CapitalatWork

The objective of the fund is to look for opportunities in under-researched, under-appreciated, misunderstood and therefore undervalued companies on a worldwide basis. We look for and own value stocks in the Americas, in Europe and in Asia. Value stocks are stocks with a low valuation, which depends more on the present and the tangible and less on the distant future and the possible.

The fund is managed in a bottom up style, independent of benchmark considerations and aiming at superior absolute return. CapitalatWork takes a “value approach” identifying stocks that are trading substantially below their intrinsic value, based on a proprietary valuation model which is focused on the free cash flow (FCF) generation.
The fund is invested in companies whose strong and sustainable FCF prospects are not properly reflected in their stock price. The manager’s focus leans toward companies with a sustainable superior business and a strong management track record that guarantees cash flow visibility.

Positions are built gradually, with largest convictions running from 3% to 6%. Diversification is ensured through holding about 50 stocks from a minimum of 7 sectors. Sales of call options on fully valued portfolio holdings may be implemented on a limited basis, to profit from high volatility periods.

This Fund is managed by : Ivan Nyssen

Morningstar rating:

+

For the latest fund information, please click below:

Standard & Poors report:
Contrarian Equities at Work August 2008

Fact Sheets:

Contrarian Equities at Work ENG 31/10/2008
Contrarian Equities at Work FR 31/10/2008
Contrarian Equities at Work NL 31/10/2008
Contrarian Equities at Work ES 31/10/2008

Prospectus:

Prospectus FR 25/04/08
Simplified prospectus FR 25/04/08
Prospectus CH 14/11/07
Simplified prospectus CH 14/11/07
Prospectus ES 25/04/2008
Simplified prospectus ES 25/04/2008

Annual Fund Report:

Annual Report ENG 31/12/07
Annual Report FR 31/12/07
Annual Report NL 31/12/07
Annual Report ES 31/12/07
Annual Report IT 31/12/07

For italian investors only:
Application form & annex Umbrella Fund

The objective of this fund is to look for solid opportunities in Europe, including in developing countries. Non euro-currency exposure may be partially or completely hedged.

The fund is managed in a bottom up style, independent of benchmark considerations and aiming at superior absolute return. CapitalatWork takes a “value approach” identifying stocks that are trading substantially below their intrinsic value, based on a proprietary valuation model which is focused on the free cash flow (FCF) generation.
The fund is invested in companies whose strong and sustainable FCF prospects are not properly reflected in their stock price. The manager’s focus leans toward companies with a sustainable superior business and a strong management track record that guarantees cash flow visibility.

Positions are built gradually, with largest convictions running from 3% to 6%. Diversification is ensured through holding about 50 stocks from a minimum of 7 sectors. Sales of call options on fully valued portfolio holdings may be implemented on a limited basis, to profit from high volatility periods.
This Fund is managed by : Dominique Marchese

Morningstar rating:

+

For the latest fund information, please click below:

Fact Sheets:

European Equities at Work ENG 31/10/2008
European Equities at Work FR 31/10/2008
European Equities at Work NL 31/10/2008
European Equities at Work ES 31/10/2008

Prospectus:

Prospectus FR 25/04/08
Simplified prospectus FR 25/04/08
Prospectus CH 14/11/07
Simplified prospectus CH 14/11/07
Prospectus ES 25/04/2008
Simplified prospectus ES 25/04/2008

Annual Fund Report:

Annual Report ENG 31/12/07
Annual Report FR 31/12/07
Annual Report NL 31/12/07
Annual Report ES 31/12/07
Annual Report IT 31/12/07

For italian investors only:
Application form & annex Umbrella Fund

Our strategy focuses on recurring business models whose cash generation is undervalued by the market. With this fund, we favor companies whose business models export themselves out of the Americas into the global economy. We have no current active hedges against the USD, but globally diversified equity investments provide some degree of natural hedging.

The fund is managed in a bottom up style, independent of benchmark considerations and aiming at superior absolute return. CapitalatWork takes a “value approach” identifying stocks that are trading substantially below their intrinsic value, based on a proprietary valuation model which is focused on the free cash flow (FCF) generation.
The fund is invested in companies whose strong and sustainable FCF prospects are not properly reflected in their stock price. The manager’s focus leans toward companies with a sustainable superior business and a strong management track record that guarantees cash flow visibility.

Positions are built gradually, with largest convictions running from 3% to 6%. Diversification is ensured through holding about 50 stocks from a minimum of 7 sectors. Sales of call options on fully valued portfolio holdings may be implemented on a limited basis, to profit from high volatility periods.

This Fund is managed by : Christophe Pirson, CFA

Morningstar rating:

For the latest fund information, please click below:

Fact Sheets:

American Equities at Work ENG 31/10/2008
American Equities at Work FR 31/10/2008
American Equities at Work NL 31/10/2008
American Equities at Work ES 31/10/2008

Prospectus:

Prospectus FR 25/04/08
Simplified prospectus FR 25/04/08
Prospectus CH 14/11/07
Simplified prospectus CH 14/11/07
Prospectus ES 25/04/2008
Simplified prospectus ES 25/04/2008

Annual Fund Report:

Annual Report ENG 31/12/07
Annual Report FR 31/12/07
Annual Report NL 31/12/07
Annual Report ES 31/12/07
Annual Report IT 31/12/07

For italian investors only:
Application form & annex Umbrella Fund

This fund invests in companies in the Asian region or having substantial activities therein. Portfolio holdings are diversified across developed and emerging markets alike.

The fund is managed in a bottom up style, independent of benchmark considerations and aiming at superior absolute return. CapitalatWork takes a “value approach” identifying stocks that are trading substantially below their intrinsic value, based on a proprietary valuation model which is focused on the free cash flow (FCF) generation. The fund is invested in companies whose strong and sustainable FCF prospects are not properly reflected in their stock price.

The manager’s focus leans toward companies with a sustainable superior business and a strong management track record that guarantees cash flow visibility. Positions are built gradually, with largest convictions running from 3% to 6%. Diversification is ensured through holding about 50 stocks from a minimum of 7 sectors. Sales of call options on fully valued portfolio holdings may be implemented on a limited basis, to profit from high volatility periods.
Currency hedging is at the manager’s discretion.

This Fund is managed by : Tom De Backer

Morningstar rating:

For the latest fund information, please click below:

Fact Sheets:

Asian Equities at Work ENG 31/10/2008
Asian Equities at Work FR 31/10/2008
Asian Equities at Work NL 31/10/2008
Asian Equities at Work ES 31/10/2008

Prospectus:

Prospectus FR 25/04/08
Simplified prospectus FR 25/04/08
Prospectus CH 14/11/07
Simplified prospectus CH 14/11/07
Prospectus ES 25/04/2008
Simplified prospectus ES 25/04/2008

Annual Fund Report:

Annual Report ENG 31/12/07
Annual Report FR 31/12/07
Annual Report NL 31/12/07
Annual Report ES 31/12/07
Annual Report IT 31/12/07

For italian investors only:
Application form & annex Umbrella Fund

The fund’s objective is to invest in fixed income instruments, on a global and non-benchmarked basis, in corporate and government debt securities.

The absolute return objective is continuously assessed against returns offered through a global government-bond reference: 75% JPM Global GBI hedged in euros + 25% JPM Global GBI unhedged.

Up to 10% in high-yield bonds is allowed. Acknowledging the fact that inflation is the enemy n° 1 for the fixed income investor, the fund invests in inflation-linked bonds (0-30% of assets) and Floating Rate Notes (up to 25%), for hedging against rising interest rates. Bottom-up credit selection, protection against rising inflation and global asset allocation are, again, the main sources of value added.
Finally, achieving an absolute return implies that the duration of the fund is maintained in a defined bandwidth (4 to 7 years). As such duration bets are not a big driver of added value.

This Fund is managed by : Erwin Deseyn & Peter De Coensel

Morningstar rating:

+

For the latest fund information, please click below:

Standard & Poors report:
Bonds at Work February 2008

Fact Sheets:

Bonds at Work ENG 31/10/2008
Bonds at Work FR 31/10/2008
Bonds at Work NL 31/10/2008
Bonds at Work ES 31/10/2008

Prospectus:

Prospectus FR 25/04/08
Simplified prospectus FR 25/04/08
Prospectus CH 14/11/07
Simplified prospectus CH 14/11/07
Prospectus ES 25/04/2008
Simplified prospectus ES 25/04/2008

Annual Fund Report:

Annual Report ENG 31/12/07
Annual Report FR 31/12/07
Annual Report NL 31/12/07
Annual Report ES 31/12/07
Annual Report IT 31/12/07

For italian investors only:
Application form & annex Umbrella Fund

The fund’s objective is to invest in fixed income instruments, on a global and non-benchmarked basis, in inflation linked debt securities. Our absolute return objectives are assessed against the Barclays Global Inflation Linked Bond Index returns (75% Euro hedged, 25% non-hedged).

Protection against rising inflation is the main value driver of the fund. In second place, but extremely important, is the global exposure to inflation rates. We believe that being exposed to inflation outside the US and Europe will be an important value driver going forward.  Finally, achieving an absolute return implies that the duration of the fund is maintained in a defined bandwidth (6 to 9 years). As such duration bets are not a big driver of added value.

This Fund is managed by : Erwin Deseyn & Peter De Coensel

Morningstar rating:

For the latest fund information, please click below:

Fact Sheets:

Inflation at Work ENG 31/10/2008
Inflation at Work FR 31/10/2008
Inflation at Work NL 31/10/2008
Inflation at Work ES 31/10/2008

Prospectus:

Prospectus FR 25/04/08
Simplified prospectus FR 25/04/08
Prospectus CH 14/11/07
Simplified prospectus CH 14/11/07
Prospectus ES 25/04/2008
Simplified prospectus ES 25/04/2008

Annual Fund Report:

Annual Report ENG 31/12/07
Annual Report FR 31/12/07
Annual Report NL 31/12/07
Annual Report ES 31/12/07
Annual Report IT 31/12/07

For italian investors only:
Application form & annex Umbrella Fund

Global Opportunities fact sheet

Global Markets I fact sheet

The fund’s objective is to invest in fixed income instruments, on a global and non-benchmarked basis, in corporate and government debt securities.

The absolute return objective is continuously assessed against returns offered through a global government-bond reference: 75% JPM Global GBI hedged in euros + 25% JPM Global GBI unhedged.

Up to 10% in high-yield bonds is allowed. Acknowledging the fact that inflation is the enemy n° 1 for the fixed income investor, the fund invests in inflation-linked bonds (0-30% of assets) and Floating Rate Notes (up to 25%), for hedging against rising interest rates. Bottom-up credit selection, protection against rising inflation and global asset allocation again are the main sources of value added.
Finally, achieving an absolute return implies that the duration of the fund is maintained in a defined bandwith (4 to 7 years). As such duration bets are not a big driver of added value.

This Fund is managed by : Erwin Deseyn & Peter De Coensel

Morningstar rating:

For the latest fund information, click below:

Factsheets:

Bonds Opportunities ENG 31/10/2008
Bonds Opportunities FR 31/10/2008

Prospectus:

Prospectus ENG January 2008
Prospectus FR January 2008

Annual Fund Report:

Annual Report FR 31/12/06

Semi Annual Fund Report:

Semi Annual Report FR 30/06/08

Note: The Bonds Opportunities Fund is only registered in Luxembourg. Therefore a minimum investment of 250.000 EUR in Belgium is required. For other countries, local legal regulations are applicable.

The fund’s objective is to invest in fixed income instruments, on a global and non-benchmarked basis, in inflation linked debt securities. Our absolute return objectives are assessed against the Barclays Global Inflation Linked Bond Index returns (75% Euro hedged, 25% non-hedged).

Protection against rising inflation is the main value driver of the fund. In second place, but extremely important, is the global exposure to inflation rates. We believe that being exposed to inflation outside the US and Europe will be an important value driver going forward.  Finally, achieving an absolute return implies that the duration of the fund is maintained in a defined bandwith (6 to 9 years). As such duration bets are not a big driver of added value.

This Fund is managed by : Erwin Deseyn & Peter De Coensel

For the latest fund information, click below:

Fact sheets:

Inflation Opportunities ENG 31/10/2008
Inflation Opportunities FR 31/10/2008

Prospectus:

Prospectus ENG January 2008
Prospectus FR January 2008

Annual Fund Report:

Annual Report FR 31/12/06

Semi Annual Fund Report:

Semi Annual Report FR 30/06/08

Note: The Inflation Opportunities Fund is only registered in Luxembourg. Therefore a minimum investment of 250.000 EUR in Belgium is required. For other countries, local legal regulations are applicable.

Why are Funds the best invention in Asset Management

• Portfolio Diversification Benefits
  Regrouping the assets of many clients allows every client to have a well diversified portfolio. As exposed on another part of our website (perspectives), diversification can be said to be the only free lunch available in financial markets.
• Lower Cost Base
  While this is certainly not true for the whole fund industry, at CapitalatWork we can easily claim that the extensive use of funds has lowered the cost for the discretionary asset management of our clients’ portfolios. First of all, the management fees we charge are very competitive in an industry that has made a bad habit of overcharging for its services. Secondly, our entrance and exit fees are low compared to industry standards. Finally, and maybe most importantly, the transaction costs in our funds when we buy or sell securities are executed at cost. Not only do we use platforms that allow us to execute those trades at the best prices, but this is also the cost that is charged to the fund, without a mark-up from CapitalatWork.
• Consistent Investment Policy
  Funds have a prospectus that needs to be approved by the regulatory authorities. In the prospectus the client can find a chapter on investment policy. The application of this investment policy is under continuous supervision from the regulatory authorities and auditors. It is important for a client to know that the building blocks of his portfolio cannot change the risk profile and the investment policy overnight .
• Acces to Institutional Products
  Some products are only available for large amounts. The recent explosion of the derivatives markets and the emergence of new countries on the investment scene make it very complicated for individually managed portfolios to have access to the full range of investment possibilities. For example, the paperwork that is necessary to be able to buy Brazilian bonds or Turkish stocks is time consuming and often just not available for individuals. Also, the use of derivatives, often helpful to hedge investment risks, are not easily available for individually managed accounts
• Transparency
  According to the prospectus of the fund, a daily, weekly or biweekly NAV (net asset value) of the fund is calculated. This means that all the assets in the fund are marked to market, which means that the most recent traded price is used to calculate the value of the fund. These daily quotations (for the Capital at Work funds) are outsourced to an independent third party, who marks to market all our holdings to make the correct calculations for the NAV’s of our funds. Monthly fact sheets, with all relevant information, are available via our website.
• Auditing and Supervisory
  Funds have to be approved by the regulatory bodies of each country before they can be distributed. The goal is to offer a much needed protection to the smaller investor in particular, and to every investor in general. Besides a strict control from the aforementioned authorities, every fund has an auditor due to its legal structure.  In the case of capital at work, we have chosen to outsource also the administering of our funds.

The Global Markets Fund is a global diversified fund that invests a minimum of 60% in equities and the the other part of the portfolio in fixed income instruments .

The fund has a bottom up approach. It uses the input of the integrated approach of our analysts. The “enterprise value” and “free cash flow” calculations that they make form the basis for our choice of corporate bonds and equities. The qualitative assessments form additional input that is important in our search for SSB (sustainable superior businesses). The fund also makes extensive use of a particular option strategy. This strategy is the continuous sale of puts and calls on many equity positions. The strategy behind this is that equities are sold when prices rise, and equities are bought when prices fall. This is an additional overlay strategy besides the clear value strategy that is used in the selection of each and every investment.

This Fund is managed by : Erwin Deseyn

Morningstar rating:

For the latest fund information, please click below:

Fact Sheets:

Global Market 1 ENG 31/10/2008
Global Market 1 FR 31/10/2008
Global Market 1 NL 31/10/2008
Global Market 1 ES 31/10/2008

Prospectus:

Prospectus FR 25/04/08
Simplified prospectus FR 25/04/08
Prospectus CH 14/11/07
Simplified prospectus CH 14/11/07
Prospectus ES 25/04/2008
Simplified prospectus ES 25/04/2008

Annual Fund Report:

Annual Report ENG 31/12/07
Annual Report FR 31/12/07
Annual Report NL 31/12/07
Annual Report ES 31/12/07
Annual Report IT 31/12/07

For italian investors only:
Application form & annex Umbrella Fund

The Global Opportunities at Work fund (GO), is an actively-managed global “alternative” fund, incorporated in Luxembourg.
The basic concept of the fund is to activate CapitalatWork’s very best ideas in all areas of asset allocation, equity and fixed-income security selection (long and short) and the use of derivatives.

Like most of CapitalatWork’s other funds, the Global Opportunities fund knows no geographical boundaries; nor does it have any other limitations tied to things like market-caps, growth patterns or specific industries. We look for value anywhere and everywhere we can find it.

Most financial instruments and strategies can be used to enhance and protect the fund’s performance. Alongside the traditional “long” ownership of securities, the fund will also be able to “short” some specific securities and use derivatives like options, swaps, futures and forwards on individual securities, indexes, currencies, interest rates and commodities. Leverage “sensu stricto” will not be used, which means the fund will not borrow money to acquire more assets. Through the long/short strategies however, leverage will be introduced, but on a market-neutral basis. The use of above-mentioned derivatives may also introduce leverage into the fund.

Managed by: Ivan Nyssen

Morningstar rating:

For the latest fund information, click below:

Factsheets:

Global Opportunities ENG 31/10/2008
Global Opportunities FR 31/10/2008

Prospectus:

Prospectus ENG January 2008
Prospectus FR January 2008

Annual Fund Report:

Annual Report FR 31/12/06

Semi Annual Fund Report:

Semi Annual Report FR 30/06/08

Note: The Global Opportunities at Work Fund is only registered in Luxembourg. Therefore a minimum investment of 250.000 EUR in Belgium is required. For other countries, local legal regulations are applicable.

Annualized return (*) of our Funds (situation on 31/10/2008)

Cash+ at Work

Contrarian Euro Equities at Work

Fundamental Eurostocks