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CONFIDENTIAL

Flagship Strategy: Diversified and Concentrated February 2012

Chilton Investment Company


Founded in July 1992 by Richard L. Chilton, Jr. Investment Advisor registered with securities regulators in the US, UK, and Hong Kong Over 100 employees in New York, Stamford, London, Hong Kong & Beijing $6.0 billion in AUM across eight strategies:
London Hong Kong Beijing Stamford

New York

Chilton Strategies Flagship Strategy


European Equities Small Cap Equities Global Natural Resources Asian Equities Hedged U.S. Equities Multi-Strategy UCITS Global Fund

Diversified Concentrated

Pan-Asia Pacific China Opportunities

Net Annualized Performance (CAGR) 14.1% 16.7% 6.3% 10.7% 6.9% 3.0% 10.4% 7.9% 3.2%
--

Inception Date
Jul 1992 Oct 1994 Mar 1999 Jan 2002 Aug 2005 Jan 2007 Jan 2007 Jan 2011 Jan 2007 Nov 2011

Net performance results are since inception of each strategy through January 31, 2012. Figures are estimated for the most recent month in range. Statistics are based on monthly data. Please see "Important Disclosures" for additional information concerning these figures. Please see page 5 for more detailed performance information including certain relevant benchmarks.

The Chilton Team


Investment Research
31 Investment Professionals 6 Portfolio Managers and 25 Dedicated Analysts
Richard L. Chilton, Jr., PM of Flagship Strategies Frederic Gautier, PM of European Equities Daniel Szemis, PM of Small Cap Equities Leigh Goehring, PM of Global Natural Resources Kenneth Chiang, PM of Asian Equities Robert Williamson, PM of Hedged U.S. Equities

Risk Management 6 Person Portfolio Risk Committee


Michael Clark, President, COO & CRO

2 Person Quantitative Analytics Team Trade Execution 6 Execution Traders


Andrew Burr, Director of Trading

Client Relations 10 Professionals


Colleen Ferguson, Exec. VP Client Relations

Firm Management
9 Person Board of Directors
Richard L. Chilton, Jr., Chairman, CEO & CIO

Legal & Compliance 7 Professionals


James Steinthal, Exec. VP General Counsel

Firm Management 5 Person Executive Committee


Michael Clark, President, COO, CRO and Chairman of Executive Committee Senior leaders from key departments of the firm with over 40 years of combined experience at Chilton

Technology 11 Professionals
Jerry Goersch, Chief Information Officer

Accounting & Operations 20 Professionals


Dale Thompson, Sr. VP Chief Financial Officer

Chilton Research Platform


Global Investment Team
Portfolio Managers have autonomy and discretion over their individual strategies Analysts are a shared resource Portfolio Mangers have dedicated analysts and also draw upon the broader team Director of Research (D.o.R.) role highlights Chiltons commitment to managing a cohesive research effort
Global Natural Resources
Leigh Goehring Inception: August 2005 Nat. Resources Long/Short

Flagship Strategies
Richard L. Chilton, Jr. Inception: July 1992 Equities Long/Short

Asian Equities

Collaborative Approach
Centralized Systems
Red Alerts is a proprietary research database that captures company analysis across the firm Triple Star Recommendation is a standardized company evaluation template

Ken Chiang Inception: January 2007 Pan-Asia & China Long/Short

Chilton Research Platform


D.o.R. Jennifer Foster

Small Cap
Dan Szemis Inception: January 2002 Small Cap Long/Short

Hedged U.S. Equities


Robert Williamson Inception: January 2011 Equities Long/Short

European Equities
Frederic Gautier Inception: March 1999 Europe Long/Short

Consistent Communication
Weekly New Idea Recommendation Meeting is a chance for analysts to present their ideas to the entire research team Daily morning meeting and Daily Briefings e-mail

Strategy Statistics
Flagship European Chilton Chilton Diversified Concentrated Equities Small Cap Manager Inception AUM Team Strategy CAGR Volatility* Sharpe Ratio Best Month Worst Month 14.1% 11.3% 0.97 14.3% -15.6% 16.7% 12.9% 1.05 15.8% -14.2% 6.3% 10.0% 0.39 13.4% -9.1%
MS CI Europe

Global Natural Resources Goehring Aug 2005 $3.2bn

Asian Equities Hedged US Pan-Asia China Pacific Opportunities Equities Chiang Jan 2007 Jan 2007 $89mm $278mm Williamson Jan 2011 $49mm

MultiStrategy Committee Jan 2007 $24mm

Chilton Jul 1992 Oct 1994 $613mm $267mm

Gautier Mar 1999 $28mm

Szemis Jan 2002 $1.4bn

Shared Research Team of 25 Global Analysts

10.7% 8.5% 1.04 6.4% -6.3%

6.9% 22.9% 0.22 17.0% -21.2%


S &P Nat Res

3.0% 19.4% 0.09 16.1% -9.3%

10.4% 18.6% 0.49 20.6% -9.3%

7.9% 6.7% 1.17 3.3% -3.3%

3.2% 11.2% 0.18 10.9% -9.0%

S &P 500 Benchmark 8.3% CAGR 15.1% Volatility* 0.34 Sharpe Ratio 10.9% Best Month Worst Month -16.8%

S &P 500

R2000

GS CI

MS CI AP

MS CI China

8.2% 15.8% 0.32 10.9% -16.8%

1.5% 16.6% (0.05) 12.8% -14.2%

6.3% 21.0% 0.22 15.5% -20.8%

-4.0% 26.4% (0.22) 19.7% -28.2%

8.0% 26.4% 0.23 18.3% -25.5%

-0.3% 21.6% (0.07) 12.5% -19.7%

3.9% 33.1% 0.08 19.5% -22.9%

S&P 500 6.2% 15.2% 0.40 10.9% -7.0%

MS CI World

-0.2% 21.0% (0.07) 11.9% -19.8%

P e rfo rm a nc e figure s a re pro vide d fo r re fe re nc e purpo s e s o nly a nd do no t re pre s e nt a n o ffe r o r s ic ita tio n with re s pe c t to the purc ha s e o r s a le o f a ny s e c urity. P le a s e s e e "Im po rta nt Dis c lo s ure s ". F igure s a re e s tim a te d fo r the m o s t re c e nt m o nth. S ta tis tic s a re ba s e d o n m o nthly da ta . * R e pre s e nts a nnua lize d m o nthly s ta nda rd de via tio n s inc e inc e ptio n. AUM is e s tim a te d a s o f F e brua ry 1, 2012 . Ne t pe rfo rm a nc e re s ults a re s inc e inc e ptio n o f e a c h s tra te gy thro ugh J a nua ry 31, 2012. As ia n Equitie s pe rfo rm a nc e is s inc e inc e ptio n o f the funds o n J a nua ry 4, 2007.

The Chilton Approach


Firm Differentiators 19-year track record of generating superior risk-adjusted returns Defined and repeatable investment process Experienced investment team committed to rigorous fundamental research Mature institutional infrastructure Consistent risk management process applied across the platform Portfolios constructed to carefully balance risk / return Fundamentally driven portfolios Valuation sensitive Focus on long-term value of portfolio companies Partnership with our investors Commitment to transparency and communication with investors

Chilton Flagship Strategy Overview


A Classic Hedge Fund
Since inception, the Chilton Flagship Strategy (Diversified and Concentrated) has outperformed the benchmark with lower volatility The Flagship Strategy employs a classic hedge fund style:
Aims to consistently produce positive returns with less risk than that of the overall market Focuses on identifying the best and worst business models through fundamental bottom-up research Generally, hedges approximately 30% for every dollar long to preserve capital
Annualized Returns

30% 25% 20% 15% 10% 5% 0%

Annualized Performance Since Inception

16.7% 14.1% 8.3% 8.2%

Chilton Diversified

S&P 500

Chilton Concentrated S&P 500

20%
Annualized Volatility (Standard Deviation)

Annualized Volatility Since Inception


15.1% 15.8% 12.9% 11.3%

15% 10% 5% 0%
Chilton Diversified S&P 500

Chilton Concentrated S&P 500

Net performance results for Chilton Diversified are since inception on July 1, 1992 through December 31, 2011 and for Chilton Concentrated are since inception on October 1, 1994 through December 31, 2011. Figures are estimated for the most recent month. Statistics are based on monthly data. Please see Important Disclosure for additional information concerning these figures.

Richard L. Chilton, Jr. and the Flagship Strategy Team


A Stable and Experienced Management Team
Richard L. Chilton, Jr., Chairman and Chief Investment Officer
Richard has over 25 years of industry experience and leads a team of dedicated analysts with over 50 collective years at Chilton Richard draws upon the intellectual capital of Chiltons other investment strategies The entire research team has over two centuries of investment experience Ability to attract talent

Richard and team have acquired extensive knowledge of the securities industry, built over time through:
Researching and meeting with companies globally Developing a deep network of contacts throughout various industries Building proprietary analytics Traveling extensively to gain firsthand knowledge

The Flagship Strategy team also leverages the resources, contacts, and idea-flow of the broader Chilton research team. Chiltons philosophy of valuing individual impact and rewarding teamwork has developed a strong culture of collaboration, integrity, and creativity.

Performance Since Inception


$16,000

$14,000

$12,000

$10,000

Chilton Diversified S&P 500 Return Since Inception 1217.9% 373.5% CAGR Since Inception 14.1% 8.3% Annualized Volatility 11.3% 15.1% Chilton Concentrated S&P 500 Return Since Inception 1338.2% 283.2% CAGR Since Inception 16.6% 8.1% Annualized Volatility 13.0% 15.8%

Chilton Concentrated $14,382

Chilton Diversified $13,179

$8,000

$6,000

S&P 500 $4,735

$4,000

$2,000

$0

Net performance results and volatility for Chilton Diversified are since inception on July 1, 1992 through January 31, 2012 and for Chilton Concentrated are since inception on October 1, 1994 through January 31, 2012 and are estimated for the most recent month. Statistics are based on monthly data. Please see Important Disclosure for additional information concerning these figures.

Down-Market Performance Analysis


Avoiding Bear Markets
Since inception, Diversified and Concentrated have outperformed the S&P 500, primarily by protecting against down markets.
Chilton Diversified Annualized Quarterly Up and Down vs. S&P 500
35% 25% 15% 5% -5% -15% -25% -35% 55 Quarters S&P 500 Up -28.3% 23 Quarters S&P 500 Down -9.0% Chilton Diversified S&P 500 78 Quarters of Performance -16% -20% Chilton Diversified S&P 500 25.4% 28.3% 14.1% 8.1% 4% 0% -4% -8% -12%

Chilton Diversified vs. 10 Worst Months Performance of S&P 500

Chilton Concentrated Annualized Quarterly Up and Down vs. S&P 500


40% 30% 20% 10% 0% -10% -20% -30% -40% 47 Quarters S&P 500 Up -28.9% 22 Quarters S&P 500 Down 69 Quarters of Performance -6.3% Chilton Concentrated S&P 500 -16% -20% 16.7% 8.0% 29.4% 31.3% 4% 0% -4% -8% -12%

Chilton Concentrated vs. 10 Worst Months Performance of S&P 500

Chilton Concentrated S&P 500

Net performance results for Chilton Diversified are since inception on July 31, 1992 through January 31, 2012 and for Chilton Concentrated are since inception on October 1, 1994 through January 31, 2012. Figures are estimated for the most recent month. Statistics are based on monthly data and only include full quarters. Please see Important Disclosure for additional information concerning these figures.

The Chilton Flagship Strategy team has a proven track record of reducing the impact of the broad markets most negative performance.

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Investment Strategy and Objectives


Investment Strategy
Chilton Diversified and Concentrated are long-short strategies focused on capital appreciation by investing in a diversified portfolio, generally equity securities Value Approach: Focus on buying good business models at attractive entry points Focus on selling short business models that have poor fundamentals (e.g., weak management team, flawed business model, etc.) or whose values are linked to external factors which may lead to secular declines and/or weakening prices

Investment Objectives
We seek capital appreciation in rising markets and capital preservation in declining markets We seek to capitalize on the early identification of changes that take place within companies and industries We seek to produce consistent returns with controlled volatility We embody a long-term investment philosophy

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Capturing Excess Returns


Two Ways to Capture Alpha
Two ways to capture excess returns Longs and Shorts Through bottom-up, fundamental analysis, Chilton strives to determine the best investment opportunities in the marketplace Our portfolio managers and analysts seek not only to identify securities whose values are likely to increase, but also securities whose values are likely to decrease Generally, shorts comprise 30% of gross long position at a minimum
Exposures
160% 140% 120% 100% 80% 60% 40% 20% 0% Gross Long Gross Short

Chilton Diversified Strategy Long and Short Exposure

180% 160% 140% 120% 100% 80% 60% 40% 20% 0%

Chilton Concentrated Strategy Long and Short Exposure

Exposures

Gross Long

Gross Short

Long and short exposures are since January 1, 1998 and through January 31, 2012 for Chilton Diversified and from March 1, 1998 through January 31, 2012 for Chilton Concentrated and are estimated for the most recent month. Statistics are based on monthly data. Please see Important Disclosure for additional information concerning these figures.

Equity long-short allows Chilton to potentially capture excess returns on both sides of the market and is thus first and foremost a valuable tool for capitalizing on market dislocations.

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Shorting Philosophy
Effectively Utilizing Shorts
At Chilton, shorting is a long-term strategy. Richard Chilton and the investment team have the courage of their convictions to effectively employ shorts within the portfolio Chilton exploits three advantages of shorting: Source of Excess Return Chilton aims to create excess return by identifying companies with fundamentally challenged business models or weak management teams as well as other market dislocations to make money using shorts Natural Hedge Shorts may also provide a natural hedge to the long side of the portfolio by protecting the portfolio against downward movement in the broader market Long-side Enhancement In addition to providing downside protection, long-short strategies may increase a managers ability to capitalize on favorable pricing after a market dislocation
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Bottom-Up Research Process


Utilizing the Entire Research Platform Both the bull and bear cases are typically presented for peer review in order to thoroughly understand the upside and downside scenarios prior to making an investment decision Field Work Maintain on-going dialogue with management teams through - High ROA and cash flow - Exogenous positive change onsite and in-house visits - Seasoned management - Strong and consistent Richard Chiltons tenure and - Industry leadership earnings network provide access to potential - Multiple expansion management teams and industry - Rational business models - Competitive advantages experts Triangulated research across the value chain including Travel extensively to gain suppliers, competitors, customers, vendors, and firsthand knowledge of company industry experts operations and local markets Bottom-up Company Analysis Focuses On: Identifying company-level catalysts, secular shifts, structural changes, and/or misconceptions in the market that will drive investment returns Fundamental Research & Financial Analysis Proprietary financial modeling Identifying companies with: Universe of Equity Securities

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Target Portfolio Composition Diversified and Concentrated


Diversified Strategy
Long-short exposure Long: 100% 130% (8% max per position)* Short: Generally expected to be 30% - 60% gross short (3% max per position). Shorts typically represent at least 30% of gross long position* Diversified across all industries and sectors Generally limited to 20% of NAV* Controlled use of leverage, generally not to exceed 130% gross long* Top 10 Positions* Top 10 Long positions are generally 40-55% Top 10 Short positions are generally 25-40% Top 25 Positions* Top 25 Long positions are generally 60-80% Top 25 Short positions are generally 45-65% Actively monitored by Portfolio Risk Committee

Concentrated Strategy
Long: 100% 150% (10% max per position)* Short: Generally expected to be 30% - 60% gross short (6% max per position). Shorts typically represent at least 30% of gross long position at minimum* Diversified across all industries and sectors Generally limited to 20% NAV* Controlled use of leverage, generally not to exceed 150% gross long* Top 10 Positions* Top 10 Long positions are generally 50-65% Top 10 Short positions are generally 45-60% Top 25 Positions* Top 25 Long positions are generally 70-90% Top 25 Short positions are generally 65-85% Actively monitored by Portfolio Risk Committee

Sector Allocation

Leverage

Concentration

Liquidity

*Note: Leverage, concentration, and exposure maximums are subject to exemptions in certain circumstances.

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Diversified Portfolio Snapshot


Exposure by Product Equities Debt Physical Total Exposure by Industry Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Other Retail Telecommunication Services Utilities Total Exposure by Market Capitalization Large Cap ( > $10 billion) Mid Cap ($10 billion - $2.5 billion) Small Cap ( < $2.5 billion) N/A Total Exposure by Region United States Non-US Americas Europe Asia & Other Emerging Mkts. Total Number of Positions Long 116% 0% 0% 116% Short 60% 0% 0% 60% Net 56% 0% 0% 56%

Industry Exposure (net)


Utilities 0% Retailing 25%

Consumer Discret. 19%

24% 14% 5% 2% 2% 16% 2% 16% 0% 32% 2% 0% 116%

5% 3% 1% 7% 2% 6% 12% 4% 12% 8% 0% 0% 60%

19% 11% 4% -6% 1% 10% -10% 12% -12% 25% 2% 0% 56%

Consumer S taples 11% Other -12% Energy 4% Financials -6% Health Care Industrials 1% 10%

Materials 12%

IT -10%

Exposure by Market Capitalization (net)


94% 15% 5% 2% 116% 29% 10% 22% 0% 60% 65% 5% -17% 2% 56%
N/A 2%

S mall Cap -17%

112% 0% 5% 0% 116% 47

59% 0% 1% 0% 60% 51

52% 0% 4% 0% 56% 98

Mid Cap 5%

Large Cap 65%

Represents the portfolio characteristics of the Diversified Strategy as of January 31, 2012. Exposure figures represent long, short, and net security positions as a percentage of strategy assets. All exposure figures are unaudited, approximate and should be used for general reference only. Historical exposure is not indicative of future exposure levels.

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Concentrated Portfolio Snapshot


Exposure by Product Equities Debt Other Total Exposure by Industry Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Other Retail Telecommunication Services Utilities Total Exposure by Market Capitalization Large Cap ( > $10 billion) Mid Cap ($10 billion - $2.5 billion) Small Cap ( < $2.5 billion) N/A Total Exposure by Region United States Non-US Americas Europe Asia & Other Emerging Mkts. Total Number of Positions Long 122% 4% 0% 125% Short 69% 0% 0% 69% Net 52% 4% 0% 56%

Industry Exposure (net)


Utilities 0% Retailing 23%

Consumer Discret. 21%

27% 16% 4% 2% 2% 16% 0% 18% 4% 33% 3% 0% 125%

6% 3% 1% 7% 1% 6% 13% 4% 17% 10% 0% 0% 69%

21% 13% 3% -5% 1% 10% -13% 14% -14% 23% 3% 0% 56%

Consumer S taples 13% Energy 3% Financials -5% Health Care 1% Industrials 10%

Materials 14%

IT -13%

Exposure by Market Capitalization (net)


99% 14% 5% 6% 125% 36% 10% 23% 0% 69% 63% 4% -18% 6% 56%
N/A 6%

Small Cap -18%

118% 0% 7% 0% 125% 48

68% 0% 1% 0% 69% 51

50% 0% 5% 0% 56% 99

Mid Cap 4% Large C ap 63%

Represents the portfolio characteristics of the Concentrated Strategy as of January 31, 2012. Exposure figures represent long, short, and net security positions as a percentage of strategy assets. All exposure figures are unaudited, approximate and should be used for general reference only. Historical exposure is not indicative of future exposure levels.

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Portfolio and Operational Risk Management


Portfolio risk management overseen by the Risk Committee
Committee consists of six senior professionals who are not portfolio managers Headed by Michael Clark, President, COO, and Chief Risk Officer

The Risk Committee meets monthly and is designed to provide:


Independent oversight Active monitoring of strategy and firm level risk factors Open dialogue with each portfolio manager Accountability to guidelines

Consistent risk management process applied to each strategy


Prevent unintended risks by combining top-down macro analysis with bottom-up portfolio construction Monitor each portfolio for current risk and factor exposures Analyze consistency of Portfolio Managers investment behavior over time Establish a clear process for monitoring portfolio limits and limiting downside

Commitment to operational integrity


Robust compliance program implemented by Compliance and Legal team Information Technology team governs all systems and applications, enforces quality control, and manages data integrity Clearly defined Business Continuity Plan

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Key Terms
Diversified Strategy
Launch Date U.S. Vehicles Non-U.S. Vehicles Minimum Investment Subscriptions Liquidity / Fee Structure July 1, 1992 Chilton Investment Partners, L.P. Chilton International (BVI) Ltd. Onshore: $3 million (USD) Offshore: $1 million (USD) Monthly Option 1 Annual Liquidity: 1.50% Management Fee; 20% Incentive Fee; notice due by noon on Nov 1st; no gate Option 2 Quarterly Liquidity: 1.75% Management Fee; 20% Incentive Fee; notice due by Mar 1st, June 1st, Sept 1st or Dec 1st at noon; no gate Hurdle Rate High Water Mark Redemption Penalty Administrator Auditor No Yes 2.5% of funds redeemed within first 6 months Citco Fund Services (Toronto) Ernst & Young

Concentrated Strategy
October 1, 1994 Chilton Opportunity Trust, L.P. Chilton Global Partners, L.P. Chilton Opportunity International (BVI) Ltd. Onshore: $1 million (USD) Offshore: $1 million (USD) Monthly Option 1 Annual Liquidity: 1.50% Management Fee; 20% Incentive Fee; notice due by noon on Nov 1st; no gate Option 2 Quarterly Liquidity: 1.75% Management Fee; 20% Incentive Fee; notice due by Mar 1st, June 1st, Sept 1st or Dec 1st at noon; no gate No Yes 2.5% of the funds redeemed within first 6 months Citco Fund Services (Toronto) Ernst & Young

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Contact Information
Chilton Investment Company 300 Park Avenue, 19th Floor New York, NY 10022 Phone: 212-751-3596 Fax: 646-443-7705

Colleen Ferguson

Executive Vice President Director of Marketing & Client Relations cferguson@chiltoninc.com Executive Vice President Client Relations jhenderson@chiltoninc.com Senior Vice President Client Relations (London Office) jduckworthchad@chiltoninc.com +44-20-7087 6000 Vice President Client Relations hnorthrop@chiltoninc.com
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Jim Henderson

James Duckworth-Chad

Heather Northrop

Appendix:

Historical Performance

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Historical Performance: Diversified Strategy


Annual Performance Chilton Diversified S&P 500 Quarterly Performance Chilton Quarter Diversified S&P 500 3Q1992 5.2% 3.2% 4Q1992 23.0% 5.0% 1Q1993 8.4% 4.4% 2Q1993 9.1% 0.5% 3Q1993 21.1% 2.6% 4Q1993 4.3% 2.3% 1Q1994 -2.2% -3.8% 2Q1994 1.4% 0.4% 3Q1994 2.1% 4.9% 4Q1994 -3.6% 0.0% 1Q1995 4.4% 9.7% 2Q1995 13.9% 9.6% 3Q1995 12.8% 7.9% 4Q1995 4.5% 6.0% 1Q1996 5.6% 5.4% 2Q1996 1.7% 4.5% 3Q1996 4.9% 3.1% 4Q1996 7.7% 8.3% 1Q1997 1.2% 2.7% 2Q1997 6.3% 17.5% 3Q1997 9.8% 7.5% 4Q1997 1.2% 2.9% 1Q1998 12.0% 14.0% 2Q1998 2.1% 3.3% 3Q1998 -0.6% -10.0% Chilton Quarter Diversified 4Q1998 19.9% 1Q1999 15.9% 2Q1999 6.0% 3Q1999 0.1% 4Q1999 24.4% 1Q2000 4.7% 2Q2000 -3.8% 3Q2000 -1.4% 4Q2000 0.3% 1Q2001 2.2% 2Q2001 0.6% 3Q2001 -1.2% 4Q2001 1.2% 1Q2002 -4.2% 2Q2002 -2.6% 3Q2002 0.3% 4Q2002 -4.7% 1Q2003 -0.7% 2Q2003 9.5% 3Q2003 1.8% 4Q2003 5.6% 1Q2004 3.9% 2Q2004 -3.2% 3Q2004 0.5% 4Q2004 8.1% S&P 500 21.3% 5.0% 7.0% -6.2% 14.9% 2.3% -2.7% -1.0% -7.8% -11.9% 5.9% -14.7% 10.7% 0.3% -13.4% -17.3% 8.4% -3.2% 15.4% 2.6% 12.2% 1.7% 1.7% -1.9% 9.2% Chilton Quarter Diversified 1Q2005 5.4% 2Q2005 5.1% 3Q2005 -2.0% 4Q2005 5.7% 1Q2006 1.7% 2Q2006 -8.3% 3Q2006 3.6% 4Q2006 4.8% 1Q2007 2.9% 2Q2007 8.3% 3Q2007 3.6% 4Q2007 3.3% 1Q2008 0.9% 2Q2008 -2.6% 3Q2008 -22.1% 4Q2008 -2.2% 1Q2009 -1.3% 2Q2009 9.0% 3Q2009 0.2% 4Q2009 7.3% 1Q2010 2.2% 2Q2010 -4.9% 3Q2010 8.1% 4Q2010 2.9% 1Q2011 2.6% S&P 500 -2.2% 1.4% 3.6% 2.1% 4.2% -1.4% 5.7% 6.7% 0.6% 6.3% 2.0% -3.3% -9.4% -2.7% -8.4% -21.9% -11.0% 15.9% 15.6% 6.0% 5.4% -11.4% 11.3% 10.7% 5.9% Chilton Quarter Diversified 2Q2011 0.9% 3Q2011 -5.4% 4Q2011 10.5% S&P 500 0.1% -13.9% 11.8% 1992* 29.4% 8.4% 1993 49.3% 10.1% 1994 -2.4% 1.3% 1995 40.0% 37.6% 1996 21.3% 23.0% 1997 19.4% 33.4% 1998 36.4% 28.6% 1999 52.9% 21.0% 2000 2001 -0.4% 2.7% -9.1% -11.9% 2002 2003 2004 -10.8% 16.9% 9.3% -22.1% 28.7% 10.9% 2005 14.7% 4.9% 2006 2007 1.3% 19.4% 15.8% 5.5% 2008 2009 2010 -25.1% 15.7% 8.2% -37.0% 26.5% 15.1% 2011 8.2% 2.1%

Net performance results represent Chilton Investment Partners, L.P., Class E since inception on July 1, 1992 through January 31, 2012 and are estimated for the most recent month. Statistics are based on monthly data. Please see Important Disclosure for additional information concerning these figures. * Annual performance for 1992 and 2012 represent partial period returns.

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Historical Performance: Concentrated Strategy


Annual Performance Chilton Concentrated S&P 500 Quarterly Performance Chilton Quarter Concentrated 4Q1994 5.4% 1Q1995 22.1% 2Q1995 24.6% 3Q1995 18.4% 4Q1995 11.8% 1Q1996 14.6% 2Q1996 3.2% 3Q1996 3.5% 4Q1996 10.3% 1Q1997 6.3% 2Q1997 10.3% 3Q1997 11.3% 4Q1997 2.1% 1Q1998 12.2% 2Q1998 2.7% 3Q1998 1.8% 4Q1998 16.7% 1Q1999 13.0% 2Q1999 8.4% 3Q1999 1.4% S&P 500 0.0% 9.7% 9.6% 7.9% 6.0% 5.4% 4.5% 3.1% 8.3% 2.7% 17.5% 7.5% 2.9% 14.0% 3.3% -10.0% 21.3% 5.0% 7.0% -6.2% Chilton Quarter Concentrated 4Q1999 28.8% 1Q2000 3.5% 2Q2000 -1.1% 3Q2000 -1.4% 4Q2000 0.5% 1Q2001 2.1% 2Q2001 1.5% 3Q2001 -1.6% 4Q2001 2.8% 1Q2002 -3.4% 2Q2002 -2.6% 3Q2002 1.2% 4Q2002 -5.1% 1Q2003 -0.1% 2Q2003 9.0% 3Q2003 2.1% 4Q2003 5.9% 1Q2004 6.4% 2Q2004 -4.3% 3Q2004 1.4% S&P 500 14.9% 2.3% -2.7% -1.0% -7.8% -11.9% 5.9% -14.7% 10.7% 0.3% -13.4% -17.3% 8.4% -3.2% 15.4% 2.6% 12.2% 1.7% 1.7% -1.9% Chilton Quarter Concentrated 4Q2004 10.0% 1Q2005 4.3% 2Q2005 4.7% 3Q2005 -1.8% 4Q2005 5.4% 1Q2006 2.8% 2Q2006 -9.9% 3Q2006 4.0% 4Q2006 5.8% 1Q2007 2.1% 2Q2007 9.5% 3Q2007 1.0% 4Q2007 3.5% 1Q2008 0.6% 2Q2008 -3.9% 3Q2008 -20.6% 4Q2008 -0.5% 1Q2009 -1.9% 2Q2009 8.2% 3Q2009 0.0% S&P 500 9.2% -2.2% 1.4% 3.6% 2.1% 4.2% -1.4% 5.7% 6.7% 0.6% 6.3% 2.0% -3.3% -9.4% -2.7% -8.4% -21.9% -11.0% 15.9% 15.6% Chilton Quarter Concentrated 4Q2009 7.3% 1Q2010 1.3% 2Q2010 -4.2% 3Q2010 6.7% 4Q2010 2.3% 1Q2011 2.3% 2Q2011 1.2% 3Q2011 -6.3% 4Q2011 11.1% Jan-00 Jan-00 Jan-00 Jan-00 Jan-00 Jan-00 Jan-00 Jan-00 Jan-00 Jan-00 Jan-00 S&P 500 6.0% 5.4% -11.4% 11.3% 10.7% 5.9% 0.1% -13.9% 11.8% 1994* 5.4% 0.0% 1995 101.3% 37.6% 1996 35.1% 23.0% 1997 33.3% 33.4% 1998 36.9% 28.6% 1999 59.9% 21.0% 2000 2001 2002 -9.6% -22.1% 2003 17.7% 28.7% 2004 13.7% 10.9% 2005 13.0% 4.9% 2006 1.9% 15.8% 2007 16.9% 5.5% 2008 -23.6% -37.0% 2009 13.8% 26.5% 2010 6.0% 15.1% 2011 7.8% 2.1% 1.5% 4.8% -9.1% -11.9%

Net performance results represent Chilton Opportunity T rust, L.P., Class A since inception on October 1, 1994 through January 31, 2012 and are estimated for the most recent month. Statistics are based on monthly data. Please see Important Disclosure for additional information concerning these figures. * Annual performance for 1994 and 2012 represent partial period returns.

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Important Disclosures
This presentation was prepared by Chilton Investment Company LLC (Chilton) solely for the benefit and internal use of the client to which it is provided (together with such clients affiliates and subsidiaries, the Investor) in order to assist the Investor in evaluating, on a preliminary basis, the matters addressed herein. Neither this presentation nor any of its contents may be disclosed to any other party or used for any other purpose without the prior written consent of Chilton Notwithstanding the foregoing, Chilton and the Investor (and each of their employees, representative, or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of any transaction described herein and all materials of any kind (including opinions and other tax analyses) that have been provided to them relating to such tax treatment and structure This presentation has been provided to the Investor for information purposes only and may not be relied upon by the Investor in evaluating the merits of investing in any securities referred to herein. This presentation is not intended as an offer or solicitation with respect to the purchase or sale of any security, nor does it constitute an offer or solicitation of any person or entity in any jurisdiction in which it is unlawful to do so. Any decision to invest in any of the funds managed by Chilton (each, a Fund) should be made solely on upon the information contained in that Funds definitive Offering Memorandum and governing agreements. The offering of interests in a Fund will not be registered under the laws of any jurisdiction. Such limited performance is necessarily representative of the expected trading and performance of a fully committed portfolio. Additionally: An investment in the Fund is speculative and involves a high degree of risk. Past performance is not indicative of future results. There is no assurance that the Funds investment objective will be achieved or that these strategies will be successful The Fund may be leveraged and performance may be volatile. An investor could lose all or a substantial amount of his or her investment The Funds manager has total trading authority over the Fund. The use of a single advisor applying generally similar trading programs across a number of accounts or trading vehicles could mean lack of diversification and, consequently, higher risk There is no secondary market for the interests in the Fund and none is expected to develop. There may be restrictions on transferring interests in the Fund. The Funds fees and expenses may offset the Funds profits. A substantial portion of the trades executed for the Fund may be placed on foreign exchanges Volatility in this presentation is calculated as the standard deviation of monthly returns. Annualized volatility represents monthly standard deviation multiplied by the square root of time. Unless otherwise noted within this presentation, the Sharpe Ratio is calculated as: (Net annualized performance Risk free rate)/Annualized volatility. The risk free rate is assumed to be the 3 Month T-Bill rate for the period in question. All actual performance results for Chilton Funds in this presentation are unaudited and net of fees including reallocation of profits and expenses and reflect an investment in the Fund during the period indicated without additions, withdrawals or redemptions. Performance results also include new issues, and reinvestment of dividends, capital gains and other earnings. CAGR figures for the Funds in this presentation reflect annualized compounded cumulative returns calculated from the inception of the Funds without additions or withdrawals. CAGR figures for the benchmark indices are calculated during the period indicated. All benchmark indices listed herein are provided because Chilton believes they most nearly reflect the securities in the Funds it is a benchmark against which investors may find it useful to compare fund performance or it is an appropriate measure of the Funds investment objectives; in any such case the securities holdings of the Funds may comprise only a portion of such index. Index returns include reinvestment of dividends and capital gains. To calculate exposure levels, the following principles have been applied: (i) derivative positions are converted to their delta-adjusted equity value, (ii) cash is not treated as a portfolio position for calculating exposure and (iii) long and short positions in the same security are netted against each other for purposes of calculating the gross long or short exposure.

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Important Disclosures (cont.)


No part of this presentation may be redistributed in whole or in part; stored in a retrieval system; transmitted in any form or by any means electronically or mechanically, or by photocopying, recording or otherwise without the express prior written consent of Chilton This document has not been approved for the purposes of section 21 of the Financial Services and Markets Act 2000 and is being issued in the U.K. only to persons of a kind described in Article 19(5) (investment professionals) or Article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 or to whom it may otherwise lawfully be issued or passed on. Recipients of this document are not permitted to transmit it to any other person Neither the Fund nor these materials have been authorized by the Securities and Futures Commission in Hong Kong. No person may issue or have in his possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the interests which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to interests which are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance. When this document is distributed in Australia or New Zealand, it is distributed by Catalyst Capital Management Pty Limited (ACN 116 265 859 AFSL 300313) or its authorized representatives. It may only be distributed in Australia to wholesale clients (as defined in section 761G of the Corporations Act 2001) and in New Zealand to wholesale investors whose business is the investment of money or persons who, in the course of and for the purposes of their business, habitually invest money, or other persons to whom the making of an offer of the shares would not constitute an offer of securities to the public for the purposes of the Securities Act 1978. Recipients of this document are not permitted to transmit it to any other person. Residents of Switzerland: No units of the Fund will be publicly offered or distributed in Switzerland. Units of the fund will be offered in Switzerland only to a select circle of investors without the use of any public marketing or promotion. Accordingly, neither the Fund nor the Fund units being offered hereby have been registered with the Swiss Federal Banking Commission under the Swiss Investment Fund Act / Act on Collective Investment Schemes. Therefore the Fund does not benefit from protection under the Swiss Investment Fund / Act on Collective Investment Schemes or supervision by the Swiss Federal Banking Commission. Residents of France: This Presentation has been remitted at the unsolicited request of the potential investors and no active marketing has been carried out. Unless otherwise noted, performance results and volatility for each Chilton strategy in this presentation are based on the following Chilton Funds: Chilton Strategy Chilton Fund Diversified Strategy Concentrated Strategy European Equities Small Cap Equities Global Natural Resources China Opportunities Pan-Asia Pacific Hedged U.S. Equities Chilton Investment Partners, L.P., Class E Chilton Opportunity Trust, L.P., Class A Chilton QP European Partners, L.P., Class A Chilton Small Cap Partners, L.P., Class A Chilton Global Natural Resources Partners, L.P., Class A Chilton China Opportunities, L.P., Class A Chilton Pan-Asia Pacific, L.P., Class A Chilton Hedged U.S. Equities, L.P., Class A

Approved by Legal March 2010


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