PrivilEdge – Moneta Best of (M share class) Newsletter

Active Strategy • Equities August 2021

Performance

31 August 2021 AUM Month- Year- Inception**- 2020 2019 to-date to-date to-date Portfolio EUR 104.40 mn 3.85% 18.08% 36.21% 14.29% 20.81% Benchmark* 1.20% 20.85% 25.73% -5.07% 28.02% Past performance is not a reliable indicator of future performance. * SBF 120 NR Index. ** Portfolio launched 15 June 2018.

In August, the Fund increased by 3.8% versus a 1.2% gain Fiat Chrysler Automobiles (FCA). The portfolio managers for its benchmark, the Société des Bourses Françaises 120 believe the combination is sensible from both a strategic Index (SBF 120 NR Index), an index of the most actively and financial standpoint. Stringent global CO2 regulations traded Paris-listed stocks. will require significant investment going forward. This will be more easily financed with the economies of scale created Over the past month, the largest contributors to investment by a larger production base. results on an absolute basis were media conglomerate Vivendi, holding company Compagnie de l’Odet and Additionally, the significantly high levels of synergies renewable energy company EDPR. The largest detractors between the two complementary original equipment were asset manager DWS Group, vehicle leasing company manufacturers (OEMs) would increase profits by 50% in ALD Automotive and payment systems company Nexi. a span of three years, ceteris paribus. Stellantis is already more profitable than most of its peers, while synergies are As at 31 August, the Fund’s top 10 positions were automaker yet to kick in. The portfolio managers also believe that Stellantis, investment company Peugeot Invest, dredging the management team is one of the best in the industry, company Boskalis, energy and communications firm as highlighted by the CEO’s track record at PSA over Spie, logistics multinational Bolloré, civil engineering the last seven years. Despite this, Stellantis trades at a company Eiffage, Vivendi, banking multinational Société significant discount to its mass-market peers in Europe and Générale, market research company and automotive the US, which the portfolio managers deem unjustified. supplier , which cumulatively accounted for 43.4% The absolute valuation is also extremely low and offers of assets. The top 20 positions accounted for 70.3% of downside protection, in the portfolio managers’ view. assets. The portfolio managers strive to keep the portfolio concentrated on their best convictions while ensuring it The Fund’s top five industry exposures were industrial remains adequately balanced and diversified. goods and services at 20% of assets, construction and materials at 12%, automobiles and parts at 9%, banks at 8% During the past month, the Fund initiated a new position in and media at 8%. multinational luxury goods conglomerate LVMH and sold positions in asset manager and energy company The Fund had 34% of its assets invested in large-cap stocks, Electricité de Strasbourg. with 41% in mid-cap stocks and 15% in small-cap stocks. Cash accounted for 9% of its assets. Stellantis remains a high conviction for the portfolio managers, even after its strong run this year. Stellantis was Source: Moneta Asset Management. created through the merger between Peugeot SA (PSA) and

Important information: Please read important information at the end of this document. Monthly publication of Lombard Odier – Contact: Brian Thomas, [email protected] Newsletter · PrivilEdge – Moneta Best of France (M share class) · Data as at 31 August 2021 Page 1/5 Newsletter

Cumulative performance* 40%

30% Portfolio Benchmark

20%

10%

0%

-10%

-20%

-30% May-18 Oct-18 Mar-19 Aug-19 Jan-20 Jun-20 Nov-20 Apr-21 Aug-21

* Portfolio launched on 15 June 2018.

Monthly returns (in %)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2021 Portfolio -3.89% 5.41% 5.57% 4.65% 1.83% -0.25% 0.01% 3.85% 18.08% Benchmark* -2.27% 5.09% 6.00% 3.36% 3.27% 1.16% 1.59% 1.20% 20.85% 2020 Portfolio 1.05% -3.94% -20.87% 9.97% 6.27% 3.88% -1.29% 3.82% -1.22% -3.29% 20.00% 4.33% 14.29% Benchmark* -2.38% -8.10% -18.14% 4.89% 3.23% 4.92% -2.36% 3.64% -2.58% -4.50% 19.95% 0.74% -5.07% 2019 Portfolio 3.06% 3.62% -0.23% 5.52% -3.33% 3.91% 1.76% -0.83% 1.83% -0.36% 2.03% 2.40% 20.81% Benchmark* 5.61% 4.93% 1.76% 4.94% -5.81% 6.32% 0.01% -0.73% 3.39% 1.02% 2.84% 1.31% 28.02% 2018 Portfolio -2.79% 1.43% -2.19% -0.12% -7.25% -1.28% -5.26% -16.46% Benchmark* -3.13% 3.22% -1.36% 1.26% -7.19% -2.00% -5.75% -14.39% Past performance is not a reliable indicator of future performance. * SBF 120 NR Index. ** Portfolio launched 15 June 2018.

Important information: Please read important information at the end of this document. Page 2/5 Newsletter · PrivilEdge – Moneta Best of France (M share class) · Data as at 31 August 2021 Important information The Sub-Fund referenced in this document is only registered for distribution in the jurisdictions listed below. PrivilEdge (hereinafter the “Fund”) is a Luxembourg investment company with variable capital (SICAV). The Fund is authorised and regulated by the Luxembourg Supervisory Authority of the Financial Sector (CSSF) as a UCITS within the meaning of EU Directive 2009/65/EC, as amended. The management company of the Fund is Lombard Odier Funds (Europe) S.A. (hereinafter the “Management Company”), a Luxembourg based public limited company (SA), having its registered office at 291, route d'Arlon, 1150 Luxembourg, Grand Duchy of Luxembourg, authorised and regulated by the CSSF as a Management Company within the meaning of EU Directive 2009/65/EC, as amended. This document was prepared by Moneta Asset Management, the Investment Manager of the PrivilEdge – Moneta Best of France, and issued by Bank Lombard Odier & Co Ltd or an entity of the Group (hereinafter “Lombard Odier”). This document is provided for information purposes only and it is not a recommendation to subscribe to and does not constitute an offer to sell, a solicitation to, or an offer to buy the Sub-Fund's shares. Neither this document nor any part of it shall form the basis of, or be relied on in connection with, any contract to purchase or subscription for the Sub-Funds’ shares. Any acquisition may only be made on the basis of the official documents of the Sub-Fund each in their final form. The articles of association, the prospectus, the Key Investor Information Document, the subscription form and the most recent annual and semi-annual reports are the only official offering documents of the Sub-Fund's shares (the "Offering Documents"). The Offering Documents are available on www.loim.com and can be requested free of charge at the registered office of the Sub-Fund in Luxembourg: 291, route d'Arlon, 1150 Luxembourg, Grand Duchy of Luxembourg. The information contained in this document does not take into account an individual's specific circumstances, objectives or needs and does not constitute research or that any investment strategy is suitable or appropriate to individual circumstances or that any investment or strategy constitutes personalised investment advice to any investor. This document does not contain personalised recommendations or advice and is not intended to substitute any professional advice on investment in financial products. Before making an investment in the Sub-Fund, an investor should read the entire Offering Documents, and in particular the risk factors pertaining to an investment in the Sub-Fund, but particularly the long term nature of delivering robust returns across the economic cycle and the use of financial derivative instruments as part of the investment strategy may result in a higher level of leverage and increase the overall risk exposure of the Sub-Fund and the volatility of its Net Asset Value. Investors should take care to assess the suitability of such investment to his/her particular risk profile and circumstances and, where necessary, obtain independent professional advice in respect of risks, as well as any legal, regulatory, credit, tax, and accounting consequences. There can be no assurance that the Sub-Fund's investment objective will be achieved or that there will be a return on capital. Past performance is not a reliable indicator of future results. Where the Sub-Fund is denominated in a currency other than an investor's base currency, changes in the rate of exchange may have an adverse effect on price and income. Please take note of the risk factors. Any benchmarks/indices cited herein are provided for information purposes only. No benchmark/index is directly comparable to the investment objectives, strategy or universe of a Sub-Fund. The performance of a benchmark shall not be indicative of past or future performance of any Sub-Fund. It should not be assumed that the relevant Sub-Fund will invest in any specific securities that comprise any index, nor should it be understood to mean that there is a correlation between such Sub-Fund’s returns and any index returns. Target performance/ risk represents a portfolio construction goal. It does not represent past performance/risk and may not be representative of actual future performance/risk. Lombard Odier recognises that conflicts of interest may exist as a consequence of the distribution of financial instruments or products issued and/or managed by entities belonging to the Lombard Odier Group. Lombard Odier has a Conflict of Interests policy to identify and manage such conflicts of interest. The information and analysis contained herein are based on sources considered reliable. Lombard Odier uses its best effort to ensure the timeliness, accuracy, and comprehensiveness of the information contained in this document. Nevertheless, all information and opinions as well as the prices indicated may change without notice. Source of the figures: Unless otherwise stated, figures are prepared by Moneta Asset Management. The tax treatment depends on the individual circumstances of each client and may be subject to change in the future. Lombard Odier does not provide tax advice and it is up to each investor to consult with its own tax advisors. The Sub-Fund is registered for distribution in the following countries with the respective supervisory authority: - registered with the Autorité des services et marchés financiers (FSMA). Representative: CACEIS Belgium S.A.; France - registered with the Autorité des marchés financiers (AMF). Centralising Agent: CACEIS Bank France; - registered with the German Information and Paying Agent: DekaBank Deutsche Girozentrale; - registered with the Paying Agents: Allfunds Bank S.A., Italian Branch and Société Générale Securities Services S.p.A.; Liechtenstein - registered with the Finanzmarktaufsicht Liechtenstein (FMA). Paying Agent: LGT Bank AG; Luxembourg - registered with the Commission de Surveillance du Secteur Financier (CSSF). Depositary, Central Administration Agent and Registrar, Transfer Agent and Paying Agent: CACEIS Bank Luxembourg; - registered with the Autoriteit Financiële Markten (AFM). Representative: Lombard Odier Asset Management (Europe) Ltd · Netherlands Branch; - registered with the Comisión Nacional del Mercado de Valores (CNMV). Representative: Allfunds Bank, S.A.; Switzerland - registered with the Representative: Lombard Odier Asset Management (Switzerland) SA and Paying Agent: Bank Lombard Odier & Co Ltd; UK - registered with the Financial Conduct Authority (FCA). Representative: Lombard Odier Asset Management (Europe) Limited.

Newsletter · PrivilEdge – Moneta Best of France (M share class) · Data as at 31 August 2021 Page 3/5 This document has been approved for use in Belgium: Lombard Odier (Europe) S.A. Luxembourg • Belgium branch; France: Lombard Odier (Europe) S.A. • Succursale en France; Italy: Lombard Odier (Europe) S.A. • Italian Branch; Spain: Lombard Odier (Europe) S.A. • Sucursal en España. Lombard Odier (Europe) S.A. is a credit institution authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. In addition, this document has also been approved for use by the following entity domiciled within the European Union: Spain: Lombard Odier Gestión (España) S.G.I.I.C., S.A.U., an investment management company authorised and regulated by the Comisión Nacional del Mercado de Valores (CNMV), Spain. Switzerland: This document has been approved for use in Switzerland by Bank Lombard Odier & Co Ltd Geneva, a bank and securities firm authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA). United Kingdom: This document has been approved for use in the United Kingdom by Lombard Odier (Europe) S.A. – UK Branch, a bank authorised and regulated by the Commission de Surveillance du Secteur Financier (‘CSSF’) in Luxembourg and deemed authorised in the UK by the Prudential Regulation Authority (‘PRA’). Subject to regulation by the Financial Conduct Authority (‘FCA’) and limited regulation by the Prudential Regulation Authority. Financial Services Firm Reference Number 597896. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority and regulation by the Financial Conduct Authority are available from us on request. United States: Neither this document nor any copy thereof may be sent to, taken into, or distributed in the United States or given to any US person. This document is property of Lombard Odier and is addressed to its recipient exclusively for their personal use. It may not be reproduced (in whole or in part), transmitted, modified, or used for any other purpose without the prior written permission of Lombard Odier. This document is not directed to or intended for distribution to or use by any person or entity in any jurisdiction where such distribution, publication or use would be unlawful. Data protection: You may be receiving this communication because you have provided us with your contact details. If this is the case, note that we may process your personal data for direct marketing purposes. If you wish to object to this processing, please address your objection to the Group’s Data Protection Officer: Bank Lombard Odier & Co Ltd, Group Data Protection Officer, 11, Rue de la Corraterie, 1204 Geneva, Switzerland. E-Mail: [email protected]. For more information on Lombard Odier’s data protection policy, please refer to www.lombardodier.com/privacy-policy. @ 2021 Bank Lombard Odier & Co Ltd – all rights reserved. Ref. LOCH-PRI-en-012021.

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