Company Presentation - Aquila Capital · Company preSentation | © aquila Capital 2011 6 Megatrends...

Company PresentationSeptember 2011

2Company preSentation | © aquila Capital 2011

Content

1 3

The AquilaGroup

Our EdgeFinancialAssets

Network FundManagers

Counter-parties

Megatrends of the Early 21st Century

MissionStatement

History InvestmentSolutions

RealAssets

Summary Contact

OrganizationKey

RolesAwards

5 7 9 11 13 15 17 19 212 4 6 8 10 12 14 16 18 20


The Aquila Group

THE THREE PILLARS OF THE AQUILA GROUP

aquila CapitalAlternative Asset Management

Independent Asset Manager with focus on alternative and non-traditional investments.

Over 60 investment specialists manage a diversified family of absolute return and real asset funds with a total of 2.8 bn Euro assets under management.

alceda Fund managementTailor-Made Structuring

CSSF-licensed, Luxemburg-based fund ma-nagement and securitisation company. Alceda is a one-stop-shop for tailormade structuring and securitisation solutions. A team of over 55 industry experts adminis-ters over 7 bn Euro for Aquila Capital and renowned institutional investors worldwide.

aq CapitalFinancial Services

Via its investments, AQ Capital offers a range of financial services, including trading, risk management and carbon neutrality.

Additionally, AQ Capital invests in compa-nies in the climate change space.

The Aquila Group specializes on asset management and investment services.Three independent domains form the scope of the company.

Aquila was founded in 2001 by Dr. Dieter Rentsch (formerly MunichRe) and Roman Rosslenbroich (formerly Salomon Brothers).The owned-and-operated company is Germany‘s leading bank-independent specialist for alternative investments.


Mission Statement

THE ALTERnATIvE InvESTMEnT COMPAny

Aquila Capital is a researcher, structurer and manager of next-generation alternative and non-traditional investments.

We aim to deliver strong and lasting solutions for a world dominated by change, utilizing a selection of world-class experts and a multi-asset, multi-manager approach. In doing so, Aquila Capital operates in the tradition of hanseatic merchants. All members of Aquila Capital are committed to sus-tainable entrepreneurial success.

The partnership with investors is a key asset in our long-term growth stra-tegy. We ensure an alignment of interests with investors by always investing alongside them in our products.

We strive to fulfil the needs of our investors by focusing on clear strategies, strong partners, transparency and liquidity.


Mission Statement

THE OnLy COnSTAnT IS CHAnGE

The world population is growing by more than 200,000 people every day. Global political and financial powershare shifting. Former developing countries rise to become industrial nations.

At the same time, natural resources are becoming increasingly scarce, and greenhouse gas emissions rise unabatedly. The financial industry is experi-encing a paradigm-shift. Buy and Hold strategies are no longer successful.

One thing is certain: Conventional methods fail in the face of the tremen-dous challenges inherent to these megatrends. Investors, too, will encoun-ter radical changes.

Aquila Capital focuses on the opportunities that a changing world offers. Since the beginning of the century, we translate global trends into innova-tive and sustainable investment solutions.



EXPOnEnTIAL GROWTH In A LIMITED SySTEM

The UN expects the global population to grow by an additional 3 billion people by 2050. Since the beginning of the Industrial Revolution, the popu-lation grew tenfold, production grew 15-fold, re-source consumption grew 100-fold.

Development of the Global population

Investments in Real Assets that are driven by scarcity and offer operational cash flows.

10

8

6

4

2

0

Glo

bal

po

pu

lati

on

(b

n)

-1000 -400 200 800 1400 2000 2200

Source: United Nations

UN-Prognosis



THE EnD OF THE GOLDEn FInAnCIAL AGE

A 25-year bond and equity boom has come to an end. US $ 10 trillon needed to be invested as Finan-cial aid in a short unknown period of time.

What is certain: Conventional investment manage-ment will fail in the face of our changing landscape.

Investments in Absolute Return, uncorrelated strategies and emerging markets.

total Financial assets as a percentage of uS-GDp

Quelle: BCA Research; Aquila Capital Research

1 100

1 000

900

800

700

600

500

400

in %

1960 1970 1980 1990 2000 2010

?

?

Paul Volcker becomes head of the Federal Reserve

Subprime Mortgage Crisis


Our Edge

RESEARCH-DRIvEn, EAGLE‘S EyE vIEW

Primary research enables Aquila Capital to spot trends early and pioneer green asset and absolute return strategies,available to discerning institutional and private Investors. Examples:

MULTI-ASSET/MULTI-MAnAGER

Each early mover position gained from our research is realized comprehensively, following a multi-asset/multi-manager approach.

1. Germantotal return Fund

1. industrial metals-/asia real estate- / asia

Currency Baskets (2003)

1. GermanClimate Change Fund

1. Germantimber Fund

1. Germanagriculture Fund

1. GermanHydropower Fund


Key Milestones

2001 2003 2005 2007 2009 2011

2002 2004 2006 2008 2010

AC Pharos Evolution �Fund (UCITS III)

AC Triple Alpha Fixed �Income Fund (UCITS III)

New Office in Cologne �1 � st Timber Fund

Industrial Metals Basket �

Asia Real Estate Basket �

1 � st Solar Fund

AC Branca Tactical Fund �

New Office �in Fielding, NZ

AC Risk Parity Fund �(UCITS III)

1 � st Agricultural Fund

New Office in Munich �

AC Pharos Strategy �

1 � st Climate Change Fund

AC Risk Parity FundAC Triple Alpha Strategy �

AC Multistrategy Fund �

Founded by Dr. Dieter Rentsch & Roman Rosslenbroich

New Office in Frankfurt

AC Branca �Classic Fund

AC Spectrum Fund �


network

Mumbai

São Paulo

Climate Change

Timber

Timber

Timber

AgricultureTimber

Agriculture

Agriculture

Shipping

Branches (Aquila Group)

Associated Managers

Projects

Feilding

Tromsø

Hamburg (Headquarter)

Milano

MunichFrankfurt

London

Luxembourg

Zurich

Copenhagen

Sofia

Singapore


Organisation

Associated Manager

Advisory Board Dr. Herbert Walter, Prof. Dr. Dennis Meadows, Florence Lombard, Dr. Axel Wieandt

Executive BoardDr. Dieter Rentsch (CIO); Roman Rosslenbroich (CEO); Jost Rodewald (COO)

Investment ManagementDr. Dieter Rentsch; Roman Rosslenbroich

Andreas IskeFund Management

Pharos Strategy

Short Term Managed Futures

Claus ReinhardtSystem Development

+2

Dr. Dieter RentschFund Management

Distressed Debt

EnFund Management

Fund of Hedge Funds

Bernardino BrancaFund Management

Arnaldo RadovixPortfolio Analysis

Lorenzo PizzuttiPortfolio Analysis

Quant Team

Dr. Dieter RentschFund Management

Harold HeuschmidtHead of Quant

Fund Management

Dr. Helder PalaroSenior Researcher

Prof. Dr. Joëlle MiffreScientific Advisor

Dr. Jan AuspurgFund Management

Sven Schmidt Fund Management

Gerrit MeyerFund Management

Dr. Peter KohlertFund Management

Hristo Dinchev + 9

System Development+ 5

Real Assets

Detlef SchönFund Management

Agriculture

H.-J. Kaiser-BlumFund Management

Shipping

Jan Erik SchulienFund Management

Hydro Power

Boris BeltermannFund Management

Renewables

Albert KnuthFund Management

Real Asset Execution

First ClimateFund Management

Climate Change

IWCFund Management

Timber

+ 5

Risk Management & Investment Operations

Jost RodewaldCOO

Holger HerberHead of Investment

Operations

Thorsten DöringHead of Investment

Controlling

S. SchwarzschulzInvestment Operations

Compliance / Legal

Ralf EllerbrokHead of Legal

Sarah BollhornCompliance

Ralph GröneCompliance/Audit

+ 3 + 8

Trading

norman HartmannHead of Trading

Christoffer WinterTrading

Jan RabeTrading

Jan Große-SandermannTrading

Sandro SchmidlinTrading

Stefanie AhrendtTrading

+ 4 + 6

OperationsJost Rodewald (COO)

Prof. Dr. Harry M. KatHead of Quant Research

Real Assets Structuring

Cristina BülowHead of Structuring

Boris BeltermannFund Structuring

Carsten HerzogFund Structuring

Albert KnuthFund Management

Real Asset Execution

Jens LeidingFund Structuring

Jan-Erik SchulienFund Structuring

+ 4

Marco ColomboPortfolio Analysis

Rainer JungHead of Risk Management


Assets under Management

AUM GROWTH (EUR)

GEOGRAPHIC SPLIT

SEGMEnTS

CLIEnT GROUPS (as % of Assets under Management)

Germany, Switzerland, Austria 65 %

Other 10 %

Middle East 5 %

Asia 10 %

UK / US 10 %

Real Assets 30 %

Financial Assets 70 %

2001

10 m

2011

2.8 bn

2010

2.3 bn

2009

1.9 bn

2008

1.6 bn

2007

1.0 bn

2006

500 m

Family Offices, Private banks,Asset Managers 30 %

Institutional (Pension Funds, Insurance

Companies, Corporates, Endowments) 30 %

Independent Financial Advisors 10 %

Banks & Saving Banks 15 %

Investment Funds 15 %


Financial Assets (Selection)

MAnAGED FUTURES MARKET nEUTRAL MULTI MAnAGER

The AC Pharos Strategy employs short-term managed futures trading to profit in both rising and falling markets, and take advan-tage of even slight trends. The strategy can provide particularly effective diversifica-tion in conventional portfolios, allowing it to generate potentially substantial returns in periods of heightened market volatility. Now also available as a UCITS-III fund with daily liquidity.

The AC AC Risk Parity Fund follows a mul-ti-asset strategy, optimizing allocations to all liquid, non-correlated asset classes that offer a risk premium. The Risk Parity Fund effectively uses the innovative FundCrea-tor risk management system developed by Prof. Harry M. Kat of the Cass Business School of London. The UCITS-III Fund of-fers daily liquidity and is available in 12- and 7%-volatility versions.

The AC Branca Tactical Fund is a UCITS-III Fund of Absolute Return funds that invests in CTA/Managed Futures, Global Macro, Long/Short-Equity and Statistical Arbitrage funds. Due to careful selection and risk control of the target funds the fund has been able to perform consistently and inde-pendently from traditional asset classes. As a true “all-weather” investment, the strat-egy was able to generate returns during al-most all phases of the market proving to be completely resilient to crisis during its past six-year track record*.


Real Assets (Selection)

AGRICULTURE CLIMATE CHAnGE TIMBER

Investors profit from the increasing va-lue of investments in agricultural land by transfering proven, cost effective and low input production systems as well as from operational farming cash flows. The funds diversify across agricultural sectors (grains, dairy products, beef, sugar cane) and re-gions (Oceania, South America). Fund manager Detlef Schoen, head of Aquila Capital Green Assets, has more than 30 years in the international agribusiness.

Our Climate Change funds are the gate-way for direct investments in Kyoto mech-anisms. The funds generate UN confirmed CO2 emission rights in emerging countries, which are transferred to Europe in a legally binding framework. First Climate, the lead-ing Europaen specialist for processes with-in the Kyoto framework acts as investment advisor.

Timber is the world’s third largest com-modity and an asset class with “biological compound interest” (added value by ag-ing). Demand is increasing for timer-relat-ed consumer goods, especially in emerging markets. Moreover, trees are unaffected by global economic conditions. Our timber portfolios are globally diversified. The Inter-national Woodland Company (IWC), of the world‘s leading consulting firms for diversi-fied forest investments, acts as investment advisor.


Key Figures

DR. DIETER REnTSCH, CIOPrincipal/Co-founder of Aquila Capital in charge of investment strategy. As Chief Investment Officer, Dr. Rentsch specializes in identifying global trends and turning them into intelligent investment solutions. Before founding Aquila Capital, Dr. Rentsch headed up the macro research function at MEAG.

ROMAn ROSSLEnBROICH, CEOPrincipal/Co-founder of Aquila Capital in charge of strategic alignment and operations. Mr. Rosslenbroich’s work involves creating new markets and hunting for the most successful managers. Before founding Aquila Capital, he was head of the Fixed Income Rates Group at Salomon Brothers, Germany.

JOST RODEWALD, COOAs COO, Jost Rodewald is responsible for business administration, structuring and risk management for the firm. Previously, he was with DZ BANK International S.A. in Luxemburg, in charge of product set-up and fund project coordination.


Fund Managers

HAROLD HEUSCHMIDTHarold Heuschmidt is the head manager of the Risk Parity fund series. With over 20 years of experience in the financial markets, Harold is responsible for strategy develop-ment and implementation since inception in 2004. Previously, he was with American Express in London and Frankfurt, Morgan Stanley Equity Derivatives in New York and London and Credit Suisse First Boston Equity Derivatives in London.

AnDREAS ISKETeam Head for Managed Futures Strategies since March 2006. With over 15 years of experience in the capital markets, Mr. Iske has been responsible for the AC Pharos strategy since in-ception in 2001. Formerly he was with Dresdner Kleinwort Benson as quantitative analyst and Conservative Concept as portfolio manager.

DETLEF SCHÖnCEO of Aquila Capital Green Assets, responsible for portfolio management. After completing a degree in agronomics, Detlef held a range of positions at international agribusi-ness companies, including Managing Director of Cargill’s European Commodities Merchandizing Division and Managing Director of Internatio-nal Grains at NIDERA. Detlef is also running his own farm since ‘91 and held several non-executive positions and supervisory board appointments.

BERnARDInO BRAnCABernardino Branca is pioneer in the European hedge fund business and director of the Branca family office (Fernet Branca) based in Milan. Mr. Branca oversees Aquila Capital’s multistrategy funds operations. He enjoys a hugely successful track record in hedge fund management going back to the mid-1990s.

DR. JAn AUSPURGDr. Jan Auspurg is a fund manager within Aquila Capital's quant team. Dr. Auspurg holds a doctorate in Management (Dr. oec. HSG) from the University of St. Gallen, Switzerland and has over 20 years of financial market experience. Previously, Dr. Auspurg worked for Salomon Brothers/Citigroup in Zurich and London, Bankers Trust in Zurich, J.P. Morgan in Zurich and London and Swiss Volksbank in Zurich.


Investment Advisory Board

This group of experts offers strategic advise to Aquila Group. The advisory board also deals with subjects such as corporate governance and sustainabilityand enriches the Group with its outstanding expertise on finance, economy and politics.

DR. HERBERT WALTERDr. Herbert Walter, former Chairman of the Executive Board of Dresdner Bank, is the Chairman of the advisory board. Dr. Herbert Walter brings almost 30 years of experience in the financial sector to the advisory board. The graduate banker managed the private custo-mer section of Deutsche Bank, chaired the Executive Board of Dresdner Bank and was a member of the Executive Board of Allianz AG from 2003 to 2009.

PROF. DR. DEnnIS MEADOWSProf. Dr. Meadows, system analyst, published the study “Limits to growth” in 1972, which had been commissioned by the Club of Rome. The study on the consequences of unlimited growth – published in more than 40 countries, translated into 18 languages – has been updated twice in the meantime, the last update being in 2006. Today, Prof. Dr. Meadows is seen as the father of the sustainability movement. In the future, Prof. Dr. Meadows will assist the Aquila Group in the early identification of macro issues and help translate these into sustainable capital investments.

FLOREnCE LOMBARDFlorence Lombard, founding member and former head of the Alternative Investment Management Association (AIMA), is a member of Aquila‘s advisory board since 2010. In addition, Ms. Lombard is a co-founder and inaugural member of the Board of Directors of the Chartered Alternative Investment Association (CAIA). Florence Lombard has a wealth of experience in the international investment industry and benefits from a broad international network.

DR. AXEL WIEAnDTDr. Axel Wieandt is one of Germany‘s most successful bank managers. After completing his business degree and PhD at the WHU in Germany, Mr. Wieandt held positions at McKin-sey and Morgan Stanley. In 2000 he joined Deutsche Bank as one of the bank‘s youngest executive managers, where he headed up the corporate development division and acted as Global Head of Corporate Investments from 2003.Following a two-year period as a chairman of the Hypo Real Estate Holding AG, Mr. Wieandt returned to Deutsche Bank in 2010, where he currently is responsible for integration issues. In 2011, he joined the board of Credit Suisse Germany/Austria, where he oversees the financial services division.


Summary

WHy AQUILA?

aquila Capital is a pioneer and forerunner for alternativeinvestment solutions in the German-speaking world.

As the leading bank-independent specialist, we cultivate the following values:

Sharp eyes for spotting and capitalising on trends �Turning the obstacles of climate change, global growth and financial �stress into opportunities by focusing on green assets, absolute return strategies and multi asset class managementProven multi-asset, multi-manager approach utilizing world class man- �agers and genuinely market-independent, sector-leading strategies, allowing us to steer through even the harshest conditionsSolid and stress-resistant operational backbone, sophisticated team �of industry expertsAdhering to the core values of hanseatic tradition and conservative �Hamburg business ethics


Counterparties

AUDITORSErnst & Young �www.ey.comPriceWaterhouseCoopers �www.pwc.com/luBDO �www.bdo.de

ATTORnEySDechert �www.dechert.comClifford Chance �www.clifford-chance.comHeuking Kühn Lüer Wojtek �www.heuking.deCMS Hasche Sigle �www.cms-hs.com

CUSTODIAnSSEB Luxemburg �www.seb.seHSBC Trinkaus & Burkhardt International �www.hscbtrinkaus.luCommerzbank AG �www.commerzbank.de

ADMInISTRATORSValetta Fund Services �www.vfs.com.mtCustom House �www.customhouse-group.com

MEMBERSHIPSAlternative Investment Management �Association (AIMA) www.aima.orgBundesanstalt für Finanz- �dienstleistungsaufsicht (BaFin) www.bafin.deBundesverband Alternative �Investments (BAI) www.bvai.deVerband unabhängiger �Vermögensverwalter (VuV) www.vuv.deUN Environment Programme �Finance Initiative (UNEP FI) www.forum-ng.orgForum Nachhaltige �Geldanlagen (FNG) www.forum-ng.orgVerband Geschlossene Fonds �www.vgf-online.de

Awards

AWARDS & RATInGS


The Aquila Group is a 100% carbon neutral member of the

UNEP Finance Initiative, the United Nations‘ Environmental Programme.

NominationBest Issuing House for Specialty Funds

Feri Awards 2010

European Hedge Fund Firm of the YearFunds Europe Awards 2010

1st Prize€uro Fund Award 2011

AC Risk Parity Fund

1st PrizeIBC Annual Hedge Fund Award 2008Aquila Vol Opportunity (Pharos Family)

AAA-TELOS Fund Rating 2010

AC Risk Parity Fund

AAA-TELOS Fund Rating 2009

AC Risk Parity Fund

AA+TELOS Fund Rating 2009

AC Triple Alpha Fund

SCOPE Investment RatingAC Pharos Certificate

AAASCOPE Credit Rating

Alceda StarFREE Certificates

Best Carbon Markets Fund ManagerWestern Europe

Carbon Market Awards 2011

AAA-TELOS Fund Rating 2009AC Pharos Evolution Fund


Contact

This document exists for information purposes only and does not constitute an offer or a solici-

tation of an offer for the product presented and may not be used as an offer or solicitation. Sole

basis for the purchase of shares are the offering documents of the respective funds (the latest of-

fering memorandum, the latest statement of accounts and – if older than 8 months – the latest

mid-year review; issuing documents for certificates).

Past performance results are no indication of future results. Especially performance results referring

to a period of less than twelve months (Year-to-date-performance, start of investment fund within

the last twelve months) are no reliable indicator for future results due to the short comparison pe-

riod. Issuance and redemption commissions are not included in the performance figures.

Forward-looking statements are based on assumptions. Since all assumptions, predictions and

statements simply reflect the current view of future events, they quite naturally are subject to in-

herent risks and uncertainties. All figures and information are given without any warranty and er-

rors are reserved. This document is for information only. It does not represent an offer for the pur-

chase or sale of the products.

Ferdinandstraße 25 – 2720095 HamburgGermany

Tel.: +49 (0)40 411 619-100Fax: +49 (0)40 411 619-129E-Mail: [email protected]

www.aquila-capital.de

AQUILA CAPITAL DISCLAIMER

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Company Presentation - Aquila Capital · Company preSentation | © aquila Capital 2011 6 Megatrends...

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