altana corporate bond fund ucits - amazon s3...severe, the -6.2% decline for the s&p 500 for...

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Altana Corporate Bond Fund UCITS

Share Class/ Bloomberg ID $ / ALTCBOU ID £ / ALTCBCG ID € / ALTCBAE ID Portfolio Manager & Chief Investment Officer:

Lee Robinson

May 2019 -0.66% -0.75% -0.88%

YTD +4.93% +4.20% +3.75% Joint – Portfolio Manager: Philip Crate

NAV (since inception): $ 102.84 Fund AUM: $ 57,497,247

Key Points

May was a difficult month for risk markets because of renewed trade war concerns amid a weakening global growth outlook.

The Altana Corporate Bond Fund (“ACBF”) USD institutional share class generated a negative total return (after fees) of -66bps in

May. The GBP and € institutional share class categories generated negative returns of -75bps and -88bps, respectively.

ACBF performed relatively very well versus global investment grade credit on an excess return basis (Global IG: negative excess

return c.-2%) and outperformed global high yield on a total return basis (negative total returns ranging from -0.4% for GBP HY to -

1.5% for EUR HY).

ACBF’s YTD net performance still strong (USD, GBP and EUR YTD net returns +4.93%, +4.2% and +3.75%, respectively) despite the

negative performance in May.

We expect opportunities to arise as credit will remain volatile near term given the overhang of trade war related headlines and

rising investor concern about the global economic outlook.

Trade war headlines to one side, credit remains an attractive asset class given low/negative government bond yields in core

markets.

Currently c. USD11.6trn of global bonds (government and non-government) quoted on negative yields, up from c.USD6bn at the

start of the October 2018.

As of end of

May 2019 Annualised returns Volatility Sharpe Ratio

Sortino

Ratio

ACBF Strategy 1M 3M YTD 1Y ITD* 1Y ITD* 1Y ITD* 1Y

$ class -0.66% 1.58% 4.93% 4.95% 5.10% 1.53% 1.54% 3.24 2.82 5.86

HF Credit Index ($) 0.16% -0.68% 1.79% -1.19% 2.24% 2.23% 2.13% -0.53 1.05 -0.77

Barclays Global IG ($) 1.14% 3.83% 6.12% 7.09% 4.70% 2.08% 2.46% 3.41 1.91 6.32 * Inception to date numbers are from January 2016 for comparative purposes.

Altana Corporate Bond Fund (UCITS) Track Record and Statistics (USD data)

Return Since January 2016 19.23%

Average Monthly Return 0.43%

Consecutive Pos./Neg. Months 6

Max. Winning Streak 2.70%

Max. Drawdown -2.40%

Annualised SD * 1.57%

Sharpe Ratio * 2.82

Fund Size $57,50m

Current Weighted Average Yield 5.7%

Main Performance Contributors Top Performers Bps Worst Performers Bps

1 ITRX 100 06/24 3KA +13 1 NE 7.75 01/15/24 -12

2 BOPRL 500 06/24 3KA +10 2 BDRILL 3.875 05/23/23 -12

3 ITRX 500 06/24 3KA +8 3 DOUGR 6.25 07/15/22 REGS -10

4 JWLBCO 8.5 04/15/23 REGS +8 4 ESV 8 01/31/24 -10

5 CLF 4.875 04/01/21 +4 5 ASTONM 5.75 04/15/22 REGs -7

0.960.970.980.991.001.011.021.031.041.051.061.071.081.091.101.111.121.131.141.151.161.171.181.191.201.211.22

Altana Corporate Bonds Fund UCITS HF Credit Index BARCLAYS Global Investment Grade Index

May 2019

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Fund Strategy

The objective of the Altana Corporate Bond Fund (ACBF) is to generate a positive return in all market phases by investing in a diversified portfolio of corporate bonds globally. The fund sources attractive bond investment opportunities in all major markets, seeks corporations that have an extremely high degree of repayment as well as strong defendable business models. Risks on macroeconomic, geopolitical, sector and issuer levels are limited by following a structured allocation strategy. ACBF takes global exposure either via cash bond positions or derivatives, depending on relative valuations and market opportunities.

€ / ALTCBAE ID. Monthly performance (%). Net of all legal, admin, trading and management fees.

YEAR Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD ITD

2016 0.06% -0.78% 1.62% 0.25% 0.12% -0.32% 1.39% 0.89% -0.38% 0.80% 0.95% 0.93% 5.65%

11.29% 2017 0.01% 0.44% -0.19% 0.83% 0.88% -0.41% 0.58% 0.19% 0.42% 0.88% -0.45% -0.06% 3.16%

2018 0.30% 0.07% -0.31% 0.06% -0.06% -0.16% 0.65% 0.24% 0.44% -0.51% -1.25% -1.04% -1.58%

2019 1.45% 1.35% 0.71% 1.09% -0.88% 3.75%

£ / ALTCBCG ID. Monthly performance (%). Net of all legal, admin, trading and management fees.


2016 0.10% -0.74% 1.73% 0.32% 0.17% -0.27% 1.47% 0.97% -0.34% 0.87% 1.02% 1.01% 6.45%

14.91% 2017 0.11% 0.48% -0.12% 0.88% 1.00% -0.32% 0.68% 0.25% -0.24% 1.51% -0.38% 0.01% 3.91%

2018 0.39% 0.14% -0.21% 0.17% 0.02% -0.08% 0.72% 0.34% 0.72% -0.38% -1.16% -0.97% -0.31%

2019 1.49% 1.41% 0.82% 1.19% -0.75% 4.20%

$ / ALTCBOU ID. Monthly performance (%). Net of all legal, admin, trading and management fees.


2016 0.12% -0.71% 1.78% 0.32% 0.19% -0.23% 1.50% 1.00% -0.23% 0.91% 1.14% 1.01% 6.97%

19.23% 2017 0.16% 0.53% -0.06% 0.97% 1.08% -0.22% 0.75% 0.34% 0.63% 1.02% -0.29% 0.06% 5.06%

2018 0.53% 0.21% -0.61% 0.36% 0.16% 0.03% 0.91% 0.47% 0.74% -0.29% -1.02% -0.80% 1.11%

2019 1.68% 1.59% 0.89% 1.35% -0.66% 4.93%

Note: The UCITS fund was launched in May 2014. From January 2016, Lee Robinson and Philip Crate took over the management of the fund. For full historical data prior to this, please contact: [email protected].

mailto:[email protected]

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Portfolio Activity & Outlook

Performance Review

After an almost perfect backdrop for financial markets through the first four months of the year, the tide changed dramatically in May as the trade war jumped back into the spotlight. Questions about weakening global growth are now rightly being asked, with the probability of a global recession now a much more realistic possibility. The end result in markets during May was a uniform risk-off move, and although not hugely severe, the -6.2% decline for the S&P 500 for example is still in the top 3 of the last 92 months. All in 14 of the 38 assets in our sample (excluding FX) finished the month with a negative total return, with the number in USD terms being 13 assets. The Altana Corporate Bond Fund (“ACBF”) was not immune from this risk-off environment with the fund reporting a negative total return (after fees) of -66bps (-75bps and -88bps for the GBP and €-institutional share class, respectively). While ACBF underperformed the Barclays Global IG index on a total return basis – with the latter up +1.14% in May – it outperformed the broader IG index on an excess return basis after subtracting the positive total return derived from core government bonds with the Barclay’s Global Index showing a negative excess return of c.-1.5% (more detail below) in May. We believe that this is the most appropriate way to assess our performance given that very few IG managers buy investment grade credit on an all-in-yield basis (i.e. they will buy investment grade bonds on a duration weighted basis by selling short the underlying government bond to lock in a credit spread over the underlying government bond benchmark). On an YTD basis ACBF continues to perform well against its peer group with a net return of +4.93% (GBP and EUR share class YTD net returns +4.2% and +3.75%, respectively). The fund continues to be run on a conservative basis operating with a low volatility profile (1.53%, on a one-year look back basis) ensuring that we continue to report an enviable Sharpe Ratio (3.24, on a one-year look back basis). Figure 1: Cross Currency Performance Analysis – May 2019

Note: Excess returns approximated by subtracting a similar duration government bond index return from the credit index return. Source: Deutsche Bank, Markit Group The severity of declines for equities ranged from -3.1% for the FTSE 100 - albeit one that was helped by a -3.4% depreciation for Sterling on the back of the probability of a hard or no deal Brexit rising post PM May's resignation - to -10.5% for European Banks. The latter wasn't helped by a big rally for rates (more on that shortly), and it compares to a more measured -5.2% decline for the STOXX 600. The export heavy DAX was down -5.3% while in China the Shanghai Comp fell -5.6% (but a more significant -7.9% in USD terms as a result of the weaker CNY). EM equities were down -7.5% however interestingly the Bovespa (+0.9%) and Micex (+3.7%) eked out small gains. The big winner for equities however was the Greek Athex (+6.7%). Who would have thought that possible 5 years ago during a risk-off month? As mentioned bond markets were the main beneficiaries during May with Treasuries and Bunds returning +2.5% and +1.5% respectively. 10-year Bund yields actually started the month at 0% and finished at -0.20% and the lowest yield on record. Remarkable that going long at 0% was one of the most successful trades last month. Treasuries are also at 21-month lows while a number of yield curve measures have inverted further into negative territory, with a Fed rate cut now fully priced in. Meanwhile Gilts returned +2.9% (but -0.6% in USD terms) and Spanish Bonds +2.0%. EM bonds (+0.2%) were more or less unchanged however, while BTPs (-0.4%) were negative as concerns escalated about potential EU disciplinary action around Italy's growing debt pile. In terms of what that meant for credit, spreads were wider in USD and EUR credit however the move for Treasuries did at least help USD IG (+1.4%), Fin Sen (+1.2%) and Fin Sub (+1.2%) deliver positive total returns. USD HY was however down -1.0%, while EUR credit was negative across the board, with IG (-0.1%) outperforming HY (-1.5%). Figure 1 above highlights the spread changes across currencies and by credit rating bands. What is notable is that the +19bps widening in EUR investment grade credit was one of the worst months in the past 5

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years, but that still puts us on the best start of the year (-25bps) since 2013. In that context, there is still significant room to sell off before spreads are net wider on the year. In EUR, financials (+21bps) slightly underperformed corporates (+18bps), but in both GBP and USD that was reversed. While the sell-off in EUR IG, GBP IG and USD IG and HY were notable for their uniformity that in EUR HY remained distinctly idiosyncratic with a few credits witnessing meaningful price movements because of credit risk concerns (TEVA, Casino, Vallourec, to name a few of the stand out underperformers in high yield). Finally, in commodities oil was the big laggard after getting caught up in the risk off moves with Brent and WTI down -11.2% and -14.3% respectively. Gold (+1.0%) benefited from the flight to safety. Figure 2: Total Return Performance of Major Global Financial Assets in May 2019 (in local currency)

Source: Deutsche Bank, Bloomberg Finance LP, Mark-It

Market Outlook

Our near term credit market outlook remains cautiously constructive. US/China tariff headlines will continue to keep the market on its toes but the demand for yield remains strong with government bond yields trading at or close to historic lows. In this regard it’s worth noting that more than USD11.6trn equivalent of global bonds are quoted on a negative yield, up from c.USD6trn at the beginning of October 2018 (see Figure 3, below). That works out at about 20% of the global bond universe quoted on a negative yield. We think that corporate credit particularly short duration is well positioned versus other asset classes in the current uncertain economic climate given the decent yield pick-up over core government benchmarks, solid credit fundamentals, continuing low default rate, dovish leaning FED and ECB and a subdued inflation outlook for the leading developed economies. Figure 3: Global Aggregate Negative Yielding Debt Market Value USD Equivalent

Source: Bloomberg, Barclays

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We have written previously about how European insurance companies need to invest in credit in order to hit their yield targets, as sovereign bonds simply do not generate enough income. However, the yield target has been falling in the past few years, largely as a function of lower government bond yields. Figure 4 below show insurance target yields in red, and the government bond yields in dark grey. With core government bond yields continuing to tumble insurer’s demand for credit remains well underpinned, in our opinion despite lower absolute yields for credit. Figure 4: Yield Shortfall for European Insurance Companies

Source SG Cross Asset Research/Credit The market seems to be going back to its original view that settlements will be reached following the Trump trade tweet of 5 May and subsequent Mexico announcement. It is reacting in a more balanced way to headlines. This suggests it may have priced better to the volatility needed to reach those settlements. In our view, it had forgotten that bit going into 5 May. Brexit provides a partial illustration. The critical question is whether a US recession is coming. We answer "unlikely". The bad news is we think that is the market consensus, so there is probably vulnerability to negative data, even if less vulnerability to rhetoric. In our way of looking at things, the first place we would look for trouble is in the Q2 earnings season (for now, soft data such as downgrades and warnings, then hard data in July). Trouble is not yet in evidence but we cannot rule it out. Assuming no red recession flag from that quarter and resulting bear market, our view is that we are in a range. We do not see much which would take us sustainably tighter. And yield hunger leads to dip buying. With some volatility back in the market, we find trading RV (e.g. BBB v BB) and sentiment/momentum extremes more rewarding than strong directional views. With central banks sounding more dovish, we think cash can catch up to index which thus far has outperformed. ACBF will continue to focus its efforts identifying short duration bonds offering a decent income profile and some possible capital upside opportunity. We will attempt to avoid any banana skins by undertaking thorough credit analysis before we put capital to work in any new bond situation. This process driven approach has served us very well so far.

Performance Contribution May was a tricky month for credit markets and this is reflected in ACBF’s winners and loser’s performance contribution list detailed on page 1. Unsurprisingly, given the prevailing risk-off environment, ACBF’s short risk positions dominate the “winners” list for May. Our Credit Default Swap (”CDS”) short risk index position in European Subordinated Financials (ITRX 100 06/24) and in European High Yield (ITRX 500 06/24) performed very well for the fund contributing +13bps and +8bps, respectively. Sandwiched in-between these two index positions is our short risk position for BOPRL 500 06/24 (“Boparan”) which contributed +10bps to fund performance. Boparan credit risk widened significantly over the course of the month on growing investor concerns about the company’s long-term financial viability. This followed news that the company had borrowed against the expected proceeds from the sale of one few remaining “non-core” business units. The company confirmed that the loan is being used purely as a bridge until the sale of Matthew Walker is finalised in order to accelerate its investment programme elsewhere in the business. The loan will be repaid in full once the sale of Matthew Walker is complete, which is anticipated before its Q4 reporting date. Having expected the company to pay down debt/boost liquidity with a potential sale of its Matthew Walker business and therefore reduce the need to potentially draw on the RCF as early as in Q1 20, we viewed this latest news negatively. The market shared our concerns and bond prices were marked down aggressively. Bonds are now below 60% meaning we have unrealised gains of nearly 40% on this trade. Finally, it is pleasing to announce that two our long risk positions bucked the general market sell-off and posted a positive contribution to performance in May. Firstly, JWLBCO 8.5% April 2023 (“Watches of Switzerland“) contributed +8bps to ACBF’s monthly performance. The company announced a partial IPO of the business and it planned to use some of the net proceeds from the offering to redeem its bonds (completed in early June). CLF 4.875% April 2021 (“Cliffs“) was another good performer with a positive contribution of +4bps. Bonds responded positively to the announcement that the company would buy back its 2021 notes at a premium in order to extend its maturity profile. The negative side of the ledger is dominated by our off-shore oil service names (NE, Bdrill and ESV) which sold off on the back of the lower oil price. We remain positive about the medium term prospects for all of these companies given their sound liquidity position and positive medium term outlook for day-rates, especially for the Jack-up category (Bdrill’s specialisation). Away from oil services, DOUGR 6.25% July 2022 (“Douglas“) was a notable detractor (-10bps) following a mixed set of Q2 quarterly numbers as well as being negatively affected by the general mark down in prices for single-B credit. While the headlines were disappointing these were negatively impacted by a number of special items (late Easter, timing pattern of marketing spend, etc.). Excluding these factors we thought the results were slightly more encouraging than they

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first appeared. Despite weak Q2 headlines and a challenging German market, our fundamental thesis remains intact with margins likely to stablise around current levels and cash flows and leverage to improve in the next two years ahead of the bond maturities. Finally, ASTONM 5.75% April 2002 (“Aston Martin“) made a negative contribution of -7bps. As expected Aston Martin reported a weak set of Q1 results due to a shift in mix and special edition model cadence that affected pricing. Given that Specials' deliveries are weighted towards Q4 19, performance is guided to improve only in H2 19, as is the case most years. We believe that Aston Martin's luxury product offering and low demand elasticity should continue to support its outperformance even in a tougher market environment that could get worse thanks to car tariffs risk in the US. Aston Martin bonds trade c100-145bp wide to fair value in our opinion. Aston Martin bonds became callable on 15 April 2019 but currently trade c.5pt below the call price. The company could look to enter into a refinancing exercise later this year or early next year on the back of improving results and once Brexit risk abates. We believe that the sterling bonds are attractive on a current yield of c.9.6% to the April 2020 call (or 6.8% to the more likely April 2021 call). We urge investors to contact the investment team should they require any further information on any of the names appearing on the main performance list contributors table on page 1 of this report.

Fund Developments

Our sales team have remained busy meeting prospective investors in ACBF and we are confident of further inflows into ACBF over the course of this year. We thank all of our investors for their continued support. Lee Robinson and Philip Crate

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Risk Report* (USD Data)

Gross Summary Statistics Since management restructuring: Jan 2016

ACBF UCITS

Annualised Volatility

+1.57%

Downside Deviation*

+1.28%

Skewness -0.36

Kurtosis 4.57

Min 1D Return -0.55%

Max 1D Return +0.57%

Max Drawdown -2.40%

Sharpe Ratio 2.82

May 2019

Annualised Volatility

+1.50%

Skewness -0.54

Kurtosis 0.70


Max 1D Return 0.16%

Max Drawdown -0.64%

Sharpe Ratio ** -1.90

Correlation with S&P 500: 1 Month 0.42

3 Month 0.36

All 0.23

Drawdown

ACBF UCITS Strategy Histogram of Daily Returns

*Using Gross Daily Performance Data

**Strategy figure shows the performance of ACBF UCITS (since 05/2014 launch). Please refer to Appendix I – Strategy performance graph and risk report since fund inception

-3.0%

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

Dec/15 Mar/16 Jun/16 Sep/16Dec/16 Mar/17 Jun/17 Sep/17Dec/17 Mar/18 Jun/18 Sep/18Dec/18 Mar/19

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

-0.90% -0.75% -0.60% -0.45% -0.30% -0.15% 0.00% 0.15% 0.30% 0.45% 0.60% 0.75% 0.90%

Market Cap (USD mm) / Sector

Sector Avg Market Cap (USD mm) % NAV Basic Materials 6,702 2.1%

Communications 11,426 5.6%

Consumer, Cyclical 3,207 11.4%

Consumer, Non-cyclical 11,975 5.0%

Energy 11,816 9.5%

Financial 8,030 14.6%

Industrial 365 3.8%

Utilities 11,950 0.9%

Total 7,880 53.0%

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Portfolio Overview

Sector Exposure 1 Financial 27.06% 6 Basic Materials 2.13%

2 Consumer, Cyclical 21.16% 7 Industrial 2.09%

3 Energy 15.33% 8 Utilities 0.94%

4 Communications 13.14%

5 Consumer, Non-cyclical 8.22%

Top Ten Countries Top Issuers 1 United Kingdom 51.04% 1 EI GROUP PLC 3.86%

2 United States 11.84% 2 INMARSAT PLC 3.80%

3 Norway 3.73% 3 PREMIER FOODS FINANCE 3.10%

4 UAE 3.17% 4 RBS CAPITAL TRUST II 2.89%

5 France 2.65% 5 CASINO GUICHARD PERRACHO 2.65%

6 Netherlands 2.46% 6 STONEGATE PUB CO FIN PLC 2.35%

7 Germany 2.36% 7 TESCO PERSONAL FINANCE 2.33%

8 Jersey 2.12% 8 MATALAN FINANCE PLC 2.25%

9 Luxembourg 1.56% 9 JEWEL UK BONDCO PLC 2.22%

10 Spain 1.52% 10 ASTON MARTIN CAPITAL HOL 2.12%

Top 10 27.57%

Top 20 46.35%

Top 35 61.21%

Rest 19.72%

Duration Portfolio Duration 0 to 1 29.17% Modified Duration 1.40

1 to 2 9.87% Credit 1.06

2 to 3 21.49% Bonds 1.88

3 to 4 15.44% Sovereign Futures 0.00

4 to 5 0.38% Corporate Derivatives -0.82

5 to 6 -1.02% Interest Rates 0.34

6 to 7 0.78% Bonds 0.34

7 to 8 1.21% Sovereign Futures 0.00

9 to 10 2.89% Corp Derivatives 0.00

Yield Range Table Ratings Yield < 12 months to

maturity

12-24 months to maturity

> 24 months to maturity

0 to 4% 0.17% 0.24% 0.01% BBB+ 1.00% B+ 7.74%

4 to 6% 0.32% 0.10% 0.86% BBB 1.21% B 32.15%

6 to 8% 0.16% 0.00% 1.18% BBB- 8.69% B- 10.82%

8 to 10% 0.00% 0.08% 1.47% BB+ 10.33% CCC 0.78%

>10% 0.61% 0.00% 0.58% BB 7.98% NR 13.54%

WAY (Weighted average yield): 5.7% BB- 6.29%

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Appendix I – Strategy performance graph and risk report since fund inception

ACBF (subsequently ACBF UCITS) vs. benchmarks USD

Risk Report* (USD Data)

Gross Summary Statistics Since Inception of the Fund

ACBF UCITS Annualised Volatility 3.87%

Downside Deviation* 2.74%

Skewness -1.33

Kurtosis 13.16


Max 1D Return 1.69%

Max Drawdown -17.67%

Daily Returns

Drawdown

ACBF UCITS Strategy Histogram of Daily Returns

0.95

0.97

0.99

1.01

1.03

1.05

1.07

1.09

1.11

1.13

1.15

1.17

1.19

1.21

1.23

1.25

1.27

1.29

Altana Corporate Bonds Fund UCITS HF Credit Index Altana Corporate Bonds Fund BARCLAYS Global Investment Grade Index

-0.05%

0.00%

0.05%

0.10%

0.15%

0.20%

01 02 03 06 07 08 09 10 13 14 15 16 17 20 21 22 23 24 27 28

-20.0%

-18.0%

-16.0%

-14.0%

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

0

0.05

0.1

0.15

0.2

0.25

0.3

-0.90% -0.75% -0.60% -0.45% -0.30% -0.15% 0.00% 0.15% 0.30% 0.45% 0.60% 0.75% 0.90%

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*Using Gross Daily Performance Data For any further information, please contact [email protected]. Disclaimer: This report is prepared by Altana Wealth Limited (“Altana”) , which is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom (FRN: 532912). The Altana Corporate Bond Fund (“ACBF”) is managed by Altana Wealth Limited and is a Sub-Fund of Altana UCITS Funds Plc an investment company with variable capital incorporated with limited liability in Ireland with registered number 540012 and established as an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities).collective investment in transferable securities under Directive 2009/62/EC. The Fund is a recognised scheme for the purposes of section 264 the Financial Services and Markets Act 2000 of the United Kingdom. Most of the protections provided by the United Kingdom regulatory system, and compensation under the United Kingdom Financial Services Compensation Scheme, will not be available. The contents of this factsheet are directed only at persons who would be defined as Professional Clients and Eligible Counterparty clients under the rules of the FCA rules. The services provided by Altana are only available to persons classified as Professional Clients and Eligible Counterparties (as defined in the FCA rules). As such, no reliance should be placed on anything contained in this factsheet by persons other than Professional Clients and Eligible Counterparty clients. In particular, persons who are Retail Clients (as defined in the FCA rules), should not act or rely upon the information provided in this factsheet and the services referred to herein will not be available to such persons. They are advised to contact their Financial Adviser. This document is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. It is the responsibility of every person reading this factsheet to satisfy himself as to the full observance of the laws of any relevant country, including obtaining any government or other consent which may be required or observing any other formality which needs to be observed in that country. This document does not constitute an offer to sell, solicit or buy any investment product or service, and is not intended to be a final representation of the terms and conditions of any product or service. The investments mentioned in this document may not be suitable for all recipients and you should seek professional advice if you are in doubt. Clients should obtain legal/taxation advice suitable to their particular circumstances. This document may not be reproduced or disclosed (in whole or in part) to any other person without our prior written permission. Although information in this document has been obtained from sources believed to be reliable, Altana does not represent or warrant its accuracy, and such information may be incomplete or condensed. All estimates and opinions in this document constitute our judgment as of the date of the document and may be subject to change without notice. Altana will not be responsible for the consequences of reliance upon any opinion or statement contained herein, and expressly disclaims any liability, including incidental or consequential damages, arising from any errors or omissions. The value of investments and the income derived from them can fall as well as rise, and you may not get back the amount originally invested. Past performance is no indicator of future performance. Investment products may be subject to investment risks, including but not limited to, currency exchange and market risks, fluctuations in value, liquidity risk and, where applicable, possible loss of principal invested. The information contained in this document is merely a brief summary of key aspects of the Fund. More complete information on the Fund can be found in the prospectus or key investor information document. These documents constitute the sole binding basis for the purchase of Fund units. Issued by Altana Wealth, June 2019.

mailto:[email protected]

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