Schroder GAIA BlueTrend A Accumulation Share Class

Transcription

1 h December Fund Launch Date December Total Fund Size (Million) USD, Share Price End of Month (USD), Fund Manager Leda Braga & David Kitson (Systematica) All data epressed as at November Schroder GAIA A Accumulation Share Class Marketing Material Investment Objective and Policy Performance (%) month months YTD year years Since Launch The fund aims to provide capital growth by investing in bonds, equities, currencies and commodity markets. The manager has established a sophisticated computerised system that through quantitative analysis identifies trends and price patterns to determine trades which are then placed. The manager seeks to eploit opportunities where prices display persistent and identifiable upward or downward trends.the fund invests directly by purchasing physical holdings and/or indirectly through derivatives in bonds, equities, currencies and commodities worldwide, as well as investment funds investing in such instruments.investments in commodity markets will be made indirectly using a combination of linked bonds, options, swaps and/or commodity indices.the fund may use derivatives etensively, long and short, with the aim of achieving investment gains, reducing risk or managing the fund more efficiently. The fund may be net long or net short when long and short positions are combined. The fund may use leverage and may hold cash.the fund may invest up to % of its assets into open ended investment funds. The fund may eceptionally hold up to % of its assets in cash.recommendation: Investors should seek independent advice and satisfy themselves that they have an understanding of the techniques employed by the manager. Performance Analysis Average p.a. since launch Fund -, -, -, -, --- -, -, Monthly Returns (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year End Fund,, -, -, -,,, -, -, -, -,, -, Fund -,, -,, -, -,,, -,, -,,, Fund, -, -,, -, -, -,, -, -, -, Annual Performance (%) Fund, -, Performance Since Launch (%),,, -, -, -, -, -, Dec Apr Sep Feb Jul Dec Jun Nov The return received may rise or fall as a result of currency fluctuations. Past performance is no indication of future fund performance. This depends on the trends in markets, investment returns and echange rates (if relevant), and how successful the asset manager is in implementing the investment policy. The performance shown does not take account of any commissions and costs charged when subscribing and redeeming units. Prices of units and the income from them may fall as well as rise and investors may not get back the amount originally invested. All fund performance data are on a NAV to NAV basis, net income reinvested. Data is not available for the time periods with no % growth stated. In case a share class is created after the fund's launch date, a simulated past performance is used, based upon the performance of an eisting share class within the fund, taking into account the difference in the ongoing charges and the portfolio transaction costs, and including the impact of any performance fees if applicable. Prospective investors should consult with their independent financial advisor with respect to their specific investment objectives, financial situation or particular needs to determine the suitability of investment.

2 Risk Considerations Counterparty risk: The counterparty to a derivative or other contractual agreement or synthetic financial product could become unable to honour its commitments to the fund, potentially creating a partial or total loss for the fund. Counterparty risk / money market & deposit: A failure of a deposit institution or an issuer of a money market instrument could create losses. Credit risk: A decline in the financial health of an issuer could cause the value of its bonds to fall or become worthless. Currency risk: The fund can be eposed to different currencies. Changes in foreign echange rates could create losses. Derivatives risk: A derivative may not perform as epected, and may create losses greater than the cost of the derivative. Equity risk: Equity prices fluctuate daily, based on many factors including general, economic, industry or company news. High yield bond risk: High yield bonds (normally lower rated or unrated) generally carry greater market, credit and liquidity risk. Interest rate risk: A rise in interest rates generally causes bond prices to fall. Leverage risk: The fund uses derivatives for leverage, which makes it more sensitive to certain market or interest rate movements and may cause above-average volatility and risk of loss. Liquidity risk: In difficult market conditions, the fund may not be able to sell a security for full value or at all. This could affect performance and could cause the fund to defer or suspend redemptions of its shares. Operational risk: Failures at service providers could lead to disruptions of fund operations or losses. Short selling risk: The fund may take positions that seek to profit if the price of a security falls. A large rise in the price of the security may cause large losses. Capital risk / distribution policy: the epenses of this share class are paid out of capital rather than out of investment income. Capital growth will be reduced and in periods of low growth capital erosion may occur. Fund Manager Comment In November, investors were once again glued to the headlines emanating from political circles around the world. The ongoing saga surrounding world trade and tariffs rolled on and noticeably escalated. Meanwhile the Democrats in the US won the House of Representatives, leaving a split of power between the two houses. Theresa May delivered on a Breit withdrawal agreement with the debate continuing as to whether this will be accepted. Issues with Italian budget discipline still eist and the European banking sector is starting to show the strains again. Energy markets continued to slide quite aggressively in November and volatility levels in the various asset classes remained in an elevated state. After a tough month in October for equity markets, there was little respite through November. Defensive names led the pack, while investors eited very crowded positions in technology, energy and materials. The fund posted negative performance with losses seen in all regions. Equity risk was little changed in November with an overall modest net short delta. No real large losses were witnessed, rather a series of smaller losses and some gains made up the balance. For most of the month bond markets held steady with US -year yields holding above the % level. As investors speculated that December will see the last rates hike for some time, yields dropped back below the % level in the US. In Europe, Italian yields started the month on the back foot but things calmed towards the end of the month. German yields made a -month low as inflationary pressures dissipated mainly due to auto production issues. The fund gained in the bond space and while net positioning was short yields (long bonds), there was some diversification mainly by region. The US economy maintained a positive outlook with the Federal Reserve keeping rates on hold in November. Elsewhere, Europe remains under pressure following disappointing growth figures and disruptions in relation to the Italian budget, whilst the UK continues to battle with Breit uncertainty. The fund remains net long Euribor futures whilst short Eurodollars, and posted losses in short rate space in November. In the energy sector the volatile sell offs that were sparked in October continued. A large unwind from the market continued sending oil markets crashing back down to the $ level for WTI. Most eyes however, were on the natural gas market which saw once in a lifetime displays of volatility. The fund's positioning in energies came to an abrupt halt in November amidst the sharp sell-off as overall long delta was reduced dramatically to overall flat. The agriculture market continued to play its part as the sideshow as commodity traders watched the energy market burn. Prices for the most part stabilised around the lows and volatility was muted. In the fund, short delta in the agriculture was increased somewhat throughout the month. Focus on metals continued to drop off considerably as the sector continues to give back previous gains. Continued weakness in the metals market saw the fund's delta remaining net short, although a small reduction took place throughout the month. USD continued to be bid, breaking out of its summer trading range in October only to end up in another choppy range in November. Despite the breakout and overall higher trajectory of the USD, November saw a very choppy trading pattern emerge again. In the fund increases in delta vs both G- and EM FX throughout the month were sharply reversed towards the end of the month leaving overall positioning almost where we started.

3 Portfolio Structure Eposure Analysis (%) Gross Rates Long., Gross CDS / CDX Long, Number of Positions Long Short Gross Equities Long, Gross FX Long, Gross Commodity Long, Gross Equities Short -, Gross Commodity Short -, Gross CDS / CDX Short -, Gross FX Short -, Gross Rates Short -, Fund Gross Eposure., Fund Net Eposure, Fund Gross Eposure (delta-adjusted)., Fund Net Eposure (delta-adjusted), Cash & Cash Equivalents, Holdings Analysis Stock names have been suppressed for short positions. Top Long Holdings Holdings Sector % NAV. F/C Mo Euro Euribor Others,. F/C -Day Bank Bill Others,. Korea Yr Bond Future Government,. F/C Day Sterling Fu Others,. Treasury Bill Government,. Jpn Y Bond Future Government,. F/C Euro Chf Mo Ice Others,. Euro Bobl Future Government,. Long Gilt Future Government,. Korea Yr Bond Future Government, Top Short Holdings Sector Country % NAV. Government Canada -,. Government Australia -,. Government Germany -,. Energy / Industrials United States -,. Energy / Industrials Europe -,. Consumer Europe -,. Consumer Europe -,. Consumer Europe -,. Financials Europe -,. Consumer Europe -,

4 Asset Allocation (%) Region Long Europe Short North America Net position Asia Pacific Emerging Markets Other Currency Euro US Dollar UK Sterling Japanese Yen Swiss Franc Singapore Dollar Other Sector Interest Rate Month Bonds Interest Rate Long FX CDS Equity Agricultural Metals Energy Volatility Performance Contribution Analysis epressed is month to date contribution on a gross of fees basis using a total return methodology. The impact of any currency movement at a position level is reflected within each position's return. Stock names have been suppressed for short positions. Summary (%) Long Equity, Short Equity -, Corporate Bonds -, Inde Options, Currency -, Other, Region (%) Europe e-uk -, United Kingdom, North America -, Pacific e-japan, Emerging Markets, Other (including Cash & FX) -, ASC (FAS ) Summary % NAV Level, Level, Level, Non-Trading Balance/Cash,

5 Liquidity Breakdown Historic data based on % participation rate in average traded volumes over last days assuming % redemption. This data is a representation only and should not be viewed as an indication of ongoing/future liquidity. Percentages for liquidity assessment are subject to change. Summary % NAV. to days,. to days,. to days,. > days, Information Schroder Investment Management (Europe) S.A., rue Höhenhof Senningerberg Luembourg Tel.: () Fa: () For your security, communications may be taped or monitored. SEDOL Bloomberg Reuters ISIN CEDEL Securities number Wertpapierkennnummer Fund Domicile Fund Base Currency Dealing Frequency Ma. Entry Charge Ongoing Charges (latest available) Performance Fee Accumulation BZBWJP SCBTAAU:LX LU.LUF LU AM Luembourg USD Weekly on Wednesdays and Month End ( days notice), % of gross investment amount, % Distribution Fee, % Settlement Timing T+ days % of the absolute outperformance over a High Water Mark. Third party data is owned or licensed by the data provider and may not be reproduced or etracted and used for any other purpose without the data provider's consent. Third party data is provided without any warranties of any kind. The data provider and issuer of the document shall have no liability in connection with the third party data. The Prospectus and/or contain additional disclaimers which apply to the third party data. This document does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for shares of Schroder GAIA (the "Company"). Nothing in this document should be construed as advice and is therefore not a recommendation to buy or sell shares. The offering of shares in certain jurisdictions may be restricted and accordingly persons are required, by the Company, to inform themselves of and observe any such restrictions. Subscriptions for shares of the Company can only be made on the basis of its latest prospectus together with the latest audited annual report (and subsequent unaudited semi-annual report, if published). The prospectus and the key investor information document(s) for Switzerland, the articles of association, the annual and semi-annual reports can be obtained, free of charge, at the offices of the Swiss representative, Schroder Investment Management (Switzerland) AG, Central, P.O. Bo, CH- Zurich (authorised and regulated by FINMA) and the Swiss paying agent, Schroder & Co. Bank AG, Central, P.O. Bo, CH- Zurich. An investment in the Company entails risks, which are fully described in the prospectus. The Company has its registered office in Luembourg and is regulated by the Commission de Surveillance du Secteur Financier. Schroders has epressed its own views and opinions in this document and these may change. This document is issued by Schroder Investment Management (Europe) S.A.,, rue Höhenhof, L- Senningerberg, Luembourg. Registered No. B..