All capitalizations Europe ANTHRACITE NAV : EUR 119.18 Share A March 31, 2021 Founded on April 18, 2006, Anthracite is an open-end fund registered in France specialized in European companies of small and medium size. The fund seeks companies with a significant medium-term appreciation potential and satisfying attractive valuation criteria. Anthracite can be integrated into diversified portfolios, bringing a diversification of investments already made with the shares of large companies. Anthracite aims to achieve, over a 5-year horizon, a performance superior to that of its benchmark, STOXX Europe 600 Net Return. CHARACTERISTICS COMMENTS In March, European equity indices continued to grow, driven by the progress of vaccination campaigns around the Key figures world which are accelerating, particularly in the United States where more than 150m doses of vaccines have already Net asset value : € 119.18 been administered. The market is also benefiting from the confirmation of the various stimulus plans announced in the Fund total assets : € 4,035,890 US (consumption + infrastructure), or those proposed in Europe, an area in which collective immunity is now estimated Share total assets : € 130,000 in mid-July. On the economic front, growth forecasts continue to be revised upwards: The OECD forecasts a rebound of the world economy of 5.6% in 2021 and of 4% in 2022. The composite PMI index of Eurozone reached 52.5, outperforming its February level at 48.8. The services PMI breaks consensus expectations at 46.0 and stands at 48.8 and Risk profile (SRRI) the Manufacturing PMI also breaks the consensus of 57.7 and hits 62.4 in March. These good indicators favored cyclical stocks and, more generally, so-called “Value” stocks; a movement initiated last November. 1 2 3 4 5 6 7 Among the contributors to the fund's monthly performance, we find the AUTO sector driven by announcements from Codes the main manufacturers on the dynamism of sales in H1 and upcoming developments in electric vehicles. Volkswagen held its investor day dedicated to electricity in the middle of the month, indicating its desire to considerably increase ISIN : FR0012881738 production in order to dominate the market by 2025. VW's holding company, Porsche (+ 36.2%), is progressing in the Bloomberg : VEANTHA:FP wake of these announcements. Also note the strong contributions from the furniture companies Maisons du Monde (+ 26%) and Westwing (+ 23.5%), which continue to benefit from containment measures and therefore Home-office. Characteriscs Incepon date : 05/08/2015 Among the detractors, some profit-taking on technological stocks like S&T, Gerreisheimer or Consumer Staples like Legal form : FCP (Mutual fund) Laurent Perrier. In addition, we analyze a lot the valuations of our cyclical stocks which have risen sharply and tend to Classificaon : Equity fund of the take part of our profits. European Community countries Investment horizon : Over 5 years Reference currency : Euro Management company : Monceau AM Fund managers : Claudio Arenas- PERFORMANCES – Net in € Sanguineti, Florent Druel Custodian : BNP Paribas Securities Services Incepon Cumulated YTD 1 month 3 months 1 year 3 years 5 years Accountant : BNP Paribas Securities 05/08/15 Services Anthracite 11.29% 5.99% 11.29% 76.54% -1.94% 29.64% 19.18% Benchmark : STOXX Europe 600 Net Return (EUR) Benchmark 8.20% 6.42% 8.20% 36.95% 25.21% 45.40% 23.08% French PEA Eligible : Yes Subscripon/redempon NAV : Unknown Incepon Cut-off : 11.00 am Annualized 1 year 3 years 5 years 8 years 10 years 05/08/15 Accounng frequency : Daily Selement : D+3 Anthracite 76.54% -0.65% 5.33% - - 3.15% Management fees : 2.00% Benchmark 36.95% 7.78% 7.77% - - 3.74% Performance fees : 20% of the outperformance relative to benchmark Redempon fees : None Annual 2016 2017 2018 2019 2020 Subscripon fees : 4% TTC maximum Anthracite 12.84% 22.95% -32.61% 15.38% 6.87% Sources : Monceau AM, BPSS, Bloomberg Benchmark 1.73% 10.58% -10.77% 26.82% -1.99% Evoluon of performance since incepon Anthracite - Share A STOXX Europe 600 Net Return (Euros) 40% 30% 20% 10% 0% -10% -20% -30% -40% 12/15 06/16 12/16 06/17 12/17 06/18 12/18 06/19 12/19 06/20 12/20 06/21 Past performance is not a reliable indicator of future performance. Monceau Asset Management – AMF approval number GP14000019 RCS Paris 802 985 960 – Capital : 500 000 € 65, rue de Monceau – 75008 Paris - FRANCE All capitalizations Europe ANTHRACITE NAV : EUR 119.18 Share A March 31, 2021 RISKS INDICATORS 1 year 3 years 5 years Incepon* 1 year 3 years 5 years Incepon* Fund volatility 22.65% 24.57% 20.59% 20.60% Alpha 25.80% -7.71% -1.99% -0.19% Benchmark volatility 19.65% 19.88% 17.18% 17.70% Beta 1.06 1.10 1.05 1.03 Tracking error 8.83% 11.41% 9.83% 9.53% R2 0.85 0.79 0.77 0.79 Information ratio 4.48 -0.74 -0.25 -0.07 Fund max. drawdown -8.60 -51.94 -56.05 -56.05 Sharpe ratio 3.40 -0.01 0.28 0.17 Benchmark max. drawdown -8.94 -35.36 -35.36 -35.36 Calculated on a 52-week basis * Since its inception, on 05/08/2015 PORTFOLIO COMPOSITION Structure Country breakdown Equity exposure 99.02% Germany 66.65% Cash & cash equivalents 0.98% Number of holdings 31 France 25.10% Turnover rate 14.6% Austria 3.02% Average market capitalization (€ Bn) 4.2 Spain 2.73% With derivatives products – with cash – with mutual funds The presented exposure to equities and assimilated does not take into account equity exposure across futures United Kingdom 1.76% Top holdings (% of net assets) Belgium 0.74% AKWEL France 8.05% Greece 0.00% PORSCHE AUTOMOBIL HLDG-PRF Germany 6.36% Without derivative products – without cash – without mutual funds NEXANS France 5.79% Sector breakdown VILLEROY & BOCH Germany 5.41% COVESTRO AG Germany 4.87% Industrials 39.51% Without derivative products – without cash – without mutual funds Consumer Discretionary 35.74% Contribuon to performance (over 1 year) Materials 16.19% AKWEL +9.74% -0.91% ONTEX GROUP NV WESTWING GROUP AG +8.99% 0.00% FF GROUP Information Technology 3.02% NEXANS +7.56% 0.29% LAURENT-PERRIER Health Care 3.02% ASTON MARTIN LAGONDA MBB SE +6.34% 0.59% GLOBAL PORSCHE AUTOMOBIL HLDG- Consumer Staples 2.53% +5.19% 0.81% MAISONS DU MONDE PRF Without derivative products – without cash – without mutual funds Without derivative products – without cash – without mutual funds Market capitalizaon breakdown Main operaons (over 1 month) 56.11% Small Cap (< EUR 2 Bn) New/Strengthened Closed/Reduced Mid Cap (EUR 2 to 10 Bn) AKWEL Large Cap (> EUR 10 Bn) 13.95% 29.94% Without derivative products – without cash – without mutual funds Generated by https://fundkis.com This document is for informational purpose only and should not be considered as a selling or subscription offer. It does not constitute the basis of any contract or commitment of any kind what so ever. Before subscribing to this product, you must obtain and carefully read the information document, approved by the AMF, from the management company and from the entities that market the funds. The management company and its subsidiaries assume no responsibility for any direct or indirect losses caused by the use of the information provided in this document. Given the economic and stock market risks, there can be no assurance that this product will achieve its objective. The value of the shares/unites of mutual fund may decrease as well as increase. The figures quoted relate to past years and past performance is not a reliable indicator of future performance..