0.7

No

107

4.7

Law Debenture Corporation

974.4

(0.6)

27.7

37.7

160.9

1.0

0.5

No

110

3.8

Lowland

329.0

(4.9)

7.8

0.5

99.4

(7.7)

0.6

No

114

5.0

Murray Income Trust

998.9

(2.1)

13.3

29.5

109.2

(6.5)

0.5

No

109

4.2

Schroder Income Growth

206.7

1.0

11.6

20.5

120.9

(2.1)

0.8

No

111

4.3

Temple Bar

714.1

3.8

(3.1)

1.5

79.4

(5.8)

0.5

No

107

3.8

Troy Income & Growth

218.9

(1.8)

(0.1)

13.4

90.8

(0.5)

0.9

No

100

2.6

Selected group average (17 funds)

642.7

(0.4)

10.4

18.4

119.5

(4.2)

0.7

108

4.2

MRCH rank

6

1

1

1

5

3

12

5

3

Source: Morningstar, Edison Investment Research. Note: *Performance to 1 August 2022. NAV with debt at par. TR, total return. Net gearing is total assets less cash and equivalents as a percentage of net assets.

At 2 August 2022, MRCH was one of three funds in the selected peer group trading at a premium to NAV. Responding to the strong demand for the trust, the pace of share issuance has stepped up; so far in FY23, the number of shares issued has exceeded that in the whole of FY22. MRCH has a below-average ongoing charge and, in line with its peers, no performance fee is payable. The trust’s level of net gearing is above the peer group mean and it offers the third-highest dividend yield in the selected peer group, 0.7pp higher than average.

Dividends

As shown in Exhibit 7 below, MRCH has grown its dividend for the last 40 consecutive years, compounding at a rate considerably higher than that of UK CPI inflation, and consistently offers a higher dividend yield than the broad UK market. Distributions are made quarterly in August, November, February/March and May. Gergel reports that MRCH’s income continues to improve; the FY22 dividend of 27.3p per share was 0.94x covered, whereas the FY21 dividend was just 0.68x covered. Since the last financial year end, the income picture looks even brighter. As examples, Barclays has increased its distribution and there have been special dividends from DFS Furniture and Rio Tinto. The manager also highlights IG Group, which issued a positive trading statement and announced its first dividend increase since 2018.

At the end of FY22, MRCH had revenue reserves of 16.0p per share, which is equivalent to 0.59x the last annual dividend. So far in FY23, a first interim dividend of 6.85p per share has been announced, which is 0.7% higher year-on-year. Based on its current share price, the trust offers a 4.8% dividend yield.

Exhibit 7: Dividend record

Dividend growth above the level of UK inflation

Consistent above-market dividend yield

Source: MRCH, Edison Investment Research

General disclaimer and copyright

This report has been commissioned by The Merchants Trust and prepared and issued by Edison, in consideration of a fee payable by The Merchants Trust. Edison Investment Research standard fees are £60,000 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.

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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.

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General disclaimer and copyright

This report has been commissioned by The Merchants Trust and prepared and issued by Edison, in consideration of a fee payable by The Merchants Trust. Edison Investment Research standard fees are £60,000 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 2022 Edison Investment Research Limited (Edison).

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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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