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DavyBalanced

Growth Fund

Q4 2020 update

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Quarterly fund commentaryThe fourth quarter of 2020 rounded off what has been a turbulent year for financial markets and like the rest of this year it was dominated by several different themes. Markets were initially spooked at the beginning of the quarter by a global resurgence in Covid -19 cases but positive news on the vaccine front from Oxford /AstraZeneca, Moderna and Pfizer-BioNTech helped mitigate these fears. We were made wait right until the 11th hour for a Brexit deal to finally get over the line and the UK will now embark on its life outside the EU single market from 1st January 2021. News of the deal was well received by both UK equities and Sterling. The US presidential election also provided a market friendly outcome with Joe Biden, who many perceive to be a more accommodative president than his predecessor, securing the Whitehouse and the Democrats initially failing to secure the blue wave that would allow them to implement higher taxes and increase regulation. Global equities (MSCI ACWI EUR) finished the year up 6.7% which is surprising given that we were hit by a global pandemic and suffered the sharpest bear market of all time. Emerging market equities performed strongly throughout 2020 with the asset class benefiting from a weakening USD and China’s remarkable recovery from Covid-19. Fixed Income markets performed strongly throughout the year with Bluebay Corporate Bond up 5.3% and the Vanguard Euro Government Bond fund up 4.7%. Much of this performance can be attributed to the large stimulus measures that drove down interest rates.

The Balanced Growth fund was up 5.7% in the fourth quarter as a result of these market moves and finished the year 2.1% ahead of the ARC Balanced Index (+5.4% vs 3.3%). These returns were largely driven by several of our active managers who performed very strongly throughout the year. Baillie Gifford, a growth orientated manager focused on European equities, benefited when secular growth names accelerated earlier this year due to the impact of the coronavirus. This allowed the fund to outperform its benchmark, the Eurostoxx by a staggering 37.2% in GBP terms (43.2% vs 6.0%).. Harding Loevner outperformed MSCI ACWI by 12.4% (19.1% vs 6.7%) as it benefited from excellent stock selection and an increase in cyclical exposure during Q3. Within alternatives JP Morgan (+12.4%) and Ruffer (+12.5%) were notable contributors to performance with both funds finishing the year well into positive territory. On the negative side, 2020 proved to be a difficult environment for systematic, trend following strategies resulting in AQR (-17.6%) and Putnam (-8.7%) largely detracting from performance.

There was several changes made to portfolios throughout the final quarter of this year. Over time many of the arguments for maintaining a domestic equity bias such as currency risk or liability hedging have weakened and as a result, we decided to further reduce our home bias in portfolios in favour of global equities. Our allocation to global equities was also increased during the second phase of our Strategic Asset Allocation (SAA) changes. This adjustment, which was funded from fixed income, is required if investors are to achieve their desired level of returns due to the forward-looking outlook for assets indicating lower returns than historically achieved.

The economic backdrop firmed throughout Q4 despite the growing number of Covid-19 cases globally. GDP and economic forecasts were revised upwards and major progress was made in the development of a vaccine. The extraordinary fiscal measures employed have proven to be effective and with Central Banks set to remain very accommodative over the coming years we believe those sectors that are particularly sensitive to economic reflation offer good return potential. We therefore decided to further increase our pro-cyclical tilts by adding U.S. Small Caps and Global Materials to portfolios.

Q4 2020 Update

Davy Balanced Growth Fund

Summary of objective The investment objective of the Davy Balanced Growth Fund is to seek total returns for investors, with a balance between capital growth and income generation with lower volatility than a typical long-term growth strategy. There is no guarantee the fund will meet its objective.

Share Class: B Accumulating

ISIN: IE00BRJL4444

SEDOL: BRJL444

1 month: 30/11/2020 - 31/12/2020

Q4 2020: 30/09/2020 - 31/12/2020

YTD (Year to date): 31/12/2019 - 31/12/2020

Since launch: 23/04/2013 - 31/12/2020

ISIN: International Securities Identification Number

SEDOL: Stock Exchange Daily Official List

The Davy Balanced Growth Fund was launched on 23rd April 2013. Investors should note that as the Davy Balanced Growth Fund is newly established, the past performance reflects past performance data relating to the Davy Balanced Growth Fund (non UCITS) which merged with the Davy Balanced Growth Fund (UCITS)(the “Merger”). Prior to the Merger the investment policy, strategy and portfolio composition were largely the same. In the circumstances, the past performance data included in this document is believed to be an appropriate reference for investors.Davy Funds plc is an open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability under the Companies Act 2014, authorised by the Central Bank of Ireland as a UCITS (Undertakings for Collective Investment in Transferable Securities) pursuant to the UCITS Regulations. Davy Funds plc is authorised by the Central Bank of Ireland as a UCITS.

Figure 1: Performance of Davy Balanced Growth Fund at 31st December 2020

Performance1 month

(%)Q4 2020

(%)2020(%)

Since launch (%)

Davy Balanced Growth Fund (Net of Fees) 0.98% 5.70% 5.41% 48.09%

Source: Davy and Bloomberg as at 31st December 2020.Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. This product may be affected by changes in currency exchange rates.

Warning: Forecasts are not a reliable guide to future performance.

95

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Current asset allocation and investment committee commentary

Equities A market friendly outcome in the US presidential election along with a series of Covid-19 vaccine breakthroughs allowed global equities (MSCI ACWI EUR) to finish the quarter up 9.9%. Value stocks have lagged Growth stocks for quite some time, but we witnessed a slight rotation towards Value in the final quarter of this year allowing it to make up some much needed ground. European equities reacted positively to the news of a €1.8 Trillion budget package that was passed in December which included the European Union’s long-term budget along with a €750 Billion Covid-19 recovery fund. An improvement in global trade and a declining dollar benefited Emerging market equities which performed very strongly throughout Q4. Those segments of the market that are particularly sensitive to the economic cycle suffered during the early stages of this year but we’ve seen a reversal of this trend in Q4 with many advancing from their extremely low levels. We feel that this trend looks set to continue into 2021 due to further fiscal stimulus, a recovery in earnings and accommodative Central Bank policies.

Fixed Income Fixed income returns were very strong in Q4 largely due to the tightening of credit spreads. Bluebay, one of our global investment grade managers, took advantages of these moves finishing the quarter up 3.9%. Sovereign bond markets performed strongly throughout the year with returns largely being driven by huge stimulus measures that helped compress interest rates. Global bonds (SSGA Global Government Bond Fund) finished the year up 3.4% with European Government bonds (Vanguard European Bond Fund) up 4.7%. Bond yields look set to increase next year as global economies recover from the damaging effects of Covid-19, these moves however may be muted with Central Banks set to continue their asset purchasing programmes.

Alternatives It was a strong finish to the year for the absolute return strategies within our portfolios. Ruffer (+2.2%), AQR (+1.9%), Putnam (+1.5%) and JPM Global Macro (+2.0%) all finished December in positive territory. Overall, this year our alternatives portfolio was aided by the strong returns of our discretionary multi-asset strategies with Ruffer and JP Morgan Global Macro both outperforming Hedge Fund Research HFRX Abs Ret Index (HFRI) by 18.1% and 18%, respectively. On the negative side, 2020 proved to be a difficult environment for systematic manager in general who struggled for performance throughout the year.

Cash With the potential returns from cash being negligible over the coming years we have decided to maintain our minimal cash position in portfolios.

Warning: If you invest in this product you may lose some or all of the money you invest. The value of your investment may go down as well as up. This product may be affected by changes in currency exchange rates. Past performance is not a reliable guide to future performance.

Warning: Forecasts are not a reliable guide to future performance.

European Equity Funds7.2%

Emerging Markets Equity Funds5.0%

Deposits 1.1%

GlobalGovernmentBonds13.0%

Commodity Funds 1.0%

Absolute Return Funds

10.8%

OtherAlternatives

2.5%

Investment Grade Corporate Bond Funds 15.7%

InternationalEquity Funds43.7%

Equity Funds 55.9%

Bond Funds 28.7%

Alternatives Funds 14.3%

Cash 1.1%

Figure 2: Asset Allocation at 31st December 2020

The holdings of the fund and their weightings are indicative in nature and have been provided for illustrative purposes only. Please note the Fund Manager has full discretion to change these holdings and weightings at any point in time, as outlined in the fund documentation. The managers of the Underlying Funds have similar discretion. Indicative information should not be relied on by potential investors to make investment decisions. Currency denominations of underlying funds may vary.

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Underlying fund commentary

SGA Global Equity Growth +18.1% (EUR)

The SGA Global Growth outperformed by 11.4% in 2020 (+18.1% vs. +6.7% for the MSCI ACWI). SGA more than compensated for the negative relative effect of not holding Apple which as the largest benchmark constituent rose by over 80% in 2020. The fund benefited from its growth bias and excellent stock selection across sectors.

Harding Loevner Global Equity +19.1% (EUR)

The Harding Loevner Global Equity fund has outperformed by 12.4% in the year to date (+19.1% vs. +6.7% for the MSCI ACWI). Harding Loevner’s outperformance was due to excellent stock selection across a range of sectors which is much more robust and predictive of future outperformance. The fund benefited from good stock selection in the Industrials, IT and Financials sectors with names such as manufacturer of Covid sanitizer Lonza Group, (+62%) notably contributing to performance. Harding Loevner also took the decision to add more cyclical exposure to the portfolio towards the end of Q3 2020 and for the first time in 20 years took an overweight position in Financials. This increased cyclical exposure provided an tailwind to performance during the fourth quarter of 2020.

Baillie Gifford European Equities Ex UK +43.2% (GBP)

The Baillie Gifford European fund outperformed its EURO STOXX by 37.2% in GBP terms in 2020 (43.2% vs 6.0%). The management team’s focus on investing on a 5 to 10 year investment time horizon benefited performance by providing exposure to secular growth names where the growth tailwinds accelerated this year due to the impact of the coronavirus.

Wellington Emerging Markets +16.8% and (USD)

The increased breadth within Emerging Markets in terms of stock contributors benefited Wellington in the final quarter of 2020. Over the full year the Wellington EMRE fund lagged the MSCI Emerging Market by 1.7% (+16.8% vs 18.5%). The Wellington fund is managed by sector specialists with each managing a sleeve of the portfolio in line with that sector’s weight in the MSCI EM index. The fund benefited from good stock selection in the Health Care, IT and Industrials sectors while stock selection detracted in Consumer Staples and Energy.

Vanguard (Primecap) US Opportunities fund +22.5% (USD)

The Vanguard (Primecap) US Opportunities fund performed strongly towards the end of the year helped by its cyclical exposures through its US Airlines holdings and also its holding in Tesla which rallied following the announcement it was to be added to the S&P 500 index bringing its full year return to over 700%. Over the full year the fund outperformed the outperformed the Russell 3000 index by 1.6% (22.5% vs 20.9%).

Warning: If you invest in this product you may lose some or all of the money you invest. The value of your investment may go down as well as up. This product may be affected by changes in currency exchange rates. Past performance is not a reliable guide to future performance.

Warning: Forecasts are not a reliable guide to future performance.

Changes to the fundThere was several changes made to portfolios throughout the final quarter of this year. Over time many of the arguments for maintaining a domestic equity bias such as currency risk or liability hedging have weakened and as a result, we decided to further reduce our home bias in portfolios in favour of global equities. Our allocation to global equities was also increased during the second phase of our Strategic Asset Allocation (SAA) changes. This adjustment, which was funded from fixed income, is required if investors are to achieve their desired level of returns due to the forward-looking outlook for assets indicating lower returns than historically achieved.

Calendar year performance 2020 (%) 2019 (%) 2018 (%) 2017 (%) 2016 (%)

Davy Balanced Growth Fund (Net of fees) 5.41 13.80 -6.58 4.23 2.36

Source: Davy, Bloomberg and Northern Trust

Performance displays net total returns in Euro Terms

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Underlying fund allocations and performance*

Average weighting for quarter

Quarterlyperformance

2020 performance

Equities 54.7%European Equities 11.2%iShares Euro STOXX ETF 5.1% 13.3% 0.5%Baillie Gifford European Equities 3.0% 9.9% 43.2%Acadian European Equities 3.0% 8.0% -5.1%International Equities 38.5%iShares Core MSCI World ETF 11.4% 8.4% 6.2%UBS MSCI World ETF 0.7% 13.9% 15.2%Vanguard US Opportunities Fund (EUR terms) 1.0% 17.7% 12.5%Amundi MSCI World 13.9% 9.2% 6.3%Harding Loevner Global Equity 3.0% 9.1% 19.1%

Xtrackers MSCI World Industrials ETF 1.0% 15.3% 11.5%

iShares S&P Small Cap 600 UCITS ETF 0.8% 29.5% 10.6%Xtrackers MSCI World Materials UCITS ETF 1C 0.8% 15.3% 20.6%SPDR Select Sector Financials ETF 1.0% 21.7% -3.3%SGA Global Equity Growth 3.0% 6.3% 18.1%Blackrock Global Equity Income Fund 1.0% 10.9% 6.5%Acadian Managed Volatility Fund 1.0% 1.7% -10.0%Emerging Market Equities 5.0%iShares Core MSCI Emerging Markets ETF 0.5% 15.0% 9.1%Amundi MSCI Emerging Markets 1.5% 15.0% 9.1%Wellington Emerging Markets 1.5% 22.2% 16.8%Vanguard Emerging Markets Stock Index Fund 0.2% 14.5% 8.3%Lazard Emerging Markets Fund 1.5% 20.1% 12.6%Fixed Income 30.0%Government Bonds 14.3%Vanguard European Bond Fund 0.5% 1.1% 4.7%SSgA Global Government Bond Fund 4.0% 0.0% 3.4%SSgA Global Government Bond Fund 9.8% -0.2% 4.7%PIMCO Global Low Duration Real Return Fund 0.0% 1.5% 3.5%Corporate Bonds 15.7%iShares Core Euro Corporate Bond ETF 2.1% 2.0% 2.6%iShares Global Corporate Bond ETF 0.7% 0.0% 0.0%Nordea Euro Covered Bond Fund 2.5% 0.3% 1.6%Vanguard Short Duration IG Bonds 5.0% 0.8% 2.8%Muzinich Enhanced Short Term Yield Fund 3.0% 2.6% 2.0%Bluebay Investment Grade Corporate Bond Fund 2.5% 3.9% 5.3%Alternatives 12.2%Commodities 1.0%

iShares Physical Gold ETC 1.0% -0.4% 24.2%

Absolute Return 11.2%JP Morgan Global Macro Opportunities Fund 3.4% 6.0% 12.4%Putnam Multi Asset Absolute Return 1.7% -1.3% -8.7%Ruffer Total Return Fund 3.4% 5.6% 12.5%AQR Systematic Total Return 2.7% -2.0% -17.6%

Other Alternatives ARB Warrant 1.7%Cash 1.0%Cash 1.0%AIB DEPOSIT 0.0%BOI FIXED TERM EUR 1.1%

* Performance figures are shown in Euro terms and are on a total return basis net of fees.

Warning: Performance and attribution calculations are estimates only as they are not time weighted and are based on weekly performance data.

Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. This product may be affected by changes in currency exchange rates.

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Underlying funds performance

Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. These products may be affected by changes in currency exchange rates.

ISIN Currency Fund name 2015 2016 2017 2018 2019 2020 Q4 2020DE000A0D8Q07 EUR iShares Euro STOXX ETF 11.7% 4.0% 13.6% -13.0% 28.0% 0.5% 13.3%

EUR EURO STOXX Net Return 10.3% 4.1% 12.6% -12.7% 26.1% 0.2% 12.6%

IE00B4L5Y983 EUR iShares Core MSCI World ETF 10.3% 10.9% 7.5% -4.2% 29.6% 6.2% 8.4%

EUR MSCI Daily TR Net World USD 10.4% 10.8% 7.4% -4.2% 30.2% 6.5% 9.3%

IE00B03HCY54 USD Vanguard US Opportunities Fund 18.2% 16.1% 15.3% -0.5% 24.7% 22.5% 22.8%

USD RUSSELL 3000 INDEX 11.9% 16.1% 6.3% -0.5% 33.6% 20.9% 14.7%

LU0545040395 USD Blackrock Global Equity Income 13.1% 8.4% 5.0% -6.8% 24.7% 6.5% 10.9%

USD MSCI ACWI Index USD 8.7% 11.1% 8.8% -4.9% 29.1% 16.3% 14.7%

LU0280841296 EUR Goldman Sachs Global Core Equity 16.1% 11.8% 10.5% -6.3% 24.8% 4.7% 6.0%

EUR MSCI ACWI Index EUR 8.8% 11.1% 8.9% -4.8% 28.9% 6.7% 9.9%

IE0033758917 EUR Muzinich Enhanced Yield 0.3% 4.0% 2.4% -1.9% 4.5% 2.0% 2.6%

EUR Bloomberg Barclays Global Treasury Total Return Index -3.3% 1.7% 7.3% -0.4% 5.6% 9.5% 3.2%

IE00B3F81R35 EUR iShares Barclays Euro Corporate Bond ETF -0.7% 4.6% 2.2% -1.5% 6.2% 2.6% 2.0%

EUR Bloomberg Barclays Euro Aggregate Corporate Total Return Index -0.6% 4.7% 2.4% -1.3% 6.2% 2.8% 2.0%

LU0225310266 EUR Bluebay Corporate Bond Fund -1.6% 3.3% 4.3% -1.9% 7.8% 5.3% 3.9%

EUR IBOXX Euro Corporates Overall Total Return Index -0.7% 4.7% 2.4% -1.3% 6.3% 2.7% 2.0%

LU0638558394 EUR Ruffer Total Return 0.1% 13.2% 0.2% -7.4% 6.8% 12.5% 5.6%

EUR Hedge Fund Research HFRX Abs Ret Index 14.5% 3.3% -9.3% 4.5% 6.4% -5.6% -2.0%

IE00BVDPPC56 EUR Lazard Emerging Markets N/A 6.8% 22.9% -14.1% 24.9% 12.6% 20.1%

EUR MSCI EM USD -5.0% 15.0% 20.8% -10.1% 21.1% 18.5% 19.6%

IE00BKM4GZ66 EUR iShares Core MSCI Emerging Markets ETF -5.2% 13.5% 20.1% -9.9% 18.7% 18.8% 19.9%

EUR MSCI EM IMI USD -4.1% 13.2% 20.0% -10.8% 20.0% 18.4% 19.9%

LU0095623541 EUR JP Morgan Global Macro Opportunities 10.4% -4.8% 15.2% -2.6% 0.4% 12.4% 6.0%

EUR Hedge Fund Research HFRX Abs Ret Index 14.5% 3.3% -9.3% 4.5% 6.4% -5.6% -2.0%

IE00B4T3NP37 EUR Acadian Manged Volatility 18.6% 9.7% 4.7% -3.7% 22.0% -9.7% 1.8%

EUR Hedge Fund Research HFRX Abs Ret Index 14.5% 3.3% -9.3% 4.5% 6.4% -5.6% -2.0%

LU1532680458 EUR AQR Systematic Total Return N/A N/A N/A -19.0% -3.6% -17.6% -2.0%

EUR Hedge Fund Research HFRX Abs Ret Index 14.5% 3.3% -9.3% 4.5% 6.4% -5.6% -2.0%

IE00BW9HGN00 EUR Putnam Multi Asset Absolute Return N/A 2.1% 7.3% -10.4% 1.7% -8.7% -1.3%

EUR Hedge Fund Research HFRX Abs Ret Index 14.5% 3.3% -9.3% 4.5% 6.4% -5.6% -2.0%

LU0340285161 USD UBS MSCI World 10.5% 10.1% 7.8% -5.5% 31.3% 15.2% 13.9%

USD MSCI World Net Total Return Index 10.4% 10.8% 7.4% -4.2% 30.2% 15.9% 14.0%

LU0956451438 EUR State Street Global Advisors Government Bond(SSGA) 0.9% 2.1% -0.2% -0.2% 3.9% 3.4% 0.0%

EUR Bloomberg Barclays Global Treasury Total Return Index -3.3% 1.7% 7.3% -0.4% 5.6% 9.5% 3.2%

IE0007472990 EUR Vanguard Euro Bond Fund 1.3% 3.0% -0.1% 0.8% 6.2% 4.7% 1.1%

EUR Bloomberg Barclays GA EUR Govt Flaot Index 1.5% 3.1% 0.2% 0.9% 6.3% 4.7% 1.2%

IE00B4ND3602 USD iShares Physical Gold ETC -1.7% 12.3% -2.0% 3.6% 20.6% 24.2% -0.4%

USD LBMA Gold Price PM USD -2.1% 12.6% -1.3% 3.5% 20.9% 24.6% 0.0%

GB0006058258 GBP Baillie Gifford European Equities 17.0% 6.8% 18.6% -13.3% 41.1% 43.2% 9.9%

GBP EURO STOXX Net Return GBP 10.3% 4.1% 12.6% -12.7% 26.1% 6.0% 11.0%

IE00B138F130 EUR Acadian European Equities 17.6% 8.1% 17.6% -9.4% 22.3% -5.1% 8.0%

EUR EURO STOXX Net Return 10.3% 4.1% 12.6% -12.7% 26.1% 0.2% 12.6%

IE00BFPM9J74 EUR Vanguard Emerging Markets Stock Index Fund -5.2% 14.2% 20.6% -10.5% 20.4% 8.3% 14.5%

EUR MSCI Emerging Markets Net EUR Index -5.2% 14.5% 20.6% -10.3% 20.6% 8.5% 14.7%

IE00BDR6MN80 EUR SGA Global Equity N/A N/A N/A 2.5% 35.0% 18.1% 6.3%

EUR MSCI ACWI Index EUR 8.8% 11.1% 8.9% -4.8% 28.9% 6.7% 9.9%

LU1054168221 USD Wellington Emerging Markets -0.3% 20.0% 25.1% -11.5% 23.5% 16.8% 22.2%

USD MSCI EM USD -5.0% 15.0% 20.8% -10.1% 21.1% 18.5% 19.6%

IE00B1WL5K25 EUR Harding Loevner Global Equity 13.3% 9.3% 15.9% -6.0% 31.7% 19.1% 9.1%

EUR MSCI ACWI Index EUR 8.8% 11.1% 8.9% -4.8% 28.9% 6.7% 9.9%

LU1694214633 EUR Nordea 1 Low Duration European Covered Bond Fund N/A N/A N/A -0.1% 2.8% 1.6% 0.3%

EUR IBOXX Euro Corporates Overall Total Return Index -0.7% 4.7% 2.4% -1.3% 6.3% 2.7% 2.0%

IE00BFPM9J74 EUR Vanguard Emerging Markets Stock Index Fund -5.2% 14.2% 20.6% -10.5% 20.4% 8.3% 14.5%

EUR MSCI Emerging Markets Net EUR Index -5.2% 14.5% 20.6% -10.3% 20.6% 8.5% 14.7%

IE00BDR6MN80 EUR SGA Global Equity N/A N/A N/A 2.5% 35.0% 18.1% 6.3%

EUR MSCI ACWI Index EUR 8.8% 11.1% 8.9% -4.8% 28.9% 6.7% 9.9%

LU1054168221 USD Wellington Emerging Markets -10.5% 16.4% 42.6% -15.7% 21.1% 16.8% 22.2%

USD MSCI EM USD -14.7% 11.7% 37.7% -14.3% 18.8% 18.5% 19.6%

IE00B1WL5K25 EUR Harding Loevner Global Equity 13.3% 9.3% 15.9% -6.0% 31.7% 19.1% 9.1%

EUR MSCI ACWI Index EUR 8.8% 11.1% 8.9% -4.8% 28.9% 6.7% 9.9%

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ISIN Currency Fund name 2015 2016 2017 2018 2019 2020 Q4 2020IE00BDFB6X37 EUR Vanguard Short Duration IG Bonds N/A N/A N/A N/A 3.3% 2.8% 0.8%

EUR Bloomberg Barclays GA EUR Govt Float Index 1.5% 3.1% 0.2% 0.9% 6.3% 4.7% 1.2%

EUR ARB Warrant -1.5% 3.9% 6.5% -7.5% 7.2% 9.5% 10.2%

EUR EURO STOXX Net Return 10.3% 4.1% 12.6% -12.7% 26.1% 0.2% 12.6%

IE00BM67HV82 USD Xtrackers MSCI World Industrials ETF N/A N/A 25.8% -15.7% 29.0% 11.5% 15.3%

USD MSCI World Industrials Total Return Net Index -1.7% 13.5% 25.7% -13.8% 28.4% 11.5% 15.5%

US81369Y6059 USD SPDR Select Sector Financials ETF N/A N/A 22.3% -14.5% 32.4% -3.3% 21.7%

USD S&P 500 Financial Select Sector Index -1.6% 22.7% 22.1% -13.0% 32.1% -1.8% 23.2%

IE00B2QWCY14 USD iShares S&P Small Cap 600 UCITS ETF -2.4% 25.5% 13.1% -9.8% 21.3% 10.6% 29.5%

USD S&P Small Cap 600 Index -2.0% 26.5% 13.2% -8.5% 22.7% 11.2% 31.3%

IE00BM67HS53 USD Xtrackers MSCI World Materials UCITS ETF 1C N/A N/A 29.0% -17.2% 22.3% 20.6% 15.3%

USD MSCI World Materials Total Return Net Index -15.3% 22.5% 28.9% -16.9% 23.3% 19.9% 15.8%

IE00B9M6SJ31 EUR iShares Global Corporate Bond ETF -1.1% 4.1% 3.5% -3.9% 8.6% 0.0% 0.0%

EUR Bloomberg Barclays Global Aggregate Corporate Total Return Index -0.5% 4.6% 3.7% -3.8% 9.2% 6.7% 2.5%

LU2244410960 EUR Amundi MSCI World 10.3% 10.8% 7.4% -4.3% 30.1% 6.3% 9.2%

EUR MSCI Daily TR Net World 10.4% 10.8% 7.4% -4.2% 30.2% 6.5% 9.3%

LU2244411182 EUR Amundi MSCI Emerging Markets -5.2% 13.5% 20.1% -9.9% 18.7% 9.1% 15.0%

EUR MSCI Emerging Markets Net EUR Index -5.2% 14.5% 20.6% -10.3% 20.6% 8.5% 14.7%

Source: Bloomberg Performance displays net total returns in Euro currency terms.

Market dataTotal Return % 2015 2016 2017 2018 2019 2020 Q4 2020Equities

MSCI All Country 1.4% 9.2% 20.0% -7.5% 26.4% 14.4% 12.9%

MSCI World 3.4% 10.5% 20.0% -6.2% 29.0% 14.8% 12.6%

MSCI Emerging Markets -8.0% 7.2% 27.8% -12.2% 15.1% 16.7% 15.7%

MSCI World Total Return Euro 10.4% 10.7% 7.5% -4.1% 30.0% 6.3% 9.2%

S&P 500 1.4% 12.0% 21.8% -4.4% 31.5% 18.4% 12.1%

Eurostoxx 11.1% 5.0% 13.3% -12.1% 27.2% 0.8% 12.6%

FTSE 100 -1.4% 19.2% 12.0% -8.8% 17.2% -11.4% 10.9%

FTSE 250 11.2% 6.7% 17.8% -13.3% 28.9% -4.6% 18.8%

FTSE All-Share 0.9% 16.8% 13.1% -9.5% 19.1% -9.7% 12.6%

Japan Topix 12.1% 0.3% 22.2% -16.0% 18.1% 7.4% 11.2%

Iseq 33.0% -2.7% 9.4% -20.8% 33.7% 4.0% 15.7%

DAX 9.6% 6.9% 12.5% -18.3% 25.5% 3.5% 7.5%

Dow Jones Industrial Average 0.2% 16.4% 28.1% -3.5% 25.3% 9.7% 10.7%

NASDAQ Composite Index 7.1% 9.0% 29.7% -2.8% 36.7% 45.1% 15.7%

Hang Seng Index -4.0% 4.2% 41.3% -10.6% 13.0% -0.2% 16.2%

Nikkei 225 11.0% 2.4% 21.3% -10.3% 20.7% 18.2% 18.5%

Corporate Bonds

European Investment Grade -0.5% 4.8% 2.5% -1.2% 6.3% 2.7% 2.0%

US Investment Grade -0.6% 6.0% 6.5% -2.2% 14.2% 9.8% 3.0%

European High Yield 0.8% 9.1% 6.7% -3.6% 11.3% 2.8% 5.5%

US High Yield -4.6% 17.5% 7.5% -2.3% 14.4% 6.2% 6.5%

Government Bond Yields

US 2YR 1.0% 1.2% 1.9% 2.5% 1.6% 0.1% 0.1%

US 10YR 2.3% 2.4% 2.4% 2.7% 1.9% 0.9% 0.9%

Germany 10YR 0.6% 0.2% 0.4% 0.2% -0.2% -0.6% -0.6%

UK 10YR 2.0% 1.2% 1.2% 1.3% 0.8% 0.2% 0.2%

Japan 10YR 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Ireland 10YR 1.2% 0.8% 0.7% 0.9% 0.1% -0.3% -0.3%

Italy 10YR 1.6% 1.8% 2.0% 2.7% 1.4% 0.5% 0.5%

Spain 10YR 1.8% 1.4% 1.6% 1.4% 0.5% 0.0% 0.0%

Portugal 10YR 2.5% 3.8% 1.9% 1.7% 0.4% 0.0% 0.0%

France 10YR 1.0% 0.7% 0.8% 0.7% 0.1% -0.3% -0.3%

Commodities

Bloomberg Commodity Index -24.7% 11.4% 0.7% -13.0% 5.4% -3.5% 10.2%

Gold -10.4% 8.1% 13.5% -1.6% 18.3% 25.1% 0.7%

Brent Crude Oil -35.0% 52.4% 17.7% -19.5% 22.7% -21.5% 26.5%

Natural Gas -19.1% 59.3% -20.7% -0.4% -25.5% 16.0% 0.5%

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Total Return % 2015 2016 2017 2018 2019 2020 Q4 2020Currency Return

EURUSD -10.2% -3.2% 14.1% -4.5% -2.2% 8.9% 4.2%

EURGBP -5.1% 15.8% 4.1% 1.2% -5.9% 5.7% -1.5%

EURJPY -9.8% -5.9% 10.0% -7.0% -3.2% 3.6% 2.0%

USDARS 52.8% 22.8% 17.3% 102.3% 58.9% 40.5% 10.5%

USDTRL 24.9% 20.8% 7.8% 39.3% 12.5% 25.0% -3.6%

Currency Rates

EURUSD 1.09 1.05 1.20 1.15 1.12 1.22 1.22

EURGBP 0.74 0.85 0.89 0.90 0.85 0.89 0.89

EURJPY 130.64 122.97 135.28 125.83 121.77 126.18 126.18

RMBUSD 6.49 6.95 6.51 6.88 6.96 6.53 6.53

Interest Rates

Euribor 3 month -0.1% -0.3% -0.3% -0.3% -0.4% -0.5% -0.5%

Libor GBP 3 month 0.6% 0.4% 0.5% 0.9% 0.8% 0.0% 0.0%

Libor USD 3 month 0.6% 1.0% 1.7% 2.8% 1.9% 0.2% 0.2%

Central Bank Rates

European Central Bank 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Bank of England 0.5% 0.3% 0.5% 0.8% 0.8% 0.1% 0.1%

Federal Reserve 0.5% 0.8% 1.5% 2.5% 1.8% 0.3% 0.3%

Direct Equities

Apple -3.0% 12.5% 48.5% -5.4% 89.0% 82.3% 14.8%

Lonza 65.0% 10.5% 49.8% 1.6% 45.2% 62.1% -0.4%

Tesla 7.9% -11.0% 45.7% 6.9% 25.7% 743.4% 64.5%

ARC Cautious Index -0.1% 1.6% 3.5% -5.6% 7.7% 2.7% 3.7%

ARC Balanced Index 1.4% 1.2% 5.2% -6.9% 12.1% 3.3% 5.5%

ARC Steady Growth Index 3.0% 2.2% 6.4% -7.1% 17.8% 4.6% 7.2%

Source: Bloomberg; Performance displays net total returns in Euro currency terms.

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This document is not intended to be comprehensive and is designed to provide summary interim information to existing investors in the Davy Balanced Growth Fund for the relevant quarter noted. It should be read in conjunction with the Davy Balanced Growth Fund Monthly Factsheets for the period of September to December 2020. It is not a recommendation or investment research and is classified as a marketing communication in accordance with the European Union (Markets in Financial Instruments) Regulations 2017. It assumes the investors have read the full Information Memorandum (IM). It does not constitute an offer or solicitation for the purchase or sale of any financial instrument, trading strategy, product or service and does not take into account the investment objectives, knowledge and experience or financial situation of any particular person. Investors should obtain advice based on their own individual circumstances from their Private Client Advisor or Investment Intermediary as relevant or other legal or tax advisor before making an investment decision. Investors should be aware that some of the Directors of the Company (Davy Funds plc) are also employed by the Investment Manager, Promoter and the Distributor (J & E Davy).

Further information in relation to the management of potential conflicts of interest is available upon request. Investors should also read the Prospectus, Supplement and Key Investor Information Document for the Fund, as well as the Information Memorandum prior to making a decision to invest, and for full information on the Fund including, fees, risks and conflicts of interest. These documents are available from Davy, Davy House, 49 Dawson Street, Dublin 2 or www.davy.ie. Quarterly Supplement data as at 31st December 2020 unless otherwise stated.

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