Pharus Asian Nihes

30/09/2019

Pharus Asian Niches

Portfolio Update - Settembre

Data di lancio: 15.02.2019 Total Net Asset al 30.09.19: 17.074.761,93 Vaulta: EUR

Net Asset Value per share

September Performance: +3,37% 101,00 100,00

99,00 98,00 97,00 96,00 95,00 94,00 93,00

Net Asset Value per share As of 30.09.19:

Classe A ? Isin: LU1867072578 Classe B ? Isin: LU1867072651 Classe Q ? Isin: LU1867072735

98,83 99,43 99,43

Performance since inception: -0,57% 102,00 100,00

98,00 96,00 94,00 92,00 90,00

30-Aug-2019 06-Sep-2019 13-Sep-2019 20-Sep-2019 27-Sep-2019 15-Feb-2019 08-Mar-2019 29-Mar-2019 19-Apr-2019 10-May-2019 31-May-2019 21-Jun-2019

12-Jul-2019 02-Aug-2019 23-Aug-2019 13-Sep-2019

Portfolio breakdown by asset class

Bond Portfolio (Incl. cash) 30%

Cash Management

10%

Equity Invested 60%

Equity Portfolio 70%

Il fondo pu? arrivare ad avere una esposizione azionaria massima del 70% del NAV, che si realizzerebbe nel caso in cui tutte le diverse nicchie che lo compongono fossero pienamente investite. La differenza tra la quota massima del 70% e l'investito reale ? gestita attraverso il Cash Management Portfolio, ovvero una combinazione di cash e di safe bond a breve durata. Il restante 30% del NAV ? rappresentato dal Bond Portfolio che include investimenti obbligazionari e/o cash, con un obiettivo a ritorno assoluto senza vincoli.

Commento mensile

Il fondo ? salito del 3.4% nel mese di settembre, seguendo il rimbalzo dei mercati azionari. Il fondo ha beneficiato della buona performance di azioni cicliche e value su aspettative di un accordo sulla guerra commerciale. Purtroppo, il mercato azionario ha perso parte dei guadagni durante gli ultimi giorni del mese, quando le speranze di una intesa sono venute nuovamente meno. Guardando alle Nicchie, le migliori performances sono state realizzate da "Steel&Plastic Substitution" (+7,41%), seguite da "Internet Victims" (+6,48%) e da "Korea Reunification" (+5,67%). Le peggiori performance hanno riguardato "Small Caps Indonesia" (-1,26%), seguito da "Close the Gap" (+1,65%) e "Neglected Luxury" (+3,49%). Durante il mese si ? preso profitto su alcuni titoli del settore commodities presenti nella nicchia Mobilit? elettrica e si ? utilizzato parte della liquidit? ottenuta per incrementare la nicchia "Small Caps Indonesia", investendo su solide realt? bancarie e societ? di costruzioni che probabilmente beneficeranno dell'enorme piano infrastrutturale gi? avviato e dello spostamento della capitale da Java a Kalimantan.

Niches performance in September

Portfolio breakdown by currency

NICHE Electric Mobility 5G Internet Victims Small Cap Indonesia

SEPTEMBER 5,7% 4,7% 6,5% -1,3%

Indonesian U K Pound

Rupiah

4%

Other 6%

5%

Japanese Yen* 7%

Korea Reunification

5,7%

U S Dollar

Euro

Close the Gap

1,7%

10%

57%

Neglected Luxury Orphan Companies Steel and Plastic Substitution

3,5% 4,7% 7,4%

South Korean Won

12%

* net of JPY hedging

2

Top holdings

ISIN LU1867072222 US48268K1016 XS0519942139 US78440P1084 FR0011615699 XS1619015719 XS0543111768 XS1706202592 XS1109959467 JP3866800000

Security Pharus Sicav - Electric Mobility Niches B Kt Adr Db London Sk Telecom Eramet Sa Unicredit Spa Macquerie Bank Sub Europcar Regs Arcelik Panasonic Corp

%

Portfolio

5.07 Electric Mobility

1.55 Korea Reunification

1.44 Cash Management

1.33 5G

1.26 Bond

1.25 Bond

1.24 Cash Management

1.23 Bond

1.23 Bond

1.22 Electric Mobility

Equity top holdings

ISIN US48268K1016 US78440P1084 JP3866800000 US7475251036 KR7006401004 ID1000108905 KR7003551009 GB0030913577 FI0009000681

Security Kt Adr Sk Telecom Co Ltd - Adr - Rep.1/90 Sh Panasonic Corp Qualcomm Inc Samsung Sd Pfd Non-Votg Lippo Karawaci LG Corp Pfd Non-Voting Bt Group Plc Nokia Oyj

%

Niche

1.55

Korea Re-unification

1.33

5G

1.22

Electric Mobility

0.88

5G

0.78

Close the Gap

0.78

Small Cap Indonesia

0.77

Close the Gap

0.69

5G

0.67

5G

Sub-Niche

Telecom Telecom Services Lithium Cells (LC) Telecom Equipment Preferred Real Estate & Construction Preferred Telecom Services Telecom Equipment

Equity breakdown by geographical exposure

Indonesia 6%

Other 3%

USA 12%

South Korea 22%

Europe 33%

Japan 24%

Source: Niche AM

Equity Portfolio ESG rating

MSCI World

72,73

Pharus Asian Niches

70,99

40

50

60

70

80

Source: Niche AM ? Thomson Reuters

3

Electric Mobility...........................................................................................................................................................................5 5G .................................................................................................................................................................................................7 Internet Victims ...........................................................................................................................................................................9 Small Cap Indonesia ..................................................................................................................................................................11 Korea Reunification ...................................................................................................................................................................13 Close the Gap.............................................................................................................................................................................15 Neglected Luxury .......................................................................................................................................................................17 Orphan Companies ....................................................................................................................................................................19 Steel and Plastic Substitution....................................................................................................................................................21

Bond Portfolio ...........................................................................................................................................................................................23

4

Electric Mobility

Prepararsi ad un cambiamento radicale

# stocks: 31

Average Market Cap (mln $) 6,102

Median Market Cap (mln $): 1,967

Electric Mobility ? segment breakdown

Pharus Electric Mobility Battery makers Lithium Cells Cathode makers Separators makers Electrolytes and Elecfoils Commodities Residual Satellite Areas Electric PT & UC Adas electronics Automakers geared for EM Cash EMN Total

PHSEMN BM LC CM SM EEM C REIF EEBMS AE TAG Cash

Asian Niches Fund 5.1% 0.0% 1.8% 1.6% 1.1% 1.0% 1.5% 0.2% 0.0% 0.6% 0.2% 1.9% 15.0%

EM Niche

33.8% 0.3% 12.2% 10.5% 7.1% 6.8% 9.7% 1.6% 0.0% 4.1% 1.1% 12.8% 100.0%

Cash TAG 13% AE 1% 4% EEBMS 0%

REIF 2%

C 10%

EEM 7%

SM

LC

7% CM 12%

10%

PHSEMN 34%

BM 0%

Source: Niche AM

Valuation Snapshot

-

2,0 4,0

EV/SALES (FWD) 0,6

EV/EBITDA (FWD)

3,3

P/E (FWD) DIVIDEND YIELD % (FWD) NET DEBT TO EBITDA (FWD)

1,4 2,6

Cash Positive

6,0 8,0 10,0 12,0 14,0 16,0

7,8 14,9

Electric Mobility MSCI World

Source: Niche AM, Thomson Reuters

Geographical breakdown Other 5%

Japan 51%

Europe 23%

USA 9% South Korea 12%

ESG rating (Thomson Reuters)

Source: Niche AM, Thomson Reuters

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