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Performance

Valor de Cartesio X
2,58%

Cartesio

Cartesio Inversiones

Cartesio Inversiones SGIIC SA is a mutual fund manager authorised and supervised by the Spanish Comisión Nacional del Mercado de Valores (CNMV). Cartesio is independent and its funds are managed by the same three partners since inception.

The two mutual funds (Cartesio X; Cartesio Y) managed by Cartesio since 2004 are top ranked by MORNINGSTAR which in practical terms means they have delivered attractive returns with low volatility and both funds are trading above the level reached before the credit crisis.

Cartesio offers the possibility of investing in two UCITS III Luxembourg SICAVS (Cartesio Income; Cartesio Equity) which replicate the investment strategy of the two funds registered in Spain.

Our funds:

Luxembourg

We Are Different

Commitment

  • All the financial net worth of the partners can only be invested in the Cartesio funds. This commitment is reflected in the articles of association of the company and in the code of conduct registered with the CNMV
  • No change in partners / managers since inception

Capital protection mindset

  • Willingness to forego potential returns in order to
    protect capital

Active Management

  • High flexibility in asset allocation
  • Concentrated equity portfolio
  • Risk adjusted investment objective
  • Long bias mindframe but seeking alpha through concentrated portfolio. Cash is an asset to protect capital and invest

Two Funds

  • Simplifies the asset allocation process for the client
  • Concentrates fund managers' efforts

Low fixed AND performance management fees

  • Fair manager compensation - with or without performance
  • No subscription or redemption fees

Transparency

  • Monthly public reports with full disclosure regarding positions and asset allocation
  • Daily Liquidity

Investment Philosophy

Equities

  • Limited number of stocks in portfolio (25 - 30)
  • Prefer value over growth. "Price" is the key factor
  • Quality of the business is an important factor
  • Prefer businesses easy to understand and value
  • Fundamental valuation: multiples, cash flow generation, value creation, DCF
  • Focused on mid to large caps
  • Avoid excessive leverage
  • No stop loss per position

Bonds

  • Diversification
  • Duration risk taken only at attractive nominal rates
  • Value liquidity, benchmark issues
  • Like issuers with "dividend protection"
  • Prefer low credit risk in normal circumstances
  • Duration risk managed with bund futures

Partners and Managers

The Funds

Acceso a Cartesio Y

Investment Objetive

Long term capital appreciation in real terms in Euros. Seeks higher risk adjusted returns (Sharpe ratio) than European Equities represented by the MSCI Pan Euro Index. Willingness to forego potential returns in order to give an adequate capital protection.

Asset Allocation

Total flexibility in equity exposure (0%-100%). Equity exposure through a limited number of stocks. Maximum of 40% in non European stocks. Maximum 20% net exposure in non Euro currencies.

Cartesio manages two funds with this strategy:
*All ratings apply to Cartesio Y

Acceso a Cartesio X

Investment Objetive

Long term capital appreciation in real terms in Euros. Seeks higher risk adjusted returns (Sharpe ratio) than Euro government bonds (Bloomberg/EFFA Euro Gov 7-10 yr Index). Strong emphasis on capital protection.

Asset Allocation

Exposure to equities is limited to a máximum of 40% of assets. Exposure to fixed income is variable (0-100%).

Cartesio manages two funds with this strategy:
*All ratings apply to Cartesio X

Subscriptions and Redemptions

New Clients

To become a client of Cartesio SGIIC please download the file New Clients, fill it and send it via email to clientes@cartesio.com or
fax to +34 91 310 61 30.

The documents included in the file New Clients are in the following order:

Registration Form

Signature needed of the all the account holders as well as authorized signatories with photocopies of ID documents. This is the only document where the original must be sent to Cartesio.

Client Assesment Test

To be filled and signed by client.

Prospectus Acknowledgement

To be signed by client according to fund subscription.

Know Your Client Questionnaire

To be filled and signed by client.

Subscription/Redemption form

See Subscriptions/Redemptions section.

If you need further information please contact us on +34 91 3106240

Subscriptions

There are two ways of buying Cartesio Funds:

By bank transfer

Bank transfer to the fund's bank account (see below) send it via email clientes@cartesio.com or fax signed subscription form. Order must be confirmed by phone or fax.

In person

Check payable to the fund (by post or by hand in our offices) together with a signed subscription form

IBAN: ES20 0144 0001 31 0000052602 - Beneficiary: Cartesio Y, FI
SWIFT: PARBFRPP - Account 26292D - Beneficiary: PARBESMX - Account: 52602

IBAN: ES98 0144 0001 34 0000052603 - Beneficiary: Cartesio X, FI
SWIFT: PARBFRPP - Account 26292D - Beneficiary: PARBESMX - Account: 52603

IBAN: ES33 0144 0001 31 0000053241 - Beneficiary: Cartesio Equity
SWIFT: PARBFRPP - Account 26292D - Beneficiary: PARBESMX - Account: 53241

IBAN: ES88 0144 0001 32 0000054530 - Beneficiary: Cartesio Income
SWIFT: PARBFRPP - Account 26292D - Beneficiary: PARBESMX - Account: 54530

If you need further information please contact us on +34 91 3106240

Redemptions

Redemptions will be processed upon reception of Redemption Form (PDF enclosed). The form can be sent by email clientes@cartesio.com, fax or by hand in our office. If faxed a telephone confirmation is needed.

Value date for redemptions is the day the order is received by Cartesio for orders received before 2:00 pm. Capital gains are taxed at 21% for tax residents in Spain.

If you need further information please contact us on +34 91 3106240

Switches

To switch funds from other manager into Cartesio Funds, please complete and sign the switching form attached. Please complete carefully all the date concerning the fund you want to switch from and sent the form via email to clientes@cartesio.com o faxed to 91 310 61 30 confirm it by phone.

Switches between funds for Spanish tax residents are exempt from taxes on capital gains.

If you need further information please contact us on +34 91 3106240

Contact

Cartesio Inversiones, SGIIC SA

If you want more information about our funds or want to buy them, please fill in your details and we will contact you.

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