Renaissance Global Markets Fund
David J. Winters, CEO
Wintergreen Advisers, LLC
Fall, 2010
Global Value Approach

Wintergreen’s “ABCs of investing”:
 Activism and Arbitrage
 Bankruptcy
 Cash and Convertibles
 Distressed Companies
 Equities that are Undervalued
 Financings
 Global Investments
 Hedging
 Integrity of Management
1
The “Trifecta”
1.
Solid underlying businesses that generate cash
2.
Businesses with rational management who work to create value for
their shareholders
3.
Available at a compelling price
2
Investment Methodology
(Process)
Security Screening
Analysis
& Evaluation
Search security
markets globally to
find opportunities
Search out the
compelling candidates
Read, think, study
businesses
Information research,
i.e. Annual reports,
Company visits,
Contact with
Management,
Industry Review
Observe global
trends
Security analysis,
operations review,
income statement and
balance sheet
Assessment
& Valuation
Define Valuation
Case, i.e. Break-Up or
Going Concern
Analyze the current
and future intrinsic
value of the business
Portfolio
Accumulate compelling
situations
Sell if security is fully
priced or investment
case has changed
Evaluate management
ability and integrity
Employ market volatility
to accumulate or sell
securities
Upside and Downside
Estimates
Monitor on an ongoing
basis
3
Investment Objectives

Invest in securities that are available at prices below their intrinsic
value

Examine each security separately

Identify the approximate worth of each investment

Buy securities when the risk/reward ratio favors our shareholders

Sell securities when the odds are no longer in the Fund’s favor

Willingness to hold cash when risk-reward is not favorable
4
David J. Winters

Experience and results in global, active value investing

Substantial commitment of personal capital to Wintergreen

Extensive experience building asset management businesses

Founded Wintergreen Advisers, LLC in 2005 after over 18 years
experience at the Mutual Series Funds
5
Performance
Renaissance Global Markets Fund (Class A)
Total Return %
(as of September 30, 2010)
Data as of September 30, 2010
Source: Morningstar Canada
6
Portfolio Analysis
Renaissance Global Markets Fund (Class A)
Global Equity Sectors
Top Ten Holdings
Jardine Matheson Holdings Ltd
Japan Tobacco Inc.
The Swatch Group AG
Schindler Holding AG
British American Tobacco PLC
Imperial Tobacco Group PLC
Berkshire Hathaway Inc. B
Genting Malaysia Bhd
Nestle
Compagnie Financière Richemont SA
% Assets
10.6%
5.4%
5.3%
5.2%
4.7%
4.5%
4.5%
4.1%
4.1%
4.1%
Consumer
Staples
31.5%
Industrials
19.0%
Unclassified
4.5%
Energy
6.6%
Consumer
Discretionary
15.5%
Materials
4.9%
Financials
18.0%
Portfolio Composition
Cash *
7.3%
International
Equity
62.6%
Canadian
Equity
8.5%
U.S. Equity
21.6%
Data as of September 30, 2010
Source: Morningstar Canada
*Cash includes Other Assets
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Nestle – An Introduction
•
Nestle is the world’s largest food company with leading market positions in
chocolate, infant nutrition, pet food, frozen meals, coffee drinks, ice cream and
bottled water.
•
Aspires to be known as the premier “Nutrition, Health and Wellness” company.
•
Operates in a mature, competitive industry but management has led the company
to above-market growth through a combination of organic growth and strategic
acquisitions. Derives over 35% of sales from emerging countries.
•
Conducts itself in a very shareholder-friendly way, returning large amounts of cash
through share repurchases and dividends.
•
Features an attractive valuation for its core business after stripping out its holdings
of L’Oreal.
8
Jardine Matheson

Jardine Matheson (JM), incorporated in Bermuda and listed in Singapore, is
a conglomerate focused on the growing Asian consumer.

Jardine’s Core Holdings include:
 Dairy Farm: pan-Asian retail group operating 5,000 outlets including
supermarkets, hypermarkets, health and beauty stores, convenience stores,
home furnishing stores and restaurants. Dairy Farm stores are present in Hong
Kong, China, Taiwan, Singapore, Indonesia, Malaysia, India, Vietnam, Macau
and Brunei.
 Hongkong Land: property group with 5 million sq. ft. of prime commercial
property in CBD of Hong Kong and other grade-A commercial and luxury
residential property in SE Asia
 Jardine Cycle & Carriage: Singapore-based holding company with just over 50%
interest in Astra International, an Indonesian conglomerate that dominates the
automobile and motorcycle market in Indonesia
9
Jardine’s “Trifecta”

The “Trifecta”
 Growing portfolio of businesses that stands in the middle of one
of the greatest economic trends today: the rise of the Asian
consumer
 Management that works hard on behalf of shareholders
 Stock trading at a significant discount to “look-through” Net
Asset Value (NAV) on a market price basis of underlying listed
holdings and on an intrinsic value basis of the holdings
10
Wintergreen Advisers, LLC

Established in May 2005 as a registered Investment Adviser with the
SEC.

Adviser to Wintergreen Fund, Inc (U.S. Mutual Fund) and other
pooled investment vehicles.

Sub-advisor to Renaissance Global Markets Fund
11
Disclaimer
THIS IS NOT AN OFFERING OR THE SOLICITATION OF AN OFFER TO PURCHASE AN INTEREST IN THE FUND. ANY SUCH
OFFER OR SOLICITATION WILL BE MADE ONLY BY MEANS OF THE FINAL OFFERING MEMORANDUM OF THE FUND AND ONLY
IN THOSE JURISDICTIONS WHERE PERMITTED BY LAW. IN THE CASE OF ANY INCONSISTENCY BETWEEN THE
DESCRIPTIONS OR TERMS IN THIS SUMMARY AND THE FUND'S OFFERING MEMORANDUM, THE FUND'S OFFERING
MEMORANDUM SHALL CONTROL.
AN INVESTMENT IN THE FUND IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. OPPORTUNITIES FOR
REDEMPTION AND TRANSFERABILITY OF INTERESTS ARE RESTRICTED, SO INVESTORS MAY NOT HAVE ACCESS TO
CAPITAL WHEN IT IS NEEDED. THERE IS NO SECONDARY MARKET FOR THE INTERESTS AND NONE IS EXPECTED TO
DEVELOP. THE PORTFOLIO, WHICH IS UNDER THE SOLE TRADING AUTHORITY OF WINTERGREEN ADVISERS, LLC
(“WINTERGREEN”), MAY BE CONCENTRATED IN CERTAIN STRATEGIES, ISSUERS OR SECURITIES AND THIS LACK OF
DIVERSIFICATION MAY RESULT IN A HIGH DEGREE OF RISK. LEVERAGE MAY BE EMPLOYED IN THE PORTFOLIO, WHICH CAN
MAKE INVESTMENT PERFORMANCE VOLATILE. AN INVESTOR SHOULD NOT MAKE AN INVESTMENT, UNLESS IT IS
PREPARED TO LOSE ALL OR A SUBSTANTIAL PORTION OF ITS INVESTMENT. THE FEES AND EXPENSES CHARGED IN
CONNECTION WITH THIS INVESTMENT MAY BE HIGHER THAN THE FEES AND EXPENSES OF OTHER INVESTMENT
ALTERNATIVES AND MAY OFFSET PROFITS.
THERE IS NO GUARANTEE THAT THE INVESTMENT OBJECTIVE WILL BE ACHIEVED. MOREOVER, THE PAST PERFORMANCE
OF OTHER ACCOUNTS MANAGED BY THE PRINCIPAL OF WINTERGREEN SHOULD NOT BE CONSTRUED AS AN INDICATOR OF
FUTURE PERFORMANCE.
This material was prepared for investment professionals only and is not for public distribution. It is for informational purposes only and is
not intended to convey investment, legal, or tax advice. Renaissance Investments is offered by CIBC Asset Management Inc.
™Renaissance Investments and "invest well. live better." are trademarks of CIBC Asset Management Inc.
12
Thank You
Renaissance Investments is offered by CIBC Asset Management Inc. This material was prepared for investment professionals only and
is not for public distribution. It is for informational purposes only and is not intended to convey investment, legal or tax advice.
™Renaissance Investments and “invest well. live better.” are trademarks of CIBC Asset Management Inc.
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