Atrium Portfolio Sicav Quadrant Fund (usd)

Transcription

1 Return Atrium Portfolio Sicav Quadrant Fund (usd) Investment Objective The main objective of the fund is to attain an annual return that outperforms the reference money market rates by 3%, while trying to keep a volatility below 6%. The fund invests in assets directly or indirectly in order to have a diversified portfolio. The underlying portfolio may invest in all asset classes (such as bonds, equity and commodities), strategies and industries. Derivatives such as futures or options may be used to hedge or as an alternative to direct investment in the underlying asset. Strategy Statistics ** Annualized Return 4.4% Annualized Volatility 3.8% Sharpe Ratio.8 % Positive Months 66.5% Best Month 4.9% Worst Month -2.8% Max Consecutive Loss -4.2% Launch Date August 22 Monthly Commentary The portfolio depreciated by.4% in March, in a period that exhibited greater volatility in the wake of a significant recovery of risky assets in the first fortnight. Prospects related to the tariff war amid US and China, the executive overhaul in Washington, a correction in the technology sector that began with the Facebook data scandal, and a slowdown of the very high economic activity indicators are among the main destabilizing factors that marked a sharp and homogenous decline across equity indices (-2.5% for the MSCI World Index). Credit markets were only moderately influenced by the previous scenario, benefiting from a decline in long-term rates after a smooth digestion of one of the worrisome factors, namely the first meeting under the guidance of the new Federal Reserve Governor. Gold appreciated moderately while the EPRA/NAREIT real estate index recovered 1.1%, reducing the loss accrued since the beginning of the year to 7.5%. The HFRX Global hedge fund index fell by 1%. The equity class, whose exposure was maintained unchanged in the portfolio, recorded an average performance slightly above the MSCI World Index, benefiting from the Eurozone composition, where we continue to see potential for greater appreciations. The bond portfolio generated a slightly positive contribution this month. Although short maturity bonds did not benefit from the more significant gains enjoyed by treasury bonds, short-term credit spreads showed a lot of resilience to the aforementioned adverse environment. Exchange rate exposure remained at low levels, with Norwegian Krone experiencing a marginal devaluation, mostly influenced by the broad Euro appreciation, since one of the support factors for this position is based on our valuation perspectives tied to the country main source of income, the oil, which experienced a sharp increase in the period. The annualized standard deviation of the portfolio in the last twelve months has slightly increased to 1.6%, remaining around the lowest levels of the last six years, reached in January. Equity volatility continues to be the main portfolio driver, with the S&P5 index experiencing variations greater than 1% for 8 days in the period. With the reversal of monetary policy in the US as a backdrop, instability factors such as those mentioned above have recently overlapped the most important ones, namely the maintenance of economic growth at a high level amid the main economic blocs, as well as a significant earnings growth, substantially improving the attractiveness of the equity class. Total Return ** 1 Month -.4% 3 Months -.7% YTD -.7% 1 Year.9% 3 Years 1.9% 5 years 9.4% Since inception 91. Asset Allocation and FX exposure* % 43.7% 37.1% Money Market Bonds Stocks Eur 2.9% 97.1% Nok Performance Attribution (bps) * 2-2 Equity Bonds Forex YTD Mar/18 Risk-Return Analysis ** Cumulative Performance vs Indices ** 8% % 4% Bond Index Atrium Sicav - Quadrant Equity Index % % 8% 12% 16% Volatility *** MSCI WORLD Local; **** EFFAS Bond Index Euro Govt; Soruce: Atrium Investimentos 1 8 Atrium Sicav - Quadrant MSCI World Local Govt. Bonds Libor USD 1M Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD % -1.6% 4.9%.3% -.8% 5.7% % -.8% 3.6%.8%.7% 4.1% 3.7% % 1.2% -.7%.2% 12.8% % 1.4%.8% -1.7% 1..8% -.3%.7%.2% -1.5% 1.5% % 1.3% -.6%.1%.2% -1.4%.6% 1.3% 3.3% % 1.8% 9.5% %.3%.6% % -.5% 1..2% -.3%.3% 1.4% 2.1% 4.4% 27.2% 1.4%.4% 1.1% 2..5%.8% -.1% -.2%.4%.7%.2% 7.6% % 1.1% % -.3% -.8% -.1%.5% -.5% 1.4% 1.9% -.2% 1.2% 29.6% -1.3% 2.7%.8%.4%.2%.7%.3%.6% -.1%.4%.5% %.5%.7%. -.2% 1.6% 1.7%.7% -.1% % 4.9% % -.2% -.2%.2% -.7%.8% -.3% -1.3% 1.2% -.6%.2% -.5% 212.7%.3%.2%.1% -.4%.6%.8%.2%..1%.5%.4% 3.5% 213.4% -.3%.1% % -1.2%.3% -.3%.6%.8%.2% -.1%.8% % 1..3%.5% 1.1%.2% -.1%.8%.3%..7%. 4.1% %.8%.5% -.1% -.1% -1.1%.8% -2.6% -1.7% 2.5%.6% -1.1% -.4% % -.6% 1.1%.1%.5% -.4% 1.1%.4% -.1%.5% -.3% 1.5% 2.5% 217.2%.7%.6%.1%.2% -.1%.3% -.1%.7%.6% -.2%.1% 3.1% 218.6% -.9% -.4% -.7% (*) All references to Fund refer to the sub-fund Quadrant in Atrium SICAV, an open-ended investment fund organized as a société anonyme under the laws of the Grand Duchy of Luxembourg. Legal nformation available on: (**) All references to Strategy, including statistics, historical performance and the risk return analysis, refers to results of portfolios managed by Atrium Investimentos SFC, SA (until Feb 29), by Quadrant Fund Limited (from Mar 29 until Aug 211) and by Atrium Portfolio Sicav-Quadrant Fund (since Sep 211);. 1/2

2 Dec/2 May/3 Oct/3 Mar/4 Aug/4 Jan/5 Jun/5 Nov/5 Apr/6 Sep/6 Feb/7 Jul/7 Dec/7 May/8 Oct/8 Mar/9 Aug/9 Jan/1 Jun/1 Nov/1 Apr/11 Sep/11 Feb/12 Jul/12 Dec/12 May/13 Oct/13 Mar/14 Aug/14 Jan/15 Jun/15 Nov/15 Apr/16 Sep/16 Feb/17 Jul/17 Dec/17 Atrium Portfolio Sicav Quadrant Fund (usd) Fund Details * Investment Manager Atrium Investimentos Launch Date September 211 Assets Under Manag. $77.1 M Structure UCITS V Lux SICAV Share Classes EUR, USD Management Fee: Share Class A.75% Share Class B.75% +.5% (Dist. Fee) Performance Fee: Class EUR 2 over Euribor 1M + 3% Class USD 2 over Libor 1M + 3% Minimum Subscription 1, (EUR or USD) Minimum Increment 25, (EUR or USD) Liquidity Daily (T+4) # Administrator FundPartner Solutions SA Custodian Pictet & Cie (Eur) Auditor PWC Registered for sale in Portugal and Spain Histogram of Monthly Returns ** Asset Allocation and 12 Month Volatility ** # Settlement 4 business days after transaction date. Fund Codes * ISIN: Bloomberg: Classe A EUR LU ATQUDAE LX Classe B EUR LU ATQUDBE LX Classe A USD LU ATQUDAU LX Classe B USD LU ATQUDAU LX Further information Call info@atrium.pt Website Sovereign Debt Corporate Debt EM Debt Convertibles Equity Forex Commodities Capital Protection Hedge Funds Real Estate Volatility Last 12Month Correlation ** Quadrant MSCI World Local EuroStoxx 5 Gover. Bonds*** Euro Corp**** Quadrant 1. MSCI World Local.4 1. EuroStoxx Gover. Bonds *** Euro Corp **** Monthly data since August 22 *** EFFAS Bond Index Euro Govt; **** Barclays Agg. Euro Corp Bond; Disclaimer This presentation has been drafted taking into consideration the rules applicable to the provision in Portugal of investment and ancillary services and is distributed to its addressees for information, marketing and promotional purposes only. While preparing the contents of this presentation due care has been taken to ensure that the information disclosed herein is comprehensive, true, current, clear, objective and lawful. Atrium Investimentos Sociedade Financeira de Corretagem, S.A. (hereinafter, Atrium Investimentos ) accepts no liability if this presentation is unduly used or taken into consideration by any person or entity to whom the same has not been directly handed over by Atrium Investimentos. The contents of this promotional presentation do not constitute a public invitation or offer to acquire, hold or sell the financial products herein mentioned, nor a public invitation or offer to engage in other transactions or services, but have been drafted and are distributed in the strict context of the private placement of certain financial instruments. The contents of this promotional presentation do not, furthermore, constitute recommendations for your investment decisions or other decisions and do not constitute any type of advice whatsoever. This promotional presentation makes reference to financial products and transactions and to investment and ancillary services regarding which additional information is likely to exist in separate documents, such as prospectus, private placement memoranda and other informative documents. Before investing in a financial product investors should carefully read through the currently valid legal documents as well as all other documents which may be required under local legal provisions and regulations. A detailed study of the legal aspects and risk indications is particularly important. It is recommended that expert advice be obtained before an investment decision is taken. In the context of the actual provision or execution by Atrium Investimentos of services, products and transactions, Atrium Investimentos will provide, before any investment is actually made, all the necessary information for the making by its clients and prospective clients, of an informed decision. In any case, the addressees of this promotional presentation may require any additional information that Atrium Investimentos may have available at its office below mentioned. In these situations, the addressees of this promotional presentation should consider the information made available taking into consideration the contents of this presentation and vice versa. The contents of this promotional presentation have not been verified or approved by any regulator or supervisory authority. Any reference made in this presentation to any regulator or supervisory authority shall not be understood as indicating or suggesting endorsement or approval by that regulator or authority of the products, services and transactions herein referred to. A detailed explanation of any potential risks associated with the investment in the financial products herein referred to will be provided by Atrium Investimentos in the actual context of the provision of investment and ancillary services and before any investment is actually made. The addressees of this promotional presentation must be aware that the results of any products and services herein referred to might be based on the gross performance of such products and services, which means that any actual results may be lower due to the impact of any commissions, fees, taxes and other charges, and may vary taking into consideration the particular circumstances of the relevant investor. The information herein contained makes reference or might make reference to: (i) The past performance of products and services (financial instruments and financial indexes); (ii) The future performance of products and services (financial instruments and financial indexes); (iii) To the simulated past performance past performance of products and services (financial instruments and financial indexes); This promotional presentation might make reference to data or results which are based or might be based in figures expressed in a currency which is different from the one used in the country of residence of the addressees of this presentation. If this is the case, the relevant addressees are hereby advised that the return upon investment in any of the relevant products and / or services herein mentioned may increase or decrease as a result of currency fluctuations. The currencies referred to in this promotional presentation are: USD and EURO. The information contained in this promotional presentation might make reference to particular or general tax treatments associated to the financial products, services and transactions herein referred to. The addressees of this presentation shall not regard this information as tax or financial advice and shall seek independent advice on these matters. The addresses of this presentation shall furthermore be informed that any applicable tax treatment will depend on the individual circumstances of each investor and is subject to change in the future. Atrium Investimentos shall not be liable for any tax treatment information herein contained and is not responsible for informing the addressees of this presentation of any future changes which might occur in the law or other and which might have an impact on the information contained in this presentation. This document cannot be reproduced or copied without the previous consent of Atrium Investimentos. Atrium Investimentos expressly prohibits the distribution or transmission, for whatever reason, of this document to persons to whom this presentation has not been directly handed out by Atrium Investimentos. Atrium Investimentos will not be liable for any claims or actions brought up by third parties resulting from the undue utilization or distribution of this promotional presentation. Atrium Investimentos is a broker-dealer company with head office at Avenida da República, n.o 35, 2nd Floor, , Lisboa, legal entity n.o , registered with the Commercial Registry Office of Lisbon, with a share capital of Euro Atrium Investimentos is authorized to provide investment and ancillary services and is subject to the supervision of the Comissão do Mercado de Valores Mobiliários (CMVM, Rua Laura Alves, nº. 4, Lisboa) and of the Banco de Portugal (R. Francisco Ribeiro, 2, , Lisboa). Atrium Investimentos is registered with the Banco de Portugal (n.o 231) and with the CMVM (n.o 269) and is a participant in the Portuguse Investors Compensation Scheme (registration n.o 38). For more information on Atrium Investimentos, please go to where you may find additional information about Atrium Investimentos, its products and services. 2/2

3 Return Atrium Portfolio Sicav Sextant Fund (usd) Investment Objective The main objective of the fund is to attain an annual return that outperforms the reference money market rates by 6%, while trying to keep a volatility below 12%. The fund invests in assets directly or indirectly in order to have a diversified portfolio. The underlying portfolio may invest in all asset classes (such as bonds, equity and commodities), strategies and industries. Derivatives such as futures or options may be used to hedge or as an alternative to direct investment in the underlying asset. Strategy Statistics ** Annualized Return 5.8% Annualized Volatility 6.1% Sharpe Ratio.7 % Positive Months 65.4% Best Month 8.7% Worst Month -4. Max Consecutive Loss -6.3% Launch Date July 25 Monthly Commentary The portfolio depreciated by 1.8% in March, in a period that exhibited greater volatility in the wake of a significant recovery of risky assets in the first fortnight. Prospects related to the tariff war amid US and China, the executive overhaul in Washington, a correction in the technology sector that began with the Facebook data scandal, and a slowdown of the very high economic activity indicators are among the main destabilizing factors that marked a sharp and homogenous decline across equity indices (-2.5% for the MSCI World Index). Credit markets were only moderately influenced by the previous scenario, benefiting from a decline in long-term rates after a smooth digestion of one of the worrisome factors, namely the first meeting under the guidance of the new Federal Reserve Governor. Gold appreciated moderately while the EPRA/NAREIT real estate index recovered 1.1%, reducing the loss accrued since the beginning of the year to 7.5%. The HFRX Global hedge fund index fell by 1%. The equity class, whose exposure was maintained around 4, recorded an average performance slightly below the MSCI World index, mostly based on the position in European peripheral banking, which continues to accumulate the best performance of the year. On the other hand, it slightly benefited from the Eurozone composition, where we continue to see potential for greater appreciations. The bond portfolio generated a significant negative contribution in the current month, mainly influenced by the sharp decline in long-term German debt rates, which benefited from a risk-adverse sentiment. In the rest of the portfolio, short-term credit spreads showed great resilience to the aforementioned adverse environment, with only the subordinated debt segment in the Eurozone displaying losses. Overall, the negative contribution was greater than.5%. Foreign exchange exposure was kept unchanged, contributing negatively given the declines of the US dollar and the Norwegian currency. The Brazilian currency showed a sharper decline in the period, due to a more accommodative monetary policy framework, offset by the rise in price and the maintenance of this very high interest rate position. The portfolio remains well-positioned for a scenario of ongoing growth of economies and corporate earnings. It is our belief that the recent destabilizing factors will not jeopardize this scenario, since the conjectural volatility peaks have been amplified by the monetary policy normalization perspective of the main blocks. Total Return ** 1 Month -1.8% 3 Months -1.8% YTD -1.8% 1 Year 1.4% 3 Years 1.7% 5 years 2.8% Since inception 14.3% Risk-Return Analysis ** Asset Allocation and FX exposure * % 39.4% 51.2% -31.4% -2 Money Market Bonds Stocks (Bonds) % 2.2% 85.6% Cumulative Performance vs Indices ** Eur Nok Brl Usd Performance Attribution (bps) * Equity Bonds Forex YTD Mar/18 8% 21 6% 4% Bond Index Atrium Sicav - Sextant Equity Index % % 8% 12% 16% Volatility *** MSCI WORLD Local; **** EFFAS Bond Index Euro Govt; 7 5 Atrium Sicav - Sextant MSCI World Local Govt. Bonds Libor USD 1M Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD % 1.4% 2.1% -1.1% 4.1% 2.9% % -.5% 2.1%.5% % 1.4%.8%..2%.8% 1.6% 6.7% % 2.5%.2% 1.2% 3.1%.9% 1.1% -.4% -2..3%.8% -.8% 8.3% % -.8%.8% -.3% % 1.9% 4.6% 8.7% 4.4% -.2% 11.6% 29.8% -2.9% 6.1% 2.1%.3%.4%.4% 1.3% 3.5% % 2.7% 11.2% 21.3%.5% 2.1% -.1% -2.1% %..6% % 4.6% 211.1%.6% -.3% -.4% -.2% -.8%.7% -1.7% -2.9% 1.6% -1.3%.2% -4.5% 212.6% -.1%.2% -.4%..5%.3%.9% % 1.1% 1.4% 4.5% %.1% -.4% 1.6%.3% -1.2%.3% -.1%.8% 1..5%.1% 4.9% % 1.4% 1..5% 1.3%.2% -.2% 1.9% 2.1% -.6% 1.6% -.6% 7.7% % 2.2% 1.3% -.2% -.2% -1.4% % -3.2% 3.9% 1.1% -2.2% 1.9% % -1.4% 1.6% -.2%.9% -.9% 1.7%.7% -.4%.7% -.6% 2.6% 2.2% 217.2% 1.4% 1.2%.8%.5%.5%.5% %.4% -.1%.1% 6.2% % -1.8% -1.8% -1.8% (*) All references to Fund refer to the sub-fund Sextant in Atrium SICAV, an open-ended investment fund organized as a société anonyme under the laws of the Grand Duchy of Luxembourg. Legal information available on: (**) All references to Strategy, including statistics, historical performance and the risk return analysis, refers to results of portfolios managed by 1/2 Atrium Investimentos SFC, SA (until Feb 29), by Sextant Fund Limited (from Mar 29 until Aug 211) and by Atrium Portfolio Sicav-Sextant Fund (since Sep 211)..

4 Atrium Portfolio Sicav Sextant Fund (usd) Fund Details * Investment Manager Atrium Investimentos Launch Date September 211 Assets Under Manag. $22.1 M Structure UCITS V Lux SICAV Share Classes EUR, USD Management Fee: Share Class A 1.5% Share Class B 1.5% +.5% (Dist. Fee) Performance Fee: Class EUR 2 over Euribor 1M + 6% Class USD 2 over Libor 1M + 6% Minimum Subscription 1, (EUR or USD) Minimum Increment 25, (EUR or USD) Liquidity Daily (T+4) # Administrator FundPartner Solutions SA Custodian Pictet & Cie (Eur) Auditor PWC Registered for sale in Portugal and Spain # Settlement 4 business days after transaction date Histogram of Monthly Returns ** Asset Allocation and 12 Month Volatility ** Fund Codes * ISIN: Bloomberg: Class A EUR LU ATSXTAE LX Class B EUR LU ATSXTBE LX Class A USD LU ATSXTAU LX Class B USD LU ATSXTAU LX Further information Call info@atrium.pt Website Fixed Income (gross exposure) Equity Forex Commodities Capital Protection Hedge Funds Real Estate Volatility Last 12Month Correlation ** Sextant MSCI World Local EuroStoxx 5 Gover. Bonds*** Euro Corp**** Sextant 1. MSCI World Local.3 1. EuroStoxx Gover. Bonds *** Euro Corp **** Monthly data since July 25 *** EFFAS Bond Index Euro Govt; **** Barclays Agg. Euro Corp Bond; Disclaimer This presentation has been drafted taking into consideration the rules applicable to the provision in Portugal of investment and ancillary services and is distributed to its addressees for information, marketing and promotional purposes only. While preparing the contents of this presentation due care has been taken to ensure that the information disclosed herein is comprehensive, true, current, clear, objective and lawful. Atrium Investimentos Sociedade Financeira de Corretagem, S.A. (hereinafter, Atrium Investimentos ) accepts no liability if this presentation is unduly used or taken into consideration by any person or entity to whom the same has not been directly handed over by Atrium Investimentos. The contents of this promotional presentation do not constitute a public invitation or offer to acquire, hold or sell the financial products herein mentioned, nor a public invitation or offer to engage in other transactions or services, but have been drafted and are distributed in the strict context of the private placement of certain financial instruments. The contents of this promotional presentation do not, furthermore, constitute recommendations for your investment decisions or other decisions and do not constitute any type of advice whatsoever. This promotional presentation makes reference to financial products and transactions and to investment and ancillary services regarding which additional information is likely to exist in separate documents, such as prospectus, private placement memoranda and other informative documents. Before investing in a financial product investors should carefully read through the currently valid legal documents as well as all other documents which may be required under local legal provisions and regulations. A detailed study of the legal aspects and risk indications is particularly important. It is recommended that expert advice be obtained before an investment decision is taken. In the context of the actual provision or execution by Atrium Investimentos of services, products and transactions, Atrium Investimentos will provide, before any investment is actually made, all the necessary information for the making by its clients and prospective clients, of an informed decision. In any case, the addressees of this promotional presentation may require any additional information that Atrium Investimentos may have available at its office below mentioned. In these situations, the addressees of this promotional presentation should consider the information made available taking into consideration the contents of this presentation and vice versa. The contents of this promotional presentation have not been verified or approved by any regulator or supervisory authority. Any reference made in this presentation to any regulator or supervisory authority shall not be understood as indicating or suggesting endorsement or approval by that regulator or authority of the products, services and transactions herein referred to. A detailed explanation of any potential risks associated with the investment in the financial products herein referred to will be provided by Atrium Investimentos in the actual context of the provision of investment and ancillary services and before any investment is actually made. The addressees of this promotional presentation must be aware that the results of any products and services herein referred to might be based on the gross performance of such products and services, which means that any actual results may be lower due to the impact of any commissions, fees, taxes and other charges, and may vary taking into consideration the particular circumstances of the relevant investor. The information herein contained makes reference or might make reference to: (i) The past performance of products and services (financial instruments and financial indexes); (ii) The future performance of products and services (financial instruments and financial indexes); (iii) To the simulated past performance past performance of products and services (financial instruments and financial indexes); This promotional presentation might make reference to data or results which are based or might be based in figures expressed in a currency which is different from the one used in the country of residence of the addressees of this presentation. If this is the case, the relevant addressees are hereby advised that the return upon investment in any of the relevant products and / or services herein mentioned may increase or decrease as a result of currency fluctuations. The currencies referred to in this promotional presentation are: USD and EURO. The information contained in this promotional presentation might make reference to particular or general tax treatments associated to the financial products, services and transactions herein referred to. The addressees of this presentation shall not regard this information as tax or financial advice and shall seek independent advice on these matters. The addresses of this presentation shall furthermore be informed that any applicable tax treatment will depend on the individual circumstances of each investor and is subject to change in the future. Atrium Investimentos shall not be liable for any tax treatment information herein contained and is not responsible for informing the addressees of this presentation of any future changes which might occur in the law or other and which might have an impact on the information contained in this presentation. This document cannot be reproduced or copied without the previous consent of Atrium Investimentos. Atrium Investimentos expressly prohibits the distribution or transmission, for whatever reason, of this document to persons to whom this presentation has not been directly handed out by Atrium Investimentos. Atrium Investimentos will not be liable for any claims or actions brought up by third parties resulting from the undue utilization or distribution of this promotional presentation. Atrium Investimentos is a broker-dealer company with head office at Avenida da República, n.o 35, 2nd Floor, , Lisboa, legal entity n.o , registered with the Commercial Registry Office of Lisbon, with a share capital of Euro Atrium Investimentos is authorized to provide investment and ancillary services and is subject to the supervision of the Comissão do Mercado de Valores Mobiliários (CMVM, Rua Laura Alves, nº. 4, Lisboa) and of the Banco de Portugal (R. Francisco Ribeiro, 2, , Lisboa). Atrium Investimentos is registered with the Banco de Portugal (n.o 231) and with the CMVM (n.o 269) and is a participant in the Portuguse Investors Compensation Scheme (registration n.o 38). For more information on Atrium Investimentos, please go to where you may find additional information about Atrium Investimentos, its products and services. 2/2

5 Return Atrium Portfolio Sicav Octant Fund (usd) Investment Objective The main objective of the fund is to generate superior returns over an economic cycle by investing in a diversified portfolio of equities and equity related instruments, and outperform the reference money market rates by 7%. The fund will follow a top-down investment style, with no country or industry restriction. The allocation will be dynamic and will vary from 5 to 15 depending on fundamental considerations and market sentiment. The fund objective is an annual return equal to the MSCI World Index (local) with a lower volatility. Strategy Statistics ** Annualized Return 8.1% Annualized Volatility 12. Sharpe Ratio.6 % Positive Months 63.7% Best Month 13.8% Worst Month -7.7% Launch Date November 28 Fund Details * Investment Manager Atrium Investimentos Launch Date January 212 Assets Under Manag. Structure Share Classes Management Fee: $42.5 M Share Class A 1.5% Share Class B Performance Fee: UCITS V Lux SICAV EUR, USD 1.5% +.5% (Dist. Fee) Class EUR 2 over Euribor 1M + 7% Class USD 2 over Libor 1M + 7% Minimum Subscription Minimum Increment 1, (EUR or USD) 25, (EUR or USD) Liquidity Daily (T+4) # Administrator Custodian Auditor FundPartner Solutions SA Pictet & Cie (Eur) PWC # Settlement 4 business days after transaction date Monthly Commentary The portfolio depreciated by 2.7% in March, in a period that exhibited greater volatility in the wake of a significant recovery of risky assets in the first fortnight. Prospects related to the tariff war amid US and China, the executive overhaul in Washington, a correction in the technology sector that began with the Facebook data scandal and a slowdown of the very high economic activity indicators are among the main destabilizing factors that marked a sharp and homogenous decline across equity indices. All major indices suffered a decline, with the S&P5 down 2.7%, Europe dropping 2.4%, Japan losing 2.8% and emerging markets falling 2.1% in local currency. The financial sector was the most penalized one, especially in the Eurozone, which experienced the largest declines in long-term interest rates, in a typical risk aversion movement associated with fears of an economic slowdown, which also penalized the more cyclical sectors such as construction. The technological sector was also a negative highlight in the period, mostly led by idiosyncratic factors being echoed by current high valuations. Some sectors recorded positive performances, notably the defensive ones and real estate, which benefited from the interest rate movement, as well as the oil and energy sector. The HFRX Equity Hedge index (-.7%) recorded an excellent relative performance, mainly benefiting from the market-neutral subcategories (-.2%), due to the positioning in the defensive sectors. The portfolio kept the exposure slightly below 1, posting an average performance of.4% below the MSCI World Index. This difference was mostly justified by the position in European peripheral banking, which continues to accumulate the best performance of the year, and by the exposure to European small-caps, which in the period underperformed large cap companies in the region, whose exposure represents the base portfolio. The annualized standard deviation of the portfolio in the last twelve months increased to 7.4%, after reaching a historically low value in January. The VIX index averaged 19% in March, reducing both the average volatility observed in February and the extreme variations occurred during that period. Cumulative Performance vs Indices ** Return Analysis ** Atrium Sicav - Octant HFRX Equity Hedge MSCI World Local EuroStoxx5 Nikkei225 Asset Exposure * Atrium Sicav - Octant HFRX Equity Hedge MSCI World Local S&P5 EuroStoxx5 Nikkei225 S&P5-3.9% -2.7% -.7% -2.7% -2.5% -1.2% -2.7% -4.1% -2.3% -5.8% -2.8% 22.8% 1.2% 29.6% Since Inception YTD MTD % 172.6% 15.3% Risk Return Analysis ** 12% 1 8% 6% 4% 2% S&P5 Atrium Sicav - Octant HFRX Equity Hedge MSCI World Local EuroStoxx5 Nikkei225-2% 5% 1 15% 2 Geographical Exposure * Volatility Fund Codes * ISIN Codes: Bloomberg: Class A EUR LU ATOCTAE LX Equity 98.7% 65.4% Class B EUR LU ATOCTBE LX Equity Class A USD LU ATOCTAU LX Equity 1.3% 8.7% 25.9% Class B USD LU ATOCTBU LX Equity Money Market Equity Europe USA Asia Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD % 1.1% 1.4% 29.4% % 7.9% 3.2%. 3.5% 5.1% 2.8% -2.2% % 3.1% %.4% 3.5% -1.6% -3.6% -2.8% 6.9% -3.6% 5.2% 2.4% -3.9% 2.9% 1.1% % 1.2%.3% 1.6% -1.7% -.9% % -2.8% % -5.6% % 2.7%.5% -1.3% -5.5% 2.3% 2.6% % 1.3% 1.7% 2.6% 13.1% % -.7% -.1% 2.7%.4% -2.1% 1.8% -1.1% 3.7% 2.8% 1.3%.8% 14.6% % 3.3%.8% %.3% -1.9%.9% 1.7% -2.1% 3.4% -3.2% 2.4% % 5.9% 2.2%.5%.1% -2.6% 1.6% -7.7% -6.3% 9.5% 2.6% -4.2% 1.9% % -3.9% 3.8% -.1% 2.4% % 1.7% -.9% 2.7% -.6% 6.3% 2.7% 217.2% 2.3% 3.2% 1.6% 1.6% -.6%.2% -.7% 3.2% 1.6% -.1%.3% 13.6% % % -3.9% (*) All references to Fund refer to the sub-fund Octant in Atrium SICAV, an open-ended investment fund organized as a société anonyme under the laws of the Grand Duchy of Luxembourg. Legal information available on: (**) All references to Strategy, including statistics, historical performance and the risk return analysis, refers to results of portfolios managed by Atrium Investimentos SFC, SA (until 23 Jan 212) and by Atrium Sicav Portfolio Octant Fund (since 24 Jan 212).. 1/2

6 Atrium Portfolio Sicav Octant Fund (usd) Disclaimer This presentation has been drafted taking into consideration the rules applicable to the provision in Portugal of investment and ancillary services and is distributed to its addressees for information, marketing and promotional purposes only. While preparing the contents of this presentation due care has been taken to ensure that the information disclosed herein is comprehensive, true, current, clear, objective and lawful. Atrium Investimentos Sociedade Financeira de Corretagem, S.A. (hereinafter, Atrium Investimentos ) accepts no liability if this presentation is unduly used or taken into consideration by any person or entity to whom the same has not been directly handed over by Atrium Investimentos. The contents of this promotional presentation do not constitute a public invitation or offer to acquire, hold or sell the financial products herein mentioned, nor a public invitation or offer to engage in other transactions or services, but have been drafted and are distributed in the strict context of the private placement of certain financial instruments. The contents of this promotional presentation do not, furthermore, constitute recommendations for your investment decisions or other decisions and do not constitute any type of advice whatsoever. This promotional presentation makes reference to financial products and transactions and to investment and ancillary services regarding which additional information is likely to exist in separate documents, such as prospectus, private placement memoranda and other informative documents. Before investing in a financial product investors should carefully read through the currently valid legal documents as well as all other documents which may be required under local legal provisions and regulations. A detailed study of the legal aspects and risk indications is particularly important. It is recommended that expert advice be obtained before an investment decision is taken. In the context of the actual provision or execution by Atrium Investimentos of services, products and transactions, Atrium Investimentos will provide, before any investment is actually made, all the necessary information for the making by its clients and prospective clients, of an informed decision. In any case, the addressees of this promotional presentation may require any additional information that Atrium Investimentos may have available at its office below mentioned. In these situations, the addressees of this promotional presentation should consider the information made available taking into consideration the contents of this presentation and vice versa. The contents of this promotional presentation have not been verified or approved by any regulator or supervisory authority. Any reference made in this presentation to any regulator or supervisory authority shall not be understood as indicating or suggesting endorsement or approval by that regulator or authority of the products, services and transactions herein referred to. A detailed explanation of any potential risks associated with the investment in the financial products herein referred to will be provided by Atrium Investimentos in the actual context of the provision of investment and ancillary services and before any investment is actually made. The addressees of this promotional presentation must be aware that the results of any products and services herein referred to might be based on the gross performance of such products and services, which means that any actual results may be lower due to the impact of any commissions, fees, taxes and other charges, and may vary taking into consideration the particular circumstances of the relevant investor. The information herein contained makes reference or might make reference to: (i) The past performance of products and services (financial instruments and financial indexes); (ii) The future performance of products and services (financial instruments and financial indexes); (iii) To the simulated past performance past performance of products and services (financial instruments and financial indexes); This promotional presentation might make reference to data or results which are based or might be based in figures expressed in a currency which is different from the one used in the country of residence of the addressees of this presentation. If this is the case, the relevant addressees are hereby advised that the return upon investment in any of the relevant products and / or services herein mentioned may increase or decrease as a result of currency fluctuations. The currencies referred to in this promotional presentation are: USD and EURO. The information contained in this promotional presentation might make reference to particular or general tax treatments associated to the financial products, services and transactions herein referred to. The addressees of this presentation shall not regard this information as tax or financial advice and shall seek independent advice on these matters. The addresses of this presentation shall furthermore be informed that any applicable tax treatment will depend on the individual circumstances of each investor and is subject to change in the future. Atrium Investimentos shall not be liable for any tax treatment information herein contained and is not responsible for informing the addressees of this presentation of any future changes which might occur in the law or other and which might have an impact on the information contained in this presentation. This document cannot be reproduced or copied without the previous consent of Atrium Investimentos. Atrium Investimentos expressly prohibits the distribution or transmission, for whatever reason, of this document to persons to whom this presentation has not been directly handed out by Atrium Investimentos. Atrium Investimentos will not be liable for any claims or actions brought up by third parties resulting from the undue utilization or distribution of this promotional presentation. Atrium Investimentos is a broker-dealer company with head office at Avenida da República, n.o 35, 2nd Floor, , Lisboa, legal entity n.o , registered with the Commercial Registry Office of Lisbon, with a share capital of Euro Atrium Investimentos is authorized to provide investment and ancillary services and is subject to the supervision of the Comissão do Mercado de Valores Mobiliários (CMVM, Rua Laura Alves, nº. 4, Lisboa) and of the Banco de Portugal (R. Francisco Ribeiro, 2, , Lisboa). Atrium Investimentos is registered with the Banco de Portugal (n.o 231) and with the CMVM (n.o 269) and is a participant in the Portuguse Investors Compensation Scheme (registration n.o 38). For more information on Atrium Investimentos, please go to where you may find additional information about Atrium Investimentos, its products and services. 2/2