Albemarle Target Hedged Class A June 2020

About Albemarle Asset Management Fund Objective Albemarle Asset Management was founded in London in 2003. The Albemarle Target Italy Hedged is an open-ended fund company provides both individual and collective management services incorporated in Ireland. The investment objective of the Fund is for private and institutional investors, financial and capital management to seek to achieve long term capital appreciation with a fully consultancy, and managed investment solutions. Our services cover hedged strategy. The Fund will invest in equities, CIS and FDIs. global financial markets and our expertise enables us to offer diverse set of investment instruments and strategies Performance Fund Information YTD 1M 3YR 5YR Inception Company Albemarle Funds Plc Fund -17.73% -4.49% -27.73% NA -22.00% Investment Manager Albemarle Asset Management Ltd Long 0.58% Short -5.07% Bloomberg ATITLHA ID Bst Mth Wst Mth CAGR Vol Sharpe R. ISIN IE00BDHF6007 Fund 5.39% -10.27% -6.55% 10.99% -1.35 Inception 25/10/2016 . Currency EUR Fund Manager Albemarle Asset Management Ltd 120 115 Management Fees 1.80% p.a. 110 Performance Fees 105 100 20.00% of the aggregate 95 outperformance in value, over the 90 amount of the High Watermark 85 80 NAV Daily 75 Cut-Off T-1 before 1pm Irish Time 70 Stlmt date for sub T+2 Irish Business Days

Stlmt date for red T+2 Irish Business Days

02/12/2017

02/12/2018 02/12/2019

02/12/2016 Domicile Ireland

02/08/2017

02/08/2018

02/04/2017

02/08/2019

02/04/2018

02/04/2019 02/04/2020 Returns Auditors Deloitte Depositary 15% Northern Trust Fiduciary Services 10.6% (Ireland) Ltd 10% Category UCITS V 1.7% 5% AUM(umbrella level) € 2.46 Million 0% -5% Important Information -6.5% -10% -9.9% The information contained within this document is for the use of -15% Institutional and Professional Investors only -17.7% -20% Source: Bloomberg 2016 2017 2018 2019 YTD

Different Share Classes Name Inception First NAV ISIN NAV Bloomberg Category Class A 25.10.16 02.12.16 IE00BDHF6007 81.67 ATITLHA ID Retail Class I1 25.10.16 20.01.17 IE00BDHF6221 81.32 ATITHI1 ID Institutional Class I2 25.10.16 02.12.16 IE00BDHF6338 85.47 ATITHI2 ID Institutional

Albemarle Asset Management Limited, 21 Upper Brook Street, London W1K 7PY

Tel: +44(0)2073990705 - www.albemarleasset.com - [email protected] Albemarle Target Italy Hedged Class A June 2020

Sector Breakdown (%) Top 5 Long Holdings(%) Market Cap. Holding(%) Long Short Net Gross Financials 8.60 24.94 -16.34 33.53 & C SPA 6.97 Small 25 Consumer Discretionary 11.05 9.78 1.26 20.83 FILA SPA 6.88 Medium 28 Industrials 25.79 6.09 19.70 31.87 ESPRINET SPA 6.57 Large 47 Materials 7.50 0.37 7.13 7.86 ARNOLDO MONDADORI ED.5.79 Information Technology 7.42 5.67 1.75 13.09 LA DORIA SPA 4.81 Utilities 0.00 18.88 -18.88 18.88 Total 31.01 Energy 5.27 6.73 -1.46 12.00 Liquidity (Saleable) Real Estate 0.00 0.00 0.00 0.00 Fund (%) Consumer Staples 4.81 1.16 3.65 5.97 In 1 work. day 90 Communication Services 5.79 1.70 4.09 7.49 In 2 work. Days 100 Health Care 0.00 3.02 -3.02 3.02 In 4 work. Days 100 Total 76.22 78.34 -2.12 154.55 >4 work. days 0

Commentary The Fund posted a negative performance in June as both the long leg and the short leg posted a negative performance. The main positive contributors to the Fund performance had been CNH Industrial, Piovan, Fiat Chrysler Automobiles, and La Doria. CNH Industrial gained as several brokers increased the target price following share price surge. Piovan continued to rise as brokers started to upgrade their estimates. Buzzi surged following the news that the Trump administration is preparing a $1 trillion infrastructure plan. The main detractors to the Fund performance during the month had been FTSEMIB Index future, Esprinet, Mondadori, Pirelli, and IMA. Esprinet suffered some profit taking after the good performance registered in April and May. Mondadori underperformed as investors remained worried about the impact of Covid-19 and the outlook for both Books and Media businesses. During the month the main trades executed had been the sale of , , Cementir and , and the purchase of Reply and IMA.

Disclaimer This information is being communicated by Albemarle Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority. This material is for information only and does not constitute an offer or recommendation to buy or sell any investment, or subscribe to any investment management or advisory service. It is only directed and may only be distributed to persons who are Professional Clients or Eligible Counterparties and is not, under any circumstances, intended for distribution to the general public. With investment, your capital is at risk and the value of an investment and the income from it can go up as well as down, it may be affected by exchange rate variations and you may not get back the amount invested. Past performance is not necessarily a guide to future performance. We do not represent that this information, including any third party information, is accurate or complete and it should not be relied upon as such. Opinions expressed herein reflect the opinion of Albemarle Asset Management Limited and are subject to change without notice. No part of this document may be reproduced in any manner without the written permission of Albemarle Asset Management Limited, however recipients may pass on this document but only to others falling within this category. This information should be read in conjunction with the relevant fund documentation which may include the prospectus, simplified prospectus or supplement documentation and if you are unsure if any of the products and portfolios featured are the right choice for you, please seek independent financial advice provided by regulated third parties.

Albemarle Asset Management Limited, 21 Upper Brook Street, London W1K 1PY

Tel: +44(0)2072907730 - www.albemarleasset.com - [email protected]