{{i}}
Discrete Performance Periods in %
{{i}}
Calendar Year Performance Periods in %
{{i}}
Returns are gross of PM and adm. fees
All figures are in selected currency and based on monthly data


Macquarie Investment Management Europe S.A. claims compliance with the Global Investment Performance Standards (GIPS®). For the purpose of complying with the GIPS standards, the ”Firm” is defined as Macquarie Investment Management Europe S.A. based in the Grand Duchy of Luxembourg. The Firm is regulated by the Luxembourg supervisory authority CSSF. Macquarie Investment Management Europe S.A. manages and provides investment advice for Global equities and Japan equities, exclusively according to the principles of value investing.

The ValueInvest, Global Composite was created and presented for the first time as at December 31, 2004. The ValueInvest Global Composite includes investment portfolios that the firm advises or manages on behalf of clients and investors according to the ValueInvest Global Equity strategy. Portfolios are invested in a broad range of transferable international equities and tend to be exposed to larger companies. The use of leverage, derivatives and short positions is prohibited.

Performance data quoted represents past performance, which is no guarantee of future results. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Clients and investors should be aware that these returns were primarily achieved during favourable equity market conditions. Returns are calculated in EUR and include currency fluctuations. Composite returns are presented gross of the fees: performances are stated before management fees, but after transaction costs. Except a non-refundable tax on dividends, returns include no other tax.

MSCI World is used as reference index. The reference index is calculated with net dividends reinvested and is used for comparative purposes only.

To receive a list of composite descriptions of Macquarie Investment Management Europe S.A. and/or a presentation that complies with the GIPS standards, contact Angela Schroeder at +352 315155 – 24 or write Macquarie Investment Management Europe S.A., 36, rue Marie-Adelaïde, L-2128 Luxembourg, or 
info@valueinvest.lu.
 
{{i}}
Discrete Performance Periods in %
{{i}}
Calendar Year Performance Periods in %
{{i}}
Returns are gross of PM and adm. fees
All figures are in selected currency and based on monthly data


Macquarie Investment Management Europe S.A. claims compliance with the Global Investment Performance Standards (GIPS®). For the purpose of complying with the GIPS standards, the ”Firm” is defined as Macquarie Investment Management Europe S.A. based in the Grand Duchy of Luxembourg. The Firm is regulated by the Luxembourg supervisory authority CSSF. Macquarie Investment Management Europe S.A. manages and provides investment advice for Global equities and Japan equities, exclusively according to the principles of value investing.

The ValueInvest, Global Composite was created and presented for the first time as at December 31, 2004. The ValueInvest Global Composite includes investment portfolios that the firm advises or manages on behalf of clients and investors according to the ValueInvest Global Equity strategy. Portfolios are invested in a broad range of transferable international equities and tend to be exposed to larger companies. The use of leverage, derivatives and short positions is prohibited.

Performance data quoted represents past performance, which is no guarantee of future results. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Clients and investors should be aware that these returns were primarily achieved during favourable equity market conditions. Returns are calculated in EUR and include currency fluctuations. Composite returns are presented gross of the fees: performances are stated before management fees, but after transaction costs. Except a non-refundable tax on dividends, returns include no other tax.

MSCI World is used as reference index. The reference index is calculated with net dividends reinvested and is used for comparative purposes only.

To receive a list of composite descriptions of Macquarie Investment Management Europe S.A. and/or a presentation that complies with the GIPS standards, contact Angela Schroeder at +352 315155 – 24 or write Macquarie Investment Management Europe S.A., 36, rue Marie-Adelaïde, L-2128 Luxembourg, or 
info@valueinvest.lu.
 
{{i}}
Discrete Performance Periods in %
{{i}}
Calendar Year Performance Periods in %
{{i}}
Returns are gross of PM and adm. fees
All figures are in selected currency and based on monthly data


Macquarie Investment Management Europe S.A. claims compliance with the Global Investment Performance Standards (GIPS®). For the purpose of complying with the GIPS standards, the ”Firm” is defined as Macquarie Investment Management Europe S.A., based in the Grand Duchy of Luxembourg. The Firm is regulated by the Luxembourg supervisory authority CSSF. Macquarie Investment Management Europe S.A. manages and provides investment advice for Global equities and Japan equities, exclusively according to the principles of value investing.

The ValueInvest, Japan Composite was created and presented for the first time as at December 31, 2004. The ValueInvest Japan Composite includes investment portfolios that the firm advises or manages on behalf of clients and investors according to the ValueInvest Japan Equity strategy. Portfolios are invested in a broad range of transferable international equities and tend to be exposed to larger companies. The use of leverage, derivatives and short positions is prohibited.

Performance data quoted represents past performance, which is no guarantee of future results. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Clients and investors should be aware that these returns were primarily achieved during favourable equity market conditions. Returns are calculated in EUR and include currency fluctuations. Composite returns are presented gross of the fees: performances are stated before management fees, but after transaction costs. Except a non-refundable tax on dividends, returns include no other tax.

MSCI Japan is used as reference index. The reference index is calculated with net dividends reinvested and is used for comparative purposes only.

To receive a list of composite descriptions of Macquarie Investment Management Europe S.A. and/or a presentation that complies with the GIPS standards, contact Angela Schroeder at +352 315155 – 24 or write Macquarie Investment Management Europe S.A., 36, rue Marie-Adelaïde, L-2128 Luxembourg, or 
info@valueinvest.lu.
{{i}}
Discrete Performance Periods in %
{{i}}
Calendar Year Performance Periods in %
{{i}}
Returns are gross of PM and adm. fees
All figures are in selected currency and based on monthly data


Macquarie Investment Management Europe S.A. claims compliance with the Global Investment Performance Standards (GIPS®). For the purpose of complying with the GIPS standards, the ”Firm” is defined as Macquarie Investment Management Europe S.A., based in the Grand Duchy of Luxembourg. The Firm is regulated by the Luxembourg supervisory authority CSSF. Macquarie Investment Management Europe S.A. manages and provides investment advice for Global equities and Japan equities, exclusively according to the principles of value investing.

The ValueInvest, Japan Composite was created and presented for the first time as at December 31, 2004. The ValueInvest Japan Composite includes investment portfolios that the firm advises or manages on behalf of clients and investors according to the ValueInvest Japan Equity strategy. Portfolios are invested in a broad range of transferable international equities and tend to be exposed to larger companies. The use of leverage, derivatives and short positions is prohibited.

Performance data quoted represents past performance, which is no guarantee of future results. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Clients and investors should be aware that these returns were primarily achieved during favourable equity market conditions. Returns are calculated in EUR and include currency fluctuations. Composite returns are presented gross of the fees: performances are stated before management fees, but after transaction costs. Except a non-refundable tax on dividends, returns include no other tax.

MSCI Japan is used as reference index. The reference index is calculated with net dividends reinvested and is used for comparative purposes only.

To receive a list of composite descriptions of Macquarie Investment Management Europe S.A. and/or a presentation that complies with the GIPS standards, contact Angela Schroeder at +352 315155 – 24 or write Macquarie Investment Management Europe S.A., 36, rue Marie-Adelaïde, L-2128 Luxembourg, or
info@valueinvest.lu.