MANDARINE OPTIMAL VALUE R Value Equity ISIN FR0012144590 MONTHLY REPORT AUGUST 31, 2021

Risk profle 1 2 3 4 5 6 7 Mandarine Optimal Value selects eurozone companies with two specifc characteristics: stocks that are undervalued by the market and ofer an improving fnancial and extra- fnancial outlook (positive momentum). +2.7% +24.2% 16.9%

Performance Performance Volatility 1 month YTD 1 year PERFORMANCES AND RISKS The data presented relates to past periods, past performance is not an indicator of future results. Bench. Bench. Bench. +2.6% +20.3% 16.9% Statistical indicators are calculated on a weekly basis. Benchmark: EuroStoxx Large NR

Evolution since inception 162.13EUR Fund Bench. Net asset value 80% Yohan Florian SALLERON ALLAIN 60%

Even if some fears persist regarding the pace of future growth (thereby favouring stocks with 40% generally defensive profles over the month), the eurozone stock markets pursued their rebounds, 20% consequently showing solid annual gains. 0% As could be expected, the best contributors to the fund’s performance over the month included -20% healthcare (Merck, Eurofns scientifc) and public 2015 2016 2017 2018 2019 2020 2021 services (Verbund).

Our stocks (LVMH, Moncler and Kering) sufered in August due to Chinese Annual performances statements evoking the idea of a better distribution of wealth in China. Fund Bench. 30% Despite the rather cyclical bias in our portfolio, +26.5 +24.2 which we are maintaining due to these stocks’ +20.3 +16.3 good fnancial momentum (which is not 15% +12.3 +10.8 weakening), the fund nevertheless succeeded in +6.2 slightly outperforming its benchmark index over +4.0 the month, thereby adding to its cumulative 0% outperformance since the beginning of the year. -1.7 -0.6

-15% -12.8 -17.2

-30%

2016 2017 2018 2019 2020 2021

Rolling / annualized performances

Rolling performances Annualized performance

1 month YTD 1 year 3 years 5 years Inception 3 years 5 years Inception

Fund +2.7% +24.2% +35.5% +20.6% +48.7% +62.1% +6.4% +8.3% +7.3%

Bench. +2.6% +20.3% +31.8% +32.0% +57.5% +68.7% +9.7% +9.5% +8.0%

Dif. +0.2% +3.9% +3.7% -11.4% -8.8% -6.6% -3.2% -1.3% -0.6%

Rank* 383/1395 69/1321 149/1296 825/1089 525/876 446/777 Main transactions over the month *Morningstar - Eurozone Equity Large Cap (+) NEXANS (-) PRYSMIAN SPA (+) SA (-) SE (+) IPSOS SA (-) DEUTSCHE BANK AG Risk indicators (+) New holding (-) Sale Benchmark Fund volatility Tracking error Information ratio Sharpe ratio Major contributors/detractors over the month (%) volatility MERCK KGAA +0.5 KERING -0.3 1 year 16.9% 16.9% 4.2% 0.9 2.0 VERBUND +0.3 LVMH -0.2 EUROFINS SCIENTI… +0.3 DAIMLER AG -0.1 3 years 22.1% 22.5% 4.5% -0.7 0.3 MANDARINE OPTIMAL VALUE R

PORTFOLIO STRUCTURE Main holdings Sector Country MERCK KGAA 3.5% Health Care / Germany Cons.Discretionary 19.6% 36.4% LVMH 3.0% Cons.Discretionary / France Industrials 17.5% Germany 23.5% Technology 15.3% Netherlands 11.0% CAP GEMINI SA 2.9% Technology / France Financials 13.3% Austria 6.9% ASM INTERNATIONAL 2.8% Technology / Netherlands Basic Materials 9.9% 5.3% LOREAL 2.8% Cons.Discretionary / France Health Care 7.7% 4.4% COVESTRO AG 2.6% Basic Materials / Germany Energy 5.1% Luxembourg 4.2% KERING 2.6% Cons.Discretionary / France Cons.Staples 4.6% Finland 3.8% DASSAULT SYSTEMES SE 2.3% Technology / France Utilities 4.0% Belgium 2.4% Telecommunications 3.0% Ireland 2.0% IMCD GROUP NV 2.3% Basic Materials / Netherlands Cash & Others 0.1% Cash & Others 0.1% AG 2.3% Industrials / Germany

FUND PROFILE

Key fgures at August 31 2021 Capitalisation Currency Asset under management 22.0M€

Equity exposure 99.9%

Number of holdings 56

Active share 71.2%

Average capitalisation (Bln €) 52.9

PTF-MOM 8.2

Mega Cap 36.5% EUR 100.0% Large Cap 33.9% Mid Cap 28.0% Small Cap 1.5% Cash & Others 0.1%

CHARACTERISTICS

ISIN Bloomberg code Inception of the fund Shareclass inception FR0012144590 MANVOVR FP Equity 11/06/2014 06/11/2014

Legal Status Shareclass currency Investment horizon Management company French FCP EUR 5 years Mandarine Gestion

Depositary Valuation Cut-Of Settlement BNP Securities Services Daily 13H00 D+2

Management Fee Performance Fee Initial charge Redemption Fee 15% of the outperformance over the 2.20% 2.00% 0% benchmark if perf > 0

DISCLAIMER The purpose of this document is to present, for information purposes only, the characteristics of Mandarine Gestion products. It in no manner constitutes a sale or subscription ofer. The indices cited in this document are based on net dividends reinvested (“NR”). The described performances do not take into account fees and costs potentially charged in connection with the subscription or redemption of fund units. This document has been drawn up for information purposes only and does not constitute an ofer or personalised recommendation or a solicitation to subscribe to this product. The information, opinions and analyses contained in this document do not have any contractual value. Only the information contained in the KIID and prospectus is legally binding. The prospectus is available on simple demand from Mandarine Gestion and is available on the www.mandarine- gestion.com website. Your money will be principally invested in fnancial instruments selected by the management company. These instruments will be subject to market fuctuations and uncertainties. Past performances do not guarantee future performances. Performances are notably not constant over time. The performance data mentioned in the document does not take into account fees and charges assessed in connection with the issue and redemption of units or shares and does not include taxes imposed by the country of residence of the client. The UCITS is exclusively destined for sale to residents of those countries in which the UCITS is registered. Sales in jurisdictions other than those countries in which the UCITS is registered are not authorised. RISK PROFILE – RISKS ASSOCIATED WITH THE PRODUCT Risk of capital loss, equity market risk, risk linked to the ownership of small and midcaps, interest rate risk, credit risk and discretionary management Mandarine Gestion risk, and to a lesser extent emerging market risk, counterparty risk and exchange rate risk. The descriptions and details are included in the complete prospectus of the UCITS. Investors are invited to read the prospectus in order to obtain detailed information regarding the risks to which the fund is 40 avenue George V | 75008 exposed prior to any investment decision. This product does not ofer any guarantee as to returns or the capital invested, which may not be entirely returned. www.mandarine-gestion.com