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Bluebox Funds- Bluebox Global Technology Fund BlueBox Funds- BlueBox Global Technology Fund Direct Connection Fund Objective Investment Theme – Direct Connection Portfolio Managers The Fund’s principle objective is to seek The Direct Connection of computers to the real world has enabled the long term capital growth by investing technology revolution of the past 15 years, driving an acceleration in Lead Portfolio Manager mainly in shares of companies having tech adoption simultaneously across all industry verticals. With every William de Gale, FCA, CFA their principle business in the other industry investing its excess returns in technology, we expect the technology sector or profiting from it. IT sector to continue to outperform the broader market as it steals the The fund invests globally and is not growth from the rest of the economy. The Fund focuses on the benchmark constrained. companies enabling Direct Connection, giving it exposure to the most Co-Portfolio Manager exciting developments in the sector without needing to chase over- Rupert de Borchgrave, CFA hyped themes or invest in over-valued stocks. BlueBox Global Technology Fund Performance* 140% 120% 100% 80% 60% 40% 20% 0% -20% -40% Mar 18 Jun 18 Sep 18 Dec 18 Mar 19 Jun 19 Sep 19 Dec 19 Mar 20 Jun 20 Sep 20 Dec 20 % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Since Launch 2021 0.89 3.61 4.53 114.39 2020 1.15 -3.90 -10.06 13.90 8.12 8.95 8.49 5.50 -1.70 0.01 15.12 7.78 63.77 105.10 2019 10.44 5.12 2.95 7.55 -9.42 8.44 1.62 -3.82 2.47 2.29 5.34 4.03 41.74 25.23 2018 -0.10 4.55 -0.89 1.32 2.70 -2.49 -10.90 1.93 -7.36 -11.65 -11.65 * Performance based on Share Class S since launch on 29 March 2018 Top 10 Holdings Top Countries Market Capitalisation Sector Allocation Microsoft 5.9% Mega cap Semiconductors & semi United States 67.4% 19.0% 38.4% (>$300bn) equipment Lam Research 4.4% Netherlands 8.4% Large cap – upper Taiwan Semiconductor 4.3% 20.8% Software & services 33.2% Japan 7.1% ($100bn - $300bn) Adobe 4.3% Taiwan 4.3% Large cap – lower Hardware & components 17.5% Applied Materials 4.1% 57.9% South Korea 3.4% ($10bn - $100bn) Cadence Design 4.1% Communication services 3.3% Argentina 3.3% Mid cap ASML Holding 4.0% 0.0% ($1bn - $10bn) EPAM Systems 4.0% Switzerland 2.0% Consumer discretionary 3.3% Small cap Analog Devices 3.8% Sweden 1.9% 0.0% (<$1bn) Industrials 2.1% Synopsys 3.5% Cash & equivalents 2.3% Cash & equivalents 2.3% Total Portfolio 42.5% Cash 2.3% Top 10 Holdings, Top Countries, Sector Allocation & Market Capitalisation as of 26.02.2021 Bluebox Global Technology Fund February 2021 William de Gale’s Monthly Comment During February companies continued to report their December quarter results, which were generally good, but indicated a broadening shortage of semiconductors. This took the sector to a new high mid-month, but then fears over rising interest rates sent many names back down again. Thanks to our substantial exposure to the semiconductor industry, and especially to semiconductor equipment stocks, BlueBox ended February comfortably ahead, up 3.6% for the month and 4.5% year to date. Not surprisingly, the positive contributors to performance were led by two semiconductor production equipment names, Applied Materials (+22%) and Lam Research (+17%). Other strong performers included NXP Semiconductor (+14%) and Trimble (+12%). In contrast, Qualcomm (-13%), Murata Manufacturing (-11%) and Arista Networks (-9%) were the biggest decliners for the month. We sold the last of our Amazon.com position early in the month. While, it was a clear Covid-19 beneficiary, Amazon is now receiving increasing attention from regulators and tax authorities around the world. By comparison, Microsoft, in our opinion, has for a long time been far better positioned to benefit from enterprises moving their systems to the cloud. All technology ultimately relies on semiconductors, and supply is inelastic: semiconductor fabs are extraordinarily expensive and take years to build. In 2020 the growth trajectory of much of the technology sector was pulled sharply forward by Covid-19, often compressing several years’ expected penetration gains into a matter of months, so it is no great surprise that the semiconductor industry is having difficulty keeping up with demand. This is exacerbated by geopolitical tensions, as the US is leveraging its dominance of semiconductor capital equipment to squeeze Chinese tech companies out of the market and handicap the Chinese military, while encouraging chipmakers to build fabs away from China and preferably in the US. This creates duplication of capacity and increases capex, especially as Chinese chipmakers are presumably buying equipment as fast as they can while it remains available. Semiconductor equipment companies are currently the fulcrum upon which both the commercial and geopolitical worlds are turning, as they hold the key intellectual property for the entire technology industry. They remain a substantial portion of the BlueBox fund. High-profile, low-margin disrupters like Tesla continue to hog the headlines, with exciting stories but valuations that strain belief, and these may be due a reset. However the enablers, the companies that we prefer, seem far less concerning: they are extremely profitable and do not appear obviously overvalued given their robust growth outlook, which has been further accelerated by Covid countermeasures. This continues the pattern of recent years, with outperformance on the back of earnings growth, not valuation. The Direct Connection of computers to the real world is driving continued investment in technology, and the BlueBox Global Technology Fund focuses on businesses with the key intellectual property to enable that Direct Connection, giving our investors full exposure to accelerating technology trends without the absurd valuations and poor business models of many of the high-profile disrupters. Portfolio Construction Key Facts Asset Class: Equity Share Class: S Acc. (USD) A Acc. (USD) I Acc. (USD) C Acc. (USD) ISIN: LU1793347128 LU1793345262 LU1793346666 LU2092176275 Number of Securities: ~30-40 Min. Initial Closed to new Investment: investors $10'000.- $150'000.- $1'000.- Weight: 10% maximum Annual Management 0.0% from 01.12.20 1.5% 1.0% 2.2% Fee: 1.0% previously Turnover: Low Bloomberg Ticker: BLBGTSU LX BLBGTAA LX BLBGTII LX BLBGTCC LX Market cap: Mainly targeting companies between $10bn - $300bn Launch Date: March 29th 2018 Feb 10th 2020 Oct 5th 2020 Nov 27th 2020 Geographic Allocation: Global Fund Base Currency: USD Cash: Minimal cash, generally below 10% Liquidity: Daily Benchmark: Flexible, not benchmark oriented Fund Type: RAIF Legal Status: SICAV AuM: $426 million Domicile: Luxembourg Auditor: PwC Custodian: RBC Important Information This report has been prepared for information only and must not be distributed, published, reproduced or disclosed by recipients to any other person. All information provided here are subject to change without notice. All investors must obtain and carefully read the prospectus which contains additional information needed to evaluate the potential investment and provides important disclosures regarding risks, fees and expenses. Historical performance is not an indication of current or future performance. Performance shown does not take account of any fees and costs charged when subscribing or redeeming shares. Data and graphical information herein are for information only. No separate verification has been made as to the accuracy or completeness of these data which may have been derived from third party sources. As a result, no representation or warranty, express or implied, is or will be made by BLUEBOX FUNDS as regards the information contained herein. Source of data: BlueBox Asset Management SA. In the United Kingdom, this communication is issued by BlueBox Asset Management UK Ltd. and approved by Laven Advisors LLP, which is authorized and regulated by the UK Financial Conduct Authority (“FCA”). BlueBox Asset Management UK Ltd. is an Appointed Representative of Laven Advisors LLP. This material constitutes a financial promotion for the purposes of the Financial Services and Markets Act 2000 (the “Act”) and the handbook of rules and guidance issued from time to time by the FCA (the “FCA Rules”). This material is for information purposes only and does not constitute an offer to subscribe for or purchase any financial instrument. The Firm neither provides investment advice to, nor receives and transmits orders from, persons to whom this material is communicated, nor does it carry on any other activities with or for such persons that constitute “MiFID or equivalent third country business” for the purposes of the FCA Rules. All information provided is not warranted as to completeness or accuracy and is subject to change without notice. This communication and any investment or service to which this material may relate is exclusively intended for persons who are Professional Clients or Eligible Counterparties for the purposes of the FCA Rules or fall into a relevant category under COBS 4.12 in the FCA Rules and other persons should not act or rely on it. This communication is not intended for use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. The prospectus, the by-laws as well as the latest annual and semi-annual reports can be obtained free of charge at the office of Lemanik Asset Management SA106, route d’Arlon L-8210 Mamer Luxembourg and from all distributors. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The information contain in this document is not intended for retail investors.
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