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Partners Group Global Value Sicav PARTNERS GROUP GLOBAL VALUE SICAV Monthly report as of 31 October 2019 NAV eased by 0.4% in October This Fund might restrict outflows in the future. IMPORTANT INFORMATION: We would like to remind investors that redeeming ● New private equity direct transaction Nestlé Skin Health their holdings in the Fund is subject to restrictions as set out in the Fund's constitu- ent documents. Redemptions are generally subject to a maximum per dealing day ● Private equity direct investment Guardian Childcare & Education closed expressed as a percentage of the net asset value. These percentages may be lowered further (limited to a maximum of 2 consecutive years) if this is deemed an add-on acquisition in the best interest of the Fund. In certain circumstances redemptions may also be suspended. In October, Partners Group Global Value SICAV I EUR recorded, with a NAV development of -0.4%, the first negative month in 2019 and closed at a Key figures share price of EUR 259.40. The lower share price was the result of an unfa- In EUR 30.09.2019 31.10.2019 YTD vorable development of the FX movements that more than offset the slightly positive performance of the portfolio. Notwithstanding this, the Fund con- NAV per share 260.53 259.40 9.7% tinued to build out the underlying portfolio by completing the investment Total fund size (in million) 3'429.09 3'568.06 in Nestlé Skin Health and the funding of an add-on acquisition by Guardian Investment level 96.4% 93.8% Childcare & Education. Performance (since inception) 160.5% 159.4% Monthly volatility (since inception) 4.5% 4.5% The largest transaction of the reporting month was Partners Group's invest- ment in Nestlé Skin Health. A carve out acquisition of food and beverage company Nestlé, that was executed together with a consortium of investors Net performance since inception led by private equity firm EQT Partners. Galderma, rebranded from Nestlé Skin Health, is the world's largest independent global dermatology company 350 50% operating three business divisions: aesthetics, prescription and consumer 300 40% and has approximately 5'000 employees. Partners Group considers Galderma 250 30% as well positioned for long-term growth in the highly attractive dermatology 200 20% sector, which is driven by an aging population and a rising middle class in 150 10% emerging markets. Looking ahead, the company plans to invest in innovation 100 0% and drive commercial excellence to build a leading dermatology platform around its three business divisions. 50 -10% 0 -20% Existing portfolio company Guardian Childcare & Education, Australia's third- 07 08 09 10 11 12 13 14 15 16 17 18 19 largest operator of childcare centers, closed the full takeover of a premium childcare services provider. Based in Victoria, Australia, the acquired company ■ PG GL Value SICAV I EUR ■ MSCI World TR ■ Performance (RHS) operates six day care centers, of which three have been operating for more than two years while the rest were opened in 2018. The company's day care centers fit well with Guardian's existing platform in terms of the location, demographics served, quality of physical facilities and fee structure. At the Largest ten direct investments same time, the company's reputation and target catchment area - the middle- % of NAV high affluence population - also complement and extend Guardian's branding 1. Cerba HealthCare WEU Healthcare 2.8 and service quality. Overall, the premium childcare services provider is an Information 2. GlobalLogic NAM 2.3 attractive investment given its portfolio of high quality child care centers, technology supported by well-designed classrooms, consistent educational offerings, 3. AlliedUniversal 2015 NAM Industrials 2.1 high level of occupancy (average rates for mature centers are among the highest in the industry), fee structure and professional enrolment team. 4. Foncia WEU Financials 2.0 5. United States Infrastructure Corporation NAM Utilities 1.9 Consumer 6. KinderCare Education NAM 1.9 discretionary 7. Aavas Financiers Limited APC Financials 1.8 Information 8. Civica WEU 1.7 technology 9. Acrisure NAM Financials n.a. Information 10. CPA Global WEU 1.6 technology Net performance since inception ITD ITD In % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 cum. ann. PG GL Value SICAV I EUR -4.7 7.6 -7.6 20.5 12.4 6.0 9.1 16.6 11.3 8.4 5.9 7.2 9.7 159.4 7.8 MSCI World TR -1.7 -38.0 26.6 19.8 -2.6 13.7 21.2 19.6 10.3 10.8 7.6 -4.2 23.6 131.1 6.8 Monthly net performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2007 0.8% 1.2% 0.4% -0.9% -2.1% 1.3% -1.3% -0.7% -2.4% -1.2% -4.7% 2008 -1.7% 3.0% -0.2% 1.2% 4.4% 1.9% -0.2% 0.9% -0.1% 1.4% 0.2% -3.4% 7.6% 2009 1.0% -1.0% -5.7% -1.8% -0.9% -0.2% -0.6% -0.3% 2.3% -1.9% 0.0% 1.4% -7.6% 2010 0.7% 0.6% 5.5% 0.9% 3.2% 0.1% 3.7% 1.2% -0.3% -0.3% 2.4% 1.3% 20.5% 2011 0.9% 0.4% -0.5% 2.8% 2.4% 2.0% 0.6% -0.1% 1.4% 0.0% 1.0% 0.9% 12.4% 2012 -0.6% 0.4% 1.0% 2.2% 0.7% 0.1% 0.5% -0.2% 1.3% -0.1% -0.3% 0.9% 6.0% 2013 -0.0% 1.1% 1.3% -0.0% 1.2% 0.4% 0.3% 0.8% 0.6% 0.3% 0.8% 2.0% 9.1% 2014 1.2% 0.3% 1.2% 0.5% 0.9% 2.4% 2.3% 0.3% 2.7% 1.4% 0.7% 1.7% 16.6% 2015 2.2% 1.5% 2.8% -0.5% 1.5% 0.6% 0.8% -0.4% 0.2% 1.7% 1.6% -1.1% 11.3% 2016 0.1% -0.6% 0.1% 1.3% 1.1% 1.0% 0.4% 0.5% 1.0% 1.1% 1.3% 0.9% 8.4% 2017 0.4% 1.3% 0.7% 0.4% -0.4% 0.5% 0.2% -0.2% 1.6% 0.6% -0.5% 1.2% 5.9% 2018 0.0% 0.9% 0.2% 0.9% 0.8% 1.6% 0.6% 0.3% 1.2% 0.1% 0.7% -0.3% 7.2% 2019 0.7% 1.8% 3.0% 0.5% 0.2% 1.7% 0.6% 0.1% 1.0% -0.4% 9.7% PARTNERS GROUP GLOBAL VALUE SICAV Monthly report as of 31 October 2019 Partners Group Global Value SICAV is a Luxembourg-based investment Portfolio composition fund organized as a SICAV Part II with the objective of obtaining attractive returns and achieving capital growth over the medium and long term by in- Investments by regional focus vesting in private equity. It provides investors with a broad diversification A North America 47% across geographies, financing stages and investment types, while using B Europe 38% Partners Group's relative value investment approach to systematically D C C Asia-Pacific 11% overweight those segments and investment types that offer superior value at a given point in time, in order to significantly enhance returns. Its legal D Rest of World 4% structure allows investors to subscribe and redeem shares on a monthly basis, thus avoiding the long lock-up periods common in most private equity A funds. The Fund may hedge certain currency exposures to reduce the risk of foreign-exchange movements. B Information For further information please visit the product's website at: Investments by financing stage www.pg-globalvalue.net A Buyout 71% Investor Relations C B Special situations 25% C Venture capital 4% Tobias Weinert B +41 (0)41 784 67 92 [email protected] Alternative Investment Fund Manager A Partners Group (Luxembourg) S.A. 35D, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Additional AIFMD risk disclosures +352 27 48 28 1 Leverage according to the commitment method 104.0% www.partnersgroup.com Leverage according to the gross method 180.3% Percentage of assets subject to special arrangements 0.0% arising from their illiquid nature Share class information NAV per ITD ITD Share class ISIN Launch date share MTD YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 cum. ann. CHF E (closed) LU1278828519 31.12.2015 133.95 -0.1% 8.3% 5.1% 8.5% 8.5% - - - - - - - 33.9% 7.9% CHF E-N (open) LU1911739610 31.01.2019 107.18 -0.1% 7.2% - - - - - - - - - - 7.2% 9.7% CHF R (closed) LU1135197975 30.11.2014 143.71 -0.1% 7.9% 4.5% 7.9% 6.8% 6.4% 4.0% - - - - - 43.7% 7.6% CHF R-N (open) LU1911739701 28.02.2019 104.81 -0.1% 4.8% - - - - - - - - - - 4.8% 7.2% EUR E (closed) LU1157260305 31.01.2015 255.76 -0.5% 9.4% 6.8% 5.6% 8.0% 8.6% - - - - - - 44.8% 8.1% EUR E-N (open) LU1911739297 31.01.2019 108.60 -0.5% 8.6% - - - - - - - - - - 8.6% 11.7% EUR I (closed) LU0286628747 28.02.2007 259.40 -0.4% 9.7% 7.2% 5.9% 8.4% 11.3% 16.6% 9.1% 6.0% 12.4% 20.5% -7.6% 159.4% 7.8% EUR R (closed) LU0286629125 31.05.2007 235.72 -0.5% 8.9% 6.2% 5.1% 7.5% 10.5% 15.7% 8.3% 5.2% 11.6% 19.9% -8.4% 130.1% 6.9% EUR R-N (open) LU1911739370 31.01.2019 108.14 -0.5% 8.1% - - - - - - - - - - 8.1% 11.0% GBP A (closed) LU0901971779 28.02.2014 252.67 -1.1% 8.8% 8.2% 7.6% 15.4% 9.5% 13.3% - - - - - 81.2% 11.0% GBP A-N (open) LU1911740113 31.03.2019 104.39 -1.2% 4.4% - - - - - - - - - - 4.4% 7.6% GBP D (closed) LU0392037403 31.12.2008 255.48 -1.1% 9.1% 8.6% 7.9% 15.9% 9.8% 14.3% 10.3% 5.4% 11.4% 19.1% -10.8% 155.5% 9.0% GBP E (closed) LU1157261618 31.01.2015 253.34 -1.1% 8.9% 8.2% 7.6% 15.3% 9.1% - - - - - - 59.5% 10.3% GBP E-N (open) LU1911740030 28.02.2019 107.79 -1.1% 7.8% - - - - - - - - - - 7.8% 11.8% JPY E (closed) LU1157261964 30.06.2015 13'236.86 0.3% 7.9% 4.4% 9.1% 6.5% 1.2% - - - - - - 32.4% 6.7% JPY E-N (open) LU1911740204 28.02.2019 20'943.09 0.3% 4.7% - - - - - - - - - - 4.7% 7.1% SEK E (closed) LU1278828436 30.11.2018 1'108.84 -0.4% 11.9% -0.9% - - - - - - - - - 10.9% 11.9% SEK E-N (open) LU1911739883 31.01.2019 1'102.09 -0.3% 10.2% - - - - - - - - - - 10.2% 13.9% SEK R-N (open) LU1911739966 28.02.2019 1'073.11 -0.4% 7.3% - - - - - - - - - - 7.3% 11.1% USD E (closed) LU1157260990 31.01.2015 364.45 0.5% 9.9% 7.2% 11.5% 7.6% 7.7% - - - - - - 52.2% 9.2% USD E-N (open) LU1911739453 31.01.2019 108.88 0.6% 8.9% - - - - - - - - - - 8.9% 12.0% USD I (closed) LU0392036694 30.11.2009 366.75 0.5% 10.2% 7.5% 11.8% 7.8% 7.4% 12.4% 10.7% 6.6% 9.9% 17.2% -0.0% 161.8% 10.2% USD R (closed) LU0392036850 31.05.2009 325.65 0.5% 9.4% 6.5% 10.9% 7.1% 6.7% 11.4% 9.7% 5.7% 10.0% 17.1% -0.4% 144.9% 9.0% USD R-N (open) LU1911739537 31.01.2019 108.26 0.5% 8.3% - - - - - - - - - - 8.3% 11.2% Key figures PG GV SICAV I (EUR): performance figures are net of fees.
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