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FPM

KCM

NEXTAM

SYCOMORE

AVARON

CO-MANAGED FUNDS SYNERGY SMALLER COMPANIES

Value investment approach.

Independent management.

Local knowledge.

Cumulative return since 2004: 134%.

Average annual return: 27%.

Benelux
KEMPEN
Oct 04

Germany & Austria
FPM
Ene 06

East Europe
AVARON
Ene 07

France
SYCOMORE
Dic 03

Spain & Portugal
BESTINVER
Dic 03

Italy
NEXTAM
Dic 03

CO-MANAGED FUNDS

SYNERGY SMALLER COMPANIES

In 2003 Bestinver was chosen by the French fund manager Sycomore Asset Management among all Spanish fund managers to co-manage the Synergy Smaller Companies fund, which has achieved a 68% return since it was created in December 2003. Synergy is a pan-European mutual fund managed by several fund managers in France, Germany, Holland, Italy and Spain with the following characteristics:

Value investment

Excellent long-term track-record

Five local team benefiting from their in-depth knowledge of their local equity market.

Independent management according to their convictions whithout any benchmark constraints.

The Synergy project is important to Bestinver since it generates synergies with other European fund managers in discovering and analyzing new investment opportunities, providing us with greater knowledge of European companies and enables us to offer our clients a suitable vehicle for diversifying their portfolios .Bestinver has domiciled the Synergy Smaller Companies Fund for its exclusive distribution. The participating managers are Sycomore, FPM , Kempen & CO, Nextam Partners and Bestinver.
Fund Managers >>

CO-MANAGED FUNDS

HISTORICAL RETURN

YEAR	SINERGY SMALLER CIES	EUROSTOXX TMI SMALL
2003	0,20%	0,32%
2004	22,80%	21,82%
2005	28,30%	30,64%
2006	22,17%	32,68%
2007	1,73%	-0,03%
2008	-47,11%	-49,95%
2009	45,89%	47,74%
01/04/2010	8,64%	8,14%

CO-MANAGED FUNDS

TRADE WITH THIS FUND

To subscribe, redeem or transfer this fund, please go to any of our offices or contact our customer service department.

CO-MANAGED FUNDS

LEGAL INFORMATION

Reglamento

Folleto Simplificado

Ficha detallada

Informe de Gestión Semestral

Registro del fondo C.N.M.V.

CNMV>>
Download Adobe Acrobat here >>

CO-MANAGED FUNDS

FACT SHEET

Synergy Smaller Companies Fact Sheet

CNMV>>
Download Adobe Acrobat here >>

FRANKFURT PERFORMANCE MANAGEMENT

FPM Frankfurt Performance Management AG was set up by investment professionals each with more than 15 years experience in the German capital market as analysts and fund managers. They are also acting as advisers to the FPM Funds Stockpicker Germany All Cap, the FPM Funds Stockpicker Germany Small/Mid Cap and the FPM Funds Stockpicker Germany Large Cap.

FPM believe that excellent companies can be found at an early stage of their development and significantly undervalued companies by using disciplined fundamental basic analysis. One way for generating above-average returns in today's financial markets is to have an above-average understanding of a company based on close contacts with its management and other relevant sources of information.

On 14 March 2006, we received one of the highly desirable "Lipper European Fund Awards 2006" as the best equity fund in Europe in the "German Equities" investment category over a period of 3 years.

Website: www.fpm-ag.de

Recent Awards on local market >>
Fund managers >>

<<Back RECENT AWARDS ON LOCAL MARKET

In February 2007 the German business magazines “€uro” and “Euro am Sonntag” awarded the FPM Funds Stockpicker Germany All Cap the No. 1 equity fund in Germany in the “German Equities” investment category over the period of 5 years and the No. 2 over the period of 3 years.

The FPM Funds Stockpicker Germany All Cap received the highly desirable fund management rating AA, respectively A for the FPM Funds Stockpicker Germany Small/Mid Cap from Standard & Poor’s.

Recently the FPM Funds Stockpicker Germany All Cap has been awarded with the Feri Fonds Rating (A) the best.

"Lipper European Fund Awards 2006" as the best equity fund in Europe in the "German Equities" investment category over a period of 3 years.

Standard & Poor's Fund Awards 2005", as best equity fund in Germany over a period of one year in the "German Equities" investment category.

Manfred Piontke and Martin Wirth have been honoured for their fund management performance with three gold medals for outstanding fund management in the category “Equities Germany” as well as three gold medals for outstanding fund management in the category “Equities Germany Small-Mid Caps” from Sauren Fonds-Research AG.

<<Back FUND MANAGERS

Martin Wirth

Responsible for portfolio management and equity analysis.
Career: Equity analyst with Credit Suisse First Boston, Bank Julius Bear, Sal. Oppenheim and afterwards fund manager and head of portfolio Management with Credit Suisse

Manfred Piontke

Responsible for portfolio management and equity analysis.
Career: Equity analyst with Credit Suisse First Boston, head of research with Bank Julius Baer as well as co-head of equity research with Deutsche Bank AG.

Track Record

YEAR	FPM STOCKPICKER GERMANY
2002	-33,70%
2003	88,30%
2004	26,81%
2005	22,35%
2006	13,43%

KEMPEN CAPITAL MANAGEMENT

Kempen Capital Management (KCM) manages portfolios in European equities and real estate securities for institutional investores and high-net-worth individuals. One of the key specialties of KCM is in Dutch small caps, a focus which started in 1993.
KCM has assets under management to the tune of EUR 13 billion and employs some 40 skilled fund managers. KCM is owned by Kempen & Co, a merchant bank founded in 1903. Kempen & Co is fully owned by Van Lanschot, a publicly traded private bank with strong roots in Netherlands. With some EUR 650 million under management, KCM is among the largest asset managers in Dutch small-mid caps. An experienced team of 4 managers undertakes a thorough investment process for their stock selection. This process includes many company meetings (more than 200 per annum) and applying own valuation models.

Website: www.kempen.com

Recent Awards on local market >>
Fund managers >>

<<Back RECENT AWARDS ON LOCAL MARKET

Lipper Fund Awards: Best Dutch equity fund over 5 years for the Orange Fund

Morningstar Awards: Best Performer Dutch equity fund over 2005 and over 2006 for the Orange Oranje Participaties

<<Back FUND MANAGERS

Joost van Beek (1963)
Prior to joining KCM in January 2004, Joost van Beek started his career in 1989 with Pierson, Heldring & Pierson, where he was a sell-side analyst for Dutch stocks. In 1993, he joined Van Meer James Capel, owned by HSBC, where he became a sell-side analyst focusing on Dutch small cap stocks. In May 1997, he joined the research department of Kempen & Co where he was in charge of the Dutch small cap team. He holds a degree in Economics from the University of Tilburg, where he specialised in business finance and investment theory. At present, he is part of the Dutch small cap portfolio management team.

Track Record

YEAR	ORANGE ORANJE PARTICIPATIES
1995	11,27%
1996	34,13%
1997	15,98%
1998	9,62%
1999	18,97%
2000	-22,41%
2001	-39,44%

YEAR	ORANGE ORANJE PARTICIPATIES
2002	29,72%
2003	35,08%
2004	45,08%
2005	40,06%
2006	33,9%
2007	-5,6%

NEXTAM PARTNERS

Nextam Partners is the initiative of a small group - former leaders of Euromobiliare - who after a long professional active period together decided to create in 2001 an asset management structure.
Nextam Partners is one of the very few examples of independent asset managers active in Italy. Operations started in 2002 in the two offices based in Milan and London, where Nextam manages about 700 mn Euros, with a focus on Italian equities. Nextam is focused on selecting high quality companies able to generate value for the investors. Our aim is to identify the best companies, active in the most promising sectors, at attractive prices.
Strong emphasis on Economic Value Added analysis (EVA®) leads us to choose, albeit not exclusively, companies featuring the following salient traits in common:

High and growing Return On Invested Capital

A leading market position

High, consistent and enduring earnings growth rate

Financial strength

Quality management

Website: www.nextampartners.com/nextam.cfm

Recent Awards on local market >>
Fund managers >>

<<Back RECENT AWARDS ON LOCAL MARKET

Nextam Partners Azionario Italia – Milano Finanza Global Awards 2006, “triple A”

<<Back FUND MANAGERS

Managing Director of Nextam Partners S.G.R. S.p.A.
Nicola Ricolfi
Nicola got a degree in Corpporative Finance at the “Luigi Bocconi” University, Milán. He worked as an Analyst and soon after he joined Euromibiliare as Director of “Advice to Institutional Investors”. Since 1994 he got the position of Managing Director and C.E.O. of Euromobiliare Asset Management S.G.R., as well as being Chairman di Credem International Luxemburg.

Track Record

YEAR	NEXTAM AZIONARIO ITALIA
2003	15,53%
2004	19,65%
2005	9,91%
2006	9,13%

SYCOMORE

Sycomore is focused on active investment management for all Euroland equity markets, with an in depth knowledge of the French market. Our investment scope comprises over 3.500 listed companies amongst which more than 1000 are monitored by our analysts. Sycomore is about finding ‘Money Makers’ – those companies whose stock market value is far below their real, industrial or long term worth and where we have identified a catalyst that will narrow the gap. Investment decisions are constantly taken with a conservative security margin.

Studies made with regards to these companies require patience and a considerable amount of fundamental analysis. This analytical work is at the heart of our investment strategy and is carried out by our fund managers that continually go to see new companies and meet their managers. Our process endorses our total autonomy in our investment decisions and allows us to built portfolios that are not compelled to match or replicate stock market indices.

Created in 2001, Sycomore has now assets under management in excess of €1,5bn. Each of the key employees owns significant equity in the business. We are therefore highly incentive to perform for our clients and importantly, here to stay.

Website: www.sycomore-am.com

Recent Awards on local market >>
Fund managers >>

<<Back RECENT AWARDS ON LOCAL MARKET

Lipper Fund Awards: Best French equity mutual fund over 3 years (2002-2005)

Standard & Poor's: Best French equity mutual fund over 3 years (2002-2005)

<<Back FUND MANAGERS

Cyril Charlot (1968)
Prior to founding Sycomore AM in 2001, Cyril Charlot started his career in 1993 with Banque du Louvre (owned by HSBC), where he held different positions in the asset management field for 8 years. He was in particular CIO of the Value Equity team, managing a range of "value" funds invested in European equities.
He is graduated from the ESSEC business school and from the ESTP engineering school. Cyril Charlot is also a member of the French Financial Analyts Society. He holds a degree in Economics from the University of Tilburg, where he specialised in business finance and investment theory.
At present, he is managing all the French equity funds managed by Sycomore AM.

Track Record

YEAR	SYCOMORE MIDCAP-A
2002	-9,04%
2003	30,18%
2004	40,31%
2005	32,92%
2006	16,69%

CO-MANAGED-FUNDS

<<Back

AVARON

Avaron is an asset management firm with a clear focus on Central and Eastern European listed equities. We manage the assets of institutional clients and high-net worth individuals through two open-ended equity funds (Avaron Balkan Fund & Avaron Emerging Europe Small Cap Fund) and discretionary accounts. Avaron employs a value-oriented investment style with emphasis on providing its clients the best risk-return relationship at any point of time.

Our value-added lies in proprietary bottom-up research that enables us to identify attractive investment opportunities, especially among fast-growing regional small and mid-cap companies. Avaron's investment team consists of highly dedicated professionals having profound knowledge of the region and extensive experience in investing there. Avaron is an independent asset management firm fully owned by its partners.

WebSite: www.avaron.com

Fund managers >>

Kristel Kivinurm-Priisalm – Managing Partner & Fund Manager

She participated in the launch of Avaron in 2007. Kristel is a member of Avaron’s investment committee. In addition, she handles Avaron’s institutional client relationships. She joined Trigon Capital in 1997. She started out as an analyst in Trigon’s corporate finance team but joined the firm’s asset management division in 1999 and headed the unit from 2002 until 2007.

Toomas Reisenbuk – Partner, Investment Strategy/CIO

He participated in the launch of Avaron in 2007. He chairs Avaron investment committee. Before joining Avaron, Toomas worked as CIO and fund manager in Trigon Capital’s asset management unit from 1999-2007. He has also worked as an analyst for EBRD and as Head of Research in Handelsbanken Estonia.

Valdur Jaht – Partner, Fund Manager

He participated in the launch of Avaron in 2007. In Avaron he focuses on the Balkan countries he has frequently visited since 2003. Valdur is an eminent member of Avaron investment committee. Prior to joining Avaron, Valdur worked as a fund manager with Trigon Capital where he also worked with mentioned Balkan markets (2003-2007), and as an accountant and financial analyst (2000-2003).

Aadu Oja – Partner, Fund Manager

He participated in the launch of Avaron in 2007. He manages Avaron’s funds and discretionary accounts and is a member of Avaron investment committee. His experience of investing in equities commenced in 1997 when he joined Trigon to set up its asset management unit. In 2001-2005 was responsible for the pension funds’ investments. Prior to joining Trigon in 1997, Aadu worked as a Chief Financial Officer in an Estonian company.

Track of the team:

Based on Avaron funds and other funds managed by the team before the launch of Avaron.

2000	21,0%
2001	-2,2%
2002	12,0%
2003	24,2%
2004	41,3%
2005	26,2%
2006	24,6%
2007	6,1%

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