ASSET MANAGEMENT
2 February 2012
141,59 EUR
247,78 EUR
364,70 EUR
31 December 2011
139,28 EUR
243,79 EUR
358,95 EUR
1st prize
International Equities (*)
Merclin Global Equity, a subfund of MercLin SICAV, is an actively managed fund invested in equities worldwide. The objective is to outperform the MSCI AC World Index with dividends over the long term by selecting undervalued stocks. Besides equities the fund also invests in value funds with great track records to cover regions or sectors where the manager of Merclin does not have a sufficient edge to allow for outperformance. Special attention goes to managers with proven talent and significant share participation. The fund is recommended to investors with an investment horizon of at least 3 to 5 years.
Class F
Class R
Class C
2011
-0,38%
-0,60%
-1,03%
2010
+14,22% +31,06% -27,99%
+13,97% +30,29%
+13,50%
2009
+29,72%
2008
-
-
2007
-
2006
-
2005
-
2004
-
2003
+7,33% +10,31% +31,55% +12,49% +11,90%
-
-
Since inception
+110,51%
-
-
MSCI AC World Euro** +1,51% +20,50% +30,43% -39,20% +0,71% +8,19% +27,72% +6,93% +11,47% +60,91%
Ranking Morningstar % 94
* Cased on historical data, they offer no guarantee of future returns.
73 35 6 8 35 10 6 34 -
** MSCI AC World Euro Net dividend reinvested. The investment policy of the fund does not include a tracking error objective with the benchmark. Performances of the Sub-fund may therefore vary from the performance of the benchmark.
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
+14,22%
2010
+20,50%
+31,06%
+30,43%
2009 2008
-27,99%
-39,20%
+7,33%
+0,71%
2007
Merclin GE
A new name was added to our portfolio this month: PepsiCo. Apart from being the number 2 in soft drinks behind Coca-Cola, PepsiCo is the world leader in snacks, with brands such as Lays, Doritos and Smiths. It is the snacks division that generates the bulk of the profits. What is there to like about PepsiCo? The quality of its earnings, which have grown quite consistently over time by 10% annually. A shareholder-friendly management: they are buying back 15% of outstanding shares and are paying a 3% dividend, which has grown almost every year since inception.
They have huge opportunities in Asia, which today only represents 10% of sales but which is growing strongly. At 14 times this year’s earnings,
PepsiCo is trading close to its lowest range ever, like almost all quality consumer goods companies these days.
(base : 100)
250
+110,51%
150
100
75
+60,91%
+10,31%
+8,19%
2006
+31,55%
+27,72%
2005
+12,49%
+6,93%
MSCI AC World Euro Net Dividend Reinvested
Annualized returns (1)
1 year
3 years
5 years
Annualized since inception
2004
+8,53%
2003
+5,37%
(1) The return figures indicated above do not include commissions and fees linked to the issuing and redemption of shares. Based on historical data, they offer no guarantee of future returns.
1. Berkshire Hathaway
2. Fairfax Financial
3. AB Inbev
4. Everest Re
5. Johnson & Johnson
6. Total
7. Kraft
8. White Mountains
9. Coca-Cola
10. Danone
Merclin GE
-0,78%
+14,61%
+2,56%
+11,90%
+11,47%
Benchmark
+1,15%
+17,14%
-1,21%
7,78%
7,34%
3,74%
3,59%
3,45%
3,38%
2,75%
2,51%
2,50%
2,27%
39,31%
Merclin GE MSCI World AC Euro Div Reinvested
Jan Van Rijswijcklaan 143 – 2018 Antwerpen – Tel +32 (0)3 270 75 75 – Fax +32 (0)3 270 75 76 info@merciervanderlinden.com - www.merciervanderlinden.com

CHF
2,33%
GBP
2,46%
CAD
7,34%
Other
3,15%
JPY
7,10%
USD
41,97%
Cash
1,29%
Options &
Futures
0,00%
Other
5,43%
BUY
Pepsico
Unilever
INCREASE
Hengdeli Holding
Total
Fund Name:
Domicile:
Legal Status:
Type of shares:
Belgian Financial Agent:
Custodian:
Transfer Agent:
Management company:
Manager:
Auditor:
Share price publication:
Subscription fee:
TOB on exit:
N.A.V. calculation:
Subscription/Redemption:
Performance fee:
A.U.M.:
Inception:
EURO
35,65%
USA
Euro Zone
Emerging Markets
Japan
Switzerland
Great Britain
Other
40,50%
21,25%
7,04%
15,58%
2,67%
3,41%
9,55%
Stocks
93,28%
10% of Equity exposure hedged with futures
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Holding Companies
Industrial Goods & Services
Information Technology
Materials
Telecommunication Services
Utilities
Other
4,91%
26,63%
3,46%
20,37%
13,79%
9,73%
7,42%
7,33%
0,73%
0,95%
1,34%
3,34%
SELL
REDUCE
MercLin SICAV
Luxemburg
SICAV established under Part I of the
Luxemburg law of December 2002
Capitalisation
Banque Degroof S.A.
Banque Degroof Luxembourg S.A.
Banque Degroof Luxembourg S.A.
Degroof Gestion Institutionnelle
Mercier Vanderlinden Asset Management
KPMG-audit
De Tijd, L'Echo and www.merciervanderlinden.com
Max. 3% (0% Mercier Vanderlinden)
0,5% (750 EUR max)
Weekly on Thursday
Before Wednesday 2:00pm
10% outperformance
MSCI AC World Euro (Class R + C)
242 m EUR
31/12/2002
Class F
Class R
Class C
Management fee
0,65% annual
0,85% annual
1,25% annual
ISIN
LU0379632754
LU0379621559
LU0379615668
Bloomberg
MERLSIF LX
MERLSIR LX
MERLSIC LX
This document is for Professional Clients only and should not be relied upon by any other persons.
° For further information about Morningstar Rating™ and Ranking Morningstar®, please visit the
Morningstar website on www.morningstar.be
(*) De Tijd|L'Echo Award 2008, 12-03-2009, 1st of 385 funds; De Tijd|L'Echo Award 2009, 11-03-2010,
1st of 301 funds; Morningstar Award 2010, 24-03-2010, 1st of 172 funds;
Performance up to 18.08.2008 is that of the Athena Diversified Management Sub-Fund, of which the
Merclin Global Equity Sub-Fund is an identical successor. Previous performance is audited by Deloitte.
Sub-fund Sicav incorporated under Luxemburg law MERCLIN FUND (OPCVM), subject to the programme law of 27 December 2005 (see Belgian annex to the prospectus) and to the European Directive on
Savings Taxation. This publication is for information purposes only. Any contractual information on the sub-fund described in this publication is contained in the prospectus.
The prospectus, simplified prospectus and the Belgian annex are available free of charge from the
Belgian representative of the financial agent: Banque Degroof S.A., 44 rue de l'Industrie, B-1040
Brussels
Jan Van Rijswijcklaan 143 – 2018 Antwerpen – Tel +32 (0)3 270 75 75 – Fax +32 (0)3 270 75 76 info@merciervanderlinden.com - www.merciervanderlinden.com