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April 2021 Statistics Portfolio Breakdown Portfolio

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April 2021 Statistics Portfolio Breakdown Portfolio Factsheet: April 2021 White Fleet III * - Haitong Flexible Fund Risk Statistics and Performance * UCITS Structure Share Class: C ISIN:LU1679668027 INVESTMENT GOAL INVESTMENT POLICY The aim of Haitong Flexible Fund is to generate profitability and 1. Assessment of the macro-economic outlook bear a substantially lower average risk level than the equity 2. Definition of the appropriate risk level for each context market. It is characterized by being flexible and dynamic, 3. Identification of the vehicles that, overall, provide the focused on assuming risk only by conviction, and its main desired risk level: (i) liquidity; (ii) individual shares (iii) ETFs purpose is to maximize the Sharpe ratio. as they have daily liquidity and availability 4. Continuous review of the assessment made ASSET ALLOCATION Portfolio Breakdown Statistics HAITONG FLEXIBLE FUND (30th April) White Fleet III EQUITY TOTAL 51,7% Statistics Haitong Flexible TRACKERS EUROPE 30,7% XESC GY 10,2% ETF - EuroStoxx 50 - Europe Fund C CEMS GY 4,5% ETF - MSCI Europe Value Return since Inception (28th Jun 2018) 7,45% ESGE FP 4,4% ETF - MSCI ESG Leaders - Europe IUSK GY 3,2% ETF - MSCI - Europe SRI YTD 6,02% DAXEX GY 2,6% ETF - Dax - Europe Last month 0,87% ISFA NA 2,1% ETF - FTSE - United Kingdom Last 12 months 18,83% CAC FP 1,4% ETF - LYXOR CAC 40 - France Annualized Volatility since Inception 11,77% INS FP 1,2% ETF - Stoxx 600 Insurance - Europe TNO FP 1,2% ETF - Stoxx 600 Tecnology - Europe Sharpe Ratio 2021 (Rf = Euribor 12 months) 3,44 STOCK PICKING EUROPE 21,0% % of positive months since Inception 59% EDPR PL 1,5% EDP Renováveis - Portugal UP value 107,45 SAP GY 1,2% SAP -Germany ORA FP 1,2% Orange - France ASML NA 1,1% ASML Holding - Netherlands SAN FP 1,0% Sanofi - France MC FP 1,0% LVMH Moet Henessy Luois Vuitton - France DTE GY 1,0% Deutsche Telekom - Germany Performance NESN SW 1,0% Nestle - Switzerland LIN GY 1,0% LINDE - Germany UCG IM 0,9% Unicredit - Italy Cumulative Return since June 28th 2018 SAN SM 0,8% Santander - Spain BN FP 0,8% Danone - France 10% FP FP 0,7% Total SE - France AI FP 0,7% Air Liquide - France 5% IBE SM 0,7% Iberdrola - Spain NVG PL 0,7% Navigator - Portugal VIV FP 0,6% Vivendi - France 0% BNP FP 0,6% BNP Paribas - France ENEL IM 0,6% ENEL - Italy -5% KER FP 0,6% Kering - France DG FP 0,6% Vinci - France VOW3 GY 0,5% Volkswagen - Germany -10% PHIA NA 0,5% Koninklijke Philips - Netherlands SIE GY 0,5% Siemens - Germany -15% ALV GY 0,5% Allianz - Germany ROG SW 0,5% Roche Holding AG - Switzerland ADS GY 0,5% Adidas - Germany -20% OTHERS 21,7% MI10 FP 4,5% ETF - Government Bonds - Italy -25% PTOTVIOE0006 4,4% Government Bonds - Portugal OM3F GY 3,9% ETF - Euro Corp Bonds ESG Oct-19 Oct-18 Oct-20 Apr-21 Apr-19 Apr-20 Jun-18 Jun-19 Jun-20 Feb-20 Feb-19 Feb-21 Dec-18 Dec-19 Dec-20 Aug-19 Aug-20 DSB FP 3,1% ETF - Short Bund - Germany Aug-18 3,0% IBB1 GY ETF - Bonds 7-10 Years - EUA White Fleet III - Haitong Flexible Fund C IRCP NA 2,9% ETF - Euro Corp Bonds CASH & CASH EQUIVALENTS 26,6% CASH 9,6% Cash Note: The Fund replicates a strategy managed by Haitong Bank through individual mandates, since May 2002, with an ERNE NA 9,5% ETF - IV Ultrashort Bond EUR XEON GY 4,6% Db x-trackers EONIA ETF annualized return since inception of 4.7% with and standard deviation of 9.9% in the same period. PTPBTEGE0045 2,9% Treasury Bills - Portugal TOTAL 100,0% Portfolio Breakdown Regional Allocation - Equity Sectorial Allocation - Equity Total Allocation Others Real Estate Energy Sweden 21% Communication Services Portugal 28% Utilities Italy Consumer Staples Switzerland Health Care Spain 2% Industrials 27% Netherlands Materials United Kingdom 22% Information Technology Germany Consumer Discretionary France Financials 0 10 20 0 5 10 % of Portfolio % of Portfolio Stock Picking Cash & Equiv. Others Sectorial ETF Regional ETF Contacts: Fernando Castro Solla [email protected] Gonçalo Mendes de Almeida [email protected] E-Mail [email protected] Tel +351 21 319 97 81 Fax +351 21 330 92 70 Factsheet: April 2021 White Fleet III * - Haitong Flexible Fund Risk Statistics and Performance * UCITS Structure Share Class: C ISIN:LU1679668027 OVERVIEW April was a very positive month for most global indexes, which were propelled by the advances made in the fight against the COVID-19 pandemic in particular through vaccination campaigns all over the world. A vast majority of the first quarter results disclosed throughout April surpassed analysts’ estimates. This was also the month where the Stoxx 600, the index that gathers the 600 largest European companies, established a new all-time high with a 1.81% increase by month’s end. The main highlight of the month was the consolidation of long-term US yields. The Federal Reserve (Fed) Chairman Jerome Powell was able, for now, to keep under control the beliefs that inflation is an imminent risk and that the increase in reference interest rates and reversion of the ultra-expansionist policy is inevitable. Are the signs such as an increase in commodities prices temporary, as stated by the FED, or is it structural and long-lasting? The next chapters of this inflation dilemma will mark the behaviour of the financial markets until the end of this year. With this topic in mind, our strategy has been more cautious. We sought to identify which sectors and companies are more exposed to a possible change in the “rules” of the monetary policy “game”. In addition to the gradual increase in the portfolio’s liquidity, we aimed to avoid, and even sell, positions that were more vulnerable to a rise in interest rates from our viewpoint. Conversely, we aimed to maintain or acquire other positions that could benefit from this scenario from our perspective. We maintained, nonetheless, some equilibrium, as none of the scenarios is completely clear. During the month, we closed our positions in Alstom and Endesa. In the first one, we chose to generate a capital gain in a company that we quite like because the recent returns led us to believe that the potential for increases was more limited for now. In the latter, we aimed to reduce the weight of the electric sector, a more sensitive segment to a rise in interest rates. We also took the opportunity to reduce our positions in Linde, Kering, and Sanofi. From the purchase side, we decided to increase our exposure to the Italian bank Unicredito and acquired a position in Philips. We decided to increase the liquidity levels in the portfolio slightly and have an exposure to stocks of around 51.7%. The Haitong Flexible Fund ends the month of April with a 0.87% return and a 6.02% performance year-to-date. This means that we continue to register a historical maximum, which we are naturally very pleased with. COMMERCIAL CONDITIONS th Management Company Inception Date 28 June 2018 Subscription Fee not aplicable MultiConcept Fund Management AuM (EUR M) 11,35 Redemption Fee not aplicable S.A., Luxembourg ISIN LU1679668027 Performance Fee 10% of the excess return above EURIBOR 12m Management Company Contacts: Bloomberg Ticker WHFHFLC LX 5, rue Jean Monnet, L-2180 Luxembourg www.credit-suisse.com/ Management Fee 0,85% Multiconcept Fund Currency EUR Subscription Settlement D + 3 Investment Period Long term recommended Redemption Settlement D + 3 Depositary Bank Credit Suisse (Luxembourg) Initial Subscription Min. 100,000 € *TER (Total Expense Ratio) not aplicable S.A., Luxembourg Following subscriptions No minimum *PTR (Portfolio Turnover Rate) not aplicable NAV Daily * Only disclosed as of the 1st annual report Investment Manager Domicile Luxembourg Haitong Bank, S.A. D is the day in which the order is placed (cut-off time – 12h) Disclaimer: The asset management and/or portfolio management activities of Haitong Bank, S.A. (“Bank”) are subject to the supervision of the Portuguese Securities Market Commission (CMVM). The Bank complies with national and European legislation, according to the requirements of “MIFID II” (including Directive no. 2014/65/EU of May 15 and the EU Regulation no. 600/2014 of May 15 – “MiFIR”). The funds/portfolios under management can include the underwriting and/or acquisition of financial instruments that are sold/distributed/issued by the Bank and/or by the entities of the Haitong’s Bank Group. The negotiation of assets for the funds/portfolios can be carried out by financial intermediation services of the Bank and/or of other third-party entities. All information included in this document has been compiled by the Bank under the principle of good faith, using public information sources considered to be reliable, although its accuracy cannot be guaranteed. Opinions expressed in this document reflect the Bank’s viewpoint on the date of publication and can be subject to corrections without previous notice. The Bank does not guarantee that this document will be updated. This document is not an investment recommendation and it does not constitute any type of advice or any purchase or sale offer, nor is its purpose to request an offer for the purchase or sale of financial products. The historic profitability data presented is not, nor can it ever be considered as, any guarantee of future profitability. Resorting to this type of investment information does not include the provision of any guarantees of profitability or capital, and there is the risk of capital loss.
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