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Anthilia Silver Monthly Report 31 March 2017 www.anthilia.it

NAV since inception

Anthilia Silver 102

Portfolio Managers Simone Chelini - Pietropaolo Rinaldi AUM (Mln €) 34,99 101 Currency Euro NAV frequency Daily UCITS Type UCITS IV SICAV (harmonized) 100 Domicile Luxembourg Custodian Bank RBC Investor Services Auditor Mazars 99 Management fee (%) B 1,50 Perfomance fee (%) 20 (perpetual high watermark) Minimum investment € 250.000 class B 98

97 Class B (Institutional)

NAV 98,95 96 1 2 3 4 5 6 7 8 9 10 11 12 Launch date 12 April 2016 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 ISIN code LU1377525495 Bloomberg ticker PLSILVB LX

Contacts [email protected] | www.anthilia.it Historical Returns (%) Swiss Representative: ACOLIN Fund Service AG Swiss Paying Agent: PKB Privatbank AG Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year Publications: www.fundinfo.com 2016 - - - +0,38 –0,69 –1,54 +1,09 –0,78 –0,39 +2,03 –2,01 +0,78 –1,19 2017 –0,29 –0,55 +0,99 +0,14 Risk profile

Low risk High Risk 1 2 3 4 5 6 7 Performance analysis

YTD performance +0,14% Annualized volatility 3,78% Medium risk Return since inception –1,05% Monthly VaR 99% 2,47% Investment policy Sharpe Ratio - Maximum drawdown–3,48% Alpha - Time to recovery (months) - The fund aims to achieve absolute performance over the long term Beta - Market correlation - through a strategy primarily based on long and short exposure to European equities. Positions in equity instruments will be made either through the purchase of equity securities or through the use of CFDs Monthly returns - last 12 months (Contracts for Difference) on individual stocks or stock indices (sectoral and / or geographical). The fund may also use - for investment purposes, hedging risks and efficient portfolio management - listed 0 2,03% derivative instruments such as futures and options. 1,09% The objective of the fund is to generate performance not closely 0,78% 0,99% correlated to European equity index. The volatility of the fund is 0,38% expected in the medium term up to 10% on an annual basis.

-0,39% -0,29% -0,69% -0,78% -0,55% -1,54% -2,01%

Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17

Positions Portfolio

Total 71 Total Equity Exposure Long Book Short Book Long Positions 30 Short Positions 41 Long 49,5% Stocks 35,7% Stocks -45,4% Long positions (Top 10) Short -68,4% Derivatives 13,8% Derivatives -23,0% Name Weight (%) Net -18,9% Total 49,5% Total -68,4% CAC40 10EUR FUT APR17 13,8 BUZZI UNICEM SPA-RSP 8,7 SPA 3,1 IREN SPA 2,0 SPA NPV 1,6 CRESCITA SPA 1,4 Breakdown by Country Top 5) Breakdown by Sector TELECOM ITALIA SPA 1,2 ENAV SPA 1,1 COMMERZBANK AG 1,1 Long Short Net Gross Long Short Net Gross UBS GROUP AG-REG 1,1 53,0 5,6 47,4 58,5 Financials 11,2 10,0 1,2 21,1 France 14,3 3,3 11,0 17,5 Consumer Discretionary 4,1 7,6 -3,5 11,6 Britain 1,9 3,7 -1,8 5,5 Materials 8,7 2,1 6,5 10,8 Germany 1,8 3,4 -1,6 5,1 Industrials 1,1 4,9 -3,8 6,0 Switzerland 1,1 3,5 -2,4 4,6 Energy 3,1 0,0 3,1 3,1 Information Technology 0,2 2,2 -2,0 2,4 Utilities 2,3 0,0 2,3 2,3 Health Care 0,0 2,3 -2,3 2,3 Telecommunication Services 1,2 1,1 0,1 2,3 Consumer Staples

WARNING: Past performances are by no means a guarantee of future performance. Performances are gross of tax and net of manangement fees. Any subscription to the Open- ended investment fund can be carried out only on the basis of the full prospectus, available on Anthilia's website.

Anthilia Capital Partners SGR SpA ◊ www.anthilia.it ◊ MILANO - Corso di Porta Romana 68 - Tel: (+39) 02.97386.101 ◊ ROMA – Via Antonio Bertoloni 55 – Tel: (+39) 06.45496.450 ◊ BOLOGNA – Via Guerrazzi 28/3 – Tel: (+39) 051.2960.714