FOR PROFESSIONAL INVESTORS ONLY Alma Eikoh Large Cap Equity Fund A sub-fund of Alma Capital Investment Funds SICAV

As of 31 March 2020 Eikoh

Fund description • Investment objective: seek long-term capital growth by investing generally in Japanese large cap stocks (with market capitalisation in excess of US$ 1bn) • Investment process: analyse long term company fundamentals through extensive in-house bottom up research with a strong risk management ethos • Portfolio of around 25-30 companies which are well managed, profitable and with good prospects. Portfolio managers believe that Cash Flow Return on Investment and value creation are key

Investment manager: ACIM (Alma Capital Investment Management) • Alma Capital Investment Management is a Luxembourg based asset management company and holds a branch office in London • ACIM manages assets of $4bn and is regulated by the Luxembourg regulator the CSSF • The portfolio managers, led by James Pulsford, worked together at Eikoh Research Investment Management managing the portfolio before joining ACIM in January 2020 • Naohiko Saida based in at Milestone Asset Management provides a dedicated research service to the team at ACIM, Naohiko and James have worked together for the last twenty years

Cumulative performance (%)

1 M 3 M 6 M YTD 1Y 3Y ITD ITD (annualized) I GBP Hedged C shares -11.76 -20.99 -13.03 -20.99 -2.38 -0.33 47.40 6.91 I GBP C shares -7.05 -15.14 -12.80 -15.14 6.39 3.99 - - I EUR Hedged C shares -11.94 -21.46 -13.42 -21.46 -3.31 -3.02 - - I JPY C shares -11.28 -20.69 -12.20 -20.69 -1.46 0.28 - - I EUR C shares -10.76 -18.65 -13.08 -18.65 2.95 - - - I EUR D shares -10.79 -18.68 -13.11 -18.68 2.79 - - - I USD Hedged C shares -12.21 -21.26 -12.49 -21.26 -0.58 5.03 53.11 7.61 Topix (TR) -5.99 -17.45 -10.37 -17.45 -9.50 -0.43 29.23 4.52 Fund launched on 12 June 2014 (I USD Hedged C and I GBP Hedged C shares)

Portfolio characteristics Performance (Indexed - Base 100)

Main indicators Fund Index Alma Eikoh Japan Large Cap Equity Fund Topix TR No. of securities 27 2158 210 Weighted Average Market Cap (¥ bn) 3 755 3 265 Median Market Cap (¥ bn) 1 723 37 Dividend Yield (%) 2.4 2.7 Historical Price / Earnings (x) 13.3 13.3 190 Historical Price / Cashflow (x) 6.8 6.6 Historical Price / Book (x) 1.1 1.0 Volatility since inception (%) 22.1 20.0 Annualized Sharpe ratio since inception 0.3 0.2 170 Active share (%) 82.4 - Beta since inception 1.06 - Tracking error since inception (%) 6.1 - 150 Annualized Information ratio since inception0.5 -

Sector breakdown (% AUM) 130

Cash & Other 0.0 3.1 110 1.8 Utilities 0.0

Materials 5.7 1.4 90

Communication 9.4 Services 11.1

21.7 Industrials 6.4 Top 10 positions details 9.7 Consumer Staples 5.7

0.7 Security name Sector % AUM Energy 0.0 LTD Information Technology 5.68 NIPPON TELEGRAPH & TELEPHONE Communication Services 5.39 Real Estate 2.6 5.0 MOTOR CORP Consumer Discretionary 5.24 FUDOSAN CO LTD Real Estate 4.95 Financials 9.6 8.3 MITSUBISHI UFJ FINANCIAL GRO Financials 4.70

Information Technology 11.6 CORP Consumer Discretionary 4.63 29.9 KEISEI ELECTRIC RAILWAY CO Industrials 4.29 Consumer 16.9 CO LTD Health Care 4.29 15.3 Discretionary SCREEN HOLDINGS CO LTD Information Technology 4.21 Health Care 10.1 LTD Information Technology 4.16 13.9 TOTAL: 47.54

Topix Alma Eikoh Japan Large Cap Equity Fund

Page 1 of 2 Alma Eikoh Japan Large Cap Equity Fund A sub-fund of Alma Capital Investment Funds SICAV

Eikoh

Investment manager's commentary Market Review and Outlook The market fell a further -6.0% in March, as investors reacted to the rapid global spread of COVID-19 and the dramatic impact on economic activity caused by the measures being taken worldwide to restrict the spread of the virus, including the postponement of the Tokyo Olympics. The market fell very sharply during the first half of the month but showed a partial recovery in the second half reflecting support measures announced by central banks and governments around the globe. Foreign investors were again heavy sellers of the market amounting to Y3.4trn over the month bringing the total for Q1 to Y6.4trn. The market decline was led by cyclical sectors with mining, steel, shipping, real estate and banks al weak while more defensive areas such as utilities, foods and pharmaceuticals performed well. The oil price collapsed from $50 to $23 on slumping demand and a breakdown in constructive relations between Saudi Arabia and Russia. While the Yen closed little changed against the dollar at 107.5 it was highly volatile over the period trading below 102.0 at one point. Many of the economic statistics announced in the period reflect conditions in February and have little relevance reflecting the recent dramatic ongoing change in global economic circumstances. The BOJ March Tankan survey captures some of the recent change however with the large manufacturers DI falling from 0 to -8 and the outlook slipping to -11 while non-manufacturers fell from +20 to +8 with an outlook of -1. The Economy Watchers Survey for March also showed a sharp fall with current conditions at 15.9 compared to 27.4 and 40.6 respectively in the previous two months. The sharp slowdown being witnessed in Japan is broadly mirrored by slumping global activity, however China is an outlier and having successfully contained the spread of the virus is now benefiting from a relaxation of control measures; the Chinese Composite PMI for March recovered from 28.9 to 53.0. While the negative economic impact of the measures being taken globally to control the spread of the virus is dramatic, this is being met with very aggressive stimulus policies designed to support demand through the crisis. Central banks led the way, announcing substantial increases in the balance sheet commitments, and governments have followed this with huge fiscal stimulus packages. The G4 plus Chinese fiscal stimulus is now expected to be $3.2trn in 2020. Japan is following this path and alongside a partial “lockdown” of greater Tokyo, Osaka and Fukuoka has announced Y39trn in support measures, including Y300,000 in payments to affected households. This is part of a headline stimulus package of Y108trn though the “real water” impact of this will be considerably smaller. We retain our view that while the probability of systemic crisis appears small, that of a sharp contraction in economic activity will be impossible to avoid despite the best efforts of governments and central banks around the world. While the fund entered the crisis with a clear procyclical positioning we have aggressively restructured the portfolio over the last two months to ensure that the fund constituents are in a good position to weather the economic shock of COVID-19 but offer the potential for growth and capital appreciation once the disruption caused by the virus eases. We believe that the crisis will accelerate the secular shift of the economy to ‘on-line’ and that technology investment will follow this. We have chosen to maintain and build exposure to SPE, software & services and technology geared to 5G but sharply cut exposure to more general economically sensitive stocks and used cash raised to add to stocks in less economically sensitive areas, such as gaming and food & staples retailing, where valuations and prospects for growth look attractive. At the end of March the fund’s significant sector bets in declining order of magnitude are overweight semiconductors, software, technology hardware, media & entertainment, and real estate, while the fund is underweight capital goods, materials, household & personal products, commercial services and insurance. After the sharp decline so far this year, the valuation of the market looks low on a PBR of 1.00x, prospective PER of 12.3x and dividend yield of 2.66%. Looking through the crisis, prospects for the Japanese market and the fund look strong. Japanese companies start from a position of financial strength to weather this shock and Abe and Kuroda have taken the right choices so far to support the economy. We believe that the companies within the portfolio are well positioned to take advantage of the opportunities that the next year or two will bring.

Fund The Fund declined by 11.28% (I JPY C share class) in March, sharply underperforming the Topix which declined by 5.99% (dividends reinvested). The Fund underperformed Topix during the month with stock selection the greater contributor though sector allocation was also a negative factor. Value was lost by being overweight semiconductors, underweight household & personal products and underweight food & staples retailing while the underweight position in capital goods added value. Stock selection was negative in capital goods, technology hardware, transportation, banks, healthcare equipment and real estate. It was positive in materials, media & entertainment and telecommunications. At the stock level the largest negative contributor was the SPE firm Screen Holdings, followed by Mitsui Real Estate, Mitsubishi UFJ Financial Group, Orix, Yamaha Motor, TDK and Recruit. Significant positive contributors were the pharmaceutical firm Daiichi Sankyo, Nintendo and NTT. The majority of stock moves over the period were not in response to specific company news but rather to potential changes in the virus afflicted economic environment and also trading flows. Over the quarter the fund declined by 20.69% (I JPY C share class) underperforming the Topix which declined by 17.45% (dividends reinvested). Both stock selection and sector allocation contributed broadly evenly to this result. Value was lost by being overweight semiconductors and underweight food & staples retailing, household & personal products, telecommunications and utilities while the underweight position in capital goods and overweight position in software & services added value. Stock selection was negative in technology hardware, capital goods, autos, transport and commercial services, while it was positive in materials, media & entertainment and consumer durables. At the stock level the largest negative contributor was the SPE firm Screen Holdings, followed by Yamaha Motor, Mitsubishi UFJ Financial Group, Mitsui Real Estate, Hitachi and TDK. Significant positive contributors were Fujitsu, Daiichi Sankyo, NTT and Nintendo. During March we continued to be very active in restructuring the fund portfolio reflecting primarily the rapidly changing business environment and outlook for global growth caused by the global spread of COVID-19. We sold the position in Mitsubishi Corp reflecting the poor outlook for a number of its core areas of business, specifically auto’s, machinery and hard commodities. The sale of reflected our concern that its substantial sales exposure outside the Toyota Group will result in a very tough business environment in fiscal 2020 with no guarantee that demand in 2021/22 will return to previous levels. Seibu Holdings is Japan’s largest hotel operator and we sold the stock as we are concerned that not only will business be very poor in 2020 but expansion in the sector coupled with lower levels of tourism is likely to depress pricing in 2021 and beyond. Taisei was sold reflecting our expectation that margins on private construction may decline significantly over the medium term while the position in was liquidated as we are concerned about the outlook for its chemical and rubber businesses. We bought a position in the gaming company where we expect the company’s transition of its highly successful PC based franchise into mobile to drive strong growth in usership and sales. We bought a holding in 7&i as its valuation looks attractive and the company’s core domestic convenience store business retains its dominance and should perform well in 2020 and beyond. The pharmaceutical company Takeda was also added to the portfolio. The stock has dramatically underperformed the market following the acquisition of Shire a year ago and looks very attractively valued; we are encouraged by the strong progress in restoring balance sheet strength in fiscal 2019 and expect this to continue in 2020 and beyond. In the food area we switched the position in Nippon Suisan into Fuji Oil reflecting our belief that a return to profits growth in its chocolate business and growth in their soy operations will drive outperformance of the latter over the next two to three years. While the majority of recent new purchases have limited cyclical gearing, we bought a position in the pump maker Ebara on the basis that while it will not be immune to the economic downturn, this is discounted in current valuations and its SPE component business has strong prospects for growth over the next few years.

Fund facts Fund total net assets: ¥21 454.05 M ($197.88 M) Base currency: JPY Countries where the fund is registered: Austria, Germany, Italy, Luxembourg, Switzerland, United Kingdom, France, Fund domicile: Luxembourg Management fee: 0.90% p.a. Singapore

Fund type: UCITS SICAV Fund launch: 12 June 2014 Identifiers: Institutional USD Hedged Capitalisation share class Depositary, Administrator, Transfer Agent: BNP Paribas Securities Services (LU) Isin: LU1013117160 Ticker: AEJIUHA LX Launch: 12 June 2014 Institutional GBP Hedged Capitalisation share class Dealing: Each day with a 1-day notice. Cut-off time: 12 pm CET Isin: LU1013116949 Ticker: AEJIGHA LX Launch: 12 June 2014 Institutional EUR Hedged Capitalisation share class Management company: Alma Capital Investment Management (LU) Isin: LU1013116782 Ticker: AEJIEHA LX Launch: 10 December 2014 Institutional JPY Capitalisation share class Investment manager: Alma Capital Investment Management (LU) Isin: LU1013116519 Ticker: AEJPIJA LX Launch: 10 December 2014 Institutional GBP Unhedged Capitalisation share class Fund managers: James Pulsford Isin: LU1152097108 Ticker: AEKJEGC LX Launch: 17 February 2015 Tom Grew Institutional EUR Unhedged Capitalisation share class This document is issued by Alma Capital Investment Management (“ACIM”). It contains opinions and Isin: LU1870374508 Ticker: AEJLIEC LX Launch: 04 February 2019 statistical data that ACIM considers lawful and correct on the day of their publication according to the Institutional EUR Unhedged Distribution share class economic and financial environment at the time. This document does not constitute investment advice or form Isin: LU1870374920 Ticker: AEJLIED LX Launch: 08 March 2019 part of an offer or invitation to subscribe for or to purchase any financial instrument(s) nor shall it or any part of it form the basis of any contract or commitment whatsoever. ACIM provides this document without Contacts knowledge of investors’ situation. Prior to any subscription, investors should verify in which countries the fund(s) this document refers to is registered, and, in those countries, which compartments and which classes Hervé Rietzler (FR / CH / LU / IT) +352 28 84 54 19 of shares are authorized for public sale. In particular the fund cannot be offered or sold publicly in the United Baptiste Fabre (FR / IR) +33 1 56 88 36 55 States. Investors considering subscribing for shares should read carefully the most recent Prospectus and KIID agreed by the regulatory authority, available from ACIM (5 rue Aldringen, L-1118 Luxembourg, Grand Britt Lintner (UK / DE) +44 207 009 9240 Duchy of Luxembourg). The investors should consult the fund´s most recent financial reports, which are [email protected] available from ACIM. Investors should consult their own legal and tax advisors prior to investing in the fund. Given the economic and market risks, there can be no assurance that the fund will achieve its investment objectives. The value of the shares can decrease as well as increase. Past performance is not a guarantee of future results.

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