Albemarle Target Class I March 2019

About Albemarle Asset Management Fund Objective Albemarle Asset Management was founded in London in 2003. The Albemarle Target Italy is a sub-fund of Albemarle Funds Plc company provides both individual and collective management services for an open-ended investment company with variable capital private and institutional investors, financial and capital management incorporated in Ireland. The investment objective of the sub- consultancy, and managed investment solutions. Our services cover global fund is to achieve long term capital appreciation by investing financial markets and our expertise enables us to offer diverse set of in the Italian equity market. investment instruments and strategies.

Performance Fund Information YTD 1M 3YR 5YR Inception Company Albemarle Funds Plc Fund 10.31% -0.69% 27.43% 31.14% 95.45% Investment Manager Albemarle Asset Management Ltd Benchmark 14.33% 2.74% 17.27% 5.92% 10.93% Best Month Worst Month CAGR Volatility Sharpe Ratio Bloomberg ATRGITI ID Fund 14.43% -14.48% 8.37% 15.38% -0.59 ISIN IE00B57Z8L94 Benchmark 12.93% -13.97% 1.38% 14.14% -0.16 Inception 13/01/2011 Chart Performance Currency EUR Fund Manager Albemarle Asset Management Ltd 260 Management Fees 0.90% p.a. 240 Benchmark BCI Comit Globale Index (90%) 220 Performance Fees 25% of the value which exceeds the 200 benchmark return of 90% of Italy 180 Stock Market BCI Comit Globale Index 160 140 NAV Daily 120 Cut-Off T-1 before 1pm Irish Time 100 Settlement date for sub. T+2 Irish Business Days 80 60 Settlement date for red. T+2 Irish Business Days

Domicile Ireland

2011

2017

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2015

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2016 2019 2014 Albemarle Target Italy I Benchmark Auditors Deloitte Depositary Northern Trust Fiduciary Services Returns (Ireland) Ltd

Category UCITS V Albemarle Target Italy I Benchmark AUM (umbrella level) € 44.28 Million 50% 47.1%

40% Ratings and Awards 30% 27.5% 28.6% Premio Alto Rendimento 2015 20% 16.6% 17.4% 15.6% 13.0% 13.9% 14.3% 10.3% Premio Alto Rendimento 2016 10% 7.5% Important Information 0% The information contained within this document is for the -0.3% -4.1% use of Institutional and Professional Investors only -10% -6.9% -18.6% -14.7% -20% * Data source: Bloomberg 2012 2013 2014 2015 2016 2017 2018 YTD

Albemarle Asset Management Limited, 21 Upper Brook Street, London W1K 7PY

Tel: +44(0)2072907730 - www.albemarleasset.com - [email protected] Albemarle Target Italy Class I March 2019

* Please note data is at month-end

Sector Breakdown % * Top Holdings *

Cash 17 Industrials 16 Cementir Holding 9.18% Consumer Discretionary 14 Esprinet 6.54% Materials 13 Fiat Chrysler Automobiles 6.29% Financials 13 Saes Getters 6.01% Information Technology 13 Energy 5 5.29% Consumer Staples 4 Total 33.31% Communication Services 4

Asset Allocation * Investment Policy *

Cash 17% Albemarle Target Italy is a long-only equity fund that invests at least 80% of its assets in equities with particular focus on Italian small-mid caps. The net exposure will be between 80% and 100% of the asset allocation. The fund adopts a bottom-up approach combined with a top-down overlay.

Equity 83%

Equity Cash

Commentary The Fund posted a slightly negative performance in March underperforming the benchmark which showed instead a solid gain, mainly thanks to the positive performances of some interest rate sensitive stocks such as and . The main positive contributors to the performance were , Leonardo, Cementir, and Buzzi Unicem. Autogrill gained as the company release positive FY 2018 results and announced a positive guidance for 2019 ahead of estimates. Leonardo rose strongly on the back of good FY 2018 results and 2019 guidance above estimates, triggering several upgrades. Cementir and Buzzi continued to perform well on the back of the solid results and outlook amid the positive trend for building materials stocks in Europe. The main detractors to the Fund performance during the month were Fila, Esprinet, Mondadori, and CNH Industrial. Fila declined as the company posted uninspiring FY 2018 results despite confirming the 2019 guidance resealed in December, which was anyway behind consensus estimates. Esprinet declined as investors focused on the issues of the business unit and the litigation with the main supplier of that product line. During the month the main trades executed had been the sales of Cementir, Aeffe and Saes Getters, and the purchase of .

Disclaimer This information is being communicated by Albemarle Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority. This material is for information only and does not constitute an offer or recommendation to buy or sell any investment, or subscribe to any investment management or advisory service. It is only directed and may only be distributed to persons who are Professional Clients or Eligible Counterparties and is not, under any circumstances, intended for distribution to the general public. With investment, your capital is at risk and the value of an investment and the income from it can go up as well as down, it may be affected by exchange rate variations and you may not get back the amount invested. Past performance is not necessarily a guide to future performance. We do not represent that this information, including any third party information, is accurate or complete and it should not be relied upon as such. Opinions expressed herein reflect the opinion of Albemarle Asset Management Limited and are subject to change without notice. No part of this document may be reproduced in any manner without the written permission of Albemarle Asset Management Limited, however recipients may pass on this document but only to others falling within this category. This information should be read in conjunction with the relevant fund documentation which may include the prospectus, simplified prospectus or supplement documentation and if you are unsure if any of the products and portfolios featured are the right choice for you, please seek independent financial advice provided by regulated third parties.

Albemarle Asset Management Limited, 21 Upper Brook Street, London W1K 7PY

Tel: +44(0)2072907730 - www.albemarleasset.com - [email protected]