BRADESCO GLOBAL FUNDS Brazilian Equities Mid Small Caps USD I As of 30/09/2020 Fund Description Investment Growth The fund seeks to maximize returns by investing in publicly listed Time Period: 30/08/2011 to 30/09/2020 Mid and Small Cap Brazilian Equities – defined as those excluding the 25 largest constituents of the IBrX (Brazil´s 100 most liquid 140,0 stocks index). 120,0 Fund Facts 100,0 Fund Size $ 51,8 million Inception Date 30/08/2011 80,0 Domicile Luxembourg 60,0 Legal Status SICAV / UCITS Base Currency US Dollar 40,0 2012 2014 2016 2018 2020 Subscription / Redemption Daily Settlement Day 2 Brazilian Equities Mid Small Caps USD I Trailing Net Returns (USD %) Share Class Information Since 1 M 3 M YTD 2019 2018 Inception USD I USD R ISIN LU0670732071 LU0670731933 Brazilian Equities Mid Small Caps USD I -7,6 -1,9 -39,6 36,6 5,3 -19,3 Ticker BBG BREMSIU LX BREMSRU LX Annual Fee (%) 0,80 1,50 Inception Date 30/08/2011 29/11/2011 Minimum Investment 1,000,000 US Dollar 5,000 US Dollar Sector Allocation (%) EUR R GBP R Consumer Cyclical ISIN LU0670732584 LU0860816957 Utilities Ticker BBG BREMSRE LX BREMRAG LX Financial Services Annual Fee (%) 1,50 1,50 Consumer Defensive Inception Date 29/11/2011 28/12/2012 Industrials Minimum Investment 1,000 Euro 1,000 Pound Sterling Healthcare Real Estate Basic Materials Holdings-Based Style Map Technology Communication Services Energy Giant 0,0 5,0 10,0 15,0 20,0 25,0 30,0 Risk Statistics Top 10 Holdings Std Dev 52,50 Sector Fund (%) Alpargatas SA Participating Preferre Consumer Cyclical 6,8 Alpha Natura &Co Holding SA Ordinary Sh Consumer Defensive 5,8 Beta Lojas Americanas SA Consumer Cyclical 4,4 Mid Large R2 Minerva SA Consumer Defensive 4,1 Sharpe Ratio (arith) -0,10 Hapvida Participacoes Investimento Healthcare 3,9 Tracking Error Bradespar SA Participating Preferred Financial Services 3,8 Klabin SA Unit Basic Materials 3,8 Lojas Quero-Quero SA Ordinary Sha Consumer Cyclical 3,4 Centrais Eletricas Brasileiras SA Part Utilities 3,3 Companhia De Saneamento Basico Utilities 3,3 Micro Small Deep-Val Core-Val Core Core-Grth High-Grth Total number of positions 32 BRADESCO GLOBAL FUNDS Brazilian Equities Mid Small Caps USD I Fund Investment Objective About BRAM To obtain a superior return in the medium and long term by investing mainly in Brazilian companies with small and medium market capitalization. BRAM was created in 2001 from the consolidation of Bradesco’s asset The investment management method used is, by using a bottom-up management divisions and Bradesco-owned asset managers, bringing approach (stock picking), to select the eligible companies according to their together over 40 years of expertise in the Latin America market. BRAM has potential growth, their strategy, their macroeconomic environment and the an excess of US$ 100 billion of assets under management from Brazilian, quality of the management of these companies. Asian and American retail, private, corporate and institutional clients. BRAM has strong investment capability in fixed income and equities. BRAM is a wholly owned subsidiary of Banco Bradesco, Brazil’s largest privately- Fund Investment Policy owned bank. Diversified portfolio with minimum of 85% of its net assets in shares and equity-related securities issued by Brazilian companies with small and middle market capitalization values, which are not included among the 25 largest holdings in Brazilian Stock Index – IBrX. At most 15% can be invested in stocks with greater liquidity and market capitalization, provided they are not included among the 10 largest holdings of the IBrX. Portfolio is mainly invested in shares and equity-related securities issued by Brazilian companies listed on the Sao Paulo Stock Exchange, including Brazilian Depository Receipt (BDR), American Depository Receipts (ADR) and International Depository Receipts (IDR). Manager Note for Brazilian Equities Mid Small Caps USD I BRAM - Bradesco Asset Management S.A. DTVM Av. Brigadeiro Faria Lima, 3064, 7th Floor Quarterly Portfolio Manager Comments Jul-Sep2020 Sao Paulo - SP, Brazil Tel. +55 11 3847 9028 [email protected] www.bradescoasset.com Review The fund started positively the quarter, with 13,7% return, but August and September cause harm to the returned, the third quarter ended with 1,9% loss (in US Dollar and nominal terms). July brought wider recovery than expected in Global Distributor the pick of the COVID -19 crises. The emergency aid granted by the federal Banco Bradesco Europa S.A. government to low-income groups was fundamental for this recovery. The 29, Avenue Porte-Neuve highlights were sectors related to consumption, such as retail and consumer L-2227 Luxembourg goods producers. However, in August and much more in September, uncertainty over administrative and tax reforms, together with a deterioration in the fiscal backdrop, pushed the market lower, which brought about the resumption of Transfer Agent, Custodian Bank and Administrator currency devaluation and the rise in long-term interest rates. BNP Paribas Securities Services, Luxembourg Branch 60, Avenue J.F. Kennedy Outlook L-1855 Luxembourg The worsening economic situation seems to have no prospect of reversal in the short term. The end of low-income support and concerns over the government's reform agenda underscores short-term concerns over the resumption of Auditor economic activity. Considering this, the fund will increase its reduction of KPMG domestic cyclicals and should rely heavily on companies with dollar revenues 39, Avenue J.F. Kennedy and allocation to defensive stocks such as utilities. L-1855 Luxembourg Registered Status This fund is currently registered for sale in Luxembourg, Portugal, Spain, Italy, Peru Contacts BRAM - Bradesco Asset Management S.A. DTVM Tel. +55 11 3847 9028 [email protected] Bradesco Global Funds – Brazilian Equities Mid Small Caps is registered in Luxembourg. Investors should be aware that past performance is no guarantee of future performance. Price of units may fall as well as rise and is not guaranteed. Investors may not get back the amount originally invested. Before investing in this product please read carefully the latest prospectus to be aware of the risks. Unless otherwise stated all data on this factsheet is unaudited. Bradesco Global Funds units may be offered, sold or delivered in those countries in which they have received marketing authorization..