Monthly Newsletter

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Altana Corporate Bond Fund UCITS

Share Class/ Bloomberg ID $ / ALTCBOU ID £ / ALTCBCG ID € / ALTCBAE ID Portfolio Manager & Chief Investment Officer:

Lee Robinson

August 2019 -0.22% -0.34% -0.45%

YTD 5.98% 4.83% 4.03% Joint – Portfolio Manager: Philip Crate

NAV (since inception): $ 103.87 Fund AUM: $ 57,613,644

Key Points

The Altana Corporate Bond Fund (“ACBF”) USD-institutional share class generated a negative total return

(after fees) of -22bps in August. Corresponding return performance for GBP and € share classes -34bps

and -45bps, respectively.

Mixed performance within the portfolio with the major “winners” and “losers” broadly cancelling themselves

out. Exposure to Burford Capital and energy bonds largely contributed to negative overall performance for

August.

However, ACBF’s monthly performance was broadly in-line with the August total return for the HF Credit

Index and with the excess return for the Barclays Global Aggregate Index.

ACBF’s performance YTD remains stellar with the USD share class generating a positive net return of

+5.98% (GBP and €-share class equivalent net return of +4.83% and +4.03%, respectively).

Excellent risk adjusted return performance: Sharpe ratio of 2.75 on a one-year look back basis.

ACBF continues to be managed on a conservative basis: volatility of 1.65% versus 2.17% for the HF Credit

Index and 2.25% for the Barclays Global Aggregate Index.

As of end of

August 2019 Annualised returns Volatility Sharpe Ratio

Sortino

Ratio

ACBF Strategy 1M 3M YTD 1Y ITD* 1Y ITD* 1Y ITD* 1Y

$ class -0.22% 0.04% 5.98% 4.54% 5.02% 1.65% 1.54% 2.75 2.73 4.80

HF Credit Index ($) -0.28% 0.21% 3.09% 0.11% 2.43% 2.17% 2.09% 0.05 1.16 0.07

Barclays Global IG ($) 2.37% 3.29% 11.79% 11.85% 5.81% 2.35% 2.50% 5.03 2.32 10.33 * Inception to date numbers are from January 2016 for comparative purposes.

Altana Corporate Bond Fund (UCITS) Track Record and Statistics (USD data)

Return Since January 2016 20.43%

Average Monthly Return 0.43%

Consecutive Pos./Neg. Months 6

Max. Winning Streak 2.69%

Max. Drawdown -2.40%

Annualised SD * 1.57%

Sharpe Ratio * 2.73

Fund Size $57.61m

Current Weighted Average Yield 6.3%

Main Performance Contributors Top Performers Bps Worst Performers Bps

1 ETOLN 4.625 07/15/26 REGS +11 1 BURLN 6.5 08/19/22 -15

2 RBS 6.425 PERP +10 2 NE 7.75 01/15/24 -11

3 COFP 3.311 01/25/23 EMTN +8 3 RDC 4.875 06/01/22 -11

4 SIGHCO 7.875 05/15/26 144A +7 4 GLBMRN 7 06/01/28 -6

5 COFP 5.976 05/26/21 EMTN +6 5 SHLFDI 8.25 02/15/25 144A -6

0.96

0.99

1.02

1.05

1.08

1.11

1.14

1.17

1.20

1.23

Altana Corporate Bonds Fund UCITS HF Credit Index BARCLAYS Global Investment Grade Index

August 2019

Monthly Newsletter

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Altana Corporate Bond Fund UCITS

Fund Strategy

The objective of the Altana Corporate Bond Fund (ACBF) is to generate a positive return in all market phases by investing in a diversified portfolio of corporate bonds globally. The fund sources attractive bond investment opportunities in all major markets, seeks corporations that have an extremely high degree of repayment as well as strong defendable business models. Risks on macroeconomic, geopolitical, sector and issuer levels are limited by following a structured allocation strategy. ACBF takes global exposure either via cash bond positions or derivatives, depending on relative valuations and market opportunities.

€ / ALTCBAE ID. Monthly performance (%). Net of all legal, admin, trading and management fees.

YEAR Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD ITD

2016 0.06% -0.78% 1.62% 0.25% 0.12% -0.32% 1.39% 0.89% -0.38% 0.80% 0.95% 0.93% 5.65%

11.59% 2017 0.01% 0.44% -0.19% 0.83% 0.88% -0.41% 0.58% 0.19% 0.42% 0.88% -0.45% -0.06% 3.16%

2018 0.30% 0.07% -0.31% 0.06% -0.06% -0.16% 0.65% 0.24% 0.44% -0.51% -1.25% -1.04% -1.58%

2019 1.45% 1.35% 0.71% 1.09% -0.88% 0.68% 0.04% -0.45% 4.03%

£ / ALTCBCG ID. Monthly performance (%). Net of all legal, admin, trading and management fees.

YEAR Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD ITD

2016 0.10% -0.74% 1.73% 0.32% 0.17% -0.27% 1.47% 0.97% -0.34% 0.87% 1.02% 1.01% 6.45%

15.60% 2017 0.11% 0.48% -0.12% 0.88% 1.00% -0.32% 0.68% 0.25% -0.24% 1.51% -0.38% 0.01% 3.91%

2018 0.39% 0.14% -0.21% 0.17% 0.02% -0.08% 0.72% 0.34% 0.72% -0.38% -1.16% -0.97% -0.31%

2019 1.49% 1.41% 0.82% 1.19% -0.75% 0.79% 0.16% -0.34% 4.83%

$ / ALTCBOU ID. Monthly performance (%). Net of all legal, admin, trading and management fees.

YEAR Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD ITD

2016 0.12% -0.71% 1.78% 0.32% 0.19% -0.23% 1.50% 1.00% -0.23% 0.91% 1.14% 1.01% 6.97%

20.43% 2017 0.16% 0.53% -0.06% 0.97% 1.08% -0.22% 0.75% 0.34% 0.63% 1.02% -0.29% 0.06% 5.06%

2018 0.53% 0.21% -0.61% 0.36% 0.16% 0.03% 0.91% 0.47% 0.74% -0.29% -1.02% -0.80% 1.11%

2019 1.68% 1.59% 0.89% 1.35% -0.66% 0.96% 0.26% -0.22% 5.98%

Note: The UCITS fund was launched in May 2014. From January 2016, Lee Robinson and Philip Crate took over the management of the fund. For full historical data prior to this, please contact: investorservices@altanawealth.com.

Monthly Newsletter

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Altana Corporate Bond Fund UCITS

Portfolio Activity & Outlook Performance Review This month’s newsletter has been slightly delayed due to our attendance at a number of credit conferences organised by the likes of Goldman Sachs and JP Morgan in the early part of September. These are useful forums to meet other investors to find out how our performance and investment strategies compare. These events also provide us with the opportunity to meet with the senior management from a number of companies that we invest in; we are pleased to report that these individual company meetings went very well with a number of our bond issuers mentioning that they were looking to refinance their bonds at the earliest opportunity given their strong operating performance. The general mood of investors was cautiously optimistic although there was some uncertainty about the effectiveness of more central bank accommodation: a theme also highlighted by the outgoing ECB President Mario Draghi on 12

th September when he announced a new range of easing measures, including open-ended QE

at €20bn/month. Most investors expect credit spreads to be range bound over the remainder of this year - implying a positive return of 2-3% over the remainder of this year - despite the ongoing uncertainty of the outcome of the US/China trade dispute and the impact this could have on the longevity of the current business cycle. The performance of € credit is expected to remain well underpinned by the resumption of the ECB’s Asset Purchase Programme (we estimate that c.50% of eligible corporate monthly supply next year could be taken down by the ECB via new purchases and reinvestments) and from the fact that European investors need to put their bloated cash balances to work in positive yielding assets. Interestingly, most investors we spoke to thought that Brexit was a sideshow which would have very limited impact on broader credit markets. Now let’s turn to the fund’s performance for August. Notwithstanding the difficult first half of August for assets, we are somewhat disappointed by the outcome for last month with the Altana Corporate Bond Fund USD institutional share class (“ACBF”) generating a negative total return of -22bps (GBP and € share classes down -34bps and -45bps, respectively), although this was broadly in line with the total return performance for the HF Credit Index (-28bps) and with the excess return for the Barclays Global Aggregate Index (excluding the strong contribution from underlying government bonds). The fund’s performance was negatively impacted by an idiosyncratic event (Burford Capital) and by the general weakness of our energy bond holdings (more on this below). More positively, ACBF’s strong YTD performance remains intact: USD institutional share class up +5.98% (GBP and € share classes up + 4.83% and 4.03%, respectively). The risk adjusted return for the fund remains stellar with a Sharpe ratio of 2.75 on a 12 month look back basis. Markets will likely be happy to see the back of August given how unpredictable the month has been on an almost day to day basis. Trade war fatigue was a big factor as investors contended with noise versus signals. However economic data has continued to deteriorate in Germany and China in particular, while the inversion of the 2s10s Treasury curve heightened concerns about recession risk in the US. One constant in August for markets however was the unstoppable rally for government bonds. Indeed this month has seen the amount of negative yielding debt in the world touch a new all-time high above $17tn. The majority of European countries have seen their 10y yields hit new record lows with BTPs even closing below 1.00% for the first time ever. Meanwhile 10y and 30y Treasury yields at one stage passed below 1.50% and 2.00% respectively, the latter for the first time ever. Unsurprisingly, bonds make up the majority of assets which delivered a positive total return in August. Indeed that was the case in local currency terms for Gilts (+3.8%), Treasuries (+3.6%), BTPs (+3.5%), EU Sovereigns (+2.5%), Bunds (+2.3%) and Spanish Bonds (+1.6%). The last time Bunds had a stronger month was June 2016 while for Treasuries you have to go all the way back to November 2008. The big rally in rates also helped investment grade credit to strong total returns last month. Indeed USD IG returned +3.3% while sub and senior financials returned +2.7% and +2.2% respectively. EUR IG on the other hand returned a more modest +0.7%. Wider spreads in HY limited returns with USD and EUR HY returning +0.4% and +0.6% respectively.

Monthly Newsletter

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Altana Corporate Bond Fund UCITS

Figure 1: Total Return Performance of Major Global Financial Assets in August 2019 (in local currency)

Source: Deutsche Bank, Bloomberg Finance LP, Mark-It

Figure 2 below highlights that while total return performance was robust for credit in August excess returns (i.e., the incremental return over benchmark government bonds) were broadly negative reflecting wider risk premiums across most of the credit universe. We believe that the performance of the ACBF should be judged against the latter performance measurement given the fund’s short duration profile. Figure 2: Cross Currency Performance Analysis for Credit – August 2019

Note: Excess returns approximated by subtracting a similar duration government bond index return from the credit index return. Source: Deutsche Bank, Markit Group

Monthly Newsletter

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Altana Corporate Bond Fund UCITS

Performance Contribution August was a tricky month for the portfolio with a high profile negative idiosyncratic event (Burford) as well as the negative consequences of a broad based selloff in energy bonds. We will address the Burford situation in detail below. As far as our energy exposure is concerned, there wasn’t anything company specific to trigger the sell-off – indeed the Shelf Drilling Q2 numbers were a beat - rather it seemed to stem from a reappraisal of the sector’s earnings outlook by sell-side equity analyst. In short the sell side had been overly optimistic in its assumptions about the recovery in future day rates and utilisation levels. These forecasts have been revised and earnings downgrades followed with negative implications for equity and bond prices. From the credit perspective, we remain of the opinion that most companies in the sector have adequate liquidity headroom to see them through to the inflection point of a recovery in day rates. Furthermore, our bonds have excellent asset coverage based on implied debt per rig with rig asset values. Our colleague Steffen Dietel will be shortly providing a further update on his views of opportunities in the sector. ETOLN 4.625% July 2026 (“Entertainment One”) stands atop of the leader board for August with a positive contribution of +11bps. Entertainment One bonds reacted favourably to news that the company had agreed to a £3.3bn takeover by US toymaker Hasbro. This development is credit positive for Entertainment One bonds given Hasbro’s superior credit profile reflected by its higher credit ratings (the latter bonds are rated BBB versus a single-B rating for the former’s bonds). Hasbro has indicated that it will fund this bid with a combination of cash and equity in order to preserve its investment grade ratings and the transaction is expected to close during Q4 of 2019 subject to regulatory approvals, the approval by Entertainment One shareholders and the Ontario Superior Court of Justice and other customary closing conditions. We anticipate that Hasbro will refinance the ETOLN 2026s bonds soon after the deal closes: we estimate that Entertainment One bonds still provide a blended carry of c.8% assuming a mid-December take-out date so we are comfortable retaining our holding – in fact we recently added to our position given the attractive carry profile of the trade - despite the recent bond price appreciation. We are pleased with this outcome having previously identified the possibility of a takeover of the company by a higher rated entity. RBS 6.425% Perps was another notable performer with a positive contribution of +10bps. Bonds reacted favourably to the Q2 numbers despite the bank reporting a profit miss versus expectations. Instead the market focused on the bank’s still solid capital position and the expectation of a future liability management exercise for its legacy bonds, including the possible early call of its RBS 6.425% perpetual notes. We have previously highlighted the possibility that these RBS legacy notes could be redeemed at a significant premium to secondary market levels -we estimate up to c.15 points potential upside using a make whole calculation - given that these notes will not have any regulatory capital credit after 31 December 2021. Management indicated during the recent results conference call that they will continue to monitor their options regarding outstanding legacy securities. It should be noted that some banks like Santander UK have already exercised a regulatory make whole call at a significant premium (+14 points) to the prevailing secondary bond price before the call was announced. COFP 3.311 January 2023 (“Casino”) was another excellent performer with a positive contribution of +8bps. Casino bonds reacted favourably to a company announcement of the next phase of its transformation plan; revealing a new €2bn asset disposal target in France to be completed by Q1 2021, in addition to the €2.5bn target scheduled for completion by Q1 2020. The company also revealed the final details of its simplification of its LatAm operations making its stake in GPA more marketable to potential buyers. The news flow continues to be positive in September with the company announcing that Vesa Equity Investment, owned by Daniel Kretinsky and Patrik Tkac, has acquired a 4.63% ownership stake in the company, with the support of Jean-Charles Naouri. We expect further near term upside for all Casino bonds given the scope for the company to refinance and extend the maturity of its bank facilities, in particular its €1.2bn syndicated credit line maturing in February 2021. We expect a possible announcement of a bank maturity extension in September/October. If our thesis is correct the Casino 2023 bonds could see material upside if the new banking facilities have a maturity date beyond these notes. On the negative side of the ledger the standout issuer is BURLN 6.5% August 2022 (“Burford”) with a negative contribution of -15bps. Burford bonds and equity were negatively impacted by a short sellers report by Muddy Waters (MW) in early August. This report made a number of serious allegations regarding the company’s alleged aggressive accounting policies, as well as highlighting concerns about corporate governance, in particular that close relationship between the company’s CEO and CFO (they are married!). The company immediately issued a rebuttal of these allegations and it also announced a series of measures to mitigate any concerns about corporate governance, including a planned main board stock listing in either the US or UK – the company is currently quoted on the UK’s smaller companies AIM exchange with a market capitalisation of £1.8bn. The company announced the immediate appointment of a new CFO and its intention to commence a search for two new independent directors,

Monthly Newsletter

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Altana Corporate Bond Fund UCITS

and once these are in place, two existing board members will gradually leave the board. Finally, the company also announced that it was considering receiving a credit rating to further increase the company’s transparency. The company’s response seems to have calmed the market somewhat with bonds recovering around 15 points from the lows seen immediately after the report was published. However, Burford bonds are still quoted around 10 points below levels seen before the MW report was released. In a nutshell, we think the allegations are overly dramatic and the financial profile of Burford provides ample cushion for bond investors, even if some of the concerns were to prove (partially) correct, which we think will only be shown through time. For example, we found MW’s assertion that the company was “arguably insolvent” ridiculous given the substantial liquidity the company has on hand and, most importantly, its assumption that all its bond debt becomes payable overnight. Why these bonds would become immediately payable is unclear to us and this isn’t explained in the report. We will continue to monitor closely the Burford credit story with a view to exit the name at the appropriate time. However, in the meantime we are comfortable holding the credit risk for 2022 dated bonds on a yield of c.9%. We thank all of our investors for their continued support and may we wish everyone an enjoyable summer break. Lee Robinson and Philip Crate

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Altana Corporate Bond Fund UCITS

Risk Report* (USD Data)

Gross Summary Statistics

Since management restructuring: Jan 2016

ACBF UCITS

Annualised Volatility

+1.57%

Downside Deviation*

+1.28%

Skewness -0.40

Kurtosis 4.44

Min 1D Return -0.55%

Max 1D Return +0.57%

Max Drawdown -2.40%

Sharpe Ratio 2.73

August 2019

Annualised Volatility

+2.24%

Skewness -0.77

Kurtosis 1.12

Min 1D Return -0.38%

Max 1D Return 0.21%

Max Drawdown -1.04%

Sharpe Ratio ** -0.53

Correlation with S&P 500:

1 Month -0.03

3 Month 0.00

All 0.21

Drawdown

ACBF UCITS Strategy Histogram of Daily Returns

*Using Gross Daily Performance Data **Strategy figure shows the performance of ACBF UCITS (since 05/2014 launch). Please refer to Appendix I – Strategy performance graph and risk report since fund inception

-3.0%

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

Dec/15Mar/16 Jun/16 Sep/16Dec/16Mar/17 Jun/17 Sep/17Dec/17Mar/18 Jun/18 Sep/18Dec/18Mar/19 Jun/19

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

-0.90% -0.75% -0.60% -0.45% -0.30% -0.15% 0.00% 0.15% 0.30% 0.45% 0.60% 0.75% 0.90%

Market Cap (USD mm) / Sector

Sector Avg Market Cap (USD mm) % NAV Basic Materials 6,133 2.2%

Communications 16,915 6.7%

Consumer, Cyclical 19,165 14.1%

Consumer, Non-cyclical 10,629 5.1%

Energy 10,536 10.7%

Financial 7,721 17.5%

Industrial 973 5.1%

Utilities 36,893 0.0%

Total 11,361 61.4%

Monthly Newsletter

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Altana Corporate Bond Fund UCITS

Portfolio Overview

Sector Exposure 1 Financial 28.28% 6 Industrial 5.63%

2 Consumer, Cyclical 20.01% 7 Basic Materials 2.15%

3 Energy 15.42% 8 Utilities 0.00%

4 Communications 12.25%

5 Consumer, Non-cyclical 9.41%

Top Ten Countries Top Issuers 1 United Kingdom 49.36% 1 INMARSAT PLC 3.80%

2 United States 12.16% 2 EI GROUP PLC 3.78%

3 Canada 4.26% 3 ENTERTAINMENT ONE LTD 3.04%

4 Norway 3.60% 4 RBS CAPITAL TRUST II 3.03%

5 Netherlands 3.59% 5 PREMIER FOODS FINANCE 3.01%

6 UAE 2.97% 6 CASINO GUICHARD PERRACHO 2.72%

7 France 2.72% 7 STONEGATE PUB CO FIN PLC 2.28%

8 Jersey 2.01% 8 TESCO PERSONAL FINANCE 2.25%

9 Spain 1.61% 9 TVL FINANCE PLC 2.22%

10 Luxembourg 1.60% 10 TRAVELEX FINANCING PLC 2.20%

Top 10 28.33%

Top 20 47.65%

Top 35 62.28%

Rest 21.83%

Duration Portfolio Duration 0 to 1 30.41% Modified Duration 1.43

1 to 2 12.08% Credit 1.32

2 to 3 23.17% Bonds 2.10

3 to 4 17.92% Sovereign Futures 0.00

4 to 5 -10.16% Corporate Derivatives -0.78

5 to 6 1.12% Interest Rates 0.11

6 to 7 1.82% Bonds 0.11

7 to 8 1.26% Sovereign Futures 0.00

9 to 10 3.03% Corp Derivatives 0.00

Yield Range Table Ratings Yield < 12 months to

maturity 12-24 months to maturity

> 24 months to maturity

0 to 4% 0.17% 0.15% 0.37% BBB+ 0.21% B+ 10.66%

4 to 6% 0.05% 0.30% 0.43% BBB 2.50% B 30.58%

6 to 8% 0.31% 0.00% 1.06% BBB- 13.01% B- 13.85%

8 to 10% 0.10% 0.00% 1.06% BB+ 10.74% AA 0.00%

>10% 1.21% 0.00% 1.39% BB 8.94% NR 9.70%

WAY (Weighted average yield): 6.3% BB- 3.30%

Monthly Newsletter

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Altana Corporate Bond Fund UCITS

Appendix I – Strategy performance graph and risk report since fund inception ACBF (subsequently ACBF UCITS) vs. benchmarks USD

Risk Report* (USD Data)

Gross Summary Statistics Since Inception of the Fund

ACBF UCITS Annualised Volatility 3.81%

Downside Deviation* 2.70%

Skewness -1.36

Kurtosis 13.70

Min 1D Return -2.00%

Max 1D Return 1.69%

Max Drawdown -17.67%

*Using Gross Daily Performance Data

Daily Returns

Drawdown

ACBF UCITS Strategy Histogram of Daily Returns

For any further information, please contact investorservices@altanawealth.com.

0.950.970.991.011.031.051.071.091.111.131.151.171.191.211.231.251.271.291.311.331.35

Altana Corporate Bonds Fund UCITS HF Credit Index Altana Corporate Bonds Fund BARCLAYS Global Investment Grade Index

-0.05%

0.00%

0.05%

0.10%

0.15%

0.20%

01 02 05 06 07 08 09 12 13 14 15 16 19 20 21 22 23 26 27 28

-20.0%

-18.0%

-16.0%

-14.0%

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

0

0.05

0.1

0.15

0.2

0.25

0.3

-0.90% -0.75% -0.60% -0.45% -0.30% -0.15% 0.00% 0.15% 0.30% 0.45% 0.60% 0.75% 0.90%

Monthly Newsletter

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Altana Corporate Bond Fund UCITS

Disclaimer: This report is prepared by Altana Wealth Limited (“Altana”) , which is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom (FRN: 532912). The Altana Corporate Bond Fund (“ACBF”) is managed by Altana Wealth Limited and is a Sub-Fund of Altana UCITS Funds Plc an investment company with variable capital incorporated with limited liability in Ireland with registered number 540012 and established as an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities).collective investment in transferable securities under Directive 2009/62/EC. The Fund is a recognised scheme for the purposes of section 264 the Financial Services and Markets Act 2000 of the United Kingdom. Most of the protections provided by the United Kingdom regulatory system, and compensation under the United Kingdom Financial Services Compensation Scheme, will not be available. The contents of this factsheet are directed only at persons who would be defined as Professional Clients and Eligible Counterparty clients under the rules of the FCA rules. The services provided by Altana are only available to persons classified as Professional Clients and Eligible Counterparties (as defined in the FCA rules). As such, no reliance should be placed on anything contained in this factsheet by persons other than Professional Clients and Eligible Counterparty clients. In particular, persons who are Retail Clients (as defined in the FCA rules), should not act or rely upon the information provided in this factsheet and the services referred to herein will not be available to such persons. They are advised to contact their Financial Adviser. This document is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. It is the responsibility of every person reading this factsheet to satisfy himself as to the full observance of the laws of any relevant country, including obtaining any government or other consent which may be required or observing any other formality which needs to be observed in that country. This document does not constitute an offer to sell, solicit or buy any investment product or service, and is not intended to be a final representation of the terms and conditions of any product or service. The investments mentioned in this document may not be suitable for all recipients and you should seek professional advice if you are in doubt. Clients should obtain legal/taxation advice suitable to their particular circumstances. This document may not be reproduced or disclosed (in whole or in part) to any other person without our prior written permission. Although information in this document has been obtained from sources believed to be reliable, Altana does not represent or warrant its accuracy, and such information may be incomplete or condensed. All estimates and opinions in this document constitute our judgment as of the date of the document and may be subject to change without notice. Altana will not be responsible for the consequences of reliance upon any opinion or statement contained herein, and expressly disclaims any liability, including incidental or consequential damages, arising from any errors or omissions. The value of investments and the income derived from them can fall as well as rise, and you may not get back the amount originally invested. Past performance is no indicator of future performance. Investment products may be subject to investment risks, including but not limited to, currency exchange and market risks, fluctuations in value, liquidity risk and, where applicable, possible loss of principal invested. The information contained in this document is merely a brief summary of key aspects of the Fund. More complete information on the Fund can be found in the prospectus or key investor information document. These documents constitute the sole binding basis for the purchase of Fund units. Issued by Altana Wealth, September 2019.