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INVESTMENT OFFER: LE PETIT MOUTON 2012
Le Petit Mouton 2012 (90-92 pts)
850 unit price per 12 EP
(EXCLUDING MANAGEMENT FEE)

'Highest Parker score for any Petit Mouton currently on the market'


Key Points
Highest Parker score for any Petit Mouton currently on the market.

Low production levels of only around 3,000 cases.

2nd Wine of Mouton Rothschild, which is the highest scoring 1st Growth from this vintage with (95-97).

Cheapest vintage on the market by some distance.

The average price of the last 10 vintages is c. 1,350.

Strong demand in Asia market for Petit Mouton.

Expect up to 50% growth in two years.
Parker Tasting Notes
"The 2012 Le Petit Mouton represents 38% of the crop, which is much higher than the normal 25% that usually makes it into the second wine.

Composed of 79% Cabernet Sauvignon, 19% Merlot and 2% Cabernet Franc, it reveals similar black currant liqueur notes, but they are less intense and pervasive. Administrator Philippe Dhalluin has fashioned a wonderfully opulent, round, juicy Petit Mouton exhibiting plenty of chocolaty notes intermixed with a subtle hint of oak offered in a lush, easily understood style.

Enjoy this charming, endearing Le Petit Mouton over the next 15+ years."

Score: (90-92)
Robert Parker, Wine Advocate
April 2013
Petit Mouton Vintage Comparison

Produced from an exceptional terroir, Le Petit Mouton de Mouton Rothschild is the second wine of Chateau Mouton Rothschild.


*Robert Parker Jr only deemed Petit Mouton worthy of tasting in its stronger years. Even in what he considers to be 'lesser vintages', the wines are trading over 135% higher than the 2012.

Part of the reason for Petit Mouton's success in 2012 is that a higher percentage of the first wine's (Mouton Rothschild) crop made it into the second wine, pulling it ever closer to the highest scoring 1st growth of the whole vintage.

It is clear how undervalued the 2012 is when set against the youngest physical vintage - 2010 - which currently trades almost 60% higher. The highest scoring Petit Mouton on the market is available so far below the trend for back vintages, it is a no brainer of an En Primeur purchase.
 


Liv-ex [accessed 23/10/2013]  


It can be seen from this graph, taken directly from Liv-ex, that these comparable vintages have seen 12 month growth of between 15-38%; and 5 year growth between 150-243%. As the 2012 release price reflects in-line with these previous vintages we conservatively anticipate similar growth projections, putting it as a firm short to medium term stock recommendation.

 
Outperformance of the General Wine Market in 2013

The current market for second wines is dominated by more sellers than buyers, one of the key factors that has driven down both prices and demand for wines such as Forts de Latour, Carruades de Lafite and Pavillon Rouge de Margaux.

However, one that has continued to buck the trend throughout 2013 and has remained firmly in favour with the Far Eastern market is Le Petit Mouton de Mouton Rothschild. It seems that whilst we are transitioning through a period when first growths and their second wines are struggling to find a settled market, Le Petit Mouton is experiencing resurgent demand and posts strong performance figures for the year.
 


The average performance for comparable, young Petit Mouton vintages YTD is 12% and in the past 6 months have posted average 3.75% growth.

One reason that demand is stronger than its counterparts is the low production levels of around 3,000pa. Scarcity of an asset has been a major factor to consider since the price correction, with those producing under 8,000 cases per annum generally benefitting most. Winesearcher.com and Liv-ex have in the past both highlighted the fact that Petit Mouton's price did not rise as stratospherically as the first growths and the other second wines and therefore didn't experience such a dramatic fall in price; subsequently it is more appropriately priced in the current market.

Demand from the Asian market, has been one of the other major factors for the wine's strong performance this year. It seems Petit Mouton retains an unblemished profile with Asian buyers and that has been reflected by both the strong demand and trading we have experienced in 2013. Whilst we have seen interest in Carruades, Forts and Pavillon cool this year the same cannot be said for Petit Mouton.

David Wainwright, managing director of Zachys Asia Fine Wine, further confirmed this opinion when he spoke to wine writer Rebecca Gibb earlier this year explaining "Chateau Mouton Rothschild has been doing very well in terms of marketing and PR in Asia, especially mainland [China], this brand-building helps the popularity of Mouton and makes Petit Mouton stand out."
 
Investment summary


   Zero downside risk
   Short-term growth projections of 50% (2-3 years)
   Medium-term growth projections of 80-120% (3-5 years)
   Limited availability
   Outperformance of General Wine market
 

ORDER LE PETIT MOUTON 2012
Reg. Company No: 06350591 | VAT No. GB 129 9514 84 | St Andrews House, Upper Ham Road, Richmond TW10 5LA.

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