PHILEAS EQUITY - I share 30 July 2021

The investment objective of the PHILEAS EQUITY EUROPE is to outperform, on an equity horizon, its benchmark, the MSCI Europe net return index. The fund invests in European Union equities through discretionary stock picking.

ISIN: FR0012749927 Custodian: CACEIS BANK NAV: 166.96€ Launch date: 15 October 2015 Administrator: CACEIS FA AUM: 9.20 M€ Structure: «European Union equities» fund - French FCP Auditor: MAZARS Management fees: 1.20% incl. Management team: Ludovic LABAL / Cyril BERTRAND Fund dealing: daily Performance fees: 15% incl.taxes above MSCI Europe NR Benchmark: MSCI Europe NR Eligible for French equity savings plan: yes Currency: EURO

Performance review Performance since inception

170 In July, PHILEAS EQUITY EUROPE rose by 4.36% as its benchmark, MSCI Europe net re- 165 160 turn, rose by 1.85%. 155 150

145 This month’s performance marks one of the best since the fund’s launch. This perfor- 140 135 mance is all the more satisfying because sector gains were evenly distributed. The cata- 130 125 lyst for these gains was the fund's high hit ratio on half-year corporate earnings, which 120 115 frequently reflected our own strategic analysis. 110 105

We also note how well the fund has performed since adopting a very balanced portfolio 100 95 PHILEAS EQUITY EUROPE

90 MSCI EUROPE NR structure between Quality and value stock in early March. This balanced approach 85 80 enables us to smoothly navigate periods of style rotation.

- In IT/Services, and Alten were the two main performance drivers. Capgemi- Performance (%) ni's half-yearly publication was excellent both in terms of organic growth and an Annualized improved operating margin. The company is already well positioned in cloud ser- YTD 1 month 1 year 3 years performance* vices and corporate digital transformation and is set to continue benefitting from PHILEAS EQUITY EUROPE 21.54% 4.36% 43.19% 36.01% 9.24% structural growth trends in the IT sector. Alten surprised the market by announcing MSCI EUROPE NR 17.49% 1.85% 32.12% 24.78% 6.55% its business was returning to normal faster than expected. At a time when industry * I share launched as of 10/15/2015 is becoming increasingly digital, outsourced R&D skills are becoming vital. The trend Top holdings will drive the company's growth in years ahead.

Holdings % - In Industrials, Croda's half-year results aligned perfectly with the investment case we Alten 5.2% outlined in our June update. Similarly, for the second straight quarter, Rational Cap Gemini 4.7% proved its ability to rebound. Despite the challenges still facing its restaurant clients, Bureau Veritas 4.4% the company’s sales were boosted by its new generation of ovens launched in 4.4% 2020.

Puma 4.4% - In Construction, Saint-Gobain and Kingspan both continued their excellent runs. These Number of holdings 33 two companies’ thermal insulation product ranges will enable them to benefit Investment rate 92.28% greatly from initiatives to decarbonize buildings. Risk indicators - 1-year data

Notes ESG Volatility of the fund 14.42% Volatility of the benchmark 14.35% -2 -1 0 +1 +2 Tracking error 7.48% Decarbonization 0.0% 4.9% 65.9% 7.8% 13.7% Beta 0.86 Human Capital 0.0% 0.0% 76.4% 12.0% 4.0% Information ratio 1.09

Gouvernance 0.0% 8.6% 72.4% 11.4% 0.0% Sharpe ratio 3.15

Source : Phileas Source : Bloomberg

Portfolio exposure by country Portfolio exposure by sector Portfolio exposure by market cap

France 49.5% Services/IT 27.0% Industry 15.9% Germany 21.6% Consumer 12.3% 4% UK 8.1% Building 9.1% 19% Ireland 3.6% Aeronautics/Defence 6.5% Media 5.5% Switzerland 3.5% Automobile 5.0% 1 - 2 bn€ 2.4% Healthcare 4.0% 2 - 10 bn€ 69% > 10 bn€ USA 1.5% Food/Bev/HPC 3.5%

Telecom 2.0% Spain 1.1% Infrastructures 1.1% Denmark 1.0% Food Retail 0.5%

Source: Phileas Asset Management, unless otherwise noted Warning: Past performances are no guarantee of future returns. This document has been published for information purposes only and does not constitute a commercial offer or investment proposal. The reader is invited to consult the full prospectus available on the company website.

PHILEAS ASSET MANAGEMENT SAS - 60, rue de Prony - 75017 - Tel. : +33 (0)1 40 54 47 26 - [email protected] - www.phileas-am.fr