financial

Philosophy and process driving outperformance

BlackRock Greater Europe Investment Trust 14 December 2021 Review
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BlackRock Greater Europe Investment Trust

Philosophy and process driving outperformance

Investment trusts
European equities

14 December 2021

Price

696.0p

Market cap

£698m

AUM

£676m

NAV*

685.1p

Premium to NAV

1.6%

*Including income. As at 10 December 2021.

Yield

0.9%

Ordinary shares in issue

100.3m

Code/ISIN

BRGE/GB00B01RDH75

Primary exchange

LSE

AIC sector

Europe

52-week high/low

730.0p

502.0p

NAV* high/low

713.4p

504.7p

*Including income

Net gearing*

5.7%

*As at 31 October 2021

Fund objective

BlackRock Greater Europe Investment Trust’s objective is to achieve capital growth, primarily through investment in a focused portfolio of large-, mid- and small-cap European companies, together with some investments in the developing markets of Europe. It aims to achieve a net asset value total return in excess of a broad index of European ex-UK equities (in sterling terms).

Bull points

NAV total returns ranked first in the AIC Europe sector over one, three, five and 10 years.

Well diversified revenue streams from different geographies and sectors.

Very well-resourced team, backed up by strong risk-management oversight.

Bear points

Relatively concentrated portfolio.

Modest dividend yield.

Economic recovery in Europe may disappoint if lockdowns are extended.

Analysts

Mel Jenner

+44 (0)20 3077 5720

Sarah Godfrey

+44 (0)20 3681 2519

BlackRock Greater Europe Investment Trust is a research client of Edison Investment Research Limited

BlackRock Greater Europe Investment Trust’s (BRGE) shareholders benefit from the input from two of BlackRock’s investment teams. The trust has two co-managers: Stefan Gries, since June 2017, covering developed European markets (c 90% of the portfolio); and Sam Vecht, since the fund’s launch in September 2004, covering emerging European markets (c 10% of the portfolio). BRGE has a clearly defined investment philosophy and process, which has resulted in a very commendable performance track record. Its NAV total returns rank first out of eight funds in the AIC Europe sector over the last one, three, five and 10 years, and have also outpaced the performance of the broad European stock market over these periods.

BRGE’s NAV versus the broad European market (five years to 30 November 2021 – current management team since June 2017)

Source: Refinitiv, Edison Investment Research

The analyst’s view

Gries’s investment approach is to be ‘an investor in businesses, not a trader in shares’. Stocks are selected on a bottom-up basis following thorough fundamental analysis, and the portfolio is made up of companies across the market cap spectrum that have the potential to generate significant value over the long term. On a sector basis, the fund has consistent overweight exposures to technology, consumer discretionary, industrials and healthcare companies, which are a mixture of less well known, such as Netcompany, which is a high-growth IT services firm, and larger businesses, such as Novo Nordisk, which is developing an obesity-lowering drug franchise to complement its leading position in the treatment of diabetes. As well as BRGE, Gries also runs long/short absolute-return strategies, so he has high conviction in both the trust’s holdings and those companies that he wishes to avoid. The ability to invest in companies based in emerging European countries also brings a differentiating feature to the trust; these firms tend to trade on lower valuations and over time have been additive to BRGE’s performance.

Regularly trading at a premium

BRGE’s strong absolute and relative performance has not gone unnoticed as its shares now regularly trade at a premium and there is ongoing share issuance. The trust’s current 1.6% premium compares with the 2.1% to 3.5% range of average discounts over the last three, five and 10 years.

The fund managers: Stefan Gries and Sam Vecht

The manager’s view: Importance of sticking to the process

Gries says that over the last 12 to 24 months there have been times when investors’ philosophies have been tested, adding that ‘you need to be sure which assets you wish to own’. He comments that Europe is home to some ‘exceptional’, but also to some ‘average’ businesses. The manager seeks companies with a unique aspect, such as a brand or service; an exceptional management team; high sustainable returns and strong free cash flow generation; and an ability to redeploy capital in areas of high and sustainable returns. Gries says that value creation comes from companies that can consistently generate returns above their cost of capital.

The manager comments that BRGE’s investment process was tested during the pandemic, and he needs to be able to justify the trust’s positions when meeting with its board, which occurs five times a year. Gries says that he focuses on a company’s end markets, its income streams and how value can be created. Over time, he and his team, build their knowledge and confidence in BRGE’s positions in order to increase their levels of conviction. The manager takes pride in the fact that despite stock market volatility over the last couple of years, there has been little change in the structure of the trust’s portfolio.

Back in March 2020, during the coronavirus-led stock market sell-off, Gries questioned whether BRGE’s portfolio needed to change. He considered that he still wanted to own companies with long-duration income streams, such as those benefiting from a rising Asian middle class, or firms seeing strong demand from the decarbonisation of transportation and the growth in electric vehicles. The manager believed that lockdowns would not derail these powerful transitions. Hence, he used the market sell-off as an opportunity to add to some of his highest-conviction holdings.

Gries’s investment philosophy has been tested again in 2021; he says that there have been some very unusual periods over the last 12 months or so, with four rotations into value stocks. Despite stock market volatility, BRGE’s annual turnover remains at c 20%, implying a five-year holding period. The manager has generated very strong absolute and relative total returns over the last year from holding what he describes as ‘exceptional’ businesses. He also points to the value that can be generated from holding inexpensive companies based in emerging European countries. Gries is hoping for calmer stock markets in 2022 given the unusual movements over the last year; but whatever the outcome he stresses the importance of clarity in terms of BRGE’s philosophy and investment process.

The manager anticipates that supply chain disruptions should be evened out over the next year. However, in the meantime he believes that BRGE owns companies with pricing power, so they should be able to deal with these short-term pressures. Gries seeks very strong management teams that are focused on controlling costs to protect profits, and notes that when there are supply shortfalls, it is beneficial to have scale in procurement as weaker operators are under more pressure to secure adequate supplies. The manager is optimistic about the prospects for BRGE’s portfolio companies in a more normalised economic environment, which he expects in 2022.

Performance: Well ahead of the European market

BRGE’s discrete performance is shown in Exhibit 1. The trust has outpaced the MSCI Europe ex-UK Index over the last four years in both net asset value (NAV) and share price terms; its absolute total returns over the last 12 months have been particularly strong.

Exhibit 1: Five-year discrete performance data

12 months ending

Share price
(%)

NAV
(%)

MSCI Europe ex-UK (%)

CBOE UK All Companies (%)

MSCI World
(%)

30/11/17

31.1

24.7

34.8

13.7

14.8

30/11/18

(1.9)

2.0

(9.8)

(1.8)

6.8

30/11/19

23.6

22.5

15.7

11.3

13.6

30/11/20

27.7

24.3

10.6

(11.2)

11.5

30/11/21

41.1

35.1

14.4

17.1

23.4

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

Exhibit 2: Investment trust performance to 30 November 2021

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

Price, NAV and index total return performance (%)

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

Looking at BRGE’s relative returns in Exhibit 3, the trust has outperformed the MSCI Europe ex-UK Index over all periods shown in both NAV and share price terms. To bring a wider perspective, except for the last one and three months, BRGE has also outperformed the broad UK market and the MSCI World Index over all periods shown.

Exhibit 3: 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 MSCI Europe ex-UK

6.6

7.7

19.3

23.3

52.1

60.7

102.4

NAV relative to MSCI Europe ex-UK

5.7

6.9

18.7

18.1

40.6

47.2

94.2

Price relative to CBOE UK All Companies

3.5

2.7

13.5

20.5

92.3

121.2

145.4

NAV relative to CBOE UK All Companies

2.5

2.0

13.0

15.4

77.8

102.6

135.4

Price relative to MSCI World

(0.2)

(1.9)

2.0

14.3

42.3

49.2

24.7

NAV relative to MSCI World

(1.0)

(2.6)

1.5

9.5

31.6

36.6

19.6

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

Gries explains that unsurprisingly, given his bottom-up approach, the majority of BRGE’s excess returns are due to successful stock selection rather than sector asset allocation. He notes that some of the trust’s largest positive contributors over the last year are ‘multi-year winners’. The manager highlights semiconductor company ASML Holding, which has had material earnings estimate upgrades over the last 12–18 months. The company has been pleasantly surprised by the strength of demand for its products, which feed into many healthy demand verticals such as electric vehicles and data centres. Semiconductor content is increasing; for example, electric vehicles have five to six times the number of semiconductors compared to vehicles with an internal combustion engine. Data centres are benefiting from the demand for more computing power, while new features in modern smartphones mean an increased requirement for semiconductors. The manager explains that investors try to call the peak of the semiconductor cycle, which leads to periods of share price volatility. He highlights that ASML has a very high market share, pricing power and strong business visibility; the company is essentially sold out for 2022 with visibility into 2023. Gries believes that the firm’s pricing power ensures that ‘there is a lot more to go for’ in this name.

Other strong performers in BRGE’s portfolio over the last year are Straumann Holding and DSV Panalpina (DSV). Straumann is a leading dental implant manufacturer that has entered the orthodontic market with a clear aligners range. The manager says that this was the result of a smart acquisition, which has increased Straumann’s addressable market by a factor of four. He highlights that the company is increasing its market share, has strong organic growth and margin expansion and its management team is executing well.

Gries believes that logistics company DSV has one of the strongest management teams in Europe, and one of the best IT platforms and operational systems in the industry. The successful take-over of Panalpina in 2019 enabled DSV to generate strong growth in 2020 despite the economic downturn. In March 2021, the company announced the acquisition of Kuwait-based Agility’s logistics business, becoming the third-largest global freight forwarder globally. Agility is c 25% the size of DSV in terms of volumes and the manager expects this deal to be highly earnings accretive due to synergies and the recovery in global trade.

Over the last year, BRGE’s underweight exposure to the financial sector has detracted from the trust’s returns as these stocks have performed strongly in the post-lockdown recovery, and there has been a resurgence in old-economy industries such as banks, energy and chemicals. However, Gries believes that this is a temporary move; on a bottom-up basis he does not favour these areas, suggesting that there are no structural improvements that would make him want to own these businesses on a multi-year basis.

On a stock-specific level, Logitech has underperformed in 2021; the manager says that the company has fallen victim of its strong performance in 2020, in terms of tough comparisons. He believes that the firm is in a transition period and that its share price will improve given its very high market share in gaming market peripherals and strong export sales.

Peer group comparison

There are eight funds in the AIC Europe sector. BRGE’s market cap is now the third largest in the group and it has an enviable performance record with its NAV ranking first over the last one, three, five and 10 years; its performance is meaningfully ahead of the second-ranked fund over all periods shown. Gries is encouraged by BRGE’s long-term record, noting that the ability to invest in emerging European markets has been beneficial for the fund’s relative performance. As at 13 December 2021, BRGE had the highest valuation in the peer group, being the only fund trading at a premium. It has one of the highest ongoing charges, which is modestly above the sector average, an above-average level of gearing and a dividend yield that is below the mean.

Exhibit 4: AIC Europe peer group as at 13 December 2021*

% 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

BlackRock Greater Europe

698.2

32.4

112.5

161.2

379.8

2.3

1.0

No

106

0.9

Baillie Gifford European Growth

543.3

15.5

89.1

101.0

238.9

(3.5)

0.6

No

107

0.2

European Opportunities Trust

864.4

19.8

31.7

75.0

289.4

(12.1)

1.0

No

107

0.2

Fidelity European Trust

1,352.2

22.3

61.9

98.6

276.0

(7.5)

0.9

No

111

2.0

Henderson European Focus Trust

346.5

16.6

59.5

72.6

277.7

(9.5)

0.8

No

101

2.0

Henderson EuroTrust

316.7

10.1

60.4

84.8

276.3

(10.1)

0.8

No

100

1.7

JPMorgan European Growth Pool

277.2

24.2

51.9

67.0

224.1

(9.2)

1.0

No

103

1.2

JPMorgan European Income Pool

132.5

19.4

24.7

42.2

191.0

(10.5)

1.0

No

106

4.3

Average

566.4

20.0

61.5

87.8

269.2

(7.5)

0.9

105

1.6

BRGE rank in sector (8 funds)

3

1

1

1

1

1

7

5

6

Source: Morningstar, Edison Investment Research. Note: *Performance to 10 December 2021 based on ex-par NAV. TR: total return. Net gearing is total assets less cash and equivalents as a percentage of net assets.

General disclaimer and copyright

This report has been commissioned by BlackRock Greater Europe Investment Trust and prepared and issued by Edison, in consideration of a fee payable by BlackRock Greater Europe Investment 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 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.

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

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

General disclaimer and copyright

This report has been commissioned by BlackRock Greater Europe Investment Trust and prepared and issued by Edison, in consideration of a fee payable by BlackRock Greater Europe Investment 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 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.

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

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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