Promotional document | Monthly management report | August 2021 | A Share DNCA INVEST EUROSE F L E X I B L E A S S E T Investment objective Performance (from 31/08/2011 to 31/08/2021) The Sub-Fund seeks to outperform the DNCA INVEST EUROSE (A Share) Cumulative performance Reference Index(1) 80% FTSE MTS Global + 20% EURO 180 STOXX 50 Net Return composite index calculated with dividends reinvested, over +69.71% the recommended investment period (3 years). 160 Financial characteristics +41.96% NAV (€) 163.77 140 Net assets (€M) 2,411 Number of equities holdings 33 Number of issuers 147 120 e Dividend yield 2020 3.59% ND/EBITDA 2020 1.6x Price to Book 2020 1.2x 100 Price Earning Ratio 2021e 11.4x EV/EBITDA 2021e 5.6x Price to Cash-Flow 2021e 5.7x Average modified duration 2.21 80 Aug-11 Aug-13 Aug-15 Aug-17 Aug-19 Aug-21 Average maturity (years) 2.55 Average yield 0.64% (1)80% FTSE MTS Global + 20% EURO STOXX 50 NR. Past performance is not a guarantee of future Average rating BB+ performance. Annualised performances and volatilities (%) Since 1 year 3 years 5 years 10 years inception A Share +11.27 +1.37 +2.04 +3.57 +3.61 Reference Index +6.45 +5.24 +3.37 +5.43 +4.36 A Share - volatility 5.19 7.06 5.92 5.52 4.91 Reference Index - volatility 3.94 5.45 4.86 5.31 5.47 Cumulative performances (%) Since 1 month YTD 1 year 3 years 5 years 10 years inception A Share +1.01 +5.83 +11.27 +4.17 +10.60 +41.96 +63.77 Reference Index +0.06 +2.35 +6.45 +16.56 +18.01 +69.72 +81.24 Calendar year performances (%) 2020 2019 2018 2017 2016 A Share -4.27 +7.85 -6.42 +4.73 +2.48 Reference Index +4.15 +10.77 -1.76 +2.22 +3.64 Risk and reward profile 1 year 3 years 5 years Lower risk Higher risk Sharpe Ratio 2.26 0.26 0.41 Tracking error 4.40% 4.55% 4.07% 1 2 3 4 5 6 7 Correlation coefficient 0.57 0.76 0.73 Lower potential reward Higher potential reward Information Ratio 1.10 -0.85 -0.33 The risk level of this fund is due to exposure to equity and/or fixed income markets Beta 0.75 0.99 0.89 Main risks: Counterparty risk, credit risk, equity risk, eSG risk, interest-rate risk, liquidity risk, risk associated with troubled financial securities, risk of investing in derivative instruments as well as instruments embedding derivatives, specific Risk linked to ABS and MBS Data as of 31 August 2021 1 / 6 DNCA INVEST EUROSE F L E X I B L E A S S E T Asset class breakdown Monthly performance contributions Corporate Bonds 49.4% Corporate Bonds +0.01% Equities 32.6% Equities +1.08% Government Bonds 9.6% Government Bonds +0.05% UCITS 4.4% UCITS +0.04% Cash and equivalents 4.0% Cash and equivalents -0.08% Sector breakdown (ICB) Country breakdown Fund Index Fund Index Banks 15.1% 1.3% France 45.5% 27.0% Govies 9.6% 80.0% Italy 15.5% 19.3% Telecommunications 8.9% 0.4% Netherlands 9.9% 7.1% Industrial Goods and Services 7.7% 3.0% Spain 9.0% 12.7% Technology 7.4% 3.7% Germany 3.1% 19.7% Automobiles and Parts 5.9% 0.8% Luxembourg 1.5% - Construction and Materials 5.4% 0.6% USA 1.5% - Media 4.9% 0.2% Ireland 1.1% 2.1% Health Care 4.7% 1.5% Sweden 1.0% - Energy 4.5% 0.8% Austria 0.8% 3.0% Utilities 4.2% 0.9% United Kingdom 0.8% 0.9% Financial Services 3.5% 0.2% Belgium 0.6% 5.0% Chemicals 1.8% 1.7% Portugal 0.3% 2.0% Consumer Products and Services 1.7% 2.1% Denmark 0.3% - Food, Beverage and Tobacco 1.6% 0.8% Norway 0.3% - Retail 1.4% 0.5% Finland 0.2% 1.4% Real Estate 1.0% 0.2% Australia 0.1% - Personal Care, Drug and Grocery 0.9% 0.2% Poland 0.1% - Stores Travel and Leisure 0.7% 0.2% UCITS 4.4% N/A Basic Resources 0.6% - Cash and equivalents 4.0% N/A Insurance 0.3% 1.1% UCITS 4.4% N/A Cash and equivalents 4.0% N/A Bonds portfolio composition and indicators Number of Weight Maturity (yrs) Modified duration Yield lines Fixed rate bonds 34.56% 2.54 2.25 0.82% 140 Inflation -linked bonds 9.60% 2.76 2.74 -0.43% 5 Floating -rate bonds 8.65% 2.59 1.68 0.64% 41 Participative and perpetual 3.20% 2.40 2.22 1.73% 18 Convertible bonds 2.97% 2.02 1.53 0.82% 8 Total 58.97% 2.55 2.21 0.64% 212 Changes to portfolio holdings✢ In: Castellum AB PERP, eircom Finance DAC 1.75% 2023 (3.5), Gruenenthal GmbH 2026 FRN (4.9) and Jyske Bank AS 2026 FRN Out: Gruenenthal GmbH 4.13% 2026 (4.9), KLOECKNER & CO FINL SERV 2% 09/08/2023 and PRYSMIAN SPA 0% 01/17/2022 (6.2) ✢The figure between brackets represents the issuer's 'responsibility' score. Monthly management report | Data as of 31 August 2021 2 / 6 DNCA INVEST EUROSE F L E X I B L E A S S E T Equity portfolio (32.6%) Bond portfolio (59.0%) Main positions✢ Main positions✢ Weight Weight TOTALENERGIES SE (5.7) 2.88% Spain I/L 2024 3.08% CREDIT AGRICOLE SA (7.0) 2.83% Italy I/L 2024 2.92% COMPAGNIE DE SAINT GOBAIN (6.0) 2.32% Italy I/L 2023 1.92% STMICROELECTRONICS NV (Paris) (5.3) 2.22% Telecom Italia SpAMilano 1.13% 2022 CV (4.1) 1.60% BOUYGUES SA (5.8) 2.17% Spain I/L 2023 1.21% Monthly performance contributions✢ Monthly performance contributions Best Weight Contribution Best Weight Contribution EDF 1.86% +0.20% Italy I/L 2024 2.92% +0.02% STMICROELECTRONICS NV (Paris) 2.22% +0.19% Spain I/L 2024 3.08% +0.02% BOUYGUES SA 2.17% +0.18% Italy I/L 2023 1.92% +0.01% SOCIETE GENERALE SA 1.77% +0.13% Spain I/L 2023 1.21% +0.01% CREDIT AGRICOLE SA 2.83% +0.11% ams AG 6% 2022 0.36% +0.00% Worst Weight Contribution Worst Weight Contribution THALES SA 1.82% -0.05% Iliad SA 1.88% 2028 0.45% -0.01% DASSAULT AVIATION SA 0.91% -0.05% CGG SA 7.75% 2027 0.28% +0.00% TECHNIP ENERGIES NV 0.28% -0.01% Iliad SA 2.38% 2026 0.23% +0.00% COFACE SA 0.34% -0.01% Eiffage SA 1.63% 2026 0.17% +0.00% MICHELIN (CGDE) 1.25% -0.01% BNP Paribas SA 2028 FRN 0.27% +0.00% Sector breakdown (ICB) Rating breakdown Banks 17.3% 37.8% Construction and Materials 14.6% Energy 10.2% 30.9% Media 9.8% Health Care 9.7% Industrial Goods and Services 8.4% Technology 7.3% Telecommunications 6.6% Utilities 5.9% 12.4% 12.7% Automobiles and Parts 4.4% Chemicals 3.5% 5.6% Food, Beverage and Tobacco 1.1% 0.3% Insurance 1.1% Consumer Products and Services 0.3% AAA AA A BBB BB < BB NR Equity portfolio (base 100) Bonds portfolio (base 100) These data are provided for guidance purposes only. The management company does not systematically and automatically use ratings issued by Country breakdown Maturitycredit rating agenciesbreakdown and carry out its own credit analysis. France 86.4% < 1 year 19.5% 1 - 2 years 22.6% Netherlands 10.2% 2 - 3 years 19.1% Germany 2.1% 3 - 4 years 20.5% Belgium 0.8% 4 - 5 years 9.3% Spain 0.5% > 5 years 9.0% Equity portfolio (base 100) Bonds portfolio (base 100) ✢The figure between brackets represents the issuer's 'responsibility' score. Monthly management report | Data as of 31 August 2021 3 / 6 DNCA INVEST EUROSE F L E X I B L E A S S E T Portfolio managers comments The good trend in earnings releases observed in July continued in August, for both listed and unlisted debt-issuing companies. Balance sheets, which were severely affected by the crisis last year, are now in a rapid recovery phase. The vast majority of European and global leaders in the portfolio have consolidated or even strengthened their market shares, thanks to the cost-cutting plans introduced and the use of all available public aid. The maintenance of extremely favourable financing conditions is the key to this resistance. The slight rise in interest rates over the month, entirely linked to the rebound in inflation expectations, pushed down the bond markets, within which high-yield credit saw its spreads compress, and equities fell by nearly 3%. Thanks to its allocation to equities and credit, Invest Eurose continued to rise (1.01% over the month) and posted a year- to-date performance of 5.83%. During the month, the fund increased its exposure to Akka Technologies, BNP Paribas, Stellantis and TotalEnergies. Conversely, it reduced its positions in Bouygues, Orange and Société Générale. The fund also monetised the dividends received in shares of Crédit Agricole and EDF. At the end of August, Invest Eurose was 30.0% invested in equities (net of hedging) with significant exposure to the following sectors: banking, buildings and construction materials, energy, health and media.