Portfolio Manager Commentary and Performance ZCH AM SICAV – Market Update Small Cap Latam Fund April was a positive month for global equities, with Latam outperforming Emerging Markets. Faster than expected economic recovery due to vaccine improvements and robust fiscal stimulus, coupled with stronger than expected corporate results. though inflation has been higher than expected; The FED and ECB have renewed their th commitment to monetary stimulus, reckoning that recovery has been uneven among sectors and it’s going to take a while April 30 , 2021 before reaching both inflation and unemployment rate targets. Latam rose 3.19% in USD terms, boosted by and Mexico. Chile and Peru were the main laggards heavily impacted by political noise. The region should benefit from higher commodity prices, attractive valuations trading at 11.3x P/E fwd (10% discount to its 10Y average), stronger corporative results that could keep sustaining upward earnings revisions (during the last month 21E earnings have been updated by +11%) Brazil was up +5.8% in USD terms, partially explained by a 3.5% currency appreciation. Brazilian real reached a - 12% depreciation during this year given higher fiscal uncertainty, but during April the 2021 budget approval provided some relief on the fiscal side indicating that the government and congress are willing to comprise and work together, reducing political tensions. Moreover, after the agreement, the Lower house speaker announced its commitment to resume the reform agenda, working on the tax and administrative reform, which might be approved during this year. Brazil is trading at 9.9x P/E fwd, a 10% discount to 10Y average, being one of the most attractive levels in the region. This Best Latam Equity Fund - Morningstar Chile valuation has been supported by a 14% upward revision for 2021 earnings during the last month. On the monetary front, in its last meeting, the Central Bank decided to increase the interest rate by 75 bps, reaching 2.75%; above market expectations of a 50bps rise; the institution did not discard another 75bps in the next meeting. A higher interest rate, a Fund Description constructive outlook on commodities prices, coupled with a stabilization of the sanitary situation and further advances on the reform agenda might support higher currency appreciation. Finally, on the political front the creation of the The ZCH AM SICAV – Small Cap Latam Fund seeks to Parliamentary Inquiry Committee that will investigate the government’s actions in the pandemic and the Supreme court provide long-term capital growth by investing decision to annul Lula's conviction, allowing him to become a potential presidential candidate for 2022. Local and foreign principally in equity securities issued by Latin investors expressed their interest in long-term Brazilian assets, being part of the last infrastructure auctions and committed American companies, and American Depositary about R$50bn in investments in the next 20-35 years. We maintain our exposure through companies that benefit from global dynamics, with stronger fundamentals and new names that offer exposure to high growth stories. Receipts of small capitalized Latin American Mexico performed 2.5% in USD terms, with a 0.9% currency appreciation. The index is trading at 14.4x P/E, a 9% companies. The Fund aims to achieve diversification premium versus the average since AMLO took office. Mexico’s performance YTD has been explained by a resilient in terms of sectors offering a core exposure to the currency (supported by one of the highest real interest rates among IG countries) and the faster than expected economic Latin American stock markets and to companies recovery in United States. listed on a stock Exchange outside the Latin Mexico should benefit from higher exports to USA and stronger remittances, which provides support to domestic consumption. Given the last fiscal packages announced in USA, including the Infrastructure bill that should be American region, but which generate a significant deployed in the next 8 years, we now believe the positive externalities in the Mexican economy might last for longer. In part of their income in or from Latin America and/or effect, during the last month, consensus estimates for GDP have been reviewed upward not only for 2021 but also for which have their registered office in Latin America. year 2022. This positive view is backed by stronger global perspectives and improving domestic dynamics with the The investment manager seeks to add value reopening and vaccination process underway. In June, Mexico is going to face midterm elections, where the base case is primarily through stock selection. that the government should lose the qualified majority in the lower house, widening the gap for the approval of more controversial initiatives such as the Electricity bill and the hydrocarbons reform, which seek to benefit public companies, increasing uncertainty and impacting long term investments. We maintain our positive view of companies with higher Investments may be denominated in USD or in Latin exposure to global dynamics and a strong balance sheet. American currencies. Currency risks may be hedged During the month, our fund posted a 7.34% return in USD terms, compared to the 5.98% from our reference benchmark, the MSCI Latam Small Cap index. Relative performance is explained by our off-benchmark position in names entirely or partially against USD through the use of such as Vamos (24.6% in USD) and Grupo Traxion (+11.66%), coupled with OW in (+33%), Marfrig (+15.5%) financial derivative instruments including currency and (16.2%). This was partially offset by our lack of exposure to Hering (+78%) and Cia Brasilera de Distribucion forwards or futures. (+28.7%)

Performance for Series I Giovanna Risk Metrics Musa - ZCH AM Small Cap Latam MSCI SC Latam 110 Portfolio 90 Volatility (Annual) 18.72% Manager Beta 1.02 70 Alpha -3.55% 50 Share Classes and Fees Tracking Error (annual) 3.24% 30 Min.

Information Ratio -0.34 Subscription

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Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-13 Bloomberg Amount Current Retuns Apr’21 3M YTD LTM 3Y Since Inception Class ISIN Ticker (USD) TER ZCH AM SICAV Small Cap Latam I 7.34% 7.19% -0.02% 57.21% -12.12% -20.84% Class I LU1061932403 EASSCLI LX 1,000,000 1.09% MSCI EM Small Cap Latam 5.98% 8.92% 1.87% 58.32% -2.10% -26.06% Note: Until 28 February 2015, performance data is for the Zurich Small Cap LatAm D, which is a mutual fund offered in Chile; an identical strategy is TOTAL AUM US$32,6mn employed in the Series I. Source: Bloomberg. Disclosure for Switzerland: The state of origin of the Fund is Portfolio Breakdown Luxembourg. This document may only be distributed in or from COUNTRY BREAKDOWN SECTOR APR-21 MAR-21 ISSUER FUND SECTOR Switzerland to qualified investors within the meaning of Ar. 10 0.4% 1.7% 1.7% CONSUMER DIS. 9.5% 8.6% 4.1% MATERIALS Para. 2. 3bis and 3ter CISA. The Representative in Switzerland is 9.9% CONS. STAPLES 12.6% 13.2% PETRO RIO 3.9% ENERGY ACOLIN Fund Services AG. Stadelhoferstrasse 18. CH-8001 REAL ESTATE 9.4% 10.5% GERDAU 3.7% MATERIALS Zurich. whilst the Paying Agent is Neue Helvetische Bank AG. INDUSTRIALS 23.6% 23.8% SENDAS 3.4% CONS. STAPLES Seefeldstrasse 215. 8008 Zürich. In respect of the units FINANCIALS 8.0% 7.5% LOCAWEB 3.3% IT 22.7% MATERIALS 16.0% 12.9% GRUPO CEMENTOS 3.1% MATERIALS distributed in or from Switzerland. the place of performance UTILITIES 5.8% 8.6% DURATEX 2.9% MATERIALS and jurisdiction is at the registered office of the Swiss 63.6% HEALTHCARE 4.5% 3.8% MARFRIG 2.6% CONS. STAPLES representative. ENERGY 3.9% 4.0% LOCAMERICA 2.5% INDUSTRIALS The basic documents of the Fund as well as the annual and. if IT 4.3% 3.9% VAMOS 2.2% INDUSTRIALS applicable. semi-annual report may be obtained free of charge BRAZIL MEXICO CHILE PERU CASH OTHERS 2.4% 3.2% OTHERS 68.3% at the registered office of the Swiss Representative. This mutual fund is managed by Zurich Chile Asset Management Administradora General de Fondos. Find out about the essential characteristics of each mutual fund Investment, which are contained in its rules of procedure and contract underwriting fees. Profitability or profit obtained in the past by this fund does not guarantee that it will be repeated in the future. The values of the shares of the mutual funds are variable. Zurich 1