GREEN EFFECTS FUND Monthly Update MARCH 2016

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Green Eﬀects Fund ETHICAL INVESTING

Monthly Update March 2016

R Cantor Fitzgerald Ireland Ltd (Cantor) is regulated by the Central Bank of Ireland. Cantor Fitzgerald Ireland Ltd is a member ﬁrm of the Irish Stock Exchange and the London Stock Exchange. R GREEN EFFECTS FUND Monthly Update MARCH 2016

Overview

natural Stock Index

In April 1997 the German magazine Nature developed the NAI Index as a measure of stock market performance of selected ethical- ecological and socially sustainable stocks. The NAI Index currently comprises 30 stocks which includes one closed-ended collective investment scheme listed on the Amsterdam Stock Exchange. The stocks of all the issuers constituting the NAI Index are listed on recognised stock exchanges in the E.U., Asia and North America. Companies Involved in the following activities are excluded from the naI Index: • Produce or sell nuclear energy or nuclear technology • Produce or sell arms • Discriminate against social or ethnic minorities • Manufacturing produce through child labour • Production processes damaging to the environment • Release genetically manipulated products

Investment Manager

Cantor Fitzgerald Ireland Ltd is the appointed Investment Manager of the Cantor Green Effects Fund. Cantor is an integrated financial services provider and is a member of both the Dublin and London Stock Exchanges.

annual Returns

2000 2001 2002 2003 2004 2005 2006 2007 2.40% -11.25% -30.00% 9.71% 14.38% 23.95% 22.52% 6.42%

2008 2009 2010 2011 2012 2013 2014 2015- 38.47% 31.28% 13.47% -19.61% 16.02% 19.87% 18.42% 15.72%

CANTOR FITZGERALD IRELAND LTD 2 R GREEN EFFECTS FUND Monthly Update MARCH 2016

Fund Information

Richard Power, Director of Stockbroking

objectives Key Information Morningstar Rating HHHHH The objective of the Fund is to achieve long term capital growth and income. NAV €175.78* The fund will provide investors with a product through which they can invest Minimum Investment €5,000 in companies with a commitment to supporting the environment and Dealing Frequency Weekly socially just production and work methods. For this purpose the fund only invests in stocks which are included in the Natural Stock Index (NAI). Sales Agent Cantor Fitzgerald Ireland Ltd Custodian Northern Trust performance Administrator Northern Trust Feb 2016 ytd 2015 Administration Northern Trust Green Effects 1.6% -3.1% 15.2% Investment Manager Cantor Fitzgerald Ireland Ltd S&P 500 (€) 1.5% -3.2% -0.7% Sales Commission 3% MSCI World (€) 0.6% -5.3% -1.9% Total Expense 1.24% Source: Cantor Fitzgerald Ireland Ltd Research and Bloomberg. Investment Mgt Fee 0.75% Website www.greeneffects.ie Manager Comment *Prices as of 29/02/2016 Source: Bloomberg & Cantor Fitzgerald Ireland Ltd Research The Green Effects Fund NAV ended February at €175.78 which was a return of 1.6% for the month. During the month two new stocks were added to the Top Ten Holdings NAI index namely Tesla Motors and Smith & Nephew. Tesla Motors is an SVENSKA CELLULOSA 8.43% American automotive and energy Storage Company that designs, manufactures, and sells luxury electric cars, electric vehicle powertrain SHIMANO 8.41% components, and battery products. The company was incorporated in 2003 VESTAS 7.59% by Martin Eberhard and Marc Tarpenning, who financed the company until KINGFISHER 7.34% the December 2004 when Elon Musk's involvement began. Musk led the TESLA 5.58% Series A) round of investment in February 2004, joining Tesla's board of MOLINA 4.47% directors as its chairman. Elon Musk is a South African-born Canadian- American business magnate, engineer, inventor and investor. He is the SMITH & NEPHEW 4.46% founder, CEO and CTO of SpaceX, co-founder, CEO and product architect of ACCIONA 4.24% Tesla Motors, chairman of SolarCity and co-founder of PayPal. Tesla has a EAST JAPAN RAILWAY CO. 4.12% market capitalisation of circa $24bn at present and most recently reported TOMRA SYSTEMS 4.02% Q4 2015 revenues of $97m. Smith & Nephew plc is a British-based multinational medical equipment manufacturing company headquartered Source: Cantor Fitzgerald Ireland Ltd Research in London, United Kingdom. It is an international producer of arthroscopy products, advanced wound management products, trauma and clinical Green Effects Fund NAV Since Inception therapy products and orthopedic reconstruction products. Its products are 200.00 sold in over 90 countries. The company is quoted on the London Stock 180.00 160.00

Exchange and has a market capitalisation of £10.621bn. Solarworld and 140.00 Keurig Green Mountain were removed from the NAI Index in February. 120.00 Source: Cantor Fitzgerald Ireland Ltd Research 100.00 80.00

60.00

40.00

20.00

0.00

Source: Cantor Fitzgerald Ireland Ltd Research

CANTOR FITZGERALD IRELAND LTD 3 R GREEN EFFECTS FUND Monthly Update MARCH 2016

Monthly Company Focus

Richard Power, Director of Stockbroking

Tesla Motors was founded in 2003 by a group of engineers in Silicon Valley who wanted to prove that electric cars could be better than gasoline-powered cars. Tesla Motors was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning who financed the company until the Series A round of funding. Both men played active roles in the company’s early development prior to Elon Musk’s involvement. Musk led a Series A round of investment in February 2004, joining Tesla’s board of directors as its Chairman. Elon Musk is the founder, CEO and CTO of SpaceX, co-founder, chairman of SolarCity, co-chairman of OpenAI, co-founder of Zip2, and co-founder of PayPal. Their goal when they created Tesla a decade ago was the same as it is today: to accelerate the advent of sustainable transport by bringing compelling mass market electric cars to market as soon as possible. Ideally they would like to have done that with their first product, but that was simply impossible to achieve for a startup company that had never built a car and that had one technology iteration and no economies of scale. The product was always going to be expensive so they decided to build a sports car, giving it the best chance of being competitive with its gasoline alternatives. Tesla’s products would be cars without compromise. Each new generation would be increasingly affordable, helping the company work towards its mission: to accelerate the world’s transition to sustainable transport. Tesla’s engineers first designed a powertrain for a sports car built around an AC induction motor, patented in 1888 by Nikola Tesla, the inventor who inspired the company’s name. The resulting Tesla Roadster was launched in 2008. Accelerating from 0 to 60 mph in 3.7 seconds and achieving a range of 245 miles per charge of its lithium ion battery, the Roadster set a new standard for electric mobility. Tesla would sell more than 2,400 Roadsters, now on the road in more than 30 countries. In 2012, Tesla launched Model S, the world’s first premium electric sedan. It would be 100% electric, Model S has redefined the very concept of a four-door car. Model S provides the comfort and utility of a family sedan while achieving the acceleration of a sports car: 0 to 60 mph in about five seconds. Model S was named Motor Trend’s 2013 Car of the Year and achieved a 5-star safety rating from the U.S. National Highway Traffic Safety Administration. In late 2014, Tesla CEO Elon Musk unveiled two dual motor all-wheel drive configurations of Model S that further improve the vehicle’s handling and performance. The P85D achieved a 0 to 60 mph time of 3.2 seconds – the fastest four-door production car ever made. Tesla owners enjoy the benefit of charging at home so they never have to visit a gas station or spend a cent on gasoline. For long distance journeys, Tesla’s Supercharger network provides convenient and free access to high speed charging, replenishing half a charge in as little as 20 minutes. Superchargers now connect popular routes in North America, Europe, and Asia Pacific. Tesla’s vehicles are produced at its factory in Fremont, California, previously home to New United Motor Manufacturing Inc., a joint venture between Toyota and General Motors. The Tesla Factory has returned thousands of jobs to the area and is capable of producing 1,000 cars a week. Tesla is not just an automaker, but also a technology and design company with a focus on energy innovation. Tesla is forecast to have $8.6bn revenues in FY16, up from $5.29bn in FY15. This would see it turnaround a $716.6m loss in operating profits to $217.6m profit for FY16. The EPS for FY15 was -$2.30, and is estimated to be $1.18 for FY16. This growth trend is expected to continue further with an average increase on revenue over the next four years to be 39.15%. Telsa’s share price is $201.04, and is down 16.24% on the year due a poor sales update. Top Holders Elon Musk 22.40%, FMR LLC 10.10%, Baillie Gifford and Co 8.11%, T Rowe Price Group 5.97%, Morgan Stanley 3.56%

CANTOR FITZGERALD IRELAND LTD 4 R GREEN EFFECTS FUND Monthly Update MARCH 2016

Company Information

Triodos Groenfond australia Tiodod Groenfonds is the oldest green fund in the Netherlands, which invests in organic agriculture, renewable energy, Sims Metal Management sustainable real estate and nature & environment. 70% of assets Sims Metal Management are global leaders in the secure and under management are approved as ‘green’ by the Dutch sustainable management of resources on behalf of industry, government, with the other 30% either retained as liquid assets, or organisations and the wider community. The company currently invested in sustainable and innovative projects that do not qualify has over 40 trusted and compliant UK metals recycling sites, over under the criteria applied by the Dutch government, but are in 200 sites globally and over 6,700 employees. line with the fund’s objectives. Market Capitalization: €1,338m Market Capitalization: €602m South africa pan-europe Aspen Pharmacare Vestas Aspen Pharmacare is committed to sustaining life and promoting Vestas is the only global energy company dedicated exclusively to healthcare though increasing access to its high quality, effective wind energy, as shown by our superior cost-effective wind and affordable medicines and practices. South African listed technologies, products and services. Vestas started producing Aspen provides products and treatments in more than 150 turbines in 1979 and has since gained a market-leading position countries across the world. with more than 60 GW of installed wind turbines, comprising Market Capitalization: €8,779m close to 19% of total global capacity. Every day, everyone at Vestas works to make Vestas the undisputed global wind leader and the world’s energy mix more sustainable. UK Market Capitalization: €6,242m Smith & Nephew Kingfisher Smith & Nephew supports healthcare professionals in more than 100 countries in their daily efforts to improve the lives of their Kingfisher is Europe's largest home improvement retailer. Our patients. They do this by taking a pioneering approach to the purpose is to make it easier for customers to have better and more design of our advanced medical products and services, by sustainable homes. It has over 1,130 stores in nine countries in securing wider access to our diverse technologies for more Europe and Asia, and it is included in two of the main socially customers globally, and by enabling better outcomes for patients responsible investment indexes. and healthcare systems. The company has leadership positions in Market Capitalization: €12,172m Orthopaedics reconstruction, advanced wound management and sports medicine. The company has a workforce of circa 15,000 and Tomra Systems 2015 sales of more than $4.6 billion. Tomra Systems is a Norweigian multinational corporation which Market cap €10,119m create sensor based solutions used in the advanced automated recycling sorting systems for various waste and metal materials. The company’s products and services fall into two main business areas, Collection Solutions and Sorting Solutions. Market Capitalization: €1,031m

Svenska Cellulosa CA is a leading global hygiene and forest products company. The Group develops and produces sustainable personal care, tissue and forest products. Sales are conducted in about 100 countries under many strong brands. As Europe’s largest private forest owner, SCA places considerable emphasis on sustainable forest management. The Group has about 44,000 employees. Sales in 2013 amounted to SEK 93bn (EUR 10.7bn). Market Capitalization: €14,792m

CANTOR FITZGERALD IRELAND LTD 7 Disclaimer

Cantor Fitzgerald Ireland Ltd, (Cantor), is regulated by the Central Bank of Ireland. Cantor Fitzgerald Ireland Ltd is a member firm of the Irish Stock Exchange and the London Stock Exchange. This report has been prepared by Cantor for information purposes only and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The report is not intended to and does not constitute personal recommendations/investment advice nor does it provide the sole basis for any evaluation of the securities discussed. Specifically, the information contained in this report should not be taken as an offer or solicitation of investment advice, or encourage the purchased or sale of any particular security. Not all recommendations are necessarily suitable for all investors and Cantor recommend that specific advice should always be sought prior to investment, based on the particular circumstances of the investor. Although the information in this report has been obtained from sources, which Cantor believes to be reliable and all reasonable efforts are made to present accurate information Cantor give no warranty or guarantee as to, and do not accept responsibility for, the correctness, completeness, timeliness or accuracy of the information provided or its transmission. Nor shall Cantor, or any of its employees, directors or agents, be liable to for any losses, damages, costs, claims, demands or expenses of any kind whatsoever, whether direct or indirect, suffered or incurred in consequence of any use of, or reliance upon, the information. Any person acting on the information contained in this report does so entirely at his or her own risk. All estimates, views and opinions included in this report constitute Cantor’s judgment as of the date of the report but may be subject to change without notice. Changes to assumptions may have a material impact on any recommendations made herein. Unless specifically indicated to the contrary this report has not been disclosed to the covered issuer(s) in advance of publication. Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. Investments denominated in foreign currencies are subject to fluctuations in exchange rates, which may have an adverse affect on the value of the investments, sale proceeds, and on dividend or interest income. The income you get from your investment may go down as well as up. Figures quoted are estimates only; they are not a reliable guide to the future performance of this investment It is noted that research analysts' compensation is impacted upon by overall firm profitability and accordingly may be affected to some extent by revenues arising other Cantor business units including Fund Management and Stock broking. Revenues in these business units may derive in part from the recommendations or views in this report. Notwithstanding, Cantor is satisfied that the objectivity of views and recommendations contained in this report has not been compromised. Cantor permits staff to own shares and/ or derivative positions in the companies they disseminate or publish research, views and recommendations on. Nonetheless Cantor is satisfied that the impartiality of research, views and recommendations remains assured. This report is only provided in the US to major institutional investors as defined by s.15 a-6 of the Securities Exchange Act, 1934 as amended. A US recipient of this report shall not distribute or provide this report or any part thereof to any other person. non-Reliance and Risk disclosure: This is a Marketing Communication. It is not a research report as defined by MiFID nor is it intended as such. We are not soliciting any action based on this material. It is for the general information of our clients.

Warning: The value of your investment may go down as well as up. Past performance is not a reliable guide to future performance. All prices quoted are for indication purposes only. The Green Effects Fund may be affected by changes in currency exchange rates. The information contained in this document should not be taken as an offer or solicitation of investment.

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Cantor Fitzgerald Ireland Ltd (Cantor) is regulated by the Central Bank of Ireland. Cantor Fitzgerald Ireland Ltd is a member ﬁrm of the Irish Stock Exchange and the London Stock Exchange.