Risk profile 1 2 3 4 5 6 7

Morningstar™

AugustinLECOQ

MarceloPRETO

PERFORMANCES AND RISKS

MANDARINE

EUROPE MICROCAP REuropean Microcaps ISIN LU1303940784 MONTHLY REPORT OCTOBER 30, 2020

-2.4%

Performance 1 month

Bench.-2.1%

-2.8%

Performance YTD

Bench.-5.7%

31.4%

Volatility 1 year

Bench.31.6%

Market corrections caused by the acceleration in the pandemic, which has again led different European countries to impose restrictive measures and in certain cases, lockdowns. During the first wave, the lockdown announcements and support from governments and central banks had triggered market rebounds, with the thinking that the same causes produce the same effects and additionally the hope of the quick arrival of a vaccine. In the end, the MSCI Europe fell -5.0%, the MSCI Europe Smallcap -4.4% and the MSCI Europe Microcap -2.1%. With 123 of the 197 portfolio stocks in negative territory, the fund slightly underperformed its benchmark index. We would notably mention Tekmar (-41%), a specialist in offshore wind farm cable protection that is being hit by delays in orders, and LPKF Laser (-28%), which was hit by profit-taking prior to its results, but also Eurobio (+30%) and EKF Diagnostics (+28%), whose results are being very positively affected by the pandemic. Over the period, we notably sold our positions in Epwin, Siauliu Bankas and Medica following erosion in their growth outlooks. We initiated positions in Greenyard, whose results are turning up again, and Eco Animal Health, which signed new partnership agreements for the development of swine vaccines and then announced that current business levels were higher than expected. The fund remains invested in 197 companies with reasonable debt (median debt / equity ratio of 36%), strong GARP (growth at a reasonable price) connotations and an average stock market capitalisation around €360m. With still many potential investment ideas, the fund remains over 95% invested. In extra-financial terms, Recticel’s polyurethane insulation products are ideal responses to the challenges of building energy efficiency renovation encouraged by European governments. As their excellent thermal performance remains constant over their 50-year lifespans, these solutions are both sustainable and affordable

Main transactions over the month

(+) ECO ANIMAL HEALTH (-) EPWIN GROUP PLC

(+) GREENYARD (-) MEDICA GROUP PLC

LIME TECHNOLOGIES (-) SIAULIU BANKAS

(+) New holding (-) Sale

Major contributors/detractors over the month (%)

EUROBIO-SCIENTIFIC +0.2 TEKMAR GROUP PLC -0.2

ADMICOM OYJ +0.2 INNOVATEC SPA -0.2

EKF DIAGNOSTICS +0.2 I-TECH AB -0.1

Mandarine Europe Microcap invests in the smallest European market capitalisations, applying a quantitative screening filter followed by fundamental stock analysis, designed to detect those stocks which offer the most favourable risk/return profile. The fund has been awarded the French SRI label.

The data presented relates to past periods, past performance is not an indicator of future results. Statistical indicators are calculated on a weekly basis.Benchmark: Stoxx Small 200 DR until 31/08/2015, MSCI Europe Microcap NR since 01/09/2015.

Evolution since inceptionFund Bench.

0%

30%

60%

90%

2014 2015 2016 2017 2018 2019 2020

19.33EUR

Net asset value

Annual performancesFund Bench.

50%

25%

0%

-25%

-50%

2015 2016 2017 2018 2019 2020

Rolling / annualized performancesRolling performances Annualized performance

1 month YTD 1 year 3 years 5 years Inception 3 years 5 years Inception

Fund -2.4% -2.8% +9.0% +4.1% +41.5% +93.3% +1.4% +7.2% +10.1%

Bench. -2.1% -5.7% +4.2% -1.0% +26.0% +52.2% -0.4% +4.7% +6.3%

Diff. -0.3% +2.9% +4.8% +5.2% +15.5% +41.1% +1.7% +2.5% +3.8%

Rank* 139/523 173/499 125/491 128/403 63/283 23/230

*Morningstar - Europe Equity Small Cap

Risk indicators

Fund volatility Benchmarkvolatility Tracking error Information ratio Sharpe ratio

1 year 31.4% 31.6% 4.9% 1.0 0.3

3 years 21.5% 20.5% 4.3% 0.4 0.1

+33.8

+17.0

+7.4 +6.5

+20.0+16.4

+31.2

+22.4

-19.0-13.4

-2.8 -5.7

PORTFOLIO STRUCTURE

FUND PROFILE

CHARACTERISTICS

MANDARINE

EUROPE MICROCAP R

Main holdingsWeight ESG-Micro Rating (±2)

EKF DIAGNOSTICS 0.8% - Health Care / Great-BritainCODEMASTERS GROUP 0.8% -1.1 Telecom / Great-BritainABC ARBITRAGE S.A. 0.7% 0.1 Financials / FranceTRANS SIBERIAN GOLD 0.7% -0.6 Materials / Great-BritainMEDCAP AB 0.7% -1.0 Health Care / SwedenTRISTEL PLC 0.7% 0.9 Health Care / Great-BritainSTEICO AG 0.7% -0.6 Industrials / GermanyAVON RUBBER PLC 0.7% 0.9 Industrials / Great-BritainERGOMED PLC 0.7% -0.6 Health Care / Great-BritainPHARMANUTRA SPA 0.7% -0.3 Cons.Staples / Italy

Sector

Industrials 19.9%Technology 18.0%Health Care 13.3%Financials 10.5%Cons.Discretionary 8.2%Materials 6.4%Real Estate 6.0%Telecom 4.9%Cons.Staples 4.1%Energy 2.9%Utilities 1.3%Cash & Others 4.5%

Country

Great-Britain 31.8%Sweden 15.1%France 9.8%Germany 9.3%Norway 6.0%Italy 4.8%Finland 4.8%Denmark 4.4%Switzerland 3.4%Belgium 1.5%Netherlands 1.1%Spain 1.0%Austria 1.0%Other Country 0.8%Cash & Others 4.5%

Key figures at October 30 2020Asset under management 90.4M€

Equity exposure 95.5%

Number of holdings 198

Active share 84.2%

Average capitalisation (Bln €) 0.36

EPS growth (Next 12 M./Last 12 M.) +19.9%

PE (Next 12 Months) 15.5x

ESG profile

0.1Fund ESG rating

(-2/+2)

Bench.-0.1 355

Carbon footprint*Bench.620

*Tonnes of CO2e/M€ invested, Direct (scope 1-2) + First tier indirect

Capitalisation

> 500 mln € 21.4%300-500 mln € 25.0%150-300 mln € 30.6%< 150 mln € 18.5%Cash & Others 4.6%

Currency

EUR 38.0%GBP 32.4%SEK 16.2%NOK 6.1%DKK 3.9%Other Currency 3.5%

ISIN Bloomberg code Création du fonds Shareclass inceptionLU1303940784 MANEMRE LX Equity 31/12/2013 31/12/2013

Legal Status Shareclass currency Investment horizon Management companySicav Lux. EUR 5 years Mandarine Gestion

Depositary Valuation Cut-Off SettlementBNP Securities Services Daily 13H00 D+2

Management Fee Performance Fee Initial charge Redemption Fee2.20% 20% of the outperformance over the

benchmark if perf > 0 2.00% 0%

Mandarine Gestion 40 avenue George V | 75008 Paris

www.mandarine-gestion.com

DISCLAIMERThe purpose of this document is to present, for information purposes only, the characteristics of Mandarine Gestion products. It in no manner constitutes a sale or subscription offer. The indices cited in this document are based on net dividends reinvested (“NR”). The described performances do not take into account fees and costs potentially charged in connection with the subscription or redemption of fund units. This document has been drawn up for information purposes only and does not constitute an offer or personalised recommendation or a solicitation to subscribe to this product. The information, opinions and analyses contained in this document do not have any contractual value. Only the information contained in the KIID and prospectus is legally binding. The prospectus is available on simple demand from Mandarine Gestion and is available on the www.mandarine-gestion.com website. Your money will be principally invested in financial instruments selected by the management company. These instruments will be subject to market fluctuations and uncertainties. Past performances do not guarantee future performances. Performances are notably not constant over time. The performance data mentioned in the document does not take into account fees and charges assessed in connection with the issue and redemption of units or shares and does not include taxes imposed by the country of residence of the client. The UCITS is exclusively destined for sale to residents of those countries in which the UCITS is registered. Sales in jurisdictions other than those countries in which the UCITS is registered are not authorised.RISK PROFILE – RISKS ASSOCIATED WITH THE PRODUCTRisk of capital loss, equity market risk, risk linked to the ownership of small and midcaps, interest rate risk, credit risk and discretionary management risk, and to a lesser extent emerging market risk, counterparty risk and exchange rate risk. The descriptions and details are included in the complete prospectus of the UCITS. Investors are invited to read the prospectus in order to obtain detailed information regarding the risks to which the fund is exposed prior to any investment decision. This product does not offer any guarantee as to returns or the capital invested, which may not be entirely returned.