Otra forma de gestionar fondos - CARTESIOOtra forma de gestionar fondos Fondos Cartesio Marzo 2004 -...

Otra forma degestionar fondos

Fondos CartesioMarzo 2004 - Septiembre 2020

Fondos Cartesio • Página 2

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Índice

Cartesio Inversiones SGIIC

Rasgos diferenciales de Cartesio

Proceso de Inversión

Resumen de los fondos

Cartesio X

Cartesio Equity

Cartesio Y

Cartesio Income

Equipo

Reconomientos

Anexo - Informes Morningstar

3

4

5

6

8

13

14

19

20

26

27


Cartesio Inversiones SGIIC

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DescripciónCartesio Inversiones es una Sociedad Gestora de Instituciones de Inversión Colectiva (SGIIC) autorizada y supervisada por la Comisión Nacional del Mercado de Valores (CNMV).

Dos estrategias:

Cartesio X / Cartesio Income – Protección de Capital

Cartesio Y / Cartesio Equity - Riesgo Controlado

632m € bajo gestión a 30/09/2020

España

Riesgo Controlado Protección de Capital

Luxemburgo

Riesgo Controlado Protección de Capital

Lipper Leader Total Return


3 años 3 años

5 años 5 años

10 años 10 años

Total Total

Lipper Leader Consistent Return

Lipper Leader Consistent Return

Lipper Leader Preservation

Lipper Leader Preservation

Lipper Leader Expense


1 2

1 2

1 5

5 5

ReconocimientosLa sólida trayectoria del equipo gestor ha sido reconocida por diversos premios de prestigio. En 2018, Cartesio recibió el premio Morningstar al Mejor Gestor Europeo Multiactivo y Alternativo del Año.

EquipoEl equipo de inversión está compuesto por seis profesionales que, liderados por los socios fundadores, realizan una gestión flexible de los fondos.

Un proceso de inversión contrastadoCartesio ofrece un enfoque equilibrado entre la gestión activa del nivel de inversión y la elección selectiva de los activos en cartera, lo que ha permitido obtener una rentabilidad favorable con un riesgo inferior al mercado.

Los Fondos

Rasgos diferenciales de CartesioLos factores claves que han caracterizado a Cartesio desde sus inicios son:

1 Compromiso con la gestión

2 Voluntad de protección del capital

3 Gestión flexible

4 Dos estrategias

5 Comisiones bajas y ligadas a rentabilidad

6 Transparencia y liquidez

MEJOR GESTOR NACIONAL 2015

MEJOR FONDO MIXTO FLEXIBLE EURO POR

MORNINGSTAR EN 2014CARTESIO Y

MEJOR FONDO MIXTO FLEXIBLE GLOBAL POR

STANDARD & POOR’S EN 2006CARTESIO Y

MEJOR GESTOR EUROPEO MULTIACTIVO Y ALTERNATIVO

DEL AÑO 2018


Rasgos diferenciales

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GESTIÓN FLEXIBLEAlta flexibilidad en la distribución de activos con un objetivo de rentabilidad absoluta y rentabilidad/riesgo. La liquidez es un activo para proteger el capital.

COMPROMISO CON LA GESTIÓNLos gestores de Cartesio se comprometen a invertir todo su ahorro financiero en los fondos Cartesio. Un compromiso reflejado en los estatutos de la compañía y el código de conducta depositado en la CNMV. Sin cambios en los socios desde el lanzamiento de los fondos.

COMISIONES BAJAS Y LIGADAS A RENTABILIDADTenemos una de las comisiones más bajas del mercado entre los fondos que ligan la comisión de gestión a la rentabilidad obtenida. La marca de agua garantiza una comisión de éxito equitativa, sólo reajustable tras tres años sin comisión de éxito

VOLUNTAD DE PROTECCIÓN DEL CAPITALEstamos dispuestos a renunciar a rentabilidad para proteger el capital. Decisiones de inversión basadas en un enfoque fundamental a largo plazo, alejándose de estrategias cortoplacistas.

TRANSPARENCIA Y LIQUIDEZInformación mensual y trimestral sobre las inversiones del fondo y sus riesgos. Liquidez diaria sin comisiones de suscripción o reembolso.

DOS ESTRATEGIASSólo tenemos dos estrategias. Concentra los esfuerzos de los gestores y simplifica el proceso de distribución de activos del cliente.

1

35

2 4

6

Un enfoque distinto a la

gestión de fondos


Proceso de inversión

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Renta Variable• Carteras con un número reducido de

valores (30-40).• Preferencia por “valor” frente a

crecimiento. El “precio”, factor decisivo en decisiones.

• Calidad del negocio es importante.• Preferencia por sectores tradicionales.

Fáciles de entender y valorar.• Valoración fundamental. Múltiplos,

generación de caja, creación de valor, descuentos de flujos.

• Compañías de capitalización mediana / grande.

• Tendencia a evitar compañías con un alto apalancamiento.

Filosofía• Sólo cuatro activos: acciones, deuda

pública, deuda corporativa y liquidez.• Contrarian/Value. Buscamos.

oportunidades en opciones alejadas del consenso del mercado.

• Selección de oportunidades a lo largo de la estructura de capital.

• Construcción gradual de posiciones. No “trading”.

• Largo plazo. Baja rotación.• Exposición acotada a divisas.

Toma de decisiones• Basado en fundamentales. Sin

decisiones automáticas basadas en análisis técnico/modelos cuantitativos.

• Decisión conjunta de los cinco gestores. Siempre existe mayoría absoluta.

• Generalista. No hay especialización ni por activo ni en sectores.

• Evitar errores ajenos es tan importante como los aciertos propios.

• Idénticos objetivos e incentivos.• Ausencia “stop loss” individual por

posición.

Renta Fija• Carteras muy diversificadas.• Riesgo duración sólo si rendimiento

atractivo en términos nominales.• Preferencia por la liquidez. Emisiones

“benchmark”.• Protección de alto dividendo deseable.• Preferencia por el riesgo crediticio

bajo.• Ajustes de la duración con futuros del

bono alemán/americano.

Un enfoque equilibrado de gestión activa

Distribución de activos(Gestión de beta)

Selección de valores (Generación de alfa)

Rentabilidad/riesgo por encima del índice de referencia


Los Fondos

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Resumen de los Fondos

LUXEMBURGO

Clase I Clase Z (Limpia)

ESPAÑA

Comisión de gestión

Comisión de gestión

Comisión de éxito

Comisión de éxito

ISIN

ISIN

Código Bloomberg

Código Bloomberg

Tipo de cliente

Tipo de acciones

Tipo de cliente

0,75%

Institucional y particular

0,5%

Institucional y particular

7,5% 7,5%

ES0182527038 ES0116567035

MSCYACC SM

1,5% 0,75%

— 7,5%

LU1966822444

CARTEQI LX CARTEQZ LX

MSCXVDI SM

InstitucionalInstitucional y particular (mandato

asesoramiento*)

* la categoría Z sólo está disponible para (i) los inversores que han llegado a un acuerdo de asesoramiento con los proveedores de los servicios de inversión que, conforme a los requisitos reguladores, no tienen permitido aceptar o mantener comisiones de retrocesión; y (ii) para los inversores institucionales que invierten exclusivamente por cuenta propia

Clase R

1,5%

—

LU1966822527

CARTEQR LX

Particular (mandato

discrecional)

LU1966822444

Clase I Clase Z (Limpia)

0,95% 0,5%

— 7,5%

LU1966822873

CARTINI LX CARTINZ LX

InstitucionalInstitucional y particular (mandato

asesoramiento*)

Clase R

0,95%

—

LU1966822956

CARTINR LX

Particular (mandato

discrecional)

LU1966823095


Riesgo Controlado

Riesgo Controlado

Objetivo de Inversión

• Revalorización del capital en términos reales a largo plazo.

• Intentar superar la relación rentabilidad/riesgo de la renta variable europea (MSPE).

• Disposición a renunciar a rentabilidad en el intento de ofrecer una protección adecuada al capital.

Distribución de Inversiones

• Nivel de inversión en renta variable totalmente flexible (0%-100%) según percepción del riesgo del mercado. Renta variable y liquidez son los únicos activos

• Invierte fundamentalmente en renta variable europea aunque puede tener hasta un 40% en mercados no europeos.

Riesgo

• Desde inicio la volatilidad (10,6%) ha sido un 56% de la registrada por la bolsa Europea.

Comisiones

• Gestión: 0,75% + 7,5% de la rentabilidad anual positiva (marca de agua: tres años para recuperar las pérdidas antes de aplicar la comisión de rentabilidad)

• Depósito: 0,55%

Patrimonio179m Euros

Inception Date31/03/2004

Número de participes1897

ISINES0182527038

BloombergMSCYACC SM

AuditorDeloitte

Administrador y DepositarioBNP Paribas

Información general

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10,6%

19,1%

Cartesio Y Índice

Calificaciones


3 años5 años

10 añosTotal

Lipper Leader Consistent ReturnLipper Leader PreservationLipper Leader Expense

1

1

1

5

Rentabilidades ajustadas al riesgo desde su lanzamiento 31/03/2004

56%

Volatilidad relativa

Volatilidad

0,260,22

Cartesio Y Índice

Ratio Sharpe

4,0%

5,4%

Cartesio Y Índice

Rentabilidad (% anual)

0%

20%

40%

60%

80%

100%

120%

140%

ene.-

04

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05

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06

ene.-

07

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08

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09

ene.-

10

ene. -

11

ene.-

12

ene.-

13

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14

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16

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17

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18

ene.-

19

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Riesgo Controlado

2 Evolución mensual

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3 Exposición a bolsa (%)

0%10%20%30%40%50%60%70%80%90%

100%

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Media: 60%

Mín: 17%

Máx: 86%

Últ: 74%

Rentabilidad histórica1Desde el comienzo (31 de Marzo, 2004) la rentabilidad del fondo ha sido de 89,8% (4,0% p.a.)

EVOLUCIÓN - RENTABILIDAD / RIESGOEne Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic Año

2004 1,6% (0,7%) 1,3% (1,2%) 0,5% 0,3% 0,5% 3,0% 3,0% 8,5%

2005 1,6% 0,6% (1,4%) (1,4%) 2,1% 2,4% 1,6% 2,0% 1,8% (2,7%) 2,2% 3,2% 12,4%

2006 2,3% 2,2% 2,2% 1,5% (1,6%) 0,7% 0,2% 1,7% 1,7% 1,8% 0,7% 1,8% 16,1%

2007 1,3% (0,7%) 1,2% 1,8% 1,7% 0,1% (1,5%) (0,5%) 0,4% 0,6% (2,2%) (0,1%) 2,2%

2008 (3,7%) 0,5% (1,7%) 1,7% 0,5% (2,8%) (0,1%) 1,2% (3,6%) (5,5%) (1,8%) 0,4% (14,2%)

2009 (1,0%) (1,6%) 0,2% 4,5% 1,5% 0,5% 3,3% 2,4% 3,1% (1,6%) 0,9% 3,0% 16,0%

2010 (2,5%) 0,2% 3,8% (0,9%) (4,3%) (0,4%) 3,4% 0,1% 3,1% 2,4% (3,7%) 3,5% 4,3%

2011 1,8% 1,2% (1,1%) 1,6% (1,0%) (1,4%) (3,4%) (5,9%) (1,4%) 3,2% 0,1% 1,3% (5,0%)

2012 2,1% 2,9% 0,5% (2,5%) (4,6%) 3,9% 1,2% 1,9% 1,4% (0,3%) (0,5%) 1,8% 7,8%

2013 3,5% 0,4% 0,5% 1,9% 2,0% (2,0%) 4,9% (0,2%) 3,0% 3,9% 1,2% 0,0% 20,5%

2014 (0,1%) 3,1% 0,4% (0,5%) 2,3% (1,2%) (2,1%) 0,9% (0,1%) (1,2%) 3,1% (0,2%) 4,4%

2015 3,2% 5,0% 1,8% 0,6% 0,9% (2,9%) 1,7% (3,5%) (3,1%) 4,4% 1,5% (1,9%) 7,4%

2016 (3,7%) (0,6%) 2,2% 0,3% 0,7% (3,3%) 2,2% 0,5% 0,4% (0,3%) (0,9%) 3,6% 0,9%

2017 (0,3%) 1,8% 2,1% 0,7% 1,5% (0,4%) (0,1%) (0,5%) 0,8% 0,8% 0,9% (0,2%) 7,2%

2018 0,5% (1,0%) (1,1%) 2,3% (0,4%) (0,6%) 1,3% (1,0%) (0,6%) (1,8%) 0,2% (2,5%) (4,9%)

2019 4,1% 0,7% (0,5%) 2,1% (4,1%) 2,2% (0,3%) (0,9%) 2,2% 1,5% 2,2% 0,6% 10,0%

2020 (2,2%) (6,0%) (18,8%) 6,9% 1,6% 2,4% (3,3%) 3,8% (2,9%)


4 Evolución trimestral Rentabilidad/RiesgoCon una rentabilidad acumulada desde el 31 de Marzo de 2004 del 94,8% (4,2% T.A.E.) y una volatilidad de 10,5%, el Ratio de Sharpe desde el inicio alcanza el 0,29. (Bolsa Europea: 0,23)

* MSCI Pan-Europe Index con dividendos. M2 = Rentabilidad teórica del fondo en caso de haber asumido el mismo nivel del riesgo que elíndice

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EVOLUCIÓN - RENTABILIDAD / RIESGORentabilidad Volatilidad Volatilidad

relativa vs Índice M2*Fondo Índice* Fondo Índice*

2004 (desde 31/3/04) 8,5% 8,1% 4,6% 11,1% 41,2% 18,4%2005 12,4% 26,2% 6,0% 9,5% 63,1% 18,4%2006 16,1% 19,2% 5,3% 12,7% 41,9% 34,6%2007 2,2% 4,5% 6,9% 15,7% 43,7% -0,2%2008 -14,2% -42,4% 13,1% 37,3% 35,0% -49,0%2009 16,0% 31,0% 8,2% 24,4% 33,7% 45,0%2010 4,3% 10,1% 10,8% 18,7% 57,5% 7,0%2011 -5,1% -6,6% 16,6% 22,2% 74,9% -7,3%2012 7,8% 17,3% 11,7% 14,7% 79,7% 9,4%2013 20,6% 19,6% 8,4% 12,2% 69,2% 29,4%2014 4,4% 7,0% 9,6% 13,4% 71,3% 6,0%2015 7,4% 7,3% 10,9% 20,7% 52,9% 14,0%2016 0,9% 3,6% 10,5% 19,8% 53,2% 1,9%2017 7,2% 9,8% 3,6% 8,5% 42,5% 17,6%T1 3,6% 5,9% 3,6% 8,3% 42,9% 8,6%T2 1,8% 0,7% 4,2% 8,6% 49,4% 3,7%T3 0,2% 2,4% 3,5% 9,7% 36,1% 0,9%T4 1,5% 0,5% 3,1% 7,4% 42,3% 3,6%2018 -4,9% -9,4% 5,1% 12,5% 40,7% -11,4%T1 -1,6% -4,4% 5,0% 13,8% 35,9% -4,2%T2 1,3% 4,1% 4,6% 11,4% 40,1% 3,4%T3 -0,4% 1,3% 3,3% 9,0% 36,7% -1,0%T4 -4,2% -10,2% 7,0% 15,3% 45,7% -9,1%2019 10,0% 25,8% 6,9% 11,3% 61,3% 16,4%T1 4,3% 12,9% 6,8% 10,9% 62,4% 6,9%T2 0,0% 3,4% 6,2% 10,1% 61,2% 0,1%T3 1,1% 2,5% 7,6% 12,0% 63,2% 1,7%T4 4,3% 5,1% 7,1% 11,3% 62,7% 6,9%2020 -19,2% -13,4% 24,5% 31,1% 78,5% -24,4%T1 -25,4% -21,8% 31,5% 43,5% 72,3% -35,1%

T2 11,2% 11,9% 25,3% 27,1% 93,5% 11,9%T3 -2,6% -0,9% 13,5% 17,3% 77,8% -3,3%Total 89,8% 137,1% 10,6% 19,1% 55,8% Índice sin Dividendos 32,9%

* M2 = Expresa el éxito teórico del fondo ajustado al índice de volatilidad


5 Rentabilidad-Riesgo

Periodos de máximas caidas (mensuales)

CARTESIO YCaída Recuperación

Dic 19 - Mar 20 -25,4% 3 meses —Jun 07 - Feb 09 -19,1% 20 meses 20 mesesApr 11 - Sep 11 -12,5% 5 meses 19 mesesMay 15 - Jun 16 -8,2% 13 meses 9 meses

RENTA VARIABLE EUROPEA (MSPE)*Caída Recuperación

May 07 - Feb 09 -52,7% 21 meses 56 mesesDic 19 - Mar 20 -22,5% 3 meses —Apr 11 - Sep 11 -18,2% 5 meses 12 mesesMay 15 - Jun 16 -16,6% 13 meses 14 meses

Distribución de Retornos mensualesEl fondo ha caido más de un 1% en un mes en 47 de los 198 meses transcurridos desde su inicio.

Riesgo Controlado C

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*Incluye dividendos

6

7

0

5

10

15

20

25

30

<= -4% -4,0% a-3,5%

-3,5% a-3,0%

-3,0% a-2,5%

-2,5% a-2,0%

-2,0% a-1,5%

-1,5% a-1,0%

-1,0% a-0,5%

-0,5% a0,0%

0,0% a0,5%

0,5% a1,0%

1,0% a1,5%

1,5% a2,0%

2,0% a2,5%

2,5% a3,0%

> 3%

3 años 5 años 10 años Desde InicioRENTABILIDAD (T.A.E.)Cartesio Y (5,0%) (1,0%) 2,6% 4,0% Renta Variable Europea (MSPE) (0,2%) 3,4% 6,1% 5,4%

VOLATILIDADCartesio Y 13,3% 11,8% 11,7% 10,6% Renta Variable Europea (MSPE) 18,6% 17,7% 17,3% 19,1%

SHARPE RATIOCartesio Y -0,35 -0,06 0,20 0,26Renta Variable Europea (MSPE) 0,01 0,21 0,34 0,22


Riesgo Controlado


• Réplica la estrategia de Cartesio Y.


• Intentar superar la relación rentabilidad/riesgo de la renta variable europea (MSPE).

• Disposición a renunciar a rentabilidad en el intento de ofrecer una protección adecuada al capital.


• Nivel de inversión en renta variable totalmente flexible (0% - 100%) según percepción del riesgo del mercado.

Riesgo

• Desde inicio (Cartesio Y) la volatilidad (10,7%) ha sido un 56% de la ofrecida por la bolsa europea.

Comisiones

Clase I & Clase R

• Gestión: 1,5%


Clase Z:



Patrimonio72m Euros

Fecha de Inicio13/01/20

Estructura legalSICAV (UCITS IV)

ISINLU1966822444 (Class I)LU1966822527 (Class R)LU1725678517 (Class Z)

BloombergCARTEQI LX (Class I)CARTEQR LX (Class CARTEQZ LX (Class Z)

AuditorDeloitte



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Calificaciones

*Calificaciones correspondientes a Cartesio Y


3 años5 años

10 años*Total

Lipper Leader Consistent ReturnLipper Leader Preservation


1

1

1

5


Protección de Capital


Protección de capital



• Intentar superar la relación rentabilidad/ riesgo de la deuda pública a largo plazo de la zona euro.

• Fuerte voluntad de ofrecer una protección adecuada al capital.


• Un máximo de 40% en bolsa, total flexibilidad (0 - 100%) en bonos y liquidez.

• Hasta un máximo del 20% en emisores con calificación crediticia por debajo de BBB-.

• La cartera de renta variable replica la del fondo Cartesio Y.

Riesgo

• Desde inicio la volatilidad del fondo (3,7%) ha sido un 82% de la registrada por la deuda publica a largo plazo de la zona Euro.

Comisiones



Patrimonio247m Euros


Número de participes3030

ISINESO116567035

BloombergMSCXVDI SM

AuditorDeloitte



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Rentabilidades ajustadas al riesgo desde su lanzamiento 31/03/2004

Calificaciones


3 años5 años

10 añosTotal



2

2

5

5

Rentabilidad (%anual)

3,4%

4,9%

Cartesio X Índice

Volatilidad

3,7% 4,5%

Cartesio X Índice

82%

Volatilidad relativa

Ratio Sharpe

0,62

0,83

Cartesio X Índice


0%

20%

40%

60%

80%

100%

ene.-

04

ene.-

05

ene.-

06

ene.-

07

ene.-

08

ene.-

09

ene.-

10

ene. -

11

ene. -

12

ene.-

13

ene.-

14

ene.-

15

ene.-

16

ene.-

17

ene.-

18

ene.-

19

ene.-

20

Rentabilidad histórica

Evolución mensual

3 Exposición a bolsa y renta fija (%)

Protección de Capital C

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2EVOLUCIÓN - RENTABILIDAD / RIESGO

Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic Año

2004 1,2% (0,3%) 0,7% (0,2%) 0,6% 1,0% 0,5% 2,0% 2,6% 8,3%

2005 0,7% 0,1% (0,9%) (0,6%) 0,6% 1,2% 0,8% 1,4% 0,8% (1,9%) 1,5% 2,1% 5,8%

2006 1,9% 1,0% 1,3% 1,1% (0,2%) 0,3% 0,2% 0,6% 0,7% 0,7% 0,3% 0,7% 9,0%

2007 0,5% (0,1%) 0,6% 0,8% 0,8% 0,2% (0,6%) (0,1%) 0,4% 0,5% (1,0%) 0,0% 2,1%

2008 (1,2%) 0,3% (1,0%) 1,0% 0,3% (0,4%) 0,2% 0,8% (1,8%) (1,0%) 0,3% 0,3% (2,2%)

2009 0,5% 0,8% 0,5% 1,3% 0,5% 1,0% 1,8% 0,4% 0,3% 0,3% 0,7% 0,2% 8,5%

2010 0,1% 0,2% 1,1% (0,3%) (2,0%) 0,3% 1,7% 0,5% 0,9% 1,0% (2,6%) 1,2% 2,1%

2011 0,9% 1,2% 0,2% 1,2% 0,1% (0,8%) (1,0%) (2,4%) (1,7%) 2,4% (3,0%) 2,3% (0,8%)

2012 3,2% 2,2% 0,5% (1,2%) (2,1%) 0,7% 1,2% 1,8% 1,4% 1,0% 0,5% 1,1% 10,7%

2013 0,9% 0,4% 0,2% 2,0% 0,4% (1,0%) 1,7% 0,1% 1,4% 1,9% 0,7% 0,4% 9,4%

2014 0,2% 1,6% 0,3% 0,5% 1,0% (0,0%) (0,6%) 0,7% (0,3%) 0,3% 1,0% 0,2% 4,8%

2015 1,9% 1,7% 0,5% 0,3% 0,2% (1,1%) 0,8% (1,2%) (1,7%) 2,2% 0,8% (2,2%) 1,9%

2016 1,7% (0,6%) 1,8% 0,6% 0,3% (1,2%) 1,2% 0,5% (0,2%) 0,3% (0,4%) 1,2% 1,8%

2017 0,1% 0,8% 0,6% 0,4% 0,4% (0,0%) 0,3% (0,2%) 0,4% 0,7% 0,1% (0,0%) 3,6%

2018 0,4% (0,4%) (0,6%) 0,5% (0,8%) (0,3%) 0,6% (0,4%) (0,2%) (0,8%) (0,6%) (0,8%) (3,2%)

2019 1,6% 0,4% (0,1%) 0,9% (1,8%) 1,1% (0,2%) (0,5%) 0,9% 0,8% 0,8% 0,5% 4,6%

2020 (0,8%) (2,6%) (8,8%) 3,0% 0,6% 1,2% (1,0%) 1,8% (1,0%)

0%10%20%30%40%50%60%70%80%90%

100%

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Promedio nivel de inversión en RV: 18% Promedio nivel de inversión en RF: 30%

Nivel de inversión Renta Variable

Nivel de inversión Renta FijaMáx: 87%

Últ: 24%

Últ: 18%0%0%

Máx: 67%


Evolución trimestral Rentabilidad/Riesgo

EVOLUCIÓN - RENTABILIDAD / RIESGORentabilidad Volatilidad Volatilidad

relativa vs Índice M2Fondo Índice* Fondo Índice*

2004 (desde 31/3/04) 8,3% 5,5% 2,8% 3,4% 81,2% 9,9%2005 5,8% 6,0% 4,0% 3,5% 113,2% 5,3%2006 9,0% -1,0% 2,2% 3,5% 62,7% 12,7%2007 2,1% 1,8% 3,0% 3,7% 81,1% 1,6%2008 -2,2% 10,8% 3,1% 6,1% 49,9% -8,9%2009 8,5% 4,7% 1,5% 5,1% 30,3% 25,0%2010 2,1% -0,3% 2,8% 4,7% 60,0% 3,0%2011 -0,8% 2,2% 4,9% 6,3% 78,6% -1,1%2012 10,8% 14,9% 3,3% 4,8% 69,3% 14,9%2013 9,5% 2,9% 2,7% 4,2% 63,8% 14,5%2014 4,8% 16,9% 3,1% 3,4% 90,7% 5,3%2015 1,9% 2,1% 3,8% 5,3% 71,6% 2,6%2016 1,8% 3,7% 4,0% 4,0% 98,7% 1,8%2017 3,6% 1,3% 1,1% 3,7% 31,0% 12,7%T1 1,5% -1,3% 1,1% 4,5% 23,7% 6,9%T2 0,8% 1,0% 1,4% 3,6% 37,4% 2,3%T3 0,5% 0,8% 1,2% 3,5% 33,6% 1,6%T4 0,8% 0,8% 1,0% 3,2% 32,4% 2,7%2018 -3,2% 1,4% 1,8% 3,0% 58,4% -5,2%T1 -0,6% 1,1% 1,5% 2,9% 50,2% -1,0%T2 -0,6% -0,5% 1,7% 3,8% 44,9% -1,1%T3 0,0% -1,1% 1,2% 2,6% 44,0% 0,2%T4 -2,1% 1,9% 2,5% 2,3% 106,8% -2,0%2019 4,6% 6,7% 2,6% 3,8% 70,0% 6,7%T1 2,0% 3,1% 2,6% 2,9% 88,8% 2,2%T2 0,2% 3,3% 2,4% 3,5% 69,2% 0,4%T3 0,2% 3,1% 2,8% 4,7% 59,1% 0,4%T4 2,1% -2,8% 2,7% 3,7% 74,8% 2,9%2020 -7,8% 3,3% 9,6% 5,5% 174,2% -4,6%T1 2,0% 3,1% 2,6% 2,9% 88,8% 2,2%T2 4,9% 1,7% 9,8% 5,4% 179,5% 2,7%T3 -0,3% 1,4% 5,1% 3,2% 160,7% -0,2%Total 74,4% 120,3% 3,7% 4,5% 81,9%

Con una rentabilidad acumulada desde el 31 de Marzo de 2004 del 74,4% (3,4% T.A.E.) y una volatilidad de 3,7%, el Ratio de Sharpe desde inicio es 0,62 (Bloomberg Barclays Series-E Euro Gov 7-10 yr Bond Index 0,83).


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* MSCI Pan-Europe Index con dividendos. M2 = Rentabilidad teórica del fondo en caso de haber asumido el mismo nivel del riesgo que elíndice * M2 = Expresa el éxito teórico del fondo ajustado al índice de volatilidad


Distribución de Retornos mensuales

El fondo ha caido mas de un 1% en un mes en 23 de los 198 meses transcurridos desde su inicio.


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5 Rentabilidad-Riesgo

6 Periodo de máximas caídas (mensuales)

CARTESIO XCaída Recuperación

Dec 19 - Mar 20 -11,8% 3 meses —May 11 - Nov 11 -6,4% 6 meses 3 mesesMay 15 - Feb 16 -4,8% 4 meses 12 mesesMar 12 - May 12 -3,7% 12 meses 7 meses

BLOOMBERG BARCLAYS SERIES-E EURO GOVT 7-10 YRCaída Recuperación

Ago 10 - Nov 11 -7,9% 15 meses 3 mesesMar 15 - Jun 15 -5,6% 7 meses 10 mesesSep 16 - Ene 19 -4,9% 4 meses 28 mesesFeb 08 - Jun 08 -4,5% 4 meses 4 meses

7

0

5

10

15

20

25

30

35

40

45

50

<= -2% -2,0% a -1,5%

-1,5% a -1,0%

-1,0% a -0,5%

-0,5% a0,0%

0,0% a 0,5%0,5% a 1,0%1,0% a 1,5%1,5% a 2,0% > 2%

3 años 5 años 10 años Desde InicioRENTABILIDAD (T.A.E.)Cartesio X (2,0%) (0,2%) 2,3% 3,4% Renta Fija a Largo Plazo Zona Euro 4,0% 3,4% 4,9% 4,9%

VOLATILIDADCartesio X 5,2% 4,5% 4,1% 3,7% Renta Fija a Largo Plazo Zona Euro 4,0% 4,1% 4,5% 4,5%

SHARPE RATIOCartesio X -0,32 0,04 0,51 0,62Renta Fija a Largo Plazo Zona Euro 1,10 0,91 1,02 0,83


Protección de capital



• Intentar superar la relación rentabilidad/riesgo de la deuda pública a largo plazo de la zona euro.

• Fuerte voluntad de ofrecer una protección adecuada al capital.


• Un máximo de 40% en bolsa, total flexibilidad (0 - 100%) en bonos y liquidez.

• Hasta un máximo del 20% en emisores con calificación crediticia por debajo de BBB- .

• La cartera de renta variable replica la del fondo Cartesio Y.

Riesgo

• Desde inicio (Cartesio X) la volatilidad (3,7%) ha sido un 82% de la ofrecida por la deuda pública a largo plazo de la Zona Euro.

Comisiones

Clase I y clase R:

• Gestión: 0,95%


Clase Z:



Patrimonio134m €


Estructura legalSICAV (UCITS IV)

ISINLU1966822873 (Class I)LU1966822956 (Class R)LU1966823095 (Class Z)

BloombergCARTINI LX (Class I)CARTINR (Class R)CARTINZ LX (Class Z)

AuditorDeloitte

Administrator & CustodianBNP Paribas


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3 años5 años

10 añosTotal



2

2

5

5

Calificaciones

*Calificaciones correspondientes a Cartesio X


Equipo


Equipo

Equipo de Administración

Juan A. Bertrán, CFA

Itziar Álvarez

Alicia Pérez

Ignacio Sanz, CFA

Cayetano Cornet, CFA

Antonio Madueño

Mar Capón

Ignacio Carvajal

Jorge Losa

Álvaro Martínez

Paloma Álvarez

CartesioConsejero y Socio Fundador.CEO

CartesioDirectora de Administración y Control de Riesgos (Desde 2007)

CartesioDepartamento de Clientes (Desde 2004)

CartesioAnalista Senior y Gestor(desde 2015)

CartesioConsejero y Socio Fundador

CartesioDepartamento de Operaciones (Desde 2014)


CartesioAnalista Senior y Gestor(desde 2016)

CartesioAnalista (2017)


CartesioDepartamento de Operaciones y Contabilidad (Desde 2009)

Socios Fundadores y Gestores

Control de Riesgos y Operaciones

Atención a clientes

Socios y Gestores

Analistas

Un equipo de seis profesionales liderados por los socios fundadores gestiona activamente los fondos de acuerdo con el proceso de inversión que ha caracterizado a Cartesio desde su lanzamiento.

Departmento Financiero y Desarrollo CorporativoJuan Ignacio González

CartesioDirector Financiero y de Desarrollo Corporativo (Desde 2019)



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Socios Fundadores y Gestores

Juan A. Bertrán, CFA Cayetano Cornet, CFA Álvaro Martínez

CartesioConsejero y Socio Fundador.CEO

IE Business SchoolProfesor Asociado de Economía

Morgan StanleyManaging Director (1999-04)

AB AsesoresSocio Director (1988-99)

Ministerio de EconomíaTécnico Comercial y Economistadel Estado (1985-88)

Columbia UniversityM. Phil Economics (1984)M. A Economics (1983)

Universidad ComplutenseLicenciado en Ciencias Económicas (1981)


Invercaixa (Grupo La Caixa)Director de Inversiones(1998-04)

Credit Lyonnais SecuritiesAnalista de Inversiones(1996-98)

Andersen ConsultingConsultor (1994-96)

Universidad ComplutenseLicenciado en Ciencias Económicas (1992)


Morgan StanleyExecutive Director (1999-03)

AB AsesoresSocio Director (1992-99)

LCF Edmond de RothschildSecuritiesDirector (1988-92)

BNP Paribas SecuritiesAnalista de Inversiones(1987-88)

Touche RossAuditor (1985-86)

London School of EconomicsBSc Econ (1985)

Socios y Gestores

Analista

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Ignacio Sanz, CFAIgnacio Carvajal

Jorge Losa

CartesioAnalista Senior y Gestor (desde 2015)

UBSExecutive Director, Analista Iberia Sector Financiero, Infraestructuras, Holdings, Small Caps. (2005-15)

Benito & Monjardín DeputySubdirector de Análisis y Analista Sector Financiero (2004-05)

BBVA BolsaAnalista Sector Financiero (2000-04)

Renta 4Analista Junior Sector Financiero, Small Caps. (1996-99)

Instituto Español de Analistas FinancierosMaster en Mercados Financieros, CEFA (2000)

Universidad Alcalá de HenaresLicenciado en ADE (Auditoria) y Ciencias Actuariales (1997)

CartesioAnalista Senior y Gestor (desde 2016)

AENAComité de Dirección, Jefe de Relaciones con Inversores (2013-15)

UBSExecutive Director, Analista Iberia Sector Inmobiliario, Construcción, Media, Retail, Holdings, Small Caps (2004-12)

BBVA BolsaAnalista Sector Petróleo (2002-04)

CSFBAnalista Sector Inmobiliario Europeo . (1999-01)

BSCHAnalista Small Caps (1998-99)

ICADE (E-2)Licenciado en ADE (1997)

CartesioAnalista (desde 2017)

UBSAsociado - Instituciones financieras (2011-17)

Alantra (NMAS1)Asesoramiento financiero de compañías (2010-11)

ICADE (E-3)Licenciado en Derecho (2005-10) y ADE (2005-11)


Departamento Financiero y Desarrollo de Negocio

Control de Riesgos y Operaciones

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CartesioResponsable de Control de Riesgos (Desde 2007)

Morgan StanleyDirectora de Operaciones(1999-2003)

AB AsesoresDepartamento de Operaciones (1994-1999)

SeinsaDepartamento de Contabilidad (1993)

Universidad Autónoma de MadridLicenciada en Ciencias Empresariales (1993)

CartesioResponsable de Cumplimiento Normativo y Delegado de Protocolo de Datos (Desde 2014)

KironAsesor Financiero (2014)

Squire Patton BoggsDepartamento de Corporate Law (2013)

CUNEFLicenciado en Derecho (2013)

CUNEFLicenciado en ADE (2012)

CartesioDepartamento de Operaciones y Contabilidad (Desde 2009)

BMW IbericaGestion de Proyectos(2007 – 2009)

BankinterDepartamento de Seguros (2007)

Universidad Autónoma de MadridLicenciada en Economía (2007)

Itziar Álvarez Antonio MadueñoPaloma Álvarez

CartesioDirector financiero y de Desarrollo Corporativo (Desde 2019)

GarriguesCounsel, departamento mercantil área financiero-regulatorio(2007-2019)

CNMVTécnico Coordinador (1998-2007)

Universidad Autónoma de MadridLicenciado en Derecho (1997)

Juan Ignacio González


Departamento de clientes

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Alicia PérezMar CapónCartesioDepartamento de Clientes (Desde 2004)

Qualytel TeleservicesGestion Documental (2004)

Nestle EspañaDepartamento de Exportaciones (2003)

Nestle MéxicoAsesoría Jurídica (2002)

Universidad Carlos IIIMaster en Comercio Exterior y Negocios Internacionales (2003)

Universidad LatinoamericanaProfesora Adjunta Comercio Exterior (2001)

Universidad Latinoamericana (México)Licenciada en Derecho (2000)


Inergia GrupoGestor de Cuentas (2008-2013)

Starbucks EspañaDepartamento Financiero (2004-2008)

Universidad Carlos IIICurso en Comercio Exterior y Mercados Internacionales (1996)

Universidad Carlos IIILicenciada en Derecho (1996)


Reconocimientos

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2018

2015

2014

2006

MEJOR GESTORA NACIONAL DE LOS PREMIOS FONDOS DE INVERSIÓN EXPANSIÓN 2015

MEJOR FONDO MIXTO FLEXIBLE EURO POR

MORNINGSTAR EN 2014

MEJOR FONDO MIXTO FLEXIBLE GLOBAL POR

STANDARD & POOR’S EN 2006

EXPANSIÓN - Standard & Poor’sCartesio Y — Fondo Mixto Flexible Global del año

EXPANSIÓN — ALLFUNDS BANKMejor gestor del año

MORNINGSTAR - ESPAÑACartesio Y — Fondo Mixto Flexible Euro del año

MORNINGSTAR - EUROPAMejor Gestor Europeo Multiactivo y Alternativo

Un excelente historial labrado por los socios fundadores y los gestores ha sido reconocido por varios prestigiosos premios. En 2018, Cartesio ganó el premio Morningstar a Mejor Gestor Europeo Multiactivo y Alternativo.

Otros reconocimientos

MEJOR GESTOR EUROPEO MULTIACTIVO Y ALTERNATIVO

DEL AÑO 2018



Anexo

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Morningstar Reports

Cartesio Y FIES0182527038

Morningstar Analyst Rating

„ 17 Jul 202015:08, UTC-0500

Morningstar CategoryEUR Flexible Allocation

Category IndexCat 50%Barclays Eu Agg&50%FTSEAW Dv Eur

Total Assets215.26Mil EUR

Current Yield %—


Domicile/CurrencyESP/EUR

Morningstar Rating

QQQ

Equity Style Map

DeepValue

Value Blend Growth HighGrowth

Micro

Small

Mid

LargeGiant

People

Cayetano Cornet 03/04Juan Antonio Bertrán 03/04Álvaro Martínez 03/04

Total Named Managers 3

Morningstar PillarsProcess Above AveragePerformancePeople Above AverageParent HighPrice

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

5K

10K

15K

20K

Performance 30/06/20Growth of 10,000Annualized

ValueEUR

Ret%

Fund 13,525 2.92Category 12,075 1.81Index — —

Full Manager ChangePartial Manager Change

Morningstar RatingQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ

* * ( & * & ( * & ( ) Quartile Rank in Category

49 33 51 6 35 22 59 39 16 62 94 Percentile Rank in Category4.26 -5.05 7.78 20.55 4.37 7.41 0.91 7.22 -4.92 9.96 -17.07 % Total Return (EUR)

-0.06 3.00 -0.54 12.55 1.33 4.02 -1.19 0.34 4.81 -2.41 -9.75 +/- Category— — — — — — — — — — — +/- Index

1 1 1 1 1 0 0 0 0 0 0 ProcessFixed Income Style Box

Asset AllocationStock Bond Cash Other

Equity Supersectors29 24 20 21 17 13 16 14 14 15 19 % x Defensive50 60 64 54 47 54 55 46 48 54 51 % w Sensitive21 16 17 24 36 33 30 40 38 31 31 % m Cyclical

— — — — — — — — — — — % Price TER/OGC

Analyst ViewFrancesco Paganelli, Analyst

A solid flexible equity offering.The conduct of Morningstar's analysts is governed by Morningstar's Codeof Ethics, Securities Trading and Disclosure Policy, and Morningstar Man-ager Research Integrity Policy. For informaton regarding conflicts of in-terest, please click http://global.morningstar.com/managerdisclosures

Morningstar Analyst RatingMorningstar evaluates mutual funds based on five key pillars, which itsanalysts believe lead to funds that are more likely to outperform over thelong term on a risk-adjusted basis.

Analyst Rating Spectrum

Œ „ ´ ‰ Á

The Morningstar Analyst Rating for Funds is a forward-looking analysis ofa fund. Morningstar has identified five key areas crucial to predicting thefuture success of a fund: People, Parent, Process, Performance, and Price.The pillars are used in determining the Morningstar Analyst Rating for afund. Morningstar Analyst Ratings are assigned on a five-tier scale run-ning from Gold to Negative. The top three ratings, Gold, Silver, and Bronze,all indicate that our analysts think highly of a fund; the difference betweenthem corresponds to differences in the level of analyst conviction in afund’s ability to outperform its benchmark and peers through time, withinthe context of the level of risk taken over the long term (defined as a fullmarket cycle or at least five years). Neutral represents funds in which ouranalysts don’t have a strong positive or negative conviction over the longterm (defined as a full market cycle or at least five years) and Negativerepresents funds that possess at least one flaw that our analysts believe islikely to significantly hamper future performance over the long term(defined as a full market cycle or at least five years). Past performance of asecurity may or may not be sustained in future and is no indication of fu-ture performance. For detailed information about the Morningstar AnalystRating for Funds, please visit http://global.morningstar.com/managerdis-closures

17 Jul, 2020 | Cartesio Y remains an excellentproposition in this category. However, under ourenhanced ratings framework, which places agreater focus on fees and expected benchmark-relative performance, the strategy’s MorningstarAnalyst Rating is downgraded to Silver from Gold.

In light of their stability, experience, andsolid track record, we hold managers and firmfounders Juan Bertran, Alvaro Martinez, andCayetano Cornet in high regard. Their interestsare highly aligned with those of investors, as themanagers invest their financial net worth in thestrategy. To support their research effort, in 2015-17 they built up a tight-knit team of four analysts,two seniors and two juniors. Both senior analystsIgnacio Sanz and Ignacio Carvajal, who joined in2015 and 2016, respectively, are now involved indecision-making and became partners here in2019 with a small ownership stake in the firm.The team has a vast universe to cover as it in-vests in European firms of all sizes--and oppor-tunistically in other geographic areas. The man-agers rely to some extent on sell-side research,but this fund’s patient, value-oriented, and estab-lished process, in place since launch in 2004,helps them narrow the opportunity set. There aretwo sources of alpha here: asset allocation

between stocks and cash (0-100%) and stock se-lection. The managers calibrate the strategy'sequity/cash mix based on their investment out-look and bottom-up assessment of the opportun-ity set. The team typically responds gradually andcountercyclically to major market moves or dislo-cations, preferring to keep cash for safety and op-tionality when prevailing valuations are high, andopportunities are scarce. As for stock selection,the managers invest in 30-40 names with a long-term horizon, individually selected based on theirfundamental merit. They seek competitively posi-tioned and financially sound companies withstrong cash flows generation that are trading be-low the team’s estimate of intrinsic value. Thestrategy had a poor first quarter in 2020 as theteam’s security selection proved disastrous, withseveral cyclical positions severely hit amidst themarket sell-off. Long-term risk-adjusted resultsremain solid, however, relative to both bench-mark (MSCI Europe) and peers. Results have beendriven by the excellent execution of the flexibleprocess adding value through top-down position-ing as well as stock selection.

Morningstar Global Fund Report | Print Date: 20 July, 2020

© 2020 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses andopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or ac-curate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or oth-er losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or inpart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Ser-vices LLC, registered with and governed by the U.S. Securities and Exchange Commission.

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„ 17 Jul 202015:08, UTC-0500

Process: Approach Morningstar Category Category IndexEUR Flexible Allocation Cat 50%Barclays Eu

Agg&50%FTSE AW DvEur

The strategy employs a solid and coherentprocess to combine equities and cash.

Process Pillar Above Average

17 Jul, 2020 | This established, long-term-ori-ented process has been executed consistentlysince the strategy’s launch in 2004. It earns anAbove Average Process rating. There are twomain components for alpha generation here: top-down allocation and stock selection. The man-agers calibrate the strategy's equity/cash mix

based on their investment outlook and bottom-upassessment of the opportunity set. This is the partof the process that is most difficult to get rightconsistently, as is true for all flexible-allocationstrategies. As for stock selection, the managersmaintain a long-term view, seeking competitivelypositioned and financially sound companies withstrong cash flow generation that are trading be-low the team’s fundamental estimate of intrinsicvalue--typically based on discounted cash flowanalysis. The team usually avoids highly lever-aged firms or areas of the market deemed too ex-

pensive or crowded. The portfolio focuses mainlyon European companies of all sizes, but the teamcan opportunistically add small stakes in nondo-mestic firms. A small sleeve of the portfolio (5%-10%) may be tactically invested in index futuresor options to modify or hedge part of the fund’sequity exposure. All in all, we like the managers'patience and long-term orientation, their high-conviction approach, flexibility and efficiency indecision-making, and valuation discipline.

Equity Style 30/04/2020

Holdings-Based Style Map

DeepValue


Micro

Small

Mid

LargeGiant Fund Centroid:

Weighted averageof equity holdings

Zone: 75% of fundequity holdings

Category Average

Equity Style Box Factors

Market Cap Fund 3-Yr Avg Category

Giant/Large 46.1 49.7 66.6Mid 34.8 36.8 21.5Small/Micro 19.1 13.5 11.9

Avg Market Cap Bil EUR 9.6 11.4 26.3

Value Measures Fund 3-Yr Avg Category

Price/Prospect. Earnings 11.9 11.7 18.6Price/Book 0.8 1.3 1.4Price/Sales 0.4 0.7 1.0Price/Cash Flow 3.3 5.2 6.1Dividend Yield 6.4 4.2 3.8

Growth Measures Fund 3-Yr Avg Category

Long-Term Earnings % 8.1 10.8 11.4Historical Earnings % -4.5 -1.7 3.3Sales % 1.4 -2.7 0.1Cash Flow % 9.8 -2.2 7.8Book-Value % 1.8 -0.6 4.8

Fixed Income Style —

Fixed Income Style BoxLow

Med

HighCredit Q

uality

Ltd Mod ExtInterest Rate Sensitivity

History Style Bonds %

2020 0 15.42019 0 17.32018 0 34.52017 0 39.02016 0 32.5Bonds % is based on portfolio data.

Selected Fixed Income Style Box Factors

Fund 3-Yr Avg Category

Average Credit Quality — — BBAvg Effective Duration — — 2.3

Equity Region Exposure 30/04/2020

Market Type Equity % Fund 3-Yr Avg Category

Developed 96.8 96.5 98.5Emerging 3.2 3.5 1.5

Top 5 Countries Equity % Fund 3-Yr Avg Category

Germany 21.9 0.0 22.0France 15.6 0.7 27.7Spain 15.6 0.0 3.6United Kingdom 9.8 0.0 6.6Netherlands 6.3 0.0 7.6

Income 30/06/20


Current Yield — — —12-Month Yield 0.0 — —Average Coupon — — —Average Coupon surveyed 30/04/20

Asset Allocation 30/04/20

Current Allocation 3-Year Average

Net Assets % Fund 3-Yr Avg Category

Equity 72.4 48.8 58.0Fixed Income 15.4 25.8 23.4Cash 12.2 25.1 15.8Other 0.0 0.3 2.7

Sectors 30/04/2020

Top 5 Equity Sectors Fund 3-Yr Avg Category

p Industrials 22.3 21.9 15.6iCommunication Serv. 12.4 9.5 9.0rBasic Materials 11.4 4.5 6.8aTechnology 9.6 11.3 14.2dHealthcare 8.0 7.0 11.4

Fixed Income Super Sectors

Assets % Fund Category

-20

-10

0

10

20

Govt. Corp. Secur. Muni. Cash & Equiv. Other

Top 5 Fixed Income Sectors Fund 3-Yr Avg Category

Treasury 15.4 — 9.2Cash 12.2 — 12.9Derivative Cash Offsets 1.9 — -0.6Cash Other 0.0 — 0.0Credit Default Swap 0.0 — 0.2



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„ 17 Jul 202015:08, UTC-0500

Process: Portfolio Morningstar Category Category IndexEUR Flexible Allocation Cat 50%Barclays Eu


Flexible allocation between equities andcash with a focus on capital preservation.


17 Jul, 2020 | The strategy's allocation to equit-ies can potentially fluctuate between 0 and100%, though historically it has moved in the15%-85% range (around 60% on average). Theasset-allocation mix tends to be slow-moving, asthe team typically responds gradually and coun-tercyclically to major market moves or disloca-

tions, preferring to keep cash for safety and op-tionality when opportunities are scarce. The man-agers started to steadily increase the fund’sequity exposure in mid-2008. After reaching ahigh of 86% in 2011, the fund’s equity stake pro-gressively declined after 2015 as the managersviewed equity markets as relatively expensive.The fund’s equity exposure reached a multiyearlow of 39% at the end of June 2018, at whichpoint the team started finding more opportunitiesamong beaten-down cyclicals. The strategy cameinto the March 2020 sell-off with around 70% ex-

posure to stocks, slightly above its long-term av-erage, and held 75% of the assets in equities asof June 2020. The stocks’ portfolio is built fromthe bottom up with a long-term investment hori-zon and typically differs significantly from itsbenchmark MSCI Pan-Europe Index and the EURflexible allocation Morningstar Category in termsof sector or country allocation. It typically dis-plays a value bent, in keeping with the process,and is recently more geared towards mid- andsmall caps than usual. It is diversified across 30-40 names selected individually.

Credit Quality Surveyed —

Bonds % Fund Category

0

10

20

30

40

AAA AA A BBB BB B <B NR

Bond Maturity 30/04/20


0

5

10

15

20

1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+

Coupon Range 30/04/20


0

5

10

15

20

0% to PIK 0-2 2-4 4-6 6-8 8-10 10+

Portfolio Holdings 30/04/20

Previous Portfolio Date Equity Holdings Bond Holdings Other Holdings Assets in Top 10 Holdings Turnover Ratio (Reported)

31/03/20 42 3 19 25% —

Top 10 Equity Holdings Country Assets % Assets %30/04/20 31/03/20

FirstBought

DaysTrading

EconomicMoat

Sector 1-Yr TotalRet %

Y Repsol SA ESP 2.98 3.13 11/18 <1 No o Energy -36.87Y Takeda Pharmaceutical Co Ltd JPN 2.91 2.83 01/19 <1 Narrow d Healthcare 6.69

Fresenius SE & Co KGaA DEU 2.89 2.52 11/18 <1 Narrow d Healthcare -7.47UPM-Kymmene Oyj FIN 2.47 2.50 12/18 <1 r Basic Materials 15.62

YMicrosoft Corp USA 2.45 2.29 03/09 <1 Wide a Technology 55.54

T Signify NV NLD 2.44 2.14 02/17 <1 p Industrials -11.58Promotora Y Operadora de Infraestructura SABde CV

MEX 2.35 2.30 04/18 2 p Industrials -26.82

Y Software AG DEU 2.27 2.02 11/19 <1 a Technology 21.39Y Glencore PLC CHE 2.21 2.18 09/18 <1 No r Basic Materials -35.42

Atos SE FRA 2.21 2.14 11/18 <1 a Technology 3.24Change since previous portfolio: T Increase Y Decrease R New

Top 5 Fixed Income Holdings Country Currency Assets % Super Sector Primary Sector Secondary Sector



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„ 17 Jul 202015:08, UTC-0500

Performance Morningstar Category Category IndexEUR Flexible Allocation Cat 50%Barclays Eu


The team was caught off guard in March2020.

Performance Pillar

17 Jul, 2020 | Cartesio Y posted the worstmonthly return of its history in March 2020, as theteam’s security selection proved disastrous. Sev-eral cyclical positions--from airlines to banks--gotseverely hit amidst the market sell-off. While thestrategy recovered in the second quarter aroundhalf of the 30% drawdown, 2020 weighs heavily

on the strategy’s long-term track record and thetrailing three- and five-year periods. From incep-tion in February 2004 to the end of June 2020, thestrategy delivered an annualized return of 4.2%,well ahead of the category average, thougharound 100 basis points behind the MSCI EuropeIndex. On a risk-adjusted basis, however, thestrategy beats that benchmark since inception.The strategy has historically added value via stockselection and dynamic asset allocation, in keep-ing with the process. It protected capital well in2008 by increasing cash investments substan-

tially in mid-2007, whereas performance wasahead of the category in 2009 because the fund’sequity exposure was higher than average. Itended 2011 ahead of peers and index thanks tostock selection and in spite of its historically highinvestment level. In 2016, it did not match peersbecause of low exposure to sectors such as finan-cials and energy. In 2017, the below-averageequity exposure was outweighed by good stockpicks. In 2018, the strategy’s modest equity ex-posure (39%) helped performance, while below-average equity held the strategy back in 2019.

Morningstar Rating and Risk 30/06/20

Period Morningstar Ret vsCat

Morningstar Risk vsCat

MorningstarRating

3 Years Below Avg Above Avg QQ5 Years Below Avg Above Avg QQ10 Years Above Avg Above Avg QQQQ

Overall Rating QQQ

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

-30

-20

-10

0

10

20

30

History 30/06/2012-Month Rolling Return %

Fund


* * ( & * & ( * & ( ) Quartile Rank in Cat

49 33 51 6 35 22 59 39 16 62 94 Percentile Rank in Cat4.26 -5.05 7.78 20.55 4.37 7.41 0.91 7.22 -4.92 9.96 -17.07 % Total Return EUR

-0.06 3.00 -0.54 12.55 1.33 4.02 -1.19 0.34 4.81 -2.41 -9.75 +/- Category— — — — — — — — — — — +/- Index

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Income Return

Risk Analysis 30/06/20

3-Year Return and Risk Analysis

-8

-6

-4

-2

0

0 5 10 15 20 25 30

Total Return %

Standard Deviation

Fund Category Index

3-Year Risk Measures Fund Category Index

Standard Deviation 13.46 10.75 —Sharpe Ratio -0.21 -0.03 —

R-Squared 83.64 77.30 —Beta 1.52 1.16 —Alpha -7.42 -3.92 —

Maximum Drawdown Fund Category Index

Max Drawdown (%) -25.40 -15.28 —Peak Date 01/20 02/18 —Valley Date 03/20 03/20 —Max Drawdown (Months) 3 26 —

Upside/Downside Fund Category Index

Upside Capture Ratio 81.8 93.5 —Downside Capture Ratio 152.0 135.1 —

Returns 30/06/20

Trailing Returns TotalRet %

InvestorRet %

Rankin Cat

CatRet %

IndexRet %

1 Year -12.59 -13.36 94 -3.72 —3 Years -4.11 -4.57 83 -1.43 —5 Years -1.50 -2.12 77 0.10 —10 Years 3.51 1.74 30 2.51 —Tenure 03/04 4.19 — — 2.59 —Inception 02/04 4.17 — — 2.52 —

Rolling-Returns Summary

3

1

45

52%36-Month Rolling Periods151 Observations, 12 Years

The shading and percentagescorrespond to how often thefund returns landed in eachcategory quartile.

Income and Capital Returns

Return % Income Return Capital Return

-20

-10

0

10

20

2016 2017 2018 2019 06/20

Year IncomeRet %

Income %Rank in Cat

CapitalRet %

Capital %Rank in Cat

2016 0.00 24 0.91 562017 0.00 25 7.22 362018 0.00 25 -4.92 142019 0.00 25 9.96 5906/20 0.00 11 -17.07 94



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„ 17 Jul 202015:08, UTC-0500

People Morningstar Category Category IndexEUR Flexible Allocation Cat 50%Barclays Eu


This strategy is run by an experienced andstrong trio of managers that has workedtogether for a long time.

People Pillar Above Average

17 Jul, 2020 | This team stands out in terms of ex-perience, stability, dedication, and alignment ofinterests with investors. We are also impressedby the managers’ independent, contrarian mind-set, and resolute belief in their philosophy and in-vestment process--which helps them narrow anotherwise vast investment universe of potential

candidates that the team needs to cover. Thestrategy earns an Above Average People Pillarrating. Juan Bertran, Alvaro Martinez, andCayetano Cornet founded Cartesio Inversionesand invest all their financial net worth in the twostrategies they manage. Bertran and Martinezworked together for around 10 years at AB Ase-sores (acquired by Morgan Stanley in 2000) in theequities sales department. Their fund manage-ment experience is the time spent at Cartesio,which is more than 15 years. Cornet has morethan 20 years of investment experience, having

worked for Credit Lyonnais and Invercaixa. Themanagers built up a supporting team of two seni-or and two junior generalist analysts in 2015-17as the firm’s assets under management reachedcritical mass. The two seniors, Ignacio Sanz andIgnacio Carvajal, who joined in 2015 and 2016, re-spectively, are now involved in decision-makingand became partners here in 2019 with a smallownership stake in the firm. We welcome thismeasure with regard to key staff retention andlong-term succession planning.

Management Team

Experience and Asset Load

0

5

10

15

20+

0 5 10 15+

Total AUM Bil EUR in Funds Managed

Tenure Years

Number of Managers Longest Tenure

3 16.33 YearsManager Retention Rate5-Year

—%

Average Manager Tenure

16.33 Years

Advisor Subadvisor

Cartesio Inversiones SGIIC —

Cayetano Cornet 03/04 to Present

Years on Managed Funds Years on Fund

16 16

Fund AUM Current Funds Managed

501.17 Mil EUR 2

Largest Funds Managed Tenure Dates Role Fund Size Mil EUR

InvestmentMil EUR

Tenure Ret %

IndexRet %

Cartesio X FI 03/04 to Present 1 of 3 285.91 — 3.51 4.72Cartesio Y FI 03/04 to Present 1 of 3 215.26 — 4.19 5.26

Juan Antonio Bertrán 03/04 to Present


16 16


501.17 Mil EUR 2


InvestmentMil EUR

Tenure Ret %

IndexRet %


Álvaro Martínez 03/04 to Present


16 16


501.17 Mil EUR 2


InvestmentMil EUR

Tenure Ret %

IndexRet %




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„ 17 Jul 202015:08, UTC-0500

Parent Morningstar Category Category IndexEUR Flexible Allocation Cat 50%Barclays Eu


We consider Cartesio a strong steward ofinvestors' capital.

Parent Pillar High

15 Jul, 2020 | Cartesio Inversiones earns a ParentPillar rating of High thanks to its stable team, fo-cused lineup, and strong alignment of interestswith investors. The firm’s investment ethos isgrounded on solid principles that have been ap-plied consistently for over a decade: a capital pre-servation mindset, a commitment to asset alloca-

tion and bottom-up security selection for valuecreation, a long-term orientation, and a relentlessfocus on valuation.

Since its 2004 inception, this Madrid-based boutique has offered two active strategies:a flexible equity and a cautious multi-asset fund.They are run by the firm’s three founders with thesupport of the small team they have built up in re-cent years, consisting of two senior and two juni-or analysts. The founders and owners invest alltheir net worth in the funds, which helps aligntheir interests with investors’, and have estab-

lished a partnership program in 2019, selling partof their shares to the two senior analysts tostrengthen retention and as a first step towardslong-term succession planning--another measurewe welcome. The firm has seen only two junioranalysts departing over its entire history. Fees onthe Spanish funds and their Luxembourg-domi-ciled siblings remain competitive, especially forretail investors. Both funds charge a small (7.5%)performance fee on top of a relatively modestbase commission, which further increases thegroup’s focus on performance.

Assets By Region, By Domicile Bil EUR

Americas0.0

Europe & Africa0.5

Asia & Australia0.0

Asset Class Breakdown Europe (ex Money Mkt)

Assets Bil EUR

0

1

2

3

4

5

Asset Class Assets Bil EUR Assets %

Equity — —Fixed Income — —Allocation 0.5 100.0Convertibles — —Property — —Alternative — —Commodities — —

Fund Family Details Europe (*)

Morningstar Analyst Rating Breakdown

Rating Assets %

Œ 100.0

„ —

´ —

ˇ —

¨ —

Ø —

” —Not Rated —

Morningstar Rating Breakdown

Rating Assets %

QQQQQ —QQQQ —QQQ 100.0QQ —Q —Not Rated —

(*) All data is based on Branding name and refers to funds domiciled in Europe.

Fund Family Details Europe

Top Performing Funds Category Name Fund Size Mil EUR

Return %3-Year

Rank in Cat3-Year

Cartesio X FI EUR Cautious Allocation 285.9 -1.77 86Cartesio Y FI EUR Flexible Allocation 215.3 -4.11 83

Largest Funds Category Name Fund Size Mil EUR

Return %3-Year

Rank in Cat3-Year


Recent Fund Launches Category Name Fund Size Mil EUR

Return %Inception

InceptionDate

Cartesio X FI EUR Cautious Allocation 285.9 2.67 24/02/04Cartesio Y FI EUR Flexible Allocation 215.3 3.51 23/02/04



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„ 17 Jul 202015:08, UTC-0500

Price Morningstar Category Category IndexEUR Flexible Allocation Cat 50%Barclays Eu


Price Pillar

17 Jul, 2020 | It’s critical to evaluate expenses, asthey come directly out of returns. The share classon this report levies a fee that ranks in its Morn-ingstar category’s second-cheapest quintile.Based on our assessment of the fund’s People,Process and Parent pillars in the context of thesefees, we think this share class will be able to de-liver positive alpha relative to the category bench-mark index, explaining its Morningstar AnalystRating of Silver.

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

0.0

0.0

0.0

0.0

0.0

0.0

TER/OGCExpense History

TER/OGC

— — — — — — — — — — — TER/OGC140.1 115.8 100.8 140.0 196.3 234.0 223.5 259.8 299.8 313.8 215.3 Net Assets Mil EUR23.7 -17.1 -23.1 18.7 49.2 23.4 -12.3 19.9 55.7 -15.2 -42.9 Net Flows Mil EUR

Expense Breakdown

Ongoing charge

Ongoing charge 10/05/19 0.92

Selected Components

Max Management Fee 0.75Performance Fee 7.50

Fee Level

Fee Level Peer Group

Low —

Fee Level Breakpoints

0.34

6.46 High >2.39Above Average 1.92-2.39Average 1.54-1.92Below Average 1.19-1.54Low <1.19

Fund 0.92Peer Median 1.68

Share Class InformationShare Class Identifier Morningstar Category TER/OGC Max Mgmt

FeePerformance

FeeMaximum Inital

ChargeMinimumInitial Inv

AssetsBil EUR

Cartesio Y FI ES0182527038 EUR Flexible Allocation 0.92 0.75 7.50 0.00 6,000 0.21



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Cartesio Funds Equity ZLU1966822790


„ 20 Jul 202012:38, UTC-0500

Morningstar CategoryEUR Flexible Allocation



Current Yield %—


Domicile/CurrencyLUX/EUR

Morningstar Rating

—

Equity Style Map

DeepValue


Micro

Small

Mid

LargeGiant

People



2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

5K

10K


ValueEUR

Ret%

Fund 8,135 -18.65Category 9,262 -7.39Index — —



_ _ _ _ _ _ _ _ _ _ _ Quartile Rank in Category

— — — — — — — — — — — Percentile Rank in Category— — — — — — — — — — — % Total Return (EUR)— — — — — — — — — — — +/- Category— — — — — — — — — — — +/- Index



Equity Supersectors— — — — — — — — — — 18 % x Defensive— — — — — — — — — — 51 % w Sensitive— — — — — — — — — — 31 % m Cyclical

— — — — — — — — — — — % Price TER/OGC


A solid flexible equity offering.The conduct of Morningstar's analysts is governed by Morningstar's Codeof Ethics, Securities Trading and Disclosure Policy, and Morningstar Man-ager Research Integrity Policy. For informaton regarding conflicts of in-terest, please click http://global.morningstar.com/managerdisclosures



Œ „ ´ ‰ Á


20 Jul, 2020 | Cartesio Equity is an excellent pro-position in this category. The strategy earns aMorningstar Analyst Rating of Silver for itscheapest share class (Z) and Bronze for its moreexpensive shares.

In light of their stability, experience, andsolid track record, we hold managers and firm’sfounders Juan Bertran, Alvaro Martinez, andCayetano Cornet in high regard. Their interestsare highly aligned with those of investors, as themanagers invest their financial net worth in thestrategy. To support their research effort, in 2015-17 they built up a tight-knit team of four analysts,two seniors and two juniors. Both senior analystsIgnacio Sanz and Ignacio Carvajal, who joined in2015 and 2016, respectively, are now involved indecision-making and became partners here in2019 with a small ownership stake in the firm.The team has a vast universe to cover as it in-vests in European firms of all sizes--and oppor-tunistically in other geographic areas. The man-agers rely to some extent on sell-side research,but this fund’s patient, value-oriented, and estab-lished process, in place since launch in 2004,helps them narrow the opportunity set. There aretwo sources of alpha here: asset allocationbetween stocks and cash (0-100%) and stock se-

lection. The managers calibrate the strategy'sequity/cash mix based on their investment out-look and bottom-up assessment of the opportun-ity set. The team typically responds gradually andcountercyclically to major market moves or dislo-cations, preferring to keep cash for safety and op-tionality when prevailing valuations are high andopportunities are scarce. As for stock selection,the managers invest in 30-40 names with a long-term horizon, individually selected based on theirfundamental merit. They seek competitively posi-tioned and financially sound companies withstrong cash flows generation that are trading be-low the team’s estimate of intrinsic value. Thestrategy had a poor first quarter in 2020 as theteam’s security selection proved disastrous, withseveral cyclical positions severely hit amidst themarket sell-off. Long-term risk-adjusted resultsremain solid, however, relative to both bench-mark (MSCI Europe) and peers. Results have beendriven by the excellent execution of the flexibleprocess adding value through top-down position-ing as well as stock selection.



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Page 1 of 9



„ 20 Jul 202012:38, UTC-0500

Process: Approach Morningstar Category Category IndexEUR Flexible Allocation Cat 50%Barclays Eu


The strategy employs a solid and coherentprocess to combine equities and cash.


20 Jul, 2020 | This established, long-term-ori-ented process has been executed consistentlysince the strategy’s launch in 2004. It earns anAbove Average Process rating. There are twomain components for alpha generation here: top-down allocation and stock selection. The man-agers calibrate the strategy's equity/cash mix

based on their investment outlook and bottom-upassessment of the opportunity set. This is the partof the process that is most difficult to get rightconsistently, as is true for all flexible-allocationstrategies. As for stock selection, the managersmaintain a long-term view, seeking competitivelypositioned and financially sound companies withstrong cash flow generation that are trading be-low the team’s fundamental estimate of intrinsicvalue--typically based on discounted cash flowanalysis. The team usually avoids highly lever-aged firms or areas of the market deemed too ex-

pensive or crowded. The portfolio focuses mainlyon European companies of all sizes, but the teamcan opportunistically add small stakes in nondo-mestic firms. A small sleeve of the portfolio (5%-10%) may be tactically invested in index futuresor options to modify or hedge part of the fund’sequity exposure. All in all, we like the managers'patience and long-term orientation, their high-conviction approach, flexibility and efficiency indecision-making, and valuation discipline.



DeepValue


Micro

Small

Mid




Category Average








Long-Term Earnings % 8.1 9.5 11.4Historical Earnings % -4.5 -2.2 3.3Sales % 1.5 1.3 0.1Cash Flow % 9.4 9.4 7.8Book-Value % 1.9 1.9 4.8



Med

HighCredit Q

uality



2020 0 9.62019 0 —2018 0 —2017 0 —2016 0 —Bonds % is based on portfolio data.









Income 30/06/20


Current Yield — — —12-Month Yield — — —Average Coupon — — —Average Coupon surveyed 30/04/20



-100 0 100 -100 0 100


Equity 73.4 71.9 58.0Fixed Income 9.6 12.6 23.4Cash 17.3 27.1 15.8Other -0.3 -11.6 2.7

Sectors 30/04/2020





-20

-10

0

10

20



Cash 12.4 — 12.9Treasury 9.6 — 9.2Government 5.1 — 1.1Cash Other 0.0 — 0.0Credit Default Swap 0.0 — 0.2



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Page 2 of 9



„ 20 Jul 202012:38, UTC-0500

Process: Portfolio Morningstar Category Category IndexEUR Flexible Allocation Cat 50%Barclays Eu


Flexible allocation between equities andcash with a focus on capital preservation.


20 Jul, 2020 | The strategy's allocation to equit-ies can potentially fluctuate between 0 and100%, though historically it has moved in the15%-85% range (around 60% on average). Theasset-allocation mix tends to be slow-moving, asthe team typically responds gradually and coun-tercyclically to major market moves or disloca-

tions, preferring to keep cash for safety and op-tionality when opportunities are scarce. The man-agers started to steadily increase the fund’sequity exposure in mid-2008. After reaching ahigh of 86% in 2011, the fund’s equity stake pro-gressively declined after 2015 as the managersviewed equity markets as relatively expensive.The fund’s equity exposure reached a multiyearlow of 39% at the end of June 2018, at whichpoint the team started finding more opportunitiesamong beaten-down cyclicals. The strategy cameinto the March 2020 sell-off with around 70% ex-

posure to stocks, slightly above its long-term av-erage, and held 75% of the assets in equities asof June 2020. The stocks’ portfolio is built fromthe bottom up with a long-term investment hori-zon and typically differs significantly from itsbenchmark MSCI Pan-Europe Index and the EURflexible allocation Morningstar Category in termsof sector or country allocation. It typically dis-plays a value bent, in keeping with the process,and is recently more geared towards mid- andsmall caps than usual. It is diversified across 30-40 names selected individually.



0

10

20

30

40




0

5

10

15

20

1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+



0

5

10

15

20

0% to PIK 0-2 2-4 4-6 6-8 8-10 10+



31/03/20 42 2 54 26% —


FirstBought

DaysTrading

EconomicMoat


Y Repsol SA ESP 2.99 3.18 02/20 <1 No o Energy -36.87Y Fresenius SE & Co KGaA DEU 2.95 2.69 02/20 <1 Narrow d Healthcare -7.47Y Takeda Pharmaceutical Co Ltd JPN 2.84 2.45 02/20 <1 Narrow d Healthcare 6.69Y UPM-Kymmene Oyj FIN 2.54 2.56 02/20 <1 r Basic Materials 15.62

Promotora Y Operadora de Infraestructura SABde CV

MEX 2.53 2.47 02/20 <1 p Industrials -26.82

Y Atos SE FRA 2.49 2.44 02/20 <1 a Technology 3.24T Signify NV NLD 2.44 2.10 02/20 <1 p Industrials -11.58YMicrosoft Corp USA 2.38 2.20 02/20 <1 Wide a Technology 55.54Y Software AG DEU 2.25 2.12 02/20 <1 a Technology 21.39

Koninklijke KPN NV NLD 2.23 2.31 02/20 <1 Narrow i Communication Serv. -7.96Change since previous portfolio: T Increase Y Decrease R New




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„ 20 Jul 202012:38, UTC-0500

Performance Morningstar Category Category IndexEUR Flexible Allocation Cat 50%Barclays Eu


The team was caught off guard in March2020.

Performance Pillar

20 Jul, 2020 | This fund’s clone Cartesio Y postedthe worst monthly return of its history in March2020, as the team’s security selection proved dis-astrous. Several cyclical positions got severely hitamidst the market sell-off. While the strategy re-covered in the second quarter around half of the30% drawdown, 2020 weighs heavily on the

strategy’s long-term track record and the trailingthree- and five-year periods. From inception inFebruary 2004 to the end of June 2020, thestrategy delivered an annualized return of 4.2%,well ahead of the category average thougharound 100 basis points behind the MSCI EuropeIndex. On a risk-adjusted basis, however, thestrategy beats that benchmark since inception.The strategy has historically added value via stockselection and dynamic asset allocation, in keep-ing with the process. It protected capital well in2008 by increasing cash investments substan-

tially in mid-2007, whereas performance wasahead of the category in 2009 because the fund’sequity exposure was higher than average. Itended 2011 ahead of peers and index thanks tostock selection and in spite of its historically highinvestment level. In 2016, it did not match peersbecause of its low exposure to sectors such asfinancials and energy. In 2017, the below-aver-age equity exposure was outweighed by goodstock picks. In 2018, its modest equity exposure(39%) helped performance, while below-averageequity held the strategy back in 2019.




MorningstarRating

3 Years — — —5 Years — — —10 Years — — —

Overall Rating —

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

-6

-5

-4

-3

-2

-1

0


Fund


_ _ _ _ _ _ _ _ _ _ _ Quartile Rank in Cat

— — — — — — — — — — — Percentile Rank in Cat— — — — — — — — — — — % Total Return EUR— — — — — — — — — — — +/- Category— — — — — — — — — — — +/- Index

— — — — — — — — — — — Income Return



-4

-3

-2

-1

0

0 2 4 6 8 10 12

Total Return %

Standard Deviation

Fund Category Index


Standard Deviation — 10.75 —Sharpe Ratio — -0.03 —

R-Squared — 77.30 —Beta — 1.16 —Alpha — -3.92 —




Upside Capture Ratio — 93.5 —Downside Capture Ratio — 135.1 —

Returns 30/06/20


InvestorRet %

Rankin Cat

CatRet %

IndexRet %

1 Year — — — -3.72 —3 Years — — — -1.43 —5 Years — — — 0.10 —10 Years — — — 2.51 —Tenure — -18.65 — — 5.45 —Inception 01/20 -18.65 — — -7.70 —


0

0

0





-4

-3

-2

-1

0

2016 2017 2018 2019 06/20

Year IncomeRet %

Income %Rank in Cat

CapitalRet %


2016 — — — —2017 — — — —2018 — — — —2019 — — — —06/20 — — — —



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Page 4 of 9



„ 20 Jul 202012:38, UTC-0500

People Morningstar Category Category IndexEUR Flexible Allocation Cat 50%Barclays Eu




20 Jul, 2020 | This team stands out in terms of ex-perience, stability, dedication, and alignment ofinterests with investors. We are also impressedby the managers’ independent, contrarian mind-set and resolute belief in their philosophy and in-vestment process--which helps them narrow anotherwise vast investment universe of potential



Management Team

Experience and Asset Load Number of Managers Longest Tenure

0 — YearsManager Retention Rate5-Year

—%


— Years

Advisor Subadvisor




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Page 5 of 9



„ 20 Jul 202012:38, UTC-0500

Parent Morningstar Category Category IndexEUR Flexible Allocation Cat 50%Barclays Eu



Parent Pillar High






Americas0.0

Europe & Africa12.9

Asia & Australia0.0


Assets Bil EUR

0

1

2

3

4

5


Equity 2.4 25.4Fixed Income 3.0 32.3Allocation 3.2 34.6Convertibles — —Property 0.0 0.1Alternative 0.7 7.7Commodities — —



Rating Assets %

Œ —

„ —

´ —

ˇ —

¨ —

Ø —

” —Not Rated 100.0


Rating Assets %

QQQQQ 1.5QQQQ 8.9QQQ 25.7QQ 6.6Q 8.8Not Rated 48.6




Return %3-Year

Rank in Cat3-Year

Bellevue Funds (Lux) - BB Adamant Asia PacificHealthcare I2 EUR Acc

Sector Equity Healthcare — 22.97 1

Bellevue Funds (Lux) - BB Adamant EmergingMarkets Healthcare I CHF Acc


CompAM FUND - SB Convex I EURAccumulation

EUR Flexible Allocation - Global 29.4 16.08 1


Return %3-Year

Rank in Cat3-Year

Alpha UCITS SICAV - Fair Oaks Dynamic CreditFund E USD

Other Bond 412.9 2.61 —

GAMCO International SICAV - GAMCO MergerArbitrage I (USD)

Alt - Event Driven 391.2 3.19 —

Baloise Fund Invest (Lux) - BFI Swiss TargetVol5% I

CHF Aggressive Allocation 300.7 0.73 82


Return %Inception

InceptionDate

Blue Lake SICAV-SIF - GTR - Global Total ReturnA EUR Acc

Alt - Multistrategy 2.8 -1.82 06/03/20

Cartesio Funds Equity I EUR Flexible Allocation 78.0 -16.94 13/01/20Cartesio Funds Income I EUR Cautious Allocation 156.7 -8.72 13/01/20



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„ 20 Jul 202012:38, UTC-0500

Price Morningstar Category Category IndexEUR Flexible Allocation Cat 50%Barclays Eu


Price Pillar

20 Jul, 2020 | It’s critical to evaluate expenses, asthey come directly out of returns. The share classon this report levies a fee that ranks in its Morn-ingstar category’s second-cheapest quintile.Based on our assessment of the fund’s People,Process and Parent pillars in the context of thesefees, we think this share class will be able to de-liver positive alpha relative to the category bench-mark index, explaining its Morningstar AnalystRating of Silver.

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

0.0

0.0

0.0

0.0

0.0

0.0


TER/OGC

— — — — — — — — — — — TER/OGC— — — — — — — — — — 78.0 Net Assets Mil EUR— — — — — — — — — — -49.0 Net Flows Mil EUR

Expense Breakdown

Ongoing charge


Selected Components


Fee Level


Low —


0.34




FeePerformance

FeeMaximum Inital


AssetsBil EUR

Cartesio Equity Z LU1966822790 EUR Flexible Allocation 0.85 0.75 7.50 — — 0.02Cartesio Equity R LU1966822527 EUR Flexible Allocation 1.60 1.50 — — — 0.03Cartesio Equity I LU1966822444 EUR Flexible Allocation 1.56 1.50 — — — 0.03



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Page 7 of 9

Cartesio X FIES0116567035


´ 20 Jul 202008:23, UTC-0500

Morningstar CategoryEUR Cautious Allocation



Current Yield %7.86


Domicile/CurrencyESP/EUR

Morningstar Rating

QQQ

Equity Style Map

DeepValue


Micro

Small

Mid

LargeGiant

People

Cayetano Cornet 03/04Juan Antonio Bertrán 03/04Álvaro Martínez 03/04



2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

5K

10K

15K


ValueEUR

Ret%

Fund 12,938 2.48Category 12,160 1.88Index — —



* * & & * * * * * ( ) Quartile Rank in Category

50 29 20 8 38 44 50 26 26 75 95 Percentile Rank in Category2.07 -0.83 10.75 9.45 4.83 1.89 1.78 3.63 -3.21 4.59 -7.54 % Total Return (EUR)

-0.21 1.97 2.85 4.85 0.55 0.24 0.03 1.13 1.58 -2.12 -3.99 +/- Category— — — — — — — — — — — +/- Index



Equity Supersectors29 24 21 21 18 13 16 15 13 15 19 % x Defensive44 59 64 56 47 54 53 45 48 53 50 % w Sensitive27 17 15 22 35 33 31 40 39 32 31 % m Cyclical

— — — — — — — — — — 0.61 % Price TER/OGC


This strategy remains adependable offering.The conduct of Morningstar's analysts is governed by Morningstar's Codeof Ethics, Securities Trading and Disclosure Policy, and Morningstar Man-ager Research Integrity Policy. For informaton regarding conflicts of in-terest, please click http://global.morningstar.com/managerdisclosures



Œ „ ´ ‰ Á


20 Jul, 2020 | Cartesio X retains several strengthsas we view both the People and Process Pillars asAbove Average. But under our enhanced ratingsframework, which places a greater focus on feesand expected benchmark-relative performance,the strategy’s Morningstar Analyst Rating isdowngraded to Bronze from Gold.

In light of their stability, experience, andsolid track record, we hold managers and firmfounders Juan Bertran, Alvaro Martinez, andCayetano Cornet in high regard. To support theirresearch effort, in 2015-17 they built up a tight-knit team of four analysts, two seniors and twojuniors. Both senior analysts Ignacio Sanz and Ig-nacio Carvajal, who joined in 2015 and 2016, re-spectively, are now involved in decision-makingand became partners here in 2019 with a smallownership stake in the firm. The team has a vastuniverse to cover and thus relies to some extenton sell-side research, but this fund’s patient,value-oriented, and established process helpsnarrow the opportunity set. There are two sourcesof alpha here: asset allocation across equity(maximum 40%, average 18%), bond, and cash,and security selection. The team prefers to keepcash for safety and optionality when prevailingvaluations are high. This is the case recently, as

the fund’s allocation to cash, at over 60% as ofJune 2020, has continued to build up since 2011in spite of negative yields. This stake providessafety and plenty of dry powder but also limits thefund’s return potential going forward and acts asa drag on performance. That said, the team isn’tshy in its equity and fixed-income sleeves. Its de-manding criteria in terms of risk/return rewardhas led it to avoid large swaths of the fixed-in-come markets, while steering it towards selectedpockets in the credit space, namely subordinatedfinancials. As for stock selection, the managersinvest in 30-40 names with a long-term horizon,individually selected based on their fundamentalmerit and with a strong focus on valuations. Theirallocation to cyclicals stocks and subordinateddebt backfired in the first quarter of 2020. Res-ults this year are disappointing, especially giventhe emphasis on capital protection, and weighheavily on the strategy’s long-term track record.Its trailing risk-adjusted results relative to thebenchmark (Bloomberg Barclays Pan Euro Aggreg-ate Government 7-10 Yr index) are also mediocreover most periods through the end of June 2020.That said, we think the strategy rests on solidground and retains the potential to deliver on itsmandate.



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Page 1 of 9



´ 20 Jul 202008:23, UTC-0500

Process: Approach Morningstar Category Category IndexEUR Cautious Allocation Cat 75%Barclays Eu


The managers have employed a solid andcoherent process since 2004.


20 Jul, 2020 | This established, long-term-ori-ented process has been executed consistentlysince the strategy’s launch in 2004. It earns anAbove Average rating. The strategy can investflexibly in equities (maximum 40%), fixed income,and cash to reach its objective of providing high-er risk-adjusted returns than long-term euro sov-

ereign bonds. The percentage allocated to eachasset class depends on the managers’ outlook.Until 2008, the focus of the fixed-income strategywas primarily on duration management. However,since then, security selection and allocation tocredit have become more important sources of al-pha, partly driven by the difficulties of finding at-tractive yields elsewhere. The managers have apreference for companies with strong competit-ive positions, healthy balance sheets, and strongcash flow generation that are trading below theteam’s fundamental estimate of intrinsic value. In

the fixed-income sleeve, the team’s ability to addvalue seems more limited relative to its strongestcompetitors, given the team’s experience and re-sources. This is mitigated by the managers’ fo-cused, value-driven approach and experience, aswell as the addition of senior analyst Ignacio Sanzin 2015, whose specialty is the coverage of finan-cials, including hybrids. All in all, we like the man-agers' patience and long-term orientation, theirhigh-conviction approach, flexibility and effi-ciency in decision-making, and valuation discip-line.



DeepValue


Micro

Small

Mid




Category Average








Long-Term Earnings % 8.1 10.9 10.8Historical Earnings % -4.4 -1.4 3.7Sales % 1.4 -2.7 -0.8Cash Flow % 9.5 -2.2 5.5Book-Value % 1.8 -0.6 2.5



Med

HighCredit Q

uality



2020 0 41.72019 0 33.92018 0 38.62017 0 59.62016 3 53.4Bonds % is based on portfolio data.









Income 30/06/20


Current Yield — — —12-Month Yield 0.0 — —Average Coupon — — —Average Coupon surveyed 30/04/20




Equity 23.6 13.0 18.3Fixed Income 41.7 42.9 64.7Cash 27.1 34.8 10.8Other 7.6 9.4 6.3

Sectors 30/04/2020





-20

-5

10

25

40

0



Treasury 45.0 — 20.6Cash 12.7 — 5.6Convertible FinancialServices

7.6 — 2.6

Derivative Cash Offsets 7.6 — 0.1Government 7.3 — 1.4



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Page 2 of 9



´ 20 Jul 202008:23, UTC-0500

Process: Portfolio Morningstar Category Category IndexEUR Cautious Allocation Cat 75%Barclays Eu


The managers maintain a cautious stancein terms of asset mix but take significantrisk in the stocks and bonds sleeves.


20 Jul, 2020 | The fund’s equity exposure--whichessentially mimics Cartesio Y’s equity sleeve,with lower weights--reached a multiyear high ofaround 25% in early 2020, as the team graduallyfound more opportunities among beaten-downcyclicals. The asset-allocation mix tends to beslow-moving, though, as the team typically re-

sponds gradually and countercyclically to majormarket moves or dislocations, preferring to keepcash for safety and optionality when opportunit-ies are scarce. This is the case recently, as thefund’s allocation to cash, at over 60% as of June2020, has continued to build up since 2011 inspite of negative yields. The fund’s high cashstake provides safety and dry powder but alsolimits the fund’s return potential going forwardand acts as a drag on performance. The alloca-tion to fixed income has remained relatively lowsince 2014 and now accounts for around 13% of

the assets--the fund’s historical average expos-ure to the asset class is 31%, but high-yieldbonds are limited to 20% of the assets. The man-agers have maintained a negative view on dura-tion for some time now. Corporate exposure,which reached 58% of assets by December 2012,paid off when spreads narrowed significantly.Since then, the team has been focused on findingyields in selected areas, such as subordinatedbank debt. The majority of the fixed-income port-folio has thus been invested in Additional Tier 1bonds issued by Spanish and Italian banks.



0

10

20

30

40




0

10

20

30

40

1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+



0

10

20

30

40

0% to PIK 0-2 2-4 4-6 6-8 8-10 10+



31/03/20 42 12 31 5% —


FirstBought

DaysTrading

EconomicMoat


Fresenius SE & Co KGaA DEU 0.97 0.79 11/18 <1 Narrow d Healthcare -7.47Y Repsol SA ESP 0.95 1.00 11/18 <1 No o Energy -36.87Y Takeda Pharmaceutical Co Ltd JPN 0.90 0.89 01/19 <1 Narrow d Healthcare 6.69T Signify NV NLD 0.83 0.68 02/17 <1 p Industrials -11.58



Y UPM-Kymmene Oyj FIN 0.80 0.79 12/18 <1 r Basic Materials 15.62YMicrosoft Corp USA 0.76 0.66 12/10 <1 Wide a Technology 55.54

Atos SE FRA 0.74 0.67 11/18 <1 a Technology 3.24Y Software AG DEU 0.71 0.64 11/19 <1 a Technology 21.39

HeidelbergCement AG DEU 0.71 0.61 01/19 <1 Narrow r Basic Materials -32.35Change since previous portfolio: T Increase Y Decrease R New


Futuro:BONOS Y OBLIG DEL ESTADO 1,45 30/04/ — — -6.87 ⁄ Government Government Related Treasury FutureIntesa Sanpaolo S.p.A. 3.85% ITA USD 1.35 › Corporate Corporate Bond Financial ServicesIbercaja Banco S.A. 1.75% ESP EUR 1.28 › Corporate Corporate Bond Financial ServicesAryzta Ag 4% CHE CHF 0.41 › Corporate Corporate Bond Consumer DefensiveObrascon Huarte Lain S.A. 2.38% ESP EUR 0.31 › Corporate Corporate Bond Industrials



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Page 3 of 9



´ 20 Jul 202008:23, UTC-0500

Performance Morningstar Category Category IndexEUR Cautious Allocation Cat 75%Barclays Eu


The March 2020 market sell-off took aheavy toll on this strategy.

Performance Pillar

20 Jul, 2020 | Cartesio X posted the worstmonthly return of its history in March 2020, as theteam’s security selection proved disastrous. Sev-eral positions, from subordinated financials to air-lines stocks, got severely hit amidst the marketsell-off. While the strategy recovered in thesecond quarter around half of the 14% draw-

down, 2020 weighs heavily on the strategy’s long-term track record and the trailing three- and five-year periods. However, the managers had beenable to protect capital better than peers in previ-ous sell-offs, such as 2008, 2011, and 2018.Cartesio X’s since inception returns through theend of June 2020, at 3.5% annualized, are wellahead of the category average--and over the trail-ing 15 years, the fund beat almost 90% of itspeers. But it has not delivered on its mandate ofoutperforming long-term euro government bondson a risk adjusted basis--as measured by the

Bloomberg Barclays Pan Euro Aggregate Govern-ment 7-10 Yr Index. Relative to a stocks/bondscomposite benchmark (25% Morningstar EuropeIndex + 75% Bloomberg Barclays Euro AggregateBond Index), the strategy has also failed to deliv-er solid risk-adjusted results over all periods,though the fund’s recent losses weigh heavily onits track record. Its short duration stance has beena key drag on performance. But in comparisonwith category peers, the effective management ofthe fund’s market exposure and successful stockselection have paid off over longer periods.




MorningstarRating

3 Years Below Avg Avg QQ5 Years Below Avg Avg QQ10 Years Above Avg Avg QQQQ

Overall Rating QQQ

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

-10

-5

0

5

10

15

20


Fund


* * & & * * * * * ( ) Quartile Rank in Cat

50 29 20 8 38 44 50 26 26 75 95 Percentile Rank in Cat2.07 -0.83 10.75 9.45 4.83 1.89 1.78 3.63 -3.21 4.59 -7.54 % Total Return EUR

-0.21 1.97 2.85 4.85 0.55 0.24 0.03 1.13 1.58 -2.12 -3.99 +/- Category— — — — — — — — — — — +/- Index

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Income Return



-4

-3

-2

-1

0

0 2 4 6 8 10 12

Total Return %

Standard Deviation

Fund Category Index


Standard Deviation 6.13 5.68 —Sharpe Ratio -0.19 0.06 —

R-Squared 77.31 — —Beta 1.04 — —Alpha -4.51 — —




Upside Capture Ratio 48.2 — —Downside Capture Ratio 112.6 — —

Returns 30/06/20


InvestorRet %

Rankin Cat

CatRet %

IndexRet %

1 Year -5.38 -5.64 93 -1.62 —3 Years -1.77 -1.72 86 -0.28 —5 Years -0.56 -0.62 80 0.39 —10 Years 2.67 1.44 31 2.11 —Tenure 03/04 3.51 — — 2.23 —Inception 02/04 3.48 — — 2.21 —


3

7

33





-10

-5

0

5

10

2016 2017 2018 2019 06/20

Year IncomeRet %

Income %Rank in Cat

CapitalRet %


2016 0.00 100 1.78 422017 0.00 27 3.63 232018 0.00 26 -3.21 222019 0.00 25 4.59 7106/20 0.00 15 -7.54 94



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Page 4 of 9



´ 20 Jul 202008:23, UTC-0500

People Morningstar Category Category IndexEUR Cautious Allocation Cat 75%Barclays Eu




20 Jul, 2020 | This team stands out in terms of ex-perience, stability, dedication, and alignment ofinterests with investors. We are also impressedby the managers’ independent, contrarian mind-set and resolute belief in their philosophy and in-vestment process--which helps them narrow anotherwise vast investment universe of potential



Management Team

Experience and Asset Load

0

5

10

15

20+

0 5 10 15+

Total AUM Bil EUR in Funds Managed

Tenure Years

Number of Managers Longest Tenure

3 16.33 YearsManager Retention Rate5-Year

—%


16.33 Years

Advisor Subadvisor


Cayetano Cornet 03/04 to Present


16 16


501.17 Mil EUR 2


InvestmentMil EUR

Tenure Ret %

IndexRet %


Juan Antonio Bertrán 03/04 to Present


16 16


501.17 Mil EUR 2


InvestmentMil EUR

Tenure Ret %

IndexRet %


Álvaro Martínez 03/04 to Present


16 16


501.17 Mil EUR 2


InvestmentMil EUR

Tenure Ret %

IndexRet %




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Page 5 of 9



´ 20 Jul 202008:23, UTC-0500

Parent Morningstar Category Category IndexEUR Cautious Allocation Cat 75%Barclays Eu



Parent Pillar High






Americas0.0

Europe & Africa0.5

Asia & Australia0.0


Assets Bil EUR

0

1

2

3

4

5


Equity — —Fixed Income — —Allocation 0.5 100.0Convertibles — —Property — —Alternative — —Commodities — —



Rating Assets %

Œ 100.0

„ —

´ —

ˇ —

¨ —

Ø —

” —Not Rated —


Rating Assets %

QQQQQ —QQQQ —QQQ 100.0QQ —Q —Not Rated —




Return %3-Year

Rank in Cat3-Year



Return %3-Year

Rank in Cat3-Year



Return %Inception

InceptionDate

Cartesio X FI EUR Cautious Allocation 285.9 2.67 24/02/04Cartesio Y FI EUR Flexible Allocation 215.3 3.51 23/02/04



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´ 20 Jul 202008:23, UTC-0500

Price Morningstar Category Category IndexEUR Cautious Allocation Cat 75%Barclays Eu


Price Pillar

20 Jul, 2020 | It’s critical to evaluate expenses, asthey come directly out of returns. The share classon this report levies a fee that ranks in its Morn-ingstar category’s cheapest quintile. Based on ourassessment of the fund’s People, Process andParent pillars in the context of these fees, wethink this share class will be able to deliver posit-ive alpha relative to the category benchmark in-dex, explaining its Morningstar Analyst Rating ofBronze.

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

0.0

0.0

0.0

0.0

0.0

0.0


TER/OGC

— — — — — — — — — — 0.61 TER/OGC154.8 155.2 143.2 228.7 324.7 421.1 417.1 478.5 462.0 427.8 285.9 Net Assets Mil EUR18.7 2.8 -26.9 69.7 82.8 91.9 -10.8 45.7 -0.2 -54.4 -108.8 Net Flows Mil EUR

Expense Breakdown

Ongoing charge


Selected Components


Fee Level


Low —


0.22




FeePerformance

FeeMaximum Inital


AssetsBil EUR

Cartesio X FI ES0116567035 EUR Cautious Allocation 0.61 0.50 7.50 0.00 6,000 0.28



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Cartesio Funds Income ZLU1966823095


´ 20 Jul 202011:48, UTC-0500

Morningstar CategoryEUR Cautious Allocation



Current Yield %7.56


Domicile/CurrencyLUX/EUR

Morningstar Rating

—

Equity Style Map

DeepValue


Micro

Small

Mid

LargeGiant

People



2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

5K

10K


ValueEUR

Ret%

Fund 9,125 -8.76Category 9,600 -4.00Index — —



_ _ _ _ _ _ _ _ _ _ _ Quartile Rank in Category

— — — — — — — — — — — Percentile Rank in Category— — — — — — — — — — — % Total Return (EUR)— — — — — — — — — — — +/- Category— — — — — — — — — — — +/- Index



Equity Supersectors— — — — — — — — — — 19 % x Defensive— — — — — — — — — — 50 % w Sensitive— — — — — — — — — — 31 % m Cyclical

— — — — — — — — — — — % Price TER/OGC


Dependable.The conduct of Morningstar's analysts is governed by Morningstar's Codeof Ethics, Securities Trading and Disclosure Policy, and Morningstar Man-ager Research Integrity Policy. For informaton regarding conflicts of in-terest, please click http://global.morningstar.com/managerdisclosures



Œ „ ´ ‰ Á


20 Jul, 2020 | Cartesio Income has severalstrengths as we view the People and Process Pil-lars as Above Average. Under our enhanced rat-ings framework, which places a greater focus onfees and expected benchmark-relative perform-ance, the strategy earns a Morningstar AnalystRating of Bronze for its cheapest share class (Z)and Neutral for its more expensive shares.

In light of their stability, experience, andsolid track record, we hold managers and firm’sfounders Juan Bertran, Alvaro Martinez, andCayetano Cornet in high regard. To support theirresearch effort, in 2015-17 they built up a tightknit team of four analysts, two seniors and twojuniors. Both senior analysts Ignacio Sanz and Ig-nacio Carvajal, who joined in 2015 and 2016, re-spectively, are now involved in decision-makingand became partners here in 2019 with a smallownership stake in the firm. The team has a vastuniverse to cover and thus relies to some extenton sell-side research, but this fund’s patient,value-oriented, and established process helpsnarrow the opportunity set. There are two sourcesof alpha here: asset allocation across equity(maximum 40%, average 18%), bond, and cash,and security selection. The team prefers to keepcash for safety and optionality when prevailing

valuations are high. This is the case recently, asthe fund’s allocation to cash, at over 60% as ofJune 2020, has continued to build up since 2011in spite of negative yields. This stake providessafety and plenty of dry powder but also limits thefund’s return potential going forward and acts asa drag on performance. That said, the team isn’tshy in its equity and fixed-income sleeves. Theteam’s demanding criteria in terms of risk/returnreward has led it to avoid large swaths of thefixed-income markets, while steering it towardsselected pockets in the credit space, namely sub-ordinated financials. As for stock selection, themanagers invest in 30-40 names with a long-termhorizon, individually selected based on their fun-damental merit and with a strong focus on valu-ations. Their allocation to cyclicals stocks andsubordinated debt backfired in the first quarter of2020. Results this year are disappointing, espe-cially given the emphasis on capital protection,and weigh heavily on the long-term track record.Its trailing risk-adjusted results relative to thebenchmark (Bloomberg Barclays Pan Euro Aggreg-ate Government 7-10 Yr Index) are mediocre overmost periods through the end of June 2020. Wethink the strategy rests on solid grounds and re-tains the potential to deliver on its mandate.



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´ 20 Jul 202011:48, UTC-0500

Process: Approach Morningstar Category Category IndexEUR Cautious Allocation Cat 75%Barclays Eu


The managers have employed a solid andcoherent process since 2004.


20 Jul, 2020 | This established, long-term-ori-ented process has been executed consistentlysince the strategy’s launch in 2004. It earns anAbove Average rating. The strategy can investflexibly in equities (maximum 40%), fixed income,and cash to reach its objective of providing high-er risk-adjusted returns than long-term euro sov-

ereign bonds. The percentage allocated to eachasset class depends on the managers’ outlook.Until 2008, the focus of the fixed-income strategywas primarily on duration management. However,since then, security selection and allocation tocredit have become more important sources of al-pha, partly driven by the difficulties of finding at-tractive yields elsewhere. The managers have apreference for companies with strong competit-ive positions, healthy balance sheets, and strongcash flow generation that are trading below theteam’s fundamental estimate of intrinsic value. In

the fixed-income sleeve, the team’s ability to addvalue seems more limited relative to theirstrongest competitors, given the team’s experi-ence and resources. This is mitigated by the man-agers’ focused, value-driven approach and experi-ence, as well as the addition of senior analyst Ig-nacio Sanz in 2015, whose specialty is the cover-age of financials, including hybrids. All in all, welike the managers' patience and long-term orient-ation, their high-conviction approach, flexibilityand efficiency in decision-making, and valuationdiscipline.



DeepValue


Micro

Small

Mid




Category Average








Long-Term Earnings % 8.1 9.5 10.8Historical Earnings % -4.6 -2.3 3.7Sales % 1.4 1.3 -0.8Cash Flow % 9.1 9.2 5.5Book-Value % 1.8 1.9 2.5



Med

HighCredit Q

uality



2020 0 35.02019 0 —2018 0 —2017 0 —2016 0 —Bonds % is based on portfolio data.









Income 30/06/20


Current Yield — — —12-Month Yield — — —Average Coupon — — —Average Coupon surveyed 30/04/20



-100 0 100


Equity 23.6 23.4 18.3Fixed Income 35.0 23.7 64.7Cash 33.8 57.9 10.8Other 7.6 -5.1 6.3

Sectors 30/04/2020





-20

-5

10

25

40

0



Treasury 30.7 — 20.6Government 19.8 — 1.4Cash 13.7 — 5.6Convertible FinancialServices

7.8 — 2.6

Corporate FinancialServices

3.3 — 18.9



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´ 20 Jul 202011:48, UTC-0500

Process: Portfolio Morningstar Category Category IndexEUR Cautious Allocation Cat 75%Barclays Eu


The managers maintain a cautious stancein terms of asset mix but take significantrisk in the stocks and bonds sleeves.


20 Jul, 2020 | The fund’s equity exposure--whichessentially mimics Cartesio Y’s equity sleeve,with lower weights--reached a multiyear high ofaround 25% in early 2020, as the team graduallyfound more opportunities among beaten-downcyclicals. The asset-allocation mix tends to beslow-moving, though, as the team typically re-

sponds gradually and countercyclically to majormarket moves or dislocations, preferring to keepcash for safety and optionality when opportunit-ies are scarce. This is the case recently, as thefund’s allocation to cash, at over 60% as of June2020, has continued to build up since 2011 inspite of negative yields. The fund’s high cashstake provides safety and dry powder but alsolimits the fund’s return potential going forwardand acts as a drag on performance. The alloca-tion to fixed income has remained relatively lowsince 2014 and now accounts for around 13% of

the assets--the fund’s historical average expos-ure to the asset class is 31%, but high-yieldbonds are limited to 20% of the assets. The man-agers have maintained a negative view on dura-tion for some time now. Corporate exposure,which reached 58% of assets by December 2012,paid off when spreads narrowed significantly.Since then, the team has been focused on findingyields in selected areas, such as subordinatedbank debt. The majority of the fixed-income port-folio has thus been invested in Additional Tier 1bonds issued by Spanish and Italian banks.



0

10

20

30

40




0

10

20

30

40

1-3 3-5 5-7 7-10 10-15 15-20 20-30 30+



0

10

20

30

40

0% to PIK 0-2 2-4 4-6 6-8 8-10 10+



31/03/20 42 13 67 28% —


FirstBought

DaysTrading

EconomicMoat


Takeda Pharmaceutical Co Ltd JPN 1.05 0.85 02/20 <1 Narrow d Healthcare 6.69Y Repsol SA ESP 0.92 0.95 02/20 <1 No o Energy -36.87Y Fresenius SE & Co KGaA DEU 0.92 0.86 02/20 <1 Narrow d Healthcare -7.47



T Signify NV NLD 0.80 0.71 02/20 <1 p Industrials -11.58

Atos SE FRA 0.78 0.71 02/20 <1 a Technology 3.24UPM-Kymmene Oyj FIN 0.75 0.71 02/20 <1 r Basic Materials 15.62Koninklijke KPN NV NLD 0.74 0.73 02/20 <1 Narrow i Communication Serv. -7.96

Y Prysmian SpA ITA 0.73 0.71 02/20 <1 p Industrials 14.99Y HeidelbergCement AG DEU 0.70 0.63 02/20 <1 Narrow r Basic Materials -32.35Change since previous portfolio: T Increase Y Decrease R New


Spain (Kingdom of) 0% ESP EUR 15.68 ⁄ Government Government TreasuryIntesa Sanpaolo S.p.A. ITA USD 1.88 › Corporate Corporate Bond Financial ServicesIbercaja Banco S.A. ESP EUR 1.02 › Corporate Corporate Bond Financial ServicesAryzta Ag CHE CHF 0.71 › Corporate Corporate Bond Consumer DefensiveSpain (Kingdom of) 0% ESP EUR 0.55 ⁄ Government Government Treasury



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´ 20 Jul 202011:48, UTC-0500

Performance Morningstar Category Category IndexEUR Cautious Allocation Cat 75%Barclays Eu


The March 2020 market sell-off took aheavy toll on this strategy.

Performance Pillar

20 Jul, 2020 | The fund’s clone Cartesio X postedthe worst monthly return of its history in March2020, as the team’s security selection proved dis-astrous. Several positions, from subordinated fin-ancials to airlines stocks, got severely hit amidstthe market sell-off. While the strategy recoveredin the second quarter around half of the 14%

drawdown, 2020 weighs heavily on the strategy’slong-term track record and the trailing three- andfive-year periods. But the managers had beenable to protect capital better than peers in previ-ous sell-offs, such as 2008, 2011, and 2018.Cartesio X’s since-inception returns through theend of June 2020, at 3.5% annualized, are wellahead of the category average--and over the trail-ing 15 years, the fund beats almost 90% of peers.But the strategy has not delivered on its mandateof outperforming long-term euro governmentbonds on a risk adjusted basis--as measured by

the Bloomberg Barclays Pan Euro Aggregate Gov-ernment 7-10 Yr Index. Relative to a stocks/bondscomposite benchmark (25% Morningstar EuropeIndex + 75% Bloomberg Barclays Euro AggregateBond Index), the strategy has also failed to deliv-er solid risk-adjusted results over all periods,though its recent losses weigh heavily on its trackrecord. The fund’s short duration stance has beena key drag on performance. In comparison withcategory peers, the effective management of thefund’s market exposure and successful stock se-lection have paid off over longer periods.




MorningstarRating

3 Years — — —5 Years — — —10 Years — — —

Overall Rating —

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

-6

-5

-4

-3

-2

-1

0


Fund


_ _ _ _ _ _ _ _ _ _ _ Quartile Rank in Cat

— — — — — — — — — — — Percentile Rank in Cat— — — — — — — — — — — % Total Return EUR— — — — — — — — — — — +/- Category— — — — — — — — — — — +/- Index

— — — — — — — — — — — Income Return



-4

-3

-2

-1

0

0 2 4 6 8 10 12

Total Return %

Standard Deviation

Fund Category Index


Standard Deviation — 5.68 —Sharpe Ratio — 0.06 —

R-Squared — — —Beta — — —Alpha — — —




Upside Capture Ratio — — —Downside Capture Ratio — — —

Returns 30/06/20


InvestorRet %

Rankin Cat

CatRet %

IndexRet %

1 Year — — — -1.62 —3 Years — — — -0.28 —5 Years — — — 0.39 —10 Years — — — 2.11 —Tenure — -8.76 — — 4.42 —Inception 01/20 -8.76 — — -3.82 —


0

0

0





-4

-3

-2

-1

0

2016 2017 2018 2019 06/20

Year IncomeRet %

Income %Rank in Cat

CapitalRet %


2016 — — — —2017 — — — —2018 — — — —2019 — — — —06/20 — — — —



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´ 20 Jul 202011:48, UTC-0500

People Morningstar Category Category IndexEUR Cautious Allocation Cat 75%Barclays Eu




20 Jul, 2020 | This team stands out in terms of ex-perience, stability, dedication, and alignment ofinterests with investors. We are also impressedby the managers’ independent, contrarian mind-set and resolute belief in their philosophy and in-vestment process--which helps them narrowdown an otherwise vast investment universe of

potential candidates that the team needs to cov-er. The strategy earns an Above Average PeoplePillar rating. Juan Bertran, Alvaro Martinez, andCayetano Cornet founded Cartesio Inversionesand invest all their financial net worth in the twostrategies they manage. Bertran and Martinezworked together for around 10 years at AB Ase-sores (acquired by Morgan Stanley in 2000) in theequities sales department. Their fund manage-ment experience is the time spent at Cartesio,which is more than 15 years. Cornet has morethan 20 years of investment experience, having

worked before for Credit Lyonnais and Invercaixa.The managers built up a supporting team of twosenior and two junior generalist analysts in 2015-17 as the firm’s assets under managementreached critical mass. The two seniors, IgnacioSanz and Ignacio Carvajal, who joined in 2015 and2016, respectively, are now involved in decision-making and have become partners in 2019 with asmall ownership stake in the firm. We welcomethis measure with regard to key staff retentionand long-term succession planning.

Management Team

Experience and Asset Load Number of Managers Longest Tenure

0 — YearsManager Retention Rate5-Year

—%


— Years

Advisor Subadvisor




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´ 20 Jul 202011:48, UTC-0500

Parent Morningstar Category Category IndexEUR Cautious Allocation Cat 75%Barclays Eu



Parent Pillar High






Americas0.0

Europe & Africa12.9

Asia & Australia0.0


Assets Bil EUR

0

1

2

3

4

5


Equity 2.4 25.4Fixed Income 3.0 32.3Allocation 3.2 34.6Convertibles — —Property 0.0 0.1Alternative 0.7 7.7Commodities — —



Rating Assets %

Œ —

„ —

´ —

ˇ —

¨ —

Ø —

” —Not Rated 100.0


Rating Assets %

QQQQQ 1.5QQQQ 8.9QQQ 25.7QQ 6.6Q 8.8Not Rated 48.6




Return %3-Year

Rank in Cat3-Year

Bellevue Funds (Lux) - BB Adamant Asia PacificHealthcare I2 EUR Acc


Bellevue Funds (Lux) - BB Adamant EmergingMarkets Healthcare I CHF Acc


CompAM FUND - SB Convex I EURAccumulation

EUR Flexible Allocation - Global 29.4 16.08 1


Return %3-Year

Rank in Cat3-Year

Alpha UCITS SICAV - Fair Oaks Dynamic CreditFund E USD

Other Bond 412.9 2.61 —

GAMCO International SICAV - GAMCO MergerArbitrage I (USD)

Alt - Event Driven 391.2 3.19 —

Baloise Fund Invest (Lux) - BFI Swiss TargetVol5% I

CHF Aggressive Allocation 300.7 0.73 82


Return %Inception

InceptionDate

Blue Lake SICAV-SIF - GTR - Global Total ReturnA EUR Acc

Alt - Multistrategy 2.8 -1.82 06/03/20

Cartesio Funds Equity I EUR Flexible Allocation 78.0 -16.94 13/01/20Cartesio Funds Income I EUR Cautious Allocation 156.7 -8.72 13/01/20



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´ 20 Jul 202011:48, UTC-0500

Price Morningstar Category Category IndexEUR Cautious Allocation Cat 75%Barclays Eu


Price Pillar

20 Jul, 2020 | It’s critical to evaluate expenses, asthey come directly out of returns. The share classon this report levies a fee that ranks in its Morn-ingstar category’s cheapest quintile. Based on ourassessment of the fund’s People, Process andParent pillars in the context of these fees, wethink this share class will be able to deliver posit-ive alpha relative to the category benchmark in-dex, explaining its Morningstar Analyst Rating ofBronze.

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

0.0

0.0

0.0

0.0

0.0

0.0


TER/OGC

— — — — — — — — — — — TER/OGC— — — — — — — — — — 156.7 Net Assets Mil EUR— — — — — — — — — — 134.5 Net Flows Mil EUR

Expense Breakdown

Ongoing charge


Selected Components


Fee Level


Low —


0.22




FeePerformance

FeeMaximum Inital


AssetsBil EUR

Cartesio Income Z LU1966823095 EUR Cautious Allocation 0.70 0.50 7.50 — — 0.02Cartesio Income I LU1966822873 EUR Cautious Allocation 1.05 0.95 — — — 0.09Cartesio Income R LU1966822956 EUR Cautious Allocation 1.09 0.95 — — — 0.05



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Morningstar Global Fund ReportDisclosure

The Morningstar Global Fund Report (“Report”) is for informational purposes, intended for financial professionalsand/or qualified investors (“Users”) and should not be the sole piece of information used by such Users or theirclients in making an investment decision.

The analysis within this report is prepared by the person(s) noted in their capacity as an analyst for Morningstar. Theopinions expressed within the Report are given in good faith, are as of the date of the Report and are subject tochange without notice. Neither the analyst nor Morningstar commits themselves in advance to whether and in whichintervals updates to the Report are expected to be made. The written analysis and Morningstar Analyst Rating withinthis Report are statements of opinions; they are not statements of fact.

Morningstar believes its analysts make a reasonable effort to carefully research information contained in theiranalysis. The information on which the analysis is based has been obtained from sources which are believed to bereliable such as, for example, the fund’s prospectus and shareholder reports (or their equivalents), fund companywebsite, interviews with fund company personnel, and relevant and appropriate press sources as well as data,statistics and information within Morningstar’s own database. Morningstar does not perform an audit or seekindependent verification of any of the data, statistics, and information it receives.

Unless otherwise provided in a separate agreement, Users accessing this Report may only use it in the country inwhich the Morningstar distributor is based. Unless stated otherwise, the original distributor of the report isMorningstar Inc., a U.S.A. domiciled financial institution.

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The information, data, analyses and opinions presented herein are not warranted to be accurate, correct, complete ortimely. Unless otherwise provided in a separate agreement, Morningstar makes no representation that the Reportcontents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient islocated.

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2018 2019 2020

Œ

„

´

‰

Á

ˆ

∏

For a list of funds which Morningstar currently covers and provides written analysis on please contact your localMorningstar office. For information on the historical Morningstar Analyst Rating for this fund or any Fund Morningstarcovers, please contact your local Morningstar office.

Please note that investments in securities (including mutual funds) are subject to market and other risks and there isno assurance or guarantee that the intended investment objectives will be achieved. Past performance of a securitymay or may not be sustained in future and is no indication of future performance. A security investment return and aninvestor’s principal value will fluctuate so that, when redeemed, an investor’s shares may be worth more or less thantheir original cost. A security’s current investment performance may be lower or higher than the investmentperformance noted within the report. Morningstar’s Risk, Return and Star Rating serves as useful data points withrespect to evaluating a fund’s risk profile.

A current yield percentage is not a reflection of the actual return an investor will receive in all cases as market pricesfor securities are constantly changing due to such things as market factors. Where a security is denominated in a

different currency than the currency of the User or User’s clients, changes in rates of exchange may have an adverseeffect on the value, price or income of or from that investment.

Indexes noted within the report are unmanaged, their returns do not include payment of any sales charges or fees aninvestor would pay to purchase securities, and cannot be invested in directly.

In certain jurisdictions, the Report contents, except for the Morningstar Analyst Rating and key analysis/opinions,may be shared with the fund company prior to publication. In the unlikely event that Morningstar would change theiranalysis/opinions and/or the Morningstar Analyst Rating based on feedback as result of such review, the Reportwould disclose such a fact.

Conflicts of Interest:

• Analysts may own (actual or beneficial) interests in the financial products that are the subject of theReport. No material interests are held by Morningstar, the analyst or their immediate family in thefinancial products that are the subject of the Report.*

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• Morningstar affiliates (i.e., its investment management group) may have arrangements with a fundcompany’s affiliate to provide investment consulting advice some of which an analyst may issue aninvestment research reports on one or more of the fund company’s funds. However, analysts do not haveauthority over Morningstar's investment management group's business arrangements nor allowemployees from the investment management group to participate or influence the analysis or opinionprepared by them.

• Morningstar, Inc. is a publically traded company (Ticker Symbol: MORN) and thus a fund which is thesubject of this Report may own more than 5% of Morningstar, Inc.’s total outstanding shares. Pleaseaccess Morningstar, Inc.’s proxy statement, “Security Ownership of Certain Beneficial Owners andManagement” section http://investorrelations.morningstar.com/sec.cfm?doctype=Proxy&year=&x=12. Afund’s holding of Morningstar stock has no bearing on and is not a requirement for funds Morningstardetermines to cover.

Analysts do not have any other material conflicts of interest at the time of publication. Users wishing to obtain furtherinformation should contact their local Morningstar office or refer tohttps://corporate.morningstar.com/us/asp/subject.aspx?xmlfile=540.xml

The Morningstar Analyst Rating™ for FundsThe Morningstar Analyst Rating™ for Funds is a forward-looking analysis of a fund. The Analyst Rating does notexpress a view on a given asset class or peer group; rather, it seeks to evaluate each fund within the context of itsobjective, an appropriate benchmark, and peer group.

The date shown next to the Morningstar Analyst Rating is the date on which Morningstar Manager Research Analystassigned or reaffirmed the current rating for the fund based on the analyst’s latest review and research report for thefund.

The Five (5) PillarsMorningstar has identified five key areas that we believe are crucial to predicting the future success of funds: People,Parent, Process, Performance, and Price. Each pillar is evaluated when assessing a fund as well as the interactionbetween the pillars, which we believe is crucial to understanding a fund’s overall merit.

PeopleThe overall quality of a fund’s investment team is a significant key to its ability to deliver superior performancerelative to its benchmark and/or peers. Evaluating a fund’s investment team requires that analysts assess severalrelevant items including how key decisions are made.

ParentWe believe the parent organization is of utmost importance in evaluating funds. The fund’s management set the tonefor key elements of our evaluation, including capacity management, risk management, recruitment and retention oftalent, and incentive pay. Beyond these operational areas, we prefer firms that have a culture of stewardship and putinvestors first to those that are too heavily weighted to salesmanship.

ProcessWe look for funds with a performance objective and investment process (for both security selection and portfolioconstruction) that is sensible, clearly defined, and repeatable. In addition, the portfolio should be constructed in amanner that is consistent with the investment process and performance objective.

PerformanceWe do not believe past performance is necessarily predictive of future results, and this factor accordingly receives arelatively small weighting in our evaluation process. In particular, we strive not to anchor on short-term performance.However, we do believe that the evaluation of long-term return and risk patterns is vital to determining if a fund isdelivering to our expectations.

PriceTo reflect actual investor experience, price is evaluated within the context of the relevant market or cross-borderregion—for example, the United States, Australia, Canada, or Europe. In recognition of differences in scale anddistribution costs in various markets, the level at which a fund is penalised for high fees or rewarded for low fees canvary with region. In Europe, for example, funds are penalised if they land in the most expensive quintile of theirMorningstar category and are rewarded if they land in the cheapest quintile. The assessment is made using annualexpense ratios, but in the case of funds with performance fees, expenses are evaluated excluding any performancefees and then the structure of the performance fee is evaluated separately.



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https://corporate.morningstar.com/us/asp/subject.aspx?xmlfile=540.xml

Morningstar Analyst RatingsMorningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings,Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between themcorresponds to differences in the level of analyst conviction in a fund’s ability to outperform its benchmark and peersthrough time, within the context of the level of risk taken.

GoldRepresents funds that our analyst has the highest-conviction in for that given investment mandate. By giving a fund aGold rating, we are expressing an expectation that it will outperform its relevant performance benchmark and/or peergroup within the context of the level of risk taken over the long term (defined as a full market cycle or at least fiveyears). To earn a Gold rating, a fund must distinguish itself across the five pillars that are the basis for our analysis.

SilverRepresents funds our analyst has high-conviction in, but not in all of the five pillars. With those fundamentalstrengths, we expect these funds will outperform their relevant performance benchmark and/or peer group within thecontext of the level of risk taken over the long term (defined as a full market cycle or at least five years).

BronzeRepresents funds that have advantages that clearly outweigh any disadvantages across the pillars, giving analyst theconviction to award them a positive rating. We expect these funds to beat their relevant performance benchmarkand/ or peer group within the context of the level of risk taken over a full market cycle (or at least five years).

NeutralRepresents funds in which our analysts don’t have a strong positive or negative conviction. In our judgment, thesefunds are not likely to deliver standout returns, but they aren’t likely to seriously underperform their relevantperformance benchmark and/or peer group either.

NegativeRepresents funds that possess at least one flaw that our analysts believe is likely to significantly hamper futureperformance, such as high fees or an unstable management team. Because of these faults, we believe these fundsare inferior to most competitors and will likely underperform their relevant performance benchmark and/or peergroup, within the context of the level of risk taken, over a full market cycle.

Morningstar may also use two other designations in place of a rating:

Under ReviewThis designation means that a change that occurred with the fund or at the fund company requires further review todetermine the impact on the rating.

Not RatableThis designation is used only where we are providing a report on a new strategy or on a strategy where there are norelevant comparators, but where investors require information as to suitability.

For more information about our Analyst Rating methodology please go tohttp://corporate1.morningstar.com/ResearchLibrary/

Morningstar Star RatingThe Morningstar Star Rating is a proprietary data point that is quantitatively driven. Funds are rated from one to fivestars based on how well the fund performed (after adjusting for risk and accounting for sales charges) in comparisonto similar funds. Within each Morningstar Category, the top 10% of funds receive five-stars and the bottom 10%receives one-star. Funds are rated for up to three time periods –three-, five-, and ten-years– and these ratings arecombined to produce an overall star rating, which is noted within the Report. Funds with less than three years ofhistory are not rated. Morningstar Star Ratings are based entirely on a mathematical evaluation of past performance.Morningstar Star Ratings are in no way to be considered a buy or sell signal nor should be viewed as a statement offact.

Equity-Related Data PointsThe Report lists the fund’s top ten holdings as of the dated noted. For each underlying holding, a series of data pointsis provided including, where applicable, that security’s Economic Moat as of the date noted.

Economic MoatThe concept of an economic moat plays a vital role in our equity analyst’s qualitative assessment of a firm’slong-term investment potential, but also in the actual calculation of its fair value estimate. An economicmoat is a structural feature that allows a firm to sustain excess profits over a long period of time. We defineeconomic profits as returns on invested capital (or ROIC) over and above our estimate of a firm’s cost ofcapital, or weighted average cost of capital (or WACC). Without a moat, profits are more susceptible tocompetition. We have identified five sources of economic moats: intangible assets, switching costs, networkeffect, cost advantage, and efficient scale.

Companies with a narrow moat are those we believe are more likely than not to achieve normalized excessreturns for at least the next 10 years. Wide-moat companies are those in which we have very highconfidence that excess returns will remain for 10 years, with excess returns more likely than not to remainfor at least 20 years. The longer a firm generates economic profits, the higher its intrinsic value. We believelow-quality, no-moat companies will see their normalized returns gravitate toward the firm’s cost of capitalmore quickly than companies with moats.

For more information about methodology in analysing stocks, please go tohttp://global.morningstar.com/equitydisclosures.

For Recipients in Australia: This Report has been issued and distributed in Australia by Morningstar AustralasiaPty Ltd (ABN: 95 090 665 544; ASFL: 240892). Morningstar Australasia Pty Ltd is the provider of the general advice(‘the Service’) and takes responsibility for the production of this report. The Service is provided through the researchof investment products. To the extent the Report contains general advice it has been prepared without reference to aninvestor’s objectives, financial situation or needs. Investors should consider the advice in light of these matters and, ifapplicable, the relevant Product Disclosure Statement before making any decision to invest. Refer to our FinancialServices Guide (FSG) for more information at www.morningstar.com.au/fsg.pdf.

For Recipients in Hong Kong: The Report is distributed by Morningstar Investment Management Asia Limited,which is regulated by the Hong Kong Securities and Futures Commission to provide services to professional investorsonly. Neither Morningstar Investment Management Asia Limited, nor its representatives, are acting or will bedeemed to be acting as an investment advisor to any recipients of this information unless expressly agreed to byMorningstar Investment Management Asia Limited. For enquiries regarding this research, please contact aMorningstar Investment Management Asia Limited Licensed Representative athttp://global.morningstar.com/equitydisclosures.

For Recipients in India: This Investment Research is issued by Morningstar Investment Adviser India Private

Limited. Morningstar Investment Adviser India Private Limited is registered with the Securities and Exchange Board ofIndia as an Investment Adviser (Registration number INA000001357), providing investment advice and research, andas a Portfolio Manager (Registration number INP000006156). Morningstar Investment Adviser India Private Limitedhas not been the subject of any disciplinary action by SEBI or any other legal/regulatory body. Morningstar InvestmentAdviser India Private Limited is a wholly owned subsidiary of Morningstar Investment Management LLC. In India,Morningstar Investment Adviser India Private Limited has one associate, Morningstar India Private Limited, whichprovides data related services, financial data analysis and software development.

The Research Analyst has not served as an officer, director or employee of the fund company within the last 12months, nor has it or its associates engaged in market making activity for the fund company.

*The Conflicts of Interest disclosure above also applies to relatives and associates of Manager Research Analysts inIndia

#The Conflicts of Interest disclosure above also applies to associates of Manager Research Analysts in IndiaTheterms and conditions on which Morningstar Investment Adviser India Private Limited offers Investment Research toclients, varies from client to client, and are detailed in the respective client agreement.

For recipients in Japan: The Report is distributed by Ibbotson Associates Japan, Inc., which is regulated byFinancial Services Agency. Neither Ibbotson Associates Japan, Inc., nor its representatives, are acting or will bedeemed to be acting as an investment advisor to any recipients of this information.

For recipients in Singapore: This Report is distributed by Morningstar Investment Adviser Singapore Pte Limited,which is licensed by the Monetary Authority of Singapore to provide financial advisory services in Singapore.Investors should consult a financial adviser regarding the suitability of any investment product, taking into accounttheir specific investment objectives, financial situation or particular needs, before making any investment decisions.



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