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BRADESCO GLOBAL FUNDS Brazilian Equities USD I BRADESCO GLOBAL FUNDS Brazilian Equities USD I Prior Latin America ex-Brazil Equity - Fund name and investment policy changed on 27 July 2017 As of 31/12/2019 Fund Description Investment Growth The fund seeks to maximize returns by investing in public Time Period: 26/07/2017 to 31/12/2019 listed companies which carry out a preponderant part of their economic activities in Brazil. 175,0 150,0 125,0 Fund Facts 100,0 Fund Size $ 16,7 million 75,0 Inception Date * 30/05/2014 12/2017 06/2018 12/2018 06/2019 12/2019 Domicile Luxembourg Brazilian Equities USD I Legal Status SICAV / UCITS Calendar Year Net Returns (USD %) - until July 26: Latin America ex Brazil USD I Base Currency US Dollar 30,0 20,6 Subscription / Redemption Daily Settlement Day 2 10,0 -2,0 -10,0 -11,9 Share Class Information -16,8 -30,0 Return 2017 (until July 26) 2016 2015 2014 ** USD I ISIN LU1057802578 Latin America ex Brazil USD I Ticker BBG BGLAXBI LX Risk Statistics Sector Allocation (%) Annual Fee (%) 0,80 Std Dev 23,66 34,2 Inception Date 30/05/2014 Financial Services Alpha 11,48 13,4 Minimum Investment 1,000,000 US Dollar Consumer Cyclical Beta 0,74 10,3 Consumer Defensive R2 83,87 7,9 Energy Sharpe Ratio (arith) 1,50 6,9 Utilities Tracking Error 5,53 6,9 Basic Materials 5,1 Real Estate 4,9 Industrials 2,4 Holdings-Based Style Map Technology 2,0 Communication Services 0,4 Healthcare 0,0 10,0 20,0 30,0 40,0 Giant Top 10 Holdings Country Sector Fund (%) Petroleo Brasileiro SA Petrobras Participating Preferred Brazil Energy 6,6 Bank Bradesco SA Participating Preferred Brazil Financial Services 6,2 Magazine Luiza SA Brazil Consumer Cyclical 5,9 Mid Large B2W - Companhia Digital Brazil Consumer Cyclical 4,6 B3 SA - Brasil Bolsa Balcao Brazil Financial Services 3,8 IRB Brasil Resseguros SA Brazil Financial Services 3,7 Itau Unibanco Holding SA Participating Preferred Brazil Financial Services 3,6 Localiza Rent A Car SA Brazil Industrials 3,4 Cia Paranaense De Energia Copel Participating Preferred Brazil Utilities 3,4 Vale SA Brazil Basic Materials 3,3 Micro Small Deep-Val Core-Val Core Core-Grth High-Grth Total number of positions 45 BRADESCO GLOBAL FUNDS Brazilian Equities USD I Fund Investment Objective About BRAM Bradesco Global Funds – Brazilian Equities aims to obtain a superior return in the long term by investing mainly in equity and equity related securities BRAM was created in 2001 from the consolidation of Bradesco’s asset of companies which have their registered office in, and with an official management divisions and Bradesco-owned asset managers, bringing listing on a major stock exchange or other Regulated Market of Brazil, as together over 40 years of expertise in the Latin America market. BRAM has well as in companies which carry out a preponderant part of their economic an excess of US$140 billion of assets under management from Brazilian, activities in Brazil. Asian and American retail, private, corporate and institutional clients. BRAM has strong investment capability in fixed income and equities. BRAM is a wholly owned subsidiary of Banco Bradesco, Brazil’s largest privately- owned bank. Fund Investment Policy Diversified portfolio mainly invested in shares and other equity related securities issued by companies and financial institutions listed on the major stock exchange in Brazil, including American Depository Receipts (ADR) and International Depository Receipts (IDR). Manager Note for Brazilian Equities USD I BRAM - Bradesco Asset Management S.A. DTVM Av. Brigadeiro Faria Lima, 3064, 7th Floor Sao Paulo - SP, Brazil Portfolio Manager Quarterly Commentary Tel. +55 11 3847 9028 [email protected] www.bradescoasset.com Review The fund returned 16,95% during the quarter and 37,52% in 2019 (in nominal terms), compared to 12,31% and 26,78% for the Ibovespa in the same period (nominal terms). Sector-wise, the main contributor to fund’s performance was the heavy overweight in Consumer Discretionary (B2W Digital and Lojas Americanas) Global Distributor and Homebuilders (EzTec and Construtora Tenda). Both sectors have a cyclical Banco Bradesco Europa S.A. exposure to the recovery of the domestic economy as well as benefit from tailwinds 29, Avenue Porte-Neuve of lower interest rates. On the other hand, our structural funding in commodities, L-2227 Luxembourg due to weakness in global activity, did not work as expected and was the main drag to performance, especially the underweight of the mining company Vale. Transfer Agent, Custodian Bank and Administrator Outlook BNP Paribas Securities Services, Luxembourg Branch The Brazilian macro scenario has not changed significantly in the past few months. 60, Avenue J.F.Kennedy Inflation remains benign with current and mid-term forecasts below the Central L-1855 Luxembourg Bank’s target, which should enable rates to remain low during 2020. As we have written in previous reports, Brazil is probably at the early stage of an economic recovery and with all data currently available, GDP is forecast to grow at 2.5% in 2020. This number is skewed to the upside and will be the best print for the Auditor Brazilian economy in the last seven years, also good compared to other LATAM KPMG economies. Regarding developed economies, a slowdown is our base case but 39, Avenue J.F.Kennedy without any major consequences for Brazil. Current valuations are not cheap, but in L-1855 Luxembourg line with the historical average and with likely positive surprises coming from companies as profitability improves. We are seeing good opportunities in domestic sectors such as retail, homebuilders, and utilities. Registered Status This fund is currently registered for sale in Luxembourg Contacts BRAM - Bradesco Asset Management S.A. DTVM Tel. +55 11 3847 9028 [email protected] Bradesco Global Funds – Brazilian Equities is registered in Luxembourg. Investors should be aware that past performance is no guarantee of future performance. Price of units may fall as well as rise and is not guaranteed. Investors may not get back the amount originally invested. Before investing in this product please read carefully the latest prospectus to be aware of the risks. Unless otherwise stated all data on this factsheet is unaudited. Bradesco Global Funds units may be offered, sold or delivered in those countries in which they have received marketing authorization..
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