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. Best Month 4.9% Worst Month -2.8% Max Consecutive Loss -4.2% Launch Date August 22 Monthly Commentary The portfolio depreciated by.1% in June, with markets eventually completing the mixed performance period, mostly driven by the trade rhetoric between the US and China plus some political noise in Germany. The global equity index displayed a marginal variation, with the US and Japan slightly outperforming European markets, which recorded a greater returns dispersion. Emerging markets lied on the negative side, whose performance continued to be affected by the commercial war outlook (the metals and agricultural segments of the commodities space suffered significant losses), in addition to the recent rises in the USD and interest rates along with the US central bank bound to lift again the main interest rate. The HFRX Global and UCITS Alternative Global hedge fund indices exhibited losses of.2% and.7%, respectively. The equity class, whose exposure has been maintained unchanged in our portfolio, had an average performance slightly lower than the MSCI World Index, and was mostly affected by the Eurozone overweight, particularly in the German index, which has the highest upside potential, reinforced by the appreciation of the USD. The contribution of the class to the portfolio was marginal. The bond portfolio also showed a slightly negative contribution in the month, being affected by the higher risk segments, such as the emerging and high-yield markets. Foreign exchange exposure remained at low levels, with the gain in the position in Norwegian Crown being nullified by the position in Brazilian Real, which again was affected by the general devaluation of emerging market currencies in this troubled period. The contribution to the portfolio was marginal. These segments of the debt class, as well as some regions and sectors of within the equity space, reached high attractiveness levels, particularly in relative terms, once compared to the levels of interest rates currently prevailing in the market, given a lack of a factor that would bring stability in the political issues tied to the trade wars and allow the very positive development of macroeconomic and microeconomic components to prevail. Despite the expectation of an acceleration of economic growth at the beginning of the year, the deterioration of some of the economic indicators led to an increase in the price volatility of the stock indices, which were at relatively low levels. This increase in volatility might have been the price to pay. In the meanwhile, we expect performance to be more constructive in the second half. The annualized standard deviation of the portfolio in the last twelve months has remained at 1.8%, continuing to fluctuate around the lowest levels of the last six years, despite the volatility of the bond class keeps gaining influence in the portfolio. Total Return ** 1 Month -.1% 3 Months.5% YTD -.2% 1 Year 1.2% 3 Years 3.8% 5 years 11. Since inception 92. Risk-Return Analysis ** 8% Asset Allocation and FX exposure* 26 24 1 8 6 4 2 21.3% 49.7% 29.1% Money Market Bonds Stocks 1.3% 3.1% 95.6% Eur Nok Brl Cumulative Performance vs Indices ** 1 8 6 4 2 Performance Attribution (bps) * 5 Equity Bonds Forex -5-1 -15 YTD Jun/18 6% 4% 2% Bond Index Atrium Sicav - Quadrant Equity Index 22 2 18 16 14 12 4% 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 22 2.9% -1.6% 4.9%.3% -.8% 5.7% 23-1.2% -.8% 3.6%.8%.7% 4.1% 3.7% 3. -1.8% 1.2% -.7%.2% 12.8% 24 1.1% 1.4%.8% -1.7% 1..8% -.3%.7%.2% -1.5% 1.5% 1. 5. 25 1.4% 1.3% -.6%.1%.2% -1.4%.6% 1.3% 3.3% -2. 3.2% 1.8% 9.5% 26 1.1%.3%.6% 1. -2.8% -.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% 28 -.4% 1.1% -1. -.4% -.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% 6. 21.5%.5%.7%. -.2% 1.6% 1.7%.7% -.1%. -1..4% 4.9% 211..4% -.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. -.6% -1.2%.3% -.3%.6%.8%.2% -.1%.8% 214 -.7% 1..3%.5% 1.1%.2% -.1%.8%.3%..7%. 4.1% 215 1.1%.8%.5% -.1% -.1% -1.1%.8% -2.6% -1.7% 2.5%.6% -1.1% -.4% 216-1.2% -.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%.8% -.2% -.1% -.2% (*) 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: http://www.atrium.pt/pt/gestaosicav.php; (**) 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
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 May/18 Atrium Portfolio Sicav Quadrant Fund (usd) Fund Details * Investment Manager Atrium Investimentos Launch Date September 211 Assets Under Manag. $69.8 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 # Settlement 4 business days after transaction date Histogram of Monthly Returns ** 5 4 3 2 1 Asset Allocation and 12 Month Volatility ** 1 9 8 7 6 5 4 3 2 1 8. 7. 6. 5. 4. 3. 2. 1.. Fund Codes * ISIN: Bloomberg: Classe A EUR LU63472792 ATQUDAE LX Classe B EUR LU63472875 ATQUDBE LX Classe A USD LU63472958 ATQUDAU LX Classe B USD LU6347397 ATQUDBU LX Further information Call +351 217 928 8 Email info@atrium.pt Website www.atrium.pt 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 5.5.9 1. Gover. Bonds ***. -.1 -.1 1. Euro Corp ****.1.3.3.6 1. 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, 15-186, Lisboa, legal entity n.o 54312189, registered with the Commercial Registry Office of Lisbon, with a share capital of Euro 3.742.189. 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, 164-3 Lisboa) and of the Banco de Portugal (R. Francisco Ribeiro, 2, 115-165, 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 www.atrium.pt, where you may find additional information about Atrium Investimentos, its products and services. 2/2
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 5.7% Annualized Volatility 6. Sharpe Ratio.7 % Positive Months 64.7% Best Month 8.7% Worst Month -4. Max Consecutive Loss -6.3% Launch Date July 25 Monthly Commentary The portfolio depreciated by.21% in June, with markets mostly conditioned by the confrontational rhetoric between the US and China plus some political noise in German, which reversed from the very positive start at the beginning of the period. The global equity index displayed a marginal variation, with the US and Japan slightly outperforming European markets, which recorded a greater returns dispersion. Emerging markets lied on the negative side, whose performance continued to be affected by the commercial war outlook (the metals and agricultural segments of the commodities space suffered significant losses), in addition to the recent rises in the USD and interest rates along with the US central bank bound to lift again the main interest rate. Credit spreads widened moderately and gold fell sharply. The HFRX Global and UCITS Alternative Global hedge fund indices dropped.2% and.7%, respectively, with the Macro sub-segment recording a loss of.7%. The equity class maintained the exposure at around 45%, displaying a marginally positive contribution, in line with the MSCI World local currency index. Although the overweight of the European region has penalized the portfolio, the specific securities selected in US and in the European banking sector offset the geographical allocation that includes a position on the German market, one of the areas most sensitive to the trade war issue, which presents the highest upside potential, now reinforced by the recent USD appreciation. From a more cross-cutting point of view, political noise in Europe and some disappointment related to the start of normalization of interest rates in Europe continued to temporarily limit the most attractive sectors in the region. The bond portfolio generated the largest negative contribution of the period, kept under pressure by the low level of long-term German debt rates, which remained around the year's lows. This position accounted for 46% of the loss in the period, while the higher risk segments, namely emerging markets, subordinated debt and high-yield recording negative contributions within the class. Only the higher-quality segments slightly attenuated the poor class performance, which in all contributed -.2% to the portfolio. Foreign exchange exposure remained at 1, with gains from positions in Norwegian Crown and the Dollar being offset by the position in the Brazilian currency, which was once again affected by the general devaluation of emerging market currencies. Total Return ** 1 Month -.2% 3 Months.3% YTD -1.5% 1 Year -.1% 3 Years 3.9% 5 years 2.3% Since inception 14.9% Risk-Return Analysis ** Asset Allocation and FX exposure * 8 6 4 2-2 45.4% 4.1% 55.1% -4.6% -4 Money Market Bonds Stocks (Bonds) 5. 3. 2.3% 89.8% Cumulative Performance vs Indices ** 1 8 6 4 2 Eur Nok Brl Usd Performance Attribution (bps) * 5 Equity Bonds Forex -5-1 -15 YTD Jun/18 8% 21 19 6% 4% Bond Index Atrium Sicav - Sextant Equity Index 17 15 13 11 2% 9 4% 8% 12% 16% Volatility 7 5 Atrium Sicav - Sextant MSCI World Local Govt. Bonds Libor USD 1M *** MSCI WORLD Local; **** EFFAS Bond Index Euro Govt; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 25 1.3% 1.4% 2.1% -1.1% 4.1% 2.9% 11. 26 2.5% -.5% 2.1%.5% -4. 1.2% 1.4%.8%..2%.8% 1.6% 6.7% 27 1.3% 2.5%.2% 1.2% 3.1%.9% 1.1% -.4% -2..3%.8% -.8% 8.3% 28-2. -.3% -.8%.8% -.3% -4. -1.1% 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% -3. -.9% 2.7% 11.2% 21.3%.5% 2.1% -.1% -2.1% 2. 2.7%..6% -1. -1..7% 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% 1.1% 1.4% 4.5% 213 1.9%.1% -.4% 1.6%.3% -1.2%.3% -.1%.8% 1..5%.1% 4.9% 214-1.1% 1.4% 1..5% 1.3%.2% -.2% 1.9% 2.1% -.6% 1.6% -.6% 7.7% 215 3.3% 2.2% 1.3% -.2% -.2% -1.4% 1. -3.3% -3.2% 3.9% 1.1% -2.2% 1.9% 216-2.5% -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% -1. 1.6%.4% -.1%.1% 6.2% 218 1.8% -1.8% -1.8% 2.1% -1.6% -.2% -1.5% (*) 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: http://www.atrium.pt/pt/gestaosicav.php; (**) 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)..
Atrium Portfolio Sicav Sextant Fund (usd) Fund Details * Investment Manager Atrium Investimentos Launch Date September 211 Assets Under Manag. $191.9 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 ** 5 4 3 2 1 Asset Allocation and 12 Month Volatility ** 18 16 14 12 1 8 6 4 2 14. 12. 1. 8. 6. 4. 2.. Fund Codes * ISIN: Bloomberg: Class A EUR LU6347317 ATSXTAE LX Class B EUR LU63473253 ATSXTBE LX Class A USD LU63473337 ATSXTAU LX Class B USD LU6347341 ATSXTBU LX Further information Call +351 217 928 8 Email info@atrium.pt Website www.atrium.pt 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 5.4.9 1. Gover. Bonds ***.1 -.1. 1. Euro Corp ****..4.4.6 1. 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, 15-186, Lisboa, legal entity n.o 54312189, registered with the Commercial Registry Office of Lisbon, with a share capital of Euro 3.742.189. 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, 164-3 Lisboa) and of the Banco de Portugal (R. Francisco Ribeiro, 2, 115-165, 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 www.atrium.pt, where you may find additional information about Atrium Investimentos, its products and services. 2/2
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 11.9% Sharpe Ratio.6 % Positive Months 62.9% 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: $45.3 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.42% in June, in an indefinite period in which the VIX volatility index rose slightly to 16%, although having fluctuated between 11% and 19% in line with the trend of the commercial war news. The global MSCI World index in local currency displayed a marginal variation, with the US and Japan slightly outperforming European markets, which recorded a greater returns dispersion. Emerging markets were the negative highlights, which continued to be affected by trade war outlook, in addition to the tight monetary stance caused by recent rises in the USD and interest rates, with the US central bank implementing a further rise in the period. The high return dispersion observed within the commodity space, with the agricultural and metals segments (including gold) experiencing significant losses while the energy segment recorded significant gains, accentuated the difference among markets and sectors performances. At the global level, in terms of styles, the Growth category surpassed Value, while the strong outperformance accumulated during the year by Small Caps over Large Caps paused. The HFRX Equity Hedge and UCITS Long/Short hedge fund indices fell by.7% -.8%. The portfolio maintained its exposure around 1, falling below the MSCI World local currency index by.5%. The structurally high composition of the Eurozone contributed the most to the portfolio, especially the position in European small caps, whose negative performance justifies 7 of the deviation. Although the European overweight penalized the portfolio, the specific securities selected in the US and European banks mitigated the worse performance in the region, which includes a position in the German market, one of the areas most sensitive to the trade war theme, which has the highest appreciation potential, now reinforced by the recent appreciation of the USD. From a more cross-cutting point of view, the political noise with some disappointment over the start of interest rate normalization continued to temporarily limit the more attractive sectors in Europe. The annualized standard deviation of the portfolio in the last twelve months remained at 8.1%. Cumulative Performance vs Indices ** 31 29 27 25 23 21 19 17 15 13 11 9 7 Return Analysis ** Atrium Sicav - Octant HFRX Equity Hedge MSCI World Local EuroStoxx5 Asset Exposure * Atrium Sicav - Octant HFRX Equity Hedge MSCI World Local S&P5 EuroStoxx5 Nikkei225 S&P5 Nikkei225-1.6% -.4% -.7% -3.1% -.3% -2. 21.7%.2%.2%.2% 1.7%.5%.5% 31. Since Inception YTD MTD 112.9% 121.6% 18.6% 16.2% 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 LU6347351 ATOCTAE LX Equity 97.3% 64. Class B EUR LU63473683 ATOCTBE LX Equity Class A USD LU63473766 ATOCTAU LX Equity 2.7% 8.7% 27.3% Class B USD LU6347384 ATOCTBU LX Equity Money Market Equity Europe USA Asia Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 28 9.2% 1.1% 1.4% 29.4% -7. 13.8% 7.9% 3.2%. 3.5% 5.1% 2.8% -2.2% 1. -.4% 3.1% 21-3.8%.4% 3.5% -1.6% -3.6% -2.8% 6.9% -3.6% 5.2% 2.4% -3.9% 2.9% 1.1% 211 1.2% 1.2%.3% 1.6% -1.7% -.9% -2. -4.4% -2.8% 4. -1. -.8% -5.6% 212 3.4% 2.7%.5% -1.3% -5.5% 2.3% 2.6% 1. 1.3% 1.3% 1.7% 2.6% 13.1% 213 4.3% -.7% -.1% 2.7%.4% -2.1% 1.8% -1.1% 3.7% 2.8% 1.3%.8% 14.6% 214-4.2% 3.3%.8% 1. 2.8%.3% -1.9%.9% 1.7% -2.1% 3.4% -3.2% 2.4% 215 1.4% 5.9% 2.2%.5%.1% -2.6% 1.6% -7.7% -6.3% 9.5% 2.6% -4.2% 1.9% 216-7.4% -3.9% 3.8% -.1% 2.4% -5. 4.6% 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% 218 2.9% -4. -2.7% 3.7% -.9% -.4% -1.6% (*) 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: http://www.atrium.pt/pt/gestaosicav.php; (**) 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
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