Semi‐annual Report – 1st Semester 2019

Unit Class : Institutional

Author: 3K Investment Partners – Reference Date: March 29th, 2019

The sentiment of Global Equity Markets and especially the Greek one was strong in the Based on the above principle, we want to invest in solid corporations. We built positions first half of the year and was led initially by the adoption of a more accommodative in Greek Banks. Our larger stake is in Eurobank as it was the first of the Greek banks stance by the main Central Banks already expressed in the beginning of 2019. Additional which took measures to drastically reduce its NPEs. Our current exposure to the banking to this, the domestic sentiment was further strengthened by the electoral confrontation sector stands currently at. 15% Within a more stable economic environment, Greek banks and the market priced in the dominance of the liberal opposition party (New Democracy), could reduce their Non‐Performing Loans and start producing profits. However, low especially the last month of the semester. Consequently, along with the appreciation of interest rates and Fintech is a threat for the global banking industry. Hence, we closely Greek sovereigns, ASE Total Return Index outperformed its European peers being the monitor developments on this field. Additionally, we built a position in ‐Anemos best performing index with profits of 43.132%. Group as they will merge their operations and focus on profitable business.

With regard to the fund’s performance, it registered gains of 27.799%, underperforming Eurobank, Jumbo and Piraeus Port Authorities were among the top positive contributors its benchmark mainly due to its underweight position in Greek banks. Since inception followed by and . On the other side, Titan and Plastika (13/07/2017), the fund has appreciated by 0.781% versus 5.73% of the benchmark. Kritis contributed negatively.

If a security loses 50% of its value, it needs 100% appreciation to recover and meet the previous valuation. This is elementary and relates to one of the basic Buffett’s rules “try to avoid losing capital”. Loss of capital is not associated to market fluctuations but to irrevocable loss that occurs on the real business of a company and in that case inevitably it will be reflected on its stock price. We believe that in the long term this strategy pays off good results on absolute and relative to the benchmark basis.

Performances

Cumulative Performance Annual Performance

45 15 25

5

-15 0 1Y 3Y 5Y -35 2014 2015 2016 2017 2018

Fund 100 % ASE (TR)

Mutual fund's Net Price evolution versus Benchmark

120

110

100

90

80

70

60

UCITS DO NOT HAVE GUARANTEED PERFORMANCE AND PAST RETURNS DO NOT ENSURE FUTURE ONES Semi‐annual Report – 1st Semester 2019

Unit Class : Institutional

Distribution by capitalization size Weight of the main holdings

< 50mln (7 companies) 3,12% Top 5 holdings 32,54% 100mln > 50mln (4 companies) 3,65%

500mln > 100mln (13 companies) 25,66% Top 10 holdings 52,88%

1bn > 500mln (5 companies) 19,72% Top 20 holdings 78,14% ≥ 1bn (9 companies) 39,14% 0,00% 20,00% 40,00% 60,00% 80,00% 100,00% 0,00% 10,00% 20,00% 30,00% 40,00% 50,00%

Distribution of holdings by sector Indicators

Fund: 18,76% 1‐year volatility Benchmark: 19,66% Commercial Services 0,16% Utilities 1,86% Number of lines 39 Technology 2,35% Average cap. of equities 1,017 bln Median cap. of equities 287 mln Basic Materials 6,75% Industrial 7,60% Cash 8,72% Consumer, Cyclical 16,46% Energy 16,76% Consumer, Non-cyclical 17,72% Financial 21,61%

0,00% 5,00% 10,00% 15,00% 20,00% 25,00%

Main holdings Main contributions to performance in absolute terms

Name Sector Country Net asset % Name Contrib. Name Contrib. Eurobank SA Financial 7,38% Eurobank 2,78% Titan Cement Common ‐0,24%

Hellenic Petroleum SA Energy Greece 6,70% Jumbo SA 2,42% Titan Cement Preferred ‐0,23% Jumbo SA Consumer Cyclical Greece 6,65% Piraeus Port Authority 2,31% Plastika Kritis SA ‐0,14% Piraeus Port Authority Consumer Non‐Cyclical Greece 6,11% Mytilineos Holdings 2,11% Terna Energy SA Energy Greece 5,70% Terna Energy 2,03%

Main Characteristics Legal Form UCITS / Greek Mutual Fund Launch Date 13/07/2017

Unit Class Institutional Recommended Investement Period Over 5 years ISIN Code GRF000163003 Custodian Bank of Piraeus Bloomberg Code NNHELEQ GA Maximum Subscription Fee 0% Benchmark 100% ASE (TR) Exit Fee 0%, NAV/AuM 10,08 € / 10,63 M € Management Fee 0,20% Unit NAV period Daily based on prices on market close

UCITS DO NOT HAVE GUARANTEED PERFORMANCE AND PAST RETURNS DO NOT ENSURE FUTURE ONES Semi‐annual Report – 1st Semester 2019

Unit Class : Institutional

Disclaimer

The elements contained in this document have been prepared solely for informational purposes. Under no circumstances should this document be considered as an investment advice or an offer ‐ incitement for investing in mutual funds managed by 3K Investment Partners M.F.M.C. For the disposal of units of UCITS in Greece, the provisions of Law 4099/2012 and the decisions of the Capital Market Commission, which have been delegated by virtue of this law, are in force and are applied. Investments may be suitable for professional or private investors only upon personal investment advice from a professional who has signed a written agreement with the investor concerned. While particular attention has been paid to the contents of this document, no guarantee, warranty or representation, expressed or implied, is given, regarding the accuracy, correctness and adequacy of the contents of this document.

Any information contained in this document is subject to change or update without notice. Neither 3K Investment Partners M.F.M.C., nor any of its officers, directors or employees can be held direct or indirect liable or responsible with respect to the information and judgements of any kind expressed herein. No direct or indirect liability or obligation is accepted for losses that may be incurred by readers / investors / prospective investors from the use of this document or basing any decision on it. Investments involve risks; while investments in UCITS do not offer guaranteed performance and any past returns do not secure future ones. Please note that the value of your investments may increase or decrease and that past returns are not indicative of future performance and are never considered as such. This presentation and information contained herein may not be copied, reproduced, distributed or passed to any person at any time without prior written consent of 3K Investment Partners M.F.M.C. Any claims arising out of or relating to the terms and conditions of the "disclaimer" are subject to the applicable law.

The prospectus and the Key Investor Information document of the Mutual Fund are available (free of charge) in Greek and in English in the offices of 3K Investment Partners M.F.M.C., 25‐29 Karneadou Str, 106 75, , Greece and on the website: www.3kip.gr.

Copyright © 2017 Morningstar UK Limited. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or 3K Investment Partners M.F.M.C.; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor 3K Investment Partners M.F.M.C. are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Morningstar Rating is an assessment of a fund’s past performance – based on both return and risk – which shows how similar investments compare with their competitors. A high rating alone is insufficient basis for an investment decision.

Management Company: 3K Investment Partners M.F.M.C. – Address: 25‐29 Karneadou Str, 10675 Athens‐ General Commercial Registry Number: 1003501000 ‐ Ministry of National Economy decision: 38476/Β 1288/13‐09 ‐1990 Custodian: ‐ Supervising Authority: Hellenic Capital Market Commission

UCITS DO NOT HAVE GUARANTEED PERFORMANCE AND PAST RETURNS DO NOT ENSURE FUTURE ONES