3,07% 2,90% Annualized 4 MercLin II Pat R CAP MercLin II Pat C CAP. Annualized since inception 13,19%
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1 Date: September 30, 2018 Management company: DPAS 2, delegated to Mercier Vanderlinden Asset Management Monthly Report Price Class R: 1.825,92 EUR Price Class C: 1.521,03 EUR Price Class R dis: 1.764,90 EUR Price Class C dis: 1.494,18 EUR Morningstar 1 Rating : ***** FUND DESCRIPTION The objective of the fund is to increase the value of your investment over the medium to longlong term. Under normal market conditions, the fund primarily invests in a diversified portfolio of equities and bonds from all countries worldwide, including from emerging countries. The fund may invest directly in equities or bonds, or indirectly by investing in units of other investment funds or in certificates of deposit. In order to take advantage or hedge against market fluctuations, or for effective portfolio management, the subfund may use derivatives. The Fund Manager will select the various investment classes, sectors and countries in a flexible manner, on the basis of macroeconomic and financial criteria. This fund is suitable for investors who understand the risks of the fund and who wish to invest for a minimum investment horizon of 3 to 5 years. PERFORMANCE *3 YTD ** MercLin II Pat R 0,41% +5,04% +8,27% +7,58% +10,95% +12,79% +8,87% 1,50% +11,67% MercLin II Pat C 0,71% +4,62% +7,83% +7,15% +10,50% +12,48% Ranking Morningstar 1 % * These annual (except YTD) performance numbers are based on historical data and are no guarantee for future results Based on cap classes **YTD is the cumulative performance since the 1st of January of the current calendar year. 2 MANAGERS' COMMENT Safilo is the second biggest player (after Luxottica) in the global wholesale frames market. The company has a good geographical diversification. The industry is expected to grow overall thanks to demographic, economic and social factors. In addition, the group has a strong and supportive reference shareholder (HAL). This is one of the main reasons why the convertible bond was bought in March when the price dropped. This underperformance was explained by the release of poor 2017 results, the anticipated termination of the licensing agreements with LVMH and the refinancing risk with the revolving credit facilities due in Since then, the group has announced a 2020 business plan with a focus on top linegrowth and improvement of profitability. To implement this plan, Safilo last week announced a capital increase with the support of its shareholders and a refinancing of the credit facilities. The bond s price went up on the news, making it the right time to sell the position. TOP 5 STOCKS RETURN³ 1 Berkshire Hathaway 2 Microsoft 3 Fairfax Financial 2,84% 1 year +0,27% 0,13% 4 Alliance Data Systems 2,46% 3 years +5,63% +5,21% 5 AnheuserBusch 1,92% 5 years +6,72% TOP 5 OTHERS 1 Nama Perp Call Global Evolution frontier market 3 Steinhoff RBS Perp 5 Ineos 2024 NAV GRAPH 3 4 3,07% 2,90% 13,19% 1,45% 1,13% 0,81% 0,68% 0,65% 4,72% Annualized 4 MercLin II Pat R CAP MercLin II Pat C CAP Annualized since inception +7,12% +7,13% 4 The return figures indicated above do not include commissions eventually linked to the issuing and redemption of shares, nor stock exchange turnover tax. Based on historical data, which offer no guarantee of future returns and can even be misleading. Performance is calculated on a cumulative basis for periods under one year and on an actuarial basis for periods of over one year. Performance of the Merclin II Patrimonium R Cap up to were achieved under the scope of a fund governed by Section II of the Law of 17 December 2010 on undertakings for collective investment. Inception of Merclin II Patrimonium C Cap is Merclin II Patrimonium C Cap Merclin II Patrimonium R Cap
2 CURRENCY ASSET ALLOCATION CAD 2,74% GBP 2,21% 4,68% CHF 0,79% JPY 3,15% EURO 52,53% Bonds 32,35% 3,20% Stocks 47,97% USD 33,90% Ge og Cash 16,49% SECTOR EXPOSURE BONDS Banks Consumer Services Consumer Goods Technology Healthcare Insurance Industrials Holding Companies Telecom Oil & Gas Cash & Cash Equivalents 13,42% Government 0,44% 10,69% Floating Rate Investment Grade 0,24% 10,45% Floating Rate High Yield 6,21% 10,13% Corporate Investment Grade 0,78% 6,80% Corporate High Yield 7,35% 5,22% Corporate Hybrids 2,14% 4,08% Financial Senior 0,85% 3,82% Financial Subordinated 8,16% 2,15% Convertibles 4,09% 0,70% Mutual Funds 2,09% 16,05% 16,49% LAST BUY SELL BUY AroundTown FRN 2030 Cemex 2023 Gamenet 2023 Greenyard 2021 Safilo 2019 SELL INCREASE Casino 2020 Cirsa 2023 Ineos 2024 REDUCE Tencent TECHNICAL DATA Fund Name: MercLin II SICAV Ongoing Manufacturer: Degroof Petercam Asset Services Management Fee Charge 5 ISIN Bloomberg Domicile: Luxembourg Klasse R: 0,8% annually 1,10% LU MERPATR LX Legal Status: SICAV subject to Part I of the Luxembourg law of Klasse C 1,2% annually 1,50% LU MERPACC LX December 2010 Klasse R dis: 0,8% annually 1,09% LU MERRDIS LX Type of shares: Capitalisation & Distribution Klasse C dis: 1,2% annually 1,50% LU MERPACD LX Belgian Financial Agent: Banque Degroof Petercam S.A. Custodian: Banque Degroof Petercam Luxembourg S.A. Risk indicator: please consult the KIID and/or the Prospectus for more details. Transfer Agent: Banque Degroof Petercam Luxembourg S.A ²Management company: Manager: Degroof Petercam Asset Services Mercier Vanderlinden Asset Management Typically lower risks and rewards The subfund's risk level reflects the following factor(s): Typically higher risks and rewards Auditor: Maturity: KPMGaudit not determined The risk level does not reflect the potential impact of unusual market conditions or unforeseen events that may increase risk or trigger other risks such as: Share Price Publication: Minimum subscription: De Tijd, L'Echo, 1 share Counterparty risk: the subfund can lose money as a result of the failure of a market player with Class F and R : 0% (Mercier Vanderlinden) which it does business. Subscription fee: Swing pricing: Redemption fee: Class C : Max. 3% no 0% Credit risk: risk associated with bonds becoming worthless when the issuer of the bond is not able to repay its debt on maturity. Liquidity risk: some financial securities may be impossible to sell quickly at a given time or may have to be sold at a discount. TOB on exit : 1,32% / max 4000 (not on Dis) Management risk: under abnormal market conditions, the usual management techniques may be Yes (30%) ineffective or unfavourable. Risk of derivatives: some derivatives may increase the volatility of the subfund or expose the subfund to losses that are higher than the price of the derivatives. Operating risk: in any market, and especially in the emerging markets, the subfund may lose some or all of its money if there is a failure in the custody of assets or in case of fraud, corruption, political actions or any other adverse event. Tax on UCITS investing more than 10% of their assets in debt claims Withholding Tax: N.A.V. calculation: Subscription/Redemption: Performance fee: Assets under management: Inception: 30% Weekly on Thursday Before Thursday 2.00pm no m EUR 31/12/ For further information about Morningstar Rating and Ranking Morningstar, please visit the Morningstar website on Specific information concerning MercLin II Patrimonium 'R' cap can be found on In case of complaints concerning this fund, please send a to compliance@mvam.eu. If you do not obtain a satisfactory response, you can always contact the Ombudsman of the financial services sector through the website The prospectus, the KIID and the periodic reports are available free of charge from the Belgian representative of the financial agent: Bank Degroof Petercam S.A., 44 rue de l'industrie, B1040 Brussels or on Every investor took note of the prospectus and/ or KIID and any subscription should be made on the basis of these documents. 3 Source data: Bloomberg, Morningstar & Bank Degroof Petercam Luxemburg. Reference period January 1st to December 31st, except for actual year (YTD), where reference period is January 1st to date of this report. 5 Ongoing charge: charges taken from the subfund over a year. MercLin II SICAV is a société d'investissement à capital variable (investment company with variable capital), subject to part I of the Luxemburg Law of 17 December 2010 relating to undertakings for collective investment ( Luxemburg Law of 2010 ) since 20/06/2014 (subject to part II before that date) and to the European Savings Taxation Directive.
3 Date: September 30, 2018 Management company: DPAS 2, delegated to Mercier Vanderlinden Asset Management Monthly Report Price Class F: 286,03 EUR Price Class R: 493,92 EUR Price Class C: 707,86 EUR Morningstar 1 Rating : **** FUND DESCRIPTION Merclin Global Equity, a subfund of MercLin SICAV, is an actively managed fund invested in equities worldwide. The objective of the fund is to increase the value of your investment over the long term while outperforming the MSCI AC World Euro Index. The composition of the subfund's portfolio may differ significantly from that of its benchmark index. Under normal market conditions, the subfund primarily invests in a diversified portfolio of equities (at least 70% of its assets) and corporate bonds from OECD countries. The subfund may invest directly in equities or bonds or indirectly by investing in units of other investment funds. The subfund may invest up to 10% of its assets in regulated hedge funds. The fund is recommended to investors with an investment horizon of at least 3 to 5 years. PERFORMANCE* 3 YTD*** Class F +1,41% +8,01% +10,10% +11,03% +19,36% +19,55% +7,48% 2,01% +14,22% +31,06% 27,99% +7,33% Class R +1,25% +7,80% +9,87% +10,82% +19,13% +19,32% +7,26% 2,20% +13,97% +30,29% Class C +0,95% +7,37% +9,43% +10,38% +18,64% +18,84% +6,83% 2,59% +13,50% +29,72% MSCI AC World Euro** +7,32% +8,89% +11,09% +8,76% +18,61% +17,49% +14,34% 4,25% +20,50% +30,43% 39,20% +0,71% 2007 Ranking Morningstar 1 % * These performance numbers are based on historical data and are no guarantee for future results. ** MSCI AC World Euro Net dividend reinvested. The investment policy of the fund does not include a tracking error objective with the benchmark. Performances of the Subfund may therefore vary from the performance of the benchmark. *** YTD: Performance since the 1st of January of the current calendar year. This is a cumulative return. MANAGERS' COMMENT ABInbev is the share that weighs most on the returns this year. First, there is the highly competitive American market and especially Bud Light which is losing market share. Then, there is economically depressed Latin America. There is the currency drop in emerging markets which is going to adversely affect the results from 2019 onwards and, finally, there is the substantial debt which they are unable to reduce fast enough. The dividend could be revised downwards. That is what the market sees today. The company is extremely well managed. The EBITDA margins are 40%, whereas the no. 2 in the world, Heineken, is at just 24%. It is the leading player on the African market. They have managed to increase their beer prices by 6% thanks to the premiumisation of their three global brands: Budweiser, Stella and Corona. In hindsight, ABInbev was too expensive at 120 as they did not manage to increase their EBITDA as forecasted after the takeover of SABMiller, but confidence in this global leader is maintained. TOP 10 STOCKHOLDINGS RETURN³ 1 Alliance Data Systems 2 Berkshire Hathaway 3 Microsoft 5,41% 1 year +5,07% +4,85% +4,43% +11,71% 4 Fairfax Financial 5,15% 3 years +9,21% +8,99% +8,55% +11,88% 5 Fiat Chrysler 4,01% 5 years +10,60% +10,38% +9,94% +12,04% 6 Alphabet 3,93% 10 years +10,11% +10,09% 7 AB InBev 8 Citigroup 9 Johnson & Johnson 10 Facebook NAV GRAPH 3 4 5,85% Annualized 5,61% Returns 4 3,73% 3,58% Since inception +9,63% +9,36% 3,01% 2,95% 43,23% Merclin GE F CAP Merclin GE R CAP Merclin GE C CAP Benchmark +8,87% +8,11% 4 The return figures indicated above do not include commissions eventually linked to the issuing and redemption of shares, nor stock exchange turnover tax. Based on historical data, which offer no guarantee of future returns and can even be misleading. Performance is calculated on a cumulative basis for periods under one year and on an actuarial basis for periods of over one year. Performance of the Merclin GE F Cap up to is that of the Athena Diversified Management SubFund, of which the Merclin Global Equity SubFund is an identical successor. Previous performance is audited by Deloitte. Inception of Merclin R Cap and Merclin C Cap is (base : 100) MSCI World AC Euro Div Reinvested Merclin GE C Cap Merclin GE R Cap Merclin GE F Cap
4 CURRENCY ASSET ALLOCATION CAD 5,15% 4,00% CHF 2,48% GBP 2,57% Cash 4,71% JPY 6,31% USD 58,45% EURO 21,05% Ge ogr Stocks 95,29% GEOGRAPHICAL EXPOSURE USA Euro Zone Emerging Markets Japan Switzerland Great Britain SECTOR EXPOSURE 56,26% Consumer Goods 20,72% 19,26% Technology 19,55% 8,17% 11,32% 6,62% Healthcare 10,80% 5,40% Insurance 9,95% 2,35% Consumer services 9,42% 1,94% Banks 8,45% Holding Companies 7,47% Industrials 2,32% Oil & Gas 0,00% LAST BUY SELL BUY SELL INCREASE Tencent DECREASE TECHNICAL DATA Fund Name: MercLin SICAV Manufacturer: Degroof Petercam Asset Services Management Fee Ongoing Charge 5 ISIN Bloomberg Domicile Luxembourg Class F 0,6% annual 0,94% LU MERLSIF LX Legal Status: SICAV subject to Part I of the Luxembourg law of Class R 0,8% annual 1,15% LU MERLSIR LX December 2010 Class C 1,2% annual 1,55% LU MERLSIC LX Type of shares: Capitalisation Belgian Financial Agent: Banque Degroof Petercam S.A. Risk Indicator: Please consult the KIID and/or the Prospectus for more details. Custodian: Banque Degroof Petercam Luxembourg S.A Transfer Agent: Banque Degroof PetercamLuxembourg S.A. Typically lower risks and rewards Typically higher risks and rewards ²Management company: Degroof Petercam Asset Services Manager: Mercier Vanderlinden Asset Management Auditor: KPMGaudit Maturity: not determined Share price publication: De Tijd, L'Echo and Minimum subscription: 1 share Subscription fee: Swing pricing: Class F and R : 0% (Mercier Vanderlinden) Class C : Max. 3% Redemption fee: 0% TOB on exit: Taxes on Sicavs with > 10% in fixed income 1,32% / max 4000 Withholding Tax: N/A N.A.V. calculation: Weekly on Thursday Subscription/Redemption: Before Thursday 2:00 pm Performance fee: Assets under Management: Inception: m EUR 31/12/ For further information about Morningstar Rating and Ranking Morningstar, please visit the Morningstar website on Specific information concerning MercLin Global Equity F cap can be found on In case of complaints concerning this fund, please send an to compliance@mvam.eu. If you do not obtain a satisfactory response, you can always contact the Ombudsman of the financial services sector through the website The subfund's risk level reflects the following factor(s): Equity investments have greater volatility and higher risk than investments in bonds and money market instruments. The risk level does not reflect the potential impact of unusual market conditions or unforeseen events that may increase risk or trigger other risks such as: Counterparty risk: the subfund can lose money as a result of the failure of a market player with which it does business. Credit risk: risk associated with bonds becoming worthless when the issuer of the bond is not able to repay its debt on maturity. Liquidity risk: some financial securities may be impossible to sell quickly at a given time or may have to be sold at a discount. Management risk: under abnormal market conditions, the usual management techniques may be ineffective or unfavourable. Operating risk: in any market, and especially in the emerging markets, the subfund may lose some or all of its money if there is a failure in the custody of assets or in case of fraud, corruption, political actions or any other adverse event. The prospectus, the KIID and the periodic reports are available free of charge from the Belgian representative of the financial agent: Bank Degroof Petercam S.A., 44 rue de l'industrie, B1040 Brussels or on Every investor took note of the prospectus and/ or KIID and any subscription should be made on the basis of these documents. ³ Source data: Bloomberg, Morningstar & Bank Degroof Petercam Luxemburg. Reference period January 1st to December 31st, except for actual year, where reference period is January 1st to the date of this report. 5 Ongoing charge: charges taken from the subfund over a year. MercLin SICAV is a société d'investissement à capital variable (investment company with variable capital), subject to part I of the Luxemburg Law of 17 December 2010 relating to undertakings for collective investment ( Luxemburg Law of 2010 ) and to the European Savings Taxation Directive.
5 Date: 30 September 2018 Net Asset Value Merclin DBI/RDT R 2.001,69 EUR Net Asset Value Merclin DBI/RDT F 1.241,36 EUR Monthly Report FUND DESCRIPTION Important tice: Minimum subscription amount: ,00 EUR Reserved for eligible investors Merclin Institutional Equity fund DBIRDT is an actively managed fund invested in equities worldwide trying to outperform the MSCI AC World Index with dividends over the long term by selecting undervalued stocks of companies primarily active in countries of the OECD. Special attention goes to managers with proven talent and significant share participation. The investment objective has a high risk and is recommended to investors with an investment horizon of at least 3 to 5 years. RESULTS* Merclin DBI/RDT R +3,86% +5,74% +8,74% +12,98% +20,14% +22,74% +7,97% +1,53% Merclin DBI/RDT F +3,96% +5,95% +8,94% MSCI AC World Euro** +7,32% +8,89% +11,09% +8,76% +18,61% +17,49% +14,34% 4,25% * Based on historical data, they offer no guarantee of future returns. ** MSCI AC World Euro Net dividend reinvested. The investment policy of the fund does not include a tracking error objective with the benchmark. Performances of the Subfund may therefore vary from the performance of the benchmark. MANAGERS' COMMENT YTD ABInbev is the share that weighs most on the returns this year. First, there is the highly competitive American market and especially Bud Light which is losing market share. Then, there is economically depressed Latin America. There is the currency drop in emerging markets which is going to adversely affect the results from 2019 onwards and, finally, there is the substantial debt which they are unable to reduce fast enough. The dividend could be revised downwards. That is what the market sees today. The company is extremely well managed. The EBITDA margins are 40%, whereas the no. 2 in the world, Heineken, is at just 24%. It is the leading player on the African market. They have managed to increase their beer prices by 6% thanks to the premiumisation of their three global brands: Budweiser, Stella and Corona. In hindsight, ABInbev was too expensive at 120 as they did not manage to increase their EBITDA as forecasted after the takeover of SABMiller, but confidence in this global leader is maintained. TOP 10 STOCKS ANNUALIZED RETURNS³ 1 Berkshire Hathaway 2 Fairfax Financial 3 Alliance Data Systems 5,85% 1 year +6,02% +6,17% 4 Microsoft 5,19% 3 years +9,81% 5 Alphabet 4,42% 5 years +11,35% 6 Fiat Chrysler 4,27% Ann. since inception 7 AB InBev 4,22% Cum. since inception 8 Citigroup 9 Medtronic 10 Johnson & Johnson NAV GRAPH³ 6,47% 6,18% 4,02% 3,15% 3,08% 46,85% Annualized Returns 1 MercLin DBI/RDT R +10,41% +115,85% MercLin DBI/RDT F Benchmark² +11,71% +11,88% +12,04% +8,26% +10,12% +23,75% +112,21% 1 The return figures indicated above do not include commissions eventually linked to the issuing and redemption of shares, nor stock exchange turnover tax. Based on historical data, which offer no guarantee of future returns and can even be misleading. 2 MSCI AC World Euro Net dividend reinvested. The investment policy of the fund does not include a tracking error objective with the benchmark. Performances of the Subfund may therefore vary from the performance of the benchmark. ³ Source data: Bloomberg & Bank Degroof Petercam Luxembourg. Reference period January 1st to December 31st, except for actual year, where reference period is January 1st to the date of this report Merclin DBI/RDT MSCI AC World Euro Net Dividends
6 CURRENCY ASSET ALLOCATION CHF 4,77% CAD 6,18% GBP 0,00% 4,33% Cash 6,97% USD 53,22% EURO 31,51% Geog raphi Stocks 93,03% GEOGRAPHICAL EXPOSURE USA Euro Zone Switzerland Great Britain Emerging Markets Japan 57,21% 26,37% 6,64% 5,12% 4,06% 0,59% 0,00% SECTOR EXPOSURE Consumer Staples 20,72% Financials 19,55% Information Technology 11,32% Healthcare 10,80% Holding Companies 9,95% Consumer Discretionary 9,42% Industrial Goods & Services 8,45% Energy 7,47% Telecommunication Services 2,32% LAST BUYSELL BUY SELL Perspecta CVS Health INCREASE REDUCE Ageas TECHNICAL DATA Fund Name: ISIN Merclin DBI/RDT R: ISIN Merclin DBI/RDT F: Bloomberg: Domicile: Legal status: Type of shares: Management company: Financial Agent: Custodian: Delegation of the administration: Delegation of portfolio management: Distributor: Auditor: Maturity: Share Price Publication: Minimum subscription amount Merclin DBI/RDT R: MercLin Institutional Fund BE BE MERCINS BB Guimardstraat 19, BE1040 Brussels, Belgium Belgian institutional SICAV with subfunds in financial instruments and liquid assets Distribution Degroof Petercam Asset Services S.A. Bank Degroof Petercam N.V. Bank Degroof Petercam N.V. Banque Degroof Petercam Luxembourg S.A. Mercier Vanderlinden Asset Management Bank Degroof Petercam N.V. PwC t determined ,00 EUR The SICAV is exclusively reserved for eligible investors in the sense of article 3,31 of the Belgian law of 19 April 2014 who are clients of Mercier Vanderlinden Asset Management S.A. or who have been accepted by the board of directors of the SICAV. The information document for potential shareholders is available free of charge from the financial agent: Banque Degroof Petercam S.A., 44 rue de l'industrie, B1040 Brussels. PwC, Woluwedal SintStevensWoluwe, certified auditor,represented by Mr. Damien Walgrave * Subfund of the Belgian institutional SICAV with subfunds in financial instruments and liquid assets, MercLin Institutional Fund, Guimardstraat 18, BE1040 Brussels. Every investor took note of the prospectus and/ or KIID and any subscription should be made on the basis of these documents. Minimum subscription amount Merclin DBI/RDT F: ,00 EUR Class F and R : 0% (Mercier Vanderlinden) Subscription fee: Class C : Max. 3% TOB on exit: Withholding Tax: 30% Tax on UCITS investing more than 10% of their assets in debt claims: Subscription/Redemption: Before Thursday 1:15 PM AntiDilution Protection: 0,08% at Subscription, 0,08% at Redemption Management Fee: 0,80% annually Performance Fee: N.A.V. calculation: Weekly on Thursday Assets Under Management: Inception: 353,9 m EUR 17/11/2010
YTD
Date: October 31, 2018 Management company: Degroof Petercam Asset Services; management delegated to Mercier Vanderlinden Asset Management Monthly Report N.A.V. Class R: 1.5,88 EUR N.A.V. Class C: 1.48,84
More informationYTD
Date: vember 30, 2018 Management company: Degroof Petercam Asset Services; management delegated to Mercier Vanderlinden Asset Management Monthly Report N.A.V. Class R: 1.5,50 EUR N.A.V. Class C: 1.48,03
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