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Monthly Factsheet Promotional document | Monthly management report | August 2021 | I Share DNCA INVEST SOUTH EUROPE OPPORTUNITIES S O U T H E R N E U R O P E A N E Q U I T I E S Investment objective Performance (from 31/08/2011 to 31/08/2021) The Fund seeks to outperform the DNCA INVEST SOUTH EUROPE OPPORTUNITIES (I Share) Cumulative following composite Index Net Return: performance Reference Index(1) 55% FTSE MIB, 40% IBEX, 5% PSI20 250 calculated with dividends reinvested, over +148.40% the recommended investment term (5 years). 225 Financial characteristics 200 +90.97% NAV (€) 130.93 Net assets (€M) 48 175 Number of equities holdings 32 Average market cap. (€Bn) 28 Dividend yield 2020e 2.52% 150 ND/EBITDA 2020 2.8x Price to Book 2020 1.7x 125 e Price Earning Ratio 2021 15.6x e EV/EBITDA 2021 7.8x 100 Price to Cash-Flow 2021e 8.0x Extra financial ratio 75 Aug-11 Aug-13 Aug-15 Aug-17 Aug-19 Aug-21 Average Responsibility Score: 6.2/10 (1) Sustainable transitions exposure 55% FTSE MIB + 40% IBEX + 5% PSI20. Past performance is not a guarantee of future performance. (% in number of holdings): 60.8% Carbon footprint (as of 30 June 2021): Annualised performances and volatilities (%) 209t CO / $M invested 2 Since Carbon intensity (as of 30 June 2021): 1 year 3 years 5 years 10 years inception 281t CO2 / $M of revenues I Share +26.21 +8.30 +9.93 +9.52 +1.87 SDG's exposure: 32.8% of revenues Reference Index +32.75 +6.79 +8.22 +6.68 -2.08 I Share - volatility 14.06 19.67 17.45 20.44 20.28 Reference Index - volatility 17.12 22.44 19.51 22.99 25.00 Cumulative performances (%) Since 1 month YTD 1 year 3 years 5 years 10 years inception I Share +3.40 +11.36 +26.21 +27.02 +60.51 +148.40 +30.93 Reference Index +2.59 +15.58 +32.75 +21.79 +48.40 +91.00 -26.32 Calendar year performances (%) 2020 2019 2018 2017 2016 I Share +0.00 +25.96 -10.76 +17.35 -5.75 Reference Index -7.32 +24.82 -12.77 +14.39 -3.58 Risk and reward profile 1 year 3 years 5 years Lower risk Higher risk Sharpe Ratio 1.90 0.44 0.59 Tracking error 7.41% 6.09% 5.16% 1 2 3 4 5 6 7 Correlation coefficient 0.91 0.97 0.97 Lower potential reward Higher potential reward Information Ratio -0.88 0.25 0.33 The risk level of this fund is due to exposure to equity and/or fixed income markets Beta 0.74 0.85 0.86 Main risks: Credit risk, equity risk, eSG risk, risk of investing in derivative instruments as well as instruments embedding derivatives Data as of 31 August 2021 1 / 8 DNCA INVEST SOUTH EUROPE OPPORTUNITIES S O U T H E R N E U R O P E A N E Q U I T I E S Main positions✢ Monthly performance contributions✢ Weight Best Weight Contribution INTESA SANPAOLO (7.2) 8.30% SESA SPA 5.27% +0.59% ENEL SPA (7.1) 7.56% INTERPUMP GROUP SPA 2.27% +0.29% IBERDROLA SA (7.9) 5.73% DIASORIN SPA 2.42% +0.28% SESA SPA (6.2) 5.27% CELLNEX TELECOM SA 4.88% +0.26% STELLANTIS NV (Paris) (3.7) 5.13% FALCK RENEWABLES SPA 1.45% +0.25% CELLNEX TELECOM SA (6.3) 4.88% Worst Weight Contribution BANCO SANTANDER SA (4.2) 4.79% ERG SPA 1.46% -0.09% ASSICURAZIONI GENERALI (6.9) 4.36% INTL CONSOLIDATED AIRLINE-DI 1.16% -0.07% FINECOBANK SPA (7.0) 4.35% ENEL SPA 7.56% -0.06% MEDIOBANCA SPA (6.8) 3.21% CIE AUTOMOTIVE SA 1.90% -0.06% 53.57% VIDRALA SA 0.72% -0.03% Asset class breakdown Market Cap breakdown 57.9% Equities 93.3% 23.5% 17.2% Cash and equivalents 6.7% 1.4% 0 - 1 Bn € 1 - 5 Bn € 5 - 10 Bn € +10 Bn € Sector breakdown (ICB) Country breakdown Fund Index Fund Index Banks 22.9% 20.9% Italy 55.5% 45.9% Utilities 22.4% 19.6% Automobiles and Parts 10.0% 7.9% Spain 30.1% 40.2% Industrial Goods and Services 7.3% 7.6% Technology 5.3% 5.3% Netherlands 5.1% 8.6% Telecommunications 4.9% 6.5% Financial Services 4.5% 2.6% Portugal 2.6% 4.3% Insurance 4.4% 4.2% Cash and equivalents 6.7% N/A Health Care 4.3% 3.0% Energy 3.4% 8.2% Construction and Materials 2.9% 3.3% Travel and Leisure 1.2% 0.9% Cash and equivalents 6.7% N/A Changes to portfolio holdings ✢ In: None Out: None ✢The figure between brackets represents the issuer's 'responsibility' score. Monthly management report | Data as of 31 August 2021 2 / 8 DNCA INVEST SOUTH EUROPE OPPORTUNITIES S O U T H E R N E U R O P E A N E Q U I T I E S Portfolio managers comments August was a turbulent month on the political and economic front. The resurgence of Covid cases, in already heavily vaccinated countries such as Israel and the UK, has raised doubts about the lasting effectiveness of the various vaccines. The rise in infections also continues in Asia and Australia. However, it seems unlikely that strict containment will be used again in the long term as the economic consequences are too great. China's economy is showing signs of slowing as regulatory pressures mount: Xi JinPing is calling for better income distribution, promising an adjustment of excessive incomes in the name of "common prosperity". In the US, the economic environment remains buoyant with annualized GDP growing by 6.6% in the second quarter. At the Jackson Hole conference at the end of the month, J. Powell stated that the FED could slow down its asset purchases in 2021 and at the same time reiterated that the high level of inflation should only be temporary. The Italian market rose by 2.7% while the ibex rose by 1.97% during the month. Southern markets will benefit significantly from the European Union's stimulus funds and the strong rebound of the European economy. Confidence surveys remain strong. Text completed on 13/09/2021. Isaac Chebar Monthly management report | Data as of 31 August 2021 3 / 8 DNCA INVEST SOUTH EUROPE OPPORTUNITIES S O U T H E R N E U R O P E A N E Q U I T I E S Internal extra-financial analysis ABA coverage rate✛ (100%) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Responsibility risk breakdown(1) Transition/CSR exposure(2) Limited Limited 8-10 8-10 Low Low 6-8 63,3% 6-8 25% 11% 22% 4% 2% Neutral Neutral 4-6 31,2% 4-6 15% 6% 1% 1% 8% CORPORATE Moderate Moderate 2-4 5,5% 2-4 5% RESPONSIBILITYRISK (CSR) High High 0-2 Exclusion area 0-2 None Low Trend Major Pure player SUSTAINABLE TRANSITION EXPOSURE (% Revenue) SDG's exposure(3) Sustainable transitions exposure(4) (% of revenues) 82.0% 8 12.9% 11 1.0% 3 5.0% 9 1.0% 39.2% 13 4.7% 10 0.9% 32.3% 7 4.7% 6 0.4% 20.5% 32.8% 5 2.0% 12 0.3% 9.2% 4.6% 4.6% 1.1% 0.3% 2.9% 2.4% 1.0% No exposure 67.2% Number of holdings Revenues Analysis methodology We develop proprietary models based on our expertise and conviction to add tangible value in the selection of portfolio securities. DNCA's ESG analysis model, Above & Beyond Analysis (ABA), respects this principle and offers a rating that we control the entire construction. Information from companies is the main input to our rating. The methodologies for calculating ESG indicators and our responsible investor and engagement policy are available on our website by clicking here. (1) The rating out of 10 integrates 4 risks of responsibility: shareholder, environmental, social and societal. Whatever their sector of activity, 24 indicators are evaluated, such as social climate, accounting risks, suppliers, business ethics, energy policy, quality of management. (2) The ABA Matrix combines the Responsibility Risk and the Sustainable Transition exposure of the portfolio. It allows us to It allows companies to be mapped using a risk/opportunity approach. (3) No poverty. Zero hunger. Good health and well-being. Quality education. Gender equality. Clean water and sanitation. Clean and affordable energy. Decent work and economic growth. Industry, innovation and infrastructure. Reduced inequalities. Sustainable cities and communities. Sustainable consumption and production. Tackling climate change. Aquatic life. Terrestrial life. Peace, justice and effective institutions. Partnerships to achieve the goals. (4) 5 transitions based on a long-term perspective of the financing of the economy allow the identification of activities with a positive contribution to sustainable development and to measure the exposure of companies in terms of turnover as well as exposure to the UN Sustainable Development Goals. ✛ The coverage rate measures the proportion of issuers (equities and corporate bonds) taken into account in the calculation of the extra-financial indicators. This measure is calculated as a % of the fund's net assets adjusted for cash, money market instruments, derivatives and any vehicle outside the scope of "listed equities and corporate bonds". The coverage rate of the portfolio and the benchmark is identical for all indicators presented.
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