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August 2015 Marketing material Schroder International Selection Fund European Equity Alpha Schroder ISF* European Equity Alpha seeks to identify mis-priced opportunities in pan-European equity securities. The fund exploits these market inefficiencies through the considered application of extensive, rigorous and proprietary research. It aims to outperform the MSCI Europe (NR) index over 3-year rolling periods. Why invest? –– Adopts a ‘best ideas’ approach with a strong value bias, which is backed by in-depth, stock-level analysis –– Fully diversified across country, sector, company and market cap –– Takes a flexible, unconstrained approach to find the best opportunities, Asset class wherever they may arise –– Benefits from bottom-up portfolio construction, guided by rigorous company analysis –– Uses advanced valuation screens to help identify neglected areas of the market Bonds 3 Equities Alternatives Investment style d en Bl Valu e Key highlights Conviction and diversification In order for a stock to have a meaningful contribution to overall portfolio performance, it needs to be held with conviction. We invest across the market-cap spectrum and take note of any liquidity risks associated with small-cap companies ensuring this is adequately compensated by the risk/return profile. The portfolio typically holds 40-50 stocks at any given time, offering diversification without dilution. Property C iu S m a ll m C p a rge Cap La ap –– Established, experienced team supported by extensive investment capabilities. Me d An unconstrained approach The fund is unconstrained in approach, and therefore is able to invest regardless of index allocation. This means that we are able to locate the best opportunities, at any given time. Portfolio construction has a strong contrarian value bias. Rigorous, in-depth research Quantitative screens are used initially to generate investment ideas. The investment team conducts extensive, rigorous and proprietary research which is aimed at identifying stocks that trade at a material discount to our assessment of intrinsic value. The majority of our research is generated by the portfolio management team itself, and supplemented by our extensive team of analysts. Moreover, the investment team is also able to leverage the research generated by Schroders’ European and UK sector analysts. G ro w t h Fund Manager Jamie Lowry – European Equity Fund Manager Jamie took over the management of the fund in 2010, having been the co-manager for the previous three years. He has been with Schroders for over 8 years, originally joining as an equity analyst on the European Equity Team. Jamie holds a degree in Financial and Business Economics from Royal Holloway College, University of London and is a Chartered Financial Analyst (CFA). Source: Schroders, as at 31 July 2015. *Schroder International Selection Fund is referred to as Schroder ISF throughout this document. Schroder International Selection Fund European Equity Alpha Investment process Schroders’ awards Idea generation – the ‘Search Strategy’ Given the breath of the opportunity set available, the fund employs a multi-faceted approach to idea generation, including quantitative screening, internal analysts’ ideas and third party research. 2014 Traditional valuation-based screens The fund employs a number of valuation screens based on academically proven investment strategies. Examples include low price to historical free cash flow generation and low enterprise value to sales in relation to historical levels of profitability. rewarding excellence in business Special Commendation Source: Management Today, ‘Britain’s Most Admired Company’, 2013/2014; Investment Europe ‘Investment Group of the year’ 2014; Funds Europe Awards, special Commendation for European Asset Management Company (AUM over €20bn); Portfolio Adviser ‘Readers’ Choice Award’, Fund Awards 2014. Underperformance screens Numerous academic studies have shown the existence of persistently underperforming stocks subsequently becoming superior investments. Fundamental research Once an idea has passed the initial screening stage, the fund manager will perform detailed research into the company, its history, financials and market position. Fund rating Determining intrinsic value The objective of fundamental research is ultimately to determine a company’s intrinsic value. Source for rating: Morningstar, rating awarded to the A Acc share class, as at 31 July 2015. Margin of safety During the process, significant weight is given to the potential downside risks of each investment candidate. Source: Schroders, as at July 2015. To learn more about Schroders’ Luxembourg domiciled fund ranges, visit: Risk considerations www.schroders.lu –– The capital is not guaranteed –– Investments denominated in a currency other than that of the share-class may not be hedged. The market movements between those currencies will impact the share-class –– Investments in small companies can be difficult to sell quickly which may affect the value of the fund and, in extreme market conditions, its ability to meet redemption requests upon demand –– The fund will not hedge its market risk in a down cycle. The value of the fund will move About Schroders €437.4bn managed across equities, fixed income, multi-asset, alternatives and real estate. similarly to the markets –– The fund may hold large positions in a particular investment and if market declines or the issuer defaults, then the fund will be adversely affected. An extensive global network of 3,600+ employees. Key information ISIN code LU0161305163 Bloomberg code SISEEAA:LX Date of inception 31 January 2003 Fund currency EUR Benchmark MSCI Europe (Net return) Entry charge Over 200 years’ experience of investment markets. Source: Schroders, as at 30 June 2015. Up to 5.00% of the total subscription amount Ongoing charges (latest available) 1 Performance fee 37 offices in 27 countries across Europe, the Americas, Asia and the Middle East. 1.91% 15% of the fund’s outperformance of MSCI Europe Index, subject to high water mark All information in the table above is for the A Accumulation share class, for further share class information please see the Prospectus. Source for rating: Fitch, ‘Highest Standards’ awarded to Schroders on 1 April 2015. 1 The ongoing charges figure is based on the last year’s expenses for the year ending April 2015 and may vary from year to year. Important information: This document does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for shares of Schroder International Selection Fund (the “Company”). Nothing in this document should be construed as advice and is therefore not a recommendation to buy or sell shares. Subscriptions for shares of the Company can only be made on the basis of its latest Key Investor Information Document and prospectus, together with the latest audited annual report (and subsequent unaudited semi-annual report, if published), copies of which can be obtained, free of charge, from Schroder Investment Management (Luxembourg) S.A. The Company is a Luxembourg-registered UCITS recognised in the UK under Section 264 of the Financial Services and Markets Act 2000. There will be no right to cancel any agreement to purchase shares under section 6.7 of the UK Financial Services Conduct of Business Sourcebook. All or most of the protection provided by the UK regulatory system does not apply to investments in the Company and compensation will not be available under the UK Financial Services Compensation Scheme. An investment in the Company entails risks, which are fully described in the prospectus. Past performance is not a reliable indicator of future results, prices of shares and the income from them may fall as well as rise and investors may not get the amount originally invested. Schroders has expressed its own views and opinions in this document and these may change. This document is issued by Schroder Investment Management Ltd., 31, Gresham Street, EC2V 7QA, who is authorised and regulated by the Financial Conduct Authority. For your security, communications may be taped or monitored. w47545